Planet Labs Q1 Revenue Hits $94.2M, Price Target Raised to $53
PL•Planet Labs reported record Q1 revenue of $94.2 million, beating estimates and narrowing adjusted loss to $0.03 per share, while its Defense & Intelligence segment grew 68% year-over-year. Analysts lifted price targets to $53 and boosted Q2 revenue guidance to $102–107 million, citing strong demand and upcoming satellite launches.
1. Q1 Financial Results
Planet Labs delivered record first-quarter revenue of $94.2 million, surpassing consensus estimates by over $4 million, and narrowed its adjusted loss to $0.03 per share. The Defense & Intelligence segment saw a 68% year-over-year revenue increase driven by government and security agency demand.
2. Price Target Revisions
Following the earnings beat, Needham and Clear Street raised their price targets to $53 from $40 and $34 respectively, reflecting a potential 64% upside. Analysts highlighted robust demand for Earth observation data and upgraded the company’s second-quarter revenue forecast to $102–107 million.
3. Capital Raise and Future Catalysts
The company launched a $1.5 billion share-sale program to fund future investments, prompting dilution concerns. Planet Labs plans the Owl satellite launch later this year and aims to test space-based data center technology in 2027 to drive long-term growth.
