Q3 results shine. Revenues grew 33% y/y and beat expectations by 13%, led by strong D&I execution (up 71%) and one-time factors. Commercial revs declined 7% due to agriculture headwinds, while Civil was flat, impacted by US budget delays and a Norway contract expiration. 
Profit parade. Planet reported its fourth consecutive quarter of positive AEBITDA, at $5.6M, easily beating the consensus forecast of ($1.6M).  Planet is forecasting a full-year margin of ~2%, with a long-term target of 25%+.
Defense leads. Since pivoting towards defense in FY23, Planet has grown D&I revenue at a 60% CAGR (FY22-25), with expected 30% growth in FY26.  Q3 growth was supported by renewals (NRO/EOCL, US Navy), new task orders (Luno-B, NATO expansion), and strong uptake of AI-enabled solutions.