TLDR
- Planet Labs secured a 7-figure, one-year contract with a European defense and intelligence customer
- The deal covers Planet Mosaics and professional services for operational planning
- The contract follows earlier 2026 deals with the NGA, Swedish Armed Forces, and Defense Innovation Unit
- Analysts hold a consensus “Hold” rating with an average price target of $35.36
- Latest quarterly revenue rose 42% year over year to $94.15 million, beating estimates
Planet Labs (NYSE: PL) has landed a new 7-figure, one-year contract with a European defense and intelligence customer, the company announced Thursday.
The deal will give the customer access to Planet Mosaics and dedicated professional services support for operational planning across land and maritime areas of interest.
Jon Powers, VP of Global Defense and Intelligence at Planet, said the agreement reflects growing demand for geospatial data and support services in these domains.
The stock was trading down around 2.60% on the day.
This latest contract is not a one-off. Planet has been stacking defense deals throughout 2026, previously announcing agreements with the National Geospatial-Intelligence Agency, the Swedish Armed Forces, and the Defense Innovation Unit.
It’s shaping up to be a busy year on the contracts front.
Revenue Growth Backs the Story
On the financial side, Planet posted quarterly revenue of $94.15 million in its most recent report, up 42.1% year over year and ahead of the $90.39 million consensus estimate.
The company reported a loss of $0.03 per share, which was actually better than the expected loss of $0.04.
Analysts, on average, expect Planet to post full-year earnings per share of -$0.92.
Institutional ownership sits at 41.71%, with Vanguard among the larger holders, owning over 19.3 million shares valued at around $381.7 million.
Analyst Ratings Stay Cautious
Despite the contract wins and revenue growth, Wall Street is not rushing to upgrade the stock. The consensus rating sits at “Hold” with an average price target of $35.36.
Ratings range from Deutsche Bank’s “Buy” with a $36 target to New Street Research’s “Sell” with a $28 target. Goldman Sachs recently bumped its target from $22 to $25 while keeping a “neutral” stance.
On the insider side, Planet execs sold 171,122 shares worth roughly $4.15 million last quarter. Robert H. Schingler sold 64,593 shares at $25.92 in July, while director John W. Raymond sold 6,494 shares at $26.16.
The stock has a 52-week range of $6.26 to $51.76, and currently trades with a 50-day moving average of $24.31 and a 200-day moving average of $30.17.
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