Record Growth with Strong Revenue Visibility, FY27 Margins Take a Pause on Mix Shift.
 
Strong beat. Revenue grew 41% y/y to $87M, beating consensus estimates by 11%- the strongest quarterly growth on record. Upside was led by satellite service wins, with D&I up 77% y/y. Commercial remained flat at $14M, while Civil grew 14% y/y to $20M on a $13.5M NASA award. Full-year revenue was $308M, up 26% y/y. 
Profit bullseye. Q4 AEBITDA was $2.3M, despite 44% increase in opex, reflecting strong operating leverage. Planet achieved its first full-year AEBITDA profit of $15.5M (roughly 2x consensus).
Backlog ballooned. Backlog grew to nearly $900M (+79% y/y), with ~$330M expected to convert within 12 months. Growth was driven by large satellite service wins (JSAT, Germany and Sweden), with the Sweden deal marking the third 9-figure contract over the past year. Management also observed a shift towards large short-term govt deals vs prior years (~85% of ACV is currently multi-year).