Planet Labs PBC ( PL ) shares are trading lower premarket on Friday.

On Thursday, the company reported fourth-quarter adjusted losses of 8 cents per share, missing the consensus of 2 cents.

Revenue of $61.6 million, up 5% year over year, missed the consensus of $61.87 million.

Percent of Recurring Annual Contract Value (ACV) for the fourth quarter stood at 97% and End of Period (EoP) Customer Count was 976.

As of January 31, 2025, backlog stood at $498.5 million. Non-GAAP gross margin was 65%, higher than 58% in the prior year quarter.

The company reported adjusted EBITDA profit of $2.4 million compared to a loss of $9.8 million in the fourth quarter of fiscal year 2024. This is the first quarter of adjusted EBITDA profitability in the company’s history.

The company ended the year with cash, cash equivalents and short-term investments of $222.1 million.

Will Marshall, Planet’s CEO, said, “We took a major step forward in the satellite services market and signed a $230 million contract with our long-term partner in Japan, JSAT. We launched over 70 satellites, including our first Tanager hyperspectral satellite and our second Pelican high resolution satellite, both of which are performing well in orbit.”

“Looking ahead, we are focused on driving growth in our core markets with solutions, and see a clear path to at least double our revenue growth rate in FY’27 compared to FY’26, supported by the significant increase in our backlog during Q4.”

Outlook: Planet Labs expects revenue in a range of $61 million to $63 million (vs. consensus of $64.7 million) for first-quarter FY26 and $260 million to $280 million (vs. estimate of $274.7 million) for FY26.

The company sees adjusted EBITDA loss of around $3 million to $2 million for the first quarter and $13 million – $7 million for FY26.

In a separate release, the company disclosed that it released first light images from its Pelican-2 satellite of the Port of Laem Chabang in Eastern Thailand, which is the primary deep sea port in Thailand.

Investors can gain exposure to the stock via SPDR S&P Kensho Future Security ETF ( FITE ) and Procure Space ETF ( UFO ) .

Price Action: PL shares are down 11.8% at $3.74 premarket at the last check Friday.

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