Planet Labs PBC NYSE:PL just posted 58% quarterly revenue growth. The order book moved the other way.
That split defined Friday’s volatile earnings trade. Planet shares stood at $18.52 at 9:46 a.m. EDT, up 0.9% after an 8.2% regular-session loss Thursday.
At 8:00 a.m. EDT, the premarket quote had been $20.60, a 12.3% jump. Fresh contracts drove record revenue and real operating leverage. The next quarter is harder to read.
Planet’s premarket jump faded at the open
September 4, 2026 premarket and early regular session; as of
Source: Nasdaq real-time quote and Nasdaq intraday chart. Values may be rounded.
A better income statement
Revenue reached $116.1 million in fiscal Q2, 58% above last year. It rose 23.2% from the previous quarter.
Planet’s earnings release showed $13.9 million of adjusted EBITDA profit. A year earlier, that figure was $6.4 million.
The GAAP loss shrank to $9.4 million from $22.6 million. Recurring contracts represented 98% of annual contract value.
Chief Executive Will Marshall called the result “record revenue of $116.1 million, representing 58% year-over-year growth.” His description fits the quarter. It says less about the handoff into Q3.
Q2 moved closer to operating break-even
Fiscal second quarter 2027 versus the year-earlier quarter
Source: Planet Labs fiscal Q2 2027 release filed with the SEC. Adjusted EBITDA is non-GAAP.
Gross margin softened. The GAAP rate slipped one point to 57%, and the adjusted rate fell two points to 59%.
The missing $85.6 million
Backlog stood at $814.9 million on July 31. Planet reported $900.4 million at the end of January.
That is a 9.5% contraction. The quarter’s sales remain intact. New awards now carry a heavier burden.
Forward visibility contracted
Dollar value, scaled to January backlog
Six-month backlog change: −$85.6 million, or −9.5%. The $61.7 million gap between backlog and RPO consists of value excluded from the stricter RPO definition, including cancelable or not-yet-appropriated orders.
Source: Planet Labs Form 10-Q. Percent changes calculated from company figures.
The company’s Form 10-Q also reported $753.1 million of remaining performance obligations. RPO is the firmer measure.
Planet’s wider backlog can count cancelable orders and government work without appropriated funds. That explains the $61.7 million gap between the two measures. It does not mean those orders were canceled.
Half of backlog should convert into revenue within 12 months, management estimates. The expected share reaches 70% within two years.
Cash buys time; Q3 sets the price
The guidance already captures some lumpiness. Planet expects Q3 revenue of $101 million to $105 million.
At $103 million, the midpoint would be 11.3% below Q2. Adjusted EBITDA is forecast to swing into a $1 million-to-$6 million loss.
Planet can absorb that reversal. It held $865.4 million of cash and short-term investments, plus $28.8 million of year-to-date adjusted free cash flow.
The cash figure needs context. About $120 million came from Q2 sales under an at-the-market stock program. Planet received an average net $31.95 per share.
That price was far above Friday’s quote. The sale brought cash at a higher per-share price, while shareholders accepted dilution.
For fiscal 2027, Planet forecasts $430 million to $441 million of revenue. Adjusted EBITDA should land between $3 million and $10 million.
The next decision turns on replenishment. Stable backlog would support the view that Q3 is timing noise. Another decline, paired with weaker margins, would expose a costlier pattern.
Related articles: NYSE:PL
