Key Takeaways
- Planet Labs reported record Q1 FY2027 revenue of $94.2 million, a 42% year-over-year increase, with backlog growing 72% to over $906 million.
- Agriculture-focused contracts in the quarter included a Czech Republic farm monitoring deal covering 25,000 agricultural holdings, a Scottish Government award supporting the Agricultural Reform Route Map, and a John Deere Supplier Sustainability Award recognizing Planet's role in precision agriculture.
- AgTech partner Nave Analytics renewed its Planet data agreement, using Planetary Variables including Surface Soil Moisture and Biomass Proxy to deliver near real-time field water balance and irrigation decision data to farmers.
- Planet launched the private beta of an AI application making its global data archive queryable through natural language, and announced SuperRes, an AI-powered tool improving PlanetScope imagery to 2m-class resolution.
- For Q2 FY2027, Planet guides revenue of $102 million to $107 million; full-year FY2027 guidance is $425 million to $441 million.
Planet Labs Posts Record $94.2 Million Q1 Revenue, Led by Agriculture and Government Contracts
Planet Labs PBC (NYSE: PL) reported record revenue of $94.2 million for the first quarter of fiscal year 2027, ended April 30, 2026, representing 42% year-over-year growth. The company's backlog grew 72% to more than $906 million, with 99% of annual contract value derived from recurring agreements. Agriculture and precision farming applications featured prominently in the quarter's contract wins.
Among agriculture-specific highlights, Planet signed a two-year, seven-figure contract with the Czech Republic's State Agricultural Intervention Fund (SZIF) to deliver satellite imagery and AI-powered analytics supporting a nationwide agricultural payments and monitoring system covering approximately 25,000 farm holdings. The Scottish Government's Agricultural and Rural Economy Directorate awarded Planet a seven-figure contract for PlanetScope data and advanced analytics to support the country's Agricultural Reform Route Map, helping identify farmers contributing to sustainable food production, biodiversity, and net-zero goals.
Planet also received a John Deere Supplier Sustainability Award for 2025, recognizing the contribution of its satellite data to next-generation precision agriculture technologies for farm efficiency and environmental impact reduction.
“Planet is executing with speed and focus, evidenced by the successful launch of Sweden's first sovereign reconnaissance satellite just four months after contract signing,” said Will Marshall, Co-Founder, CEO, and Chairperson of Planet Labs. “By investing in AI, we are positioning Planet at the forefront of the industry and pioneering ways to make planetary-scale insights available and actionable to more users than ever before.”
AgTech Partner Nave Analytics Renews and New AI Tools Launch
AgTech company Nave Analytics renewed its Planet partnership for a further term, continuing to use Planetary Variables including Surface Soil Moisture and Biomass Proxy within its data fusion framework. Nave's platform delivers near real-time field water balance coverage, planting and irrigation decision risk data, and operational sustainability insights to farmers and their advisors.
On the product side, Planet launched the private beta of an AI application that makes its global archive queryable through natural language, enabling non-technical users to conduct time-series analysis and generate automated insights. The company also announced SuperRes, an AI-powered tool that enhances PlanetScope imagery to 2m-class resolution for higher-clarity human-in-the-loop analysis.
Financial Outlook and Full Results
For Q2 FY2027 ending July 31, 2026, Planet guides revenue of $102 million to $107 million and adjusted EBITDA of $0 to $5 million. Full-year FY2027 guidance is $425 million to $441 million in revenue and $0 to $10 million adjusted EBITDA profit. Planet ended Q1 with $730.8 million in cash, cash equivalents, and short-term investments.
Read Planet Labs' complete Q1 FY2027 financial results at BusinessWire.
