Planet Labs Jumps 23% After Hours as Its $900M Backlog Finally Gets Wall Street’s Attention

6 hours ago 2

David Beren

Sat, March 21, 2026 astatine 7:17 AM CDT 4 min read

Planet Labs (PL) posted Q4 gross of $86.82 million, up 41% year-over-year and beating estimates by 10.6%, portion its backlog surged to $900.4 cardinal (80.6% growth), exceeding its full yearly gross of $308 million. NVIDIA concern aims to physique a GPU-native AI motor for planetary data, and the institution achieved non-GAAP breakeven successful Q4 with $640 cardinal successful currency and nary near-term dilution needs.
Planet Labs is pivoting toward high-value authorities and endeavor contracts (Defense and Intelligence gross jumped 50% year-over-year) portion positioning AI arsenic the cardinal to unlocking caller commercialized markets successful security and energy, though execution connected the commercialized pivot volition find if this is simply a sustainable maturation communicative oregon a defence contractor babelike connected authorities budgets.
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Planet Labs (NYSE:PL), a starring supplier of global, regular outer imagery and geospatial solutions, saw its shares leap 23% aft hours connected March 19 aft the institution posted its largest quarterly gross ever and a backlog that present exceeds its full yearly revenue. Moving into the pursuing day, shares surged 29% connected March 20 aft Q4 revenues deed $86.82 million, a 41% year-over-year leap that bushed expert estimates by 10.6%. The institution besides crossed a milestone that has eluded it for years: its backlog reached $900.4 million, up 80.6% year-on-year. Reddit measurement connected PL jumped the evening earlier the large gap, suggesting retail attraction arrived conscionable arsenic organization momentum was building.

As acold arsenic the numbers go, that drove this elephantine increase, full-year gross reached $308 million, with Defense and Intelligence request surging 50% year-over-year arsenic governments worldwide scrambled for sovereign abstraction capabilities. CEO Will Marshall framed it plainly: "Just arsenic outer services were transformative past year, we expect AI to beryllium transformative this year, enabling america to unlock monolithic markets adjacent faster."

Overall, fiscal 2027 gross guidance is $415 cardinal to $440 million, representing 35% to 43% growth, and this guidance is present backstopped by a backlog that exceeds the company's full yearly revenue. The catch: Planet intentionally pivoted toward ample authorities and endeavor deals, resulting successful a declining lawsuit number but higher gross per customer, and is discontinuing the lawsuit number metric entirely.

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