Planet Labs (PL) Q2 FY2027 Earnings Call: Revenue Jumps 58%, Outlook Raised
Source Tradingkey
Key Takeaways
- Planet Labs PBC (NYSE: PL) reported record fiscal Q2 2027 revenue of $116 million, up approximately 58% year over year. Revenue benefited from the handover of the first satellite for the Swedish Armed Forces, which generated point-in-time revenue.
- Defense and Intelligence revenue increased more than 90% year over year. Commercial revenue grew more than 15%, while civil government revenue rose over 5%.
- Non-GAAP gross margin was 59%, compared with 61% a year earlier. Adjusted EBITDA profit reached $13.9 million, supported by revenue growth and business-model scalability.
- Planet identified more than $4 billion of satellite services opportunities. More than 25%, or approximately $1 billion, was classified as near-term pipeline, which management defined as quarters rather than years.
- The company raised the low end of its fiscal 2027 outlook. Management now expects revenue of $430 million to $441 million, non-GAAP gross margin of 55% to 57%, and adjusted EBITDA of $3 million to $10 million.
- Planet plans to accelerate investment in Pelican and Owl. Fiscal-year capital expenditure guidance increased to $100 million-$115 million as the company expands manufacturing capacity and makes advance procurements for next-generation satellites.
Key Financial Data
| Metric | Fiscal Q2 2027 | Change / Context |
|---|---|---|
| Revenue | $116 million | Up approximately 58% year over year; a company record |
| Non-GAAP gross margin | 59% | 61% in fiscal Q2 2026 |
| Adjusted EBITDA | $13.9 million profit | Supported by higher revenue and gross margin |
| Capital expenditures | Approximately $29 million | Included capitalized software development |
| Net cash from operating activities | Approximately $68 million YTD | Through fiscal Q2 2027 |
| Free cash flow | $21 million YTD | Adjusted free cash flow was $29 million |
| Cash, cash equivalents and short-term investments | Approximately $865 million | Up more than 200% year over year |
| Remaining performance obligations | Approximately $753 million | Up approximately 9% year over year |
| Backlog | Approximately $815 million | Up approximately 11% year over year |
| Net dollar retention on ACV | 109% | 110% including winbacks; excludes satellite services as defined by the company |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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