Planet Labs PBC Q3 FY2026 earnings call

• Financials: Q3 revenue $81.3M, +33% Y/Y; non-GAAP gross margin 60%; adjusted EBITDA profit $5.6M (4th sequential quarter profitable); backlog $734.5M (+216% Y/Y). - Sales highlights: Strong performance in defense/intelligence (NGA, US Navy, international), civil government (NASA task order), and commercial (AXA partnership). - Satellite operations: Launched 38 satellites, including Pelicans and Super Doves; plans for Berlin satellite manufacturing. - Acquisitions: Acquired Bedrock Research for AI solutions expertise. - Projects: Announced Owl next-gen monitoring fleet and Project SunCatcher with Google for AI computing in space.

Defense and Intelligence: Revenue accelerated to over 70% growth Y/Y, driven by wins like LUNO b program with NGA, US Navy contract, etc. Revenue contribution from this segment was significant. Civil Government: Revenue up ~1% Y/Y, ~15% Q/Q, with NASA task order, and incremental CSDA task order from NASA for disaster response. Commercial: Revenue moderately down Y/Y and Q/Q, but with partnership with AXA. Satellite Services: JSAT contract contributed to revenue upside, and German-funded deal ramping up. Space Systems: Launched 38 satellites (2 Pelicans, 36 Super Doves), plans for Berlin satellite manufacturing to double capacity.

• Q4 2026: Revenue $76M - $80M (27% Y/Y midpoint); non-GAAP gross margin 50-52%; adjusted EBITDA loss $7M - $5M; CapEx $22M - $26M. - FY 2026: Revenue $297M - $301M; non-GAAP gross margin 57-58%; adjusted EBITDA profit $6M - $8M; CapEx $81M - $85M; expected free cash flow positive.

• Risks include government shutdowns, potential federal budget reductions affecting contracts like EOCL and NASA programs. - Uncertainties around achieving forward-looking statements due to various risks and uncertainties as detailed in SEC filings.

Q: About Q4 guide, factors behind revenue and margin changes?

A: Q3 had one-time items; Q4 factors include downsized NASA and EOCL contracts, margin compression from investments in satellite services.

Q: On Project SunCatcher, feasibility and design changes?

A: Viable long-term, uses same bus as OWL with some design changes like expanding solar panels; early R&D phase with demo satellites.

Q: Pelican revenue layering and EOCL clarity?

A: Pelican revenue gradual; EOCL still has positive outlook with government leaning into leveraging commercial tech.

Q: JSAT revenue dynamics and AXA contract scalability?

A: JSAT revenue gradual with minimal lumpiness; AXA contract has high incremental margins with scalable potential across insurance partners.