SAN FRANCISCO, March 19, 2026, 2:19 PM PDT
Planet Labs turned in record revenue for both the quarter and the year on Thursday, as the Earth-imaging company pointed to another strong stretch ahead while leaning further into AI and satellite offerings. Revenue jumped 41% in the fourth quarter to $86.8 million. For the full year, sales were up 26% at $307.7 million.
This quarter’s numbers actually grabbed attention—analysts were braced for roughly 27.5% revenue growth, and they hadn’t budged on those estimates lately. After a streak of missed revenue marks over the past couple years, the company managed to beat that backdrop with a result that looked much cleaner than expected.
The timing coincides with geospatial intelligence — satellite data tracking shifts on the ground — taking on a sharper role in conflict zones. Last week, Reuters reported that Planet pushed out access to Middle East imagery by 14 days, aiming to keep adversaries from turning it on U.S. and allied forces. Defense consultant Chris Moore notes that AI is cracking open geospatial analysis, a field mainly walled off for military experts until now.
Planet reported a 106% surge in remaining performance obligations, bringing contracted but not yet recognized revenue to $852.4 million. Backlog, which captures a wider scope by counting some work that could still be canceled, climbed 79% to $900.4 million. Cash, cash equivalents and short-term investments totaled $640.1 million at year’s end.
Planet wrapped up its first full fiscal year turning a profit on both adjusted EBITDA and free cash flow, according to president and CFO Ashley Johnson. Free cash flow hit $52.9 million for fiscal 2026, swinging from a loss the previous year.
Planet is projecting fiscal 2027 revenue between $415 million and $440 million, with first-quarter sales landing somewhere in the $87 million to $91 million range. The company’s adjusted EBITDA outlook remains cautious—anywhere from break-even to $10 million—as it continues to exclude certain costs and non-cash charges from that figure. Capital expenditures are set to reach $80 million to $95 million, signaling the company isn’t pulling back on its growth ambitions.
Just ahead of its earnings, Planet announced a collaboration with Nvidia to shift more image processing over to GPUs, targeting a jump from hours to seconds for converting raw pixels into actionable data. “AI could be transformative this year,” Planet CEO Will Marshall said. Jensen Huang, Nvidia’s chief, added, “intelligence must live wherever data is generated.” Business Wire
Planet isn’t the only one chasing this trend. Nvidia has pointed to clients like Aetherflux, Axiom Space, Kepler Communications, Sophia Space, and Starcloud, all tapping its space-computing platforms. It’s a signal the contest for in-orbit data processing is heating up fast. Reuters noted back in January that Google is looking to roll out a first Project Suncatcher prototype with Planet as soon as 2027, aiming to trial satellite-based AI computing.
Weaknesses remain. Gross margin in the fourth quarter dropped to 54%, down from 62% a year ago. Under standard accounting, net loss widened to $152.5 million, with a roughly $122.6 million revaluation loss linked to warrant liabilities as Planet’s share price climbed. The company also points out that some government customers can end contracts early, so not all backlog reliably converts to revenue.
Planet’s guidance points to sales outpacing profit growth for now. The company’s spending is ramping up, so the question is whether its AI initiatives and satellite services can eventually boost margins instead of just driving top-line gains.
