Planet Labs Q1 Revenue Surges 42% to $94.2M on Strong Defense Contracts
PL•Planet Labs posted Q1 revenue of $94.2 million, up 42%, and adjusted EPS loss of $0.03 beat estimates, while defense and intelligence contracts lifted backlog above $906 million. It raised 2027 revenue guidance to $425M–$441M, projected Q2 revenue of $102M–$107M and expects non-GAAP gross margin of 52%–55%.
1. Q1 Financial Highlights
Planet Labs reported Q1 revenue of $94.2M, a 42% year-over-year increase, and an adjusted EPS loss of $0.03, outperforming analyst estimates for a $0.04 loss.
2. Backlog Growth from Defense Contracts
Defense and intelligence revenue surged over 65%, driving backlog above $906M and remaining performance obligations to $816M, supported by new eight-figure international deals, a $21.9M NGA extension, and a $7.5M U.S. Navy renewal.
3. Guidance and Margin Outlook
The company raised full-year 2027 revenue guidance to $425M–$441M and projected Q2 revenue of $102M–$107M, while forecasting non-GAAP gross margin of 52%–55% (down from 56% last year) and $80M–$95M in capital expenditures.
4. Market Reaction
Shares slid nearly 4% in extended trading and are down about 15% this week as investors weighed the softer margin outlook against the raised revenue guidance and broader space sector IPO anticipation.
