Planet Labs PBC (PL-WT) Q2 2025 Earnings Report

Planet Labs PBC reported QQ2 2025 revenue of $61.092 million, up 13.6% year-over-year and 1.1% quarter-over-quarter, signaling continued demand for high-cadence geospatial data. Despite top-line growth, profitability remained firmly negative, with EBITDA of -$24.626 million and net income of -$38.668 million for the quarter, reflecting the company’s heavy investment in R&D and selling/general administrative activities. Gross margin stood at 54.8%, implying a comparatively favorable gross cost structure relative to operating expenses, but operating margin remained deeply negative at -64.78%, driven by sustained operating investments. Cash flow remained cash-flow negative from operations (-$7.86 million) while investing activities consumed -$51.24 million, yet the company end-MQQ2 2025 cash balance benefited from maturities of investments, adding liquidity and contributing to a net cash position of -$124.315 million in the metrics (net debt negative). The balance sheet shows a robust liquidity position with $166.629 million in cash and equivalents at period end and a strong current ratio of 2.32, supporting near-term liquidity against ongoing investment cycles. The sequential and annual performance suggests Planet is navigating a growth-to-profitability transition, aided by a stronger balance sheet but still facing a path to sustained profitability.