Abstract
Planet Labs PBC will report results on September 3, 2026 Post-Mkt, with investors watching for revenue near 104.12 million US dollars and adjusted EPS around -0.02 as attention turns to order momentum from government programs, operating leverage on higher volumes, and share-count effects from the at-the-market offering.
Market Forecast
For the current quarter, projections indicate revenue of approximately 104.12 million US dollars, reflecting a 58.38% year-over-year increase at the midpoint of management’s 102.00–107.00 million US dollars range; adjusted EPS is estimated at -0.02, implying a 42.22% year-over-year improvement, and EBIT is forecast near a -12.59 million US dollars loss, a 21.23% year-over-year improvement. Forecasts for gross profit margin and net profit margin were not disclosed.
Mainline revenue this quarter is set to be driven by ongoing government program renewals and incremental crisis-response monitoring work, with management reiterating a fiscal-year revenue outlook that supports sustained top-line expansion into the back half. Within that mix, Defense and Intelligence remains the strongest engine, contributing 61.39 million US dollars last quarter; segment-level year-over-year growth was not disclosed, while company revenue rose 42.08% year over year.
Last Quarter Review
Planet Labs PBC reported revenue of 94.15 million US dollars, a gross profit margin of 53.47%, a GAAP net loss attributable to shareholders of 139.00 million US dollars resulting in a -147.50% net profit margin, and adjusted EPS of -0.03; revenue increased 42.08% year over year and adjusted EPS was unchanged year over year.
A notable operational highlight was that the EBIT loss narrowed to 11.25 million US dollars, an improvement of approximately 23.99% year over year, alongside a revenue beat of 4.30 million US dollars versus earlier expectations. By segment, Defense and Intelligence delivered 61.39 million US dollars, Commercial generated 16.60 million US dollars, and Civil Government provided 16.17 million US dollars; segment-level year-over-year changes were not specified, although subsequent contract renewals and new awards point to continued momentum on the government side.
Current Quarter Outlook
Core revenue engine this quarter: multi-year government programs and renewals
The quarter’s top-line is anchored by a revenue range of 102.00–107.00 million US dollars, with the forecast midpoint at 104.12 million US dollars, implying a 58.38% year-over-year increase. The current driver set is dominated by multi-year government framework agreements and renewals, including a recent eight-digit renewal for maritime monitoring and an additional crisis-response monitoring award. These programs generate recurring workloads that support predictable utilization and stable collections, and the announcements through August indicate incremental volumes that should fall into this quarter’s performance cadence.
Given last quarter’s 53.47% gross margin, scaling throughput on large contracts is an important lever for unit economics. The company is guiding an adjusted EPS near -0.02, implying a 42.22% year-over-year improvement that rests on operating leverage from higher revenue and improving expense discipline. While gross margin guidance for this quarter is not explicitly provided, a mix that tilts toward subscription and high-value monitoring packages tends to underpin margin resilience; however, recognition timing tied to project milestones may still introduce variability within the quarter.
Operationally, management’s fiscal guidance also sets a framework that anticipates continued sequential growth into the second half. Intra-quarter wins in government programs reduce dependency on any single initiative and diversify the delivery pipeline. The primary execution task is to translate awarded scope swiftly into deliverables, which supports both revenue realization inside the quarter and backlog visibility going forward.
Most promising business this quarter: Defense and Intelligence solutions
Defense and Intelligence contributed 61.39 million US dollars last quarter and remains the most promising business in the current period as renewal cycles and newly awarded scopes in maritime and crisis-response monitoring feed into active delivery schedules. The segment’s recent contract momentum, including a notable renewal of maritime monitoring services at an eight-digit value, indicates continued confidence in the company’s data products and delivery reliability. Although segment-level year-over-year growth rates were not disclosed, the total company revenue increased 42.08% year over year last quarter, and the current quarter midpoint implies 58.38% year-over-year growth.
Technology upgrades also reinforce the longer-term opportunity in this segment. The deployment of a Pelican-series technology demonstration satellite allows validation of higher-resolution systems for future constellations, which can enable more granular monitoring offerings. Enhancements in sensor performance and data processing speed support higher-value analytics packages, which in turn can bolster pricing and uplift average revenue per program over time.
Another consideration is how quickly the organization can scale new scopes into production. Government awards often come with defined service-level commitments, and timely ramp-up is crucial to meet delivery metrics while protecting margins. In the near term, the success metric for this quarter centers on converting recent wins into executed deliverables that show up in revenue, while maintaining on-time performance that preserves renewal eligibility and optionality for expansion in later quarters.
What may sway the stock this quarter: profitability mix, dilution and execution
The quarter’s profit mix is a central storyline. The forecast for adjusted EPS to improve to approximately -0.02 reflects better operating leverage on a larger revenue base, but the starting point remains a GAAP net loss that was 139.00 million US dollars last quarter, with a -147.50% net margin. Investors will be closely monitoring whether incremental scale pushes EBITDA and EBIT trends further toward breakeven, and whether the observed 53.47% gross margin can be preserved as delivery volumes rise and as product mix shifts toward higher-resolution offerings.
Share-count dynamics present another variable. The company has put in place an at-the-market equity program of up to 1.50 billion US dollars, which provides flexibility to fund growth and capital expenditure but can introduce dilution. Insider selling reported during July added to market debate about supply overhang, and that context makes per-share metrics such as adjusted EPS and free cash flow per share particularly relevant. Execution that delivers revenue toward the high end of the 102.00–107.00 million US dollars range, while demonstrating cost discipline, can mitigate dilution concerns by accelerating the path toward operating profitability.
Short-cycle news flow may also influence trading around the print. Additional government awards or renewals, even if small individually, can improve visibility and underpin guidance credibility. Conversely, any slippage in project timing or delays in turning recent awards into revenue could bring intra-quarter volatility in expectations. The path forward likely depends on maintaining momentum in government program execution, sustaining last quarter’s gross margin characteristics, and demonstrating a clear linkage between volume growth and improved unit economics.
Analyst Opinions
Bullish vs bearish ratio among captured opinions within the period is 100% to 0%. Jeff Van Rhee at Craig-Hallum reiterated a Buy rating, citing confidence in the company’s trajectory and setting a 49.00 US dollars target. The majority bullish view centers on a few pillars: a robust guide for the current quarter that brackets revenue at 102.00–107.00 million US dollars; trailing revenue growth of 42.08% year over year that accelerates to a forecast 58.38% year-over-year increase this quarter; and a projected improvement in adjusted EPS to approximately -0.02, a 42.22% year-over-year improvement in direction. The thesis also reflects evidence of continuing contract momentum in government programs, including an eight-digit renewal for maritime monitoring and a crisis-response award, which underpins near-term revenue capture and supports confidence in backlog conversion.
In the bulls’ framing, last quarter’s 53.47% gross margin combined with narrowed EBIT loss of 11.25 million US dollars suggests a trajectory of operating leverage as volumes scale. They point to continued strength in Defense and Intelligence, which contributed 61.39 million US dollars last quarter and is poised to remain the centerpiece of this quarter’s delivery mix. Bulls also emphasize management’s fiscal-year revenue framework of 425.00–441.00 million US dollars, viewed as achievable given the pace of recent awards and the breadth of government program activity.
Supporters of the bullish case acknowledge the share-count considerations tied to the at-the-market program but argue that outperformance on revenue and continued efficiency gains can mitigate per-share impacts over time. They highlight that evidence of discipline—such as sustaining gross margin around last quarter’s level while lifting revenue toward the upper end of guidance—would strengthen the case for further multiple support. On balance, the bullish camp expects contract flow, improved execution on large programs, and expanding delivery capacity to translate into a quarter that at least meets, and potentially exceeds, the projected 104.12 million US dollars midpoint, thereby validating management’s growth parameters and cementing confidence into the next quarter’s setup.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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