Planet Labs PBC reported QQ1 2026 results with revenue of 66.265 million USD, marking a 9.64% year-over-year increase and a 7.65% quarter-over-quarter rise. The company delivered a gross profit of 36.603 million USD and a gross margin of 55.2%, underscoring the strength of its geospatial data platform. Despite topline progress, Planet recorded an operating loss of 22.771 million USD and a net loss of 12.628 million USD, reflecting continued heavy investment in R&D and selling, general, and administrative activities as the company scales its constellation and platform. On the positive side, cash provided by operating activities reached 17.346 million USD, with a free cash flow of 7.381 million USD, illustrating improving cash efficiency and a solid liquidity runway. Planet closes the quarter with robust liquidity: cash and cash equivalents of 133.471 million USD and total cash and short-term investments of 226.095 million USD, yielding a net cash position of approximately -113.849 million USD (net debt). Deferred revenue sits at 108.336 million USD, indicating substantial revenue recognized over time and providing revenue visibility for future periods. The balance sheet remains strong, featuring total assets of 658.39 million USD, stockholders’ equity of 444.802 million USD, and manageable debt (total debt of 19.622 million USD). Looking ahead, investors should monitor constellation deployment progress, platform adoption, contract wins (especially with government and commercial customers), and the realization of operating leverage as the company scales. Given the current trajectory, Planet exhibits meaningful growth potential but requires continued execution to translate revenue growth into sustained profitability.