PL NYSE Russell 1000 Earnings call
Planet Labs (PL) · Q2 2026 results and valuation
Share price: $14.34 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q2 2027 · published 3 Sep 2026 and 4 Jun 2026
Net loss narrowed on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss narrowed
Net income vs Q1 2026
Outlook given
Net income -9.4M vs -138.9M
Revenue +23.3%
Net income -9.4M vs -22.6M in Q2 2025 and -138.9M last quarter.
2 · How management spoke
Upbeat
More upbeat than 69% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Planet Labs identified over $4 billion of opportunities for satellite services, with over 25% of those opportunities qualified as near-term.
Valuation
Is Planet Labs undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-01-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 17.2% growth a year (3-year revenue growth), the model's fair value is $10.32 a share — the stock trades 39% above it. Today's price assumes 23.1% growth a year.
Current price
$14.34
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+23.1% for 10 yrs
Fair value / share
$10.32
Buy below
$7.74
Price vs fair value
Overvalued 39%
Price vs buy-below price
Overvalued 85%
Read between the lines
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Key theme
Defense and Intelligence revenue grew more than 90% year-on-year, which includes satellite services revenue, contributing to growth across all market sectors.
Source quote
“Our Defense and Intelligence revenue grew more than 90% year-on-year, which includes our satellite services revenue. We were pleased to see growth across all of our market sectors in the quarter. The commercial sector was up more than 15% year-on-year and civil government revenue was up over 5%.”
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Guidance
The company expects CapEx to increase in future quarters to meet market demand and scale manufacturing capacity in San Francisco and Berlin.
Source quote
“We expect CapEx to increase in future quarters as we lean into market demand, scale up our manufacturing capacity in San Francisco and Berlin, invest in supply chain...”
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Guidance
The company expects non-GAAP gross margin for the quarter to be between 56% and 58%.
Source quote
“We expect non-GAAP gross margin for the quarter to be between 56% and 58%.”
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Figure
Planet Labs has over $4 billion of identified opportunities for satellite services, over 25% of which is qualified as near-term…
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We delivered robust revenue growth, disciplined execution and major strategic wins with our large government customers while growing our pipeline across all of our offerings.”
“By expanding our international footprint, advancing our next-generation constellations and lowering technical barriers with AI, we are positioning Planet to capture a rapidly expanding Earth observation market and building a...”
“For the fourth sequential quarter, we achieved and, in fact, well exceeded the Rule of 40, which is our revenue growth rate plus adjusted EBITDA margin.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-07-31)
| Metric | Q2 2026period end 2026-07-31 | Q1 2026period end 2026-04-30 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 116.1M | 94.2M | +23.3% | 73.4M | +58.1% |
| Gross profit | 65.6M | 50.4M | +30.2% | 42.3M | +55.3% |
| Operating income | -13.5M | -34.9M | Loss narrowed | -18.0M | Loss narrowed |
| Net income | -9.4M | -138.9M | Loss narrowed | -22.6M | Loss narrowed |
| EPS | -0.03 | -0.40 | Loss narrowed | -0.07 | Loss narrowed |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- Both at home and abroad, Planet's data, AI-enabled solutions, and sovereign satellite capabilities are proving critical to the challenges…
- All those providers really like working with it because of how experienced Planet Labs is in doing that.
- Of course, diversification is really great when new players, and Planet Labs likes investing contracts with new players because it helps...
- They want to show they've got real opportunities to their investors to get going, and that's great.
- These are government missions that have high calibration accuracy that Planet Labs calibrates its data to.
Faded since Q1 2026
- Fading Testing, Planet Labs is excited about how it can help accelerate the expansion of its business into new markets, and it has...
- Dropped Utilizing Planet's proactive early warning systems the ministry now monitors over 50,000 hectares nationwide, transitioning from reactive…
- Fading Planet had another excellent quarter, delivering record revenue and signing an 8-figure deal with an international customer.
- Fading I'm not going to get civic numbers, but Planet Labs has a cohort of beta-testers just so that it can find...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Material agreement · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Unregistered share sale; Change to shareholder rights; Other events · SEC 8-K