Revenue growth accelerated to 42.1% in 2027Q1, yet gross margins remain pressured between 52% and 62%, failing to provide the necessary operating leverage to offset $51.9 million in quarterly SG&A expenses.
| Sales/Revenue | 335.61M | 307.73M | 244.35M | 220.7M | 191.26M | 131.21M | 113.17M | 95.74M |
| Revenue Growth % | 34.15% | 25.94% | 10.72% | 15.39% | 45.76% | 15.94% | 18.21% | - |
| Cost of Goods Sold | 149.33M | 135.24M | 104.63M | 107.75M | 97.25M | 82.99M | 87.38M | 102.39M |
| COGS % of Revenue | - | 43.95% | 42.82% | 48.82% | 50.85% | 63.25% | 77.22% | 106.95% |
| Gross Profit | 186.28M | 172.49M | 139.72M | 112.95M | 94.01M | 48.22M | 25.79M | -6.66M |
| Gross Margin % | 55.51% | 56.05% | 57.18% | 51.18% | 49.15% | 36.75% | 22.78% | -6.95% |
| Gross Profit Growth % | - | 23.45% | 23.71% | 20.15% | 94.95% | 87.02% | 487.34% | - |
| Operating Expenses | 293.47M | 267.56M | 255.85M | 282.7M | 269.68M | 176.27M | 113.23M | 99.8M |
| OpEx % of Revenue | - | 86.95% | 104.7% | 128.09% | 141.01% | 134.35% | 100.05% | 104.25% |
| Selling, General & Admin | 176.38M | 160.81M | 154.84M | 166.36M | 158.77M | 109.59M | 69.4M | 61.93M |
| SG&A % of Revenue | - | 52.26% | 63.37% | 75.38% | 83.01% | 83.52% | 61.33% | 64.69% |
| Research & Development | 117.09M | 106.75M | 101.01M | 116.34M | 110.92M | 66.68M | 43.83M | 37.87M |
| R&D % of Revenue | - | 34.69% | 41.34% | 52.71% | 57.99% | 50.82% | 38.73% | 39.56% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 330K | 0 | 239K | 0 |
| Operating Income | -107.19M | -95.07M | -116.12M | -169.75M | -175.68M | -128.05M | -87.44M | -106.46M |
| Operating Margin % | -31.94% | -30.9% | -47.52% | -76.91% | -91.85% | -97.59% | -77.27% | -111.2% |
| Operating Income Growth % | - | 18.13% | 31.59% | 3.37% | -37.19% | -46.44% | 17.86% | - |
| EBITDA | -197.77M | -238.77M | -70.48M | -122.11M | -132.34M | -82.95M | -25.24M | -28.86M |
| EBITDA Margin % | -58.93% | -77.59% | -28.85% | -55.33% | -69.2% | -63.22% | -22.3% | -30.15% |
| EBITDA Growth % | -189.69% | -238.75% | 42.28% | 7.73% | -59.55% | -228.62% | 12.54% | - |
| D&A (Non-Cash Add-back) | 20.53M | 0 | 45.64M | 47.64M | 43.33M | 45.1M | 62.2M | 77.6M |
| EBIT | -261.48M | -238.77M | -102.71M | -139.69M | -161.12M | -126.24M | -116.58M | -116.64M |
| Net Interest Income | 13.54M | 10.89M | 10.26M | 15.41M | 7.67M | -8.75M | -9.39M | -6.95M |
| Interest Income | 17.6M | 14.33M | 10.26M | 15.41M | 7.67M | 21K | 53K | 0 |
| Interest Expense | 4.06M | 3.44M | 0 | 0 | 0 | 8.77M | 9.45M | 6.95M |
| Other Income/Expense | -261.18M | -147.13M | -4.61M | 30.05M | 14.56M | -6.96M | -38.59M | -17.12M |
| Pretax Income | -368.37M | -242.21M | -120.74M | -139.69M | -161.12M | -135.01M | -126.03M | -123.58M |
| Pretax Margin % | -109.76% | -78.71% | -49.41% | -63.3% | -84.24% | -102.9% | -111.37% | -129.09% |
| Income Tax | 4.74M | 4.66M | 2.46M | 815K | 847K | 2.11M | 1.07M | 130K |
| Effective Tax Rate % | -1.29% | -1.92% | -2.04% | -0.58% | -0.53% | -1.56% | -0.85% | -0.11% |
| Net Income | -373.1M | -246.86M | -123.2M | -140.51M | -161.97M | -137.12M | -127.1M | -123.71M |
| Net Margin % | -111.17% | -80.22% | -50.42% | -63.67% | -84.69% | -104.51% | -112.31% | -129.22% |
| Net Income Growth % | -250.23% | -100.38% | 12.32% | 13.25% | -18.12% | -7.88% | -2.74% | - |
| Net Income (Continuing) | -373.1M | -246.86M | -123.2M | -140.51M | -161.97M | -137.12M | -127.1M | -123.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.08 | -0.80 | -0.42 | -0.50 | -0.61 | -0.52 | -2.95 | -2.87 |
| EPS Growth % | -217.33% | -90.48% | 16% | 18.03% | -17.31% | 82.37% | -2.79% | - |
| EPS (Basic) | - | -0.80 | -0.42 | -0.50 | -0.61 | -0.52 | -2.95 | -2.87 |
| Diluted Shares Outstanding | 345.52M | 307.8M | 292.12M | 279.59M | 267.13M | 262.18M | 43.13M | 43.13M |
| Basic Shares Outstanding | 345.52M | 307.8M | 292.12M | 279.59M | 267.13M | 262.18M | 43.13M | 43.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Persistent Operating Cash Burn
According to recent financial disclosures, Planet Labs achieved a notable revenue acceleration to 42.1% year-over-year growth in 2027Q1, marking a significant departure from the low double-digit growth rates observed throughout 2025, suggesting that recent investments in constellation capacity are finally beginning to translate into top-line momentum.
The shift from 4.6% growth in 2025Q4 to over 40% in the most recent quarter indicates that the company is successfully capturing larger contract volumes, likely driven by government defense mandates. Investors should monitor whether this acceleration is sustainable or if it reflects the lumpy recognition of large-scale multi-year government agreements.
As reported in the company's income statements, gross margins have fluctuated between 52% and 62% over the last ten quarters, with the most recent 53.5% figure in 2027Q1 suggesting that the cost of maintaining the satellite constellation continues to exert significant pressure on unit profitability.
The inability to consistently maintain gross margins above the 60% threshold implies that the company's hardware-heavy model remains capital-intensive. This volatility suggests that the firm has yet to achieve the economies of scale necessary to decouple revenue growth from the direct costs of satellite replenishment and data processing.
Based on the provided income statement data, Planet Labs' operating expenses, particularly SG&A, have scaled alongside revenue, resulting in a persistent operating loss of $34.9 million in 2027Q1, which indicates that the company has not yet demonstrated meaningful operating leverage in its current business model.
While revenue has grown significantly, the corresponding increase in SG&A and R&D suggests that the company is still in a heavy investment phase rather than a harvest phase. The lack of a clear path to narrowing operating losses warrants caution, as it implies that each incremental dollar of revenue requires a proportional increase in overhead.
Analysis of the company's quarterly filings reveals that stock-based compensation remains a consistent drag on the bottom line, with $16.5 million recorded in 2027Q1, further exacerbating the net loss of $138.9 million and highlighting a significant disconnect between GAAP results and operational cash requirements.
The reliance on equity-based incentives to manage cash burn appears to be a structural feature of the company's compensation strategy. Investors should be wary of the dilutive impact of these grants, which effectively mask the true cost of talent acquisition and retention in a highly competitive aerospace engineering market.
Data from the last ten quarters suggests that Planet Labs' growth is heavily reliant on continuous capital expenditure, as evidenced by the $34.9 million operating loss in 2027Q1, raising concerns about whether the company can reach cash flow breakeven before exhausting its current liquidity reserves.
Short-sellers may focus on the fact that despite top-line acceleration, the company's net losses have widened significantly in recent periods. This trend suggests that the business model may be fundamentally constrained by the recurring need to replace satellite assets, potentially limiting the long-term profitability profile compared to pure-play software peers.
Quick answers to the most common questions about buying PL stock.
For fiscal year 2026, Planet Labs PBC (PL) reported total revenue of $307.7M. This represents a 221.4% increase compared to $95.7M in 2020.
Planet Labs PBC (PL) reported a net loss of $246.9M for the fiscal year ending 2026.
Planet Labs PBC (PL) reported an operating income of $-95.1M, resulting in an operating profit margin of -30.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Planet Labs PBC (PL) generated $172.5M in gross profit for the year, representing a gross profit margin of 56.1%. This demonstrates the company's core pricing power and production efficiency.