PL

Planet Labs operates a fleet of Earth-imaging satellites and sells the resulting imagery and data. FY2026 (year ended April 2026) showed real top-line momentum: revenue grew 25.9% to $308M — an acceleration from the prior several years ($131M, $191M, $221M, $244M, now $308M) — at a healthy 56.1% gross margin. Most encouragingly, operating cash flow swung sharply positive to $134M (from near breakeven), a more than tenfold improvement, suggesting the business model is beginning to scale toward self-funding.

The GAAP picture, however, remains poor. The net loss widened to $247M (from $123M), an -80.2% net margin and a -131% ROE, even as the operating loss narrowed 18.1% to $95.1M — implying a large gap between the operating loss and the bottom line driven by non-operating items (the balance sheet shows liabilities up 397% with the addition of 2030 convertible notes and related capped calls, plus equity down 57.3% to $188M). The company itself, in its risk factors, leads with 'our history of losses and uncertainty about future profitability.' Leverage has jumped (liabilities/equity 5.08x), though cash nearly doubled to $229M.