Planet Labs Reports 33% Revenue Growth to $81.3 Million Despite Increased Net Loss

Planet Labs PBC reported significant financial developments in its latest 10-Q filing for the quarter ending October 31, 2025. The company achieved revenues of $81.3 million, marking a 33% increase from $61.3 million in the same quarter of the previous year. For the nine months ending October 31, 2025, total revenue reached $220.9 million, up 21% from $182.8 million in the prior year. Despite this growth, Planet Labs recorded a net loss of $59.2 million for the quarter, compared to a loss of $20.1 million in the same period last year, reflecting a 195% increase in losses attributed to higher operating expenses and changes in fair value of warrant liabilities.

The company’s operational metrics showed a notable increase in customer engagement, particularly within the Defense and Intelligence sectors, which contributed significantly to revenue growth. The number of customers at the end of the reporting period was 910, down from 1,015 a year earlier, indicating a strategic focus on larger clients rather than expanding the customer base indiscriminately. The company’s Net Dollar Retention Rate improved to 109% for the nine months ending October 31, 2025, compared to 104% in the same period last year, driven by contract expansions with existing customers.

In terms of strategic developments, Planet Labs has made substantial investments in its satellite technology and infrastructure. The company issued $460 million in convertible senior notes due in 2030, which will help fund its ongoing operations and satellite launches. Additionally, Planet Labs entered into significant commercial agreements, including a $230 million contract with SKY Perfect JSAT for satellite services and a €240 million agreement with the German government for dedicated image tasking capacity. These contracts are expected to enhance the company’s revenue streams and operational capabilities.

The company’s balance sheet reflects a strong liquidity position, with cash and cash equivalents totaling $443.3 million as of October 31, 2025, compared to $118.0 million at the beginning of the fiscal year. This increase in liquidity is attributed to the successful issuance of the convertible notes and improved cash flows from operations, which amounted to $113.7 million for the nine months ended October 31, 2025. However, the company also reported a significant increase in capital expenditures, which reached 34% of revenue for the quarter, primarily due to investments in satellite development and infrastructure.

Looking ahead, Planet Labs expressed optimism about its growth trajectory, emphasizing its commitment to expanding its satellite fleet and enhancing its data analytics capabilities. The company anticipates continued revenue growth driven by new customer acquisitions and expansions within existing contracts. However, it also acknowledged the potential risks associated with macroeconomic conditions, regulatory changes, and competition in the satellite imagery market, which could impact its future performance.