Planet Labs PBC (NYSE:PL) Reports Strong Q1 Revenue Growth Amidst Geospatial Intelligence Demand

Font: Financial Modeling Prep  • Jun 05, 2026

• Planet Labs PBC achieved record revenue of $94.15 million, marking a 42% increase year-over-year and surpassing analyst estimates.
• The company demonstrated strong operational efficiency, meeting its "Rule of 40" target for the third consecutive quarter with a non-GAAP gross margin of 56%.
• A robust backlog of approximately $906 million indicates a strong pipeline and future business potential for Planet Labs PBC.

Planet Labs PBC (NYSE:PL) is a company that provides daily satellite data and insights about Earth. Its services are crucial for various sectors, including defense, intelligence, and international governments. The company uses its satellite fleet and AI-enabled products to deliver geospatial information, helping clients monitor changes and make informed decisions.

On June 4, 2026, Planet Labs PBC reported its quarterly earnings. The company announced an earnings per share (EPS) of -$0.03. This figure, which represents the company's profit allocated to each share of stock, met analyst expectations. As highlighted by Zacks, this result is a change from the break-even EPS reported in the same quarter a year ago.

Despite the loss per share, Planet Labs PBC posted record revenue of $94.15 million for the quarter. This amount surpassed the consensus estimate of $90.00 million. As noted by Business Wire, this represents a significant 42% increase in year-over-year revenue growth, driven by strong demand from defense and intelligence customers.

The company's financial performance also includes a non-GAAP gross margin of 56%. It also met its "Rule of 40" target, a metric that balances revenue growth and profitability, for the third consecutive quarter. Planet Labs PBC ended the period with a backlog of approximately $906 million, showing a strong pipeline of future business.

From a valuation standpoint, Planet Labs PBC has a negative Price-to-Earnings (P/E) ratio of -40.31, indicating it was not profitable over the last twelve months. However, its current ratio of 2.81 suggests a strong ability to meet short-term financial obligations. The company's Debt-to-Equity ratio, which measures debt against shareholder equity, stands at 1.10.