Planet Labs (NYSE:PL) shares surged 38% to $9.04 in midday trading on Monday after the provider of daily data and insights about Earth reported better than expected financial results for its second quarter of 2026.
The company’s revenue for the period rose 20% year over year to a record $73.39 million, exceeding the analyst consensus estimate of $65.74 million, according to Bloomberg.
Planet Labs also forecasts revenue for its third quarter of between $71 million and $74 million, above the $68.86 million expected by Wall Street.
The company posted a second-quarter loss of $0.07 a share, better than the $0.09 loss analysts had projected.
“Our second quarter results demonstrate incredibly strong momentum across our business, with record revenue and substantial growth in our backlog,” Planet Labs CEO Will Marshall said in a statement.
“The increased demand for our unique Earth intelligence, highlighted by pivotal contracts including one in collaboration with the German government, one with NATO, and others with the US Department of Defense, underscores the critical role Planet plays in addressing global challenges and supporting peace and security.”
Planet Labs noted its backlog for the period improved 245% year over year to $736.1 million.
The company operates more than 150 satellites in orbit.
Planet Labs shares have shot up about 125% year to date.