Planet Labs soars with record $94M revenue and 223% cash surge in Q2 2026

Planet Labs PBC has reported strong financial and operational growth for the quarter ending 30 April 2026. The company achieved record revenue of about $94 million, a 42% increase from the previous year. Its cash reserves and short-term investments also rose sharply by 223% to approximately $731 million. Planet Labs operates one of the largest satellite fleets globally, providing daily high-resolution Earth imagery. During the quarter, it deployed next-generation Pelican satellites, including one carrying Sweden’s first sovereign reconnaissance payload.

The company’s subscription-based services, offering Earth imagery and AI-driven analytics, serve multiple industries. Its backlog reached over $906 million by the end of the quarter. Planet Labs now expects full-year revenue between $425 million and $441 million, up from earlier forecasts. It is also on track to achieve adjusted-EBITDA profitability.

Competitors in the sector include BlackSky Technology, which specialises in rapid-revisit, very-high-resolution imagery and geospatial intelligence software. Satellogic, another player, reported an 80% year-over-year revenue increase in the first quarter of 2026, driven by expanded defence and intelligence partnerships. Planet Labs’ revenue growth and expanded guidance reflect strong demand for its satellite imagery and analytics. The company’s deployment of advanced satellites and increasing backlog support its financial outlook. Adjusted-EBITDA profitability is now within reach for the firm.