Planet Labs Reports 26% Revenue Growth to $307.7 Million, Net Loss Increases to $246.9 Million

Planet Labs PBC reported its financial results for the fiscal year ended January 31, 2026, showcasing a revenue increase to $307.7 million, up 26% from $244.4 million in the previous fiscal year. However, the company continued to operate at a net loss, reporting a loss of $246.9 million, compared to a net loss of $123.2 million for the year ended January 31, 2025. The increase in revenue was primarily driven by a $64.0 million increase in the defense and intelligence vertical. As of January 31, 2026, the company's accumulated deficit stood at $1.45 billion.

The company's cost of revenue also increased, reaching $135.2 million, a 29% rise from $104.6 million in the prior year. This increase was primarily driven by higher costs paid to solution partners and subcontractors, as well as increased employee-related expenses associated with fulfilling satellite services contract performance obligations. Operating expenses also saw an uptick, totaling $267.6 million, a 5% increase from $255.8 million in the previous year, with notable changes in research and development, sales and marketing, and general and administrative expenses.

Operationally, Planet Labs reported a Net Dollar Retention Rate of 116%, up from 106% in the previous year, indicating strong customer retention and expansion. The End of Period (EoP) Customer Count decreased to 897, compared to 976 in the prior year, reflecting a shift towards larger customer opportunities. Capital expenditures as a percentage of revenue increased to 26%, compared to 20% in the prior year, driven by investments in next-generation high-resolution Pelican satellites and medium-resolution satellites.

Looking ahead, Planet Labs anticipates continued investments in research and development, particularly in software platform development, machine learning, and new satellite technologies. The company also expects its capital expenditures to increase as it grows its fleet of internal-use satellites. The company believes its cash and cash equivalents on hand, together with cash it expects to generate from future operations, will be sufficient to meet its working capital and capital expenditure requirements for a period of at least twelve months from the date of this report.