Planet Labs PBC (PL) 2025 Q2 法說會逐字稿

Hello, everyone. Thank you for attending today's Planet Labs PBC second-quarter of Fiscal 2025 earnings call. My name is Sierra, and I will be your moderator for today. (Operator Instructions) I would now like to pass the conference over to our host, Cleo Palmer-Poroner, Investor Relations at Planet Labs PBC. Please proceed.

大家好。感謝您參加今天的 Planet Labs PBC 2025 財年第二季財報電話會議。我叫 Sierra，今天我將擔任你們的主持人。（操作員指示）現在，我想將會議交給我們的主持人、Planet Labs PBC 投資者關係部 Cleo Palmer-Poroner。請繼續。

Thanks, operator, and hello, everyone. This is Cleo Palmer-Poroner, Investor Relations at Planet Labs PBC. Welcome to Planet's second quarter of fiscal 2025 earnings call. I'm joined today by Will Marshall and Ashley Johnson, who will provide a recap of our results and discuss our current outlook. We encourage everyone to please reference the earnings press release and earnings update presentation for today's call, which are available on our Investor Relations website.

謝謝接線員，大家好。我是 Planet Labs PBC 投資者關係部 Cleo Palmer-Poroner。歡迎參加 Planet 2025 財年第二季財報電話會議。今天，威爾馬歇爾 (Will Marshall) 和阿什利約翰遜 (Ashley Johnson) 和我一起回顧我們的表現並討論我們當前的前景。我們鼓勵大家參考今天電話會議的收益新聞稿和收益更新介紹，這些都可以在我們的投資者關係網站上找到。

Before we begin, we'd like to remind everyone that we may make forward-looking statements related to future events or our financial outlook. We also may reference qualified pipeline, which represents potential sales leads that have not yet executed contracts. Any forward-looking statements are based on management's current outlook, plans, estimates, expectations, and projection.

在開始之前，我們想提醒大家，我們可能會做出與未來事件或財務前景相關的前瞻性陳述。我們也可能參考合格管道，它代表尚未簽訂合約的潛在銷售線索。任何前瞻性陳述均基於管理層目前的展望、計劃、估計、預期和預測。

The inclusion of such forward-looking information should not be regarded as a representation by Planet that future plans, estimates, or expectations will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions as detailed in our SEC filings, which can be found at www.sec.gov.

此類前瞻性資訊的納入不應被視為 Planet 對未來計劃、估計或期望將會實現的陳述。此類前瞻性聲明受各種風險、不確定性和假設的影響，詳見我們提交給美國證券交易委員會 (SEC) 的文件中所述，這些文件可在 www.sec.gov 上查閱。

Our actual results or performance may differ materially from those indicated by such forward-looking statements, and we undertake no responsibility to update such forward-looking statements to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

我們的實際結果或績效可能與此類前瞻性陳述所示的結果或績效有重大差異，我們不承擔更新此類前瞻性陳述以反映陳述發布日之後的事件或情況或反映意外事件的發生的責任。

During the call, we will also discuss historic and forward-looking non-GAAP financial measures. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making.

在電話會議中，我們還將討論歷史和前瞻性的非公認會計準則財務指標。我們使用這些非公認會計準則財務指標進行財務和營運決策，並作為評估期間比較的一種手段。我們相信，這些措施提供了有關經營業績的有用信息，增強了對過去財務業績和未來前景的整體了解，並提高了管理層在財務和營運決策中使用的關鍵指標的透明度。

For more information on the non-GAAP financial measures, please see the reconciliation tables provided in our press release issued earlier this afternoon. Further, throughout this call, we provide a number of key performance indicators used by management and often used by competitors in our industry. These and other key performance indicators are discussed in more detail in our press release and our earnings update presentation, which are intended to accompany our prepared remarks.

有關非公認會計準則財務指標的更多信息，請參閱我們今天下午早些時候發布的新聞稿中提供的對賬表。此外，在整個電話會議過程中，我們提供了管理層使用且行業競爭對手經常使用的許多關鍵績效指標。這些和其他關鍵績效指標在我們的新聞稿和收益更新報告中有更詳細的討論，旨在補充我們的準備好的發言。

At this time, I'd now like to turn the call over to Will Marshall, Planet's CEO, Chairperson, and co-Founder. Over to you, Will.

現在，我想把電話交給 Planet 的執行長、董事長兼聯合創始人 Will Marshall。現在輪到你了，威爾。

Thanks, Cleo, and hi, everyone. Thanks for joining the call today. For the second quarter of fiscal year 2025, we generated a record $61.1 million in revenue, representing 14% year-on-year growth. This was driven by continued strength in the government sector. Non-GAAP gross margin for the quarter was 58%, and adjusted EBITDA loss was $4.4 million.

謝謝，克萊奧，大家好。感謝您今天的電話會議。 2025財年第二季度，我們的營收創紀錄地達到了6,110萬美元，年增14%。這得益於政府部門持續強勁的業績。本季非公認會計準則毛利率為58%，調整後息稅折舊攤提前利潤（EBITDA）虧損為440萬美元。

These results were all in line with or better than the guidance provided on our last earnings call. Q2 marked our fifth sequential quarter of improvement in adjusted EBITDA as we persistently march towards our target of achieving adjusted EBITDA profitability by Q4 of this fiscal year. We also successfully launched our first Tanager satellite along with 36 new SuperDoves last month. All of the satellites have been contacted and are undergoing commissioning.

這些業績均符合或優於我們上次財報電話會議所提供的指引。第二季是我們調整後EBITDA連續第五個季度實現成長，我們正朝著在本財年第四季實現調整後EBITDA獲利的目標穩步前進。上個月，我們也成功發射了首顆Tanager衛星以及36顆新的SuperDove衛星。所有衛星均已聯繫並正在進行調試。

Today, I'll cover a number of topics, including recent organizational changes, sales wins, satellite launches, and product updates. Ashley will then provide more color on the business and our financials, so let's dive in. Starting with recent organizational changes.

今天，我將討論幾個主題，包括最近的組織變革、銷售成長、衛星發射和產品更新。之後，Ashley 會詳細介紹我們的業務和財務狀況，讓我們開始深入探討。首先從最近的組織變革開始。

In Q2, we took action to align resources to the market opportunity and improve our operational efficiency. We consider which areas of our business are operating most efficiently and which need improvement, as well as the demand trends we're seeing across geographies and sectors. These actions were simultaneously aimed at improving our go-to-market towards accelerating growth as well as reducing costs.

在第二季度，我們採取行動，將資源與市場機會結合，並提升營運效率。我們會考慮哪些業務領域營運效率最高，哪些領域需要改進，以及我們在各個地區和產業中觀察到的需求趨勢。這些措施旨在同時優化我們的市場推廣，以加速成長並降低成本。

We are creating industry-aligned business groups focused on specific sectors to help drive both product and sales strategy. As part of these changes, we undertook a headcount reduction that resulted in parting ways with approximately 17% of our Planeteers, a process that was very difficult but allowed us to meaningfully improve our cost structure.

我們正在創建專注於特定領域的、與行業保持一致的業務集團，以幫助推動產品和銷售策略。作為這些變革的一部分，我們進行了裁員，約有 17% 的地球衛士被解僱。這個過程非常艱難，但卻讓我們能夠大幅改善成本結構。

We expect this new, more efficient operating model will support the sustainable long-term growth and profitability of the business. Ashley will provide additional details on these changes shortly as she oversees our go-to-market teams in her capacity as President and work with our go-to-market leaders to architect this new operating model. Let's turn now to some of our customer highlights from Q2.

我們期待這種全新、更有效率的營運模式能夠支持公司業務的長期永續成長和獲利能力。 Ashley 將很快公佈這些變化的更多細節，屆時她將以總裁的身份負責我們的市場推廣團隊，並與我們的市場推廣領導團隊攜手建立這一全新營運模式。現在，讓我們回顧一下我們第二季度的一些客戶亮點。

The Defense & Intelligence sector continues to be a strong industry vertical for Planet, with revenue in the quarter growing more than 30% year over year. I'd like to highlight a few of the sales wins we saw in the quarter, which are indicative of the increasing interest we are seeing from both US and international government customers around the world for Planet's unique datasets and the solutions we're delivering with our partners.

國防與情報部門繼續成為 Planet 強勁的垂直產業，本季營收年增超過 30%。我想重點介紹我們在本季度取得的一些銷售成果，這些成果表明，美國及全球各地的政府客戶對 Planet 獨特的數據集以及我們與合作夥伴共同提供的解決方案的興趣日益濃厚。

During the quarter, we closed a new deal with NATO. The Communications & Information Agency's new Alliance Persistent Surveillance from Space program, or APSS, will evaluate using both Planet's broad area monitoring and tasking solutions to perform detailed tracking and analysis of foreign military activities, monitor infrastructure, and fill intelligence gaps.

本季度，我們與北約達成了一項新協議。美國通訊與資訊局新推出的「北約太空持續監視」計畫（APSS）將評估使用 Planet 的廣域監測和任務分配解決方案對外國軍事活動進行詳細追蹤和分析、監測基礎設施並填補情報空白。

We're proud to partner with NATO in this time of heightened global conflict to reinforce multinational alliances to enhance global security, and we look forward to developing our relationship. While this is a introductory deal, we view it as strategically important. Additionally, we closed a seven-figure deal with an international defense customer, which includes an expansion of high-resolution tasking and a pilot for PlanetScope data enhanced with AI capabilities from our partner SynMax for maritime domain awareness.

在全球衝突加劇的時期，我們很榮幸與北約合作，加強多國聯盟，增強全球安全，我們期待發展我們的關係。雖然這只是一項介紹性交易，但我們認為它具有重要的戰略意義。此外，我們與一家國際國防客戶達成了一項七位數的交易，其中包括擴展高解析度任務和試點 PlanetScope 數據，並透過我們的合作夥伴 SynMax 的 AI 功能增強海事領域意識。

As discussed on previous calls, this is part of a growing trend we see in using AI on Planet's daily scan imagery to gather intelligence more efficiently and speed customer time to value. Overall demand in the Defense and intelligence sector remains strong, and we believe in our new industry aligned operating model will further support our ability to capitalize on the momentum we're seeing.

正如之前的電話會議所討論的那樣，這是我們看到的一種日益增長的趨勢的一部分，即使用 Planet 的日常掃描圖像上的 AI 來更有效地收集情報並加快客戶價值實現時間。國防和情報領域的整體需求仍然強勁，我們相信，我們新的與產業一致的營運模式將進一步支持我們利用我們所看到的勢頭的能力。

Progress in the civil government sector also continues to be solid with revenue growth of over 20% year-on-year in Q2. I'll take a moment to highlight a couple of use cases that are highly repeatable for the civil government market. We recently announced that the Kingdom of Bahrain is using Planet SkySat data enhanced with AI solutions from our partner, Aetosky, to support smart city management and urban planning initiatives across the country.

民政部門也持續穩定發展，第二季營收年增超過 20%。我將花一點時間來重點介紹幾個對於民政市場具有高度可重複性的用例。我們最近宣布，巴林王國正在使用 Planet SkySat 數據以及我們合作夥伴 Aetosky 提供的 AI 解決方案來支援全國的智慧城市管理和城市規劃計畫。

Bahrain reported that thus far, this has led to a significant increase in effectiveness of building permit validation activities. This is a great example of a use case that could be repeated in other nations and cities around the world. Last month at Planet On The Road, we announced that INRA, Bolivia's land management agency, is using Planet Insights platform with our local partner and geospatial AI service provider CIVIS, for land use, titling, and emissions compliance.

巴林報告稱，迄今為止，此舉已顯著提高建築許可證驗證活動的效率。這是一個可以在世界其他國家和城市複製的用例的很好的例子。上個月在 Planet On The Road 上，我們宣布玻利維亞土地管理局 (INRA) 正在與我們的當地合作夥伴和地理空間 AI 服務提供商 CIVIS 一起使用 Planet Insights 平台，用於土地使用、產權和排放合規。

We also introduced IGAC, the Colombian cartographic entity, which utilizes AI and PlanetScope scenes and base maps for land use planning and infrastructure monitoring across Colombia. Ashley, who attended On The Road in Colombia, will show her reflections on the event shortly.

我們也介紹了哥倫比亞製圖實體 IGAC，該實體利用 AI 和 PlanetScope 場景和基礎地圖對哥倫比亞的土地使用規劃和基礎設施進行監測。參加哥倫比亞“On The Road”活動的阿什莉很快就會分享她對活動的想法。

Finally, we closed the seven-figure expansion with another international government agency for SkySat high resolution data, which we previously announced in July.

最後，我們與另一家國際政府機構就 SkySat 高解析度數據達成了七位數的擴展協議，我們此前已在 7 月宣布了這一消息。

Overall, our ability to save government customers time and resources with our broad area management solutions is driving customer adoption globally. Leveraging our platform and solution partners, we believe we can further penetrate the global market opportunity we see for our data in the civil government sector.

總體而言，我們利用廣域管理解決方案為政府客戶節省時間和資源的能力正在推動全球客戶的採用。利用我們的平台和解決方案合作夥伴，我們相信我們可以進一步滲透到我們在民政部門的數據的全球市場機會。

Shifting to the commercial sector, where we've discussed on prior calls, we've seen both macroeconomic headwinds generally and challenges in the agriculture sector specifically. Under our new operating model, we're refining our resource allocations and focusing efforts on building out our Insights platform for a lower friction experience for our customers and partners that are building solutions on top of Earth observation data.

轉向商業領域，我們在先前的電話會議上討論過，我們既看到了宏觀經濟的逆風，也看到了農業領域面臨的挑戰。在我們的新營運模式下，我們正在改進資源分配，並專注於建立我們的 Insights 平台，以便為在地球觀測資料上建立解決方案的客戶和合作夥伴提供更低摩擦的體驗。

The platform provides valuable tools to our partners and customers while also reducing our cost to service these customers. We're seeing a lot of green shoots and experimentation in the platform at a small scale, which enables us to tap into the solid growth potential of the broader market, but in an automated and scalable way.

該平台為我們的合作夥伴和客戶提供了有價值的工具，同時也降低了我們為這些客戶提供服務的成本。我們看到該平台在小規模上出現了許多新的發展跡象和實驗，這使我們能夠以自動化和可擴展的方式挖掘更廣泛市場的穩健成長潛力。

We expect this structure will better position Planet to serve the large addressable markets in the commercial sector in particular, which we believe can be a driver of upside over the long-term. To share some commercial wins from the quarter, we expanded our contract with long time customer and agricultural leader BASF, who have added Planet's field boundary solution to support the xarvio digital platform.

我們預計，這種結構將使 Planet 能夠更好地服務於商業領域的大型潛在市場，我們相信這可以成為長期上漲的驅動力。為了分享本季度的一些商業成果，我們擴大了與長期客戶和農業領導者巴斯夫的合同，他們增加了 Planet 的田間邊界解決方案來支持 xarvio 數位平台。

As we discussed in our prior call, we're seeing digital agriculture applications shift towards new business models with better aligned incentives, and customers like BASF are at the forefront leading this transition. We also recently announced a partner led renewal and expansion with American Crystal Sugar via Planet partner, SatAgro, a precision agriculture company. Under this contract, SatAgro will use Planet data to provide American Crystal Sugar with advanced sugar beet monitoring in the northern United States, including harvest progression, yield prediction, and other insights to enable crop management decisions.

正如我們在先前的電話會議中所討論的那樣，我們看到數位農業應用正在轉向具有更一致激勵機制的新商業模式，而巴斯夫等客戶正處於引領這一轉變的最前沿。我們最近也宣布透過 Planet 合作夥伴、精準農業公司 SatAgro 與 American Crystal Sugar 進行合作，以進行續約和擴張。根據該合同，SatAgro 將使用 Planet 數據為美國水晶糖業公司提供美國北部先進的甜菜監測服務，包括收穫進度、產量預測和其他見解，以支持作物管理決策。

This brings us to product updates for Q2. As many of you saw, we successfully launched our first Tanager satellite and 36 SuperDoves onboard a SpaceX launch vehicle on August 16. We're 3 weeks into a few months long commissioning period for this first of its kind Tanager hyperspectral satellite.

這給我們帶來了第二季的產品更新。正如大家所看到的，我們在 8 月 16 日成功使用 SpaceX 運載火箭發射了第一顆 Tanager 衛星和 36 顆 SuperDove 衛星。我們已經為這顆首顆 Tanager 高光譜衛星進行了為期數月的調試，調試期已過三週。

I'm very proud of the progress that we've made as we work towards first light. On SuperDoves, our mature fleet that supports the PlanetScope daily scan, I'm pleased to report that all 36 satellites have been contacted.

我為我們在迎接曙光的過程中所取得的進展感到非常自豪。在 SuperDoves 上，我們成熟的衛星群支援 PlanetScope 每日掃描，我很高興地報告，所有 36 顆衛星都已聯繫上。

The first reached first light in a record three days, and they are rapidly going into production mode. This constellation remains the largest earth imaging fleet in history and the basis for our Planet's core differentiated data. I want to thank the global team that worked nights and weekends to make this launch and these missions happen.

第一批衛星創紀錄地在三天內就破曉，並且正在迅速進入生產模式。這個星座仍然是歷史上最大的地球成像艦隊，也是我們星球核心差異化資料的基礎。我要感謝全球團隊不分晝夜地工作，使這次發射和這些任務得以實現。

Finally, we are preparing to ship the Pelican-2 satellite in the coming months. As a reminder, the Pelican program has our next generation high resolution fleet, which enables continuity and enhancements over its predecessor SkySat, including in resolution, image quality, spectral bands, and imaging capacity. The Pelican-2 design incorporates NVIDIA's latest Jetson GPU module. With this GPU, Planet plans to enable edge compute allowing us to run AI onboard the satellite.

最後，我們準備在未來幾個月內發射 Pelican-2 衛星。提醒一下，Pelican 計畫擁有我們的下一代高解析度衛星群，與其前身 SkySat 相比，它具有連續性和增強功能，包括解析度、影像品質、光譜帶和成像能力。Pelican-2 設計採用了 NVIDIA 最新的 Jetson GPU 模組。利用此 GPU，Planet 計劃實現邊緣運算，使我們能夠在衛星上運行 AI。

When paired with our next generation communication technology, the program has the potential to decrease time to value by 10x, increasing customer value by significantly shortening the time of delivery of actionable insights.

與我們的下一代通訊技術相結合，該計劃有可能將價值實現時間縮短 10 倍，透過顯著縮短可操作見解的交付時間來提高客戶價值。

Finally, Pelican will also improve resolution with the Pelican-2 satellite already expected to offer up to 40-centimeter class resolution imagery as part of a program that we expect will ultimately deliver 30-centimeter class resolution.

最後，Pelican 還將利用 Pelican-2 衛星來提高分辨率，預計該衛星將提供高達 40 公分級分辨率的圖像，而我們預計該計畫最終將提供 30 公分級分辨率。

We look forward to sharing updates on Pelican-2 as the launch date approaches. In software products, we recently rolled out customer education on how to use our land surface temperature planetary variable to optimize agricultural practices.

隨著發射日期的臨近，我們期待分享有關 Pelican-2 的最新消息。在軟體產品方面，我們最近推出了關於如何使用地表溫度行星變數來優化農業實踐的客戶教育。

Land surface temperature can be a powerful tool to predict crop growth rates. Together with crop and regional specific models and Planet's daily monitoring, customers can use these tools to infer crop growth progress in specific areas.

地表溫度可以成為預測作物生長率的強大工具。結合作物和區域特定模型以及 Planet 的日常監測，客戶可以使用這些工具推斷特定區域的作物生長進度。

Our platform strategy continues to focus on providing tools that help reduce customer time to value and improve ease of use. In summary, we're steadily executing on our strategy and implementing a new industry aligned operating model across Planet to better support our customers and growth.

我們的平台策略持續專注於提供有助於縮短客戶價值實現時間並提高易用性的工具。總而言之，我們正在穩步執行我們的策略，並在整個 Planet 實施新的行業一致的營運模式，以更好地支持我們的客戶和成長。

The trends we're seeing in the government sector remain strong, fueled by heightened security needs, increased sustainability requirements, and global climate risks. In the commercial sector, we're making the strategic changes needed to better position Planet for the significant market opportunity that we believe we can capture while continuing our progress towards adjusted EBITDA profitability.

我們在政府部門看到的趨勢仍然強勁，這受到安全需求增強、永續性要求提高和全球氣候風險的推動。在商業領域，我們正在進行必要的策略變革，以使 Planet 更好地抓住我們認為可以抓住的重大市場機遇，同時繼續朝著調整後的 EBITDA 獲利目標邁進。

Finally, I'd like to say thank you to the Planet team members around the world for all your commitment and enthusiasm. I'm continually impressed by our innovation and leadership of Planeteers in pursuit of our mission.

最後，我要感謝世界各地的 Planet 團隊成員的所有承諾和熱情。我對地球衛士在追求使命過程中的創新精神和領導力印象深刻。

I'll now turn it over to Ashley. Over to you.

現在我將把發言權交給阿什利。交給你了。

Thanks, Will. The past quarter has been especially busy at Planet with a number of customer events, new technology launches, and, of course, realigning our business. I'd like to start off by sharing some of my reflections from our explore On The Road customer events around the globe.

謝謝，威爾。過去一個季度，Planet 特別忙碌，舉辦了多場客戶活動、發布了多項新技術，當然也進行了業務調整。首先，我想分享我參加全球各地「探索之路」客戶活動的一些感想。

Over the summer, we hosted events in Berlin, Washington DC, and Bogota, where we showcased our Planet Insights platform to help our partners and customers better understand the capabilities we seek to unlock for them with this new suite of tools.

今年夏天，我們在柏林、華盛頓特區和波哥大舉辦了活動，展示了我們的 Planet Insights 平台，以幫助我們的合作夥伴和客戶更好地了解我們希望透過這套新工具為他們解鎖的功能。

We talked about AI not as magic, but as a practical accelerant to insights and our platform not as a substitution for the solutions our partners build, but as an enabler for their solutions that can speed time to value for customers.

我們所說的人工智慧並不是魔法，而是洞察力的實用加速器，我們的平台並不是合作夥伴建構的解決方案的替代品，而是他們解決方案的推動者，可以加快為客戶實現價值的時間。

In August, I joined customers and partners in Bogota for a series of talks on topics ranging from law enforcement to forest protection to land management and infrastructure monitoring, all ideal use cases for our broad area management solutions.

8 月份，我與客戶和合作夥伴在波哥大舉行了一系列會談，討論的主題涵蓋執法、森林保護、土地管理和基礎設施監測等，這些都是我們廣域管理解決方案的理想用例。

It was personally energizing to spend time with customers and partners that are using Planet's data and platform combined with our partner's software and services to solve some of the world's most pressing challenges. We heard from representatives from a wide range of partners and customers joining us from all over Latin America.

我個人非常高興能與客戶和合作夥伴共度時光，他們使用 Planet 的數據和平台以及我們合作夥伴的軟體和服務來解決世界上一些最緊迫的挑戰。我們聽取了來自拉丁美洲各地的眾多合作夥伴和客戶的代表的發言。

At the event, the Brazilian Federal Police and our partner, SCCON, spoke about their latest ROI figures from the Brazil MAIS program, which uses Planet data paired with SCCON Solutions to stop illegal deforestation. They shared that they've collected billions of US dollars from fines, seized goods, and frozen assets since 2020. They also highlighted the path they took to secure the funds and governmental support for the program in the first place, offering other countries a roadmap to follow.

在活動中，巴西聯邦警察局和我們的合作夥伴 SCCON 介紹了巴西 MAIS 計劃的最新投資回報率數據，該計劃使用 Planet 數據與 SCCON 解決方案相結合來阻止非法砍伐森林。他們分享說，自 2020 年以來，他們已經透過罰款、扣押貨物和凍結資產收取了數十億美元。他們也強調了為該計劃爭取資金和政府支持所採取的措施，為其他國家提供了可遵循的路線圖。

This program has been so impactful that the Brazilian Federal Police announced on stage their ambitions to work with neighboring countries on similar programs for all countries of Amazonia. It's been truly inspiring to hear directly from our customers and partners how they're using Planet's data to solve critical problems and to understand what we can do to deliver greater value to them. I'll turn now to the financials for the quarter. Revenue for our second quarter in fiscal 2025 came in at a record $61.1 million which represents approximately 14% year-over-year growth.

該計畫影響深遠，巴西聯邦警察局當場宣布，他們計劃與鄰國合作，在亞馬遜地區所有國家開展類似的計畫。直接從我們的客戶和合作夥伴那裡了解他們如何使用 Planet 的數據來解決關鍵問題，並了解我們可以做些什麼來為他們提供更大的價值，這確實令人鼓舞。我現在來談談本季的財務狀況。我們 2025 財年第二季的營收達到創紀錄的 6,110 萬美元，較去年同期成長約 14%。

As Will mentioned, year-over-year revenue growth for the second quarter was led by our government customers, while we've continued to see macroeconomic and agriculture specific headwinds in the commercial sector. Under the new industry aligned operating model mentioned by Will, we believe we will enable greater team agility, better alignment with our customers, and sustainable growth across all sectors that we serve.

正如威爾所提到的，第二季的年收入成長主要由我們的政府客戶推動，而商業領域則繼續面臨宏觀經濟和農業的不利因素。在威爾提到的新的行業協調營運模式下，我們相信我們將實現更高的團隊靈活性、與客戶的更好協調以及我們所服務的所有行業的可持續成長。

To that end, we've assigned global go-to-market leads for the defense and intelligence, civil government, and commercial sectors to help drive both product and sales strategy. These business groups and leads will help direct product priorities and shape go-to-market strategy with a singular focus, growing the book of business in that market. We expect this new structure will enable us to better serve the needs of our customers with a more efficient model.

為此，我們為國防和情報、民政和商業部門指派了全球市場負責人，以協助推動產品和銷售策略。這些業務組和領導將有助於指導產品優先事項並制定以單一重點為重點的市場進入策略，從而擴大該市場的業務量。我們期望這種新結構能讓我們以更有效率的模式更能滿足客戶的需求。

From a geographic perspective, during the second quarter, EMEA revenue grew over 20% year over year. Asia Pacific grew over 40% year over year, while our team in Latin America drove revenue growth of over 30% year over year. Revenue in North America was up modestly on a year-over-year basis, reflecting solid growth in defense and intelligence offset by headwinds in the commercial sector. As of the end of Q2, our end of period customer count was 1,012 customers.

從地理角度來看，第二季度，EMEA 地區營收年增超過 20%。亞太地區營收年增超過 40%，而我們拉丁美洲團隊的營收年增超過 30%。北美地區的收入較去年同期略有成長，反映出國防和情報領域的穩健成長被商業領域的阻力所抵銷。截至第二季末，我們的期末客戶數為 1,012 名客戶。

The sequential change in end of period customer count reflects the increased focus of our direct sales team on larger customers in our core verticals and the focus of our product teams to enable smaller, more transactional customers to purchase through our platform or our marketplace partners. Recurring ACV or Annual Contract Value was 96% of our end of period ACV book of business, and over 90% of our end of period ACV book of business consists of annual or multiyear contracts.

期末客戶數量的環比變化反映了我們的直銷團隊更加關注核心垂直領域的大客戶，而我們的產品團隊則更加專注於讓規模較小、交易性更強的客戶透過我們的平台或市場合作夥伴進行購買。經常性 ACV 或年度合約價值占我們期末 ACV 業務帳簿的 96%，而我們期末 ACV 業務帳簿的 90% 以上由年度或多年期合約組成。

Our average contract length continues to be approximately two years weighted on an ACB basis. Net dollar retention rate at the end of Q2 was 99%, and net dollar retention rate with win backs was a 100%. Our net dollar retention rate for the quarter reflects some delays we experienced with bookings for certain large opportunities that we're pursuing with partners as well as continued headwinds in the commercial sector. As a reminder, at this point in the year, our net dollar retention rate reflects six months of contract renewals.

我們的平均合約期限仍為大約兩年（以 ACB 為基礎加權）。第二季末的淨美元留存率為 99%，贏回後的淨美元留存率為 100%。本季的淨美元留存率反映了我們與合作夥伴共同追求的某些大型機會的預訂遇到的一些延遲，以及商業領域持續存在的阻力。提醒一下，今年這個時候，我們的淨美元保留率反映了六個月的合約續約。

Our net dollar retention rate starts each fiscal year at a 100% then builds through the course of the year toward our final full year result. Turning to gross margin. Non-GAAP gross margin for the second quarter was 58%, which was better than we had originally expected, in part due to the mix of deals leveraging partner solutions as well as benefits from the cloud infrastructure investments we've made to optimize cost.

我們的淨美元保留率在每個財政年度開始時為 100%，然後在整個年度內逐漸增加，直至達到最終的全年業績。轉向毛利率。第二季的非公認會計準則毛利率為 58%，優於我們最初的預期，部分原因是利用合作夥伴解決方案的交易組合以及我們為優化成本而進行的雲端基礎設施投資帶來的好處。

Adjusted EBITDA loss was $4.4 million for Q2, marking another quarter of sequential improvement in adjusted EBITDA. The upside to our prior guidance was driven largely by better than expected gross margins and increased efficiencies in our new industry aligned go-to-market structure.

第二季調整後 EBITDA 虧損為 440 萬美元，標誌著調整後 EBITDA 再次連續季度改善。我們先前預期的上升主要是由於毛利率優於預期，以及我們新的與產業一致的市場結構效率的提高。

As Will noted, we made reductions to our teams in Q2 in service of becoming more effective and more efficient in our global operations. As a result, we expect to achieve an estimated $35 million of annual operating expense run rate savings.

正如威爾所指出的，我們在第二季度縮減了團隊規模，以提高我們全球營運的效率和效益。因此，我們預計每年可節省約 3500 萬美元的營運費用。

Additionally, we incurred approximately $10.5 million of one time nonrecurring charges related to the restructuring during the quarter. The reductions align with our commitment to reaching adjusted EBITDA profitability by the fourth quarter of this fiscal year, and we remain on track to achieve this important milestone.

此外，本季我們發生了與重組相關的約 1,050 萬美元的一次性非經常性費用。此次減幅符合我們在本財年第四季實現調整後 EBITDA 獲利的承諾，我們仍有望實現這一重要里程碑。

Capital expenditures, including capitalized software development were $16.6 million for the quarter. With the additional investment in the Pelican and Tanager programs anticipated for this year, we expect CapEx to remain at a similar level in Q3 and Q4.

本季資本支出（包括資本化軟體開發）為 1,660 萬美元。由於預計今年將對 Pelican 和 Tanager 項目進行額外投資，我們預計第三季和第四季的資本支出將保持在相似水準。

Turning to the balance sheet, we ended the quarter with approximately $249 million of cash, cash equivalents, and short-term investments, which we continue to believe provides us with sufficient capital to invest behind our core growth accelerating initiatives and achieve cash flow break-even without needing to raise additional capital, and we still have no debt outstanding.

談到資產負債表，本季結束時我們擁有約 2.49 億美元的現金、現金等價物和短期投資，我們仍然相信這為我們提供了足夠的資本來投資我們的核心增長加速計劃並實現現金流收支平衡，而無需籌集額外資本，而且我們仍然沒有未償還的債務。

At the end of Q2, our Remaining Performance Obligations, or RPOs, were approximately a $112 million of which approximately 78% applied to the next 12 months and 97% to the next two years. Our backlog, which includes contracts with the termination for convenience clause, which is common in our US federal contracts and occasionally found in other customer contracts was approximately $214 million of which approximately 65% apply to the next 12 months and 87% to the next two years.

截至第二季末，我們的剩餘履約義務（RPO）約為 1.12 億美元，其中約 78% 適用於未來 12 個月，97% 適用於未來兩年。我們的積壓合約（包括有便利終止條款的合約）約為 2.14 億美元，這在我們的美國聯邦合約中很常見，偶爾也出現在其他客戶合約中，其中約 65% 適用於未來 12 個月，87% 適用於未來兩年。

As a reminder RPOs and backlog can fluctuate quarter-to-quarter as revenue is recognized against customer contracts and multiyear contracts come up for renewal. Let me now turn to our guidance for the third quarter of fiscal 2025. We're expecting revenue to be between $61 million and $64 million which represents growth of approximately 10% to 16% year over year.

提醒一下，由於收入是根據客戶合約確認的，而且多年期合約即將續簽，因此 RPO 和積壓訂單可能會逐季度波動。現在讓我來談談我們對 2025 財年第三季的指引。我們預計營收將在 6,100 萬美元至 6,400 萬美元之間，年增約 10% 至 16%。

We expect non-GAAP gross margin for Q3 to be between 59% and 61%. As a reminder, quarterly gross margin can fluctuate based on the mix of business and the inclusion of partner solutions in our contracts, particularly with government customers.

我們預計第三季非公認會計準則毛利率在 59% 至 61% 之間。提醒一下，季度毛利率可能會根據業務組合以及合約中合作夥伴解決方案的納入情況（尤其是與政府客戶的合約）而波動。

Gross margin guidance also reflects approximately $0.5 million of impact from the higher depreciation expense related to 3 of our SkySat satellites that we've discussed on our prior calls, which we expect will be completed during the quarter. We expect our adjusted EBITDA loss for the third quarter to be between negative $5 million and negative $2 million.

毛利率指引也反映了我們在先前的電話會議上討論過的 3 顆 SkySat 衛星的較高折舊費用造成的約 50 萬美元的影響，我們預計這些衛星將在本季度完成。我們預計第三季調整後的 EBITDA 虧損將在負 500 萬美元至負 200 萬美元之間。

We are planning for capital expenditures of approximately $13 million to $16 million in Q3, reflecting our continued investments in our next generation fleets as well as the ongoing maintenance CapEx for our PlanetScope constellation.

我們計劃在第三季投入約 1,300 萬至 1,600 萬美元的資本支出，這反映了我們對下一代衛星群的持續投資以及 PlanetScope 星座的持續維護資本支出。

Looking to the remainder of the year, we continue to see strong demand signals from the government sector. Our pipeline of seven- and eight-figure opportunities in both the defense and intelligence and civil government sectors remains healthy, and we're pursuing a range of large opportunities, both domestically and abroad, although it remains hard to predict the timing and size of large customer wins.

展望今年剩餘時間，我們將繼續看到政府部門的強勁需求訊號。我們在國防情報和民政部門的七位數和八位數機會管道仍然保持健康，我們正在國內外尋求一系列大型機會，儘管仍然很難預測贏得大客戶的時間和規模。

We were pleased with our Q2 wins, which included NATO and multiple international government customers, proof points of the demand and value of our high cadence broad area solutions, and representative of opportunities where we see significant room for expansion. I'd like to close by saying that I'm incredibly proud of the commitment and performance of our Planeteers globally.

我們對第二季的勝利感到高興，其中包括北約和多個國際政府客戶，這證明了我們高節奏廣域解決方案的需求和價值，並代表了我們看到的巨大擴展空間的機會。最後，我想說，我為全球地球衛士的承諾和表現感到無比自豪。

As a testament to the commitment of our teams to our customers, our technical support team was once again honored as a Stevie award winner in multiple categories for 2024, a prestigious award in sales and customer service. We believe the changes we talked about today will enable us to strengthen even further our commitment to our customers while also driving greater predictability, consistency, and efficiency to the business over time, which are key priorities that we consider fundamental to accelerating our growth scalably.

為了證明我們團隊對客戶的承諾，我們的技術支援團隊再次榮獲 2024 年史蒂夫獎多個類別的獲獎者，這是銷售和客戶服務領域的一項享有盛譽的獎項。我們相信，今天談到的變化將使我們能夠進一步加強對客戶的承諾，同時隨著時間的推移提高業務的可預測性、一致性和效率，這是我們認為加速我們規模化成長的關鍵優先事項。

And we believe our partner and platform led strategy will enable us to tap into the larger market opportunity that we see for our data across both commercial and government sectors. Operator, that concludes our comments. We can now take questions.

我們相信，我們的合作夥伴和平台主導策略將使我們能夠挖掘我們在商業和政府領域看到的更大的數據市場機會。操作員，我們的評論到此結束。現在我們可以回答問題了。

(Operator Instructions) Ryan Koontz, Needham & Company.

（操作員指示）Ryan Koontz，Needham & Company。

With regards to the -- some housekeeping first on numbers, I see North America down in the quarter sequentially as well as RPO down last couple of quarters. Can you actually kind of unpack what's going on there in terms of some of the puts and takes across different segments? Appreciate that.

關於數位方面，首先我發現北美地區本季環比下降，而且 RPO 在過去幾季也出現下降。您能否從不同細分市場中的一些投入和產出角度來解釋其中發生的事情？非常感謝。

Yes. I think the simplest answer is to -- is just to remind you that we have a number of larger opportunities particularly with government entities, many of whom cannot sign more than one year at a time. There's just a baked-in renewal. And so that can create some lumpiness in terms of timing of new business. And I think that's generally what is driving RPOs and backlog this quarter. In terms of the geographic growth rates In North America specifically, the US the performance by commercial is what's impacting that growth rate.

是的。我認為最簡單的答案是——只是提醒您，我們有許多更大的機會，特別是與政府實體，其中許多實體不能一次簽署超過一年的合約。這只是一次內在的更新。因此，這可能會在新業務的時機方面造成一些不平衡。我認為這通常是本季推動 RPO 和積壓訂單的原因。就地理成長率而言，特別是在北美，美國的商業表現是影響成長率的因素。

And in terms of the gross margin there, nice gross margin improvement in the quarter really strong and nice to see it reflected in the guide as well. Can you unpack that for us a little bit in terms of what some of the drivers there? I recall that some packaging of partner products were weighing that down in past quarters as well as some of the write-offs from the solar storm. Is a lot of that in the rearview mirror now?

就毛利率而言，本季毛利率改善非常強勁，很高興看到這也反映在指南中。您能否為我們稍微解釋一下那裡的一些司機的情況？我記得過去幾季一些合作夥伴產品的包裝以及太陽風暴造成的一些損失對此造成了影響。現在很多事情都已經過去了嗎？

It's getting into the rearview mirror. That actually continued into Q2 and there's a bit of a tail of that into Q3, which I referenced. The gross margins benefited, one, from the performance of our software engineering teams and the efficiencies that they've been driving in our cloud infrastructure. Another driver is mix of business.

它正進入後視鏡。這種趨勢實際上一直持續到第二季​​度，並且在第三季度還有一定的餘波，正如我所提到的。毛利率的提高首先得益於我們軟體工程團隊的出色表現以及他們在雲端基礎設施方面所推動的效率。另一個驅動因素是業務組合。

So as you referenced depending on the mix of new business in the quarter that includes partners, we can see cost of goods sold fluctuate as a result of that. So that is another one of the drivers versus the guidance that we had previously given.

因此，正如您所提到的，根據本季包括合作夥伴在內的新業務組合，我們可以看到銷售成本會因此而波動。因此，這是與我們之前給出的指導相反的另一個驅動因素。

And then again, in our core business as we continue to sell data deals with our one-to-many model, bringing new customers on allows gross margins to expand. So it's a combination of all those factors that drove the upside in the quarter.

再說了，在我們的核心業務中，隨著我們繼續以一對多模式銷售數據交易，吸引新客戶可以擴大毛利率。因此，所有這些因素共同推動了本季的上漲。

Michael Latimore, Northland.

邁克爾·拉蒂莫爾，北國。

Yes, I guess just sticking with gross margin, you've guided for that to be in the sort of 59% to 61% range, I think, in the third quarter here. Is that a good new kind of baseline to think about that it should be at least that level going forward?

是的，我想只要堅持毛利率，您預計第三季的毛利率將在 59% 到 61% 之間。這是否是一個很好的新基準，可以考慮至少在未來達到這個水準？

I mean, that's certainly how we're targeting it. Again, the only caution I would give is depending on mix of business that we sign, we could see pressure if we were to sign a larger deal that included for which we were prime and includes other partners.

我的意思是，這確實是我們的目標。再次強調，我唯一要提醒的是，根據我們簽署的業務組合，如果我們簽署一份更大的協議，其中包括我們作為主要合作夥伴並包括其他合作夥伴，我們可能會面臨壓力。

But yes, and as we move forward, obviously, the more business we're bringing on to the platform, that's a very scalable model. So that helps us balance out other times where we might see partner costs weighing it down. So that's certainly our ambition is to sustain and improve from here.

但是的，隨著我們不斷前進，顯然，我們在平台上帶來的業務越多，這是一個非常可擴展的模型。這樣可以幫助我們平衡其他可能因合作夥伴成本而產生的壓力。因此，我們的目標當然是維持現狀並不斷改進。

And then, can you just give an update on the pilots that you've been working on? How many did you have in the second quarter? Do you have any in the third quarter? Just an update on that would be great.

那麼，您能否介紹一下您正在進行的試播節目的最新進展？第二季你有幾個？第三季有嗎？只要對此進行更新就很好了。

Yes. I'm happy to speak to that a little bit. Yes. So as you know, we've been doing these pilots for with AI on top of our PlanetScope daily scan, and we've done a couple this year already. We expect to have more later this year. And then we're most importantly, building the foundations to build those into operational vehicles, which doesn't happen overnight, but we're definitely making good progress on that.

是的。我很高興談論一下這個問題。是的。如你所知，我們一直在 PlanetScope 每日掃描的基礎上利用人工智慧進行這些試點，今年我們已經做了幾次了。我們預計今年晚些時候會有更多。然後，最重要的是，我們要打下基礎，將它們打造成可操作的工具，這並非一朝一夕就能實現的，但我們在這方面確實取得了良好的進展。

And I guess just last on the ag sector. The headwinds there, do you feel like does that stabilize on a sequential basis third or fourth quarter this year?

我想最後談談農業領域。那裡的逆風，您是否認為今年第三季或第四季的逆風會比去年同期穩定下來？

I mean, we certainly are hearing more positivity from our ag partners and customers. So I'm optimistic about that as a market that can certainly get a lot of benefit from Planet's products and solutions. And we've got a number of really good customers in that space, some of whom were referenced on this call, so.

我的意思是，我們確實從我們的農業合作夥伴和客戶那裡聽到了更多積極的評價。因此，我對此持樂觀態度，認為該市場肯定能從 Planet 的產品和解決方案中獲益良多。我們在該領域擁有許多非常好的客戶，其中一些客戶在這次電話會議上被提及。

Yes, the BASF, xarvio. And look, as I mentioned, we're moving towards the right sort of incentive model and that's important. And the overall optimism that Ashley and I share there is that the sector fundamentally can benefit from our data and farmers can improve yields, decrease costs, and therefore increase profitability. And all of that sense remains. And as these customers like BASF leverage the tools in a way that's where we have business alignment like this beginning to do, I think we begin to see that turnaround. So we very much believe in the long-term in that market still.

是的，巴斯夫，xarvio。正如我所提到的，我們正在朝著正確的激勵模式邁進，這很重要。我和艾希莉都抱持樂觀的態度，認為該行業從根本上可以從我們的數據中受益，農民可以提高產量、降低成本，從而提高獲利能力。而所有這些意義依然存在。隨著像巴斯夫這樣的客戶利用這些工具，我們開始像這樣進行業務協調，我認為我們開始看到這種轉變。因此，我們仍然非常相信該市場的長期前景。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Just wanted to follow up on the NATO contract that you won, the NATO apps contract. Can you provide a little bit more color around the program structure and the size of that opportunity? I think NATO had said that the overall program could be worth like a combined $1 billion over five years, like, what's addressable to you?

只是想跟進一下您贏得的北約合同，即北約應用程式合約。您能否詳細介紹一下該計劃的結構以及該機會的規模？我認為北約曾說過，整個計劃在五年內的總價值可能達到 10 億美元，您能給什麼建議？

Yes, it's great question, firstly, we're very excited about this introductory partnership. It's very exciting what value proposition I think NATO can gain from our data broad assessment of threats and across wide areas of interest that they have and also a common operating picture between allies.

是的，這是一個很好的問題，首先，我們對這次初步合作感到非常興奮。我認為北約可以從我們的數據中獲得非常令人興奮的價值主張：對威脅進行廣泛的評估，涵蓋他們所關注的廣泛領域，以及盟友之間的共同作戰圖景。

With our data being unclassified and shareable, it means they can share this information between different countries and of course, NATO as an alliance can really benefit from that sort of common operating and understanding.

由於我們的數據是非機密且可共享的，這意味著他們可以在不同國家之間共享這些信息，當然，北約作為一個聯盟可以真正受益於這種共同的行動和理解。

To your point about the size, yes, I mean, that's right. The governments have committed up to $1 billion to that program over five years. We're at the beginning end of that, so it will ramp. But we think it's a significant opportunity for Planet to support, so we're very excited about it.

關於尺寸的問題，是的，我是說，沒錯。各國政府已承諾在未來五年內為該計劃投入高達 10 億美元。我們正處於這過程的開始階段，因此它會逐漸增加。但我們認為這對 Planet 來說是一個重要的支持機會，所以我們對此感到非常興奮。

And then when we -- I guess, we have the first satellite now launched, do you peel back the curtain a little bit on Tanager? I mean, what sort of early contributions are you expecting from this first satellite? And what's your latest thinking about launching the second one?

然後，當我們——我想，我們現在發射了第一顆衛星，你會稍微揭開 Tanager 的面紗嗎？我的意思是，您對這顆第一顆衛星有何早期貢獻期待？您對推出第二部電影的最新想法是什麼？

Great. Yes, I mean, firstly, I mean, the teams have worked incredibly to build and now starting to commission that first satellite. It's really fantastic to see the progress there and hard work. And that satellite as I mentioned is an early part of its commissioning. As the revenue opportunities, we're very excited about the number of vertical markets that that -- and use cases that that hyperspectral imagery opens up.

偉大的。是的，首先，我的意思是，團隊已經付出了極大的努力來建造第一顆衛星，現在正開始調試它。看到那裡的進步和辛勤的工作真是太棒了。正如我所提到的，該衛星還處於調試的早期階段。作為收入機會，我們對高光譜影像開啟的垂直市場數量和用例感到非常興奮。

And I think we've mentioned before that we've already got two customers there, one in the form of carbon mapper, the people that help to fund the program, looking at the environmental use case of methane data.

我想我們之前提到過，我們在那裡已經有兩位客戶，一位是碳測繪員，他們是資助該計畫的人，研究甲烷數據的環境用例。

And we also have the NRO, the National Reconnaissance Office that buys our data, and we have a small contracting vehicle for that that is can expand as we get operational data, which is exciting. But also, we have been working with multiple other entities.

我們還有國家偵察局 (NRO) 購買我們的數據，我們有一個小型承包平台，隨著我們獲得營運數據，它可以擴展，這是令人興奮的。而且，我們還一直在與其他多個實體合作。

We've about a dozen oil and gas operators, two large ag companies and others where mining companies and so on, that we're doing early product work developing the use cases such that when we start producing operational data, we can start building those markets. It is a nascent market, but we believe that this is our first foray into it, and it's an exciting opportunity.

我們有大約十幾家石油和天然氣運營商、兩家大型農業公司和其他礦業公司等，我們正在進行早期產品工作，開發用例，以便當我們開始產生營運數據時，我們就可以開始建立這些市場。這是一個新興市場，但我們相信這是我們首次涉足該市場，這是一個令人興奮的機會。

And if I could squeeze the last question in. I mean, the NGA announced plans to spend $700 million over the next five years to improve AI labeling of space imagery. I guess for something like that, that seems like exactly in your wheelhouse.

如果我可以擠出時間問最後一個問題的話。我的意思是，NGA 宣布計劃在未來五年內投入 7 億美元來改善太空影像的 AI 標記。我想對於這樣的事情，這似乎正是你的駕駛室。

So can you talk about how your position for this contract? And is this a winner takes all type of pursuit? Or do you see this carrying multiple vendors? How do you think about timing and any sort of perspective on the sizable opportunity for you would be really helpful?

那麼你能談談你對這份合約的立場嗎？這是否是贏家通吃的追求？或者您認為這涉及多個供應商嗎？您如何看待時機？對於這個對您來說非常重要的機會，您有何看法？

Yes, absolutely we track that. Obviously, we work closely with NGA. That particular opportunity is more focused on labeling of data, which is not what we do. We don't do labeling, right? Generally, the technology is moving away from that kind of method more towards the sort of automatic.

是的，我們絕對會追蹤這一點。顯然，我們與 NGA 密切合作。這個特定的機會更專注於資料標記，而這不是我們所做的。我們不貼標籤，對嗎？總體而言，技術正在從這種方法轉向自動化方法。

These large language models and foundation models are able to be more 0 shot or 1 shot learning, which is very different, where you don't have to mass scale labeling of data. So I think the better place for us to be able to be contributing is where we combine these foundation models with our data set to do profound things like look over large areas for new threats and so on, which fits more into other opportunities.

這些大型語言模型和基礎模型能夠進行更多的 0 或 1 次學習，這是非常不同的，你不必對資料進行大規模標記。因此，我認為我們能夠做出貢獻的更好地方是將這些基礎模型與我們的數據集相結合，以做一些深刻的事情，例如查看大面積區域以發現新威脅等，這更適合其他機會。

Trevor Walsh, JMP.

特雷弗·沃爾什（Trevor Walsh），JMP。

Ashley or Will, just question around the go-to-market changes, kind of, at the top level that you had mentioned. Understand you've got new leadership at kind of at each of the primary vertical areas. Just curious kind of maybe just diving in a little deeper, what exactly those, kind of new leaders will be focusing on that's maybe different, or in addition to kind of how each of those business units were kind of being run before and sort of what the kind of 30, 60, 90 kind of day plan is for those folks.

阿什利 (Ashley) 或威爾 (Will)，請問一下您提到的有關上市變化的一些最高層次的問題。了解您在每個主要垂直領域都擁有新的領導層。只是好奇，也許只是想深入了解一下，這些新領導者究竟會關注什麼，這些新領導者可能會關注哪些不同之處，或者除了以前每個業務部門的運作方式之外，以及這些人的 30、60、90 天計劃是什麼樣的。

Yes, thanks for the question. Again, it's really more of taking the work that we started last year and actually just moving a bit deeper and more aggressively towards aligning around our customers. So a year ago, we talked about the fact that we were aligning our sales teams to these customer verticals. So that was really kind of focused on our AE's and kind of how our balance of investment was on that line.

是的，謝謝你的提問。再說一次，這實際上更多的是我們去年開始的工作，實際上只是更深入、更積極地圍繞我們的客戶進行調整。因此，一年前，我們討論了將我們的銷售團隊與這些客戶垂直領域結合。因此，這實際上集中在我們的 AE 以及我們的投資平衡情況。

What we've done is said, really, we should be looking at our broader commercial organization and alignment as well as our product teams and how we're thinking about the alignment of those resources behind the demands that are going to serve the broadest array of customers and meet the needs of these customers very directly.

我們所做的是，實際上，我們應該審視我們更廣泛的商業組織和協調以及我們的產品團隊，以及我們如何考慮將這些資源與服務於最廣泛的客戶群並直接滿足這些客戶需求的需求進行協調。

So that's really the nature of the organizational model changes. In terms of the leadership, so these are all people that existed in the company and were strong leaders already in their own right, partnering sales and product to lead these initiatives to really focus on accelerating the growth of the book of business.

這確實是組織模式變化的本質。就領導階層而言，這些都是公司現有的人員，他們本身就是強有力的領導者，與銷售和產品部門合作領導這些計劃，真正專注於加速業務的成長。

And so that means really thinking about the renewals of existing accounts, the opportunities to expand them, and where the most robust pipeline is that we can be targeting both our sales execution and our product development strategies too. So that's the nature of the organizational changes. And with that, quite honestly, we were able to drive a lot of efficiencies and frankly achieve upside on those efficiencies versus what we had expected coming into the quarter.

因此，這意味著我們要認真考慮現有帳戶的續約、擴大帳戶的機會，以及最強大的管道，以便我們可以同時瞄準銷售執行和產品開發策略。這就是組織變革的本質。透過這種方式，坦白說，我們能夠提高很多效率，並且坦白說，與我們對本季的預期相比，這些效率有所提高。

If I can only add that I think the teams have got going really quickly and with the singular focus of growing the book of business for their vertical across sales and product, as Ashley was just saying, they really got going quite quickly and I think it will, as I said, both lead to better growth and to operational efficiency that we've seen. Any other question?

如果我只能補充一點，我認為這些團隊已經非常迅速地開始行動，並且專注於擴大其在銷售和產品垂直領域的業務，正如阿什利剛才所說的那樣，他們確實開始得非常快，而且我認為，正如我所說的，這將帶來更好的增長和我們所看到的運營效率。還有其他問題嗎？

Yes. Just one last one from me. So actually, just around the guidance for 3Q and beyond, I know you've talked previously about just challenges around, especially the larger government contracts and getting the timing of those. I'm just -- you've talked about the pipeline as well. But then in this quarter, you actually, it looks like between the NATO deal and some of the other seven-figure contracts that you mentioned, it looks like some of those are actually coming to fruition.

是的。我只想說最後一個。因此實際上，就第三季及以後的指導而言，我知道您之前已經談到過周圍的挑戰，特別是較大的政府合約及其時機。我只是——你也談到了管道。但在本季度，實際上，看起來北約協議和您提到的其他一些七位數合約中的一些似乎正在取得成果。

So as you think about the guidance, is it now kind of a -- is it the rev rec around just getting those completed contracts operational? And that's what's kind of the lack of visibility on that front is kind of gumming up the works A little bit to kind of give a little bit broader kind of full year guide. I was just curious kind of where the kind of the challenges remain as far as kind of the outlook on the top-line.

因此，當您考慮指導時，它現在是不是有點 - 它是圍繞著使那些已完成的合約投入運營的修訂建議？這就是這方面缺乏可見性的原因，這有點阻礙了工作的進行，需要提供更廣泛的全年指南。我只是好奇，就營收前景而言，挑戰還在哪裡。

Yes, it's actually consistent with what I spoke about even at the beginning of the year, in terms of having a lot of different ways that we can kind of get to the number and the balance of those opportunities then drive different outcomes in terms of specifically what you referenced.

是的，這實際上與我在今年年初所說的一致，即我們可以透過多種不同的方式來獲得這些機會的數量和平衡，然後根據您提到的具體內容來推動不同的結果。

So revenue recognition, but also the mix of partners and therefore the impact on gross margin. And obviously that flows through the rest of the P&L. So we are obviously progressing through the year and getting a better sense for how these deals are coming together and what we need to do to close them.

因此，收入確認以及合作夥伴的組合都會對毛利率產生影響。顯然，這會流經損益表的其餘部分。因此，我們顯然在這一年中取得了進步，並且更好地了解了這些交易是如何達成的，以及我們需要做些什麼來完成這些交易。

But until we are in a position where we know exactly what the mix of business is going to be driving revenue in the quarter, it just makes it challenging to give that full year guidance. But as you noted, we had a number of really great wins in the quarter. We continue to have really strong pipeline for Q3.

但在我們確切知道哪些業務組合將推動本季的收入之前，提供全年指導將非常困難。但正如您所說，我們在本季度取得了許多真正偉大的勝利。我們第三季的銷售管道依然非常強勁。

So we remain very optimistic, especially with these new business leaders being able to reaccelerate the growth. But at this point, kind of taking it a quarter at a time until we've got a bit more predictability and ability to call with confidence the full year number all the way through the P&L.

因此，我們仍然非常樂觀，特別是這些新的商業領袖能夠重新加速成長。但目前，我們只能一個季度一個季度地進行，直到我們能夠更有預測性，並且能夠自信地透過損益表來預測全年的數字。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Hey, Will, could you talk a little bit more about the pilots that you were doing for the US government, the D&I customers there? I know you gave some comments in response to a question earlier, but I think some more detail might be helpful. How did those pilots go? What did you learn? What did your customers learn? And how does this become a larger opportunity for you, and when might that happen?

嘿，威爾，你能再多談談你為美國政府和那裡的 D&I 客戶所做的試點嗎？我知道您之前針對一個問題發表了一些評論，但我認為更詳細的資訊可能會有所幫助。那些飛行員怎麼樣了？你學到了什麼？您的客戶學到了什麼？這對您來說如何成為一個更大的機會？什麼時候會發生？

Yes. Happy to speak a little bit more. Obviously, I gave a little bit of color on this. Firstly, the pilots earlier this year were broadly successful, and we expect more to come. As I mentioned, I think one way to think about what they're getting value at is actually an example we gave in our slides with the New York Times article that came out where investigative journalists -- often we can't talk to the specific use cases with the DOD and intelligence -- defense intelligence customers, right?

是的。很高興能多說一點。顯然，我對此做了一些說明。首先，今年稍早的試點取得了廣泛成功，我們期待未來會有更多試點。正如我所提到的，我認為思考他們所獲得的價值的一種方法實際上是我們在幻燈片中給出的一個例子，即《紐約時報》的文章，其中調查記者 - 通常我們無法與國防部和情報部門 - 國防情報客戶談論具體的用例，對嗎？

But actually, what the New York Times did with an investigative journalist is somewhat analogous. They are looking at China and found these new settlements, villages that China has put sometimes in disputed territory between China and India, China and Bhutan and other countries, and exposed a new threat the world didn't know about, right? So that is exactly using AI on top of our broad area scan to find new threats. And that's what these pilots are doing.

但實際上，《紐約時報》對調查記者的做法有些類似。他們正在關注中國，發現中國有時在中國與印度、中國與不丹以及其他國家之間的爭議領土上建立這些新定居點和村莊，這暴露了世界不知道的新威脅，對嗎？所以這正是在我們的廣泛區域掃描的基礎上使用人工智慧來發現新的威脅。這些飛行員正在做的事情就是如此。

The potential is a peripheral vision to help find unknown unknowns for the intelligence community. And that's a big thing. That's why we have very strong demand signal, but also new programs and budgets as you're aware, Jason, take time to establish, and that's what we're working on with them.

其潛力在於透過週邊視野幫助情報界發現未知的未知事物。這是一件大事。這就是為什麼我們有非常強烈的需求訊號，但正如你所知，傑森，新的計劃和預算需要時間來建立，這就是我們正在與他們合作的事情。

So this is multiple quarter, multiple year kind of process to bring this to a meaningful contract value. I'm just trying to get a little bit better understanding. And then, actually, I think it'd be helpful if you don't mind, maybe providing some insight on what revenue level you think the company needs to achieve in order to get to cash flow break-even.

因此，這是一個需要多個季度、多年的過程，才能達到有意義的合約價值。我只是想更好地理解一下。然後，實際上，如果您不介意的話，我認為這將會很有幫助，也許可以提供一些見解，說明您認為公司需要達到什麼樣的收入水平才能實現現金流收支平衡。

Yes, I mean, I would say it is a multiple quarter effort. That's the sort of timeframe we can expect to see ramp. Ashely on the --

是的，我的意思是，我想說這是多個季度的努力。這就是我們預期看到成長的時間範圍。阿什利在——

Yes, I mean, my color on cash flow break-even will be consistent with what I've said in prior quarters. So obviously, first order priority is making sure that we're maintaining a cross structure such that regardless of the top-line, we're always in a position of maintaining a healthy balance sheet.

是的，我的意思是，我對現金流損益平衡的看法與我在前幾個季度所說的一致。因此，顯然，首要任務是確保我們維持交叉結構，以便無論營收如何，我們始終能夠維持健康的資產負債表。

So as we think about moving first to the objective of EBITDA profitability and then bringing down cash burn by expanding EBITDA profitability to offset CapEx, and then managing CapEx either by kind of being in more of a maintenance CapEx mode as opposed to right now, we're in an investing CapEx mode to ensure that we're preserving cash and not putting ourselves in a situation where we need to raise outside capital.

因此，當我們考慮先實現 EBITDA 獲利目標，然後透過擴大 EBITDA 獲利能力來抵銷資本支出，從而降低現金消耗，然後透過維護資本支出模式來管理資本支出，而不是像現在這樣，我們處於投資資本支出模式，以確保我們保留現金，而不是讓自己陷入需要籌集外部資本的情況。

So it's a combination of continuing to drive operation efficiencies, focusing on revenue acceleration, and pacing our CapEx investments so that we're existing with the cash that we've got on our balance sheet today. Any follow up question, Jason?

因此，我們需要繼續提高營運效率，注重收入加速，並控制資本支出投資，以便我們能夠利用目前資產負債表上的現金。還有其他問題嗎，傑森？

No, sorry. I had thanked you for the two and thought you were limiting it there, so all set.

不，抱歉。我已經為這兩件事向你們表示感謝，並且以為你們只是限制了一下而已，所以一切就緒了。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Hey, this is Daniel on for Jeff. I wanted to ask on the RIF and how to model that. So the 10% RIF last year, just because of other expenses coming in. Overall, OpEx stayed pretty flat this year obviously a bigger RIF with the 17% or the [$35 million]. Just any thoughts on how much other expense will be coming in offsetting that, or just sort of on a net basis, how to think about what we should be modeling taking out?

嘿，我是丹尼爾，代替傑夫。我想問一下 RIF 以及如何對其進行建模。因此，去年的 10% RIF 只是因為其他費用的進入。總體而言，今年的營運支出基本上持平，顯然 RIF 更大，17% 或[3500萬美元]。您是否想過，有多少其他費用可以抵消這筆支出，或者只是在淨額基礎上，我們應該如何考慮模型中應該扣除多少費用？

Yes, really good question, Daniel. So we're seeing most of the savings in salary and payroll as I outlined, and we'll see the majority of that -- most of that in Q3 and obviously Q4 is when that should be pretty clean. This will be partially offset by less contra R&D expenses as the Tanager program is coming to completion. So that funded R&D offset will decrease pretty substantially.

是的，丹尼爾，這個問題問得真好。因此，正如我所概述的，我們看到大部分的節省都體現在工資和薪水上，而且我們將在第三季度看到大部分節省，而顯然在第四季度節省的金額應該會比較小。隨著 Tanager 計畫即將完成，這一成長將被減少的研發費用部分抵銷。因此，資助的研發補償將大幅減少。

But there's also some seasonality in some other expenses, in particular sales and marketing and G&A, as you know, depending on timing of new bookings and certain key renewals that can impact the timing of commission expense. And then audit timing can impact the recognition of those fees. The other factor, just to keep in mind, is the mix of partner revenue.

但其他一些費用也有一定的季節性，特別是銷售和行銷以及一般行政費用，正如您所知，這取決於新預訂的時間和某些關鍵續約的時間，這些可能會影響佣金費用的時間。然後審計時間會影響這些費用的確認。需要記住的另一個因素是合作夥伴收入的組合。

So as I mentioned, that drove upside for us in the quarter where we saw less partner expenses in the quarter relative to other business that was closed and revenue recognized. And as that flexes quarter-to-quarter, that can cause some changes. But the savings were realized across largely sales and marketing and R&D, with a little bit in COGS and G&A as well.

正如我所提到的，這為我們帶來了本季的上行收益，因為相對於其他已關閉並確認收入的業務而言，本季的合作夥伴費用有所減少。隨著季度變化，這可能會帶來一些變化。但節省主要體現在銷售、行銷和研發方面，也有少量體現在銷貨成本和一般及行政費用方面。

And then just maybe as you talk about partners, to stick on the partner theme, gross margins, great to see them coming in at 57%. I think the expectation was around 52%. Just, I take it on the driver of that, if that's the partner revenue that that would be sort of a several million dollars revenue delta between what was expected from partners and what came in. So if that didn't come in, just what was some of the strength this quarter that you saw that filled that?

然後也許正如您談論合作夥伴一樣，堅持合作夥伴主題，毛利率，很高興看到他們的毛利率達到 57%。我認為預期是52%左右。我只是將其視為一個驅動因素，如果這是合作夥伴的收入，那麼合作夥伴的預期收入和實際收入之間就會存在數百萬美元的收入差額。那麼，如果沒有出現這種情況，您認為本季有哪些優勢可以彌補這一缺陷？

Again, it just depends on whether we sign as the prime and so therefore, we're taking gross revenue and recognizing the partner expense or whether we're coming in as not prime and delivering just a pure data deal. Sometimes it's a some of the core business that we just have direct relationships with expanding. So again, the mix of business in our pipeline is quite varied.

再說一遍，這取決於我們是否以主要合作夥伴的身份簽約，因此，我們獲取總收入並確認合作夥伴費用，或者我們是否以非主要合作夥伴的身份簽約並僅提供純數據交易。有時，我們只是與某些核心業務有直接關係，正在擴展。所以，我們的業務組合非常多元。

And then the nature of how we close that business can also change mid deal depending on what makes sense for the end customer and for our partners. So that's why it's a little bit hard to predict. And so we try to make sure as we're providing guidance that we're doing so with an eye to what those range of outcomes can.

然後，我們完成業務的方式的性質也會在交易過程中發生變化，這取決於對最終客戶和我們的合作夥伴的意義。所以這就是為什麼它有點難以預測。因此，我們在提供指導時，盡量確保考慮到這些結果可能產生的影響。

And then last from me, just one question for you, Will, on Pelican, just any thoughts on -- it sounds like some pretty significant changes being made to Pelican-2, that program still early stages and undergoing R&D. Any thoughts on how we should peg our anticipations for that in terms of this becoming commercially viable, is this sort of more of a '25 or a '26 thing? Just what's sort of the timetable for that program to mature?

最後，我只想問你一個問題，威爾，關於鵜鶘，有什麼想法嗎——聽起來鵜鶘 2 號正在進行一些相當重大的改變，該項目仍處於早期階段，正在研發中。就其商業可行性而言，我們該如何預期這一點？這更像是 25 年或 26 年的事嗎？該計劃的成熟時間表是怎樣的？

Great question. I mean, look, Pelican-2, which we're excited to be shipping to launch pad here in a couple of months is, yes, we -- it is first an R&D satellite, but we do hope to convert that to an operational satellite that would be able to start the -- are producing real data for customers, so --

好問題。我的意思是，你看，Pelican-2，我們很高興能在幾個月後運送到這裡的發射台，是的，我們——它首先是一顆研發衛星，但我們確實希望將其轉換為一顆能夠啟動的可運行衛星——為客戶生成真實的數據，所以——

And then going on from beyond that, we have a rapid deployment of future Pelicans that enable us to then carry on the SkySat work, but then make all these improvements that I've mentioned, the better resolution being one of them, but also the improved capacity per satellite, the improved agility, and then most of all, this faster time to get the data down, all of which we think can improve customer value.

除此之外，我們還將快速部署未來的鵜鶘火箭，以便我們能夠繼續進行 SkySat 工作，同時進行我提到的所有改進，其中之一就是更高的分辨率，此外還有每顆衛星的容量提高、靈活性提高，最重要的是，可以更快地下載數據，我們認為所有這些都可以提高客戶價值。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

You got Anthony Valentini on for Noah. I'm curious if you guys do any work on the economic indicator monitoring program with the NGA that was awarded a few years ago?

你讓安東尼·瓦倫蒂尼 (Anthony Valentini) 代替諾亞 (Noah)。我很好奇，你們是否參與過幾年前與 NGA 合作的經濟指標監測計畫？

So we are applying with the various work with the NGA in the area that is EIM is the previous one. Luno is the next vehicle that will go into that direction of using analytics on top of satellite data. And there, there's a whole suite of opportunities and we're applying for the ones that are best fit for our differentiation.

因此，我們正在申請與 NGA 在 EIM 領域進行各種工作。Luno 是下一代將利用衛星數據分析的飛行器。那裡有各種各樣的機會，我們正在申請最適合我們差異化的機會。

And by the way, both some direct and some subcontractor. There's a lot of opportunities there, especially for PlanetScope with AI on top. But I think Luno is now the new place which took over from EIM.

順便說一下，既有直接承包商，也有分包商。那裡有很多機會，尤其是對於擁有人工智慧的 PlanetScope 來說。但我認為 Luno 現在是取代 EIM 的新地方。

Yes, and I guess I'm curious if Tanager the capabilities there, if Luno, that program that's going to be replacing EIM, if that opens up capabilities for you guys and for the customer that makes your bid more competitive.

是的，我很好奇 Tanager 是否有能力做到這一點，Luno 是否有能力取代 EIM，這個程式是否會為你們和客戶帶來更多功能，從而使你們的出價更具競爭力。

Well, 100% it opens up capabilities. I mean, in fact, when going -- stepping back a bit, when we first launched the SuperDove satellites, the reason we moved to eight spectral bands and then called that fleet, the first machine learning first fleet, is that as you add more spectral bands, there's different ways of pulling out what's going on on the ground, even if you can't see it in the visual RGB imagery.

嗯，100% 它能開啟各種能力。我的意思是，事實上，當我們第一次發射 SuperDove 衛星時，我們之所以轉移到八個光譜帶，然後將該艦隊稱為第一個機器學習第一艦隊，是因為當你添加更多的光譜帶時，就會有不同的方法來提取地面上發生的事情，即使你無法在視覺 RGB 圖像中看到它。

Hyperspectral is that plus bus with 400 spectral bands. But I would also say it's early days and I think Luno is more focused on the more classical, let's say few band or multispectral, as we call it, imagery than hyperspectral imagery. But in the longer-term or medium and longer-term, I certainly think it's a machine learning field day actually, that dataset.

高光譜是具有 400 個光譜帶的加法總線。但我也想說現在還處於早期階段，我認為 Luno 更專注於更經典的影像，例如我們所說的少波段或多光譜影像，而不是高光譜影像。但從長期或中長期來看，我確實認為該資料集實際上是機器學習的試驗場。

Caleb Henry, Quilty Space.

凱萊布·亨利（Caleb Henry），Quilty Space。

One just about growth internationally. I think you mentioned earlier that growth is going faster in Latin America and Asia Pacific, kind of outside North America. Can you talk any about the reasons for that, why you're seeing that growth? And does that look mainly like pilots or are you seeing kind of longer contractual commitments?

一個是關於國際成長。我想您之前提到過，除北美以外，拉丁美洲和亞太地區的成長速度更快。您能談談其中的原因嗎？為什麼您會看到這種增長？這主要看起來是針對飛行員還是更長期的合約承諾？

There's many things going on. I mean, we've got a number of large deals in defense and intelligence around the world. We mentioned the new international defense intelligence expansion. Civil government work, and I mentioned a number in my prepared remarks.

有很多事情正在發生。我的意思是，我們在世界各地在國防和情報領域達成了許多大型交易。我們提到了新的國際國防情報擴展。政府民政工作，我在準備好的發言中提到了一些。

We had Bahrain doing that urban monitoring, INRA from Bolivia, IGAC from Colombia. And I can mention a few more. I mean, we've got the government of New South Wales and -- has been doing some new work with us, establishing new use cases along the line of urban housing and protecting wildlife. We're doing some work with Kazakhstan, which is also civil government doing some work in disaster response.

我們有巴林進行城市監測，有玻利維亞進行國家農業科學研究院 (INRA)，有哥倫比亞進行國際地球科學與大氣研究中心 (IGAC)。我還可以再提幾個。我的意思是，我們與新南威爾斯州政府合作，一直在與我們一起進行一些新的工作，在城市住房和保護野生動物方面建立新的用例。我們正在與哈薩克政府合作進行一些災難應變工作。

There's a lot of different use cases emerging in civil government around the world and they're quite pioneering often more -- they're pushing the boundaries and then some of that is really repeatable in other governments as well. So the opportunity there in the civil government space is also really huge and pulling us.

世界各地的政府中出現了許多不同的用例，它們往往更具開創性——它們正在突破界限，而其中一些用例在其他政府中也可以複製。因此，民政領域的機會也非常巨大，並且吸引著我們。

Yes. If I could just add on just from, as I mentioned, my experience down in Colombia, the product to market fit is incredibly strong in a lot of these regions that are, quite frankly, much more focused on sustainability initiatives than we might be in -- here in North America in terms of wanting to be able to account for natural capital in places like South America, Latin America, Africa, et cetera.

是的。如果我可以根據我在哥倫比亞的經驗補充一點，那麼在許多地區，產品與市場的契合度都非常高，坦白說，這些地區比我們更注重永續發展計畫——在北美，我們希望能夠考慮到南美、拉丁美洲、非洲等地的自然資本。

Some of the sustainability initiatives that you see European governments implementing, wanting to both enforce-- implement incentives and enforce penalties, these are a direct fit with our broad area management solutions. The need to be able to cover these broad areas, identify anomalies, identify changes and put programs in place that are supported by the solutions that we have.

您看到歐洲各國政府正在實施一些永續發展舉措，希望既執行激勵措施，又執行懲罰措施，這些都與我們廣泛的區域管理解決方案直接契合。需要能夠涵蓋這些廣泛的領域，識別異常，識別變化，並實施由我們現有的解決方案支援的計劃。

So I do think that that is one of the drivers of the success we're seeing in our international markets.

所以我確實認為這是我們在國際市場上成功的驅動力之一。

I think maybe one clarification on that is just looking at the Planet backlog and it looks like it's down a little bit. I was wondering if that's because of the influx of kind of new players from around the world that are like trialing the service before going on to longer-term programs. Is there a connection between those two or no?

我認為也許對此的一個澄清是查看 Planet 積壓情況，它看起來似乎有所下降。我想知道這是否是因為來自世界各地的新玩家湧入，他們在參加長期計劃之前先試用該服務。這兩者之間有連結嗎？

Not really. When I look under the covers at backlog it's a combination of timing of renewals, some larger multiyear contracts that are just burning their way down. So not up for renewal yet. It is truly a mix of things that factor into that. If you look at backlog on a next 12-month basis it's relatively flat quarter-to-quarter. So it's not indicative of anything competitive or otherwise that's worth -- certainly worth calling out.

並不真地。當我仔細查看積壓訂單時，我發現這是續約時間和一些即將到期的較大多年合約的組合。因此尚未達到續約標準。這確實是多種因素共同作用的結果。如果您查看未來 12 個月的積壓訂單，您會發現季度間積壓訂單相對持平。所以它並不代表任何競爭或其他值得注意的事情——當然值得一提。

And then if I can do just one more on Pelican. Has Planet settled on a size for the Pelican fleet? I want to say in the SEC filing it was 30 or 32 satellites, but I realized that it's not always -- that's usually an upper limit. So is that, is that the target or have you settled on a different number?

然後我是否可以再做一件關於鵜鶘的事情。Planet 是否已確定鵜鶘艦隊的規模？我想說在提交給美國證券交易委員會的文件中它是 30 或 32 顆衛星，但我意識到它並不總是如此——這通常是一個上限。那麼，這就是目標嗎？還是您已經確定了其他數字？

That's what -- you understand exactly right. I mean, we did the filings up to 32 satellites. The great thing of having this in-house is the ability to throttle that to demand. First and foremost, it's getting to the SkySat replenishment as that fleet comes to the end of its life. And the second thing is adding all these new capabilities I listed earlier. And the third thing is expanding to more frequency and coverage that would be enabled by satellites beyond that.

就是這樣——你理解得完全正確。我的意思是，我們已經對多達 32 顆衛星進行了備案。在公司內部實現這一目標的一大優勢在於能夠根據需求進行調節。首先，隨著 SkySat 衛星群的使用壽命即將結束，我們需要對其進行補充。第二件事是新增我之前列出的所有新功能。第三件事是擴大衛星所能提供的頻率和覆蓋範圍。

So that's how we think about it. And the other exciting aspect of that, so if I can just throw it in there, is we constantly iterate our technology in space. And so, as I mentioned, we're flying the NVIDIA processor on this Pelican-2 next mission, that enables AI edge compute and that shows the ability of us to take the latest capability and put it into a space.

這就是我們的想法。另一個令人興奮的方面是，如果我可以補充的話，我們不斷地在太空中迭代我們的技術。正如我所提到的，我們將在 Pelican-2 的下一次任務中使用 NVIDIA 處理器，它可以實現 AI 邊緣運算，並展示了我們採用最新功能並將其應用到太空的能力。

That will continue through the mission, even just the 36 SuperDoves that we launched, we included a tech demo that's looking at next generation sensors for that medium res fleet. So we're constantly iterating to get better and better data.

這項任務將持續下去，即使只是我們發射的 36 艘 SuperDoves，我們也包括一個技術演示，正在研究該中分辨率艦隊的下一代感測器。因此我們不斷迭代以獲得越來越好的數據。

Thank you all for your questions. That will conclude the Q&A session. So I will pass the conference over to Will Marshall, CEO, for closing remarks.

謝謝大家的提問。問答環節到此結束。因此，我將把會議交給執行長威爾馬歇爾 (Will Marshall) 來做閉幕發言。

Well, just to close up, we're really pleased with the progress in Q2. If I could just summarize, firstly, we saw the strong growth with government customers, with some exciting new customers during the quarter.

好吧，最後，我們對第二季的進展感到非常滿意。如果我可以總結一下的話，首先，我們看到政府客戶的強勁成長，並且本季有一些令人興奮的新客戶。

Secondly, we restructured the business towards our industry aligned operating model, which we expect to better support growth.

其次，我們對業務進行了重組，使其符合行業一致的營運模式，我們期望這能夠更好地支持成長。

Thirdly, we delivered solid financials, including the strong expansion in gross margin, the strong progress in EBITDA as we marched towards our adjusted EBITDA profitability goal for Q4.

第三，我們實現了穩健的財務業績，包括毛利率的強勁成長、EBITDA 的強勁成長，我們正朝著第四季度調整後的 EBITDA 獲利目標邁進。

And finally, we're excited about the launch, of course, of 36 SuperDoves and our first Tanager spacecraft marking our foray into the hyperspectral market. We see a fair bit of growth potential in the near-term via large government deals, and in the medium-term via the commercial sector with our Planet Insights platform and our partner ecosystem.

最後，我們當然對 36 架 SuperDoves 和第一艘 Tanager 太空船的發射感到非常興奮，這標誌著我們進入高光譜市場。我們看到，短期內透過大型政府交易，我們將擁有相當大的成長潛力；中期，透過我們的 Planet Insights 平台和合作夥伴生態系統，我們將在商業領域擁有相當大的成長潛力。

So overall, we're excited by the progress we're making and executing against our plan against these growth catalysts. So thanks all for tuning in.

總的來說，我們對我們針對這些成長催化劑所取得的進展和執行計劃感到非常興奮。感謝大家的收看。

That will conclude today's conference call. Thank you all for your participation. You may now disconnect your line.

今天的電話會議到此結束。謝謝大家的參與。現在您可以斷開線路了。