PL vs. RDW: Which Space Tech Stock Offers Better Growth Potential?

Industry Overview - Rising global demand for commercial satellites, particularly for communications and climate monitoring applications, has increased investor interest in space-focused companies [2] - Increased government investment in advanced space-based defense capabilities is accelerating growth across the broader space economy [2] Company: Planet Labs (PL) - Planet Labs operates the largest fleet of Earth-observation satellites globally, generating revenues through fixed-price subscriptions and usage-based contracts [3][4] - The company is focusing on securing large government and defense contracts for long-term stability while also targeting growth in the commercial sector [5] - PL's backlog reached $734.5 million at the end of fiscal Q3 2026, a 216% year-over-year increase, providing solid revenue visibility [6][9] - Despite a 72.6% increase in shares over the past three months, PL has been unprofitable with negative EBITDA and no near-term rebound expected [6][18] - The Zacks Consensus Estimate for PL's 2026 revenues implies a year-over-year increase of 26.2%, while EPS is expected to decrease by 78.4% [13] Company: Redwire Corporation (RDW) - Redwire focuses on optimizing its operational footprint and making targeted investments in critical locations, enhancing operational efficiency and alignment with government priorities [7] - The company has a diversified portfolio of space infrastructure offerings, enabling competition across national security, civil, and commercial space markets [8] - RDW's backlog totaled $355.6 million as of September 30, 2025, indicating solid demand visibility [12] - For 2025, RDW expects revenues between $320 million and $340 million, benefiting from recent acquisitions and international growth [9][12] - RDW shares have risen 11.5% over the past three months, reflecting improving investor sentiment despite ongoing unprofitability [12][18] - The Zacks Consensus Estimate for RDW's 2025 revenues implies a year-over-year increase of 46.2%, with EPS expected to increase by 78.3% [15] Valuation Comparison - PL is trading at a forward sales multiple of 21.49, significantly above its three-year median of 3.61, while RDW's forward sales multiple is at 3.67, higher than its median of 1.2 [15]