Planet Labs PBC Stock Surges 47% on Strong Q2 Earnings and Raised Outlook

Planet Labs PBC (NYSE: PL) delivered a stellar Q2 2026 performance, with revenue climbing 20% year-over-year to $73.4 million, surpassing analyst estimates of $65.7 million. The satellite imaging company posted its third consecutive quarter of profitability, with adjusted EBITDA reaching $6.4 million. Gross margins expanded to 61% on a non-GAAP basis, reflecting improved operational efficiency.

The company's backlog skyrocketed 245% to $736.1 million, driven by strategic contracts with NATO, the U.S. Department of Defense, and the German government. Successful Pelican satellite launches further bolstered growth prospects. Planet Labs raised its full-year 2026 revenue guidance to $281–$289 million, signaling confidence in sustained demand.

Investors reacted enthusiastically, sending shares up nearly 48% to $9.66 before a modest 11.8% pre-market correction. The strong financials underscore Planet Labs' positioning as a leader in Earth observation technology, with growing institutional adoption across defense and commercial sectors.