Key facts
- Planet Labs reported Q1 FY2027 revenue of $94.2 million, up 42% year-over-year.
- The company posted a net loss of $138.9 million for the quarter.
- Backlog increased 72% to over $906 million.
- Planet Labs launched three additional AI-enabled Pelican satellites.
- The company launched a private beta AI application for natural language satellite data search.
Planet Labs reported first-quarter fiscal 2027 revenue of $94.2 million, a 42% increase from the prior year, driven by strong sales execution. The company maintained a 99% recurring annual contract value. However, Planet Labs posted a wider net loss of $138.9 million, significantly impacted by a $106.5 million warrant liability revaluation loss, compared to a $12.6 million loss in the same quarter last year. The adjusted EBITDA loss was $1.0 million, with free cash flow at negative $2.5 million and operating cash flow at $15.4 million. The company ended the quarter with $730.8 million in cash and equivalents. Backlog surged 72% year-over-year to over $906 million, bolstered by new and renewed government and defense contracts, including an eight-figure deal with an international customer and a $7.5 million renewal with the U.S. Navy for vessel detection. Planet Labs also advanced its AI satellite strategy, launching three AI-enabled Pelican satellites and introducing a private beta AI application for natural language satellite data search. The company's high-resolution imaging roadmap was further supported by SuperRes and Pelican-11.