PL reported its first full year of non-GAAP profitability, 26% YoY revenue growth, and a $900M backlog (up 79% YoY). Massive RPOs ($852M) and inclusion in major defense contracts (like the $151B SHIELD IDIQ) lock in future revenue, while Google/NVIDIA AI partnerships offer massive upside. PL is a strong buy as it accelerates growth and solidifies its moat in defense and orbital AI infrastructure. GAAP net losses remain, revenue from government contracts can be lumpy, and the stock just popped 31% in one day.
PL
HIGH
Mar 20, 13:51
Key Points
['$900M backlog up 79% YoY', 'First full year of non-GAAP profitability', 'FY27 revenue guidance of $415–$440M', 'Prime contractor on $151B SHIELD IDIQ', 'Google/NVIDIA partnerships for space AI']
March 20, 2026 at 13:51