Planet Labs Q1 Revenue Up 42% to $94.15M, Backlog Jumps 72%
PL•Planet Labs posted record Q1 FY2027 revenue of $94.15 million, up 42% year-over-year, driven by a 65% jump in Defense & Intelligence and 20% growth in its Commercial segment. Backlog jumped 72% to $906 million and RPOs climbed 81% to $816 million, and Craig-Hallum raised its price target to $49.
1. Record Q1 Revenue Growth
Planet Labs delivered its highest quarterly revenue ever, registering $94.15 million in Q1 FY2027, a 42% increase compared with the prior year. This surge underscores rising demand for global satellite data across defense and commercial markets.
2. Segment Performance Drivers
The Defense & Intelligence segment revenue swelled by 65% year-over-year, supported by expanded government contracts and enhanced imagery analytics. Meanwhile, the Commercial segment grew 20%, fueled by larger enterprise deals and new AI-powered data services.
3. Backlog and RPO Expansion
Contract backlog climbed 72% to $906 million, while Remaining Performance Obligations rose 81% to $816 million, signaling robust contracted revenue visibility. These metrics highlight the company’s strong pipeline and long-term revenue commitments.
4. Analyst Price Target Revision
Craig-Hallum increased Planet Labs’ price target from $36 to $49, reflecting confidence in continued top-line growth and backlog momentum. The new target implies a 46.5% upside based on current share valuation.
