Planet Labs PBC (PL) 2026 Q1 法說會逐字稿

Good afternoon. Thank you for attending the Planet Labs PBC first quarter of fiscal 2026 earnings call. My name is Cameron, and I'll be your moderator for today. (Operator Instructions) And I would now like to pass the conference over to your host, Cleo Palmer-Peroner. You may proceed.

午安.感謝您參加 Planet Labs PBC 2026 財年第一季財報電話會議。我叫卡梅倫，今天我將擔任主持人。（操作員指示）現在我想將會議交給主持人克萊奧·帕爾默·佩羅納 (C​​leo Palmer-Peroner)。您可以繼續。

Thanks, operator, and hello everyone. This is Cleo Palmer-Poroner from the Investor Relations team at Planet Labs PBC. Welcome to Planet's first quarter, a fiscal year 2026 earnings call. I'm joined by Will Marshall and Ashley Johnson, who will provide a recap of our results and discuss our current outlook.

謝謝，接線員，大家好。我是 Planet Labs PBC 投資者關係團隊的 Cleo Palmer-Poroner。歡迎參加 Planet 2026 財年第一季財報電話會議。威爾馬歇爾 (Will Marshall) 和阿什利約翰遜 (Ashley Johnson) 將與我一起回顧我們的業績並討論我們當前的前景。

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. Before we begin, we'd like to remind everyone that we will make forward-looking statements related to future events or our financial outlook.

我們鼓勵大家參考今天電話會議的收益新聞稿和收益更新介紹，這些都可以在我們的投資者關係網站上找到。在我們開始之前，我們想提醒大家，我們將對未來事件或財務前景做出前瞻性陳述。

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 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，該文件可在 www.sec.gov 上查閱。我們的實際表現或表現可能與此類前瞻性陳述所述有重大差異，且我們不承擔更新此類前瞻性陳述以反映陳述發布日後發生的事件或情況或意外事件的責任。

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 a means to evaluate period-to-period comparisons.

在電話會議中，我們還將討論歷史和前瞻性的非公認會計準則財務指標。我們使用這些非公認會計準則財務指標進行財務和營運決策，並作為評估期間比較的一種手段。

We believe that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future, and allow for greater transparency with respect to key metrics used by management and its financial and operational decision-making.

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的整體了解，並提高了管理層使用的關鍵指標及其財務和營運決策的透明度。

For more information on the non-GAAP financial measures, please see the reconciliation tables provided in our press release issued earlier this afternoon, which is available on our website at investors.planet.com. Further throughout this call, we provide a number of key performance indicators used by management and often used by competitors in our industry.

有關非公認會計準則 (Non-GAAP) 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 investors.planet.com 上查閱。此外，在本次電話會議中，我們也提供了一些管理階層以及業界競爭對手經常使用的關鍵績效指標 (KPI)。

Other 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.

其他績效指標在我們的新聞稿和收益更新報告中有更詳細的討論，旨在補充我們的準備好的發言。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. We're pleased to have delivered an excellent first quarter in fiscal 2026. To briefly summarize the results, we generated $66.3 million in revenue, representing approximately 10% year-over-year growth and exceeding our expectations.

謝謝，克萊奧，大家好。感謝您今天加入我們。我們很高興在 2026 財年第一季取得了出色的成績。簡要總結一下結果，我們的收入為 6,630 萬美元，年成長約 10%，超出了我們的預期。

Non-GAAP gross margin was 59%, up from 55% a year ago, and adjusted EBITDA profit came in at $1.2 million, representing our second sequential quarter of adjusted EBITDA profitability. We also generated $17.3 million of cash flow from operating activities and achieved our first-ever quarter of positive free cash flow at $8 million, a significant milestone for the company and for shareholders.

非公認會計準則毛利率為 59%，高於去年同期的 55%，調整後 EBITDA 利潤達到 120 萬美元，這是我們連續第二季實現調整後 EBITDA 獲利。我們還從經營活動中產生了 1,730 萬美元的現金流，並實現了有史以來第一個季度的正自由現金流，達到 800 萬美元，這對公司和股東來說都是一個重要的里程碑。

Our backlog grew to over $0.5 billion at the end of the quarter, reinforcing our path to accelerating growth. Before we turn to our first quarter wins, I'd like to share a few takeaways from my recent travels visiting our customers and partners around the globe.

截至本季末，我們的積壓訂單已增加至 5 億美元以上，這鞏固了我們加速成長的道路。在我們回顧第一季的成就之前，我想分享一下我最近訪問全球客戶和合作夥伴時的一些收穫。

In DC, I met with various leaders at the US government. And the government's demand signal for smarter solutions that leverage the latest innovations from technology providers is ringing loud and clear. Although today's dynamic environment is creating uncertainty, my visit only reinforced our view that the opportunities outweigh the risks for Planet.

在華盛頓特區，我會見了美國政府的多位領導人。政府對利用科技供應商最新創新的更智慧解決方案的需求訊號正在響亮而清晰地響起。儘管當今的動態環境充滿了不確定性，但我的訪問卻強化了我們的觀點：對於地球來說，機會大於風險。

While in Europe, I met with leaders across governments, and it's clear that the changing geopolitical landscape is resulting in a heightened need for Planet services. This builds on the increased awareness of the significant value of satellites that has grown since the start of the war in Ukraine.

在歐洲期間，我會見了各國政府領導人，很明顯，不斷變化的地緣政治格局導致對 Planet 服務的需求日益增加。這是基於自烏克蘭戰爭爆發以來人們日益增強的對衛星重要價值的認識。

Overall, we are seeing unprecedented interest in our solutions. We see Planet as a reliable and trusted partner to our domestic and international customers during such times of global change. So as I turn to sales highlights, I'll start with the defense and intelligence sector, which was once again a key growth driver for the business this quarter.

總體而言，我們看到了人們對我們的解決方案前所未有的興趣。在全球變革的時代，我們將 Planet 視為國內外客戶可靠且值得信賴的合作夥伴。因此，當我談到銷售亮點時，我將從國防和情報部門開始，該部門再次成為本季業務的主要成長動力。

Revenue from the DNI sector grew over 20% year-over-year during Q1, driven by strong performance with our core data and solutions business, as well as our satellite services contract with JSAT. During the quarter, Planet was awarded an eight-figure ACV expansion contract by a European defense intelligence customer for PlanetScope data and our maritime domain awareness solution.

第一季度，DNI 部門的營收年增超過 20%，這得益於我們核心數據和解決方案業務的強勁表現以及與 JSAT 簽訂的衛星服務合約。本季度，Planet 與一家歐洲國防情報客戶簽訂了一份價值八位數的 ACV 擴展合同，合約內容包括 PlanetScope 數據和我們的海事領域感知解決方案。

This relationship expanded rapidly, progressing from a pilot last year to an eight-figure operational contract. As a reminder, our maritime solution is a high-frequency board area solution with partner-enabled analytics for vessel identification and classification, enabling customers to monitor large areas of open ocean for mission-critical situation awareness.

這種合作關係迅速擴大，從去年的試點發展到八位數的營運合約。提醒一下，我們的海事解決方案是一種高頻板區解決方案，具有合作夥伴支援的船舶識別和分類分析功能，使客戶能夠監控大片公海區域，從而實現關鍵任務態勢感知。

Similarly, we won a seven-figure ACV expansion to provide MDA to one of our long-term customers, expanding their monitoring capability with Planet from land to sea. More broadly, we continue to see robust demand for downstream products that embed our capabilities into customers' operations, enhance situation awareness, and support informed decision-making.

同樣，我們贏得了七位數的 ACV 擴展，為我們的一位長期客戶提供 MDA，擴展他們使用 Planet 從陸地到海洋的監控能力。更廣泛地說，我們繼續看到對下游產品的強勁需求，這些產品將我們的能力嵌入到客戶的營運中，增強態勢感知，並支持明智的決策。

This quarter's wins are two of many proof points supporting the scale of this opportunity. Turning to the civil government sector, where first-quarter revenue was down year-over-year largely due to the expiration of our NICFI contract. We continue to see significant growth opportunity here and to share a few recent highlights.

本季的勝利是支持這一機會規模的眾多證據中的兩個。談到民政部門，第一季營收年減，主要是因為我們的 NICFI 合約到期。我們繼續看到這裡巨大的成長機會，並分享一些最近的亮點。

In March, we announced that we've been selected as the primary subcontract for the California Air Resources Board Satellite Data Purchase Program, SDPP. The $95 million contract was awarded to our partner Carbon Mapper and is centered on providing the state of California with methane data built upon Tanager hyperspectral collections, as well as other data products.

今年三月，我們宣布我們已被選為加州空氣資源委員會衛星數據購買計畫（SDPP）的主要分包商。這份價值 9500 萬美元的合約授予了我們的合作夥伴 Carbon Mapper，主要為加州提供基於 Tanager 高光譜收集的甲烷數據以及其他數據產品。

This three-year-plus program marks the first major purchase of Tanager data by a customer outside of the CarbonMAPA consortium itself. It demonstrates the market potential within civil government for large-scale automated environmental monitoring. This approach can be expanded to other government customers around the world.

這個為期三年多的計畫標誌著 CarbonMAPA 聯盟以外的客戶首次大規模購買 Tanager 資料。它展示了政府內部大規模自動化環境監測的市場潛力。這種方法可以擴展到世界各地的其他政府客戶。

Last month, we announced an expansion of our seven-figure countrywide contract with the German government entity BKG, which now includes insights from planetary variables, water monitoring services from Planet's partner EOMAP, and access to Planet's insights platform. The data will be used to monitor water, forest, agriculture, socioeconomic, and land use, as well as support the federal monitoring campaigns and environmental assessments.

上個月，我們宣布擴大與德國政府實體 BKG 簽訂的七位數全國合同，該合同現在包括行星變量洞察、Planet 合作夥伴 EOMAP 提供的水監測服務以及 Planet 洞察平台的訪問權限。這些數據將用於監測水、森林、農業、社會經濟和土地使用情況，並支持聯邦監測活動和環境評估。

During Q1, we also expanded our business with the Welsh government to help inform agriculture policy and natural resource management. Using our high-cadence satellite imagery, historical archive, and tasking capabilities, the Welsh government is deriving data-informed management plans for agriculture efficiency, water and land use change, and emergency response.

在第一季度，我們也擴大了與威爾斯政府的業務往來，以幫助制定農業政策和自然資源管理。利用我們的高節奏衛星影像、歷史檔案和任務處理能力，威爾斯政府正在製定基於數據的管理計劃，以提高農業效率、改變水和土地利用以及應對緊急狀況。

Shifting finally to the commercial sector, where revenue was up slightly year-over-year. We continue to see signs of more stable performance despite quarter-to-quarter variability. To share a highlight, we recently signed a multiyear expansion with Onyx, an outdoor digital navigation company, to inform their suite of recreation applications with PlanetScope products.

最後轉向商業領域，該領域的收入較去年同期略有成長。儘管季度間存在差異，但我們仍然看到業績更加穩定的跡象。為了分享一個亮點，我們最近與戶外數位導航公司 Onyx 簽署了一份多年期擴展協議，以使用 PlanetScope 產品為他們的娛樂應用套件提供資訊。

With Planet satellite data, the apps enable users to stay informed about conditions in remote areas as they plan outdoor pursuits. Next, onto our nascent satellite services offering. Firstly, our team is executing well on the JSA contract. Secondly, as mentioned last time, we're pursuing a handful of highly strategic deals, each significant in scale, and I'm pleased to report that we saw very solid progress with multiple prospects during the quarter.

利用 Planet 衛星數據，這些應用程式可讓使用者在規劃戶外活動時隨時了解偏遠地區的情況。接下來，我們來介紹一下我們剛推出的衛星服務。首先，我們的團隊正在順利執行JSA合約。其次，正如上次提到的，我們正在進行一些高度策略性的交易，每筆交易規模都很大，我很高興地報告，我們在本季度看到了多個前景的非常穩健的進展。

These deals are win-wins, providing software and satellite services to our customers and accelerating and funding the development of our new fleets. Furthermore, the California STPP reward showcases how a set of satellites initially funded through satellite services can drive incremental data business.

這些交易是雙贏的，為我們的客戶提供軟體和衛星服務，並加速和資助我們新機隊的開發。此外，加州 STPP 獎勵展示了一組最初透過衛星服務資助的衛星如何推動增量資料業務。

Turning to product updates starting on the platform side, we recently streamlined our self-service purchasing offering for small customers to make it easier to get started with the Planet Insights platform. This supports Planet's strategies to support small customers efficiently with a flexible and scalable model that grows with their operations.

從平台方面開始進行產品更新，我們最近簡化了針對小型客戶的自助購買服務，以便更輕鬆地開始使用 Planet Insights 平台。這支援了 Planet 的策略，即透過靈活、可擴展且隨其營運成長的模型來有效地支援小型客戶。

For our larger customers, the platform delivers time series solutions and insights that become embedded into their workflows, which is key to expanding our addressable market with customers who haven't traditionally used geospatial data.

對於我們的大客戶，該平台提供嵌入到他們的工作流程中的時間序列解決方案和見解，這對於向傳統上未使用地理空間資料的客戶擴展我們的目標市場至關重要。

We also released our new aircraft detection analytic feed, which automates the detection of aircraft, including commercial, private, and military around the world. By combining advancements in artificial intelligence with Planet's high-frequency scan of the Earth, we're able to offer this product at a global scale, aiming to help users analyze patterns of life and the normal anomalous geopolitical behavior.

我們也發布了新的飛機偵測分析系統，可以自動偵測世界各地的飛機，包括商用、私人和軍用飛機。透過將人工智慧的進步與 Planet 對地球的高頻掃描相結合，我們能夠在全球範圍內提供該產品，旨在幫助用戶分析生活模式和正常的異常地緣政治行為。

This presents a massive and unprecedented capability for analysts, with or without geospatial expertise. On the space system side, Canada One, which we launched last year, is servicing a number of early customers across energy, defense, civil government, and agriculture markets. Our space systems team has rapidly progressed to satellites' operational maturity, expanding the satellite's imaging capacity to bring down approximately 300,000 square kilometers per day via hundreds of collections.

無論分析師是否具備地理空間專業知識，這都為其提供了巨大且前所未有的能力。在太空系統方面，我們去年推出的加拿大一號正在為能源、國防、民政和農業市場的許多早期客戶提供服務。我們的太空系統團隊已迅速發展到衛星的運作成熟度，擴大了衛星的成像能力，透過數百次收集，每天可覆蓋約 30 萬平方公里。

We're not only extremely pleased with the quality of data and the insights being derived from Tanager one but also with early wins showing momentum and indicative of our demand for this new capability in the market.

我們不僅對 Tanager one 的數據品質和獲得的見解感到非常滿意，而且早期的勝利也顯示出了強勁的勢頭，表明了市場對這一新功能的需求。

Meanwhile, Pelican-2, which we launched in January, is continuing to perform very well. We've completed our commissioning process, fully validated the payload and optics, and began providing data to select customers.

同時，我們於一月份發射的 Pelican-2 繼續表現良好。我們已經完成了調試過程，全面驗證了有效載荷和光學器件，並開始向選定的客戶提供資料。

Between our first two Pelican satellites and our Tanager-1 satellite, we now have over 2.5 years of on-orbit experience of our smallsat platform modular spacecraft architecture, which is shared between the two fleets. These on-orbit technology demonstrations have provided us with critical learnings as we develop this technology and prepare to launch operational fleets.

在我們的前兩顆鵜鶘衛星和我們的 Tanager-1 衛星之間，我們現在擁有超過 2.5 年的小型衛星平台模組化太空船架構在軌運行經驗，該架構由兩個衛星群共享。這些在軌技術演示為我們開發這項技術並準備發射作戰艦隊提供了重要的經驗教訓。

As a reminder, we plan to have multiple Pelican launches this year. We're also working on additional Pelican for our partner JSAT, which are expected to begin launching in calendar 2027. I'd like to take a moment to commend our global sales, product, and space systems organizations on a phenomenal quarter and thank them for their hard work, winning, and delivering for our customers.

提醒一下，我們計劃今年進行多次鵜鶘發射。我們也正在為合作夥伴 JSAT 開發更多 Pelican，預計 2027 年開始發射。我想花點時間讚揚我們全球銷售、產品和太空系統組織在本季度的出色表現，並感謝他們為我們的客戶所做的努力、取得的勝利和交付的成果。

Overall, our first-quarter performance validates our strategic direction, relentless customer focus, and disciplined execution. Looking ahead, we are going to continue to aggressively execute on our two key initiatives: one, delivering integrated global insights via AI-enabled solutions, and two, rapidly expanding our satellite services offering. Both are seeing strong traction, and our endgame is clear. Establish Tanager as the undisputed market leader for monitoring the physical world at a global scale.

總體而言，我們第一季的業績證明了我們的策略方向、堅持不懈的客戶關注度和嚴格的執行力。展望未來，我們將繼續積極執行我們的兩項關鍵舉措：一是透過人工智慧解決方案提供全面的全球洞察；二是迅速擴展我們的衛星服務。兩者都表現出強勁的吸引力，我們的最終目標也很明確。使 Tanager 成為全球監控物理世界的無可爭議的市場領導者。

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

說完這些，我會把話題交給艾希莉來討論我們的財務狀況。交給你了，Ash。

Thanks, Will. As Will highlighted, Q1 was an excellent start to the year with record revenue and our second quarter of delivering adjusted EBITDA profits. Revenue for the first quarter came in at $66.3 million, representing approximately 10% year-over-year growth. The strong quarter was primarily driven by key wins with our defense and intelligence customers, higher than expected usage by some of our government accounts, and steady progress across our new JSAT contract.

謝謝，威爾。正如威爾所強調的，第一季是今年的一個好開端，我們實現了創紀錄的收入，並且在第二季度實現了調整後的 EBITDA 利潤。第一季的營收為 6,630 萬美元，年增約 10%。本季業績表現強勁，主要得益於國防和情報客戶的關鍵勝利、部分政府帳戶使用量超出預期、以及新 JSAT 合約的穩步進展。

During the first quarter, our defense and intelligence sector revenue grew over 20% year on year. The commercial sector was flat year on year, and civil government revenue was down year on year, impacted primarily by the end of our contract with Norway for their NICFI program.

第一季度，我們的國防和情報部門營收年增超過20%。商業部門收入同比持平，而政府民政部門收入則是年減，主要受到我們與挪威的 NICFI 項目合約終止的影響。

The commercial sector has continued to show signs of stabilization since the trough in Q1 of fiscal 2025. The quarter-on-quarter step down in revenue within the commercial sector was largely attributable to the previously discussed final adjustments for a couple of our larger agricultural contracts in Q4.

自2025財年第一季觸底以來，商業領域持續呈現穩定跡象。商業部門收入環比下降主要歸因於之前討論過的第四季度幾份較大農業合約的最終調整。

Switching to our regional revenue breakdown, for the first quarter, revenue grew more than 30% year-over-year in both EMEA and Asia Pacific, while North America and Latin American revenue were down year-over-year. North America was impacted primarily by the aforementioned agricultural impact.

從區域收入分佈來看，第一季度，歐洲、中東和非洲地區以及亞太地區的營收年增均超過 30%，而北美和拉丁美洲地區的營收則較去年同期下降。北美主要受到上述農業影響。

As of the end of Q1, the end-of-period customer count was 919 customers, lower on a sequential basis, reflecting our direct sales team's focus on large customers in our core verticals and our shift to serving smaller customers via the Planet Insights platform.

截至第一季末，期末客戶數量為 919 名，環比下降，反映了我們的直銷團隊專​​注於核心垂直領域的大客戶，以及我們轉向透過 Planet Insights 平台服務小客戶。

As a reminder, Planet Insights platform customers are not included in our end-of-period customer count. We saw overall revenue growth in spite of the decline in customer count and thus a solid increase in average revenue per customer as a positive indicator that our sales team's focus on landing and expanding high-value accounts is yielding results.

提醒一下，Planet Insights 平台客戶不包括在我們的期末客戶數量中。儘管客戶數量下降，但我們的整體收入仍然增長，因此每位客戶的平均收入穩步增長，這是一個積極的信號，表明我們的銷售團隊專注於獲取和擴大高價值帳戶的努力正在取得成果。

As we shift to some of our ACV metrics, I want to remind you that the JSAT multiyear satellite services contract is not included in our ACV metrics. Although it is included in our RPOs and backlog, which we'll discuss in a moment.

當我們轉向一些 ACV 指標時，我想提醒您，JSAT 多年衛星服務合約不包括在我們的 ACV 指標中。儘管它包含在我們的 RPO 和積壓工作中，我們稍後會討論。

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.

經常性 ACV 占我們期末 ACV 業務的 97%，這反映出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。

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. Net dollar retention rate at the end of Q1 was 103%, and net dollar retention rate with WindBox was 104%. Turning to gross margin, non-GAAP gross margin for the first quarter was 59%, compared to 55% in the first quarter of fiscal 2025, demonstrating improvement year-over-year.

我們期末 ACV 業務帳簿的 90% 以上都是年度或多年合約。我們的平均合約期限仍為大約兩年（以 ACV 為基礎加權）。第一季末的淨美元留存率為103%，使用WindBox的淨美元留存率為104%。談到毛利率，第一季非公認會計準則毛利率為 59%，而 2025 財年第一季為 55%，較去年同期有所改善。

On a sequential basis, we saw an increase in cost of revenue attributable to depreciation from our satellites, costs related to partner solutions, and costs associated with our new satellite services contract with JSAT. Adjusted EBITDA profit was $1.2 million for Q1, better than expected, primarily driven by revenue outperformance in the quarter and disciplined OpEx spend.

以環比計算，我們發現收入成本有所增加，原因是我們的衛星折舊、與合作夥伴解決方案相關的成本以及與 JSAT 簽訂的新衛星服務合約相關的成本。第一季調整後的 EBITDA 利潤為 120 萬美元，優於預期，主要得益於本季營收表現優異以及嚴格的營運支出。

Capital expenditures in Q1, which include our capitalized software development, were approximately $9.3 million. This was lower than expected, driven largely by the timing of certain launch payments and procurements for Pelican and Tanager satellites.

第一季的資本支出（包括我們的資本化軟體開發）約為 930 萬美元。這一數字低於預期，主要是因為鵜鶘號和唐納雀號​​衛星的某些發射付款和採購時間。

We expect to see these expenses catch up in Q2, which is reflected in our guidance. As a reminder, we're currently in a growth CapEx investment cycle, as we build out our next-generation fleets to capture the market opportunity we see for Planet.

我們預計這些費用將在第二季趕上，這反映在我們的指導下。提醒一下，我們目前正處於成長資本支出投資週期，因為我們正在打造下一代車隊以抓住我們為 Planet 看到的市場機會。

Turning to the balance sheet, we ended the quarter with approximately $226.1 million of cash, cash equivalents, and short-term investments, an increase of approximately $4 million sequentially. During the quarter, we generated approximately $17.3 million in net from operating activities and $8 million in free cash flow, which marks our first quarter of positive free cash flow as a public company, a significant milestone for Planet's employees and shareholders.

談到資產負債表，本季末我們擁有約 2.261 億美元的現金、現金等價物和短期投資，比上一季增加約 400 萬美元。本季度，我們從經營活動中產生了約 1730 萬美元的淨利潤和 800 萬美元的自由現金流，這標誌著我們作為上市公司首次在季度中實現正自由現金流，這對 Planet 的員工和股東來說是一個重要的里程碑。

The strong performance in the quarter reinforces our expectation for full-year cash burn to be under half of what it was in fiscal 2025. While we expect cash flow to vary quarter to quarter, the milestone we reached in Q1 demonstrates excellent progress for the business. Our focus remains on managing the business to enable sustainable cash flow generation through efficient growth across our data, solutions, and satellite services revenue streams.

本季的強勁表現強化了我們的預期，即全年現金消耗將低於 2025 財年的一半。雖然我們預計現金流每季都會有所不同，但我們在第一季達到的里程碑表明業務取得了出色的進展。我們的重點仍然是管理業務，透過數據、解決方案和衛星服務收入流的高效成長實現可持續的現金流產生。

At the end of Q1, our remaining performance obligations or RPOs were approximately $451.9 million, up 262% year-over-year, of which approximately 45% applied to the next 12 months, and 76% to the next 24 months. We estimate 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, to be approximately $527 million, up 140% year-over-year. Approximately 45% of our backlog applies to the next twelve months, and 76% to the next two years. We believe this backlog provides us with good visibility to meaningful growth rate acceleration into fiscal '27.

截至第一季末，我們剩餘的履約義務或 RPO 約為 4.519 億美元，年增 262%，其中約 45% 適用於未來 12 個月，76% 適用於未來 24 個月。我們估計，我們的積壓合約（包括帶有便利終止條款的合約）約為 5.27 億美元，年成長 140%，這在我們的美國聯邦合約中很常見，偶爾也出現在其他客戶合約中。我們的積壓訂單中約有 45% 適用於未來十二個月，76% 適用於未來兩年。我們相信，這些積壓訂單為我們提供了良好的可預見性，可以實現 27 財年的有意義的成長率加速。

Let me turn now to our guidance for the second quarter and full year for fiscal 2026. In Q2, we're expecting revenue to be between $65 million and $67 million. Underlying this guidance is an assumption that the strong usage by some of our customers in Q1 returns to normalized levels in Q2.

現在讓我來談談我們對 2026 財年第二季和全年的指導。我們預計第二季的營收將在 6,500 萬美元至 6,700 萬美元之間。該指引的基礎是假設我們部分客戶在第一季的強勁使用量將在第二季恢復到正常水準。

We expect non-GAAP gross margin for the quarter to be between 56% and 57%, and we expect our adjusted EBITDA loss for the second quarter to be between minus $4 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.

我們預計本季非 GAAP 毛利率將在 56% 至 57% 之間，我們預計第二季度調整後的 EBITDA 虧損將在負 400 萬美元至負 200 萬美元之間，這反映了我們每個季度支出的變化，以及我們在投資戰略增長計劃的同時，對成本控制和效率的高度關注。

We are planning for capital expenditures of approximately $17 million to $22 million in Q2, reflecting the catch-up of capital investments that we expected to see in Q1. Our full-year expectations for CapEx have not changed.

我們計劃在第二季度進行約 1700 萬至 2200 萬美元的資本支出，這反映了我們預計在第一季度看到的資本投資的追趕。我們對全年資本支出的預期並沒有改變。

For the full fiscal year 2026, we expect revenue to be between $265 million and $280 million. We are pulling up the lower end of our guidance range to reflect our improved outlook while recognizing that we remain in an environment with multiple geopolitical and economic uncertainties. We're confident in our ability to execute, and we see multiple potential sources of upside for our revenue.

對於 2026 財年全年，我們預計營收將在 2.65 億美元至 2.8 億美元之間。我們上調了指導範圍的下限，以反映我們改善的前景，同時認識到我們仍然處於一個存在多重地緣政治和經濟不確定性的環境中。我們對自己的執行能力充滿信心，我們看到了多個潛在的收入成長來源。

We expect non-GAAP gross margin for fiscal 2026 to be between 55% to 57%, unchanged from the guidance provided on our prior call. We expect our adjusted EBITDA loss for fiscal 2026 to be in a range of minus $12 million to minus $7 million, reflecting the investments we're making in downstream solutions and our space systems capabilities.

我們預計 2026 財年非 GAAP 毛利率將在 55% 至 57% 之間，與我們上次電話會議上提供的指引相同。我們預計 2026 財年的調整後 EBITDA 虧損將在負 1,200 萬美元至負 700 萬美元之間，這反映了我們在下游解決方案和空間系統能力方面的投資。

We're planning for capital expenditures of approximately $50 million to $65 million for the year, unchanged from our prior call. To summarize, I'm incredibly proud of the execution and operational focus of our teams across Planet. We're making a strategic shift toward downstream solutions which is being validated with significant customer wins and demand signals. This isn't merely a product enhancement.

我們計劃今年的資本支出約為 5,000 萬至 6,500 萬美元，與先前的預測相同。總而言之，我為我們 Planet 團隊的執行力和營運重點感到無比自豪。我們正在進行向下游解決方案的策略轉變，這一轉變已得到大量客戶和需求訊號的驗證。這不僅僅是產品的增強。

This is a strategic maneuver designed across the CASM to capture the early majority of customers and establish a market-leading position in our key target markets. Furthermore, our innovative satellite services model as demonstrated with JSAT represents a fundamental rearchitecting of how we fund and monetize our next-generation fleets. This approach isn't just about technology. It's about aligning our offerings with a strong market demand, thereby ensuring we capture the value we create and deliver compelling returns as we scale.

這是 CASM 設計的策略性舉措，旨在吸引早期大多數客戶並在我們的關鍵目標市場中確立市場領先地位。此外，我們透過 JSAT 展示的創新衛星服務模式代表了我們對下一代衛星群的資金和貨幣化方式的根本重塑。這種方法不僅涉及技術。這是為了使我們的產品與強勁的市場需求保持一致，從而確保我們在擴大規模時能夠捕捉到我們創造的價值並提供令人信服的回報。

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

操作員，我們的評論到此結束。現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hi. Thank you for taking our questions. Wanted to ask about AI. And I know it's a pretty kind of loaded term there, but it's been about three months, I think, since you signed that agreement with Anthropic or partnership with Anthropic.

你好。感謝您回答我們的問題。想問一下關於AI的問題。我知道這是一個相當有內涵的術語，但我認為，自從你們與 Anthropic 簽署協議或合作協議以來，已經過去了大約三個月。

And I'm wondering if you could talk about what you're kind of discussed with them so far and in particular about the maybe the amount of data you would really need to ingest into LLM and also the diversity of data you would need. Is it enough just to have the planet archive or plan scope? Do you need to include either SAR or other types of data to make use? Just curious to kind of how those discussions are going and about the quantity and diversity of data required. Thanks.

我想知道您是否可以談談到目前為止您與他們討論的內容，特別是關於您真正需要輸入 LLM 的資料量以及您需要的資料多樣性。僅僅擁有行星檔案或計劃範圍就足夠了嗎？您是否需要包含 SAR 或其他類型的資料才能使用？只是好奇這些討論的進展以及所需數據的數量和多樣性。謝謝。

Yeah. Good questions. Overall, we're very excited by how these sort of developments of foundation models can speed kind of value for our customers and expand usability. The specific partnership with Anthropic is primarily focused on fine-tuning their models on our data.

是的。好問題。總的來說，我們對這些基礎模型的發展如何加速為我們的客戶創造價值並擴大可用性感到非常興奮。與 Anthropic 的具體合作主要集中在根據我們的數據微調他們的模型。

And exactly the point you're making there, the data that those models had access to thus far is primarily whatever they've scraped from the Internet, which is very limited satellite data. So exposing them to more satellite data can or the instinct is should help improve accuracy of those models in doing questions on our data.

正如您所說，這些模型迄今為止能夠存取的數據主要是從網路上抓取的數據，也就是非常有限的衛星數據。因此，讓它們接觸更多的衛星資料可以或本能地應該有助於提高這些模型在處理我們資料問題時的準確性。

So we also are partnering with Google and others, and so it's not limited to them, but we think exploration with these sort of companies is good. That's separate. And in addition to the core work that we're doing with AI on top of our main solutions. So like, the contract that we announced with the European government includes MDA that involves AI things like identifying ships and identifying ship activity, like transshipments and other things, all leveraged AI.

因此，我們也與Google和其他公司合作，所以這不僅限於他們，但我們認為與這類公司進行探索是件好事。那是分開的。除了我們在主要解決方案的基礎上利用人工智慧所進行的核心工作之外。因此，我們與歐洲政府宣布的合約包括 MDA，其中涉及人工智慧，例如識別船舶和識別船舶活動，例如轉運和其他事情，所有這些都利用了人工智慧。

So it's both in our core products, that is to say, and enabling us to speed time to value and ease usability that enables accessibility for more users and therefore expands our market potential. So it's very exciting on all fronts, and we continue to push in both those ways.

因此，它既存在於我們的核心產品中，也使我們能夠加快價值實現時間並簡化可用性，從而使更多用戶能夠訪問，從而擴大我們的市場潛力。因此，各方面的情況都非常令人興奮，我們將繼續在這兩方面努力。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Hey. Thank you. Maybe talking to the pretax for building blocks? [Half of 25] suggest maybe about $30 million of pre-cash will burn this year. So as we think through the EBITDA guidance and the CapEx guide, that's just maybe call it $30 million to $40 million of working capital benefits. So I think it's a two-pronged question. One is how do we think about that working capital unwind over a multiyear period? And the second part of that question is how do we think about the cash terms of the pipeline of deals, that handful of deals that you talked about that are similar to JSAT. Thank you.

嘿。謝謝。也許正在談論構建模組的稅前收入？[25 人中的一半] 表示，今年可能將消耗約 3,000 萬美元的預付現金。因此，當我們考慮 EBITDA 指導和 CapEx 指導時，這可能是 3,000 萬至 4,000 萬美元的營運資本利得。所以我認為這是一個雙管齊下的問題。一是我們如何看待多年期內營運資本的消耗？問題的第二部分是，我們如何看待交易管道的現金條款，您談到的少數與 JSAT 類似的交易。謝謝。

Yes. Thank you for the question. Obviously, we were very excited to post our first quarter of free cash flow positivity in Q1, and it's a great milestone for the company. And as I think your question is really pointing to, working capital can be lumpy quarter to quarter, especially since we are working with such big contracts signing eight-figure contracts, in addition to contracts like the JSAT.

是的。謝謝你的提問。顯然，我們非常高興地宣布第一季的自由現金流為正，這對公司來說是一個重要的里程碑。我認為您的問題實際上指出的是，營運資金在每個季度之間可能會出現波動，特別是因為我們除了要簽訂 JSAT 這樣的合約外，還要簽訂八位數的大型合約。

Satellite services contract just means that the timing of those payments will cause quarter-to-quarter working capital to look different. That in combination with the fact that some of our CapEx activity building and launching satellites can cause that investment capital to vary quarter to quarter.

衛星服務合約只是意味著這些付款的時間將導致季度間的營運資金看起來不同。再加上我們的部分資本支出活動（建造和發射衛星）可能會導致投資資本每季都會改變。

We're very focused on one operating the business with a path to EBITDA profitability as well as sustainable free cash flow profits. As I mentioned last quarter, we see a path to sustainable free cash flow generation in the next 24 months. And really what we're looking at is the places where we can invest in growth, but do so in a very both capital-efficient way and a way that sets us up to operate a high-margin business that's self-sustaining.

我們非常注重透過營運業務實現 EBITDA 盈利以及可持續的自由現金流利潤。正如我上個季度提到的，我們看到了未來 24 個月內可持續產生自由現金流的道路。我們真正關注的是可以投資於成長的地方，但要以一種既資本高效又能讓我們經營自給自足的高利潤業務的方式進行投資。

Michael Latimore, Northland.

邁克爾·拉蒂莫爾，北國。

Alright. Great. Yeah. Congrats on the excellent results here. In terms of just the strong sequential growth in the quarter, can you elaborate a little bit on what drove that? I think you called out some usage maybe among current customers. Just a little more detail would be great. And then Will, you talked about sort of seeing unprecedented demand, I mean kind of at this point. Can you parse that a little bit? Is it just broad-based, or are there a couple of areas that really stand out?

好吧。偉大的。是的。恭喜您取得的優異成績。就本季強勁的環比成長而言，您能否詳細說明一下推動這一成長的因素？我認為您可能提到了現有客戶中的一些用法。再詳細一點就更好了。然後威爾，你談到看到了前所未有的需求，我的意思是就目前而言。能稍微分析一下嗎？它是否具有廣泛的基礎，還是有幾個領域確實很突出？

I'll take the first part of your question and let Will address the second. In terms of Q1 revenue outperformance, it was really across multiple vectors. So one, just the sales team really having an excellent quarter. I mentioned or we mentioned in the prepared remarks specifically an eight-figure contract win, which was really exciting and helped drive some of the revenue upside in the quarter.

我將回答您問題的第一部分，然後讓威爾回答第二部分。就第一季營收的優異表現而言，這確實涉及多個方面。首先，銷售團隊確實度過了一個非常出色的季度。我在準備好的發言中特別提到了一份八位數的合同，這確實令人興奮，並有助於推動本季度的部分收入增長。

In addition, obviously, we work very closely with our customers to really drive that engagement with our data, which can drive usage rates up. And so that drove some of the outperformance in the quarter. And then finally, great progress on the JSAT contract and just getting off to a strong start with hitting milestones. So it was really across multiple vectors that drove the outperformance in Q1.

此外，顯然，我們與客戶密切合作，真正推動我們數據的參與，從而提高使用率。這推動了本季的部分業績優異。最後，JSAT 合約取得了巨大進展，開局良好，達到了里程碑。因此，真正推動第一季業績優異的是多種因素。

And just to the demand point, yeah, we're seeing really strong demand in the core data capabilities as well as for our nascent satellite services opportunities. And so I think what's happening in there is that the changing political landscape is a heightening need for security.

就需求而言，是的，我們看到核心數據功能以及新興衛星服務機會的需求非常強勁。所以我認為那裡正在發生的事情是，不斷變化的政治格局使得安全需求日益增加。

I mean, I mentioned my trip to Europe, and visited a bunch of capitals over there. And frankly, I've never seen the urgency that I have felt on that trip from countries for both of those kinds of data and satellite services needs. And I think that's them realizing they need to strengthen themselves and get their own capabilities. And that's not just applicable to Europe. We're feeling it in Asia as well, for example.

我的意思是，我提到了我的歐洲之旅，並參觀了那裡的許多首都。坦白說，我從未見過各國對數據和衛星服務的需求如此迫切。我認為他們意識到需要增強自己並提高自己的能力。這不僅適用於歐洲。例如，我們在亞洲也感受到了這種影響。

And so I think that all speaks to the point that we were hinting at last time that there's opportunities and risks to this new changing environment. But the opportunities of the planet are pretty strongly outweighing the risks, and effect, yeah, my trips to both DC and to Europe reinforce that.

所以我認為這一切都證明了我們上次暗示的觀點，即這種新的變化環境既有機遇也有風險。但是地球的機會遠遠大於風險和影響，是的，我去華盛頓和歐洲的旅行證實了這一點。

Jeff Van Rhee, Craig Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Great. Thanks. I'll let Mike congratulations. The real nice quarter. I guess one question, two parts here. But the European Maritime deals, will just talk to those deals. I mean, it's great. It sounds like those have really broken open. How repeatable are those? What is what really broke them open now? What does the pipeline look like there?

偉大的。謝謝。我會讓麥克表示祝賀。真正美好的一個季度。我想這是一個問題，分成兩個部分。但歐洲海事協議只會與這些協議進行談判。我的意思是，這很棒。聽起來那些真的已經破了。這些的可重複性如何？現在真正讓他們崩潰的是什麼？那裡的管道是什麼樣子的？

And then the second part is just from a civil DNI and commercial breakdown, when you look at the pipeline, how do you see each of those sectors behaving over the next several quarters in terms of year-over-year growth?

第二部分是從民用 DNI 和商業細分來看，當您查看管道時，您如何看待這些行業在未來幾季的年成長表現？

Yeah. I mean, on the maritime domain awareness solution piece, I mean, we have a real solution there, and that is enabling that strong offering. It's enabling partners to really rely on that. Our government. And then that's coupled with the political piece that I just mentioned, which is driving urgency. I mean, it's what it's doing is it's -- I mean, we're seeing a strategic shift in Europe, which needs our kinds of paper. It needs more security, and people look at the changing way in which these new technologies play into security as they have in Ukraine drones and satellites and AI. And they're realizing that they need them, and they need them.

是的。我的意思是，在海事領域意識解決方案方面，我們有一個真正的解決方案，那就是提供強而有力的支援。這使得合作夥伴能夠真正依賴這一點。我們的政府。然後再加上我剛才提到的政治因素，就形成了一種緊迫感。我的意思是，它正在做的事情是——我的意思是，我們看到歐洲正在發生戰略轉變，歐洲需要我們的紙張。它需要更多的安全保障，人們正在關注這些新技術在安全方面發揮的變化，就像烏克蘭的無人機、衛星和人工智慧一樣。他們意識到他們需要它們，而且他們需要它們。

So I've never felt that kind of urgency before, so it does say that and that helps us drive these things a little bit faster. The MDA in particular is probably because there are both real maritime needs but also we've got a real full solution there. And so that, I think, is what has driven that. People want to look out in open water and find the shipping activities and ensure that they can track them.

所以我以前從未感受到過這種緊迫感，它確實說明了這一點，這有助於我們更快地推動這些事情。特別是 MDA，可能是因為既有真正的海事需求，而且我們也有一個真正的完整解決方案。所以，我認為，這就是推動這現象發生的因素。人們希望在開闊水域中觀察航運活動並確保能夠追蹤它們。

And I can jump in on the question about the pipeline. Obviously, as Will highlighted, continue to see strong demand emerging in the DNI sector. I think we've got both compelling solutions and very unique data. And the changing political environment is just heightening the need for the solutions and the data that we have. On the civil side, our team's doing a great job of engaging around some key solutions that we have running workshops to show them how our data can uniquely enable governments to either enforce and execute new policy commitments that they have.

我可以直接回答有關管道的問題。顯然，正如威爾所強調的，DNI 領域的需求將持續強勁成長。我認為我們既有令人信服的解決方案，也有非常獨特的數據。不斷變化的政治環境只會加劇我們對現有解決方案和數據的需求。在民事方面，我們的團隊在圍繞一些關鍵解決方案開展工作方面做得非常出色，我們正在舉辦研討會，向他們展示我們的數據如何以獨特的方式幫助政府執行和履行他們的新政策承諾。

For example, the common agricultural policy over in Europe, or do broader-based civil opportunities around things like water quality management, environmental monitoring, new building assessment, et cetera, as well highlighted with the BKG deal that we announced earlier in the quarter.

例如，歐洲的共同農業政策，或在水質管理、環境監測、新建築評估等方面開展更廣泛的民用機會，我們在本季早些時候宣布的 BKG 交易也突顯了這一點。

So a lot of strong opportunities on the government front. And on the commercial front, as we talked about last year, we've really been refocusing that team over a few key markets where we see the strongest product market fit. I think that refocusing has really enabled our team to see stronger execution and really understand to take those markets over the longer term. So it's been a refocusing, but I think is really starting to yield the results as evidenced by the comments we made around stabilization.

因此，政府方面存在著許多重大機會。在商業方面，正如我們去年談到的，我們實際上已經將團隊的注意力重新集中在幾個我們認為產品市場契合度最高的關鍵市場上。我認為重新聚焦確實使我們的團隊看到了更強大的執行力，並真正了解如何在長期內佔領這些市場。所以這是一個重新聚焦的過程，但我認為它確實開始產生結果，正如我們在穩定性方面所發表的評論所證明的那樣。

Trevor Walsh, Citizens Financial Group.

特雷弗·沃爾什（Trevor Walsh），公民金融集團。

Great. Hey, Ashley. Well, thanks for taking the questions. Just double-clicking a little bit, actually, on that last call you made around the commercial business. Just curious, just given the April end, if there were any disruptions maybe around deals or just in the last few weeks of the quarter with all the things around tariffs and some of the disruptions there.

偉大的。嘿，阿什利。好的，感謝您回答這些問題。實際上，只需稍微回顧一下您上次就商業業務所打的電話。只是好奇，考慮到四月底的情況，是否存在任何中斷，可能是在交易方面，或者在本季度的最後幾週，所有與關稅有關的事情以及那裡的一些中斷。

And then kind of as you look forward in that pipeline, is there anything that kind of signals at all any customer uncertainty or around demand? I'm just kind of wrangling down with how that affects their own businesses and if that's kind of coming within those key focus areas that you just kind of called out. Thanks.

然後，當您展望該管道時，是否有任何跡象表明客戶的不確定性或需求？我只是在爭論這會對他們自己的業務產生什麼影響，以及這是否屬於您剛才提到的重點領域。謝謝。

Yeah. To be honest, that isn't something that's necessarily been impacting the conversations that we've been engaged with, at least to my knowledge. Obviously, I think that there's a really interesting opportunity for Planet in the solutions that we've been building around global monitoring to ultimately have applicability to things like supply chain and understanding any types of events like these and how they might impact supply chain. So I see that as a longer-term opportunity for us. But nothing specifically jumps out at me from the quarter that would be relevant in that vein.

是的。老實說，這並不一定會影響我們所參與的對話，至少就我所知是這樣。顯然，我認為我們圍繞全球監控構建的解決方案對 Planet 來說是一個非常有趣的機會，最終可以應用於供應鏈等領域，並了解任何此類事件以及它們如何影響供應鏈。所以我認為這對我們來說是一個長期機會。但本季中沒有出現任何與此相關的特別突出的內容。

Ryan Koontz, Needham and Company.

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

Great. Thanks. Two-part if I could. Ashley, if you can just least qualitatively kind of walk us through some of the puts and takes on gross margin maybe over the past year and as you look as how we think about that going forward?

偉大的。謝謝。如果可以的話，分為兩部分。阿什利，您能否至少從質量上向我們介紹過去一年中毛利率的一些變化，以及您對未來的看法？

I know you've talked about some of the impacts of JSAT expenses hitting gross margin. And then second to that, relative to your civil exposure on US federal and NASA, any commentary there relative to the efficiency activities in Washington? Thanks.

我知道您已經談到了 JSAT 費用對毛利率的一些影響。其次，關於您對美國聯邦政府和 NASA 的民事曝光，您對華盛頓的效率活動有何評論？謝謝。

Great. This is specifically around gross margin. We've highlighted a couple of factors as we actually, as we came into this year and gave guidance on fiscal 2026 even last quarter. Working with partners on solutions enables us to expand the amount of data that we can sell and drive value to customers, but it does have a short-term impact on margins. Similarly, with contracts like JSAT, what's obviously really exciting about it is it enables us to scale the fleet faster.

偉大的。這具體與毛利率有關。事實上，當我們進入今年並在上個季度給出 2026 財年指引時，我們已經強調了幾個因素。與合作夥伴共同開發解決方案使我們能夠擴大可銷售的數據量並為客戶創造價值，但這確實會對利潤產生短期影響。同樣，對於像 JSAT 這樣的合同，顯然真正令人興奮的是它使我們能夠更快地擴大船隊規模。

And the way the contract was signed, not only do we build the fleet for JSAT and their customers, but we're actually able to monetize the rest of world capacity, which means that over the long arc of the contract, we see the gross margins of it being similar to the rest of our business.

透過簽訂合約的方式，我們不僅為 JSAT 及其客戶建造了船隊，而且我們實際上能夠將世界其他地區的運力貨幣化，這意味著在合約的長期內，我們看到它的毛利率與我們其他業務的毛利率相似。

So while there is some short-term impact on gross margins, over the long term, we see our margins stabilizing back towards our long-term targets. Do you want to address the first part of the question around US civil government?

因此，雖然短期內對毛利率有一些影響，但從長遠來看，我們的利潤率將穩定下來，回到我們的長期目標。您想回答有關美國民政的問題的第一部分嗎？

Yeah. And, I mean, obviously, NASA is facing some uncertainty politically right now and from a budget standpoint. During my trip there, I mean, firstly, we have a tremendous relationship with NASA. The users get a lot of value not just within NASA, but it provides value to users across the US government and across universities, across the United States.

是的。而且，我的意思是，顯然，NASA 目前在政治和預算方面面臨一些不確定性。在我訪問期間，首先，我們與 NASA 建立了良好的關係。用戶不僅在 NASA 內部獲得了許多價值，而且還為美國政府、大學和美國各地的用戶提供了價值。

Federally funded university researchers. And those users love what they're getting from our data and incredible productivity from it. I think overall, we had a there's a leaning in this government towards more efficiency. And I think that actually plays very well into Planet's hands.

受聯邦政府資助的大學研究人員。這些用戶喜歡從我們的數據中獲得的資訊以及由此產生的令人難以置信的生產力。我認為整體而言，本屆政府傾向於提高效率。我認為這實際上對 Planet 非常有利。

NASA, we had conversations specifically on how we could help them with missions if there's a reduced budget. How we can help do those missions at lower cost as we have demonstrated before with the Challenger mission. So it's actually something that we lean into. But yeah, so we're obviously tracking that, and I think there's a lot of opportunities to help the government do that sort of those sort of missions more efficiently.

我們與美國宇航局進行了專門討論，討論如果預算減少，我們如何幫助他們完成任務。我們如何能夠以更低的成本完成這些任務，正如我們之前透過挑戰者號任務所證明的那樣。所以這其實是我們傾向的事情。但是的，所以我們顯然正在追蹤這一點，我認為有很多機會可以幫助政府更有效地完成這類任務。

Chris Genualdi, Morgan Stanley.

摩根士丹利的克里斯·吉努阿爾迪。

Good afternoon, everyone. Maybe a first quick question. I mean, NASA's fiscal 2026 budget is down almost 25%. I mean, I appreciate it's still early days, and it looks like a lot of the cuts are on the science side of the business. But how are you thinking about potential risks from these cuts? How exposed are you on your specific programs?

大家下午好。這也許是第一個快速問題。我的意思是，NASA 2026 財政年度的預算下降了近 25%。我的意思是，我知道現在還為時過早，而且看起來很多削減都是在業務的科學方面。但是您如何看待這些削減帶來的潛在風險？您對特定項目的了解程度如何？

And the second follow-up question, you talked about the high usage in Q1 from certain customers kind of tapering in Q2. How do we think about this regarding overall demand? Or is there just a natural seasonality in the use of your products? How do we think about that? Thank you.

第二個後續問題，您談到了某些客戶在第一季的使用率很高，但在第二季使用率有所下降。我們如何看待整體需求？或者你們產品的使用是否有自然的季節性？我們對此有何看法？謝謝。

Yeah. Again, on that, the overall sentiment is that the administration is pushing into lower-cost solutions and efficient ways of doing their missions, which is the kind of program that we fit within under our CSTA program, for example, at NASA. Fit very much into those kinds of priorities.

是的。再一次，就這一點而言，總體觀點是，政府正在推行低成本解決方案和高效執行任務的方式，這就是我們 NASA 的 CSTA 計劃所適合的那種計劃。非常符合這些優先事項。

So don't know exactly how that's going to fall out. The could someone turn to you and you know, our guidance takes that into account. But actually think that the upside is quite significant there as they try to figure out how to do these missions more efficiently under those sort of budget arrangements. So we were having conversations to try and support that.

所以不知道具體結果會怎樣。有人可能會向您求助，而且您知道，我們的指導已經考慮到了這一點。但實際上，他們認為，當他們試圖弄清楚如何在這種預算安排下更有效地完成這些任務時，其好處是相當顯著的。因此，我們進行了對話並嘗試支持這一點。

And then with respect to usage, yeah, as you point out, there are some aspects of seasonality to usage in certain sectors. In agriculture, for example, as we go into the growing season, we do see some, uptick and usage and so that can be one of the drivers. The other is as I said, we're really working with customers to engage them and help them get to value more quickly. So that we see those usage patterns actually increase and sustain.

然後關於使用情況，是的，正如您所指出的，某些行業的使用情況存在一些季節性方面。例如，在農業方面，隨著我們進入生長季節，我們確實看到了一些上升和使用情況，這可能是其中一個驅動因素。另一個就像我說的，我們確實在與客戶合作，以吸引他們並幫助他們更快地獲得價值。因此我們看到這些使用模式實際上有所增加並持續下去。

Obviously, for some governments, one of the challenges would be they have budget for a certain amount in any given year, and so when I'm thinking about Q1 outperformance, driven by usage, and then how much do I roll that forward into subsequent quarters?

顯然，對於一些政府來說，其中一個挑戰是他們在任何一年都有一定數額的預算，因此，當我考慮由使用量驅動的第一季表現優異時，那麼我將在多大程度上將其延續到後續季度？

I need to be careful in recognizing that in the past, we've seen them sometimes throttle back usage to make sure that they stay within their budget envelope. So it's less about the value, which we know that they're seeing and it's obviously reinforced by what we saw in Q1. But that's always going to be counterbalanced with their own budgetary and timing constraints.

我需要謹慎地認識到，在過去，我們看到他們有時會限制使用量，以確保他們的使用量不會超過預算範圍。因此，這與價值關係不大，我們知道他們看到了價值，我們在第一季看到的情況顯然也證實了這一點。但這總是會受到他們自己的預算和時間限制的抵消。

Chris Quilty, Quilty Space.

克里斯奎爾蒂 (Chris Quilty)，奎爾蒂空間 (Quilty Space)。

Thanks. Cleo, I'm going to ask a question that you're not going to answer, so this one doesn't count, but obviously, the elephant in the room here are the new stories we've seen about possible cuts to the EOCL program. Obviously, you're probably limited in what you can say on that topic, and you've already kind of addressed it, I think, in your prior discussion here.

謝謝。克萊奧，我要問一個你不會回答的問題，所以這個問題不算數，但顯然，這裡最顯而易見的問題是我們看到的有關可能削減 EOCL 計劃的新報道。顯然，您在這個主題上能說的內容可能有限，而且我認為您在之前的討論中已經談到了這個問題。

In that you're offering the low-cost commercial solution that the government seems to be pushing for. Is there any insights you can give us on what might be happening in the background with any cuts or the outlook for the EOCL program or what the government might have in the pipeline?

因為您提供的是政府似乎正在推動的低成本商業解決方案。您能否向我們提供一些見解，說明削減開支的背後可能發生的事情、EOCL 計劃的前景或政府可能正在籌備的計劃？

I mean, I think you're getting there with the is analogous to what I was just saying about NASA. We obviously track the budget process carefully. And just like with NASA, we have a strong partnership with the NRO and NGA, and we know that the government is leveraging those capabilities and think they're important. And this particular administration is leaning more into that. Right?

我的意思是，我認為你所說的話與我剛才所說的 NASA 類似。我們顯然會仔細追蹤預算過程。就像 NASA 一樣，我們與 NRO 和 NGA 建立了牢固的合作夥伴關係，我們知道政府正在利用這些能力並認為它們很重要。而本屆政府更傾向此。正確的？

So we've seen the Trump administration push out executive orders looking to leverage commercial services, and Planet fits well into that. There's obviously opportunities and risks associated with the particular programs and so on. Obviously, we will discuss that if we if and when we put up more details on programs going forward. But overall, again, my trip to DC, we have found that there's more opportunities and risks in this environment in DC.

因此，我們看到川普政府推出行政命令，尋求利用商業服務，而 Planet 非常適合這項要求。顯然，特定項目等都存在機會與風險。顯然，如果我們提供有關未來計劃的更多細節，我們將討論這個問題。但總的來說，在我這次華盛頓之行中，我們發現華盛頓的環境中存在著更多的機會和風險。

Jason Gursky, Citigroup.

花旗集團的傑森古爾斯基。

Yeah. Just maybe a quick follow-up to that last question. Will, maybe you could talk about the pockets of demand that you're seeing in DOD inside or inside Washington. To Chris' point, it looks like the OCL program is maybe at risk here as much as a 30% cut to it if we read in some of the industry rags is, correct.

是的。也許只是對最後一個問題的快速跟進。威爾，也許你可以談談你在國防部或華盛頓內部看到的一些需求。正如克里斯所指出的，如果我們閱讀一些行業報道，OCL 計劃似乎面臨高達 30% 的削減風險，這是正確的。

So when you say that you're seeing lots of demand inside DOD, is it shifting around inside the agencies? For this kind of -- for the geospatial data that you're providing is going to shift away from DOD. I mean, from NRO and maybe go over to DOD directly, I think. And then maybe just tangential to that. I think you've got a renewal on the OCL coming up. Can you remind us of what the typical timing is on that, and do you expect that timing to change at all? Thanks.

那麼，當您說國防部內部有大量需求時，這些需求是否在各機構內部改變？對於這種—您提供的地理空間資料將會從國防部轉移。我的意思是，從 NRO 到 DOD 可能直接這樣，我想。然後也許只是與此相關。我認為您即將更新 OCL。您能否提醒我們一下這個時間的典型情況，並且您認為這個時間會改變嗎？謝謝。

Yeah. No. I appreciate. And there is interest in DOD separate. We've shared some of the details about the pilots that we have done with DOD and how they've leveraged. In particular, they're not so much buying the pixels as solutions, both our MDA solution. We've talked about our collaboration with Navy. And there's more opportunities like that. So yes, seeing opportunities like that in the DOD.

是的。不。我很感激。並且對國防部也有單獨的興趣。我們分享了與國防部合作進行的試點計畫的一些細節以及它們如何發揮作用。具體來說，他們購買的不僅僅是像素，還有解決方案，包括我們的 MDA 解決方案。我們已經討論過與海軍的合作。像這樣的機會還有很多。是的，在國防部看到了這樣的機會。

And then separately, there's missions. Right, that they to the Constellation Services offerings, there could be opportunities like that within government. I don't want to speculate on any specifics on that yet. It's too early. For that, but there are that's what I'm talking about is the pull both for solutions as well as for our satellite services.

另外還有任務。是的，他們為 Constellation Services 提供的服務，在政府內部可能會有這樣的機會。我還不想對此做出任何具體猜測。太早了。對此，但這就是我所說的對解決方案和我們的衛星服務的吸引力。

And back to EOCR, there's nothing much more I can say right now because it's all in flat and hasn't been determined yet. But, again, we feel like we have a strong relationship and demand for what we are providing and that overall this government is pushing towards per that executive order, I should say, from the Trump administration pushing more into this. So we'll see where it all comes out and watch this space, and we'll give you more updates when we can. But I believe overall, our plan stands to find more opportunities and risk in DC.

回到 EOCR，現在我沒有什麼好說的，因為一切都還處於平淡狀態，尚未確定。但是，我們再次感覺到，我們與我們所提供產品之間存在著密切的關係，而且需求也非常大，而且總體而言，本屆政府正在按照行政命令推動這項工作，我應該說，川普政府正在加大這方面的力度。因此，我們將觀察一切進展並關注這一領域，並在可能時為您提供更多更新。但我相信，總體而言，我們的計劃將在華盛頓特區找到更多的機會和風險。

Anthony Valentini, Goldman Sachs and Co.

安東尼·瓦倫蒂尼（Anthony Valentini），高盛公司

Hey, guys. Thanks for taking the question. I just wanted to ask about -- I think last quarter, you guys had said that you expect the growth next year to be at least double. Is that still the case? And if you guys can just provide an update there, that would be great.

嘿，大家好。感謝您回答這個問題。我只是想問一下——我想上個季度你們曾說過，預計明年的成長將至少翻一番。現在還是這樣嗎？如果你們可以提供更新訊息，那就太好了。

I mean, broadly, I would say our targets going forward are unchanged. So you saw the growth in our backlog, which we were very excited to see. And as well as alluded to, our sales team is performing well. We've brought in new contracts.

我的意思是，從廣義上講，我們的未來目標沒有改變。所以您看到了我們的積壓訂單的成長，我們對此感到非常興奮。正如所提到的，我們的銷售團隊表現良好。我們簽訂了新合約。

So all of this gives us the book of business that we need to see that sustained and accelerated growth. So as far as all the commentary that we said last quarter about how we feel about this year and next, I'd say our targets are unchanged.

因此，所有這些都為我們提供了實現持續加速成長所需的業務記錄。因此，就我們上個季度對今年和明年的感受的所有評論而言，我想說我們的目標沒有改變。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Hey. Thank you. So just follow-up on the last few questions. Of the things that we have to deal with in government services is kind of confusion around requested budget versus legislated budgets. So maybe if you can walk us through kind of the dynamics of an FY25 CR and what that means for on-contract growth for Planet Labs and then how we should think about the potential of an FY26 CR as it relates to that growth algorithm? Thank you.

嘿。謝謝。所以只需跟進最後幾個問題。我們在政府服務中必須處理的事情之一是請求預算與立法預算之間的混淆。因此，您能否向我們介紹 FY25 CR 的動態以及這對 Planet Labs 的合約成長意味著什麼，然後我們應該如何看待 FY26 CR 與此成長演算法相關的潛力？謝謝。

Yeah. I mean, we've been to these sort of situations before, and it's not uncommon now to get a CR for a meaningful amount of time. So obviously, we track that. CRs of opportunities and risks, they tend to be stable because just continue the budget from the prior year. They don't now big new starts, basically. So there are pluses and minuses about the different options here. But obviously, we're tracking that space and as anyone else in the industry is and we continue to pursue opportunities as they open up.

是的。我的意思是，我們以前也遇到過這種情況，現在在一段有意義的時間內獲得 CR 並不罕見。顯然，我們會追蹤這一點。機會和風險的 CR 往往比較穩定，因為只是延續了前一年預算。基本上，他們現在還沒有重大的新起點。因此，這裡的不同選擇各有優缺點。但顯然，我們正在追蹤這個領域，就像業內其他人一樣，我們會繼續尋求出現的機會。

No. I mean, I think as you've heard, it's a fluid environment. We're keeping an eye on things as they unfold. And as Will said a few times now, we see a lot more opportunity in the direction of looking for more efficient, more effective ways to service the needs of the government.

不。我的意思是，我認為正如你所聽到的，這是一個流動的環境。我們正在密切關注事態的發展。正如威爾多次提到的那樣，我們在尋求更有效率、更有效的方式來滿足政府需求方面看到了更多的機會。

That was the last question for the call. I would now like to pass the conference back for any further remarks.

這是電話中最後一個問題。現在我想將會議交回，以便大家發表進一步的評論。

I just close by saying it's great to see the strong performance we had in the first quarter of the year. Exceeded expectations and achieved significant financial milestones, including an especially positive free cash flow.

最後，我想說，很高興看到我們在今年第一季的強勁表現。超出預期並實現了重大的財務里程碑，包括特別積極的自由現金流。

And we secured really great wins, so we're feeling good. We're seeing strong demand for our solutions, both the global insights and our satellite services. And believe we're establishing Planet as a market leader here.

我們取得了非常偉大的勝利，所以我們感覺很好。我們看到對我們的解決方案（包括全球洞察和衛星服務）的強烈需求。並且相信我們正在將 Planet 確立為這裡的市場領導者。

I'm very proud of our teams. The dedication, the hard work that enabled us to produce these results, and look forward to building on this momentum through the year. So thanks very much for tuning in, and see you next time.

我為我們的團隊感到非常自豪。正是我們的奉獻和努力讓我們取得了這些成果，我們期待在今年繼續保持這一勢頭。非常感謝您的收看，下次再見。

That concludes today's 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，祝您今天過得愉快。