Planet Labs PBC Q4 FY2026 earnings call

• Last year was transformational, signed major deals, launched 40 satellites, invested in AI, announced partnership with Google. - FY26 had record revenue, adjusted EBITDA profitability, positive free cash flow. - Defense and intelligence a major strength, full-year revenue grew >50% y-o-y, recent customer wins include US Defence Innovation Unit, NATO, US Missile Defense Agency. - Civil government full-year revenue flat, recent highlights include renewal/expansion with German Federal Agency for Cartography and Geodesy, enterprise scale agreement with Slovenia's Surveying and Mapping Authority. - Commercial annual revenue down y-o-y, but confident in sector, recent highlights include renewal with San Diego Gas and Electric, strategic partnership with AI Dash. - Satellite services business: nine-figure deal with Swedish Armed Forces, progressing with contracts, satellite services contracts win-win-win. - Integration of bedrock research going well, technology collaboration with NVIDIA on multiple fronts, anticipate AI will be transformational this year. - Top priorities for year ahead: execute contracts, scale up, invest in growth including satellite manufacturing, Pelican fleet, OWL and Suncatcher spacecraft, and AI.

Full year 2026 revenue was $308 million, +26% y-o-y. Non-GAAP gross margin 59%. Adjusted EBITDA profit $15.5 million. Free cash flow $53 million. Q4 revenue record, +41% y-o-y, 5th consecutive quarter of adjusted EBITDA profitability. Defense and intelligence revenue grew >50% y-o-y in FY26. Civil government full-year revenue flat. Commercial annual revenue down y-o-y. Regional revenue growth: Asia-Pacific +41%, EMEA +48%, North America +11%, Latin America -2%. End-of-period customer count 897, but focus on large customers and self-serve platform, plan to discontinue ACB metric. Recurring ACV 98% of end-of-period ACV book of business, ~85% annual/multi-year contracts. Net dollar retention rate at end of FY26 116%, with windbacks 118%. Non-GAAP gross margin FY26 59%, Q4 57%. Adjusted EBITDA profit FY26 $15.5 million, Q4 $2.3 million. CapEx FY26 ~$81.5 million, Q4 ~$23 million. Cash, cash equivalents, and short-term investments ended year at ~$640 million. Remaining performance obligations (RPOs) ~$852.4 million, up 106% y-o-y. Backlog ~$900 million, up 79% y-o-y.

Q1 2027 revenue expected $87 - $91 million (+34% y-o-y midpoint). Non-GAAP gross margin Q1 expected 49 - 51%. Adjusted EBITDA Q1 expected -$6 to -$3 million. CapEx Q1 planned $17 - $23 million. Full fiscal year 2027 revenue expected $415 - $440 million (+39% midpoint growth). Non-GAAP gross margin FY2027 projected 50 - 52%. Adjusted EBITDA profit FY2027 targeted break-even to $10 million. CapEx FY2027 planned $80 - $95 million. Expect free cash flow positive annual basis in FY2027, aim to sustain/expand free cash flow generation.

Q: Update on timing and scaling of Suncatcher opportunity and NVIDIA geointelligence platform, and working capital tailwinds for 2027.

A: Suncatcher is early tech demo, NVIDIA partnership is research collaboration. Working capital building blocks include capital expenditures for pelicans, contracts providing upfront capital to match expenses, cash flow varies quarter to quarter but annualized contracts enable free cash flow positive operation.

Q: Strength in Europe, drivers, supply chain.

A: Demand in Europe off the charts due to geopolitical dynamics, need for sovereign systems, speed and sovereignty. Strong presence in Europe, team in Berlin, acquisitions in Netherlands and Slovenia. No material supply chain issues, teams diversify supply chain sources.

Q: Anthropic Partnership status, AI bottlenecks.

A: AI research collaborations building towards generic solutions, no bottlenecks as data is critical differentiating ingredient, AI moving very fast, expect fruition this year.

Q: Satellite imagery delay in Middle East, customer behavior, contractual implications, Sweden satellite services agreement pipeline.

A: No material customer behavior changes, focused on supporting customers, delay carefully thought through. Demand for satellite services deals increasing, number and average size of deals up since investor day.

Q: Civil and commercial markets, dynamics for re-acceleration, sovereign deals pipeline.

A: AI will unlock civil and commercial markets, beginning to take off this year. Sovereign deals pipeline growing, demand very strong.

Q: SHIELD IDIQ opportunity, free cash flow guardrails, commercial and civil market approach, Golden Dome initiative, pelican manufacturing and delivery, return on investment on AI.

A: SHIELD IDIQ early days, focus on leaning into opportunities. Free cash flow has quarter-to-quarter fluctuations, timing of procurement and milestone payments cause variation. Targeted investments in commercial and civil markets where traction seen. Golden Dome early days, architecting system. Pelican satellites adjusted to operational altitudes, ramping up manufacturing due to demand. 2026 seen as year AI will unleash other market potential, generic solutions unlocking latent markets.