Planet Labs PBC Q2 2027 Earnings Recap

Investors appeared disappointed by the quarter’s outlook or mix despite record revenue and better-than-expected gross margin, sending Planet Labs shares down 9.4% after earnings. The transcript highlights strong defense and satellite-services execution, but the material selloff suggests expectations were not met by the forward trajectory or the durability of current growth.

Key Takeaways

• Q2 revenue reached a record $116 million, up approximately 58% year over year.
• Non-GAAP gross margin was 59%, described as better than expected; the company also exceeded the Rule of 40 for a fourth consecutive quarter.
• Defense and Intelligence revenue grew more than 90% year over year, while civil government revenue increased over 5%.
• Recent bookings included an $8 million NGA contract, a 7-figure European defense agreement, and a German satellite-services tender with a maximum value of €25 million over five years.
• Satellite-services opportunities exceed $4 billion, with more than 25% classified as near-term pipeline, but the 9.4% stock decline indicates investors focused more heavily on forward expectations than on the reported quarter.