Planet (PL) Q3 2026 Financial Results Summary
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Planet Labs PBC (PL) Q3 2026 Financial Results Summary
San Francisco, CA – December 10, 2025 – Planet Labs PBC (NYSE: PL) announced its financial results for the third quarter ended October 31, 2025. Here are the key highlights from the report:
Financial Performance Highlights
- Record Revenue: Q3 revenue was $81.3 million, up 33% year-over-year (YoY).
- Recurring Revenue: 97% of revenue came from recurring annual contract value (ACV).
- Gross Margin:
- GAAP gross margin decreased to 57%, down from 61% in Q3 FY 2025.
- Non-GAAP gross margin was 60%, down from 64% in Q3 FY 2025.
- Net Loss: Reported a net loss of ($59.2 million) compared to ($20.1 million) in Q3 FY 2025.
- Adjusted EBITDA: Generated adjusted EBITDA of $5.6 million, compared to a loss of ($0.2 million) in Q3 FY 2025.
- Net Loss per Share:
- GAAP net loss per share was ($0.19), compared to ($0.07) a year ago.
- Non-GAAP net loss per share was reported as ($0.00).
Cash Flow and Balance Sheet Highlights
- Cash Provided by Operating Activities: Year-to-date net cash was $114 million.
- Free Cash Flow: Achieved free cash flow of $55.2 million for the year-to-date period.
- End of Period Cash, Cash Equivalents, and Short-Term Investments: Increased 180% YoY to $677.3 million.
- Raised Debt: Successfully raised $460 million in convertible debt to strengthen the balance sheet.
Key Operational Metrics
- Backlog: Increased 216% YoY to $734 million.
- Remaining Performance Obligations: Grew 361% YoY to $672 million.
- Customer Contracts: Continued expansion with strong traction in AI-enabled solutions, including contracts with the National Geospatial-Intelligence Agency (NGA), National Reconnaissance Office (NRO), and NASA.
Recent Business Developments
- Satellite Launches: Launched 2 Pelican satellites and 36 SuperDove satellites.
- Acquisition: Announced the acquisition of Bedrock Research, an AI-enabled solutions firm.
- New Contracts: Secured several significant contracts, including:
- $12.8 million from NGA.
- $13.2 million from NRO for PlanetScope data.
- $13.5 million from NASA under the Commercial Satellite Data Acquisition contract.
Financial Outlook
- Q4 FY 2026 Expectations:
- Revenue projected between $76 million and $80 million.
- Non-GAAP gross margin anticipated between 50% and 52%.
- Adjusted EBITDA loss is expected in the range of ($7 million) to ($5 million).
- Full Year FY 2026 Projections:
- Total revenue projected between $297 million and $301 million.
- Non-GAAP gross margin expected between 57% and 58%.
- Adjusted EBITDA profit estimated between $6 million and $8 million.
Shareholder Returns
- No quarterly dividend was declared during this period.
Summary
Planet Labs continues to demonstrate strong growth in revenue and operational metrics, underpinned by strategic acquisitions and government contracts. The company maintains a robust financial position with significant cash reserves and a growing backlog that positions it well for future performance.
PLANET CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except share and per share amounts)
| Three Months Ended | October 31, | Nine Months Ended | October 31, | ||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||
| Revenue | $81,254 | $61,266 | Revenue | $220,905 | $182,798 |
| Cost of revenue | 34,670 | 23,749 | Cost of revenue | 95,450 | 81,288 |
| Gross profit | 46,584 | 37,517 | Gross profit | 125,455 | 101,510 |
| Operating expenses | Operating expenses | ||||
| Research and development | 27,327 | 25,216 | Research and development | 74,556 | 78,055 |
| Sales and marketing | 18,783 | 16,795 | Sales and marketing | 52,671 | 62,013 |
| General and administrative | 18,814 | 18,114 | General and administrative | 57,299 | 58,198 |
| Total operating expenses | 64,924 | 60,125 | Total operating expenses | 184,526 | 198,266 |
| Loss from operations | (18,340) | (22,608) | Loss from operations | (59,071) | (96,756) |
| Interest income | 4,414 | 2,414 | Interest income | 8,470 | 8,292 |
| Interest expense | (1,020) | (277) | Interest expense | (1,845) | (555) |
| Change in fair value of warrant liabilities | (43,473) | 198 | Change in fair value of warrant liabilities | (38,765) | 1,126 |
| Other income (expense), net | 18 | 217 | Other income (expense), net | (985) | 1,215 |
| Total other income (expense), net | (40,061) | 2,552 | Total other income (expense), net | (33,125) | 10,078 |
| Loss before provision for income taxes | (58,401) | (20,056) | Loss before provision for income taxes | (92,196) | (86,678) |
| Provision for income taxes | 784 | 25 | Provision for income taxes | 2,209 | 1,364 |
| Net loss | $(59,185) | $(20,081) | Net loss | $(94,405) | $(88,042) |
| Basic and diluted net loss per share | $(0.19) | $(0.07) | Basic and diluted net loss per share | $(0.31) | $(0.30) |
| attributable to common stockholders | Basic and diluted weighted-average common shares outstanding used in computing net loss per share | ||||
| 309,248,247 | 293,338,324 | 304,595,506 | 290,674,554 |
PLANET CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share and par value amounts)
| October 31, 2025 | January 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $443,349 | $118,048 |
| Restricted cash and cash equivalents, current | 906 | 6,598 |
| Short-term investments | 233,975 | 104,027 |
| Accounts receivable, net | 46,332 | 55,833 |
| Prepaid expenses and other current assets | 29,581 | 17,719 |
| Total current assets | 754,143 | 302,225 |
| Property and equipment, net | 145,084 | 121,749 |
| Capitalized internal-use software, net | 21,062 | 18,974 |
| Goodwill | 138,954 | 136,349 |
| Intangible assets, net | 25,537 | 27,452 |
| Restricted cash and cash equivalents, non-current | 5,367 | 5,348 |
| Operating lease right-of-use assets | 13,950 | 19,752 |
| Other non-current assets | 1,963 | 1,947 |
| Total assets | $1,106,060 | $633,796 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities | ||
| Accounts payable | $3,448 | $2,604 |
| Accrued and other current liabilities | 28,652 | 42,600 |
| Deferred revenue | 145,857 | 82,275 |
| Liability from early exercise of stock options | 2,689 | 5,378 |
| Operating lease liabilities, current | 7,943 | 9,221 |
| Total current liabilities | 188,589 | 142,078 |
| Deferred revenue | 48,332 | 11,182 |
| Deferred hosting costs | 5,273 | 5,368 |
| Public and private placement warrant liabilities | 56,820 | 18,077 |
| Operating lease liabilities, non-current | 7,209 | 12,392 |
| Contingent consideration | 3,601 | 2,883 |
| Convertible notes | 446,201 | — |
| Other non-current liabilities | 477 | 530 |
| Total liabilities | 756,502 | 192,510 |
| Stockholders’ equity | ||
| Common stock | 28 | 28 |
| Additional paid-in capital | 1,642,478 | 1,645,356 |
| Accumulated other comprehensive income (loss) | 4,458 | (1,097) |
| Accumulated deficit | (1,297,406) | (1,203,001) |
| Total stockholders’ equity | 349,558 | 441,286 |
| Total liabilities and stockholders’ equity | $1,106,060 | $633,796 |