Planet Labs delivered record Q1 revenue of $94.2M

Planet Labs (NYSE:PL), a leading provider of daily geospatial data and insights, reported record revenue of $94.2 million for its fiscal first quarter ended April 30, 2026.

This performance represents a 42% increase compared to the same period last year, driven by the mission-critical demand for Earth observation data across global government and commercial markets.

Despite the strong top-line growth, the company reported a GAAP net loss of $138.9 million for the quarter.

This figure was significantly impacted by an approximate $106.5 million non-cash revaluation loss related to the change in the fair value of warrant liabilities, stemming from stock price appreciation during the period.

On an adjusted basis, the company reported an EBITDA loss of $1 million, compared to a profit of $1.2 million in the first quarter of the prior fiscal year.

A central development in the quarter was Planet’s successful effort to clean up its capital structure.

The company completed the redemption of all outstanding public warrants, which generated approximately $107.8 million in proceeds.

Additionally, all remaining private placement warrants were exercised on a cashless basis.

Because these liabilities have been eliminated, management noted that future quarters will not be subject to revaluation impacts from these instruments.

The company concluded the quarter with a robust balance sheet, holding $730.8 million in cash, cash equivalents, and short-term investments.