Planet Labs PBC Q2 2026 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Colin Canfield - Cantor Fitzgerald LP - Analyst : Maybe just starting out on growth dynamics. If you can talk us through how much of Germany and JSAT is within the backlog that's posted today? And how to think about the growth mechanics within the DoD? So just looking at like the contract award around naval maritime domain awareness and maybe pointing to trends you see where Planet Labs can deal directly more with combatant command controls.

Question: Colin Canfield - Cantor Fitzgerald LP - Analyst : Got it. And then as we think about -- not to preview Investor Day targets a little bit, but like multi-year free cash flow dynamics, if you can give us a high level concept of the working capital schedule related to those awards, as well as the other international awards that I think we talked about last call around sizing the pipe as being similarly sized, maybe a little bit smaller than Germany and JSAT. So contemplating the working capital payments from those two customers, as well as the other international opportunities, is there a right way to think about the conceptual free cash flow ladder from here, given those working capital benefits?

Question: Trevor Walsh - Citizens JMP Securities LLC - Analyst : Maybe just a quick one for you, Will. You've talked about this in different ways before, but -- could you maybe just give an update on the pipeline of the services type of contracts? And really, I'm trying to understand where are you ring faster guard railed, if at all, around those? Is it just the ability to get Pelicans out the door to service those contracts? Is it more just finding the right customers that want to do it at a scale that makes it economically viable for you guys? Just maybe just walk through how you're thinking about not just the size of the pipeline, but what you can actually execute there, if that makes sense.

Question: Trevor Walsh - Citizens JMP Securities LLC - Analyst : Great. Awesome. I appreciate the color. And maybe one quick follow-up for you, Ashley. Just with the good outperformance on gross margins. And I know you talked through some of the elements there that helped to contribute to that. But how should we just think about that heading into -- obviously, not so much even the balance of the year, but just heading into next fiscal around? Is that still going to have some variability around that gross margin number just based on what you're doing with JSAT and others? Or can we expect that now hitting that plus 60% watermark to hold in the next, call it, 1.5 years?

Question: Ryan Koontz - Needham & Company LLC - Analyst : Great. On your Satellite Services deal, maybe just stepping back a bit, can you reflect on what percentage or maybe range of the satellite capacities you have nailed up with these deals for Japan and Germany?

Question: Ryan Koontz - Needham & Company LLC - Analyst : I mean these dedicated satellites are building for them, what percentage of these satellite capacities included in your contracts? Is it 100% capacity?

Question: Ryan Koontz - Needham & Company LLC - Analyst : Yeah. Great. And then on maritime domain awareness, any updates there on your solutions approach? It sounds like a really hot area. What type of partners you're working with? I think you talked a lot about SynMax in the past. Any updates on your American domain solutions from a product perspective?

Question: Daniel Hibshman - Craig-Hallum Holdings LLC - Analyst : This is Daniel Hibshman on for Jeff Van Rhee. And well, Ashely, congrats on another really great quarter. I just wanted to start in on -- maybe if we could double-click on commercial, really strong quarter there, a 16% sequential growth. And I think the first year-over-year growth for commercial in about two years. So a really great quarter for that line and a little bit of an inflection for it back to growth. Maybe we could just -- you said about energy and agriculture driving some strength there. But maybe if you could expand a little bit on what's happening and what you see going forward for that business?

Question: Gregory Pendy - Clear Street LLC - Analyst : Just was wondering, can you probably provide us a possible update on where the Anthropic relationship is and how that's been developing and what we can possibly expect through the course of the year?

Question: Caleb Henry - Quilty Analytics LLC - Analyst : Two questions. First was just about the Tanager fleet. I was wondering if there's any more planning around how to monetize that going forward? And if you have any more visibility into what that might look like as a future constellation?

Question: Caleb Henry - Quilty Analytics LLC - Analyst : Okay. And then my other question is just about backlog. Forgive me if I missed the answer to this one already, but it's grown really fast. I was wondering if you could share anything about the average length of how revenues are distributed from that backlog if that's more front-loaded or linear over the next couple of years?