Overview
- Planet Labs reported record fiscal Q1 revenue of about $94.15–$94.2 million, a 42% year‑over‑year jump, and raised fiscal‑year and Q2 revenue guidance above analyst estimates.
- The company said remaining performance obligations rose 81% to $816 million and backlog grew 72% to over $906 million, giving management stronger revenue visibility.
- Planet posted a $138.9 million net loss driven largely by a $106.5 million non‑cash warrant liability revaluation, even as operating cash flow was positive at $15.4 million.
- In an SEC filing disclosed on Friday the company opened an at‑the‑market equity program to sell up to $1.5 billion of Class A stock, a move that triggered about a 25% intraday drop and roughly a 35% decline for the week as investors priced in dilution.
- Operational momentum remains: three AI‑capable Pelican satellites launched in May including Sweden’s sovereign craft, Planet holds roughly $731 million in cash and redeemed public warrants for about $108 million, and analysts have raised price targets while warning the ATM could prolong stock volatility.