Planet Labs PBC (NYSE: PL) is a geospatial data provider specializing in satellite imagery and solutions aimed at various sectors, including defense, agriculture, and environmental monitoring. For fiscal year 2025, the company reported record revenue of $244.4 million, reflecting an 11% increase year-over-year. The fourth quarter alone saw revenue of $61.6 million, up 5% compared to the same period last year.

Despite having a net loss of $35.2 million in Q4, Planet reported its first-ever adjusted EBITDA profitability at $2.4 million for the same quarter, recovering from a loss of $9.8 million in Q4 of fiscal year 2024. This marks a significant milestone in its financial evolution. For the full year, the adjusted EBITDA loss was $10.6 million, significantly improved from a loss of $55.3 million in the previous fiscal year.

The company maintained a strong non-GAAP gross margin of 65% in Q4, up from 58% in the fourth quarter of fiscal year 2024. For the full year, the gross margin averaged 60%, compared to 54% in the prior year. Capital expenditures in Q4 totaled approximately $12.8 million, with annual expenditures reaching $49.6 million, approximately 20% of revenue, due to investments in the next-generation satellite fleet.

Planet’s customer base as of Q4 was recorded at 976, with 97% of its annual contract value (ACV) being recurring. The company’s non-GAAP net loss per share in Q4 was ($0.08), compared to a loss of ($0.06) in the year-ago quarter. The net dollar retention rate was 106%, indicating a continued focus on expanding business with existing customers.

In terms of guidance, for the first quarter of fiscal 2026, Planet expects to generate revenue between $61 million and $63 million and anticipates a non-GAAP gross margin ranging from 58% to 60%. The adjusted EBITDA loss for this quarter is projected to fall between $3 million and $2 million. Annual revenue guidance for fiscal year 2026 is set between $260 million and $280 million.

Planet also reported a significant backlog of approximately $498.5 million, up 115% quarter-over-quarter, bolstered by a new multi-year $230 million agreement with Japan’s JSAT to build a constellation of Pelican satellites. This contract is expected to be meaningful in terms of cash flow and revenue recognition, supporting a strong pipeline for future growth.

The company ended the fiscal year with approximately $222 million in cash and short-term investments, reflecting improved financial health and a path toward achieving positive cash flow in the next two years.