Q3 2026 Planet Labs PBC Earnings Call Transcript
Key Points
- Planet Labs PBC (PL) reported $81.3 million in revenue for Q3, marking a 33% year-over-year growth.
- The company achieved a non-GAAP gross margin of 60% and an adjusted EBITDA profit of $5.6 million, marking the fourth consecutive quarter of adjusted EBITDA profitability.
- Backlog increased by 216% year-over-year to $734.5 million, indicating strong future revenue potential.
- The defense and intelligence sector saw over 70% revenue growth year-over-year, driven by strong performance in data subscription and solutions businesses.
- Planet Labs PBC (PL) successfully launched 38 satellites, including high-resolution Pelicans and SuperDoves, enhancing their commercial fleet capabilities.
- The commercial sector experienced a decline in revenue both year-over-year and quarter-over-quarter, attributed to a focus shift towards larger government customers.
- Non-GAAP gross margin decreased from 64% in the previous year to 60%, reflecting investments in satellite services and AI-enabled partner solutions.
- The EOCL program faced impacts from the US government shutdown and potential federal budget reductions, affecting contract sizes.
- Q4 revenue guidance is lower than Q3, expected between $76 million and $80 million, due to the absence of one-time factors that boosted Q3 results.
- The company anticipates an adjusted EBITDA loss between minus $7 million and minus $5 million for Q4, driven by investments in AI-enabled solutions and next-generation fleets.
Thank you for joining us and welcome to the Planet Labs' PBC third-quarter of fiscal 2026 earnings call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)
I will now hand the conference over to Cleo Palmer-Poroner, Director of Investor Relations.
Thanks, operator, and hello, everyone. This is Cleo Palmer-Poroner, Director of Investor Relations at Planet Labs PBC. Welcome to Planet's third quarter of 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
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