Planet Labs sold a lot more satellite data and hardware over the latest six months.

Revenue rose 58.1% to $116.1 million versus the comparable period a year earlier. Gross profit grew nearly as quickly, up 55.3% to $65.6 million, while the net loss narrowed from $22.6 million to $9.4 million.

The less comfortable detail sits below the income statement: operating cash flow fell 19.7% to $68.4 million. Capital spending rose 57.2% to $44.7 million, pulling free-cash-flow margin down 29.3 percentage points. Sales are scaling, but the cash conversion that comes with them is moving in the other direction.

Planet Labs attributes the revenue increase primarily to large contract expansions with existing customers. It also recognized revenue from satellite hardware when control transferred, making that portion point-in-time rather than a simple recurring-data receipt.

The company described the investment trade-off directly:

"As a result of such investments, we anticipate our cost of revenue, operating expenses, and capital expenditures may increase as we continue to prioritize customer retention and expansion."

Planet Labs, 10-Q, September 3, 2026

That language matters because the spending is not merely a historical footnote. Planet Labs says the strategy itself carries higher costs and capital requirements, even as the latest six-month operating margin improved to negative 11.6% from negative 24.5%.

The expense detail points to a business putting more money into the machine. Research and development spending rose 45.5% to $35.2 million, while capital spending increased by more than half. The company said part of the increase came from spacecraft hardware costs, stock-based compensation, and hosting costs:

"The increase was also partially due to a $5.2 million increase in spacecraft hardware costs for research and development activities, a $3.3 million increase in stock-based compensation expense, and a $1.2 million increase in hosting costs."

Planet Labs, 10-Q, September 3, 2026

The arithmetic leaves two different versions of the same growth story. Revenue accelerated, and the net loss became smaller. But diluted shares rose 18.2% to 359.6 million, stock compensation increased 26.8%, and more of each revenue dollar went toward the next generation of satellites and related infrastructure.

Cash ended at $415.1 million, up from $181.1 million a year earlier. Planet Labs does not disclose in the supplied filing facts why cash increased even as operating cash flow declined and capex rose, so the balance-sheet improvement does not resolve the spending question by itself.

The company's annual history gives the latest figures some shape: revenue reached $307.7 million in the fiscal year ended January 31, 2026, up 25.9%, while operating margin improved to negative 30.9%. The latest six months show faster growth and narrower losses, alongside a larger investment bill and a wider share count.

Planet Labs' next quarterly report will provide the useful comparison: operating cash flow against revenue, capex against sales, and diluted shares after the current investment cycle. The unresolved tension is simple: Planet Labs is growing faster while converting less of that growth into operating cash and more of it into capital spending and dilution.

Planet Labs' six-month 10-Q pairs 58.1% revenue growth with lower operating cash flow, higher capex, and more diluted shares.