Planet reported $116 million of Q2 revenue, up approximately 58% year over year, while the stock fell 1.3% after earnings—a roughly flat reaction. The supplied transcript excerpt highlights revenue growth and a better-than-expected gross margin, but ends before management’s full outlook, limiting what can be concluded about the market’s response.
- Revenue reached a record $116 million, up approximately 58% year over year; management attributed growth to satellite services deals and continued momentum in Data and Solutions.
- Non-GAAP gross margin was 59%, which management said was better than expected. The company said it exceeded the Rule of 40 for a fourth consecutive quarter.
- Defense and Intelligence revenue grew more than 90% year over year. Two August awards—a new $8 million NGA contract and a 7-figure, one-year European defense agreement—were not included in Q2 financial results.
- Civil government revenue grew more than 5% year over year. Planet also cited a new national data and analytics contract with Rwanda and a renewal with New Mexico’s State Land Office.
- Planet said its satellite services pipeline exceeded $4 billion in identified opportunities, with over 25% qualified as near-term; the German tender award has a maximum possible value of €25 million over five years.
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