Planet Labs

Quarterly revenue hit a record 94 million dollars, up 42 percent from a year ago, and that growth is speeding up, not slowing down. Even better, 99 percent of contract value now recurs, so the money keeps coming back. Management guided the full year to between 425 and 441 million dollars.

Signed but not-yet-delivered contracts grew 81 percent in a year to 816 million dollars, and total backlog topped 906 million dollars, up 72 percent. That is years of revenue locked in before the year even gets going. Planet also launched three new AI satellites, including Sweden's first sovereign spy satellite, just four months after signing the deal.

Planet posted a net loss of 138.9 million dollars this quarter, swollen by a 106.5 million dollar accounting charge tied to its rising stock. Even stripping that out, adjusted earnings swung to a 1 million dollar loss, and full-year profit guidance is just zero to 10 million. The bottom line is still razor thin.

This stock moves nearly twice as hard as the overall market, and it has run up enormously over the past year. With a market value around 15 billion dollars built on only 94 million in quarterly sales, expectations are sky high. Any slip in contract timing or a delayed launch could trigger a sharp drop.