Planet Labs PBC (PL) 2025 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's Planet Labs PBC fiscal fourth-quarter and full-year 2025 earnings call. My name is Jayla, and I'll be a moderator for today. (Operator Instructions)

午安.感謝您參加今天 Planet Labs PBC 財年的第四季和 2025 全年財報電話會議。我的名字是 Jayla，今天我將擔任主持人。（操作員指令）

And I'd like to turn the conference over to our host, Cleo Palmer-Poroner from the Investor Relations team. Cleo, you may proceed.

我想將會議交給我們的主持人，投資者關係團隊的 Cleo Palmer-Poroner。克萊奧，你可以繼續了。

Thanks, operator, and hello, everyone. This is Cleo Palmer-Poroner from the Investor Relations team at Planet Labs PBC. Welcome to Planet's fiscal fourth-quarter and full-year 2025 earnings call.

謝謝接線員，大家好。這是 Planet Labs PBC 投資者關係團隊的 Cleo Palmer-Poroner。歡迎參加 Planet 2025 財年第四季和全年財報電話會議。

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.

我與威爾·馬歇爾和阿什利·約翰遜一起，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報告，這些報告可在我們投資者關係網站上查閱。

Before we begin, we'd like to remind everyone that we will 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，我們將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管道，它代表尚未簽訂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.

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。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。

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.

此類前瞻性陳述受各種風險、不確定性和假設的影響，詳情載於我們提交給美國證券交易委員會 (SEC) 的文件中，可在 www.sec.gov 上查閱。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業績有重大差異，我們不承擔更新此類前瞻性陳述以反映陳述發布之日後發生的事件或情況或反映意外事件的責任。

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 the 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手段。我們相信，這些指標提供了有關經營業績的有用信息，增進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。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，該新聞稿可在我們的網站 investor.planet.com 上找到。

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.

此外，在整個電話會議過程中，我們提供了管理層使用且我們行業競爭對手經常使用的許多關鍵績效指標。我們在新聞稿和獲利更新報告中更詳細地討論了這些和其他關鍵績效指標，旨在補充我們的準備好的發言。

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.

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, Cleo, and hello, everyone. Thanks for joining us today. Last year was an exciting and transitional year for Planet, and I'm incredibly proud of everything our teams have achieved.

謝謝，克萊奧，大家好。感謝您今天加入我們。去年對 Planet 來說是令人興奮且轉型的一年，我為我們團隊所取得的一切成就感到無比自豪。

We shifted our go to market structure to be a vertically focused approach and towards selling solutions. We took a major step-up in the satellite services market and closed a $230 million contract with a marquee customer. We launched 74 satellites into orbit including our second Pelican and first Tanager spacecraft.

我們將市場結構轉變為垂直聚焦方式並專注於銷售解決方案。我們在衛星服務市場取得了重大進展，與一家大客戶簽訂了價值 2.3 億美元的合約。我們向軌道發射了 74 顆衛星，包括第二顆鵜鶘號衛星和第一顆唐納雀號衛星。

We launched the Planet Insights platform and delivered our new global forest carbon monitoring product. And we drove meaningful improvements in our financials throughout the year, including reaching our target of adjusted EBITDA positive in Q4, the first time in the company's history. All of this sets Planet on a sound footing going into this year.

我們推出了 Planet Insights 平台並推出了新的全球森林碳監測產品。我們全年的財務狀況都取得了有意義的改善，包括在第四季度實現調整後 EBITDA 為正的目標，這是公司歷史上首次。所有這些都為 Planet 今年奠定了良好的基礎。

To briefly summarize the full-year results, we generated a record $244.4 million in revenue, representing an 11% year over year growth. Non-GAAP gross margin for the year was a record 60%, up from 54% a year ago, and full-year adjusted EBITDA loss came in at $10.6 million.

簡單總結全年業績，我們創造了創紀錄的 2.444 億美元收入，年增 11%。全年非公認會計準則毛利率達到創紀錄的 60%，高於一年前的 54%，全年調整後 EBITDA 虧損為 1,060 萬美元。

Q4 was a record quarter for revenue, gross margin, and operating margin. And as I already mentioned, we achieved our goal of delivering a first adjusted EBITDA profitable quarter, a target we set two years ago and a major milestone on our journey to positive cash flow.

Q4本季的營收、毛利率和營業利潤率均創下了歷史新高。正如我已經提到的，我們實現了第一個調整後 EBITDA 獲利季度的目標，這是我們兩年前設定的目標，也是我們實現正現金流道路上的一個重要里程碑。

Backlog increased in the quarter to almost $0.5 billion, up over 100% year over year and approximately 115% quarter over quarter. We believe this puts us in a strong position with a clear path to at least double our revenue growth rate in FY27 compared with FY26.

本季積壓訂單增加至近 5 億美元，較去年同期成長超過 100%，季增約 115%。我們相信，這將使我們處於有利地位，並且有明確的途徑使2027財年的營收成長率至少比2026財年翻倍。

I'd like to spend a little time on our landmark $230 million commercial agreement we signed with our long-term partner in Japan, JSAT. Last year, we made the strategic decision to take a significant step forward in the satellite services market in response to a strong demand signal, selling to customers who want preferred access to data in a particular region.

我想花一點時間談談我們與日本長期合作夥伴 JSAT 簽署的具有里程碑意義的價值 2.3 億美元的商業協議。去年，為了回應強烈的需求訊號，我們做出了策略決策，在衛星服務市場上邁出了重要一步，向想要在特定地區優先存取資料的客戶銷售產品。

These partnerships can be very synergistic to our core business. Our JSAT partnership announced last month is our first deal in support of this strategic direction. Under this agreement, Planet will build, launch, and operate a constellation of 10 high-resolution Pelican satellites for JSAT. Planet will commercially sell the rest of the world's capacity of these satellites across the vast majority of the Earth's surface, representing a significant upside opportunity.

這些合作關係可以與我們的核心業務產生協同作用。我們上個月宣布的與 JSAT 的合作夥伴關係是我們支持這一策略方向的第一筆協議。根據該協議，Planet 將為 JSAT 建造、發射和運作 10 顆高解析度 Pelican 衛星星座。Planet 將在地球表面絕大部分地區商業銷售這些衛星的剩餘容量，這意味著一個巨大的上昇機會。

We couldn't be more pleased to have JSAT as our cornerstone partner as we embark on this new chapter. This deal is structured to create a win-win-win. For JSAT, this aims to secure priority access to critical intelligence in their area of interest with a rapid turnaround from program start to operational capabilities. For Planet, we intend to drive scale in our business and monetize some of the most strategic assets in IP.

在我們開啟新篇章之際，我們非常高興能有 JSAT 作為我們的基石合作夥伴。這項交易的目的是實現三方共贏。對於 JSAT 而言，這旨在確保優先獲取其感興趣領域內的關鍵情報，並實現從專案啟動到營運能力的快速轉變。對於 Planet，我們打算擴大業務規模，並將 IP 中一些最具策略性的資產貨幣化。

And for all our other current and future Planet customers, we plan to bring more Pelican capacity online faster, substantially increasing global capacity and revisit rates. We see this as a major step forward for Planet in the satellite services market. The satellite services market is in the tens of billions of dollars globally today, and we believe we can address a meaningful portion with this offering.

對於我們所有其他現有和未來的 Planet 客戶，我們計劃更快地提供更多 Pelican 容量，從而大幅提高全球容量和重訪率。我們認為這是 Planet 在衛星服務市場上邁出的重大一步。當今全球衛星服務市場的規模達數百億美元，我們相信，透過此項服務我們可以佔據其中很大一部分份額。

Bigger picture, the world is in a state of significant transition across geopolitics and technology. Countries are moving with new clarity and speed to ensure that they have access to the technology and information needed to protect their interests. We are stepping up to meet this need around the globe for countries who are rushing to maintain or expand their sovereign access to space and the powerful information gathering and decision-making it enables.

從更大角度來看，世界正處於地緣政治和技術的重大轉型狀態。各國正以新的明確性和速度採取行動，確保能夠獲得保護其利益所需的技術和資訊。我們正在加緊滿足全球各國的這項需求，幫助它們維持或擴大其主權太空權以及由此產生的強大的資訊收集和決策能力。

We have always been and will continue to be a leading provider of geospatial data and solutions, our core business. Our move to increase efforts into the satellite services expands our portfolio, where we are accelerating our business by leveraging one of our greatest assets, our proven ability to build and operate cutting-edge fleets of remote-sensing satellites quickly and cost effectively.

我們一直是並將繼續成為地理空間資料和解決方案（我們的核心業務）的領先提供者。我們增加對衛星服務的投入，擴大了我們的產品組合，透過利用我們最寶貴的資產之一，即我們已證實的能夠快速且經濟高效地建造和運營尖端遙感衛星群的能力，我們正在加速我們的業務。

We're actively pursuing a handful of similar such opportunities with other trusted strategic partners across the defense intelligence, civil government, and commercial markets, and across all three of our satellite fleets. We aim to be the go-to scaled space partner for these customers.

我們正在與國防情報、民政和商業市場以及我們所有三個衛星艦隊中的其他值得信賴的戰略合作夥伴積極尋求一些類似的機會。我們的目標是成為這些客戶的首選規模空間合作夥伴。

Turning to sales highlights, starting with the defense and intelligence sector, revenue from the D&I sector grew more than 20% for the full fiscal year 2025. We're proud to share that we've been awarded a contract to build a prototype for the Defense Innovation Unit, the DoD arm focused on bringing innovation to the DoD.

談到銷售亮點，從國防和情報部門開始，D&I 部門的收入在 2025 財年全年增長了 20% 以上。我們很榮幸地宣布，我們已經獲得了一份合同，為國防創新部門建造一個原型，該部門致力於為國防部帶來創新。

We continue to engage in shorter-term projects with the DoD as we work towards becoming part of operational DoD workflows, and we are very excited that DIU has ordered this prototype from us. The order was won by Planet as a prime contractor with a partner sub-contractor and is valued in the low seven figures.

我們將繼續與國防部合作進行短期項目，努力成為國防部工作流程的一部分，我們非常高興DIU向我們訂購了這個原型。該訂單由 Planet 作為總承包商與其合作分包商贏得，價值約為七位數。

During the quarter, we were pleased to be selected as one of the priors for the National Geospatial-Intelligence Agency's Luno B commercial data IDIQ contract. Under this contract, we'll compete against other prime vendors for future delivery orders, the total value of which can be up to $200 million over five years.

在本季度，我們很高興被選為國家地理空間情報局 Luno B 商業資料 IDIQ 合約的優先承包商之一。根據該合同，我們將與其他主要供應商競爭未來的交付訂單，五年內總價值可達 2 億美元。

Planet was also awarded a seven-figure ACV renewal and expansion by the DoD. The order leverages our maritime domain awareness solution and was one with a partner, includes Planet data and partner-enabled AI capabilities.

Planet 還獲得了國防部頒發的七位數 ACV 更新和擴展合約。該訂單利用了我們的海事領域感知解決方案，並與合作夥伴共同完成，包括 Planet 數據和合作夥伴支援的 AI 功能。

Looking forward, we expect continued strong growth in the defense and intelligence sector. In an increasingly complex geopolitical environment, Planet solutions can enhance situation awareness for customers by providing greater transparency about emerging challenges and can provide more confidence in well-informed responses.

展望未來，我們預期國防和情報領域將持續強勁成長。在日益複雜的地緣政治環境中，Planet 解決方案可以透過提高新興挑戰的透明度來增強客戶的態勢感知能力，並讓客戶更有信心做出明智的應對。

We see opportunity with the US government as it pursues efficiency and effectiveness across both civil defense and intelligence agencies and internationally as countries require increased access to information in an uncertain world. We are seeing strong and growing opportunities in maritime domain awareness, where we offer open water monitoring and analytics to support situation awareness to thwart piracy, smuggling, and other serious maritime safety and security risks. Additionally, we're investing in the development of our global monitoring service, or GMS, a solution that leverages recent industry advances in artificial intelligence and our broad area data to enable customers to scan entire countries or regions for important changes and threats.

我們看到了美國政府面臨的機遇，因為美國政府追求民防和情報機構以及國際範圍內的效率和效力，因為在這個不確定的世界中，各國都需要增加資訊取得管道。我們在海事領域意識方面看到了強大且不斷增長的機遇，我們提供開放水域監測和分析以支持態勢感知，以阻止海盜、走私和其他嚴重的海上安全風險。此外，我們正在投資開發我們的全球監控服務（GMS），該解決方案利用人工智慧和我們的廣域數據的最新行業進步，使客戶能夠掃描整個國家或地區以發現重要變化和威脅。

Relatedly, we were pleased to welcome former General Jay Raymond to Planet's Board of Directors. General Raymond was the first Chief of the US Space Force and a member of the Joint Chiefs of Staff. His years of experience leading space operations at the highest levels of our government are invaluable as we continue to work closely with the critical government customers both here in the US and abroad.

與此相關的是，我們很高興歡迎前將軍傑伊·雷蒙德 (Jay Raymond) 加入 Planet 董事會。雷蒙德將軍是美國首任太空軍司令、參謀長聯席會議成員。在我們繼續與美國國內外的重要政府客戶密切合作之際，他在我們政府最高層領導太空行動的多年經驗非常寶貴。

Turning to the civil government sector, where full-year revenue grew approximately 15% year over year. While we've seen some seasonality due to large customer usage patterns in FY25, overall, the civil sector was strong this last year, and we continue to see healthy demand for this market.

談到民政部門，全年營收年增約 15%。雖然我們在 2025 財年看到了一些因大量客戶使用模式而產生的季節性影響，但總體而言，去年民間部門表現強勁，我們繼續看到該市場的健康需求。

Here are a few examples. We were pleased to announce a multi-year contract with the European Space Agency, ESA, in January. Through this contract, Planet continues to serve the Copernicus contributing missions, providing commercial satellite data alongside ESA's Sentinel satellite data to the Copernicus services.

以下舉幾個例子。我們很高興於一月份宣布與歐洲太空總署（ESA）簽訂了多年期合約。透過這份合同，Planet 將繼續為哥白尼計畫貢獻任務提供服務，為哥白尼計畫服務提供商業衛星數據以及歐空局的哨兵衛星數據。

We also signed a new contract in the quarter with the Hellenic Space Center to leverage PlanetScope data to support Greece's development of future downstream services for their national satellite data program. As they look to grow their own satellite capabilities, the Greek government will employ planet's data to complement and inform their data sources.

我們還在本季度與希臘太空中心簽署了一份新合同，利用 PlanetScope 數據支持希臘為其國家衛星數據計劃開發未來下游服務。在尋求增強自身衛星能力的過程中，希臘政府將利用行星資料來補充和補充其資料來源。

Shifting finally to the commercial sector, which we previously discussed had faced headwinds, particularly in the agriculture sector, but where we've seen revenue stabilize in recent quarters. To share a few recent wins, last month we announced an expansion with the long-term customer, Bayer, through a multi-year enterprise license agreement. This agreement increases Bayer's access to Planet's satellite imagery and analytics, expanding into commercial operations and enabling enhanced decision-making across its global agricultural operations. Bayer leverages a wide range of Planets' data and products, allowing them to make faster data-driven, agronomic decisions and improving efficiency across its operations.

最後轉向商業領域，我們之前討論過該領域面臨阻力，特別是在農業領域，但我們看到最近幾季的收入趨於穩定。為了分享一些最近的勝利，上個月我們宣布透過多年期企業授權協議與長期客戶拜耳擴展。該協議擴大了拜耳對 Planet 衛星影像和分析的使用權，拓展了商業營運領域，並增強了其全球農業營運的決策能力。拜耳利用 Planets 的廣泛數據和產品，使他們能夠更快地做出數據驅動的農藝決策並提高整個營運的效率。

We also signed a multi-year expansion with Syngenta during the quarter. Through the expansion, they will gain increased access to PlanetScope monitoring and SkySat high-resolution data, as well as the Planet Insights platform. With these products, Syngenta can enable farmers to remotely monitor crop health, detect pest infestations, and identify disease outbreaks with pinpoint accuracy. More broadly, our strategy in the commercial sector remains focused on delivering solutions enabled by the Planet Insights platform for market segments within agriculture, natural resources, energy, and insurance verticals.

本季度，我們也與先正達簽署了多年期擴張協議。透過擴展，他們將獲得更多 PlanetScope 監控和 SkySat 高解析度數據以及 Planet Insights 平台的存取權限。利用這些產品，先正達可以幫助農民遠端監控作物健康狀況、檢測蟲害並精確識別疾病爆發。更廣泛地說，我們在商業領域的策略仍然專注於為農業、自然資源、能源和保險垂直領域的細分市場提供由 Planet Insights 平台支援的解決方案。

Turning to the product updates, during Q4, we successfully launched our Pelican-2 satellite. Pelican-2 is performing well in space and provides us valuable insights and confidence as we continue to build our next-generation higher resolution fleet at pace. We're very proud to share today our first light images from Pelican-2 featured in our Q4 earnings presentation. We have multiple Pelican launches scheduled for this year as we scale towards a fully operational high-resolution fleet.

談到產品更新，在第四季度，我們成功發射了 Pelican-2 衛星。Pelican-2 在太空中表現良好，為我們繼續快速建造下一代更高解析度艦隊提供了寶貴的見解和信心。今天，我們非常自豪地與大家分享我們在第四季財報中所展示的 Pelican-2 首批光影像。隨著我們向全面投入營運的高解析度艦隊邁進，我們今年計劃進行多次鵜鶘發射任務。

We also want to provide an update to our Tanager satellite. Tanager-1 launched last summer and has since been producing powerful hyperspectral data. We have already begun selling that data to a handful of selected customers under a limited availability program. The team has already delivered a five-fold improvement in the Tanager-1's tasking capacity since launch.

我們也想為我們的 Tanager 衛星提供更新資訊。Tanager-1 於去年夏天發射，自此一直在產生強大的高光譜數據。我們已經開始根據有限可用性計劃向少數選定的客戶出售這些資料。自發射以來，該團隊已經將 Tanager-1 的任務執行能力提高了五倍。

Our partner, Carbon Mapper, has published over 1,000 methane and CO2 plume detections based on insights gleaned from the data. And we're actively preparing to offer commercial data to the broader market, particularly to the energy and civil government verticals within the next few months.

我們的合作夥伴 Carbon Mapper 根據從數據中收集到的見解發布了 1,000 多份甲烷和二氧化碳羽流檢測結果。我們正在積極準備在未來幾個月內向更廣泛的市場提供商業數據，特別是能源和政府垂直領域。

On the platform side, in Q4, we released a physics-based resolution sharpening technique that meaningfully improves the usability of our daily scan visual product. We also advanced our low touch enablement in the Planet Insights platform to expand and automate access to smaller customers. Planet's first fully automated low-touch package on Tropical Forest Observatory data formerly provided via the NICFI program was made available for purchase by self-serve users a few weeks ago, a significant milestone.

在平台方面，在第四季度，我們發布了基於物理的分辨率銳化技術，顯著提高了我們日常掃描視覺產品的可用性。我們還改進了 Planet Insights 平台上的低接觸支持，以擴大和自動化對小型客戶的訪問。幾週前，Planet 首個全自動低接觸熱帶森林觀測站資料軟體套件（以前透過 NICFI 程式提供）開始供自助用戶購買，這是一個重要的里程碑。

In addition, we continue to leverage advances in AI both for our solutions such as maritime domain awareness and our global monitoring service, as well as through partnerships such as with AI leaders. A few weeks ago we announced that we're collaborating with Anthropic to explore opportunities where satellite data and foundation models can be combined to deliver powerful new capabilities to users across government and business. In particular, Anthropic is fine-tuning its clawed model on satellite data with the goal of enhancing model accuracy.

此外，我們繼續利用人工智慧的進步來開發我們的解決方案，例如海事領域感知和全球監控服務，以及透過與人工智慧領導者等建立合作夥伴關係。幾週前，我們宣布正在與 Anthropic 合作探索將衛星資料和基礎模型結合的機會，為政府和企業用戶提供強大的新功能。具體來說，Anthropic 正在根據衛星資料對其爪狀模型進行微調，以提高模型準確性。

We believe AI can enhance the extraction of value from satellite data, accelerate delivery of insights, and expand access to a wider range of users. This collaboration with Anthropic is mutually beneficial. AI helps unlock the value of satellite data. Meanwhile, satellite data helps AI models tackle real-world problems. As mentioned before, we believe the Planet is uniquely situated for AI given our unique daily scan and deep archive of over 3,000 images on average for every location on the Earth's landmass.

我們相信人工智慧可以增強從衛星資料中提取價值的能力，加速洞察力的傳遞，並擴大更廣泛用戶的存取範圍。這次與 Anthropic 的合作是互惠互利的。人工智慧有助於釋放衛星資料的價值。同時，衛星資料可幫助人工智慧模型解決現實世界的問題。如前所述，我們相信地球對於人工智慧來說具有獨特的優勢，因為我們對地球大陸每個位置進行獨特的每日掃描和深度存檔，平均超過 3,000 張影像。

The pace of innovation in AI is extraordinary, and if we describe Planet's strategic shift in FY25 as our big step up in the satellite services market, this year our strategic focus will be a big step up in AI and its potential to accelerate the development of solutions and increase accessibility to our powerful data.

人工智慧的創新速度是驚人的，如果我們將 Planet 在 25 財年的戰略轉變描述為我們在衛星服務市場的一大步，那麼今年我們的戰略重點將是人工智慧的一大步，以及它加速解決方案開發和提高我們強大數據的可訪問性的潛力。

With that, I'll turn it over to Ashley to discuss our financials over to you, Ash.

說完這些，我將把話題轉到阿什利 (Ashley) 身上，和你討論我們的財務狀況，阿什。

Thanks, Will. It was indeed a very productive year, representing an important transition for Planet across a number of fronts. Let's shift gears now to go through the financial results in more detail.

謝謝，威爾。這確實是富有成效的一年，代表 Planet 在多個方面實現了重要轉變。現在讓我們換個角度來更詳細地了解財務結果。

Revenue for the fourth quarter came in at a record $61.6 million, representing approximately 5% year-over-year growth. Full-year revenue came in at a record $244.4 million, representing approximately 11% year-over-year growth.

第四季營收達到創紀錄的 6,160 萬美元，較去年同期成長約 5%。全年營收達到創紀錄的 2.444 億美元，年增約 11%。

As Will mentioned, we introduced a new go-to-market structure last year aligned to our customers and markets. And we began to see a shift from selling data to selling solutions targeted at specific market segments. We expect the shift to continue into the year ahead, led by our defense and intelligence business but applying to our civil government and commercial business as well. We see this shift towards selling targeted solutions as a core part of our strategy to re-accelerate growth while enhancing the predictability of our business going forward.

正如威爾所提到的，我們去年推出了與客戶和市場一致的新市場結構。我們開始看到從銷售數據到銷售針對特定細分市場的解決方案的轉變。我們預計這種轉變將在未來一年繼續下去，由我們的國防和情報業務引領，但也適用於我們的民政和商業業務。我們認為向銷售有針對性的解決方案的轉變是我們重新加速成長同時提高未來業務可預測性的策略的核心部分。

During fiscal year 2025, our defense and intelligence sector revenue grew more than 20% year on year. Civil government revenue grew approximately 15% year on year, and the commercial sector was down more than 10% year on year but has shown signs of stabilization and improvement since the trough in Q1. With the discrete commercial headwinds showing signs of abating, we look forward to a return to normalized growth in future periods.

2025財年，我們的國防和情報部門營收年增20%以上。政府民政收入年增約 15%，商業部門收入年減超過 10%，但自第一季低谷以來已顯示出穩定和改善的跡象。隨著離散商業逆風顯示減弱的跡象，我們期待未來恢復正常成長。

For the full fiscal year, EMEA revenue grew more than 15% year over year. Latin America revenue grew approximately 30%. Asia-Pacific grew nearly 15%, while North America revenue grew approximately 5% year over year.

整個財年，EMEA 地區營收年增超過 15%。拉丁美洲收入成長約30%。亞太地區營收年增近 15%，北美地區營收年增約 5%。

Looking ahead, we see significant growth potential across all regions. In EMEA, national security solutions, particularly maritime domain awareness or MDA and global monitoring service, GMS, are attracting strong interest driven by the current complex geopolitical environment. We also anticipate growth from area monitoring systems, or AMS, supporting the European Common Agricultural Policy.

展望未來，我們看到所有地區都具有巨大的成長潛力。在 EMEA 地區，國家安全解決方案，尤其是海事領域感知 (MDA) 和全球監控服務 (GMS)，在當前複雜的地緣政治環境下引起了人們的濃厚興趣。我們也預期區域監測系統（AMS）將支持歐洲共同農業政策。

In Latin America, the civil government sector remains a key growth driver as we continue to build on the incredible proof point from our work with the Brazilian Federal Police in identifying illegal deforestation in the Amazon. In North America and Asia-Pacific, we similarly see national security solutions, MDA, and GMS generating considerable interest.

在拉丁美洲，民間政府部門仍然是關鍵的成長動力，我們繼續鞏固與巴西聯邦警察局在識別亞馬遜地區非法森林砍伐方面的合作，並取得令人難以置信的成果。在北美和亞太地區，我們同樣看到國家安全解決方案、MDA 和 GMS 引起了相當大的興趣。

Furthermore, as new Pelican high-resolution data comes online, we expect the enhanced product and capacity to fuel growth across all regions. We continue to pursue commercial sector opportunities in agriculture, natural resources, energy and utilities, and finance and insurance globally, albeit in a much more targeted and cost-efficient way.

此外，隨著新的 Pelican 高解析度資料上線，我們預期增強的產品和容量將推動所有地區的成長。我們將繼續在全球範圍內尋求農業、自然資源、能源和公用事業以及金融和保險領域的商業機會，但方式要更有針對性和更具成本效益。

Finally, global demand for our satellite services, exemplified by our work with JSAT, is strong. And as Will said, we are actively pursuing select opportunities with other trusted partners, both in the US and around the globe.

最後，以我們與 JSAT 的合作為例，全球對我們的衛星服務的需求十分強勁。正如威爾所說，我們正在積極尋求與美國和全球其他值得信賴的合作夥伴的選擇性合作機會。

As of the end of fiscal 25, our end-of-period customer count was 976 customers, lower on a sequential basis, reflecting our direct sales team's focus on large customers in our core verticals. Over the last year, we've worked to enable smaller and more transactional customers to purchase through our platform or our marketplace partners.

截至 25 財年末，我們的期末客戶數量為 976 名客戶，環比下降，這反映了我們的直銷團隊專​​注於核心垂直領域的大客戶。在過去的一年裡，我們一直致力於讓規模較小、交易量較大的客戶能夠透過我們的平台或市場合作夥伴進行購買。

Average new customer ACV sizes increased sequentially throughout this year, while the majority of the churned accounts in the quarter were less than $50,000 in annual contract value. We see this as an indication that our intentional focus on larger accounts is working. As a reminder, customers who transact solely through our platform, which are typically smaller in nature, are not reflected in this customer account.

今年全年，新客戶平均 ACV 規模持續增加，而本季大多數流失帳戶的年度合約價值均低於 50,000 美元。我們認為這表明我們有意關注大帳戶的做法正在發揮作用。提醒一下，僅透過我們的平台進行交易的客戶（通常規模較小）不會反映在此客戶帳戶中。

Recurring ACV was 97% of our end-of-period ACV book of business, reflecting our continued focus on selling subscription data contracts and solutions as opposed to one-time professional or engineering services. Over 89% of our end-of-period ACV book of business consists of annual or multi-year contracts. Our average contract length continues to be approximately two years, weighted on an ACV basis. For the sake of clarity, the JSAT multi-year satellite services contract is not included in our ACV metrics, although it is included in our RPOs and backlog, which we will discuss in a moment.

經常性 ACV 占我們期末 ACV 業務帳簿的 97%，這反映了我們繼續專注於銷售訂閱資料合約和解決方案，而不是一次性專業或工程服務。我們期末 ACV 業務帳簿中 89% 以上都是年度或多年期合約。我們的平均合約期限仍約為兩年，以 ACV 為基礎加權。為了清楚起見，JSAT 多年期衛星服務合約未包含在我們的 ACV 指標中，但它包含在我們的 RPO 和積壓訂單中，我們稍後會討論。

Net dollar retention rate at the end of fiscal '25 was 106%, and net dollar retention rate with winbacks was 107%. As we shift towards selling high-value solutions targeted at embedding our data in core operational functions, especially within our top accounts, we expect NDRR to improve toward best-in-class levels over the next several years.

25 財年末的淨美元留存率為 106%，贏回後的淨美元留存率為 107%。隨著我們轉向銷售高價值解決方案，旨在將我們的數據嵌入核心營運功能（尤其是我們的頂級帳戶）中，我們預計 NDRR 將在未來幾年內達到一流水平。

Turning the gross margin, non-GAAP gross margin for the fourth quarter was a record 65% compared to 58% in the fourth quarter of fiscal '24. Non-GAAP gross margin for the full year was 60% compared to 54% in FY24.

談到毛利率，第四季非 GAAP 毛利率達到創紀錄的 65%，而 24 財年第四季為 58%。全年非 GAAP 毛利率為 60%，而 24 財年為 54%。

In fiscal 25, we saw benefits from cloud infrastructure improvements offset by partner expenses and satellite depreciation. Adjusted EBITDA was a positive $2.4 million for Q4, marking our first quarter of adjusted EBITDA profitability in the company's history and a major milestone on our journey to generating positive cash flow.

在 25 財年，我們看到雲端基礎設施改善的好處被合作夥伴費用和衛星折舊所抵消。第四季調整後 EBITDA 為正 240 萬美元，這是公司歷史上第一個季度調整後 EBITDA 實現盈利，也是我們實現正現金流道路上的一個重要里程碑。

For the full fiscal year, adjusted EBITDA loss was approximately $10.6 million compared to a $55.3 million loss in fiscal year 2024. We are proud of the financial and operational focus we've seen from our teams since setting this target two years ago. As we make some strategic investment this year, particularly in space systems to capture the opportunity and satellite services, we will do so with a stronger foundation of operating efficiency and focus on bottom line performance.

整個財年，調整後的 EBITDA 虧損約為 1,060 萬美元，而 2024 財年的虧損為 5,530 萬美元。自兩年前設定這一目標以來，我們為團隊在財務和營運方面的專注感到自豪。我們今年進行了一些戰略投資，特別是在太空系統和衛星服務方面，以抓住機遇，我們將以更強大的營運效率為基礎，並專注於底線績效。

Capital expenditures in Q4, including capitalized software development, were approximately $12.8 million. This was slightly higher than expected, driven largely by the timing of certain procurements for our Tanager, Pelican, and SuperDove satellites, and for our ground station infrastructure.

第四季的資本支出（包括資本化軟體開發）約為 1,280 萬美元。這略高於預期，主要由於我們對 Tanager、Pelican 和 SuperDove 衛星以及地面站基礎設施的某些採購時機。

Full-year capital expenditures were approximately $49.6 million or approximately 20% of revenue, reflective of the investments we are making in our next-generation fleets. Although we have been in a period of higher capital investment, our step-in satellite services market represents a major expansion in our market opportunity that not only has the potential to become a major accelerant to growth, but even more so to long-term free cash flow.

全年資本支出約為 4,960 萬美元，約佔收入的 20%，反映了我們對下一代車隊的投資。儘管我們正處於資本投入較高的時期，但我們的介入衛星服務市場代表著我們市場機會的重大擴張，不僅有可能成為成長的主要加速器，也有望成為長期自由現金流的主要加速器。

Turning to the balance sheet, we ended the quarter with approximately $222 million of cash, cash equivalents, and short-term investments. We significantly reduced our cash burden in fiscal year 2025 and expect to further reduce it in fiscal '26. We remain confident that we have sufficient capital to invest behind our core growth-accelerating initiatives and achieve cash flow profitability without needing to raise additional capital, and we still have no debt outstanding.

談到資產負債表，我們本季結束時的現金、現金等價物和短期投資約為 2.22 億美元。我們在 2025 財年大幅減少了現金負擔，並預計在 2026 財年進一步減少現金負擔。我們仍然相信，我們有足夠的資本來投資我們的核心成長加速計劃並實現現金流盈利，而無需籌集額外資本，而且我們仍然沒有未償還的債務。

On that note, I'd like to echo Will's enthusiasm for our recently signed commercial agreement with JSAT. Under the agreement, we expect to recognize $230 million of revenue over approximately the next seven years, with cash payments waited upfront to the earlier years to facilitate working capital for the program. As such, we expect the deal to be meaningfully accretive to cash flow, including in fiscal '26.

在這一點上，我想呼應威爾對我們最近與 JSAT 簽署的商業協議的熱情。根據該協議，我們預計在未來七年內實現 2.3 億美元的收入，並將提前幾年支付現金以提供該項目的營運資金。因此，我們預計該交易將顯著增加現金流，包括在26財年。

Revenue for the build of the Pelicans will be recognized over time as work progresses. The cost for those Pelicans will flow through cost of goods sold as opposed to CapEx, and services revenue for the contract will be recognized as they are rendered. Please note that the accounting for long-term contracts involves judgment and estimating costs and profit for each performance obligation and are subject to change.

鵜鶘隊建設的收入將隨著工程的進展逐漸確認。這些鵜鶘的成本將透過銷售成本而不是資本支出來流動，並且合約的服務收入將在提供服務時確認。請注意，長期合約的會計處理涉及判斷和估計每項履約義務的成本和利潤，並且可能會發生變化。

As we highlighted when we first announced the new win, we believe there is significant upside potential we can realize through selling the constellation's substantial global capacity to Planet customers in the government and commercial sectors in other regions.

正如我們首次宣布新勝利時所強調的那樣，我們相信，透過向其他地區的政府和商業領域的 Planet 客戶出售該星座的巨大全球容量，我們可以實現巨大的上升潛力。

At the end of fiscal '25, we estimate that our remaining performance obligations, or RPOs, were approximately $407.5 million, up 179% quarter over quarter, of which approximately 37% applied to the next 12 months and 70% to the next two years.

截至 25 財年末，我們估計剩餘履約義務（RPO）約為 4.075 億美元，季增 179%，其中約 37% 適用於未來 12 個月，70% 適用於未來兩年。

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, we estimate to be approximately $498.5 million up 115% quarter over quarter. Approximately 38% of our backlog applies to the next 12 months and 69% to the next two years.

我們的積壓訂單包括帶有便利終止條款的合同，這在我們的美國聯邦合同中很常見，偶爾也出現在其他客戶合約中，我們估計約為 4.985 億美元，環比增長 115%。我們的積壓訂單中約有 38% 適用於未來 12 個月，而 69% 適用於未來兩年。

This increase in backlog provides a solid foundation for meaningful growth rate acceleration into FY27. It's important to note that even without the landmark contract with JSAT, we saw strong growth in our RPOs and backlog in Q4.

積壓訂單的增加為 27 財年的顯著成長率加速奠定了堅實的基礎。值得注意的是，即使沒有與 JSAT 簽訂具有里程碑意義的合同，我們仍然看到第四季度的 RPO 和積壓訂單強勁增長。

Let me now lay out our guidance for the first quarter of fiscal 2026. We're expecting revenue to be between $61 million and $63 million. We expect non-GAAP gross margin for the quarter to be between 58% and 60%, impacted by the same factors that I described for fiscal year 2025.

現在，讓我來闡述我們對 2026 財年第一季的指導。我們預計收入在 6,100 萬美元至 6,300 萬美元之間。我們預計本季非 GAAP 毛利率在 58% 至 60% 之間，受到我所描述的 2025 財年相同因素的影響。

We expect our adjusted EBITA loss for the first quarter to be between minus $3 million and minus $2 million reflective of the variability of our expenses quarter to quarter and our tight focus on cost controls and efficiencies, even as we invest in strategic growth initiatives. Specifically, we are investing behind space systems capabilities and bringing new broad area solutions to market, both of which increase our expectations for R&D expenses in Q1 and the year ahead.

我們預計第一季調整後的 EBITA 損失將在負 300 萬美元至負 200 萬美元之間，這反映了我們每個季度的支出變化以及我們對成本控制和效率的嚴格關注，即使我們對戰略增長計劃進行了投資。具體來說，我們正在投資空間系統能力並將新的廣域解決方案推向市場，這兩者都增加了我們對第一季和未來一年研發費用的預期。

We're planning for capital expenditures of approximately $11 million to $16 million in Q1, or approximately 20% of revenue, reflecting our continued investments in our next-generation fleets and the ongoing maintenance CapEx for our Planet Scope constellation.

我們計劃在第一季進行約 1,100 萬至 1,600 萬美元的資本支出，約佔收入的 20%，這反映了我們對下一代衛星群的持續投資以及對 Planet Scope 星座的持續維護資本支出。

For the full fiscal year 2026, we're expecting revenue to be between $260 million and $280 million. While this range attempts to take into account potential risks related to timing of new business and customer usage patterns as well as timing of revenue recognition for our new satellite services contract, it may not reflect unforeseen volatility resulting from the current geopolitical and economic uncertainties. We're mindful that this is a rapidly evolving global environment.

整個 2026 財年，我們預計營收將在 2.6 億美元至 2.8 億美元之間。雖然該範圍試圖考慮與新業務和客戶使用模式的時間以及我們的新衛星服務合約的收入確認時間相關的潛在風險，但它可能無法反映當前地緣政治和經濟不確定性導致的不可預見的波動。我們意識到這是一個快速變化的全球環境。

With that said, we're confident in the plan for the year ahead and see multiple potential sources of upside opportunity, including growing with our government customers, bringing new AI-enabled solutions to market, and our Pelican and Tanager data coming online.

話雖如此，我們對未來一年的計劃充滿信心，並看到了多個潛在的上升機會，包括與我們的政府客戶共同成長、將新的人工智慧解決方案推向市場以及我們的鵜鶘和唐納雀數據上線。

We expect non-GAAP gross margin for fiscal 2026 to be between 55% to 57%, reflecting assumptions around growth in partner revenue streams, increased depreciation related to satellites, and costs related to the new contract with JSAT. Excluding these impacts, we would have expected non-GAAP gross margin to be in line with or slightly better than fiscal 2025.

我們預計 2026 財年非 GAAP 毛利率在 55% 至 57% 之間，這反映了合作夥伴收入流增長、與衛星相關的折舊增加以及與 JSAT 的新合約相關的成本的假設。排除這些影響，我們預計非 GAAP 毛利率將與 2025 財年持平或略好於該水準。

Our long term target for non-GAAP gross margin continues to be 70% to 80%. We see the new contract with JSAT as supporting our path to achieving our long-term target given the incremental Pelican capacity that we expect to be able to monetize outside of our partner's area of interest. Over the course of the operational phase of the contract, we expect the gross margin to be in line with or accretive to the rest of the business.

我們對非公認會計準則毛利率的長期目標仍然是 70% 至 80%。我們認為與 JSAT 簽訂的新合約將支持我們實現長期目標，因為我們預計 Pelican 的增量容量能夠在我們合作夥伴感興趣的領域之外實現貨幣化。在合約的營運階段，我們預計毛利率將與其他業務保持一致或增加。

We expect our adjusted EBITDA loss for fiscal 2026 to be similar to fiscal 2025, with an expected range of minus $13 million to minus $7 million reflecting the aforementioned of investments we're making in the business.

我們預計 2026 財年的調整後 EBITDA 損失將與 2025 財年相似，預計範圍為負 1,300 萬美元至負 700 萬美元，這反映了我們在該業務上進行的上述投資。

We're planning for capital expenditures of approximately $50 million to $65 million for the year, reflecting the investments we're making in our next-generation fleets targeted to fulfill customer demand for cutting-edge, high-resolution and hyper-spectral data. We view this as the peak of the growth CapEx investment cycle for the build-out of the Pelican and Tanager fleets and expect CapEx as a percentage of revenue to trend towards our long-term target in fiscal 2027.

我們計劃今年的資本支出約為 5,000 萬至 6,500 萬美元，這反映了我們對下一代車隊的投資，旨在滿足客戶對尖端、高解析度和高光譜數據的需求。我們認為這是 Pelican 和 Tanager 船隊建設成長資本支出投資週期的高峰，並預計資本支出佔收入的百分比將在 2027 財年趨向於我們的長期目標。

Finally, we expect to reduce our cash burn by approximately 50% in fiscal 2026 and believe we have line of sight to cross over to positive cash flow in the next 24 months, leveraging our strong balance sheet without needing to access the financial markets to fund our investments and growth.

最後，我們預計在 2026 財年將現金消耗減少約 50%，並相信我們預計在未來 24 個月內實現正現金流，利用我們強勁的資產負債表，而無需進入金融市場來為我們的投資和成長提供資金。

Looking ahead, the JSAT win and the significant increase in backlog gives us confidence in our path to meaningful revenue growth rate acceleration in fiscal year 2027. Sources of incremental growth beyond that could be driven by acceleration from the new AI-enabled solutions we're bringing to market from Pelican and Tanager data coming online and from any additional satellite services deals we close, all of which we are actively pursuing.

展望未來，JSAT 的勝利和積壓訂單的大幅增加使我們對 2027 財年實現有意義的收入成長率充滿信心。除此之外的增量成長來源可能來自於我們向市場推出的新型人工智慧解決方案的加速，這些解決方案包括 Pelican 和 Tanager 上線的數據，以及我們達成的任何其他衛星服務交易，所有這些都是我們正在積極追求的。

To underscore our confidence in the opportunity, I'd like to highlight our plan to build and launch nearly 100 satellites here in the United States over the next two years, an incredible feat in our industry and indicative of the demand we see from the market. We're doing this with a non-dilutive, capital-efficient model, through innovative structures with partners such as JSAT and Carbon Mapper, a testament to the strength of those relationships, the ingenuity of our teams, and our commitment to creating shareholder value.

為了強調我們對這一機會的信心，我想強調我們計劃在未來兩年內在美國建造和發射近 100 顆衛星，這是我們行業的一個了不起的壯舉，也表明了我們從市場看到的大量需求。我們透過與 JSAT 和 Carbon Mapper 等合作夥伴建立創新結構，採用非稀釋性、資本高效的模式來實現這一目標，這證明了這些關係的力量、我們團隊的聰明才智以及我們創造股東價值的承諾。

As always, Will and I are thankful for the global Planet team. None of this would be possible without your dedication, resilience, and innovation.

一如既往，威爾和我感謝全球 Planet 團隊。如果沒有你們的奉獻、堅韌和創新，這一切都不可能實現。

Operator, that concludes our comments. We can now take questions.

接線員，我們的評論到此結束。現在我們可以回答問題了。

We will now begin our question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指令）

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Hi. Thanks for the question. Focusing on the [free cash flow] for dynamics, if we could maybe just kind of flesh out the bridge including what's moving in and out of CapEx and gross margin, as well as some of the working capitals assumptions you're making in '26.

你好。謝謝你的提問。專注於[自由現金流量]的動態，如果我們可以充實橋樑，包括資本支出和毛利率的進出，以及您在'26 年做出的一些營運資本假設。

And then given that the company made some commentary on '27, if we can kind of just flesh out a little bit what the cadence looks like to getting to free cash flow positive. Thanks.

然後，鑑於該公司對 27 年發表了一些評論，如果我們可以稍微充實一下實現自由現金流為正的節奏的話。謝謝。

Yeah. Thanks, Colin. So as we talked about, we are in a peak CapEx investment cycle this year. So that's reflected in the guidance that we gave for CapEx for the full year and is also reflected in my commentary about expecting our cash burn to be roughly half this year versus last year.

是的。謝謝，科林。正如我們所說，今年我們正處於資本支出投資週期的高峰期。所以這反映在我們對全年資本支出的指導中，也反映在我的評論中，預計今年我們的現金消耗將比去年減少約一半。

As I mentioned, the JSAT contract is structured in such a way that the cash payments are relatively front-end loaded, which enables us to fund working capital for the program. So it's the balance of our traditional business, obviously, with high gross margins and very strong collection experience with our customer base, managing our expenses across the board very carefully, and then at the same time, investing in both the JSAT program and the building and launching of the Pelican and Tanager fleets.

正如我所提到的，JSAT 合約的結構是現金支付相對前端化，這使我們能夠為該計劃提供營運資金。因此，這顯然是我們傳統業務的平衡，具有高毛利率和非常強大的客戶群收款經驗，非常謹慎地全面管理我們的費用，同時投資於 JSAT 計劃以及 Pelican 和 Tanager 船隊的建造和下水。

So as I mentioned this year we're expecting cash burn to be roughly half and based on our current view of the business, we could see getting to cash flow profitability over the next 24 months.

正如我今年提到的，我們預計現金消耗將減少約一半，根據我們目前對業務的看法，我們預計未來 24 個月內現金流將獲利。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hey, good afternoon. Thank you for taking our questions. Want to ask on the AI deal with Anthropic. In terms of the discussions you have with them, how are you thinking about the ultimate monetization of these, whether it's using to -- a model or whether it's just selling data to them? How are you sort of thinking about the way to actually make a lot of money off this?

嘿，下午好。感謝您回答我們的問題。想詢問與 Anthropic 的 AI 交易。就您與他們的討論而言，您如何考慮這些最終的貨幣化，是使用模型還是僅僅向他們出售數據？您是怎麼想的，如何真正從中賺到大錢呢？

Good question. Well, I'm firstly very excited about that partnership. It's really cool, and there's others that we're doing in a similar vein. It's a really exciting time, as I said on the prepared remarks. It's extraordinary, the developments in AI, and we feel right in the middle of it literally as well because we're a few blocks away from -- probably a few blocks away from OpenAI, a few blocks away from the Google Gemini team here in San Francisco, and so you sort of feel it.

好問題。嗯，首先我對這段合作關係感到非常興奮。這真的很酷，而且我們還在做類似的事情。正如我在準備好的發言中所說的那樣，這真是一個激動人心的時刻。人工智慧的發展令人驚嘆，我們也感覺自己正處於其中，因為我們距離 OpenAI 可能只有幾個街區，距離舊金山的 Google Gemini 團隊也只有幾個街區，所以你能感覺到它。

And our data set, as I mentioned in the remarks, is just sort of sitting -- incredible, unique data set to train these models on. As these companies try to deal with real-world problems, they need real-world data. You can't very well deal with disaster response or security with any sort of synthetic data. And so Planet data is really very primed for that.

正如我在評論中提到的那樣，我們的資料集只是一種令人難以置信的獨特資料集，用於訓練這些模型。當這些公司試圖解決現實世界的問題時，他們需要現實世界的數據。使用任何類型的合成資料都無法很好地處理災難應變或安全性問題。所以 Planet 數據確實非常適合這一點。

As for monetization, look, I think our near-term focus there is on these solutions that we're building with AI, the AI-enabled -- like the maritime domain awareness, like looking over large ocean territory for ships, and then Identification of them and so on. That sort of thing, we have real business to go after there. We've already got meaningful revenue there. We're growing that with focus. And there's others like GMS and AMS that Ashley mentioned.

至於貨幣化，我認為我們近期的重點是我們利用人工智慧建構的解決方案，例如海事領域感知，例如在廣闊的海域尋找船隻，然後對它們進行識別等等。這類事情，我們有真正的生意要做。我們已經在那裡獲得了可觀的收入。我們正集中精力發展這一領域。還有 Ashley 提到的 GMS 和 AMS 等其他市場。

And then as for the foundation efforts of the kind that we're doing with Anthropic, it's a little bit more experimental. But in principle, benefit there is really great, because it can speed time to value. We've been very impressed with how these foundation models out of the box can do analysis on satellite data, can code against our API, can do things that speed up our ability of our existing customers to get from zero to something that has value and answers meaningful questions as well as opening up a new set of potential clients that could get value who don't have geospatial expertise at all.

至於我們與 Anthropic 合作的基礎性工作，則更具實驗性。但從原則上來說，那裡的好處確實很大，因為它可以加快價值實現時間。我們對這些開箱即用的基礎模型印象深刻，它們可以對衛星資料進行分析，可以根據我們的 API 進行編碼，可以加速我們現有客戶從零獲得有價值的東西並回答有意義的問題，同時還可以開拓一批新的潛在客戶，讓那些完全不具備地理空間專業知識的人也能從中獲得價值。

And so this is an accelerant overall. It's early days on the foundation staff, but the work we're doing on MDA and everything is really near-term value that we're driving and growing our business.

所以總的來說這是一種加速劑。基金會員工還處於早期階段，但我們在 MDA 上所做的工作以及所有事情實際上都是我們正在推動和發展業務的近期價值。

Mike Latimore, Northland.

麥克·拉蒂莫爾，北地。

All right. Great, thanks. Yeah, Ashley, at the end of your remarks there, you talked about AI, Pelican, Tanager, and new satellite service wins as a revenue opportunity in '27. Would those be incremental to the doubling of the growth rate or are those included in that doubling of the growth rate?

好的。太好了，謝謝。是的，阿什利，在你的演講結束時，你談到了 AI、Pelican、Tanager 和新的衛星服務作為 27 年的收入機會。這些是否會對成長率翻一番產生增量影響，或者是否包含在成長率翻一番中？

Yeah, great question. And the remarks about the ability to double the growth rate based on the backlog that we have, that is literally pointing to the contracts that we have and have secured and our views as to, one, our ability to renew that business and then also execute against the business that's there that is multi-year in nature.

是的，很好的問題。關於根據我們現有的積壓訂單使增長率翻一番的能力的言論，實際上是指我們擁有和已獲得的合同，以及我們對續簽該業務的能力的看法，然後也是對我們現有的多年期業務的執行能力的看法。

Upside to that growth rate is some of the areas that we talked about that we're investing in. So as Will just said, AI, we believe is an incredible accelerant to delivering value to our customers and to enabling these solutions that we are building out with partners. In addition, if we sign any additional contracts on the satellite services front, that would be upside to that that acceleration and growth rate.

這一成長率的優勢在於我們正在投資一些我們之前談到的領域。正如威爾剛才所說，我們相信人工智慧是向客戶提供價值以及實現我們與合作夥伴共同建構的解決方案的絕佳加速器。此外，如果我們在衛星服務方面簽署任何額外的合同，那將會對加速和成長率產生積極影響。

And then finally, bringing the Pelican and Tanagers online gives us an opportunity to increase the data that we're selling with our existing customers as well as bring new customers in. So those are all upside to the current visibility that we have to the growth rate of our business.

最後，將鵜鶘和唐納雀帶到線上讓我們有機會增加向現有客戶銷售的數據並吸引新客戶。所以這些都對我們目前業務成長率的可見度有好處。

Great. And then just to be clear, when you say positive cash flow, are you talking free cash flow or cash flow from operations?

偉大的。然後需要明確的是，當您說正現金流時，您指的是自由現金流還是經營現金流？

That's really about -- that's about free cash flow. Or another way of saying it's cash flow -- another way of saying it is cash flow from operations and CapEx -- minus CapEx. Sorry, I interrupted you.

這其實與自由現金流有關。或者換句話說，它是現金流 - 另一種說法是來自經營活動的現金流量和資本支出 - 減去資本支出。抱歉，我打擾你了。

Jason Gursky, Citigroup.

花旗集團的傑森古爾斯基。

Great. Thank you. If you don't mind, just a couple of quick clarification questions, and then one more meaty one.

偉大的。謝謝。如果您不介意的話，我只想快速澄清幾個問題，然後再問一個更重要的問題。

On the clarification, on the doubling of the growth rate, is it that at the midpoint of the range in 2026? You double off of the midpoint, or could we grow off the -- could we double off the top end of your range? That's the clarification -- one clarification question.

關於成長率翻倍的澄清，是否是在2026年範圍的中點？您從中點開始加倍，或者我們可以從 — — 我們可以從您範圍的頂端開始加倍嗎？這就是澄清——一個澄清問題。

And then the other clarification one, on the increased expenses that you expect here in '26, is that kind of like a one time in nature kind of thing and that rolls down in '27, or do we need to see revenue growth for margin expansion?

然後另一個需要澄清的是，關於您預計 26 年費用增加，這是否是一次性的事情，並且在 27 年會減少，還是我們需要看到收入成長才能擴大利潤率？

And then the meatier question is just the monetization of the non-JSAT areas of the world. Just kind of curious, will you be going out and looking to try to find people that are going to take down dedicated access over a region of the world, or is this all going into the library and you're trying to monetize the library? I'm just kind of curious how you're thinking about the monetization outside of that part of the world. Thanks.

那麼更重要的問題就是世界非 JSAT 地區的貨幣化。只是有點好奇，你會出去尋找那些能夠在世界某個地區關閉專用存取權限的人嗎？還是所有這些都進入圖書館，然後你試圖透過圖書館賺錢？我只是有點好奇你是如何看待這個地區以外的貨幣化的。謝謝。

Why don't I take the first two and let Will talk about our strategy around satellite services? So in terms of the doubling of the growth rate, why don't we just start with looking at the midpoint of our guidance as a good place to start for how we're thinking about FY27, but obviously you can look at the increase in backlog and what applies to the next 12 months and obviously, it's great to have such a strong book of business even for the 12 months after the one ahead of us. It's great visibility for us.

我為什麼不先談前兩個問題，讓威爾來談談我們圍繞衛星服務的戰略呢？因此，就成長率翻倍而言，為什麼我們不直接看看我們指導的中點，作為我們如何考慮 27 財年的一個良好起點，但顯然你可以看看積壓訂單的增加以及適用於未來 12 個月的情況，顯然，即使在我們未來的 12 個月之後，擁有如此強勁的業務記錄也是很棒的。這對我們來說具有很大的可見性。

On the expense side, as I mentioned, we are both investing on the space systems side, so making sure that we have the capacity for all of the programs that we're running for the core business, so that includes -- core data business, the Pelican and Tanager as well as our SuperDove fleets, in addition to the staffing required to execute against this great new contract that we have with JSAT. So that's one side of the investments. And so those, obviously, are teams that that we'll need because we'll be continuing to grow our operations on the space system side.

在費用方面，正如我所提到的，我們都在空間系統方面進行投資，因此要確保我們有能力開展核心業務的所有項目，其中包括核心數據業務、Pelican 和 Tanager 以及我們的 SuperDove 機隊，以及執行與 JSAT 簽訂的這項偉大的新合約所需的人員。這是投資的一個面向。顯然，這些是我們需要的團隊，因為我們將繼續擴大我們在空間系統方面的業務。

And then investments in AI and the software engineering team. So again, I don't view these as one-time in nature but rather really investing in R&D which enables us to innovate and really stay ahead of the market. Will, do you want to take the question on monetization outside of --

然後是對人工智慧和軟體工程團隊的投資。所以，我再說一遍，我並不認為這些是一次性的，而是真正的投資於研發，這使我們能夠創新並真正保持市場領先地位。威爾，你想在--

Yeah, I mean, the great thing about this partnership is that not only does it pay for our satellites upfront, if you like, those Pelican fleet, and as I mentioned, it's a sort of win-win-win for us, them, and our other customers, because they increased capacity. On that latter point, we get to monetize the rest of the world, which most of that capacity, they have dedicated access over their area of interest, which is in and around Japan basically. And so the rest of the world, we get that capacity and commercially can leverage that. And of course, that's all upside to and great margin potential for that partnership.

是的，我的意思是，這種合作關係的偉大之處在於，它不僅可以預先支付我們的衛星費用，如果你願意的話，還可以支付那些鵜鶘艦隊的費用，而且正如我提到的那樣，這對我們、他們和我們的其他客戶來說是一種三贏的局面，因為他們增加了容量。關於後一點，我們可以將世界其他地區貨幣化，其中大部分容量，他們對其感興趣的區域擁有專用訪問權限，基本上是日本及其周邊地區。因此，世界其他地區可以獲得這種能力，並在商業上加以利用。當然，這一切都是有利的，並且為該合作關係帶來了巨大的利潤潛力。

And I don't know if your question is leaning in this direction, but there are -- as I mentioned, there are a handful of other opportunities that we're going after, where there's long-term partnerships like we've had with Japan. They're strategic, and synergistic with the core business. And we're very excited about the market potential here.

我不知道您的問題是否傾向於這個方向，但正如我所提到的，我們正在尋求許多其他機會，例如與日本建立的長期合作關係。它們具有策略性，並且與核心業務具有協同作用。我們對這裡的市場潛力感到非常興奮。

Obviously we feel they're in a very strong position here, because Planet has such a long history of doing Earth observation satellites. We've launched more Earth observation satellites than anyone else. And when countries think about the demand for dedicated access, we're really a first port of call. And so it's a very exciting opportunity.

顯然，我們認為他們在這裡處於非常有利的地位，因為 Planet 在地球觀測衛星方面擁有悠久的歷史。我們發射的地球觀測衛星數量比其他國家都多。當各國考慮專用接取需求時，我們確實是第一選擇。這是一個非常令人興奮的機會。

Ryan Koontz, Needham & Company.

瑞安·孔茨 (Ryan Koontz)，Needham & Company。

Great. Thank you and sorry about the background noise if there's some. But with regards to the revenue guide, Ashley, how much does that contemplate the current chaotic situation in Washington? Obviously, it's a very dynamic situation, but it seems that there are already impacts. I assume you're contemplating some impact in that revenue guide just the state of things there, either on the civil -- especially on the civil side I'm guessing. Any color you can share there?

偉大的。謝謝您，如果有背景噪音的話，敬請諒解。但是，阿什利，就收入指南而言，這在多大程度上考慮到了華盛頓目前的混亂局勢？顯然，這是一個非常動態的情況，但似乎已經產生了影響。我假設您正在考慮收入指南對當地事態的影響，無論是對民事——尤其是對民事方面，我猜。可以分享什麼顏色嗎？

Look, I think we've attempted to take an appropriately conservative approach to our guidance, so reflecting potential risks related to macro pressures, timing of new business, so that would include ways that the uncertainty in the current environment might cause business -- new business to be delayed, also factoring in customer usage patterns that we've seen have variability in the past. And then we have a brand new satellite services contract, which is a new revenue recognition methodology for us. And so we are being appropriately conservative about how we see that revenue pacing in over the course of the year.

看起來，我認為我們已經嘗試對我們的指導採取適當保守的方法，從而反映與宏觀壓力，新業務時機相關的潛在風險，因此這將包括當前環境中的不確定性可能導致業務的方式 - 新業務被延遲，也考慮到我們過去看到的具有變化的客戶使用模式。然後我們有一份全新的衛星服務合同，這對我們來說是一種新的收入確認方法。因此，我們對全年收入成長的預測持適當保守的態度。

So while it's not possible to reflect every potential outcome related to the current geopolitical and economic environment, we believe actually that solutions such as ours are core to government efficiency and that in many ways, the current environment can be opportunity for companies like Planet that bring much more efficient means of getting these kinds of insights and data. And we see this both domestically and internationally is driving a lot of opportunity for us.

因此，雖然不可能反映與當前地緣政治和經濟環境相關的所有潛在結果，但我們實際上相信，像我們這樣的解決方案是政府效率的核心，在許多方面，當前環境可以為 Planet 這樣的公司帶來機遇，帶來更有效的方式來獲取這些見解和數據。我們看到，無論在國內或國際，這都為我們帶來了許多機會。

I don't know if you want to add anything there, Will.

我不知道你是否想添加任何內容，威爾。

Yeah, I could actually. I mean there are real opportunities in this. As Ashley's saying, they're pushing towards efficiency. Planet is not just hypothetically able to do that. We've done that before. We've done that for NASA; we've done that for DoD; we've done that for the intelligence community. And so we're actually seeing opportunities like that arise. We're actively working with those agencies on that, and we feel like we're in a good position.

是的，我確實可以。我的意思是這其中存在著真正的機會。正如阿什利所說，他們正在努力提高效率。Planet 並非只是理論上能夠做到這一點。我們以前就做過這樣的事。我們已經為 NASA 做過這件事了；我們已經為國防部做過這件事了；我們已經為情報界做到了這一點。因此我們確實看到了這樣的機會的出現。我們正在積極與這些機構合作，並且我們覺得我們處於有利地位。

And Ashley mentioned, also internationally, this is creating a reaction that actually countries need and are demanding this sort of capability sooner. We've seen a lot of interest in that, including in sovereign satellites. And Planet is in a unique position to service that.

阿什利也提到，國際上也對此作出了反應，各國實際上需要而且要求盡快獲得這種能力。我們看到人們對此有很多興趣，包括對主權衛星的興趣。而 Planet 擁有獨特的優勢來提供這樣的服務。

We've also seen increased budgets and an incredibly increased urgency for that in those countries as well. So Planet, I think, can lean into some of that changing geopolitical dynamics pretty successfully. Of course there's risks, but I would say the opportunities definitely outweigh them.

我們也看到這些國家的預算增加，而且緊迫性也大大增強。因此，我認為 Planet 可以相當成功地適應一些不斷變化的地緣政治動態。當然有風險，但我想說機會絕對大於風險。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Great, thanks. Thanks for taking my questions, guys. A couple for me. Maybe first just, Will, on space services, just to be clear, this is sticking to existing configuration footprint capabilities. So this is Doves, Pelicans, et cetera, just being sold on essentially a different delivery model. Sort of phrased differently, this isn't space services with a vision to customization?

太好了，謝謝。謝謝你們回答我的問題。對我來說是一對。也許首先，威爾，關於太空服務，只是為了明確的是，這是堅持現有的配置足跡功能。因此，這就是鴿子隊、鵜鶘隊等等，只是採用本質上不同的交付模式進行銷售。換句話說，這不是具有客製化願景的太空服務嗎？

Yeah. So we are really focused -- as I said, we've got interest in all three types of our satellites, Pelicans, Tanagers, and Doves. And all three in all three of our vertical markets -- so commercial, civil government, and defense intelligence. The biggest area is the defense intelligence for Pelicans, but it really does span all those.

是的。所以我們非常專注——正如我所說，我們對這三種類型的衛星都很感興趣，即鵜鶘、唐納雀和鴿子。這三種類型都涵蓋了我們的三個垂直市場—商業、民間政府和國防情報。最大的領域是鵜鶘隊的防守情報，但它確實涵蓋了所有這些。

So yeah. It's focused on the existing technology roadmap. And that's how we can make it very synergistic here, where this pays ahead that capital expenditure, building up those fleets faster. But then of course there's plenty of upside potential as we were just talking about for JSAT.

是的。它專注於現有的技術路線圖。這就是我們如何在這裡發揮協同作用，提前支付資本支出，更快地建立這些船隊。但當然，正如我們剛才談到的 JSAT，它還有很大的上升潛力。

Did Jeff had a have a follow-up question?

傑夫還有其他後續問題嗎？

Trevor Walsh, Citizens Financial Group.

特雷弗沃爾什 (Trevor Walsh)，公民金融集團。

Great. Hey, team. Thanks for taking my questions. Maybe just to kind of piggyback a little bit off your comments, Will, and Ashley, obviously chime in, but around this space services opportunity, it sounds like -- I think you had mentioned 10 satellites associated with JSAT, so by my math at least 22 kind of authorized Pelicans. Does that footprint of 10 kind of -- is that a good proxy for kind of what other kind of mini constellations, let's call them, for other types of deals that would kind of need to look like that?

偉大的。嘿，團隊。感謝您回答我的問題。威爾，也許只是為了稍微附和一下你的評論，阿什利，顯然也插話了，但圍繞這個太空服務機會，聽起來——我想你提到了與 JSAT 相關的 10 顆衛星，所以根據我的計算，至少有 22 顆授權的鵜鶘衛星。這 10 個足跡是否——這是否是其他類型的迷你星座（我們稱之為）的良好代表，對於其他類型的交易來說，這些交易也需要看起來像這樣？

And then I guess secondary question with that is how easy or could you kind of boost that 32 regulatory approved number, if the opportunity demand comes in and how easy you are how much -- how quickly could you move on that kind of aspect of things? Thanks.

然後我想第二個問題是，如果機會需求出現，你能多容易或說能否增加 32 個監管批准的數量，以及你能多容易地在多大程度上—你能多快地處理這類事情？謝謝。

Yeah, I think you've got the maths roughly right. And yes, as you're citing, we've got approval for up to 32 of those. The deals themselves could vary in numbers, of course. But yeah, we're seeing interest in around that sort of scale from other countries as well. So we'll see where that comes out.

是的，我認為你的計算大致正確。是的，正如您所說，我們最多已批准 32 個。當然，交易本身的數量可能會有所不同。但確實，我們也看到其他國家對這種規模的興趣。我們將拭目以待結果如何。

These are big strategic partnerships. So this is a -- it really is -- these are complex transactions, but they -- again, Planet is in a relatively unique position to supply them being vertically integrated and having launched more Earth observation satellites than anyone else. So we really are -- and in a lot of cases having these long-term relationships where they can trust our data and capabilities. Yeah, I hope that gives a flavor.

這些都是重大策略夥伴關係。所以這是 — — 這確實是 — — 這些都是複雜的交易，但是 — — Planet 再次處於相對獨特的地位，可以為他們提供垂直整合的服務，並且發射的地球觀測衛星比其他任何人都多。所以我們確實是——並且在許多情況下擁有這些長期關係，他們可以信任我們的數據和能力。是的，我希望這能帶來一些味道。

Josh Sullivan, Benchmark Company.

喬許‧沙利文 (Josh Sullivan)，Benchmark Company。

Hey. Good evening. Just as far as the focus on larger -- just the focus on larger customers while directing some of the smaller customers, third parties, but when's the pig through the snake there? Maybe when do we see the customer count stabilize?

嘿。晚安.就專注於更大的客戶而言——只專注於更大的客戶，同時指導一些較小的客戶、第三方，但是什麼時候豬穿過蛇呢？也許什麼時候我們才能看到顧客數量穩定下來？

That's a good question. I think the customer account excludes anybody that is solely transacting through the platform because those tend to be to be smaller. But obviously, we're developing a really strong pipeline of interest to the new solutions that we've been bringing to market. So the focus on making sure that we have the right solutions for the right customers should result in stronger net dollar retention rate, which, I've said, is a really core focus for us and also increase the average customer size which is, obviously a really important metric for us as well.

這是個好問題。我認為客戶帳戶不包括任何僅透過平台進行交易的人，因為這些帳戶往往較小。但顯然，我們正在開發一條真正強大的管道，以吸引對我們已推向市場的新解決方案的興趣。因此，我們專注於確保為合適的客戶提供合適的解決方案，這將帶來更高的淨美元留存率，這是我說過的真正核心關注點，同時也會增加平均客戶規模，這顯然也是我們的一項非常重要的指標。

So as I mentioned on the prepared remarks, the drop in customer count actually is in line with the strategy that we've had of really focusing our direct sales on those larger customers. And we've seen that play out in the increase in average ACV over the course of the year.

因此，正如我在準備好的演講中提到的那樣，客戶數量的下降實際上符合我們將直接銷售重點放在大客戶上的策略。我們已經看到，這項變化體現在一年內平均 ACV 的成長。

I could just add, I think that the Planet Insights platform, the purpose of that is to help serve those smaller customers and to do so cost efficiently so that most of our sales resources can be focused on those big accounts where we see the biggest potential still. But it is also because we believe in that long tail eventually as the tools get better as we are seeing with the Planet Insights platform and some of the AI solutions, this is enabling more people to get value out of it.

我還可以補充一點，我認為 Planet Insights 平台的目的是幫助服務那些小型客戶，並以經濟高效的方式實現，以便我們的大部分銷售資源可以集中在那些我們認為仍有最大潛力的大客戶上。但這也是因為我們相信長尾效應，隨著工具變得越來越好，正如我們在 Planet Insights 平台和一些 AI 解決方案中看到的那樣，這將使更多的人能夠從中獲得價值。

That's a huge potential still here with geospatial data and particularly for Planet, where you don't have to task satellites all the time because we've got the daily scan. And for many users that means that the data's already there, and they can get value out of it sitting there. So that's our strategy.

地理空間資料仍有巨大的潛力，特別是對於 Planet 來說，你不必時時刻刻指揮衛星，因為我們有每日掃描資料。對於許多用戶來說，這意味著數據已經存在，他們可以從中獲取價值。這就是我們的策略。

Anthony Valentini, Goldman Sachs & Co.

安東尼·瓦倫蒂尼（Anthony Valentini），高盛公司

Hey, you all. Thanks for taking my questions. Ashley, I'm just curious -- you've done a great job explaining the new strategy of going after larger new customers, and I think you had mentioned in your prepared remarks that you guys are looking to march your way back to like industry-leading net dollar retention ratios.

嘿，大家好。感謝您回答我的問題。阿什利，我只是很好奇——你很好地解釋了爭取更大新客戶的新策略，而且我認為你在準備好的發言中提到過，你們正在尋求重回行業領先的淨美元保留率。

Could you maybe just like talk a little bit about the strategy of like how you're actually going to achieve that? And then am I thinking of it correctly that because you guys are going after larger customers that are new customers, that's almost like a -- like that's the offset of the lever on the NDRR that it's kind of going to be lower because of that? Just if you could talk through that would be helpful. Thanks.

您能否稍微談談您實際上如何實現這一目標的策略？那麼我是否正確地想到了這一點，因為你們正在追逐更大的客戶，即新客戶，這幾乎就像是 - 就像是 NDRR 槓桿的偏移，因此它會變得更低？如果你能談談這將會很有幫助。謝謝。

Yeah. Absolutely. As I mentioned, a core part of our strategy is in building these solutions that enable us to accelerate the time to value for our customers and to be embedded operationally with those customers. And we believe that by doing so we have seen and we will continue to see strong retention rates and expansion rates with those customers. And organizing our operations according to vertical markets, it's really about getting more of the company directly connected to our customer needs so that every aspect of our product development is really solving a core operational challenge that our customers are facing that our data can uniquely address and enabling our sales team to really prioritize those opportunities where we have the strongest product market fit and growing with those customers.

是的。絕對地。正如我所提到的，我們策略的核心部分是建立這些解決方案，使我們能夠加快為客戶創造價值的時間，並在營運上融入這些客戶。我們相信，透過這樣做，我們已經看到並將繼續看到這些客戶的強勁保留率和擴張率。根據垂直市場組織我們的運營，實際上是讓公司更多地與客戶需求直接聯繫起來，以便我們產品開發的每個方面都能真正解決客戶面臨的核心運營挑戰，我們的數據可以獨特地解決這些挑戰，使我們的銷售團隊能夠真正優先考慮那些我們擁有最強產品市場契合度並與這些客戶共同成長的機會。

So It's been a core part of the changes that we've made operationally over the last 12 months, as well as the investments that we've been making on the solutions side and with our partners to really see the time to value accelerate, which is a key part of then having best-in-class retention rates. I don't know if you'd add anything, Will.

因此，這是我們過去 12 個月在營運方面所做的變革的核心部分，也是我們在解決方案方面和與合作夥伴一起進行的投資，以真正看到價值實現時間的加速，這是實現一流留存率的關鍵部分。我不知道你是否還有什麼要補充，威爾。

No. That's good.

不。那挺好的。

Gregory Pendy, Clear Street Markets.

彭迪 (Gregory Pendy)，清街市集 (Clear Street Markets)。

Hey. Thanks for taking my question. I just wanted to know on commercial you mentioned stabilization that you're seeing earlier in your comments. Can you elaborate a little bit on that? Thanks.

嘿。感謝您回答我的問題。我只是想知道您在之前的評論中提到的商業穩定性。能詳細闡述嗎？謝謝。

Yeah. So specifically in the agricultural sector, we're starting this year from a much stronger place. We've highlighted a few key customer wins and renewals. We're actually seeing our large customers ramp up nicely in their usage going into this growing season. And a lot of it was some transitions that we made working closely with those customers last year to understand where their business was going, parts of their business where they were reducing their investments, so more on the marketing side, and leaning into those areas where they're really investing, which is in improving operational efficiencies and being part of. reducing the amount of inputs and increasing the output. And there's a lot of places where we can drive really tangible ROI to our customers, and making sure that that is the nature of the way we're working with those customers.

是的。特別是在農業領域，我們今年的開局更加強勁。我們重點介紹了一些關鍵客戶的勝利和續約。實際上，我們看到我們的大客戶在這一生長季節的使用量穩步增加。其中許多都是我們去年與這些客戶密切合作而進行的一些轉變，以了解他們的業務發展方向、他們在哪些業務領域減少了投資，因此更多的是在行銷方面，並傾向於他們真正投資的領域，即提高營運效率並參與其中。減少投入，增加產出。在許多地方，我們都可以為客戶帶來真正實際的投資回報，並確保這是我們與這些客戶合作方式的本質。

We also see opportunity across the commercial sector with energy and insurance. Energy, obviously, with bringing Tanager online. As well as in the insurance space, we continue to expand with some of our marquee customers on that front. So again, it's been a rough year just with all the changes going on in the ag sector but a lot of really positive signs in the last few quarters.

我們也看到了能源和保險等商業領域的機會。顯然，能源是讓 Tanager 上線的關鍵。除保險領域外，我們還將繼續與該領域的一些知名客戶一起擴大合作。所以，這是艱難的一年，農業領域發生了許多變化，但過去幾季也出現了許多正面跡象。

Caleb Henry, Quilty Space.

凱勒布·亨利（Caleb Henry），Quilty Space。

Hi. Thanks for taking my questions. Just had two questions. First is sort of on the existing changes in the US government. On the Spire call, there was conversation about seeing a lot more funding headed towards kind of commercial weather and then kind of anticipating a pretty dramatic change in uptake on their side.

你好。感謝您回答我的問題。我有兩個問題。首先是關於美國政府現存的變化。在 Spire 電話會議上，有人談到看到更多的資金流向商業天氣，然後預計他們的吸收量將發生相當大的變化。

I'm wondering on the electro-optical side or in any of the sensor types that Planet offers if you -- if management is kind of anticipating any similar meaningful changes from the new administration in terms of how they make use of commercial satellite imagery.

我想知道，在電光方面，或者在 Planet 提供的任何感測器類型方面，管理層是否預計新政府在如何利用商業衛星影像方面會做出類似的有意義的改變。

Hundred percent, yes. So we are -- we expect them -- and their focus is on efficiency and leveraging commercial capabilities, and we fit right into that. Again, that's across civil government, defense and intelligence agencies. We're in active discussions with them on how we can help them on that priority. And it's something that we have done before.

百分之百是的。所以我們——我們期待他們——他們的重點是效率和利用商業能力，我們完全符合這一點。再次強調，這涉及政府、國防和情報機構。我們正在與他們積極討論如何幫助他們解決這個優先事項。這是我們以前做過的事。

This is a case in point. Our Tanager partnership came out of a collaboration with NASA and is enabling them to do those missions at lower cost. Our EOCL contract with NRO is enabling them to get access to satellite imagery, much lower cost than doing their own way. So these are the kind of programs that I think the government is going to double down on and accelerate in this environment.

這就是一個很好的例子。我們與 Tanager 的合作源自於與 NASA 的合作，使他們能夠以更低的成本完成這些任務。我們與 NRO 簽訂的 EOCL 合約使他們能夠獲取衛星圖像，而且成本比他們自己做要低得多。所以我認為，在當前環境下，政府將會加倍努力並加速這類計畫。

And again, as I mentioned earlier, we're seeing significant budgetary increases in other countries like Japan and Europe as a party to reaction as well. And that is something that we want to lean into too. We're a global company.

正如我之前提到的，我們看到日本和歐洲等其他國家也大幅增加了預算。這也是我們想要傾向的。我們是一家全球性公司。

Okay. Thanks. And then just one clarification on the JSAT contract. What's the rough timeline for when you start launching those satellites? Is that something where you want to get a minimum number of dedicated planet satellites up first, and then you shift to JSAT, maybe intersperse, or -- when do you start rolling out the JSAT portion of the Pelican fleet?

好的。謝謝。然後只需對 JSAT 合約做一點澄清。你們開始發射這些衛星的大致時間表是怎麼樣的？您是否希望先發射最少數量的專用行星衛星，然後再轉向 JSAT，或許是穿插其中，或者——您什麼時候開始推出鵜鶘艦隊的 JSAT 部分？

Yeah. So we are focused, first, on our own satellites. So that is most critical to the continuity of our SkySat fleet -- continuity and of course, enhancements in another way to describe Pelican is. And then next is the JSAT ones which will be mainly in the next 24 months.

是的。因此，我們首先關注的是我們的衛星。因此，這對我們的 SkySat 衛星群的連續性至關重要——連續性，當然，用另一種方​​式來描述 Pelican 就是增強功能。接下來是 JSAT，主要在接下來的 24 個月內進行。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Hey. Thanks for the follow-up. If maybe we could just talk a little about the contract opportunities that Will talked about. Handful of opportunities. Sounds like they're pretty similar. Obviously, you have a little bit of a split across the types of satellites that might be procured, but if you could maybe talk through what the total size of that bid pipe looks like and how that splits out relative to the services pipeline?

嘿。感謝您的跟進。也許我們可以稍微談談威爾提到的合約機會。機會很少。聽起來它們非常相似。顯然，您對可能採購的衛星類型有一點分歧，但您是否可以談談該投標管道的總體規模以及它相對於服務管道的劃分方式？

I haven't got a pipeline for -- number for you right this second. It is early days in our entry into this, but what I will say is that we're seeing strong demand there from different countries. And many countries took note of the partnership we did with Japan, so it's only further accelerated subsequent to our announcement of that.

我現在還沒有提供管道號碼給你。我們進入這個領域還處於早期階段，但我想說的是，我們看到來自不同國家的需求強勁。許多國家注意到了我們與日本建立的合作關係，因此在我們宣布這一消息後，這一進程進一步加快。

There's a lot of interest, but we're being very strategic about which ones we focus on when, because these are big complex transactions, as I said. And so we're focused on ones that are most synergistic, that are going to drive our current product pipeline, and aligned with our long-term financials as well.

有很多人感興趣，但是我們會非常有策略地選擇何時關注哪些交易，因為正如我所說，這些都是大型複雜的交易。因此，我們專注於最具協同作用的項目，這些項目將推動我們目前的產品線，並與我們的長期財務狀況保持一致。

So, yeah, that's the way I think about it. We will obviously continue to share more as we can in upcoming quarters.

是的，這就是我的想法。顯然，我們將在接下來的幾個季度繼續分享更多資訊。

I would not like to turn the conference over to the CEO and Co-founder, Will Marshall. Will, you may proceed with closing remarks.

我不想將會議交給執行長兼聯合創始人威爾馬歇爾 (Will Marshall)。威爾，你可以繼續做結束語了。

Well, look, overall, I'm very proud of what we've achieved here in the last year that you've been hearing about today, and I feel that Planet is in a great position overall, especially based on the JSAT partnership that we mentioned and our strong backlog. Our big focus this year is really on growth acceleration using -- from these new data sets from these AI-powered solutions, and a handful of other partnerships in satellite services.

嗯，總的來說，我對你們今天聽到的我們在過去一年所取得的成就感到非常自豪，而且我認為 Planet 總體上處於非常有利的地位，尤其是基於我們提到的 JSAT 合作夥伴關係和我們強大的積壓訂單。我們今年的重點是利用這些人工智慧解決方案的新數據集以及衛星服務領域的一些其他合作夥伴關係來加速成長。

And, finally, I'll just note about the AI transition. I really think of that as a strategic focus for the year, a bit like -- going more fulsome into the satellite services sector was a big strategic decision last year. This year it's going to be focused on AI across the board, and we believe that can accelerate our opportunity.

最後，我想談談人工智慧的轉型。我確實認為這是今年的戰略重點，有點像——去年更全面地進軍衛星服務領域是一項重大戰略決策。今年我們將全面關注人工智慧，我們相信這可以加速我們的機會。

So thanks for joining us today and a real big thanks to all of our teams that enable everything that we've been discussing. And so look forward to giving you an update next time. Thanks.

感謝大家今天的參與，也非常感謝我們所有團隊，是他們促成了我們討論的一切。期待下次向您提供更新。謝謝。

That will conclude today's conference call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與並祝您有個愉快的一天。