Planet Labs announced a multi‐year, low nine‐figure agreement with the Swedish Armed Forces to deliver a suite of satellites, space-based data and situational awareness solutions. Under the terms of the contract, Sweden will acquire ownership of an entire constellation of Planet’s medium- and high-resolution imaging satellites, with data access and analytics services provided over the life of the deal. This marks the third significant government award in twelve months, following previously reported contracts with Japan’s JSAT and a seven-figure NATO surveillance engagement.

In response to the Swedish deal and robust order flow, Wedbush analysts raised their price target for Planet Labs from $20 to $28 while maintaining an 'Outperform' rating. The new target implies a 7.6% upside from the most recent reference level. Wedbush cited accelerating demand from sovereign customers and expanding applications of artificial intelligence-driven analytics as primary drivers for the enhanced outlook.

Planet Labs reported record remaining performance obligations of $672 million, up 361% year-over-year, and total backlog of $734 million, a 216% increase from the prior period. Revenue reached $81 million in the third fiscal quarter, representing a 33% year-over-year increase, and adjusted EBITDA was $5.6 million. With trailing twelve-month revenue near $295 million and an addressable market estimated at $128 billion, the company has captured less than 3% of its potential market, underscoring a substantial runway for further growth.