A fleet of small Earth-imaging satellites that photographs the whole planet every day, Planet sells that imagery plus analytics and even builds custom satellites for governments and large businesses. Farmers, foresters, defense agencies, and energy firms all use its pictures. It was founded in 2010 by three former NASA scientists—originally under the name Cosmogia—who borrowed the fast, low-cost approach of consumer electronics, even asking whether a smartphone could work in space. Its daily snapshots come from shoebox-sized "Dove" satellites whose archive reaches back to 2009.
Q1 FY2027 revenue rose 42% to $94.2M while a $106.5M warrant charge widened net loss to $138.9M
A $106.5M non-cash warrant charge drove the quarter's net loss to $138.9M, up from $12.6M a year ago. rose 42% to $94.2M and was 53.5%, with defense and intelligence demand lifting the top line even as operating loss widened 53% on legal and satellite costs. The company holds $730.8M in liquidity but carries an of $1,588.7M.
Key takeaways
Net loss widened to $138.9M from $12.6M a year earlier, largely due to a $106.5M non-cash charge from the change in fair value of .
rose 42% to $94.2M, primarily from a $24.7M increase in the defense and intelligence vertical, and grew 8.4% from the prior quarter's $86.8M.
was 53.5%, down 1.7 points and 0.6 points from Q4 FY2026, as cost of grew 47% to $43.7M on partner and satellite services costs.
Section summaries
Management's Discussion and Analysis
Revenue grew 42% to $94.2M driven by defense & intelligence, while operating loss widened 53% on higher legal, R&D, and satellite services costs.
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rose 42% to $94.2M, primarily from a $24.7M increase in the defense and intelligence vertical.
Cost of grew 47% to $43.7M, driven by higher solution partner costs, spacecraft hardware, and ground station expenses tied to satellite services contracts.
Operating expenses increased 44% to $85.3M, including a $6.2M rise in legal expenses from litigation contingencies and higher headcount costs in R&D and sales.
was $15.4M, down 25.2% from $20.6M in Q4 FY2026, and cash plus short-term investments totaled $730.8M as of April 30, 2026.
stood at $906.1M, up from $900.4M at FY2026 year-end, with about 40% expected to be recognized as within 12 months.
What changed
conversion: FY2026 end backlog was $900.4M with 37% expected in 12 months; this quarter it is $906.1M with 40% expected, a slight rise in both total and near-term share.
Net loss against the $246.9M FY2026 annual figure: Q1 FY2027 net loss is $138.9M, including the $106.5M warrant charge that mirrors the prior-year $161.4M non-cash swing and may reverse with stock price.
Capital expenditure percentage of remains unstated for six quarters; FY2025 was 20% and the company has not disclosed an update since.
The $230M SKY Perfect JSAT agreement, expected to launch beginning in 2027, was not cited as contributing to Q1 and remains a future item.
stayed positive at $15.4M after turning positive in Q1 FY2026 ($17.3M) and Q2 FY2026 ($67.8M), but fell from $20.6M in Q4 FY2026.
What to watch
Next-quarter net loss against the $138.9M figure as the $106.5M warrant liability fair-value swing reverses or repeats with stock price moves.
conversion from the $906.1M total with 40% expected in 12 months as turns to recognized .
Capital expenditure percentage of once disclosed, against the 20% FY2025 figure, as Pelican and Tanager satellite builds continue.
after the sequential drop to $15.4M from $20.6M in Q4 FY2026 as recognition converts.
Operating expenses increased 44% to $85.3M, with a $6.2M rise in legal expenses from litigation contingencies and higher headcount-related costs across R&D and sales.
Net loss widened to $138.9M from $12.6M, largely due to a $106.5M non-cash charge from the change in fair value of warrant liabilities.
Net was $15.4M; liquidity remained strong with $730.8M in cash, equivalents, and short-term investments as of April 30, 2026.
stood at $906.1M, with approximately 40% expected to be recognized as within the next 12 months.
Quantitative and Qualitative Disclosures About Market Risk
We have in the past and may in the future be exposed to certain market risks, including foreign currency exchange risk, interest rate risk and inflation risk, in the ordinary course of our business. For information relating to quantitative and qualitative disclosures about these…
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We have in the past and may in the future be exposed to certain market risks, including foreign currency exchange risk, interest rate risk and inflation risk, in the ordinary course of our business. For information relating to quantitative and qualitative disclosures about these market risks, refer to Item 7A “Quantitative and Qualitative Disclosures About Market Risk” contained in Part II of our 2026 Form 10-K. Our exposure to market risk has not changed materially since January 31, 2026.
See discussion under the heading Legal Proceedings in Note 8 to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
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See discussion under the heading Legal Proceedings in Note 8 to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Planet Labs faces risks from operating losses, competitive pressures, satellite deployment challenges, and reliance on government contracts.
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The company has a history of losses ($138.9M net loss in Q1 FY2027) and an of $1,588.7M, with no assurance of future profitability.
Intense competition from commercial entities and governments, including SpaceX's vertical integration and cost advantages, could erode market share and pricing power.
Business growth depends on the successful, timely, and cost-effective development, launch, and operation of satellites, which are subject to complex supply chains and potential failures.
A meaningful and increasing portion of comes from U.S. and foreign government contracts, exposing the company to risks from policy shifts, budget disruptions, and unique procurement regulations.
The company's expansion into large-scale satellite services contracts introduces longer, less predictable sales cycles and complex recognition, increasing financial uncertainty.
The 2030 Notes became convertible on May 1, 2026, which could require significant cash payments or dilute stockholders if holders elect to convert.