Planet's positive free cash flow is customer prepayments

Quarterly free cash flow as reported and excluding the build in deferred revenue, $M. Ex-prepayments, FCF was negative in 13 of the last 14 quarters; FY26 was +$52.9M reported, -$98.2M ex-prepayments.

FCF = operating cash flow - purchases of PP&E - capitalized internal-use software. The ex-prepayment view removes all deferred-revenue build, including normal annual billing in advance, so it is a conservative view; netting uncollected billings, FY26 is about -$68M.
Chart: Shawarma CapitalSource: Planet Labs PBC 10-K/10-Q cash-flow statements via SEC XBRL (CIK 1836833): operating cash flow, purchases of property and equipment, capitalized internal-use software, change in deferred revenue (IncreaseDecreaseInContractWithCustomerLiability). Quarterly values derived from year-to-date filings.Get the data Download image