Planet Labs PBC
Planet Labs PBC · Space/Satellite
01Wall Street Consensus
02Earnings Results
Key Takeaways
- Q1 revenue $94M — beat $87M consensus, +42% YoY (record)
- Non-GAAP EPS -$0.03 — narrower loss than -$0.04 consensus
- Defense & Intelligence revenue +65% YoY / commercial +20% YoY
- Non-GAAP gross margin 56% — above internal expectations
- FY2027 revenue guidance raised to $425M-$441M (~+41% YoY at midpoint)
- $1.5B equity offering (~9% dilution) + margin guidance cut were the selloff trigger
Key Checkpoints
- 01Annual Contract Value (ACV) growth — new customer wins and expansion
- 02Government vs commercial revenue mix — defense spending tailwind
- 03Recurring revenue percentage — 90%+ target from subscription model
- 04Path to profitability — adjusted EBITDA breakeven timeline
- 05Pelican satellite constellation deployment progress
- 06Net dollar retention rate — expansion within existing accounts
Upside Catalysts
- Iran conflict boosting defense/intelligence demand for daily satellite imagery
- Pelican constellation: 30cm resolution enabling new commercial use cases
- Government ACV growing 25%+ — DOD and intelligence agency multi-year contracts
- Agricultural and insurance verticals expanding — climate change driving monitoring demand
- Adjusted EBITDA breakeven approaching — potential catalyst for rerating
Risk Factors
- Persistent operating losses — cash burn rate and fundraising risk
- Government contract dependency — budget cycle volatility
- Competition from larger satellite operators (Maxar, Airbus) with higher resolution
- Iran conflict — geospatial intelligence demand up, but budget reallocation uncertainty
- Small-cap valuation volatility in risk-off macro environment
EEPS History (Last 13 Quarters)
Actual EPS vs Consensus — Green Beat · Red Miss
1Final Verdict
Planet Labs enters FY2027 Q1 as the leading daily earth observation satellite company with the Iran conflict creating a strong demand backdrop for geospatial intelligence. Consensus EPS -$0.04, Revenue $80M. The path to profitability remains the key narrative.
The Iran war is a clear positive for Planet's government business — daily global imagery is invaluable for defense and intelligence agencies monitoring troop movements, infrastructure damage, and supply lines. Government ACV growth of 25%+ reflects this tailwind.
With Pelican satellites delivering 30cm resolution (up from 3m), Planet is entering the high-resolution market previously dominated by Maxar. If EBITDA breakeven is achieved in FY2027, the stock could see significant re-rating from its current small-cap valuation.
2Business Model & Defense Tailwind
Revenue Model:
- Subscription-based satellite imagery — 90%+ recurring revenue
- Daily imaging of Earth's entire landmass
- Q4 FY2026 revenue: $78M (+18% YoY)
- Government: ~55% of revenue, Commercial: ~45%
Iran Conflict Impact:
- Direct positive: DOD, NGA, and NATO increasing geospatial intelligence procurement
- Daily revisit capability uniquely valuable for change detection in conflict zones
- New classified contracts expected to boost government ACV
- Risk: Budget reallocation from other programs could offset new spending
Customer Expansion:
- 950+ customers across government, agriculture, insurance, finance
- Net dollar retention: 110%+ — existing customers increasing usage
3Pelican & Financials
Pelican Constellation:
- Next-gen satellites: 30cm resolution (10x improvement vs current SkySat)
- First Pelican satellites launched Q4 2025
- Full constellation deployment: 2027-2028
- Enables: Urban planning, infrastructure monitoring, forestry, maritime
Path to Profitability:
- Adjusted EBITDA: Approaching breakeven in FY2027
- Cash position: $300M+ — sufficient runway for 2+ years
- Operating leverage: Revenue growing 18%+ while costs growing single digits
- Target: GAAP profitability by FY2028
Risks:
- Small-cap ($2B market cap) — vulnerable to risk-off rotation
- Iran conflict energy cost increase minimal for satellite operations
- Competition: Maxar (private), Airbus Defence & Space remain larger players
SEPS 서프라이즈 히스토리
분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출
컨센서스 대비 실제 EPS/매출 서프라이즈 (%)