Planet Labs PBC reported Q4 2025 revenue of $61.55 million, up 4.6% year-over-year and 0.5% sequentially, supported by a solid gross margin of 62.1%. Despite the revenue expansion, the company remains unprofitable on both an EBITDA and net income basis, with an EBITDA of -$10.09 million and a net loss of -$35.15 million for the quarter. Operating loss narrowed modestly versus prior periods as gross margin held up, but total operating expenses (R&D and SG&A) continue to pressure profitability. Free cash flow remained negative at -$19.30 million, and cash from operations was -$6.30 million, contributing to a cash balance of $129.99 million at period end. The balance sheet shows a robust liquidity position with low leverage: total debt of $21.6 million and net debt of -$96.4 million, while non-current and current deferred revenue totals point to meaningful prepayments from customers. The company traded at a price-to-sales multiple of approximately 6.4x and carrys a negative enterprise value multiple, reflecting investor focus on growth initiatives and the current profitability gap. Absent a material improvement in operating leverage or a step-up in recurring revenue contribution, Planet Labs faces a sustainability challenge in turning growth into sustained earnings. Investors should monitor contract wins, platform monetization, and cost discipline as key near-term catalysts.