Planet Unveils Fourth Quarter and Full Year 2026 Financial Results

Planet Labs PBC reported results for the period ended January 31, 2026. The San Francisco-based satellite operator posted record revenue and several notable operational wins.

Financial performance

Planet’s fourth-quarter and full-year 2026 financial results show strong top-line growth. Q4 revenue rose 41% year-over-year to $86.8 million, while full year revenue reached $307.7 million, up 26%.

Key margins and profitability metrics paint a mixed picture. Q4 gross margin was 54%, and non-GAAP gross margin was 57%. Full year gross margin was 56%, with a non-GAAP gross margin of 59%.

The company recorded sizable non-cash revaluation losses. Q4 included an approximate ($122.6) million warrant liability revaluation loss. The full year included an approximate ($161.4) million revaluation loss tied to warrant liabilities.

Customer wins and strategic partnerships

Planet expanded government and commercial contracts during the quarter. Several defense and civil agencies extended or renewed agreements.

• Sweden awarded a multi-year, low nine-figure satellite services contract. This marks Planet’s third satellite services deal in 12 months.
• The U.S. Defense Innovation Unit extended a pilot for INDOPACOM with a seven-figure award.
• DIU also exercised an option under a Hybrid Space Architecture pilot for just under $1 million.
• NATO’s Allied Command Transformation renewed its selection of Planet under a seven-figure agreement.
• Germany’s BKG renewed and expanded access for more than 400 federal institutions. The renewal covers permafrost monitoring across the Arctic.
• In January, Slovenia’s GURS signed an enterprise-scale agreement for national satellite data and high-resolution tasking.
• In February, the Missile Defense Agency named Planet a Prime contractor on the SHIELD IDIQ vehicle.
• San Diego Gas & Electric renewed a three-year agreement for wildfire risk monitoring.
• A strategic partnership with AiDASH designates Planet as the preferred provider of fuel monitoring data for North American utilities.

Operational highlights and strategy

Planet launched 40 satellites during the fiscal year. The company also announced an R&D partnership with Google.

The Google collaboration will explore data centers in space. Planet said it plans to leverage AI to accelerate market opportunity.

Management emphasized backlog strength as a growth driver. Backlog stood near $900 million, up 79% year-over-year.

Planet expects to realize a portion of remaining obligations soon. Remaining performance obligations are expected to recognize about 34% within 12 months. About 65% are expected within 24 months. For backlog, the company expects roughly 37% within 12 months and 67% within 24 months.

Guidance and outlook

For the first quarter of fiscal 2027, ending April 30, 2026, Planet expects revenue of $87 million to $91 million. Non-GAAP gross margin is forecast at 49% to 51%.

Q1 adjusted EBITDA is expected to be a loss between ($6) million and ($3) million. Capital expenditures are forecast at $17 million to $23 million for the quarter.

For full fiscal 2027, Planet projects revenue of $415 million to $440 million. Non-GAAP gross margin is expected at 50% to 52%.

Full year adjusted EBITDA is forecast between $0 and $10 million. Capital expenditures are expected between $80 million and $95 million.

Planet noted it did not reconcile its non-GAAP outlook to GAAP. The company cited uncertain items, including stock-based compensation and warrant liability changes.

Conference call and investor materials

Planet hosted a conference call on March 19, 2026. The live webcast was scheduled for 5:00 p.m. ET.

Replay and supplemental investor materials were made available on Filmogaz.com. Filmogaz.com hosted the presentation for at least one year following the event.

Will Marshall, Planet’s co-founder and CEO, described the year as transformational. Ashley Johnson, President and CFO, highlighted the first fiscal year of adjusted EBITDA and free cash flow profitability.