Planet Labs PBC (NYSE:PL) reported better-than-expected first quarter results and provided solid guidance, sending its shares surging 13.8% in after-hours trading.

The Earth imaging company posted adjusted earnings per share of $0.00 for the quarter ended April 30, 2025, beating analyst estimates of a $0.03 loss. Revenue rose 10% YoY to a record $66.3 million, surpassing the consensus forecast of $62.36 million.

Planet Labs also achieved its first-ever quarter of positive free cash flow at $8.0 million. The company’s backlog grew 140% YoY to $527.0 million, while remaining performance obligations jumped 262% YoY to $451.9 million.

"We had an excellent first quarter, exceeding our expectations, demonstrating solid validation of our strategic direction and great execution," said CEO Will Marshall.

For the second quarter, Planet Labs expects revenue between $65-67 million, compared to analyst estimates of $65.19 million. The company forecasts full fiscal year 2026 revenue of $265-280 million, with the midpoint slightly above the $271 million consensus.

President and CFO Ashley Johnson noted, "We delivered record revenue, our second quarter of adjusted EBITDA profitability and our first-ever quarter of positive free cash flow."

The strong results were driven by new contract wins, including an eight-figure deal with a European defense & intelligence customer and selection as a subcontractor for California’s $95 million Satellite Data Purchase Program.