Planet Labs Surges After Posting Record Q3 Revenue
The satellite-imaging company raised its full-year revenue forecast, citing strong demand for its data and AI-powered analytics from government and commercial clients.
Shares of Planet Labs PBC (PL) surged more than 17% in pre-market trading Wednesday after the satellite-imaging and data analytics company reported record third-quarter revenue and raised its financial outlook, signaling accelerating momentum in its data-as-a-service business.
The San Francisco-based company announced revenue of $81.3 million for the quarter ending October 31, a 33% increase from the same period last year and a new quarterly high. Planet also posted a breakeven adjusted earnings per share, comfortably beating analyst expectations of a $0.03 loss. A significant marker of improving financial health came from its adjusted EBITDA, which was a positive $5.6 million, a stark reversal from a loss in the prior year.
Following the strong performance, Planet Labs lifted its full-year 2026 revenue forecast to a range of $297 million to $301 million. The stock, which closed at $12.94 on Tuesday, jumped to trade above $15 in pre-market activity, moving closer to its 52-week high of $16.78.
“It was another strong quarter... we generated $81.3 million in revenue, representing approximately 33% growth year over year, marking another quarter of growth acceleration,” said CEO Will Marshall in an earnings call. Marshall attributed the robust results to growing demand for the company's Earth-observation data, particularly with its increasing focus on integrated AI solutions.
The results reflect the success of Planet’s strategy to secure large, multi-year government contracts while expanding its commercial footprint. The company operates a constellation of roughly 200 satellites that image the entire landmass of Earth daily, providing a unique dataset for clients in defense, intelligence, civil government, and agriculture.
Recent months have seen a series of high-profile contract wins that underpin the company's growth trajectory. These include a $12.8 million award from the National Geospatial-Intelligence Agency (NGA) for AI-driven maritime intelligence and a $13.2 million renewal with the National Reconnaissance Office (NRO). This momentum builds on a major multi-year, €240 million deal with the German government secured over the summer.
“Our business is humming, and I feel very proud of the work of our teams,” Marshall added, highlighting a strategic shift “towards selling solutions, leveraging AI to enable speed and scale.”
Operationally, Planet has also been advancing its technological capabilities. During the quarter, the company successfully launched two next-generation, high-resolution Pelican satellites and 36 of its workhorse SuperDove satellites. These deployments are critical for enhancing the quality and frequency of its data products. Looking ahead, Planet unveiled plans for a new satellite manufacturing facility in Berlin and introduced its next-generation Owl monitoring fleet, aimed at providing near-daily imagery with low latency.
Prior to the announcement, analysts held a consensus 'Moderate Buy' rating on the company with an average price target of $14.55. The strong beat and raised guidance could prompt analysts to revise their estimates upward as the company demonstrates a clearer path to profitability.
Investors have been closely watching Planet’s ability to convert its technological leadership into sustainable financial performance. The positive adjusted EBITDA and a strengthened balance sheet, which includes approximately $677 million in cash and equivalents, provide evidence that its subscription-based data model is gaining traction and scale.