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Updated: 08-Sep-25 12:03 ET
Planet Labs launches higher following beat-and-raise Q2 report (PL)

Planet Labs (PL) is surging today after reporting its Q2 (Jul) results ahead of expectations and raising its FY26 revenue guidance, fueled by robust defense and intelligence demand and backlog growth.

  • Revenue rose 20% yr/yr to a record $73.4 mln, marking another quarter of reaccelerating growth.
  • RPO jumped 516% yr/yr to $690 mln, with 32% slated for the next 12 months.
  • Backlog surged 245% yr/yr to $736 mln, up from $527 mln in Q1, with 35% applying to the next 12 months.
  • Defense & Intelligence revenue grew 41% yr/yr; civil government fell 4% yr/yr; commercial up 6% yr/yr.
  • FY26 revenue outlook raised to $281-289 mln (prior $265-280 mln).

Briefing.com Analyst Insight

This was an impressive quarter for Planet Labs. Following an upbeat Q1 back in early June that sent shares sharply higher, PL is keeping in form with another record revenue print and broad-based momentum. The surge in backlog and RPO provides strong visibility for sustained growth, while the company also reached another milestone with positive free cash flow a year ahead of schedule. While government contract lumpiness and heavy cap-ex remain near-term watch items, momentum in defense intelligence and commercial markets underscores PL's growing role in satellite data and AI-enabled insights.

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