- Stock Price & Trend: Planet Labs (NYSE: PL) is trading near $14.6 (Oct 2, 2025), up about 6% on the day [1] [2]. Over the past week it’s climbed ~13%, and roughly +93% in the last month [3]. Year-to-date PL has surged roughly +250% [4], reaching a 52-week high around $14.02 [5].
- Recent Highs: The stock hit all-time highs in late September (around $12–14 [6] [7]) on news of strong financial results and new contracts, before the latest jump. Trading volume has been very high in 2025, reflecting extreme volatility (60+ moves >5% in a year [8]).
- Q2 2026 Results: In the quarter ended July 31, 2025, Planet reported record revenue of $73.4M (up 20% YoY) [9], beating guidance. Adjusted EBITDA was $6.4M profit (vs. a $4.4M loss a year ago) [10], and free cash flow turned positive ($46.3M) [11]. GAAP net loss narrowed to $22.6M (EPS –$0.07) [12].
- Backlog & Contracts: The company’s contracted backlog exploded: remaining performance obligations (RPOs) jumped +516% YoY to $690M, and backlog +245% to $736M [13] [14]. This includes a €240M German government satellite-services deal (from 2025) plus multi-year contracts with NATO, US DoD/Defense Innovation Unit, Swiss Re (weather insurance), and more [15] [16].
- New Satellites & Expansion: Planet has rapidly expanded its satellite fleet. In 2025 it launched two more high-res “Pelican” satellites [17], and in early Oct it shipped Pelican-5 & -6 (50cm resolution, on-board NVIDIA AI processors) along with 36 SuperDoves for an upcoming SpaceX rideshare [18] [19]. The company is also opening a new Pelican factory in Berlin to double capacity (citing “incredible demand” [20]).
- Analyst Sentiment: Wall Street is broadly bullish. Wedbush analyst Daniel Ives reiterated an Outperform and hiked his 12-month target to $17 (from $11) [21]. Needham’s Ryan Koontz maintained a Buy (raising PT to $12) after the strong Q2 performance [22]. Clear Street likewise raised its PT to $12 from $9, now expecting Planet to generate free cash flow by 2026 [23]. Citizens/JMP and Cantor Fitzgerald also have Buy/Overweight ratings (targets ~$8–11) [24] [25]. Overall, 9 analysts rate PL a Buy and 1 a Hold [26].
- Industry Context: Planet operates in a fast-growing Earth-imaging market (~$14.4B global in 2025) [27]. It boasts the world’s largest Earth-observation satellite constellation [28], giving it scale vs. peers. Competitors include Maxar Technologies, Airbus Defence & Space, Rocket Lab (which acquired BlackSky), ICEYE and others. Governments and enterprises (defense, agriculture, insurance) are rapidly adopting satellite data for monitoring – a trend fueling Planet’s growth [29] [30].
Recent News & Developments
Planet’s strong share-price rally coincides with a string of positive news in late September/early October. On Oct 1, Planet announced that Pelican-5 and Pelican-6 satellites (high-res imagery, on-board AI) and 36 SuperDove CubeSats arrived at Vandenberg for a SpaceX rideshare launch [31] [32]. CEO Will Marshall noted “incredible demand for high-resolution data” as a driver for growth. The same day, Planet confirmed it will open a new Berlin manufacturing facility – a move to double Pelican production and meet soaring European demand [33]. These announcements helped PL stock jump ~6.5% on Oct 1 [34].
Earlier in September, Planet had shipped Pelican-3 and -4 satellites into orbit, completing another constellation upgrade. The Q2 earnings release (Sept 8) also highlighted defense and government wins: the U.S. Defense Innovation Unit extended its Hybrid Space Architecture pilot with Planet [35], and the U.S. NRO expanded its EOCL contract for daily PlanetScope and maritime monitoring [36]. On the commercial side, the UK’s Rural Payments Agency renewed a multi-year land management monitoring deal, and reinsurer Swiss Re leveraged Planet imagery for a new drought-insurance policy [37].
Summing up recent news, Planet’s management says the company is “continuing to innovate” by launching next-gen Pelicans and expanding facilities [38]. These moves, plus the high-profile contracts, suggest Planet is scaling to meet rapidly growing global demand.
Financial Results & Outlook
Planet’s Q2 FY2026 results (ended July 2025) beat expectations. Revenue was $73.4M, well above the prior guidance range ($65–67M) [39]. This 20% YoY jump is driven by strong sales in defense and commercial data services. Gross margins expanded to ~58% GAAP (61% non-GAAP) [40]. Operating losses persisted, but improved: GAAP net loss was $22.6M (–$0.07/sh) vs –$38.7M a year ago [41]. Notably, Planet reported its third consecutive profitable quarter of adjusted EBITDA and positive free cash flow [42] – a major milestone given past losses. CFO Ashley Johnson remarked, “We delivered record revenue… our third quarter of adjusted EBITDA profitability, and our second quarter of positive free cash flow” [43].
The ballooning order backlog is perhaps most important for forward visibility. At quarter-end Planet had $690M in RPOs and $736M backlog [44] [45] – roughly 2 years of revenue under contract. This huge pipeline (including the €240M German contract starting in 2026) gives confidence in sustained growth.
Management has since raised guidance. Following the strong Q2, full-year FY2026 revenue is now expected around $281–289M [46] (up from prior forecasts). Q3 revenue is guided to roughly $71–74M. Margins are projected to dip (55–56% non-GAAP for Q3) as new contracts ramp, and adjusted EBITDA is expected to roughly breakeven in Q3 [47]. Capex will rise (expanding satellites/factories) – Planet said FY2026 capex guidance was increased by ~25%. Overall, analysts expect continued robust revenue growth (2026 sales ~4× 2024 levels) even if GAAP profits lag due to investments [48].
Analyst Commentary & Ratings
Wall Street analysts have reacted positively. Wedbush’s Daniel Ives (a space-stock specialist) keeps an Outperform rating and lifted his 12-month target from $11 to $17, implying more upside [49]. Ives notes the combination of tech leadership and geopolitical demand. Needham’s Ryan Koontz similarly holds a Buy and bumped his target to $12, citing Q2’s 20% growth (the fastest in years) and strategic wins [50]. Clear Street Capital also raised its target to $12 (from $9), now forecasting positive free cash flow by 2026 after seeing the latest earnings [51]. Citizens/JMPreiterated a Buy with an $11 target, pointing to strong guidance for H2.
In aggregate, analysts view PL as a moderate buy [52]. (For context, earlier this summer Goldman Sachs had a Neutral rating and $4.60 target, but that was before the recent rally [53].) No analysts are outright negative: most say the strong defense/commercial contracts and market positioning justify the run-up. Current consensus price targets (around $10–12 before recent raises) are being revised upward [54] [55].
Industry & Competitive Landscape
Planet Labs is a leader in the rapidly growing satellite imagery market. The global satellite data services industry is forecast at ~$14.4 billion in 2025 and could swell to ~$55B by 2032 [56], fueled by demand from defense, agriculture, disaster management and commercial sectors. Planet’s niche is daily, high-frequency optical imaging: it operates the largest Earth-observation satellite fleet in the world [57], enabling near-real-time monitoring.
Key peers include Maxar Technologies (NYSE: MAXR) and Airbus Defence & Space, which provide high-resolution photos and mapping products. Smaller players like ICEYE (SAR radar satellites), BlackSky (now under Rocket Lab), and startup Capella Space also sell specialized imagery. In many markets (national security, climate insurance, agriculture), Planet’s more frequent, lower-resolution data complements these others.
Planet’s strong backlog of government contracts suggests it is winning business from or alongside these peers. Its commitment to AI-enabled satellites (NVIDIA Jetson on Pelicans) and rapid revisit rates (dozens of passes per day) could further differentiate it. As one analyst noted, Planet’s deals (e.g. NATO, German government) show “exponentially growing” demand for global monitoring [58] [59].
Sources: Company filings and press releases [60] [61]; Nasdaq/Motley Fool earnings analysis [62] [63]; MarketBeat and GuruFocus articles [64] [65]; TipRanks analyst news [66] [67] [68]; FinancialContent/StockStory news [69] [70]; industry reports [71].
References
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