Planet Labs PBC (PL) shares pushed to fresh all-time highs Friday morning, extending a remarkable rally that kicked off after the satellite imagery company delivered a knockout earnings report earlier this week. The stock jumped over 30% on Thursday alone, and investors clearly aren't done buying yet.

Record Revenue and Profitability

The numbers tell a pretty compelling story. For the third quarter of fiscal year 2026, Planet Labs reported revenue of $81.3 million, representing a 33% year-over-year increase that handily beat analyst expectations of $72 million. But revenue wasn't the only impressive metric.

The company also notched its fourth consecutive quarter of adjusted EBITDA profitability, posting a $5.6 million profit. Non-GAAP earnings per share came in at breakeven, which actually surpassed what the market was expecting. For a company still in growth mode, profitability is a big deal.

Contract Backlog Surges

What really got investors excited was the forward-looking guidance. Planet Labs reported a contract backlog that increased 216% year-over-year to a whopping $734 million. That massive jump was driven by significant contract wins with heavyweight customers including the National Geospatial-Intelligence Agency, NATO, and the U.S. Navy.

Those government contracts signal strong demand for Planet's geospatial intelligence solutions, which provide satellite imagery and data analytics for defense, agriculture, and commercial applications. When you're landing deals with organizations like NATO, it tends to validate your technology in a meaningful way.

Raised Guidance and Analyst Upgrades

Based on that backlog strength, management raised its full-year fiscal 2026 revenue guidance to a range of $297 million to $301 million. That's significantly above the consensus estimate of roughly $284 million that analysts had been working with.

Wall Street responded enthusiastically. Analysts from Needham, Wedbush, and Clear Street all raised their price targets on the stock, with Needham pushing its target up to $22.

Technical Strength

The technical picture looks equally impressive. At $17.73 per share, Planet Labs is trading at a new 52-week high and sitting comfortably above both its 50-day and 200-day moving averages. That positioning typically suggests a robust upward trend, as traders view these moving averages as potential support levels.

Current momentum data shows an exceptionally strong score of 98.65 for the stock, indicating powerful positive price movement relative to the broader market. The substantial distance from key moving averages suggests the stock may have room to continue climbing, assuming market conditions stay favorable and the company continues executing on its growth plans.