Planet Announces First Quarter Fiscal 2027 Earnings
Planet Labs PBC, a leading provider of daily Earth observation data and geospatial intelligence solutions, has reported a strong start to fiscal year 2027, achieving record revenue growth, expanding its global customer base, and advancing its next-generation satellite and artificial intelligence capabilities. The company’s performance for the quarter ended April 30, 2026, highlights increasing demand for satellite-driven insights across government, defense, agriculture, environmental monitoring, and commercial sectors.
The company generated record first-quarter revenue of $94.2 million, representing a 42% increase compared with the same period last year. Planet’s leadership attributed the strong results to growing adoption of its satellite imagery, analytics, and AI-powered solutions by customers seeking real-time information in an increasingly complex global environment.
Will Marshall, Planet’s Co-Founder, Chief Executive Officer, and Chairperson, said the company’s strong start reflects the mission-critical value of Earth observation data. He noted that organizations around the world are increasingly relying on timely geospatial intelligence to support decision-making related to security, sustainability, environmental management, and economic development.
Marshall highlighted Planet’s ability to execute rapidly, pointing to the successful launch of Sweden’s first sovereign reconnaissance satellite just four months after the contract was signed. He also emphasized the company’s growing investment in artificial intelligence, which is helping transform large volumes of satellite data into actionable insights that can be accessed and understood by a broader range of users.
Financially, Planet continued to strengthen its position. President and Chief Financial Officer Ashley Johnson reported that the company’s top-line growth was supported by strong execution across global sales, delivery, and customer success teams. The company’s contracted backlog expanded significantly, reaching more than $906 million, an increase of 72% compared with the previous year. This backlog provides Planet with greater revenue visibility and supports confidence in future growth opportunities.
Planet also significantly strengthened its balance sheet during the quarter. The company completed the redemption of its outstanding public warrants, generating approximately $108 million in proceeds. As a result, Planet ended the quarter with approximately $730.8 million in cash, cash equivalents, and short-term investments. Company executives described this financial position as providing substantial flexibility to invest in strategic growth initiatives while maintaining disciplined operations.
Despite its strong revenue performance, Planet reported a net loss of $138.9 million for the quarter, compared with a net loss of $12.6 million during the same period last year. However, the majority of this increase was driven by a non-cash accounting adjustment related to the revaluation of warrant liabilities, which resulted in an approximately $106.5 million loss. The company noted that future quarters will no longer be affected by similar public warrant revaluation adjustments following the warrant redemption.
Adjusted EBITDA loss improved significantly, reaching negative $1.0 million compared with positive $1.2 million in the prior-year quarter. Planet also generated $15.4 million in operating cash flow during the period, reflecting improved operational performance.
Recurring revenue remains a cornerstone of Planet’s business model. The company reported that 99% of its annual contract value was recurring at the end of the quarter, demonstrating the long-term nature of customer relationships and the growing reliance on its services.
Planet’s customer momentum was particularly evident across government and defense markets. During the quarter, the company secured an eight-figure, one-year contract with an international defense and intelligence customer. The agreement provides dedicated satellite capacity and advanced analytics services utilizing Planet’s Pelican, SkySat, and PlanetScope satellite constellations. The contract enables immediate access to high-resolution imagery and intelligence capabilities for critical operational needs.
The company also expanded its relationship with the U.S. National Geospatial-Intelligence Agency (NGA). Planet received a $21.9 million, one-year contract extension for maritime surveillance services under the Advanced Analytics for Maritime Operations and Reconnaissance program. Additionally, the NGA awarded Planet a new contract for its Global Monitoring Service, further reinforcing the growing role of commercial satellite intelligence within U.S. national security operations.
Another significant government contract came from the U.S. Navy, which renewed a six-month agreement valued at $7.5 million for vessel detection and monitoring activities across key regions of the Pacific Ocean. The contract supports maritime domain awareness and security monitoring efforts.
In Europe, Planet expanded its footprint through multiple agreements. The Greek government awarded the company a two-year, seven-figure contract supporting the country’s National Satellite Space Project. Through collaboration with the European Space Agency and national authorities, Planet will provide historical analysis, trend detection, and rapid-response monitoring capabilities.
The company also secured a two-year contract with the Czech Republic’s State Agricultural Intervention Fund. The agreement will deliver satellite imagery and AI-powered analytics to support agricultural payment verification and monitoring activities for approximately 25,000 farming operations nationwide.
Agriculture continues to represent an important growth market for Planet. Earlier this year, the Scottish Government selected Planet’s data and analytics solutions to support agricultural reform initiatives focused on sustainable food production, biodiversity enhancement, and emissions reduction. The company also received a Supplier Sustainability Award from John Deere in recognition of its contribution to precision agriculture technologies that help improve farm efficiency and environmental outcomes.
Commercial customers are also finding new ways to leverage Planet’s data. AgTech company Nave Analytics renewed its partnership with Planet, continuing to incorporate satellite-derived soil moisture and biomass indicators into irrigation and water management solutions. These tools help farmers make more informed decisions regarding crop management, water usage, and sustainability.
Planet also added Watch Duty, a nonprofit public safety organization, as a new customer. Watch Duty uses satellite imagery to enhance wildfire tracking and emergency response capabilities, particularly in remote areas where conventional monitoring resources may be limited.
Environmental monitoring remains another key area of growth. Through support from the Bezos Earth Fund, Planet’s Tropical Forest Observatory initiative is providing satellite data and monthly mosaics to environmental and research organizations working to monitor changes across the Amazon rainforest and combat tropical forest loss.
On the technology front, Planet achieved several notable milestones. In May, the company successfully launched three additional AI-enabled Pelican satellites aboard a SpaceX mission, increasing the total number of operational Pelican satellites to nine. Among the payloads was Sweden’s first sovereign reconnaissance satellite, demonstrating Planet’s ability to deliver customized space capabilities quickly and efficiently.
The company also introduced a private beta version of its new Planet AI application. The platform enables users to query Planet’s extensive archive of satellite imagery using natural language commands. By combining large language models with daily Earth observation data, the application allows users to conduct complex analyses, generate reports, and uncover insights without requiring specialized technical expertise.
Further innovation came through the launch of SuperRes, an AI-powered enhancement technology designed to improve PlanetScope imagery resolution to a two-meter-class visual product. This capability offers improved image clarity while maintaining the broad coverage and frequent revisit rates that Planet’s satellites provide.
Planet also announced plans for a new specialized Tanager satellite developed in collaboration with Carbon Mapper and NASA’s Jet Propulsion Laboratory. The satellite will focus on shortwave infrared imaging, expanding atmospheric gas detection capabilities and supporting applications such as wildfire fuel monitoring and emissions tracking.
Looking ahead, Planet is preparing for the launch of Pelican-11, the first satellite in its next-generation Pelican architecture. The satellite is expected to demonstrate capabilities that could ultimately deliver imagery with resolutions approaching 30 centimeters, significantly enhancing Planet’s ability to provide detailed Earth observation data at global scale.
With record revenue, a growing backlog, expanding government and commercial partnerships, and continued investment in AI-driven innovation, Planet enters the remainder of fiscal year 2027 with strong momentum and a clear focus on expanding access to actionable planetary intelligence.
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