Planet Labs PBC (PL) 2025 Q3 法說會逐字稿

Hello, everyone. Thank you for attending today's Planet Labs PBC third quarter of fiscal 2025 earnings call. My name is Sierra and I'll be your moderator for today. (Operator Instructions) I would now like to pass the conference over to our host, Chris Genualdi, Vice President of Investor Relations. Please proceed.

大家好。感謝您參加今天舉行的 Planet Labs PBC 2025 財年第三季財報電話會議。我的名字是 Sierra，我將擔任今天的主持人。（操作員指示）我現在想將會議轉交給我們的東道主投資者關係副總裁 Chris Genualdi。請繼續。

Thanks, operator, and hello, everyone. This is Chris Genualdi, Vice President of Investor Relations at Planet Labs PBC. Welcome to Planet's third quarter of fiscal 2025 earnings call. I'm joined 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 Chris Genualdi，Planet Labs PBC 投資者關係副總裁。歡迎參加 Planet 2025 財年第三季財報電話會議。威爾馬歇爾 (Will Marshall) 和阿什利約翰遜 (Ashley Johnson) 也將與我一起回顧我們的成果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演示，這些內容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.

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。我們也可以參考合格的管道，它代表尚未執行合約的潛在銷售線索。

Any forward-looking statements are based on management's current outlook, plans, estimates, expectations, and projections. 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. 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.

任何前瞻性陳述均基於管理層目前的展望、計劃、估計、期望和預測。包含此類前瞻性資訊不應被視為 Planet 表示未來計劃、估計或期望將會實現。此類前瞻性陳述受到各種風險、不確定性和假設的影響，詳情請參閱我們向 SEC 提交的文件，這些文件可在 www.sec.gov 上找到。我們的實際結果或表現可能與此類前瞻性陳述所顯示的結果有重大差異，我們不承擔更新此類前瞻性陳述以反映該陳述發表之日之後的事件或情況或反映意外情況發生的責任事件。

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. For more information on the non-GAAP financial measures, please see the reconciliation tables provided in our press release issued earlier this afternoon, which is available on our website at investors.planet.com.

在電話會議期間，我們還將討論歷史性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經營決策中使用的關鍵指標的透明度。有關非公認會計準則財務指標的更多信息，請參閱今天下午早些時候發布的新聞稿中提供的調節表，該新聞稿可在我們的網站 Investors.planet.com 上獲取。

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

此外，在整個電話會議中，我們提供了管理層使用的以及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將在我們的新聞稿和收益更新簡報中進行更詳細的討論，這些簡報旨在與我們準備好的評論一起使用。現在，我想將電話轉給 Planet 的執行長、董事長兼聯合創始人 Will Marshall。交給你了，威爾。

Thanks, Chris, and hello, everyone. Thanks for joining us today. During the third quarter, we made significant progress across our go-to-market, technology, and financial objectives. We secured multiple large contracts with government customers globally, advanced our next-generation data sets towards commercialization, and enhanced the Planet Insights Platform with new capabilities. We also meaningfully improved the fundamentals of the business.

謝謝克里斯，大家好。感謝您今天加入我們。第三季度，我們在上市、技術和財務目標方面取得了重大進展。我們與全球政府客戶簽訂了多項大型合同，推動我們的下一代數據集走向商業化，並透過新功能增強了 Planet Insights 平台。我們也有意義地改善了業務的基本面。

To quickly summarize our financial achievements, for the third quarter of fiscal 2025, we generated a record $61.3 million in revenue, representing 11% year-on-year growth. Non-GAAP gross margin for the quarter increased to a record 64%, up from 52% a year ago and 58% from last quarter. Adjusted EBITDA loss for Q3 narrowed to approximately $242,000, marking our sixth sequential quarter of improvement in adjusted EBITDA as we substantively narrow in on our target to achieving adjusted EBITDA profitability next quarter. Ashley will provide more detail on the financials shortly.

快速總結我們的財務成就，2025 財年第三季度，我們實現了創紀錄的 6,130 萬美元收入，年增 11%。本季非 GAAP 毛利率增至創紀錄的 64%，高於一年前的 52% 和上一季的 58%。第三季調整後 EBITDA 虧損收窄至約 242,000 美元，標誌著我們調整後 EBITDA 連續第六個季度有所改善，因為我們大幅縮小了下季度實現調整後 EBITDA 盈利能力的目標。阿什利將很快提供有關財務狀況的更多詳細資訊。

Turning to sales highlights, let's start with the defense and intelligence sector. During Q3, we saw a substantial increase in new and expansion bookings with D&I customers, primarily driven by wins in the international market, which have contributed to the increase in our backlog and strengthened our foundation for growth going forward.

談到銷售亮點，讓我們從國防和情報部門開始。第三季度，我們看到 D&I 客戶的新訂單和擴展訂單大幅增加，這主要是由於國際市場的勝利推動的，這有助於我們積壓的訂單增加，並鞏固了我們未來成長的基礎。

Revenue from the D&I sector grew approximately 25% on a year-over-year basis, and we continue to see the emerging trend of defense customers adopting partner and AI-enabled solutions powered by our data to enhance their ability to identify known and unknown threats over broad areas. For example, during the quarter, Planet won an eight-figure expansion with an international defense customer to provide a full range of Planet products, including PlanetScope, SkySat, Maritime Domain Awareness, and other analytics. We expect this contract to ramp into the next year.

D&I 部門的營收年增約 25%，我們繼續看到國防客戶採用由我們的數據支援的合作夥伴和人工智慧解決方案的新興趨勢，以增強他們識別已知和未知威脅的能力廣泛的領域。例如，在本季度，Planet 贏得了國際國防客戶的八位數擴張，以提供全系列的 Planet 產品，包括 PlanetScope、SkySat、Maritime Domain Awareness 和其他分析。我們預計該合約將持續到明年。

Planet also was selected for another seven-figure pilot with the US Department of Defense. This is our third such pilot program with the US DoD this year. Under this three-month project, Planet will provide satellite imagery in key areas of interest with analytics-powered insights developed with a Planet partner. We continue to work towards converting these pilots into operational contracts.

行星也被選為美國國防部另一位七位數飛行員。這是我們今年與美國國防部的第三個此類試點計畫。在這個為期三個月的計畫中，Planet 將提供關鍵感興趣領域的衛星圖像以及與 Planet 合作夥伴共同開發的基於分析的見解。我們將繼續努力將這些試點項目轉化為營運合約。

The opportunity to sell global and regional monitoring services to existing and new government customers is significant in our view. Additionally, we have the opportunity to sell upcoming new data sets like Tanager Hyperspectral or Pelican High Resolution to government customers as those come available. We'll share more on Tanager and Pelican in a moment.

我們認為，向現有和新的政府客戶銷售全球和區域監控服務的機會非常重要。此外，我們還有機會向政府客戶出售即將推出的新資料集，例如唐納雀高光譜或鵜鶘高解析度。我們稍後將分享更多有關唐納雀和鵜鶘的資訊。

Turning to the civil government sector, where revenue grew approximately 10% year over year in Q3, we're pleased to announce that we've received our first order under the new NASA Commercial Smallsat Data Acquisition contract vehicle, or CSDA, for approximately $20 million, covering one year of performance. As a reminder, NASA announced in early September that Planet was selected for the CSDA, the framework under which NASA can place orders through November 2028. While the first order came in later than we anticipated, landing on November 25, with the renewal delay impacting revenue in Q3 by approximately $2.3 million, we were pleased to see that it came in as a seven-figure ACV expansion on our prior contract.

談到民間政府部門，第三季營收年增約10%，我們很高興地宣布，我們已收到新的NASA 商業小衛星資料採集合約工具(CSDA) 下的第一筆訂單，價格約為20美元萬元，涵蓋一年的業績。提醒一下，NASA 在 9 月初宣布 Planet 入選 CSDA，根據該框架，NASA 可以在 2028 年 11 月之前下訂單。雖然第一筆訂單於11 月25 日到達，晚於我們的預期，續約延遲對第三季的收入造成了約230 萬美元的影響，但我們很高興看到它是我們之前合約的七位數ACV 擴充。

Planet is very proud of the work our data have enabled through the CSDA program, which serves thousands of researchers at NASA and labs across the US working on a wide range of Earth system sciences and applications. In a similar program across the Atlantic, we also recently signed a multiyear contract with the German Space Agency, DLR, to provide data access and development support for the agency's Earth observation data platform, integrating Planet data into their system and offering advanced services.

Planet 對我們的數據透過 CSDA 計畫所實現的工作感到非常自豪，該計畫為 NASA 和美國各地實驗室的數千名研究人員提供廣泛的地球系統科學和應用服務。在大西洋彼岸的一個類似計劃中，我們最近還與德國航天局DLR 簽署了一份多年期合同，為該機構的地球觀測數據平台提供數據訪問和開發支持，將行星數據集成到他們的系統中並提供先進的服務。

These are two examples of government-wide agreements, which provide broad access to our vast Earth observation archives to empower education research users in furthering science, research, and identifying and validating new use cases. These broad agreements enable substantial user bases at research institutions and government agencies to access large data sets, often covering entire countries or regions. They are often seven- or eight-figure deals, and we believe there are over 100 countries that could benefit from such offerings.

這是政府範圍協議的兩個例子，它們提供了對我們龐大的地球觀測檔案的廣泛訪問，使教育研究用戶能夠進一步推進科學、研究以及識別和驗證新的用例。這些廣泛的協議使研究機構和政府機構的大量用戶群能夠存取通常覆蓋整個國家或地區的大型數據集。它們通常是七位數或八位數的交易，我們相信有 100 多個國家可以從此類產品中受益。

Shifting to the commercial sector, we're cautiously optimistic that the improving business environment, combined with the changes we've made in our go-to-market, will position this sector to return to growth. We were pleased to observe in the quarter, the average deal sizes for new and expansion contracts continue to trend upwards, indicative of our sales team's focus on higher-value accounts with strong ROI use cases.

轉向商業領域，我們謹慎樂觀地認為，不斷改善的商業環境，加上我們在進入市場方面所做的改變，將使該領域恢復成長。我們很高興地觀察到，本季新合約和擴建合約的平均交易規模持續呈上升趨勢，這表明我們的銷售團隊專注於具有強大投資回報率用例的高價值客戶。

Here, we are also seeing a growing trend for customers adopting AI-enabled solutions powered by Planet's differentiated data sets. We see these solutions as facilitating analysis across significantly broader areas and speeding up time to value for our customers.

在這裡，我們也看到客戶採用由 Planet 差異化資料集支援的人工智慧解決方案的趨勢不斷增長。我們認為這些解決方案有助於在更廣泛的領域進行分析，並加快為客戶實現價值的時間。

To share some examples, we recently signed an expansion with Abelio, a French technology company offering smart farming solutions. They're leveraging Planet Insights Platform and our PlanetScope data to enhance their digital agriculture solutions. Their solutions apply algorithms and AI models on top of Planet data to generate insights for precision farming and help save farmers between 5% and 10% in nitrogen application on average. They'll have access to our agriculture data across France, nearly three times the amount of data that they had previously integrated into their solutions last year.

舉幾個例子，我們最近與法國科技公司 Abelio 簽署了一項擴展協議，提供智慧農業解決方案。他們正在利用 Planet Insights Platform 和我們的 PlanetScope 數據來增強他們的數位農業解決方案。他們的解決方案在 Planet 數據之上應用演算法和人工智慧模型，為精準農業提供見解，並幫助農民平均節省 5% 到 10% 的氮肥施用量。他們將可以存取我們在法國各地的農業數據，這幾乎是他們去年整合到解決方案中的數據量的三倍。

We also recently won an expansion with Global Fishing Watch, an international non-profit dedicated to advancing ocean governance. This six -figure deal represents a 650% expansion and enables 20 times the ocean coverage, allowing Global Fishing Watch to fully leverage PlanetScope data and machine learning to map vessel activity across millions of square kilometers of the ocean to better detect small vessels engaged in illegal fishing activities.

我們最近也贏得了全球漁業觀察的擴展，這是一個致力於推動海洋治理的國際非營利組織。這筆六位數的交易代表了650% 的擴張，使海洋覆蓋範圍擴大了20 倍，使Global Fishing Watch 能夠充分利用PlanetScope 數據和機器學習來繪製數百萬平方公里海洋中的船隻活動圖，以更好地偵測從事非法活動的小型船隻捕魚活動。

Finally, we recently announced a partnership with Laconic to deliver AI-powered forest carbon insights aimed at enabling informed carbon credit trading. Under the seven-figure deal, Laconic will gain access to Planet's new forest carbon monitoring products we released last quarter. Leveraging these data feeds, Laconic plans to offer their customers accurate trends and verifications to instill trusted trading confidence and empower informed carbon credit decision-making.

最後，我們最近宣布與 Laconic 建立合作夥伴關係，提供人工智慧驅動的森林碳洞察，旨在實現知情的碳信用交易。根據七位數的協議，Laconic 將獲得我們上季度發布的 Planet 新森林碳監測產品。利用這些資料來源，Laconic 計劃向客戶提供準確的趨勢和驗證，以灌輸可信的交易信心並增強知情的碳信用決策。

Overall, we're proud to share that Q3 represented our largest ever quarter of ACV bookings. We remain focused on driving growth acceleration while also building greater predictability into our book of business. This quarter's bookings expansion gives us confidence in our team's ability to do this, and Ashley will speak more to this shortly.

總的來說，我們很自豪地告訴大家，第三季是我們有史以來 ACV 預訂量最大的季度。我們仍然專注於推動成長加速，同時也在我們的業務中建立更大的可預測性。本季的預訂量擴張讓我們對團隊的能力充滿信心，阿什利很快就會對此進行更多討論。

Now, to some recent product updates, during Q3, we released our analytics-ready PlanetScope ARPS product for time series analysis and machine learning models on our core daily scan. This product harnesses our proprietary algorithm to create harmonized and spatially consistent stacks of images of the same location over time. The result is a more precise data set that's readily available for manipulation analysis and visualization, all delivered in the Planet Insights Platform. It's available today to our customers.

現在，對於最近的一些產品更新，在第三季度，我們發布了分析就緒的 PlanetScope ARPS 產品，用於在我們的核心日常掃​​描上進行時間序列分析和機器學習模型。該產品利用我們的專有演算法來創建同一位置隨時間變化的協調且空間一致的圖像堆疊。結果是一個更精確的數據集，可隨時用於操縱分析和視覺化，所有這些都在 Planet Insights 平台中提供。今天我們的客戶就可以使用它。

In Q3, we also released our AI-powered forest carbon monitoring product at the UN Climate Week in New York. It's the world's first global scale forest structure monitoring system at a three-meter resolution, an unprecedented data set that can be used to underpin voluntary carbon markets, regulatory compliance, and deforestation mitigation.

第三季度，我們也在紐約聯合國氣候週上發布了人工智慧驅動的森林碳監測產品。這是世界上第一個分辨率為三米的全球規模森林結構監測系統，這是一個前所未有的數據集，可用於支持自願性碳市場、監管合規和減少森林砍伐。

Turning to updates on our next-generation satellite fleet, as many of you saw, in September, we shared the first light images from Tanager-1 Hyperspectral satellite. Tanager-1 has since begun helping Carbon Mapper monitor hundreds of emission sites globally under our commercial partnership. Just last month, Carbon Mapper published over 300 methane and CO2 plume detections at COP29 in Azerbaijan.

談到我們下一代衛星群的更新，正如你們許多人所看到的，我們在 9 月分享了來自 Tanager-1 高光譜衛星的第一張光影像。此後，Tanager-1 在我們的商業合作夥伴關係下開始幫助 Carbon Mapper 監測全球數百個排放點。就在上個月，Carbon Mapper 在阿塞拜疆舉行的 COP29 上發布了 300 多個甲烷和二氧化碳羽流檢測結果。

In an incredible early win for the program, one emissions leak in Texas was voluntarily fixed by the commercial operator. This provides a small sense of the power of this data. It can lead to accountability, and benefits for companies enhancing their efficiency, while also providing significant benefits for the environment.

該計劃取得了令人難以置信的早期勝利，德克薩斯州的一個排放洩漏問題由商業運營商自願修復。這讓我們對這些數據的力量有了一個小小的認識。它可以帶來責任感，並為公司帶來好處，提高效率，同時也為環境帶來顯著的好處。

Tanager-1 continues to go through its final commissioning and calibration, after which we plan to make the data commercially available to other customers across government and commercial markets. We're pleased with the near-term traction we're seeing in our pipeline for hyperspectral data, particularly in the energy and government sectors.

Tanager-1 繼續進行最終調試和校準，之後我們計劃將數據提供給政府和商業市場的其他客戶。我們對高光譜數據管道的近期吸引力感到滿意，特別是在能源和政府部門。

I'd also like to highlight how the Tanager program represents a powerful blueprint for accelerating our technology roadmap by leveraging our space systems capabilities and IP with a partner. Now that that first satellite is in orbit and delivering data, we can begin to unlock the growth potential of the Tanager program while also accelerating our partner Carbon Mapper's mission.

我還想強調唐納雀計畫如何代表了一個強大的藍圖，透過與合作夥伴一起利用我們的空間系統能力和智慧財產權來加速我們的技術路線圖。現在第一顆衛星已進入軌道並提供數據，我們可以開始釋放 Tanager 計畫的成長潛力，同時加速我們的合作夥伴 Carbon Mapper 的任務。

Overall, we see such opportunities as highly strategic, enabling us to scale our business more rapidly and strengthen our financial position. We expect to pursue similar opportunities going forward.

總體而言，我們認為此類機會具有高度戰略意義，使我們能夠更快地擴展業務並增強我們的財務狀況。我們預計未來會尋求類似的機會。

Moving to our Pelican fleet, we're pleased to share, today, we shipped the Pelican-2 satellite to Vandenberg Space Force Base in preparation for launch, which is currently scheduled for January. As a reminder, the Pelican program is our next-generation high-resolution satellite, which enables continuity and enhancements over our current SkySat fleet, including in image quality, spectral bands, imaging capacity, and latency.

談到我們的 Pelican 艦隊，我們很高興與大家分享，今天，我們將 Pelican-2 衛星運送到范登堡太空部隊基地，準備發射，目前計劃於 1 月發射。提醒一下，鵜鶘計畫是我們的下一代高解析度衛星，它可以實現我們目前 SkySat 衛星群的連續性和增強，包括影像品質、光譜帶、成像能力和延遲。

The Pelican-2 design incorporates NVIDIA's latest Jetson GPU module, enabling edge compute, the power to run powerful AI on the satellite, and speed time to insights. It also incorporates satellite-to-satellite links previously discussed, speeding time to value.

Pelican-2 設計採用了 NVIDIA 最新的 Jetson GPU 模組，可實現邊緣運算、在衛星上運行強大人工智慧的能力，並加快獲得洞察的速度。它還結合了前面討論的衛星到衛星鏈路，加快了價值實現的速度。

In summary, we won multiple large contracts with government customers that we believe positions us to reaccelerate growth as those contracts ramp and expand. On the product front, we've made improvements to our core daily scan data. We're capturing a powerful new data set with our first Tanager satellite, which we expect to commercialize in the months ahead, and we plan to launch our next Pelican satellite shortly.

總而言之，我們贏得了與政府客戶的多份大型合同，我們相信這些合約使我們能夠隨著這些合約的增加和擴大而重新加速成長。在產品方面，我們對核心日常掃​​描資料進行了改進。我們正在利用第一顆 Tanager 衛星捕獲強大的新資料集，預計在未來幾個月內將其商業化，我們計劃很快發射下一顆 Pelican 衛星。

Finally, the adoption of AI-enabled solutions amongst both government and commercial customers is growing. We're focused on leveraging our platform and partners to nurture this adoption, increase customer value, expand the addressable market, and ultimately build greater predictability and growth into the business. With that, I'll turn it over to Ashley to talk through more details around our financials. Over to you, Ashley.

最後，政府和商業客戶對人工智慧解決方案的採用正在不斷增長。我們致力於利用我們的平台和合作夥伴來培養這種採用，提高客戶價值，擴大潛在市場，並最終為業務帶來更大的可預測性和成長。接下來，我將把它交給阿什利，討論有關我們財務狀況的更多細節。交給你了，阿什利。

Thanks, Will. As a quick reminder, it was less than six months ago that we completed a restructuring and introduced a new industry-aligned operating model to the business. In spite of the significant amount of change that this introduced to our teams, during this last quarter, our go-to-market teams delivered our best quarter of ACV bookings, including renewals, expansions, and new business, and I'm impressed with the team's performance.

謝謝，威爾。快速提醒一下，不到六個月前，我們完成了重組，並為業務引入了新的符合行業的營運模式。儘管這為我們的團隊帶來了巨大的變化，但在上個季度，我們的市場推廣團隊交付了我們最好的ACV 預訂季度，包括續訂、擴展和新業務，這給我留下了深刻的印象球隊的表現。

We also saw a meaningful step-up in average deal sizes across all three sectors. These early proof points give us confidence that the new operating model is facilitating the foundational changes needed to reaccelerate our growth.

我們也看到所有三個行業的平均交易規模都出現了有意義的成長。這些早期的證據讓我們相信，新的營運模式正在促進重新加速成長所需的根本性變革。

While deal timing continues to be hard to predict, particularly given the large deal nature of our business, the underlying fundamentals of the business continue to improve and our competitive position is strengthening. We've made significant strides towards profitability this quarter, showing substantial margin expansion and reducing our cash burn.

雖然交易時機仍然難以預測，特別是考慮到我們業務的大型交易性質，但業務的基本面持續改善，我們的競爭地位正在加強。本季我們在獲利方面取得了重大進展，利潤率大幅成長，現金消耗減少。

So let's turn to the results. Revenue for the third quarter came in at a record $61.3 million, representing approximately 11% year-over-year growth. From a geographic perspective during the third quarter, EMEA revenue grew approximately 15% year over year; Asia-Pacific grew over 25% year over year; Latin America grew over 30% year over year; and revenue in North America was flat on a year-over-year basis, impacted primarily by the delay in renewing and expanding our contract with NASA.

那麼讓我們看看結果。第三季營收達到創紀錄的 6,130 萬美元，年增約 11%。從第三季的地域角度來看，EMEA 營收年增約 15%；亞太地區較去年同期成長超過25%；拉丁美洲年增超過30%；北美地區的收入同比持平，主要受到我們與 NASA 續約和擴大合約延遲的影響。

As of the end of Q3, our end-of-period customer count was 1,015 customers. As we've shared before, this metric reflects our direct sales team's focus on large customers in our core verticals and our initiative to enable smaller, more transactional customers to purchase through our platform or our marketplace partners. Customers who transact solely through our platform are not reflected in this number.

截至第三季末，我們的期末客戶數為 1,015 名客戶。正如我們之前分享的那樣，這一指標反映了我們的直銷團隊對核心垂直行業中大客戶的關注，以及我們讓規模較小、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的舉措。僅透過我們平台進行交易的客戶不反映在該數字中。

Recurring ACV or annual contract value was 97% 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. Our average contract length continues to be approximately two years weighted on an ACV basis.

經常性 ACV 或年度合約價值占我們期末 ACV 業務帳簿的 97%，超過 90% 的期末 ACV 業務帳簿由年度或多年合約組成。根據 ACV 加權，我們的平均合約期限仍然約為兩年。

Net dollar retention rate at the end of Q3 was 104% and net dollar retention rate with winbacks was 105%. The delayed NASA task order impacted our net dollar retention rate by approximately 8.5 percentage points.

第三季末的淨美元保留率為 104%，帶贏回的淨美元保留率為 105%。NASA 任務訂單的延遲影響了我們的淨美元保留率約 8.5 個百分點。

As a reminder, at this point in the year, our net dollar retention rate reflects nine months of contract renewals. Our net dollar retention rate starts each fiscal year at 100%, and then builds through the course of the year toward our final full-year results.

提醒一下，在今年的這個時候，我們的淨美元保留率反映了九個月的合約續約。我們的淨美元留存率在每個財年開始時均為 100%，然後在這一年中逐步實現最終的全年業績。

Turning to gross margin, non-GAAP gross margin for the third quarter was a record 64%, up over 1200 basis points year over year and over 600 basis points sequentially. This was better than we had expected coming into the quarter, largely driven by optimizations in our cloud infrastructure. We expect to continue to benefit from these optimizations going forward, although at a more moderate pace of improvement.

毛利率方面，第三季非 GAAP 毛利率達到創紀錄的 64%，較去年同期成長超過 1,200 個基點，較上季成長超過 600 個基點。這比我們對本季的預期要好，這主要是由於我們的雲端基礎設施的優化所致。我們預計未來將繼續從這些優化中受益，儘管改進的速度將更加溫和。

Adjusted EBITDA loss was approximately $242,000 for Q3, marking another quarter of sequential improvement in adjusted EBITDA and putting us in a strong position to end the year with achieving EBITDA profitability in Q4. Capital expenditures, including capitalized software development were $8.9 million for the quarter, lower than we anticipated due to the timing of certain procurements.

第三季調整後 EBITDA 損失約為 242,000 美元，標誌著調整後 EBITDA 又連續一個季度改善，並使我們在年底時處於有利地位，在第四季度實現 EBITDA 盈利。本季資本支出（包括資本化軟體開發）為 890 萬美元，由於某些採購的時間安排低於我們的預期。

Turning to the balance sheet, we ended the quarter with approximately $242 million of cash, cash equivalents, and short-term investments. We continue to believe that our balance sheet provides us with sufficient capital to invest behind our core growth accelerating initiatives and achieve cash flow breakeven without needing to raise additional capital. And we still have no debt outstanding.

轉向資產負債表，本季末我們擁有約 2.42 億美元的現金、現金等價物和短期投資。我們仍然相信，我們的資產負債表為我們提供了足夠的資本來投資於我們的核心成長加速計劃，並在無需籌集額外資本的情況下實現現金流收支平衡。我們仍然沒有未償債務。

At the end of Q3, our remaining performance obligations or RPOs were approximately $146 million, up 30% quarter over quarter, of which approximately 82% apply to the next 12 months and 98% to the next 2 years. Our backlog, which includes contracts with a termination for convenience clause, which is common in our US federal contracts and occasionally found in other customer contracts, was approximately $232 million, of which approximately 70% applied to the next 12 months and 91% to the next 2 years.

截至第三季末，我們的剩餘履約義務或 RPO 約為 1.46 億美元，季增 30%，其中約 82% 適用於未來 12 個月，98% 適用於未來 2 年。我們的積壓訂單（其中包括帶有便利終止條款的合約）約為2.32 億美元，其中約70% 用於未來12 個月，91% 用於未來12 個月，這在我們的美國聯邦合約中很常見，有時也出現在其他客戶合約中。

To be clear, RPOs and backlog at the quarter end do not include the $20 million NASA order received on November 25. 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.

需要明確的是，季度末的 RPO 和積壓訂單不包括 NASA 於 11 月 25 日收到的 2,000 萬美元訂單。提醒一下，RPO 和積壓訂單可能會按季度波動，因為收入是根據客戶合約確認的，並且需要續簽多年合約。

Let me turn now to our guidance for the fourth quarter of fiscal 2025. We are expecting revenue to be between $61 million and $63 million, comparable to Q3 levels as we work to ramp large customers and our new operating model begins to take effect.

現在讓我談談我們對 2025 財年第四季的指導。我們預計營收將在 6,100 萬美元至 6,300 萬美元之間，與第三季的水平相當，因為我們致力於擴大大客戶規模，並且我們的新營運模式開始生效。

In the commercial sector specifically, we expect the tail of the digital agriculture application headwinds that we've discussed on prior calls to roll off in Q4 as we've transitioned many of these accounts to more internal-use operational contracts. We have seen this focus on higher-value use cases, such as precision agriculture and informed scouting, enable us to establish stickier and larger contracts with agriculture customers over time.

特別是在商業領域，我們預計我們在之前的電話會議中討論過的數位農業應用逆風的尾部將在第四季度結束，因為我們已將其中許多帳戶轉換為更多內部使用的營運合約。我們看到這種對更高價值用例的關注，例如精準農業和知情偵察，使我們能夠隨著時間的推移與農業客戶建立更具黏性和更大的合約。

Similar to Q3, we expect non-GAAP gross margin for Q4 to be between 63% and 65%. We expect our adjusted EBITDA profit for the fourth quarter to be between 0 and $2 million, consistent with the profitability target we set nearly two years ago. We're planning for capital expenditures of approximately $8 million to $11 million in Q4, reflecting our continued investments in our next-generation fleets and the ongoing maintenance CapEx for our PlanetScope constellation.

與第三季類似，我們預計第四季的非 GAAP 毛利率將在 63% 至 65% 之間。我們預計第四季度調整後的 EBITDA 利潤將在 000 至 200 萬美元之間，與我們近兩年前設定的獲利目標一致。我們計劃第四季度的資本支出約為 800 萬至 1100 萬美元，反映出我們對下一代機隊的持續投資以及 PlanetScope 星座的持續維護資本支出。

To close, I'd like to underscore the objectives of the changes we made earlier this year, centering our business around our customers with an industry-aligned operating model. By making our customers the core of everything we do, we ensure that we deliver the right solutions to unlock the economic value of our powerful datasets. We furthermore ensure that we're developing the right next generation of datasets that can increase that value for our customers.

最後，我想強調我們今年早些時候做出的變革的目標，即透過與行業一致的營運模式以客戶為中心開展業務。透過讓客戶成為我們一切工作的核心，我們確保提供正確的解決方案來釋放強大資料集的經濟價值。我們還確保我們正在開發正確的下一代資料集，可以為我們的客戶增加價值。

The opportunity for the Earth observation industry over the next decade is significant. A report published earlier this year by the World Economic Forum in collaboration with Deloitte estimated that by 2030, Earth observation data and insights could provide over $700 billion of economic value to global gross domestic product annually, made possible by rapid advancements in satellites and sensors, computing power, and greater accessibility to insights driven by analytics and AI.

未來十年對地觀測產業的機會是巨大的。世界經濟論壇今年稍早與德勤合作發布的報告估計，到2030 年，地球觀測數據和見解每年可為全球國內生產毛額提供超過7,000 億美元的經濟價值，這得益於衛星和感測器的快速進步，計算能力，以及更容易獲得由分析和人工智慧驅動的見解。

We see Planet as being an important driver for this global economic opportunity. With relentless focus on delivering customer value across all of our teams, we not only increase our own share of the Earth observation value chain, but we also increase the positive economic impact that we make through our customers, while improving the growth and predictability of our business. This is our core focus as we move through the final quarter of fiscal 2025 and look forward to fiscal 2026. Operator, that concludes our comments. We can now take questions.

我們認為 Planet 是這項全球經濟機會的重要驅動力。透過我們所有團隊不懈地致力於為客戶提供價值，我們不僅增加了我們在地球觀測價值鏈中的份額，而且還增加了我們透過客戶產生的積極經濟影響，同時提高了我們的成長和可預測性。這是我們在進入 2025 財年最後一個季度並展望 2026 財年時的核心關注點。操作員，我們的評論到此結束。我們現在可以提問。

(Operator Instructions) To begin, we have an online question from an analyst. The question is, can you please discuss how AI spend is flowing through the Planet pipeline? Which sectors are you seeing the most traction in?

（操作員說明）首先，我們收到一位分析師的線上問題。問題是，您能否討論一下 AI 支出如何流經 Planet 管道？您認為哪些產業最受關注？

Yeah, thank you. So clearly, AI is helping to drive our pipeline. And you saw it in the big deals that we discussed in our prepared remarks, just to pick on the first two as an example, the expansion of the large D&I customer, that uses an MDA, maritime domain awareness, tools that uses AI and that is driving use of our PlanetScope imagery across those ocean territories.

是的，謝謝。很明顯，人工智慧正在幫助推動我們的管道。你在我們準備好的發言中討論的大交易中看到了這一點，僅以前兩項為例，大型 D&I 客戶的擴張，使用 MDA、海域意識、使用人工智能的工具以及正在推動我們的PlanetScope 圖像在這些海洋領域的使用。

And the second deal, of course, is our third pilot with the DoD, and that is -- also central to that is AI, and we're driving, again, PlanetScope in this case, over land territory. So we see that -- I mean, so to the sectors, it's definitely more focused on the government, but we're seeing it across the board. I mean, the Laconic example I also mentioned, a commercial deal leverages our Forestry Carbon Planetary Variable, which also leverages AI.

當然，第二項協議是我們與國防部的第三次試點，這也是人工智慧的核心，在這種情況下，我們再次在陸地領土上駕駛 PlanetScope。所以我們看到——我的意思是，對於各個部門來說，它肯定更關注政府，但我們看到它是全面的。我的意思是，我還提到了簡潔的例子，商業交易利用了我們的林業碳行星變量，它也利用了人工智慧。

So I think it's all over the board. It's definitely driving our pipeline and it's an accelerant to our business because it speeds up time to value and it opens up new markets. Next question.

所以我認為這都是全面的。它肯定會推動我們的通路發展，也是我們業務的促進劑，因為它加快了實現價值的時間，並開闢了新市場。下一個問題。

Michael Latimore, Northland.

邁克爾·拉鐵摩爾，北國。

Great, thanks. Yeah, congrats on the strong bookings quarter here. I guess, in terms of the pilot you just highlighted there -- third pilot, great to see -- what are the kind of key catalysts or events that need to occur here to kind of get that to commercialization? And is that something that is a couple of quarters, a couple of years away?

太好了，謝謝。是的，恭喜這裡的預訂季度表現強勁。我想，就您剛才強調的試點而言——第三個試點，很高興看到——這裡需要哪些關鍵催化劑或事件發生才能將其商業化？那是幾個季度、幾年後的事嗎？

Yeah, great question. I mean, look, I mean, we're really excited that the DoD is leaning in with this third pilot this year. I mean, it's quite a new capability coming here because what it's enabling is the government to look at large areas to find new threats. That new system based on the fact that we have this daily scan with AI finding tools is a very new capability.

是的，很好的問題。我的意思是，聽著，我的意思是，我們真的很興奮國防部今年將進行第三次試點。我的意思是，這是一項相當新的能力，因為它使政府能夠觀察大片地區以發現新的威脅。這個新系統是基於我們使用人工智慧查找工具進行日常掃描這一事實，這是一項非常新的功能。

So what we're doing with these pilots is the government is iterating what they need, and we're reacting to that and changing it. There's opportunities for more pilots, extensions to these current ones, and we do believe we can grow into operational contracts over time.

因此，我們對這些試點所做的就是政府正在重申他們的需求，我們正在對此做出反應並做出改變。有更多試點的機會，以及對當前試點的擴展，我們相信隨著時間的推移，我們可以發展成為營運合約。

Got it. And one basic kind of financial question, it looks like sales and marketing took a step down sequentially quite a fair amount. Is that kind of a good new run rate or was there a one-time item in there?

知道了。一個基本的財務問題，銷售和行銷似乎連續下降了相當多的幅度。這是一種良好的新運行率還是其中存在一次性項目？

To my knowledge, I don't think there's any one-time item driving that. It's really about the restructuring that we did in the middle of the year. And as I mentioned before, a lot of that was really looking at our cost of acquisition and making acquiring customers more efficient.

據我所知，我認為沒有任何一次性因素可以推動這一趨勢。這實際上與我們在年中進行的重組有關。正如我之前提到的，其中許多實際上是在考慮我們的獲取成本並提高獲取客戶的效率。

Got it, got it. Okay, great. Thanks a lot.

明白了，明白了。好的，太好了。多謝。

Trevor Walsh, JMP.

特雷弗·沃爾什，JMP。

Great. Thanks, team, appreciate you taking my questions. Will, maybe to start with you, just at a high level, lots of kind of interest and buzz, just broadly around the space domain kind of from early November to now. Just given the incoming administration, just, would be curious to hear your thoughts just broadly on that and also, just what you're hearing from customers in terms of how they think things might either change positively, negatively, neutral for coming -- kind of heading into next year?

偉大的。謝謝，團隊，謝謝您回答我的問題。也許從你開始，只是在高水平上，從 11 月初到現在，廣泛圍繞太空領域，有很多興趣和嗡嗡聲。剛上任的政府，很想聽聽您對此的廣泛想法，以及您從客戶那裡聽到的，他們認為事情可能會發生積極的、消極的、中性的變化。

Yeah, certainly. Certainly, it's something we've been thinking a fair bit about, obviously. Overall, let's just step back and say that the priorities that we serve for the government, which tends to be national security, disaster response, these sort of things, are pretty nonpartisan as they go. And -- but we -- as regard to this incoming administration, we do see them pretty focused on efficiency generally and commercial capabilities in particular. And we think that applies very well to space, and that Planet is very well positioned to support that.

是的，當然。當然，顯然這是我們一直在思考的事情。總的來說，讓我們退一步說，我們為政府服務的優先事項，往往是國家安全、災難應變等，是非常無黨派的。而且 - 但我們 - 對於即將上任的政府，我們確實看到他們非常關注整體效率，特別是商業能力。我們認為這非常適用於太空，而 Planet 非常適合支持這一點。

In fact, I was just in D.C. last week and conversations with multiple agencies there reflect -- who are already reflecting on these incoming administration's priorities are focused on exactly that, how can they do things more efficiently, especially with the commercial sector. So I think Planet is very well positioned for that.

事實上，我上週剛在華盛頓，與那裡的多個機構的對話反映出，他們已經在反思即將上任的政府的優先事項，重點是如何更有效地做事，特別是在商業部門。所以我認為 Planet 在這方面處於非常有利的位置。

Great, terrific, thanks. And maybe just one quick follow-up, Ashley, around the new customer numbers, I understand that you're not adding as much just based on that commercial shift in the go-to-market and whatnot. How -- should we even really be concentrating on that metric just generally?

太好了，太棒了，謝謝。也許只是一個快速的後續行動，阿什利，關於新客戶數量，我知道你不會僅僅根據進入市場等方面的商業轉變而增加那麼多。我們該如何真正關注這個指標？

I know you're going to report on it, but it just seems like it's maybe not the best way to be looking at the business in terms of net new, or maybe that is still kind of relevant. I'm just trying to get an understanding of, as you bring a large company like Laconic, for example, just how that gets -- how that -- what the onboarding is for that customer in terms of -- from a (inaudible) perspective, and just -- and again, just wrapping all those things in my head around from that perspective.

我知道你會對此進行報道，但看起來這可能不是從淨新方面看待業務的最佳方式，或者也許這仍然是相關的。我只是想了解一下，例如，當您引入像 Laconic 這樣的大公司時，如何從（聽不清）獲得該客戶的入職培訓？事情都包裹在我的腦海中。

Yeah. It's a good question. I do think that it's a useful metric just because it really spotlights how differentiated Planet is from kind of the traditional Earth observation industry. And we have such a broad and diversified customer base. The focus of the sales team really is around those opportunities where we can land and expand the customer. And so to ensure that we are operating efficiently, that's really where we're focused are direct sales.

是的。這是一個好問題。我確實認為這是一個有用的指標，因為它確實凸顯了 Planet 與傳統地球觀測產業的差異。我們擁有如此廣泛且多元化的客戶群。銷售團隊的重點實際上是圍繞著我們可以吸引和擴大客戶的機會。因此，為了確保我們高效運營，我們真正關注的是直銷。

But as you recall, we have also been making investments in the platform, including an acquisition of a really strong platform in Sentinel Hub, which enables us to continue to work with a broader community that might be more transactional in nature, just much more efficiently. And as I said, some of these customers are unlikely to be counted in the overall customer count because they just transact directly and not through our sales team. But -- so that's where that change in focus is impacting the pace of growth of that number, but I still think it's an important metric and one that we'll continue to track over time.

但正如您所記得的，我們也一直在對該平台進行投資，包括收購Sentinel Hub 中一個非常強大的平台，這使我們能夠繼續與更廣泛的社區合作，這些社區本質上可能更具交易性，而且效率更高。正如我所說，其中一些客戶不太可能計入總體客戶數量，因為他們只是直接進行交易，而不是透過我們的銷售團隊進行交易。但是，這就是焦點的變化影響該數字成長速度的地方，但我仍然認為這是一個重要的指標，我們將隨著時間的推移繼續追蹤這一指標。

In terms of onboarding new customers, it really depends on the complexity of the business. So some of our more complex government sales can take longer to onboard. There are going to be multiple parties that are involved in getting that account up and running.

在吸引新客戶方面，這實際上取決於業務的複雜性。因此，我們一些更複雜的政府銷售可能需要更長的時間才能完成。將會有多方參與該帳戶的建立和運作。

I don't know specifically as it relates to Laconic, whether that's more straightforward of turning the customer on and getting them working with the data or there's a ramp time associated with that. And the ramping of revenue typically relates to which product specifically was sold. So if it's a pure data subscription, that's going to be more ratable. If it's one of our usage contracts related to tasking, that can see some variability based on those onboarding characteristics. So it's a little bit of some and some, if that helps.

我具體不知道它與 Laconic 的關係，是否更直接地啟動客戶並讓他們處理數據，或者是否有與之相關的斜坡時間。收入的成長通常與具體銷售的產品有關。因此，如果它是純粹的數據訂閱，那麼它的評級會更高。如果這是我們與任務分配相關的使用合約之一，則可以根據這些入職特徵看到一些變化。所以，如果有幫助的話，這是一些和一些。

Yeah, that's great. Thanks so much.

是的，那太好了。非常感謝。

Ryan Koontz, Needham & Company.

瑞恩‧孔茨 (Ryan Koontz)，李約瑟公司。

Great, thanks for the question. Ashley, on the guide, it sounds like the NASA renewal came in a little late and there might have been a couple of other deal slips. But relative to your expectations, say, 90 days ago, was there a sizable impact from a couple of deal slips that impacted the fourth-quarter guide or can you walk us through that a little bit, numbers?

太好了，謝謝你的提問。阿什利（Ashley），在指南上，聽起來美國宇航局的更新來得有點晚，而且可能還有其他一些交易單。但相對於您的預期，例如 90 天前，影響第四季度指南的幾筆交易失誤是否產生了相當大的影響，或者您能否向我們介紹一下這些數字？

Yeah, obviously, you hit on one, which was simply the timing of that NASA renewal, definitely coming in later due to the procurement process. Obviously, very glad to have that in and to see an expansion with that customer.

是的，顯然，你偶然發現了一個，這就是美國宇航局更新的時間，由於採購過程肯定會晚一些。顯然，非常高興能夠加入並看到與該客戶的擴展。

So I'd say in terms of the guide, it's timing. So as I mentioned, NASA, it's timing as it relates to some of these large bookings that we got in Q3 and the time it will take to onboard either that expansion or new customer, and so expectations about the ramp time for that revenue. And some of it is really usage variability quarter to quarter, so that's the primary impact on the revenue guide for the year or for the back half of the year.

所以我想說，就指南而言，現在是時候了。正如我所提到的，美國宇航局，它的時機與我們在第三季度獲得的一些大額預訂有關，以及與該擴張或新客戶合作所需的時間，以及對該收入增長時間的預期。其中一些確實是季度與季度的使用變化，因此這是對今年或下半年收入指南的主要影響。

That makes sense. And what's the typical time to onboard some of these larger customers? Is it two, three quarters type of thing or how should we think about that?

這是有道理的。吸引這些大客戶的典型時間是什麼時候？這是二、四分之三類型的事情還是我們該如何考慮？

No, I think it should be faster than that. As I mentioned in the last question, it really does depend on the complexity of the customer and the specific product they purchased. So if they purchased a data subscription, once we've provisioned them, we can start recognizing that more rapidly. But if it's a usage-based contract related to downloads or tasking, then it really is about getting the users up and running, and sometimes that's globally, and getting them to start using the task orders more regularly. So that is -- it really depends on the contract.

不，我認為應該比這更快。正如我在上一個問題中提到的，這確實取決於客戶的複雜性以及他們購買的特定產品。因此，如果他們購買了數據訂閱，一旦我們為他們提供了服務，我們就可以開始更快地認識到這一點。但如果它是與下載或任務分配相關的基於使用情況的合同，那麼它實際上是為了讓用戶啟動和運行，有時是全局性的，並讓他們開始更頻繁地使用任務訂單。所以這實際上取決於合約。

Got it. And if I can squeeze one more in for Will, around the competitive landscape for tasking and your data analytics, obviously, with PlanetScope, it's kind of a one of a kind there. But your follow-through ability to upsell analytics and upsell tasking, what's that competitive environment like these days relative to some of your peers, bigger and smaller?

知道了。如果我能為威爾再擠一擠，圍繞著任務分配和數據分析的競爭格局，顯然，PlanetScope 是獨一無二的。但是，您對追加銷售分析和追加銷售任務的後續能力，相對於您的一些同行（無論規模大小）來說，如今的競爭環境是什麼樣的？

Great question. Yeah, I mean, obviously, the daily scan is pretty much unique, and that's what's driving -- I mean, it's the most applicable data set for AI because it is a continuous data set, the same angles -- sun angles every day. You always know that it's on everywhere. And so actually, this having this data steep stack of over 2,500 images for every point in the land of the earth is the sort of data set that everyone is training on, less the tasking system.

很好的問題。是的，我的意思是，顯然，每日掃描非常獨特，這就是驅動力- 我的意思是，它是人工智能最適用的數據集，因為它是一個連續的數據集，每天都有相同的角度- 太陽角度。您始終知道它無所不在。事實上，地球上每個點都有超過 2,500 張圖像的資料集，這是每個人都在訓練的資料集，而不是任務系統。

The tasking system is where there's other players, of course, that have tasking systems, but we are competitive for multiple reasons. We've got a lot of capacity, the fastest revisit rates on our SkySat system. And there's the complementarity between the two where you find changes in the PlanetScope data that you then want to take a look at, which is a -- it is a sort of system we call it Tip & Cue, that no one else can do because no one else has the scan.

任務系統是其他玩家當然也有任務系統的地方，但我們出於多種原因具有競爭力。我們的 SkySat 系統擁有大量容量和最快的重訪率。兩者之間存在互補性，您會發現 PlanetScope 數據中的變化，然後您想要查看，這是一種我們稱之為 Tip & Cue 的系統，沒有其他人可以做到，因為沒有其他人掃描過。

Now, just talking as we go forward, obviously, one of the exciting things with Pelican is that, not only are we improving the resolution on that, we're improving the capacity per satellite on that. But with the twin new capabilities that we put on this next Pelican that literally just got to the launch site today, it has satellite-to-satellite communications to get tasks up and images taken faster.

現在，就我們前進而言，顯然，Pelican 令人興奮的事情之一是，我們不僅提高了分辨率，還提高了每顆衛星的容量。但是，憑藉我們今天剛抵達發射場的下一代鵜鶘號的雙重重新功能，它具有衛星間通訊功能，可以更快地完成任務和拍攝影像。

It also has this latest NVIDIA chip that enables us -- I think it's the fastest processor in space, and it basically enables us to do AI on the edge. That means you can do things like, say, look over -- take a picture of an area of water, detect ships automatically, and just send down the pixels around that ship, all to say that speeds up time from hours to minutes, and that's critical to a number of important applications. So look, we're differentiated today. We continue to invest to make it better and better. And the complementary nature between our data sets is always a boon.

它還擁有最新的 NVIDIA 晶片，使我們能夠——我認為它是太空中最快的處理器，它基本上使我們能夠在邊緣進行人工智慧。這意味著你可以做一些事情，例如查看——拍攝一片水域的照片，自動檢測船隻，然後發送該船周圍的像素，所有這些都可以將時間從幾小時縮短到幾分鐘，並且這對於許多重要的應用程式至關重要。所以看，我們今天與眾不同。我們繼續投資以使其變得越來越好。我們的資料集之間的互補性始終是福音。

Great. Thanks, Will. Thanks, Ashley.

偉大的。謝謝，威爾。謝謝，阿什利。

(Operator Instructions) Jeff Van Rhee, Craig-Hallum.

（操作員說明）Jeff Van Rhee，Craig-Hallum。

Great, thanks. Hey, Ashley, Will, congrats, got a lot to smile about here. A couple of questions for me, on the top-line outlooks for '26, I know you're not giving a guide, but you've got obviously quite a bit better visibility. You've got a bunch of signings. I get that the timing of go-lives is going to be unpredictable. But if you look out to Q4, so a year from now, next year, is there a floor growth rate at which you'd be comfortable saying, hey, based on the visibility we have, we certainly should be able to grow at least x at this point?

太好了，謝謝。嘿，阿什利，威爾，恭喜你，這裡有很多值得笑的地方。問我幾個問題，關於 26 年的頂線前景，我知道您沒有提供指導，但您顯然有更好的可見性。你已經收到一堆簽名了。我知道上線的時間將是不可預測的。但如果你關注第四季度，那麼一年後，明年，是否有一個底線增長率，你會放心地說，嘿，根據我們所擁有的知名度，我們當然應該至少能夠增長此時x?

Yes, it's a good question. Obviously, we're not giving guidance about FY26 at this time. But as Will mentioned, really pleased with the way the teams are executing and seeing such a strong bookings quarter. That does start to give us visibility into next year of that committed revenue base. And as we continue to invest in some of these core growth initiatives, specifically leveraging AI as a strategic vector for both expanding with existing customers and opening new markets, that gives us a lot of confidence in our business -- our ability to reaccelerate the business, knowing that these things take time to really drive these go-to-market transitions and operating models and everything else.

是的，這是一個好問題。顯然，我們目前不會提供有關 2026 財年的指導。但正如威爾所提到的，我對團隊的執行方式以及看到如此強勁的預訂季度感到非常滿意。這確實開始讓我們了解明年承諾的收入基礎。隨著我們繼續投資其中一些核心成長計劃，特別是利用人工智慧作為擴大現有客戶和開拓新市場的策略載體，這給了我們對我們的業務充滿信心——我們有能力重新加速業務，知道這些事情需要時間才能真正推動這些進入市場的轉型和營運模式以及其他一切。

So I feel really good about the outlook. I think we can start to see revenue accelerate. I'd be just cautious about how quickly we start to see that acceleration, cautiously optimistic that it can be the early part of next year and feeling particularly optimistic that the back half of next year should really see strong acceleration. I hope that helps.

所以我對前景感覺非常好。我認為我們可以開始看到收入加速成長。我只是對我們開始看到這種加速的速度持謹慎態度，對明年年初可能會出現的情況持謹慎樂觀的態度，並對明年下半年應該真正看到強勁的加速感到特別樂觀。我希望這有幫助。

Yeah. Yeah, yeah, appreciate the effort. And then on CapEx, I know in September, I think you had commented you expected a $13 million to $16 million run rate for foreseeable future, if I have it right. I think you did $8.9 million this quarter. You're guiding to $8 million to $11 million. I think you commented the timing this quarter. Is that the same next quarter? Is there a new thought process in terms of expected CapEx?

是的。是啊是啊，感謝你的努力。然後在資本支出方面，我知道在 9 月份，我想您曾評論過，如果我說得對的話，您預計在可預見的未來運行率為 1300 萬至 1600 萬美元。我認為您本季的收入為 890 萬美元。您的指導價為 800 萬至 1100 萬美元。我認為您評論了本季的時間表。下個季度也是這樣嗎？在預期資本支出方面是否有新的思考過程？

Yeah, it is timing. As I said, we're always balancing the desire to get the fleet of Pelicans and Tanagers up and running faster and just balancing that with cash burn and maintaining a strong balance sheet. So, just looking at the timing of upcoming launches, we feel like the -- we feel like that the lower guide for the back half of the year around CapEx is more in line with what we're likely to see. But definitely don't have any specific concerns around the supply chain. And a lot of this is just coming down to the ability of our teams to be very agile in how they operate and scale up as we see opportunity to grow the fleet.

是的，正是時機。正如我所說，我們總是在讓鵜鶘隊和唐納雀隊更快地啟動和運行的願望與現金消耗和保持強勁的資產負債表之間取得平衡。因此，只要看看即將推出的產品的時間，我們就覺得今年下半年資本支出的較低指引更符合我們可能看到的情況。但絕對不會對供應鏈有任何具體的擔憂。這在很大程度上取決於我們的團隊在我們看到擴大機隊的機會時非常靈活地運作和擴大規模的能力。

Great. Last one, then, maybe for me on Pelican. Obviously, congrats. It looks like that's going to be up soon. Hopefully, January, I think you commented. How should we think about time to revenue there? Just any sense of how booked up, so to speak, that unit is, how quickly you can reach high utilization? Just path to revenue for the -- for that capability.

偉大的。那麼，最後一次，也許是對我來說鵜鶘隊來說的。顯然，恭喜。看起來這件事很快就會發生。希望一月，我想你發表了評論。我們該如何考慮實現收入的時間？可以說，該單位的預訂情況如何，您能多快達到高利用率？這只是這種能力的收入之路。

Well, let me just comment on the top level that, of course, we already have an existing book of business in that line, the SkySat book of business, that those Pelicans will be taking on. And then, with their new capabilities that I just mentioned in my previous answer of better resolution, more capacity per satellite, and faster delivery, just overall, we believe there's greater customer value, so we will drive that value up. So yeah, that's where we see it going, and we'll be ramping that this next year.

好吧，讓我只評論一下頂層，當然，我們已經在該領域有了現有的業務手冊，即那些鵜鶘隊將要承擔的 SkySat 業務手冊。然後，憑藉我在之前的回答中提到的新功能，即更好的分辨率、每顆衛星更大的容量以及更快的交付速度，總的來說，我們相信會有更大的客戶價值，因此我們將推動該價值的上升。是的，這就是我們所看到的方向，明年我們將加強力道。

Got it. Thank you.

知道了。謝謝。

Caleb Henry, Quilty Space.

凱勒亨利，奎爾蒂空間。

Hi, thank you. Just one question for me, it's on the SkySat and the Pelicans. It looks like all of the Pelican -- or excuse me, also of the SkySat satellites that were in the inclined orbit has since been deorbited. I was curious if you had any kind of lessons learned from those, I think it was six or seven satellites, and then how that influences the Pelican fleet. Will those all be in SSO orbits or will you kind of mix them up with inclined?

你好，謝謝。我只想問一個問題，是關於 SkySat 和鵜鶘隊的。看起來所有鵜鶘號——或者對不起，還有位於傾斜軌道上的 SkySat 衛星都已脫離軌道。我很好奇你是否從中吸取了任何教訓，我認為是六、七顆衛星，以及這如何影響鵜鶘艦隊。這些都會在 SSO 軌道上還是會與傾斜軌道混合在一起？

Yeah, good question. That's right. I mean, firstly, what we learned was that having inclined planes was really helpful for our cadence, and we will be doing that same sort of architecture with the Pelican system that is a combination of Sun Sync satellites and inclined plane satellites.

是的，好問題。這是正確的。我的意思是，首先，我們了解到傾斜平面對我們的節奏確實很有幫助，我們將使用 Pelican 系統做同樣的架構，這是 Sun Sync 衛星和傾斜平面衛星的組合。

Yeah, I mean the rapid revisit -- I mean, the good thing is that what we've seen is, as those dropped off, we have been able to constantly increase the capacity per satellite on our SkySat such that we more than kept up with the total capacity. But what the inclined plane does is give us more revisit rates. So as we rebuild into the inclined planes later with Pelican, we'll pick that back up again as well. That makes sense?

是的，我的意思是快速重訪- 我的意思是，好的事情是，我們所看到的是，隨著這些衛星的下降，我們能夠不斷增加SkySat 上每顆衛星的容量，這樣我們就可以跟上與總容量。但斜面的作用是為我們帶來更多的重遊率。因此，當我們稍後與鵜鶘重建傾斜平面時，我們也會再次將其重新拾起。這樣有道理嗎？

Can you kind of clarify -- yeah, I think I got most of it. The -- you mentioned having kind of kept up pace, can you clarify what exactly that means?

你能澄清一下嗎——是的，我想我已經明白了大部分內容。您提到要跟上步伐，您能澄清一下這到底意味著什麼嗎？

Oh, just in terms of total capacity, so number of collects we can collect overall in the system. So, I mean, I think last year, we mentioned that that year alone, we more than doubled the capacity of our SkySats per satellite. So yes, there have been a few SkySats that we lost because of atmospheric drag and the solar radiation that we've been talking about, solar maximum, but overall capacity of the entire fleet has actually gone up.

哦，就總容量而言，我們可以在系統中收集的總體收集數量。所以，我的意思是，去年我們提到，光是那一年，我們的 SkySats 每顆衛星的容量就增加了一倍以上。所以，是的，由於大氣阻力和我們一直在談論的太陽輻射（太陽最大值），我們失去了一些天空衛星，但整個衛星群的整體容量實際上已經上升。

Okay. So in that case, the satellites that are gone, that doesn't put any pressure or accelerated pressure on kind of refreshing the fleet with Pelican?

好的。那麼在這種情況下，消失的衛星不會給鵜鶘更新艦隊帶來任何壓力或加速壓力嗎？

Well, I mean, we want to do that. And so -- we've got our own motivation to do that because we want to improve the system anyway. But yeah, of course, continuing the SkySat is part of that mission. But what's more important is the upgrades that I was talking about earlier that give us even more capability for satellite and more market value and demand.

嗯，我的意思是，我們想這樣做。因此，我們有自己的動機去做這件事，因為無論如何我們都想改進這個系統。但是，當然，繼續 SkySat 是該任務的一部分。但更重要的是我之前談到的升級，它為我們提供了更多的衛星能力以及更多的市場價值和需求。

Understood. Okay, that's all my questions. Thank you.

明白了。好吧，這就是我的所有問題。謝謝。

Thank you all for your questions. There are no more questions in queue so I'll pass the conference back to Will Marshall for any closing remarks.

謝謝大家的提問。隊列中沒有更多問題，因此我會將會議轉回給威爾馬歇爾以供結束發言。

Well, thanks, everyone, for joining. I think in summary, firstly, we're really pleased with our significant improvements in the fundamentals of the business, especially as we fast approach our adjusted EBITDA profitability in this quarter now.

好的，謝謝大家的加入。我認為總而言之，首先，我們對業務基本面的顯著改善感到非常滿意，特別是當我們現在快速接近本季度調整後的 EBITDA 盈利能力時。

Secondly, we secured multiple large government contracts in Q3, which we expect to ramp into the year. It is our strongest-ever ACV bookings quarter, and so that lays the groundwork for our growth ahead.

其次，我們在第三季獲得了多個大型政府合同，我們預計這些合約將在今年增加。這是我們有史以來最強勁的 ACV 預訂季度，這為我們未來的成長奠定了基礎。

Thirdly, we're seeing further accelerants because of AI that's driving new adoption of our data sets, as well as exciting new data sets coming online with Pelican and Tanager. So overall, we feel good about our ability to accelerate growth coming into next year. And I'd just like to end by thanking our teams across the world for their huge dedication to getting us to where we are today. Thanks a lot.

第三，我們看到了更多的推動因素，因為人工智慧正在推動我們的資料集的新採用，以及與 Pelican 和 Tanager 一起上線的令人興奮的新資料集。總的來說，我們對明年加速成長的能力感到滿意。最後，我想感謝我們世界各地的團隊，感謝他們為我們取得今天的成就所做的巨大奉獻。多謝。

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

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。