Planet Labs Stock Soars After The Close: Here's Why

Planet Labs (NYSE:PL) reported third-quarter financial results for fiscal 2026 after the bell on Wednesday. Shares are soaring after the company exceeded expectations and raised its full-year outlook.

• Planet Labs stock is surging to new heights today. Why is PL stock surging?

What Happened: Planet Labs reported third-quarter revenue of $81.25 million, beating analyst estimates of $71.99 million, according to Benzinga Pro. The satellite imaging company reported breakeven adjusted earnings per share and a loss of 19 cents per share on a GAAP basis.

Total revenue climbed 33% year-over-year as the company launched two high-resolution Pelican satellites and 36 SuperDove satellites in the quarter. Backlog was up 216% year-over-year to $734 million as of Oct. 31.

Planet Labs ended the quarter with $677 million in total cash, cash equivalents and short-term investments.

“We delivered a strong third quarter, marked by continued momentum in the business, accelerated revenue growth, and excellent progress on our profitability goals. We’re seeing strong traction with our AI-enabled global monitoring solutions, demonstrated by our recent award under the NGA’s Luno B program and expansion with NATO,” said Will Marshall, co-founder, chair and CEO of Planet Labs.

Outlook: Planet Labs expects revenue in the fourth quarter to come in between $76 million and $80 million versus estimates of $73.88 million.

The company also raised its full-year revenue guidance from a range of $281 million to $289 million to a new range of $297 million to $301 million versus estimates of $284.11 million.

Planet Labs executives will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.

PL Price Action: Planet Labs shares were surging in after-hours following the print, up 20.94% at $15.65 at last check, according to Benzinga Pro.

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