The research.
On the record.

PL: a record quarter, and a guide that walks it back

Planet reported record fiscal Q2 revenue of $116.1 million, up 58% year over year, and the stock traded 28.68 million shares against a 20-day average of 6.33 million, so the market treated this as a real event [1][4]. We have no open hypothesis on this name; this reads as a fresh look.

The quarter itself was strong. Adjusted EBITDA came in at $13.9 million versus $6.4 million a year ago, GAAP net loss narrowed to $9.4 million from $22.6 million, and the company ended with $865.4 million in cash, cash equivalents and short-term investments [1]. Part of that cash is newly sold stock: roughly $120 million raised through the At-The-Market program during the quarter at an average net price of $31.95 per share [1]. The options market's read on 2026-09-03 put the shares near $18.36 [4]. Buyers of those ATM shares are well underwater, and management sold equity at a much better price than today's.

The forward numbers are the problem. Fiscal Q3 guidance is $101 million to $105 million of revenue, a sequential decline, with an adjusted EBITDA loss of ($6) million to ($1) million [2]. Remaining performance obligations fell to $753.1 million at July 31 from $852.4 million at January 31, and backlog fell to $814.9 million from $900.4 million over the same stretch [3]. Our read: the Q2 record leaned on revenue recognized ahead of the book refilling, and the next two prints have to show new contract wins (NGA, the German tender, satellite services) converting into RPO growth, or the 58% growth rate is a peak, not a trend.

Insiders offer no comfort either way: zero open-market purchases in the last 180 days, twelve sales totalling 927,798 shares, most recently the CFO at $22.08 on July 23; whether those sales were pre-arranged is not reported [4].

The call. We are watching, not buying. The record quarter is real, but revenue is guided down sequentially and the contract backlog shrank since January. We want to see RPO turn up at the fiscal Q3 report (quarter ends October 31, 2026); we will score this by December 10, 2026. If Q3 revenue lands above the $105 million top of guidance and RPO grows from $753.1 million, our caution was wrong.

Receipts

[1] 8-K EX-99.1, accession 0001193125-26-381874, filed 2026-09-03, highlights: record Q2 revenue $116.1M up 58% YoY; adjusted EBITDA $13.9M vs $6.4M; net loss ($9.4)M vs ($22.6)M; cash, equivalents and short-term investments $865.4M; ~$120M ATM proceeds at $31.95 average net price. https://www.sec.gov/Archives/edgar/data/1836833/000119312526381874/pl-ex99_1.htm

[2] Same 8-K EX-99.1, Financial Outlook: fiscal Q3 revenue ~$101M to $105M, adjusted EBITDA loss ~($6)M to ($1)M; full year revenue ~$430M to $441M.

[3] Same 8-K EX-99.1, backlog reconciliation table: RPO $753,117 thousand at July 31, 2026 vs $852,435 thousand at January 31, 2026; backlog $814,863 thousand vs $900,427 thousand.

[4] Trading activity, 2026-09-03: 28.68 million shares traded against a 6.33 million 20-day average (453.19% of normal); options positioning read with shares near $18.36; Form 4 window of 180 days shows 0 open-market purchases, 12 sales totalling 927,798 shares, CFO sale at $22.08 on 2026-07-23, plan status not reported.