Planet Labs PBC

Planet Labs is not GAAP-profitable and is roughly breakeven on adjusted EBITDA. The most recent quarter (Q1 FY2027, ended April 30, 2026, reported June 4) set a record $94.2M of revenue (+42%). The GAAP net loss of −$138.9M (EPS −$0.40) included a ~$106.5M non-cash warrant-revaluation loss that will not recur (the warrants have since been redeemed); on a non-GAAP basis the loss was just −$8.8M (EPS −$0.03).

Gross margin runs in the mid-50s (53.5% GAAP, ~56% non-GAAP) and has drifted modestly lower, while the operating loss widened on higher opex. The balance sheet is solid: $730.8M of cash (boosted by warrant proceeds), Q1 operating cash flow of +$15.4M, and a net-cash position. Planet's fiscal year ends around January 31.

Growth is rapid and increasingly visible: revenue +42% in the quarter, a backlog of $906M (+72%), remaining performance obligations of $816M (+81%), and 99% recurring annual contract value. FY2027 guidance calls for $425–441M of revenue and adjusted EBITDA of $0–10M, which would turn the company slimly EBITDA-positive for the year, with capex of $80–95M.

On EPS, the consensus still models a loss (about −$0.38 for FY2027), so there is no meaningful P/E or PEG. The full-year guide of roughly 30% growth disappointed some growth investors despite the Q1 beat. Catalysts: defense and intelligence contracts, AI-driven analytics, and the next-generation Pelican fleet. Headwinds: ongoing GAAP losses, equity dilution, and a rich revenue multiple.

PL ran roughly +695% over twelve months to a high near $51.76, then fell about 45% after the Q1 print and guidance and a SpaceX-IPO-driven repricing of space stocks. Price (~$28) now sits below a rolled-over 50-day moving average ($38.33) but remains above a still-rising 200-day ($23.85).

The lower highs and lower lows since the May peak point to a Stage 3 top transitioning toward early Stage 4, a post-parabolic correction rather than a fresh base. Holding above the rising 200-day is the constructive element to watch.

Short-term technicals are weak. Price is below a rolled-over 50-day moving average but holding above a rising 200-day, the RSI near 33 is approaching oversold, and recent action has been wide-range distribution (down ~22% on June 5 after earnings, down ~9% on June 12). The exact MACD value could not be sourced, but the configuration is bearish.

Note: finviz would not return through the fetch tool; RSI and moving-average values are from stockanalysis.com (as of June 18).

This is the opposite of compression. After a +437% 52-week run, the stock is in a sharp, wide-range correction, with single-day moves of about −22% and −9% in June and a beta near 2.0. At roughly 29x sales it carries a rich multiple for a GAAP-unprofitable company, which amplifies the volatility in both directions.

Unverified: a specific Bollinger-Band-width figure was not retrievable from the sources checked.

The 30-day newsflow is two-sided. Strong fundamental and contract momentum (the NGA extension, record revenue, an $906M backlog, the Pelican-11 milestone) sits against a newly launched $1.5B at-the-market equity program, a light full-year guide, and a SpaceX-IPO-driven rotation out of listed space names. Insiders own ~7.4%; specific recent insider transactions were not found.

Momentum is a tale of two horizons: spectacular over the past year (+437%) but sharply negative over the last two weeks as the post-earnings drop and the SpaceX-IPO rotation hit, with the RSI down near 33. Short interest is elevated at ~11.6% of float.

Published analyst coverage is broadly constructive, with most price targets raised after the Q1 report, though the dispersion of views is wide given the valuation and the correction.

Planet Labs is a fairly clean play on rising defense, government, and geospatial-AI demand, and the contract wins are the proof. But as an unprofitable, high-beta (2.0) name at roughly 29x sales, it is highly sensitive to interest rates and risk appetite. The active $1.5B at-the-market program is a dilution overhang, and the SpaceX IPO has pulled capital out of listed space peers in the near term. A $731M cash balance mitigates solvency risk.

Planet Labs is a fast-growing, contract-rich geospatial-data company in a sharp post-parabolic correction. The business is executing: record quarterly revenue (+42%), a backlog of $906M (+72%), 99% recurring revenue, fresh defense and intelligence contracts, and guidance that turns it slimly adjusted-EBITDA-positive for the year. But it is still GAAP-unprofitable, trades at a rich ~29x sales, and has launched a $1.5B at-the-market equity program that hangs over the shares. After a +437% run, the stock has fallen ~45% from its May high, sits below a rolled-over 50-day moving average (though above a rising 200-day), and was caught in a sector-wide rotation out of space names after the SpaceX IPO. A strong, high-beta growth story whose valuation and dilution are the swing factors.

Supporting factors

Risk factors

What's working: a record quarter (revenue +42%), a backlog of $906M growing 72% with 99% recurring revenue, a string of defense and intelligence wins (an NGA extension, an international D&I capacity deal), next-generation Pelican satellites progressing, and FY2027 guidance that turns the company slimly adjusted-EBITDA-positive, with $731M of cash on hand.

What to weigh: the company is still GAAP-unprofitable at a rich ~29x sales; a newly launched $1.5B at-the-market equity program is a persistent dilution overhang; the stock has fallen ~45% from its May high and trades below a rolled-over 50-day moving average; and with a beta near 2.0 it is highly sensitive to rates, risk appetite, and the post-SpaceX-IPO rotation out of space peers.