Planet Labs reported fiscal first-quarter 2027 revenue of $94.2 million, a 42% increase year-over-year and well above Wall Street’s $90.1 million estimate. Adjusted EBITDA loss narrowed to just $1 million, compared to a consensus forecast of a $5.3 million loss. Despite these beats, shares fell over 4% in after-hours trading, with profit-taking cited after a nearly 1,000% rally over the past twelve months.
The company’s net loss widened to $138.9 million due primarily to a $106.5 million warrant liability revaluation. However, recurring annual contract value remained at 99%, and backlog surged 72% to over $906 million, signaling strong future revenue visibility. Government and defense contracts drove growth, including an eight-figure deal with an international intelligence customer and a $7.5 million U.S. Navy renewal.
Planet Labs continued its AI satellite push, launching three more Pelican satellites via SpaceX, bringing the total to nine. A private beta AI application for natural language satellite data search was also introduced. Needham raised its price target to $53 and maintained a Buy rating, citing the Q1 beat and above-consensus Q2 guidance of $102–$107 million.
