Q1 2026 Planet Labs PBC Earnings Call Transcript
Key Points
- Planet Labs PBC (PL) reported $66.3 million in revenue for Q1 fiscal 2026, representing approximately 10% year-over-year growth.
- The company achieved a non-GAAP gross margin of 59%, up from 55% a year ago.
- Planet Labs PBC (PL) reported its first-ever quarter of positive free cash flow at $8 million.
- The backlog grew to over $0.5 billion, indicating strong future growth potential.
- The defense and intelligence sector revenue grew over 20% year-over-year, driven by strong performance in core data and solutions business.
- Revenue from the civil government sector was down year-over-year due to the expiration of the NICFI contract.
- The commercial sector revenue was flat year-over-year, indicating challenges in achieving growth in this segment.
- North America and Latin American revenues were down year-over-year, impacted by agricultural contract adjustments.
- The end-of-period customer count decreased to 919, reflecting a focus on larger customers and a shift away from smaller ones.
- The company expects an adjusted EBITDA loss for Q2 fiscal 2026, indicating ongoing financial challenges.
Good afternoon. Thank you for attending the Planet Labs PBC first quarter of fiscal 2026 earnings call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions) And I would now like to pass the conference over to your host, Cleo Palmer-Peroner. You may proceed.
Thanks, operator, and hello everyone. This is Cleo Palmer-Poroner from the Investor Relations team at Planet Labs PBC. Welcome to Planet's first quarter, a fiscal year 2026 earnings call. I'm joined by Will Marshall and Ashley Johnson, who will provide a recap of our results and discuss our current outlook.
We encourage everyone to please reference the earnings press release and earnings update presentation for today's call, which are available on our Investor Relations website. Before we begin, we'd like to remind everyone that we will make forward-looking statements related to future events or our financial outlook.
Any forward-looking statements are based on management's current
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