Planet Labs delivered a pivotal QQ4 2025, marking the first quarter of adjusted EBITDA profitability in the company’s history and signaling a meaningful transition toward higher-value, solution-driven revenue. Revenue in Q4 reached $61.6 million, up 5% year-over-year, while full-year revenue totaled $244.4 million, up 11% versus the prior year. Non-GAAP gross margin improved to a record 65% in Q4 and 60% for the full year, reflecting cloud infrastructure gains offset by satellite depreciation. The company closed a landmark $230 million commercial agreement with JSAT to build, launch, and operate 10 Pelican high-resolution satellites, with rest-of-world capacity monetization expected to accelerate growth and cash flow. Backlog expanded to about $498.5 million and remaining performance obligations (RPO) to about $407.5 million, both up sharply quarter-over-quarter, underscoring material visibility into FY27 growth. Management emphasizes a strategic shift to vertical, solution-based sales anchored by Planet Insights, MDA and GMS like offerings, and anticipates back-half acceleration driven by Pelican/Tanager data, AI-enabled solutions, and additional satellite services deals. The near-term guidance implies continued investment in space systems and AI, with a targeted move toward cash-flow profitability over the next 24 months, supported by a strong balance sheet (no debt) and roughly $222 million of liquidity. Investors should monitor the pace of backlog conversion, NDRR dynamics as the company embeds data into core operations, and the cadence of satellite service wins that could meaningfully uplift revenue growth and gross margins toward the long-term target of 70–80% non-GAAP gross margin.