Q2 2026 Planet Labs PBC Earnings Call Transcript
Key Points
- Planet Labs PBC (PL) achieved a 20% year-over-year revenue growth, reaching $73.4 million for the quarter.
- The company reported a non-GAAP gross margin increase to 61%, up from 58% the previous year.
- Planet Labs PBC (PL) achieved its third consecutive quarter of adjusted EBITDA profitability, with a profit of $6.4 million.
- The backlog increased by 245% year-over-year to $736.1 million, providing strong revenue visibility for the next 12 to 24 months.
- The company expects to be free cash flow positive for the fiscal year, a milestone achieved over a year ahead of the prior target.
- Revenue from the civil government sector declined by approximately 4% year-over-year, primarily due to the expiration of a partnership with Norway NICFI.
- North America revenue was roughly flat year-on-year, reflecting variability and timing of pilot contracts with the US government.
- The end-of-period customer count decreased to 908, reflecting a strategic shift to focus on larger customer opportunities.
- The company anticipates variability in gross margins due to the mix of revenue, particularly from Satellite Services contracts.
- Capital expenditures were at the upper end of guidance, driven by catch-up spending for satellite launches and procurements.
Ladies and gentlemen, thank you for joining us, and welcome to the Planet Labs PBC second quarter of fiscal 2026 earnings call. (Operator Instructions) I will now hand the conference over to Chris Genualdi, VP of Investor Relations. Please go ahead.
Thanks, operator, and hello, everyone. Welcome to Planet's second quarter of fiscal year 2026 earnings call. I'm here at the New York Stock Exchange 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 outlook, plans, estimates, expectations, and projections.
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