Massive 2025 rerating – Planet’s stock is up almost 4x in 2025, with several single-day jumps of 30–50% after earnings and news. It went from being treated as a broken SPAC to a “space + AI + defence” favourite.
Backlog and cash have exploded – record backlog well above 700M USD, remaining performance obligations multiples of current annual revenue, and end-of-quarter cash and equivalents close to 700M USD.
Adjusted EBITDA finally positive – the latest quarters show positive adjusted EBITDA, with management promising a path toward sustainable profitability, even if GAAP net income is still deeply negative.