Planet Labs soars with 33% revenue growth and new satellite launches

Planet Labs has reported strong financial growth, with revenue rising by 33% to $81.3 million. The company’s stock also jumped 35% after announcing better-than-expected earnings and an optimistic forecast. This follows a year of expansion in satellite operations and new government contracts. The company’s defense and intelligence division saw the biggest gains, with revenue climbing over 70%. This growth came from fresh contracts with the U.S. government, including a $12.8 million deal under the National Geospatial-Intelligence Agency’s Luno-B program.

Planet Labs also expanded its commercial satellite fleet. Two new high-resolution Pelican satellites were launched, bringing the total in its commercial constellation to five. To support further production, the company plans to open a new manufacturing facility in Berlin.

Financial performance improved significantly, with a non-GAAP gross margin of 60% and positive adjusted EBITDA of $5.6 million. The company’s backlog of orders also surged to $734.5 million—a 216% increase from the previous year. Additionally, Planet Labs secured $460 million through a convertible bond issued in September, providing more financial flexibility.

The firm specialises in Earth observation, using a constellation of satellites to deliver imagery and AI-powered insights. These services cater to industries like agriculture, defence, and environmental monitoring. With rising revenue, a growing satellite network, and new government deals, Planet Labs has strengthened its market position. The company’s financial results and expanded production plans suggest continued growth in the Earth observation sector.