Planet Labs hits record high 9% ahead of earnings on June 4

Planet Labs shares climbed 9% to a record $50.50 on Tuesday, extending a 1,209% annual rally ahead of quarterly earnings due after Thursday's close.

The company guided first-quarter revenue of $87 million to $91 million, representing growth of 31% to 37% from a year earlier, Planet Labs said in its prior earnings release. Analysts will be watching for whether the actual results land at the upper end of that range.

The rally builds on momentum from the most recent quarter, when Planet Labs reported revenue of $81.25 million, up 33% year over year. Remaining performance obligations surged 361% to $672.47 million, signaling strong future demand for the company's Earth-imaging services. Government contract wins spanning NASA, the National Reconnaissance Office, and the NGA Luno B program have bolstered the backlog.

The record high sets a high bar for the June 4 report. A beat could extend the rally, while a miss risks a sharp pullback given the stock's elevated valuation after a 1,209% gain over the past 12 months. Investors will watch for updated guidance on satellite deployment timelines and new contract wins during the earnings call.

This article is for informational purposes only and does not constitute investment advice.