Satellite imagery firm reports $94.2 million revenue but posts $138.9 million net loss for Q1 fiscal 2027.
Planet Labs (PL) shares fell to $28 from a May high of $51, a 45% decline, as investors shifted capital from satellite data stocks to SpaceX ahead of its IPO. The company’s financials also weighed on sentiment, with a $138.9 million net loss in Q1 fiscal 2027, up from $12.6 million a year earlier, though $106.5 million stemmed from a noncash warrant liability adjustment.
Revenue rose 42% year over year to $94.2 million, while backlog grew 72% to $906 million. The company ended the quarter with $730.8 million in cash and equivalents, supporting its next-generation satellite deployments without immediate dilution risk. Despite growth, profitability remains years away, keeping valuation concerns alive.
The stock’s decline reflects broader sector rotation rather than fundamental deterioration, with demand for global surveillance data expected to sustain long-term revenue growth.