Record Revenue and Growth
Planet Labs achieved $66.3 million in revenue for Q1 FY2026, representing approximately 10% year-over-year growth and surpassing expectations.
Positive Financial Metrics
Non-GAAP gross margin improved to 59% from 55% a year ago. The company also reported an adjusted EBITDA profit of $1.2 million, marking the second consecutive quarter of profitability.
Positive Free Cash Flow
Planet Labs generated $8 million in positive free cash flow, marking the first-ever quarter of positive free cash flow for the company.
Defense and Intelligence Sector Growth
Revenue from the defense and intelligence sector grew over 20% year-over-year, driven by significant contracts including an eight-figure ACV expansion with a European customer.
Strong Backlog and Future Growth Visibility
The backlog increased to over $527 million, up 140% year-over-year, with about 45% applicable to the next 12 months.
Strategic Partnerships and Product Updates
New partnerships and product developments, including the streamlined Planet Insights platform and the aircraft detection analytic feed, highlight ongoing innovation.