Key HighlightsPlanet Labs delivered Q2 revenue of $116.1 million, surpassing Wall Street’s $104.5 million forecast by a significant margin, representing 58% growth year-over-year.The company’s adjusted EBITDA reached $13.9 million, substantially exceeding the consensus expectation of $2.3 million.Revenue from defense and intelligence clients now represents 70% of the company’s total revenue, climbing from 57% in the prior year, with the segment nearly doubling to $81 million.The company’s Q3 revenue forecast of $101 million to $105 million fell short of analyst expectations of $114 million.Shares of PL climbed approximately 11% during premarket hours Friday, reaching $20.44, recovering from Thursday’s more than 8% decline before earnings.Planet Labs announced second-quarter revenue totaling $116.1 million, representing 58% year-over-year growth and easily surpassing Wall Street’s $104.5 million projection. The company’s adjusted EBITDA of $13.9 million significantly outperformed expectations of $2.3 million.PLANET LABS $PL Q2’27 EARNINGS HIGHLIGHTS Revenue: $116.1M (Est. $104M) ; +58% YoY Adj. EPS: $0.02 (Est. -$0.02) Adj. EBITDA: $13.9M (Est. $1.6M) ; +117% YoY Non-GAAP Gross Margin: 59%; -200 bps YoYFY27 Guide: Revenue: $430M-$441M (Est. $436M) … pic.twitter.com/KwkrE7KylZ— Wall St Engine (@wallstengine) September 3, 2026On a non-GAAP basis, earnings per share reached 2 cents, compared to the consensus forecast calling for a 2-cent loss. This represents a comprehensive earnings beat across all major metrics.The defense and intelligence division experienced explosive growth exceeding 90% year-over-year, expanding to represent 70% of total company revenue compared to 57% during the same period last year. The segment generated approximately $81 million, nearly doubling from the previous year.Planet Labs PBC, PLThe commercial segment posted growth exceeding 15%, while civil government revenue expanded by more than 5%. From a geographic perspective, the Europe, Middle East and Africa region delivered the strongest performance with revenue surging over 130%.The satellite imagery company also secured an $8 million agreement with the National Geospatial-Intelligence Agency for its Global Monitoring Service. Additional wins include a seven-figure European defense contract and a German government satellite-services tender valued at up to 25 million euros spanning five years.The company’s backlog expanded 11% year-over-year to $815 million. Remaining performance obligations increased 9% to approximately $753 million. Management anticipates recognizing over $400 million in revenue during the next four quarters based solely on existing backlog.Third-Quarter Forecast Falls ShortManagement provided Q3 revenue guidance ranging from $101 million to $105 million, missing the $114 million analyst consensus. The company also anticipates a Q3 EBITDA loss of approximately $3.5 million, contrasting with Wall Street’s projection of positive $2.5 million EBITDA.Citi analyst John Godyn indicated that a portion of the Q2 outperformance resulted from revenue pulled forward from the third quarter, accounting for some of the guidance miss. He maintained that the investment case remains “intact.”Needham analyst Ryan Koontz pointed out that Q2 revenue benefited from accelerated recognition related to Sweden’s inaugural sovereign satellite. When combining actual Q2 and projected Q3 revenue, year-over-year growth still stands at 42%.Annual Outlook UpdatedPlanet Labs increased the lower bound of its fiscal 2027 revenue guidance to $430 million from $425 million, while maintaining the upper end at $441 million. Current analyst consensus stands at $435.67 million.Management is aiming to achieve the Rule of 40 benchmark in fiscal 2027, measured by combining revenue growth percentage and adjusted EBITDA margin.Adjusted gross margin decreased modestly to 59% from 61% in the prior year, attributed to investments in satellite services agreements and AI-powered partner solutions.Through the first half of the fiscal year, the company produced approximately $68 million in operating cash flow. Free cash flow amounted to $21 million, while adjusted free cash flow totaled $29 million.Planet Labs closed the quarter with approximately $865 million in cash and short-term investments, and generated around $120 million through its at-the-market equity offering at an average net price of $31.95 per share.Management has identified satellite-services opportunities exceeding $4 billion in its pipeline.PL stock traded down approximately 1.25% at $18.12 at the time of publication Friday, following its more than 11% premarket surge. The stock has appreciated over 180% during the past 12 months.The post Planet Labs (PL) Stock Surges 11% on Strong Q2 Beat Fueled by Defense Sector Growth appeared first on Blockonomi.