Despite not yet being profitable, Planet Labs shows robust future revenue potential with its backlog growing 72% to over $906 million and Remaining Performance Obligations (RPOs) increasing 81% to $816 million.
Planet Labs is a company that provides global satellite imagery and data. On June 5, 2026, analyst firm Craig-Hallum increased its price target for Planet Labs to $49 from $36. At the time, the stock price was $33.44, suggesting a potential upside of 46.5% for investors.
This optimistic outlook follows the company's recent financial report. As highlighted by Business Wire, Planet Labs announced record revenue of $94.15 million for its first quarter of fiscal year 2027. This marks a 42% increase from the previous year, showing rising demand for its satellite data.
The revenue growth is driven by key business areas. The Defense & Intelligence segment revenue increased by more than 65% year over year. The company's Commercial segment also grew by 20%, which it attributes to larger deals and new artificial intelligence (AI) offerings that make its data more useful.
Despite strong sales, the company is not yet profitable. Planet Labs reported an adjusted loss of $0.03 per share, which was better than analyst estimates. Its adjusted EBITDA loss was $1 million. EBITDA, or earnings before interest, taxes, depreciation, and amortization, is a measure of a company's operating performance.
Future revenue indicators appear strong. The company's backlog, which is the value of contracts signed, grew by 72% to more than $906 million. Its Remaining Performance Obligations (RPOs) also grew by 81% to $816 million. RPOs represent future revenue that is already under contract.
