Highlights 

  • Planet delivered record Q3 revenue of USD 81.3 million, up 33% YoY. 
  • Remaining Performance Obligations jumped 361% YoY to USD 672 million. 
  • Backlog climbed 216% YoY to USD 734 million. 
  • Year-to-date operating cash flow reached USD 113.7 million. 
  • Cash and short-term investments surged to USD 677.3 million, up 180% YoY. 

Planet Labs PBC (NYSE:PL) posted its third-quarter fiscal 2026 results, achieving record revenue of USD 81.3 million, a 33%year-over-yearrise. Recurring contracts continued to dominate, with 97% of annual contract value tied to subscription-based agreements. 

The company reported USD 672 million in Remaining Performance Obligations, up 361% from a year earlier, and a USD 734 million backlog, up 216% YoY. These figures reflect improving demand across defense, intelligence, environmental management, and commercial sectors. 

Gross margin for the quarter was 57%, with a non-GAAP gross margin of 60%. While margins were lower than the prior year due to expansion initiatives, Planet delivered its fourth consecutive quarter of adjustedEBITDAprofitability and its third straight quarter of positive free cash flow.Year-to-dateoperatingcash flowreached USD 113.7 million, further supported by a USD 460 million convertibledebtraise that strengthenedliquidity. 

Major Wins Across Defense, Government, and Commercial Clients 

Planet secured multiple key contracts during Q3, underscoring its expanding role in global monitoring and intelligence solutions. The U.S. National Geospatial-Intelligence Agency awarded Planet USD 12.8 million for advanced maritime analytics under the Luno B program. The National Reconnaissance Office renewed its PlanetScope contract for USD 13.2 million and added new tasking capabilities for Pelican high-resolution imagery. 

NASA extended its commercial satellite data orders with USD 13.5 million in Q3, followed by an additional USD 900,000 task order in November. The U.S. Navy renewed a USD 7.5 million contract focused on Pacific vessel monitoring. NATO awarded a seven-figure expansion contract, while an international defense customer signed an eight-figure renewal to continue receiving high-resolution imagery. 

Outside defense, AXA Digital Commercial Platform signed a new operational agreement to integrate Planet’s datasets into insurance technology systems, while the Tennessee Department of Environment and Conservation partnered with Planet and Skytec on a USD 1.2 million wetlands monitoring project. 

Technological Milestones and Satellite Deployment Success 

Planet advanced its next-generation satellite roadmap with the successful launch of two high-resolution Pelican satellites and 36 SuperDove satellites aboard a SpaceX mission. All spacecraft have been contacted and entered into commissioning. 

The company also announced a new Berlin manufacturing facility for Pelican satellites, supporting European market expansion. Planet revealed “Owl,” its next-gen 1-meter imagery fleet featuring NVIDIA GPUs forAI-enabled edge computing, with the first tech demo slated for late 2026. 

Planet’sacquisitionof Bedrock Research deepens its AI expertise for defense-grade monitoring solutions. Meanwhile, its partnership with Google’s Project Suncatcher aims to test AI computing in space using Google TPUs, with two prototype satellites targeting launches in 2027. 

Conclusion 

Planet’s third-quarter results highlight accelerating revenue, expanding government partnerships, and meaningful progress across AI, satellite technology, and global monitoring capabilities. With rising long-term commitments and significant new programs underway, the company enters the final quarter of fiscal 2026 with momentum across both commercial and defense sectors. 

Planets’ shares closed at USD 17.47 on 12th December, marking a 35.01% increase from the prior session.