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Planet Labs

catalyst in 38dNo base rate yet — PL has 1 graded print on the record, and the bar is 3.Website
Ticker
PL
Beat
space
Size
Public Company
Revenue
$116M
as of Jul 2026
Cash
$415M
as of Jul 2026
Researched · Fresh
9 days ago

A commercial-imagery company that quietly became a sovereign-defense satellite-services contractor — the backlog (+72%) and the Rule-of-40 inflection are real, but a $1.5B ATM on top of ~30x sales means the bet is now whether durable government demand outruns relentless dilution.

Orbit · who it trades with and competes with
2 on the rings · 1 trade · 2 rival
3 mentions across our dossiers
Focus · Space
Planet Labs
PL · public
No published house view
Trades and competes with
Competes with
Next prints in its web
Links · 2 companies · 1 trade · 2 rival
“The satellite-services model — building satellites a government owns and controls — is something pure-data rivals (BlackSky, Satellogic) can't easily match, and it converts one-off data buyers into half-billion-dollar multi-year capital pa…”Satellogic · BOTH · from Planet Labs’s dossier
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Price

Weekly closes

PL · weekly close
13.47 USD+0.4%
Friday 30 Oct 2026 · last 52 Fridays 11.16–51.14
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 517,012 sh · 7 filings, Form 4 · 15 Oct 2026
  2. Short interest: 33,318,899 sh · 3.17 days to cover, FINRA · settled 30 Sept 2026
  3. Next print: in 38 days, Scheduled · 8 Dec 2026, scheduled
13.47USD+0.4%space +0.7%PL · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 15 Oct 2026
7 filings · 517,012 shares
Shares sold shortFINRA · settled 30 Sept 2026
33,318,899 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
3.17
see the whole series
Financials

The reported figures

Revenue · quarterly
$116M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$116M USD
as of 31 Jul 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Planet Labs, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashGradingSource
Q3 ’2331 Oct 2023$55.4M USD-86.4% share of revenue-$30.2M USD$7.4M USD$102M USDFiled · primarysec.gov
Q4 ’2331 Jan 2024$58.9M USD-57.6% share of revenue-$15.7M USD$8.9M USD$83.9M USDFiled · primarysec.gov
Q1 ’2430 Apr 2024$60.4M USD-57.2% share of revenue-$14.2M USD$9.9M USD$107M USDFiled · primarysec.gov
Q2 ’2431 Jul 2024$61.1M USD-64.8% share of revenue-$23.0M USD$15.1M USD$148M USDFiled · primarysec.gov
Q3 ’2431 Oct 2024$61.3M USD-36.9% share of revenue-$3.6M USD$7.6M USD$139M USDFiled · primarysec.gov
Q4 ’2431 Jan 2025$61.6M USD-31.5% share of revenue-$17.9M USD$11.6M USD$118M USDFiled · primarysec.gov
Q1 ’2530 Apr 2025$66.3M USD-34.4% share of revenue$9.2M USD$8.1M USD$133M USDFiled · primarysec.gov
Q2 ’2531 Jul 2025$73.4M USD-24.5% share of revenue$47.5M USD$20.3M USD$181M USDFiled · primarysec.gov
Q3 ’2531 Oct 2025$81.3M USD-22.6% share of revenue$1.9M USD$26.7M USD$443M USDFiled · primarysec.gov
Q4 ’2531 Jan 2026$86.8M USD-41.5% share of revenue-$951K USD$21.6M USD$229M USDFiled · primarysec.gov
Q1 ’2630 Apr 2026$94.1M USD-37.1% share of revenue-$1.9M USD$17.3M USD$368M USDFiled · primarysec.gov
Q2 ’2631 Jul 2026$116M USD-11.6% share of revenue$25.6M USD$27.3M USD$415M USDFiled · primarysec.gov

Planet Labs’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$116M+58% vs Q2 ’25

Q2 ’26 · as of Jul 2026

Revenue Q3 ’23: $55.4M, as of Oct 2023Revenue Q4 ’23: $58.9M, as of Jan 2024Revenue Q1 ’24: $60.4M, as of Apr 2024Revenue Q2 ’24: $61.1M, as of Jul 2024Revenue Q3 ’24: $61.3M, as of Oct 2024Revenue Q4 ’24: $61.6M, as of Jan 2025Revenue Q1 ’25: $66.3M, as of Apr 2025Revenue Q2 ’25: $73.4M, as of Jul 2025Revenue Q3 ’25: $81.3M, as of Oct 2025Revenue Q4 ’25: $86.8M, as of Jan 2026Revenue Q1 ’26: $94.1M, as of Apr 2026Revenue Q2 ’26: $116M, as of Jul 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
-11.6%+12.8 pts vs Q2 ’25

Q2 ’26 · as of Jul 2026

Operating margin Q3 ’23: -86.4%, as of Oct 2023Operating margin Q4 ’23: -57.6%, as of Jan 2024Operating margin Q1 ’24: -57.2%, as of Apr 2024Operating margin Q2 ’24: -64.8%, as of Jul 2024Operating margin Q3 ’24: -36.9%, as of Oct 2024Operating margin Q4 ’24: -31.5%, as of Jan 2025Operating margin Q1 ’25: -34.4%, as of Apr 2025Operating margin Q2 ’25: -24.5%, as of Jul 2025Operating margin Q3 ’25: -22.6%, as of Oct 2025Operating margin Q4 ’25: -41.5%, as of Jan 2026Operating margin Q1 ’26: -37.1%, as of Apr 2026Operating margin Q2 ’26: -11.6%, as of Jul 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$25.6M

Q2 ’26 · as of Jul 2026

Free cash flow Q3 ’23: -$30.2M, as of Oct 2023Free cash flow Q4 ’23: -$15.7M, as of Jan 2024Free cash flow Q1 ’24: -$14.2M, as of Apr 2024Free cash flow Q2 ’24: -$23.0M, as of Jul 2024Free cash flow Q3 ’24: -$3.6M, as of Oct 2024Free cash flow Q4 ’24: -$17.9M, as of Jan 2025Free cash flow Q1 ’25: $9.2M, as of Apr 2025Free cash flow Q2 ’25: $47.5M, as of Jul 2025Free cash flow Q3 ’25: $1.9M, as of Oct 2025Free cash flow Q4 ’25: -$951K, as of Jan 2026Free cash flow Q1 ’26: -$1.9M, as of Apr 2026Free cash flow Q2 ’26: $25.6M, as of Jul 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$415M

Q2 ’26 · as of Jul 2026

Cash Q3 ’23: $102M, as of Oct 2023Cash Q4 ’23: $83.9M, as of Jan 2024Cash Q1 ’24: $107M, as of Apr 2024Cash Q2 ’24: $148M, as of Jul 2024Cash Q3 ’24: $139M, as of Oct 2024Cash Q4 ’24: $118M, as of Jan 2025Cash Q1 ’25: $133M, as of Apr 2025Cash Q2 ’25: $181M, as of Jul 2025Cash Q3 ’25: $443M, as of Oct 2025Cash Q4 ’25: $229M, as of Jan 2026Cash Q1 ’26: $368M, as of Apr 2026Cash Q2 ’26: $415M, as of Jul 2026
Shares outstanding · annualFY21 – FY25
307.8M+287% since FY21

FY25 · as of Dec 2025

Shares outstanding FY21: 79.6M, as of Dec 2021Shares outstanding FY22: 267.1M, as of Dec 2022Shares outstanding FY23: 279.6M, as of Dec 2023Shares outstanding FY24: 292.1M, as of Dec 2024Shares outstanding FY25: 307.8M, as of Dec 2025

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-22editorial noteSources added: 0 → 2The dossier's cited-link count grew from 0 to 2 (deep-dive-2026-06-18.md → deep-dive-2026-10-22.md).dossier
2026-10-22editorial noteMargin figure revised: 53.5% → 57%Margin moved from 53.5% (deep-dive-2026-06-18.md) to 57% (deep-dive-2026-10-22.md).dossier
2026-10-22editorial noteRevenue figure revised: $94.150M → $116.1MRevenue moved from $94.150M (deep-dive-2026-06-18.md) to $116.1M (deep-dive-2026-10-22.md).dossier
dossier age
9 days
researched 22 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 11 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 449 words, 8 filing mentions
  2. The dossier: What held, 59 words, 3 filing mentions
Research

The Planet Labs dossier

The verdict

A commercial-imagery company that quietly became a sovereign-defense satellite-services contractor — the backlog (+72%) and the Rule-of-40 inflection are real, but a $1.5B ATM on top of ~30x sales means the bet is now whether durable government demand outruns relentless dilution.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Q2 FY2027 revenue $116.1M, a record, up 58% year on year. The previous dossier records Q1 FY2027 revenue of $94.150M.. Recurring annual contract value was 98%. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-09-03, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1836833/000119312526381874/pl-ex99_1.htm; quarter ended 2026-07-31]
  2. Margins and profit. GAAP gross margin 57% (58% a year earlier); non-GAAP gross margin 59% (61%). Net loss $(9.4)M, or $(0.03) per share, against $(22.6)M. Adjusted EBITDA profit $13.9M against $6.4M. Non-GAAP net income $0.02 per share. The company says this is its fourth consecutive quarter at or above the Rule of 40. [sec.gov: 8-K filed 2026-09-03, same URL]
  3. Guidance raised. FY2027 revenue is now guided to about $430M-$441M, non-GAAP gross margin 55%-57%, adjusted EBITDA profit $3M-$10M, Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. $100M-$115M. Q3 revenue is guided to $101M-$105M with an adjusted EBITDA loss of $1M-$6M. The previous dossier records FY2027 guidance of $415M-$440M revenue and adjusted EBITDA of breakeven to +$10M. [sec.gov: 8-K filed 2026-09-03, same URL]
  4. Backlog and obligations. Remaining performance obligationsRevenue a company has already signed contracts for but has not yet delivered or booked. $753.1M (46% in the next twelve months); backlog $814.9M (50% in the next twelve months). The previous dossier records RPO of $816.0M at 2026-04-30 and FY2026 backlog of $900.4M.. [sec.gov: 8-K filed 2026-09-03, same URL]
  5. Cash and the ATM. Cash, cash equivalents and short-term investments $865.4M at 2026-07-31 (the previous dossier records $730.8M at 2026-04-30). In the quarter the company sold 3,782,460 Class A shares under its $1.5B at-the-market programme for $122.4M gross, about $120M net at an average net price of $31.95. Year-to-date operating cash flow $68.4M, Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. $21.3M, adjusted free cash flow $28.8M. [sec.gov: 8-K filed 2026-09-03, same URL; Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-09-03, https://www.sec.gov/Archives/edgar/data/1836833/000119312526382016/pl-20260731.htm].
  6. Share count. 340,354,193 Class A and 23,493,796 Class B shares outstanding at 2026-08-27. Google held 35,248,893 Class A shares at 2026-07-31 (34,422,330 at 2026-01-31). [sec.gov: 10-Q filed 2026-09-03, same URL].
  7. Contracts announced in the release. A $8M NGA Global Monitoring Service award (August), a German government satellite-services tender worth up to EUR 25M over five years, a seven-figure European defence customer agreement, a Rwanda Space Agency contract, and renewals with the New Mexico State Land Office and a hyperscaler AI developer. The release also reports a Swedish Armed Forces satellite handover, a Pelican tech demo launch, and Tanager-2 and SuperDove satellites shipped for launch. [sec.gov: 8-K filed 2026-09-03, same URL]
  8. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed names the Q2 FY27 print and guidance update as a catalyst; it has occurred (items 1-4). The carried seed names the $1.5B ATM execution pace as a catalyst; item 5 gives the Q2 amount. The carried "~30x sales" and price references rest on market data this delta does not refresh.

What held

  • The Rule-of-40 streak the carried seed refers to continued, with a fourth consecutive quarter reported. [sec.gov: 8-K filed 2026-09-03, same URL]
  • Recurring contract value stays at 98% and sovereign and government awards continue. [sec.gov: 8-K filed 2026-09-03, same URL]
  • DilutionIssuing new shares, so each existing share owns a smaller slice of the same company. continues through the ATM, as the carried bear case describes. [sec.gov: 10-Q filed 2026-09-03, same URL]

How our view changed

2 dossiers

Every dossier we have written on Planet Labs, newest first.

  1. current

    A commercial-imagery company that quietly became a sovereign-defense satellite-services contractor

  2. A commercial-imagery company that quietly became a sovereign-defense satellite-services contractor

Company details

IndustrySpace
SizePublic Company
WebsiteVisit Planet Labs

Others in space

5 names

Where Planet Labs sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.