Reports Q2 Revenue up 58.1%, EPS up 58.1%, Loss Narrowed

Planet Labs PBC reported a net loss of $9.353 million for the three months ended July 31, 2026, which is an improvement compared to the $22.592 million net loss reported for the same period in the prior fiscal year. The diluted earnings per share (EPS) also reflected this narrowing loss, moving to -$0.03 from -$0.07 year-over-year.

The company's revenue for the quarter reached $116.052 million, a significant increase from $73.386 million in the second quarter of fiscal year 2025. This growth was accompanied by a rise in gross profit to $65.632 million from $42.268 million in the prior year. The gross profit margin for the current quarter stood at 56.55%.

A notable item in the filing concerns the 2030 Notes. The conditional conversion feature of these notes was triggered, allowing holders to convert them into Class A common stock at their option between August 1, 2026, and October 31, 2026. This was activated because the Class A common stock's reported sale price met the threshold of being at least 130% of the conversion price for at least 20 trading days in the 30 consecutive trading days ending July 31, 2026. The initial conversion rate for these notes is 83.6715 shares per $1,000 principal amount.

The company also provided details on its recent "at-the-market" (ATM) equity offering. For the three months ended July 31, 2026, Planet Labs sold 3,782,460 shares of Class A common stock, generating aggregate gross proceeds of $122.4 million. After deducting sales agent commissions and other offering costs, the net proceeds were $120.779 million.