Planet Labs PBC

planet.com

What Do They Do?

Sells satellite imagery, Earth data and analytics to companies and governments, and designs, builds and operates satellites and related systems for government and enterprise customers.

How Do They Make Money?

Customers pay for access to imagery and data tools through subscriptions or based on use, usually in quarterly or annual advance payments. For customer satellite projects, payments are tied to agreed milestones; engineering and satellite operations are paid over the service period.

FY2026 revenue

Who Are Their Customers?

Government agencies and commercial organizations use Planet’s imagery and analytics. Planet sells directly and through a global partner network, including systems integrators and software companies.

Customers above 10% of revenue, FY2026

of revenue from two customers (13%, 12%)

FY2024: 21% from one customer

Do Revenues Turn Into Profits?

Not on paper. It lost $246.9M in FY2026, but brought in more cash than it spent: $57.6M of free cash flow.

Operating income, FY2026

−31% of revenue

▼ −18% (Loss) vs FY2025 (−$116.1M, −48%)

Net income, FY2026

−80% of revenue

▲ +100% (Loss) vs FY2025 (−$123.2M, −50%)

Free cash flow, FY2026

19% of revenue

▲ Now profitable vs FY2025 (−$58.7M, −24%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q2 FY2027, the three months to Jul 31, 2026

Revenue: ▲ +58%; vs $73.4M in Q2 FY2026
Net income: ▼ −59% (Loss); vs −$22.6M in Q2 FY2026

Sep 3, 2026 Issued revenue and adjusted EBITDA guidance For fiscal 2027, Planet expects revenue of approximately $430 million to $441 million and adjusted EBITDA profit of approximately $3 million to $10 million.

Growing. Revenue grew 2.3x in 4 years, from $131.2M in FY2022 to $307.7M in FY2026, about 24% a year.

Customer satellite services The older report describes imagery and analytics licensing as the revenue model, while the latest also describes multi-year work designing and manufacturing customer-owned satellites and providing launch, ground, operations and maintenance services.

Who Do They Compete With?

Competes with Airbus Defense and Space, Vantor Holdings, Intuitive Machines, BlackSky Technology, Satellogic, and CG Satellite

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