Planet Labs PBC (PL)

NYSEIndustrialsAerospace & DefenseSnapshot 2026-10-23

$13.41+2.52%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Planet Labs PBC’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+2.9%

+10% or more+5%0%−5%−10% or less

0.01 → 0.01 EPS · FY ending Jan 31, 2028 · 5 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 5 to 5; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
FY 2027 · Q3
Revenue	$101M–$105M	104.29M
EPS	—	-0.025
Capital expenditure	$30M–$37M	—
FY 2027 · Annual
Revenue	$430M–$441M	437.84M
EPS	—	-0.047
Capital expenditure	$100M–$115M	—
FY 2028 · Annual
Revenue	—	571.25M
EPS	—	0.014

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Gross margin near 53% in FY27	A supporting condition in Planet Labs PBC's published investment case. The stated target is >= 53%.	Intact	Gross margin falls below 52% in FY27	Gross margin: 56.55% FY2027-Q2; GAAP. Published target: >= 53%. Target period is not explicitly aligned with this observation. Source published Sep 3, 202656.553959 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2027-Q2 · Period ending Jul 31, 2026 Source: company_financial_results. Reference: 3ab0666c-b88b-4884-ba8e-1145afc10df6. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 2 quarters. Non-GAAP gross margins were 56% in 2026-Q2 and 59% in 2026-Q3, slightly below prior year quarters of 59% and 61%. Despite slight margin compression, management reports exceeding expectations and driving adjusted EBITDA profit, indicating ongoing focus with mixed margin trajectory. Delivery assessment Oct 24, 2026
Operating losses shrink towards positive territory	The company aims to improve operating income, reducing losses from $36M to $34.9M.	Improving	Operating losses worsen or remain below -$35M beyond FY27-Q1	Operating income: $-13.509M FY2027-Q2; GAAP. Published target: Operating income improves beyond -$34.9M. Target period is not explicitly aligned with this observation. Source published Sep 3, 2026-13,509,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2027-Q2 · Period ending Jul 31, 2026 Source: company_financial_results. Reference: 3ab0666c-b88b-4884-ba8e-1145afc10df6. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 2 quarters. Adjusted EBITDA profit improved from a loss of $1.0 million in 2026-Q2 to a profit of $13.9 million in 2026-Q3, showing significant operating leverage. Operating income remains negative but improving, indicating progress toward positive operating income. Delivery assessment Oct 24, 2026
Revenue growth to at least $433M in FY27	A primary condition in Planet Labs PBC's published investment case. The stated target is >= $433 million.	Intact	Revenue falls below $425 million in FY27	Revenue: $116.052M FY2027-Q2; GAAP. Published target: >= $433 million. Target period is not explicitly aligned with this observation. Source published Sep 3, 2026116,052,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2027-Q2 · Period ending Jul 31, 2026 Source: company_financial_results. Reference: 3ab0666c-b88b-4884-ba8e-1145afc10df6. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 2 quarters. Revenue grew from $94.2 million in 2026-Q2 to $116.1 million in 2026-Q3, representing 42% and 58% year-over-year growth respectively. Management highlighted multiple new government contracts and expanding pipeline, indicating delivery on this growth priority. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2028 · fiscal year ending 2028-01-31 · fmp

FY2028 EPS$0.01

$-0.02 → $0.01 · observed estimates

FY2028 revenue$0.57B

$0.57B → $0.57B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2028 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$-0.02	$569,890,514	5 / 9
2026-07-25	$-0.02	$569,890,514	5 / 9
2026-07-26	$-0.02	$569,890,514	5 / 9
2026-07-27	$-0.02	$569,890,514	5 / 9
2026-07-28	$-0.02	$569,890,514	5 / 9
2026-07-29	$-0.02	$569,890,151	5 / 9
2026-07-30	$-0.02	$569,890,151	5 / 9
2026-07-31	$-0.02	$569,890,151	5 / 9
2026-08-01	$-0.02	$569,890,151	5 / 9
2026-08-02	$-0.02	$569,890,151	5 / 9
2026-08-03	$-0.02	$569,890,151	5 / 9
2026-08-04	$-0.02	$569,890,151	5 / 9
2026-08-05	$-0.02	$569,890,151	5 / 9
2026-08-06	$-0.02	$569,890,151	5 / 9
2026-08-07	$-0.02	$569,890,151	5 / 9
2026-08-08	$-0.02	$569,890,151	5 / 9
2026-08-09	$-0.02	$569,890,151	5 / 9
2026-08-10	$-0.02	$569,890,151	5 / 9
2026-08-12	$-0.02	$569,890,151	5 / 9
2026-08-13	$-0.02	$569,890,151	5 / 9
2026-08-14	$-0.02	$569,890,151	5 / 9
2026-08-15	$-0.02	$569,890,151	5 / 9
2026-08-16	$-0.02	$569,890,151	5 / 9
2026-08-17	$-0.02	$569,890,151	5 / 9
2026-08-18	$-0.02	$569,890,151	5 / 9
2026-08-19	$-0.02	$569,890,151	5 / 9
2026-08-20	$-0.01	$569,890,151	5 / 9
2026-08-21	$-0.01	$569,890,151	5 / 9
2026-08-22	$-0.01	$569,890,151	5 / 9
2026-08-23	$-0.01	$569,890,151	5 / 9
2026-08-24	$-0.01	$569,890,151	5 / 9
2026-08-25	$-0.01	$569,890,151	5 / 9
2026-08-26	$-0.01	$569,890,151	5 / 9
2026-08-27	$-0.01	$569,890,151	5 / 9
2026-08-28	$-0.01	$569,890,151	5 / 9
2026-08-29	$-0.01	$569,890,151	5 / 9
2026-08-30	$-0.01	$569,890,151	5 / 9
2026-08-31	$-0.01	$569,890,151	5 / 9
2026-09-01	$-0.01	$569,890,151	5 / 9
2026-09-02	$-0.01	$569,890,151	5 / 9
2026-09-03	$0.00	$568,732,638	5 / 10
2026-09-04	$0.00	$569,585,136	5 / 10
2026-09-05	$0.02	$570,179,521	5 / 10
2026-09-06	$0.02	$570,179,521	5 / 10
2026-09-07	$0.02	$570,179,521	5 / 10
2026-09-08	$0.01	$570,064,136	5 / 10
2026-09-09	$0.01	$569,621,598	5 / 10
2026-09-10	$0.01	$569,621,598	5 / 10
2026-09-11	$0.01	$571,213,905	6 / 10
2026-09-12	$0.01	$571,213,905	6 / 10
2026-09-13	$0.01	$571,213,905	6 / 10
2026-09-14	$0.01	$571,213,905	6 / 10
2026-09-15	$0.01	$571,213,905	6 / 10
2026-09-16	$0.01	$571,213,905	6 / 10
2026-09-17	$0.01	$571,213,905	6 / 10
2026-09-18	$0.01	$571,213,905	6 / 10
2026-09-19	$0.01	$571,213,905	6 / 10
2026-09-20	$0.01	$569,655,676	5 / 9
2026-09-21	$0.01	$569,655,676	5 / 9
2026-09-22	$0.01	$569,655,676	5 / 9
2026-09-23	$0.01	$569,655,676	5 / 9
2026-09-24	$0.01	$569,655,676	5 / 9
2026-09-25	$0.01	$569,655,676	5 / 9
2026-09-26	$0.01	$569,655,676	5 / 9
2026-09-27	$0.01	$569,655,676	5 / 9
2026-09-28	$0.01	$569,655,676	5 / 9
2026-09-29	$0.01	$569,655,676	5 / 9
2026-09-30	$0.01	$569,655,676	5 / 9
2026-10-01	$0.01	$569,655,676	5 / 9
2026-10-02	$0.01	$569,655,676	5 / 9
2026-10-03	$0.01	$569,655,676	5 / 9
2026-10-04	$0.01	$569,655,676	5 / 9
2026-10-05	$0.01	$569,655,676	5 / 9
2026-10-06	$0.01	$569,655,676	5 / 9
2026-10-07	$0.01	$569,655,676	5 / 9
2026-10-08	$0.01	$569,655,676	5 / 9
2026-10-09	$0.01	$569,576,192	5 / 9
2026-10-10	$0.01	$569,576,192	5 / 9
2026-10-11	$0.01	$569,576,192	6 / 9
2026-10-12	$0.01	$569,576,192	6 / 9
2026-10-13	$0.01	$569,576,192	6 / 9
2026-10-14	$0.01	$569,576,192	6 / 9
2026-10-15	$0.01	$569,576,192	6 / 9
2026-10-16	$0.01	$569,576,192	5 / 9
2026-10-17	$0.01	$569,576,192	5 / 9
2026-10-18	$0.01	$571,250,126	5 / 9
2026-10-19	$0.01	$571,250,126	5 / 9
2026-10-20	$0.01	$571,250,126	5 / 9
2026-10-21	$0.01	$571,250,126	5 / 9
2026-10-22	$0.01	$571,250,126	5 / 9
2026-10-23	$0.01	$571,250,126	5 / 9
2026-10-24	$0.01	$571,250,126	5 / 9

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	7	3	1
2026-06-01	7	3	1
2026-07-01	7	3	1
2026-08-01	7	3	1
2026-09-01	8	4	1
2026-10-01	7	5	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 7 Buy / Strong Buy · 5 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Morgan StanleyOct 16

$19.00New observation · no comparable prior

BarclaysOct 8

$17.00New observation · no comparable prior

$0$10.45$20.90

0 raises · 0 cuts · 0 unchanged · 2 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Gross margin near 53% in FY27Gross margin: 56.55%
Operating losses shrink towards positive territoryOperating income: $-13.509M
Revenue growth to at least $433M in FY27Revenue: $116.052M

Next proof point

Dec 9, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.6%Typical daily move · historical

Downside history

-74.6%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Planet Labs PBC outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This investment represents a turnaround story with a focus on improving fundamentals. The current thesis state indicates that while there are some positive developments, the overall performance remains weak compared to peers.

What's priced into Planet Labs PBC

The market appears to have priced in a level of fragility, with a low fragility tier indicating that significant negative surprises are not currently expected. However, the valuation shows a premium compared to peers, suggesting that expectations are somewhat elevated.

What the fundamentals likely do

Management is making progress on key priorities, including revenue growth and improving gross profit margins, though the company remains loss-making. The recent financial performance has been weak, but there is a potential for improvement if management continues to execute effectively.

What Planet Labs PBC hinges on

The long-term thesis hinges on the performance of sector bellwethers and whether they continue to guide higher. Additionally, any cuts to guidance from PL could lead to negative market reactions, while sustained earnings beats from peers could provide a favorable backdrop.