Planet Labs Q2 Revenue Jumps 58% to $116M; Cash Hits $865M as Convertible Notes Become Convertible
PL has more than doubled off its 52-week low of $6.255 on elevated volume (2.9× avg).
Summary
Planet Labs reported record Q2 FY2027 revenue of $116.1 million (up 58% YoY) and adjusted EBITDA of $13.9 million, with $865.4 million in cash. The 2030 Notes conversion feature was triggered, and the company raised $122.4 million via ATM at $31.95/share.
Key Events · Earnings and Guidance · PL
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Record Q2 Revenue of $116.1M
Revenue grew 58% year-over-year to $116.1 million, driven by a $39.1 million increase in the defense and intelligence vertical from large contract expansions and satellite hardware delivery.
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Adjusted EBITDA Profit of $13.9M
Adjusted EBITDA reached $13.9 million for the quarter, up from $6.4 million a year ago, with non-GAAP gross margin of 59%.
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Cash Position Strengthens to $865.4M
Ended the quarter with $865.4 million in cash, cash equivalents and short-term investments, up 219% year-over-year, after raising $122.4 million via ATM at an average net price of $31.95 per share.
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2030 Notes Conversion Feature Triggered
The $460 million of 0.50% Convertible Senior Notes due 2030 became convertible at holder option between August 1 and October 31, 2026, representing potential future dilution of up to 38.5 million shares.
Analysis · PL · Manufacturing
Planet Labs delivered record Q2 FY2027 revenue of $116.1 million, up 58% year-over-year, with adjusted EBITDA of $13.9 million. The company ended the quarter with $865.4 million in cash and short-term investments, up 219% year-over-year, after raising $122.4 million through its ATM at an average net price of $31.95 per share. The 2030 Notes conditional conversion feature was triggered, making the $460 million of notes convertible at holder option between August 1 and October 31, 2026 — a potential future dilution overhang. The six-month net loss of $148.2 million was driven largely by a $106.5 million non-cash warrant liability remeasurement, not operational deterioration.
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At the time of this filing, PL was trading at $19.82 on NYSE in the Manufacturing sector, with a market capitalization of approximately $6.5B. The 52-week trading range was $6.26 to $51.76. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.