Strength in defense. Planet reported Q2 revenue of $73.4M (up 20% y/y), beating consensus by 13%, led by D&I segment (up 40% y/y) and JSAT contract execution (est. $6M). Commercial grew 6% y/y on Ag and energy demand, while Civil govt. declined 4% y/y due to Norway contract expiry.​
Gross margin expanded 470 bp y/y to 57%, driven by higher data usage from defense customers. We expect margins will have q/q variability as space service revenue scales, with FY27 marked as the peak hardware revenue under JSAT deal. ​
Profit ramp. AEBITDA remained positive for the 3rd straight quarter at $6.4M vs $4.4M loss a year ago, supported by gross margin expansion (57% vs 53%) and a 16% opex reduction. We expect a H2 EBITDA loss of $8M as JSAT deliveries ramp and spending on downstream solutions. FY27 profitability will improve once contracts cross early hardware stage (FY27 AEBITDA ~$27M).​