Planet Labs Reports Record Q3 Revenue

Planet Labs PBC has received a 'Moderate Buy' rating from analysts, with an average 1-year price target of $4.00. In its Q3 earnings report, Planet Labs announced a record revenue of $61.3 million, an 11% increase year-over-year, along with a significant reduction in net loss and strong gross margins. The company secured substantial contracts with the US Department of Defense, NASA, and other international governments, indicating robust demand for its satellite imagery services. Additionally, Planet achieved technological milestones, including the first light from its Tanager hyperspectral satellite and the launch readiness of its Pelican-2 satellite. Looking ahead, Planet expects Q4 revenue between $61 million and $63 million, with confidence in continued growth supported by expanding customer relationships. The company is on track to achieve adjusted EBITDA profitability in the upcoming quarter.