Planet Labs PBC (PL) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Planet Labs PBC second quarter of fiscal 2026 earnings call. (Operator Instructions) I will now hand the conference over to Chris Genualdi, VP of Investor Relations. Please go ahead.

女士們，先生們，感謝你們的到來，歡迎參加 Planet Labs PBC 2026 財年第二季財報電話會議。（操作員指示）我現在將會議交給投資者關係副總裁 Chris Genualdi。請繼續。

Thanks, operator, and hello, everyone. Welcome to Planet's second quarter of fiscal year 2026 earnings call. I'm here at the New York Stock Exchange joined by Will Marshall and Ashley Johnson, who will provide a recap of our results and discuss our current outlook. We encourage everyone to please reference the earnings press release and earnings update presentation for today's call, which are available on our Investor Relations website.

謝謝接線員，大家好。歡迎參加 Planet 2026 財年第二季財報電話會議。我現在與威爾馬歇爾和阿什利約翰遜一起在紐約證券交易所回顧我們的業績並討論我們目前的前景。我們鼓勵大家參考今天電話會議的收益新聞稿和收益更新演示文稿，這些都可以在我們的投資者關係網站上找到。

Before we begin, we'd like to remind everyone that we will make forward-looking statements related to future events or our financial outlook. Any forward-looking statements are based on management's current outlook, plans, estimates, expectations, and projections.

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。任何前瞻性陳述均基於管理層目前的展望、計劃、估計、預期和預測。

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

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

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

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

During the call, we will also discuss historic and forward-looking non-GAAP financial measures. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons.

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 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 morning, which is available on our website at investors.planet.com.

我們相信，這些措施提供了有關經營業績的有用信息，增強了對過去財務業績和未來前景的整體了解，並提高了管理層在財務和營運決策中使用的關鍵指標的透明度。有關非公認會計準則財務指標的更多信息，請參閱我們今天早上發布的新聞稿中提供的對帳表，該新聞稿可在我們的網站 investors.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行業競爭對手經常使用的許多關鍵績效指標。這些和其他關鍵績效指標在我們的新聞稿和收益更新報告中有更詳細的討論，旨在補充我們的準備好的發言。

At this 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, Chris, and hello, everyone. Thanks for joining us today. It's exciting to be back at the New York Stock Exchange. In the 3.5 years since we rang the bell and went public, we've come a long way. We've launched nearly 200 satellites on six rockets, including our next-generation Pelican and Tanager satellites.

謝謝，克里斯，大家好。感謝您今天加入我們。回到紐約證券交易所真是令人興奮。自從我們敲響鐘聲並上市以來的三年半里，我們已經取得了長足的進步。我們已經用六枚火箭發射了近 200 顆衛星，其中包括我們的下一代鵜鶘衛星和唐納雀衛星。

We shifted our data business towards selling solutions, leveraging AI to enable speed and scale. We've leaned into our strength in Agile Aerospace to bring to market our new Satellite Services offering, and we've more than doubled our revenue run rate while driving bottom line performance to reach adjusted EBITDA and free cash flow profitability milestones.

我們將數據業務轉向銷售解決方案，利用人工智慧來實現速度和規模。我們依靠 Agile Aerospace 的優勢向市場推出了新的衛星服務產品，並且我們的收入運行率提高了一倍以上，同時推動了底線業績，達到了調整後的 EBITDA 和自由現金流盈利里程碑。

In a world that has changed dramatically with heightened global security challenges and rapid adoption of AI, Planet's capabilities are proving to be more valuable to customers than ever. We're eager to share the latest, so let's dive in.

隨著全球安全挑戰加劇和人工智慧的快速應用，世界發生了巨大變化，Planet 的功能對客戶來說比以往任何時候都更有價值。我們渴望分享最新動態，讓我們深入了解。

Planet's Q2 financial results reflect the team's excellent execution in two key initiatives, delivering integrated global ensigns to AI-enabled solutions atop our daily scan, and rapidly expanding our Satellite Services business. To briefly summarize the financials, we generated $73.4 million, representing approximately 20% year-over-year growth, marking another quarter of growth re-acceleration.

Planet 的第二季財務表現反映了團隊在兩項關鍵舉措上的出色執行，即在我們的日常掃描之上為支援 AI 的解決方案提供整合的全球旗幟，並迅速擴展我們的衛星服務業務。簡單概括一下財務狀況，我們的收入為 7,340 萬美元，年增約 20%，標誌著又一個季度的成長重新加速。

Non-GAAP gross margin was 61% in the quarter, up from 58% a year ago. And adjusted EBITDA profit came in at $6.4 million, representing our third sequential quarter of adjusted EBITDA profitability. We also achieved our second consecutive quarter of positive free cash flow, delivering year-to-date cash flow from operating activities of $85.1 million, and year-to-date free cash flow of $54.3 million, representing free cash flow margin of approximately 39%.

本季非公認會計準則毛利率為 61%，高於去年同期的 58%。調整後的 EBITDA 利潤達到 640 萬美元，這是我們連續第三個季度實現調整後的 EBITDA 獲利。我們也連續第二季實現了正自由現金流，年初至今的經營活動現金流為 8,510 萬美元，年初至今的自由現金流為 5,430 萬美元，自由現金流利潤率約為 39%。

Our backlog increased to $736.1 million at the end of the quarter, representing a year-over-year increase of 245%, which provides us with excellent visibility to revenue over the next 12 to 24 months, and gives us confidence in our growth acceleration into FY27. We are delighted to share that with the strong Q2 performance, we are now expecting to be free cash flow positive this fiscal year, over a year ahead of our prior target and a major milestone for the company.

截至本季末，我們的積壓訂單增加至 7.361 億美元，年成長 245%，這為我們未來 12 至 24 個月的收入提供了極佳的可視性，並使我們對 2027 財年的成長加速充滿信心。我們很高興地告訴大家，憑藉第二季度的強勁表現，我們預計本財年自由現金流將為正，比我們之前的目標提前一年多，這對公司來說是一個重要的里程碑。

Turning to sales highlights, I'll start with the defence and intelligence sector, where Q2 revenue accelerated to approximately 41% growth year-on-year, and up approximately 14% quarter-over-quarter, driven by strong performance with our core data and solutions business, as well as our Satellite Services contract with JSAT.

談到銷售亮點，我將從國防和情報部門開始，該部門第二季度收入同比增長約 41%，環比增長約 14%，這得益於我們的核心數據和解決方案業務的強勁表現，以及我們與 JSAT 簽訂的衛星服務合約。

I'd like to share two wins from the quarter that are incremental to those we announced in our July press conference. First, we were awarded an additional seven-figure option by the Defense Innovation Unit, part of the US Department of Defense, under our Hybrid Space Architecture pilot. This option expands the capacity of our existing Hybrid Space Architecture pilot, which we announced over the summer.

我想分享本季度的兩場勝利，這些勝利與我們在 7 月新聞發布會上宣布的勝利相比有所增加。首先，在我們的混合空間架構試點計畫中，美國國防部下屬的國防創新部門授予我們額外的七位數選擇權。這個選項擴展了我們今年夏天宣布的現有混合空間架構試點計畫的容量。

The short-term pilot is focused on delivering vital indications and warnings. This contract demonstrates how customers can leverage Planet's daily scan and extensive data archive to monitor sites of strategic interest for critical changes and threats.

短期試點的重點是提供重要指示和警告。該合約展示了客戶如何利用 Planet 的每日掃描和廣泛的數據檔案來監控具有戰略意義的站點的重大變化和威脅。

Second, the US National Reconnaissance Office expanded its contract with us under the EOCL program to include PlanetScope monitoring and maritime domain awareness in support of national security, cancer narcotics, and disaster response efforts. This award is in addition to the contract option we announced in July, which extended planet's provision of daily monitoring and high resolution tasking data and maintained our prior EOCL performance level from June through October 2025.

其次，美國國家偵察局擴大了與我們在 EOCL 計劃下的合約範圍，將 PlanetScope 監測和海域感知納入其中，以支持國家安全、癌症麻醉品和災難應變工作。該獎項是對我們 7 月宣布的合約選項的補充，該選項延長了 Planet 提供的日常監測和高解析度任務數據，並從 2025 年 6 月到 10 月維持了我們之前的 EOCL 性能水平。

To recap our July wins for our AI enabled solutions, we announced pivotal contracts with customers including NATO and the US Department of Defense for use cases such as persistent space-based surveillance, enhanced indications and warning, and critical maritime domain awareness functions.

為了回顧我們 7 月在人工智慧解決方案方面的勝利，我們宣布與北約和美國國防部等客戶簽訂了關鍵合同，涉及持續的空間監視、增強指示和警告以及關鍵的海事領域感知功能等用例。

Similarly, our landmark collaboration with the German government for Satellite Services also includes a multi-year eight-figure ACV renewal for access to PlanetScope data and maritime domain awareness with our partner, SynMax. 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，我們與德國政府在衛星服務方面的里程碑式合作還包括與我們的合作夥伴 SynMax 續簽一份為期多年的八位數 ACV 協議，以獲取 PlanetScope 數據和海域感知能力。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。

Turning to the civil government sector where second quarter revenue was down approximately 4% year-over-year, largely due to the expiration of our partnership with Norway NICFI, and relatively flat, quarter-over-quarter. We continue to see significant growth opportunities in this sector, especially for permit monitoring and enforcement and disaster response applications.

談到民政部門，第二季營收年減約 4%，主要是因為我們與挪威 NICFI 的合作關係到期，而季減則相對持平。我們繼續看到該領域的巨大成長機會，特別是許可證監控和執法以及災難應變應用。

To share a few recent highlights, we signed a seven-figure ACV renewal with the UK Rural Payments Agency. The UK government uses Planet's data to support its environment land management program, which involves countrywide monitoring of a wide range of environmental and agricultural features.

分享一些最近的亮點，我們與英國農村支付機構簽署了一份七位數的 ACV 續約協議。英國政府使用 Planet 的數據來支持其環境土地管理計劃，該計劃涉及全國範圍內對各種環境和農業特徵的監測。

And earlier this year, we entered a new relationship with the Panama Ministry of Environment, kicking off our strategic collaboration to strengthen continuous monitoring of the province of Darien where illegal mining, deforestation, and unauthorized land use, as well as unpermitted road development are expanding. Planet's broad area of monitoring solutions support the ministry in detecting illicit activities, generating actual insights that enhance enforcement, governance, and protection of Panama's natural resources. Like our work with the Brazilian Federal Police, this application of our solutions so how Planet can help serve both security and sustainability challenges sometimes simultaneously.

今年早些時候，我們與巴拿馬環境部建立了新的關係，啟動了策略合作，加強對達里恩省的持續監測。達里恩省的非法採礦、森林砍伐、未經授權的土地使用以及未經許可的道路開發現象正在不斷擴大。Planet 廣泛的監控解決方案支持該部檢測非法活動，提供實際見解，加強巴拿馬自然資源的執法、治理和保護。就像我們與巴西聯邦警察局的合作一樣，我們的解決方案的應用使得 Planet 可以同時幫助應對安全和永續性挑戰。

Shifting finally to the commercial sector, where revenue grew approximately 6% year-over-year and approximately 13% quarter-over-quarter, driven in part by strong execution in the agriculture and energy sector. To share a couple of customer highlights, we announced a new six-figure win with Farmdar, a global agricultural technology company. Through this contract, Farmdar has access to Planet's deep archive of PlanetScope data, including base maps, to inform its crop insights platform, enabling more precise crop detection and field boundary identification and arable land mapping.

最後轉向商業領域，該領域收入同比增長約 6%，環比增長約 13%，部分原因是農業和能源領域的強勁表現。為了分享一些客戶亮點，我們宣布與全球農業技術公司 Farmdar 達成了一項六位數的新協議。透過這份合同，Farmdar 可以訪問 Planet 的 PlanetScope 數據深度檔案（包括基礎地圖），為其作物洞察平台提供信息，從而實現更精確的作物檢測和田地邊界識別以及可耕地測繪。

We also continued to partner with Swiss Re, a leading global reinsurer for innovative drought insurance solutions. To show our recent proof point, Swiss Re leveraged PlanetScope and NDVI data to create a new drought insurance policy in Syria that provided early assistance to nearly 120,000 people, resulting in a payout of $7.9 million, demonstrating the power of Planet data in addressing food and essential needs in crisis situations.

我們也繼續與瑞士再保險公司合作，該公司是一家提供創新乾旱保險解決方案的全球領先再保險公司。為了證明我們最近的證明點，瑞士再保險公司利用 PlanetScope 和 NDVI 數據在敘利亞制定了一項新的乾旱保險政策，為近 12 萬人提供了早期援助，最終賠付金額達 790 萬美元，展示了 Planet 數據在解決危機情況下的糧食和基本需求方面的力量。

Next, on to our growing Satellite Services offering. In July, we announced a EUR240 million, multi-year, Satellite Services collaboration with Germany. This is our second win in 2025 in Satellite Services. The deal includes dedicated capacity on Pelican satellites, leveraging Pelicans which are already under development.

接下來，我們來介紹我們不斷成長的衛星服務。7 月，我們宣布與德國達成一項價值 2.4 億歐元的多年衛星服務合作。這是我們在 2025 年衛星服務領域的第二場勝利。該交易包括鵜鶘衛星的專用容量，利用已經在開發的鵜鶘衛星。

The team is also continuing to execute well on our contract with JSAT, which contributed to our revenue upside in the quarter. Overall, we're seeing very strong demand signals for Satellite Services, driven by the current geopolitical landscape and the desire for sovereign access to space. We're, therefore, aggressively pursuing strategic opportunities, and I'm pleased to report that our pipeline is maturing very well.

該團隊也繼續很好地履行了我們與 JSAT 簽訂的合同，這有助於我們本季的收入成長。總體而言，我們看到對衛星服務的需求訊號非常強勁，這是由當前的地緣政治格局和對太空主權存取的渴望所推動的。因此，我們正在積極尋求策略機遇，我很高興地報告，我們的產品線正在非常成熟。

Turning now to the exceptional execution by our Space Systems teams. Just two weeks ago, we were very excited to have two of our high-resolution Pelican satellites launch into orbit. We have successfully contacted these satellites and they're now undergoing commissioning.

現在來談談我們的太空系統團隊的卓越執行力。就在兩週前，我們非常高興我們的兩顆高解析度鵜鶘衛星發射進入軌道。我們已經成功聯繫上這些衛星，目前正在進行調試。

More broadly, we're extremely pleased with the progress of our Pelican program. The production line is now fully ramped, and we now have four Pelicans in orbit and multiple Pelican launches slated for the next year.

更廣泛地說，我們對 Pelican 計劃的進展感到非常滿意。生產線現已全面投入生產，目前我們有四顆鵜鶘火箭在軌運行，並計畫明年發射多顆鵜鶘火箭。

In August, we celebrated the one-year anniversary of Tanager 1, our first hyperspectral satellite. To date, our partners at Carbon Mapper have leveraged Tanager's powerful data set to detect methane and CO2 looms across 3,000 sources. We're incredibly excited about the future of this program and to see what our partners and customers achieve with this powerful data set.

八月，我們慶祝了第一顆高光譜衛星 Tanager 1 的一週年。迄今為止，我們在 Carbon Mapper 的合作夥伴已經利用 Tanager 強大的數據集來檢測 3,000 個來源的甲烷和二氧化碳濃度。我們對該計劃的未來感到無比興奮，並期待看到我們的合作夥伴和客戶利用這個強大的數據集取得什麼成就。

Overall then, we're incredibly pleased with the strong results we delivered in Q2. The business is humming for both our data and solutions and our new Satellite Services offerings. We're capitalizing on the ongoing AI revolution, for which we're extremely well positioned, and we've made excellent progress in our profitability goals and on building a strong cash flow generating business for the long term.

總的來說，我們對第二季的強勁業績感到非常滿意。我們的數據和解決方案以及新衛星服務產品的業務都非常活躍。我們正在利用正在進行的人工智慧革命，為此我們處於極其有利的地位，並且在盈利目標和建立長期強勁的現金流生成業務方面取得了顯著進展。

I'd like to take a moment to commend our entire Planet team on a phenomenal quarter and thank them for their drive and dedication to delivering for our customers. It is your commitment and teamwork that makes this all possible.

我想花點時間讚揚我們整個 Planet 團隊在本季度取得的非凡成績，並感謝他們為客戶服務所付出的努力和奉獻。正是你們的承諾和團隊合作才使得這一切成為可能。

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. I'll start by echoing Will's remarks and saying that Q2 was another excellent quarter with strong execution by our teams around the globe. Revenue came in at $73.4 million, representing approximately 20% year-over-year growth. Strength was primarily driven by key wins with defense and intelligence customers, higher-than-expected usage by some of our government accounts, and steady progress against our new JSAT contract.

謝謝，威爾。首先，我要重複威爾的評論，並說第二季度是另一個出色的季度，我們全球團隊的執行力很強。營收達到 7,340 萬美元，年增約 20%。優勢主要源自於國防和情報客戶的關鍵勝利、部分政府帳戶的使用量超出預期、以及新 JSAT 合約的穩步進展。

During the second quarter, revenue from the defense and intelligence sector grew approximately 41% year-over-year. The commercial sector grew approximately 6% year-on-year, and civil government revenue was down approximately 4% year-on-year, impacted primarily by the end of our contract with Norway for their NICFI program. We're pleased to see the strong uptake of our AI-enabled solutions in the government markets, as well as the health of our customer relationships in the agricultural and energy sectors.

第二季度，國防和情報部門的營收年增約41%。商業部門年增約 6%，而政府收入較去年同期下降約 4%，主要受到我們與挪威的 NICFI 計劃合約終止的影響。我們很高興看到我們的人工智慧解決方案在政府市場中廣泛應用，並且我們在農業和能源領域的客戶關係也十分良好。

Switching to our regional revenue breakdown. For the second quarter, revenue grew more than 50% year-over-year in Asia Pacific, more than 30% in EMEA, while North America revenue was roughly flat year-on-year and Latin American revenue was down slightly. The strength in Asia Pacific and EMEA was driven by multiple customers in the defense and intelligence sector, while North America reflects the quarter-to-quarter variability and timing of pilot contracts with the US government.

切換到我們的區域收入細分。第二季度，亞太地區營收年增超過 50%，歐洲、中東和非洲地區營收較去年同期成長超過 30%，北美地區營收年增超過 50%，拉丁美洲營收略有下降。亞太地區和歐洲、中東和非洲地區的強勁表現得益於國防和情報領域的多個客戶，而北美地區則反映了與美國政府試點合約的季度變化和時間變化。

As of the end of Q2, our end-of-period customer count was 908 customers, lower on a sequential basis, reflecting our direct sales team's intentional shift to focus on larger customer opportunities and leveraging our self-serve platform to provide access to our data for other customers. As a reminder, Planet Insights Platform customers are not included in our end-of-period customer count.

截至第二季末，我們的期末客戶數量為 908 名客戶，環比有所下降，這反映了我們的直銷團隊有意將重點轉向更大的客戶機會，並利用我們的自助服務平台為其他客戶提供資料存取。提醒一下，Planet Insights Platform 客戶不包括在我們的期末客戶數量中。

We continue to see strong revenue growth 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. As we shift to some of our ACV metrics, I want to remind you that 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'll discuss in a moment.

我們繼續看到強勁的收入成長，因此每位客戶的平均收入也穩步增長，這是一個積極的指標，表明我們的銷售團隊專注於吸引和擴大高價值帳戶的努力正在取得成果。當我們轉向一些 ACV 指標時，我想提醒您，JSAT 多年期衛星服務合約不包含在我們的 ACV 指標中，儘管它包含在我們的 RPO 和積壓訂單中，我們稍後會討論。

Recurring ACV was 98% of our end-of-period ACV book of business, reflecting our continued focus on selling subscription data contracts and solutions as opposed to onetime professional or engineering services. Over 85% of our end-of-period ACV book of business consists of annual or multi-year contracts. Net dollar retention rate at the end of Q2 was 107% and net dollar retention rate with win backs was 108%.

經常性 ACV 占我們期末 ACV 業務的 98%，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。我們期末 ACV 業務簿的 85% 以上由年度或多年期合約組成。第二季末的淨美元留存率為 107%，贏回後的淨美元留存率為 108%。

Turning to gross margin. Non-GAAP gross margin for the second quarter was 61% compared to 58% in the second quarter of fiscal year '25, demonstrating improvement year-over-year. This result is better than expected, primarily driven by the revenue outperformance in the quarter, in particular from our usage-based data subscription customers, which results in very high-margin revenue upside.

轉向毛利率。第二季非公認會計準則毛利率為 61%，而 25 財年第二季為 58%，年比有所改善。這一結果好於預期，主要得益於本季收入的出色表現，特別是來自我們基於使用的數據訂閱客戶的收入，這帶來了非常高的利潤率收入成長。

Adjusted EBITDA profit was $6.4 million for Q2, better than expected, primarily driven by revenue outperformance in the quarter and disciplined OpEx spend. This marks our third sequential quarter of adjusted EBITDA profitability.

第二季調整後的 EBITDA 利潤為 640 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。這是我們連續第三個季度實現調整後 EBITDA 獲利。

Capital expenditures in Q2, which include our capitalized software development, were approximately $21.5 million. This was towards the upper end of our guidance range, driven largely by the catch-up spending from Q1 that we discussed on our last earnings call, including for launch payments and procurements for our Pelican and Tanager satellites. 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 in front of us.

第二季的資本支出（包括我們的資本化軟體開發）約為 2,150 萬美元。這接近我們指引範圍的上限，主要受到我們在上次收益電話會議上討論的第一季追趕支出的推動，包括我們的 Pelican 和 Tanager 衛星的發射費用和採購費用。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機隊以抓住我們面前的市場機會。

Turning to the balance sheet. We ended the quarter with approximately $271.5 million of cash, cash equivalents, and short-term investments, an increase of approximately $45 million sequentially. This marks our second sequential quarter of increasing our cash position.

轉向資產負債表。本季末，我們的現金、現金等價物和短期投資約為 2.715 億美元，比上一季增加約 4,500 萬美元。這是我們連續第二季增加現金部位。

During the first half of the year, we generated approximately $85.1 million in net cash from operating activities and $54.3 million in free cash flow. 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.

今年上半年，我們經營活動產生的淨現金約為 8,510 萬美元，自由現金流約 5,430 萬美元。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 Q2, our remaining performance obligations or RPOs were approximately $690 million, up approximately 516% year-over-year, of which approximately 32% applied to the next 12 months and 57% to the next 24 months. We estimate our backlog, which includes contracts with a termination for convenience clause, which is common in our US federal contracts and occasionally found in other customer contracts, to be approximately $736 million, up approximately 245% year-over-year.

截至第二季末，我們剩餘的履約義務或 RPO 約為 6.9 億美元，年成長約 516%，其中約 32% 適用於未來 12 個月，57% 適用於未來 24 個月。我們估計，我們的積壓訂單（包括帶有便利終止條款的合約）約為 7.36 億美元，年成長約 245%，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。

Approximately 35% of our backlog applies to the next 12 months and 59% to the next two years. We believe this backlog provides us with good visibility to sustain our revenue growth rate heading into fiscal 2027.

我們的積壓訂單中約有 35% 適用於未來 12 個月，59% 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透明度，以維持我們在 2027 財年的營收成長率。

Now let me turn to our guidance for the third quarter and full year for fiscal 2026. In Q3, we're expecting revenue to be between $71 million and $74 million. As in previous quarters, when we've seen elevated usage patterns, our guidance assumes that we will see those customers return back to historical levels to manage consumption within their annual budgets.

現在，讓我來談談我們對 2026 財年第三季和全年的預測。我們預計第三季的營收將在 7,100 萬美元至 7,400 萬美元之間。與前幾季一樣，當我們看到使用模式上升時，我們的指導假設我們將看到這些客戶恢復到歷史水平，以在年度預算內管理消費。

We expect non-GAAP gross margin for the quarter to be between 55% and 57%. Our adjusted EBITDA range for the third quarter is expected to be between minus $4 million to breakeven, 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. We are planning for capital expenditures of approximately $18 million to $24 million in Q3.

我們預計本季非公認會計準則毛利率在 55% 至 57% 之間。我們第三季的調整後 EBITDA 範圍預計在負 400 萬美元至盈虧平衡之間，這反映了我們季度間支出的變化，以及我們在投資策略成長計畫的同時嚴格關注成本控制和效率。我們計劃在第三季進行約 1,800 萬至 2,400 萬美元的資本支出。

For the full fiscal year 2026, we now expect revenue to be between $281 million and $289 million. This increase in range for our outlook reflects our strong performance in Q2 and the improved visibility for the back half of the year even as we continue to monitor the evolving landscape of US government budgets.

對於 2026 財年全年，我們預計營收將在 2.81 億美元至 2.89 億美元之間。儘管我們仍在持續關注美國政府預算的變化，但我們對前景預期範圍的上調反映了我們在第二季度的強勁表現以及下半年前景可預見性的提高。

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 from minus $7 million to breakeven, again, 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 700 萬美元至損益兩平之間，這再次反映了我們在下游解決方案和太空系統能力方面的投資。

We are planning for capital expenditures of approximately $65 million to $75 million for the year, reflecting increased investments we're making in our Pelican, Tanager, and SuperDoves fleets to put us in a strong position to meet the accelerating market demand. As Will referenced earlier, we also expect to be free cash flow positive on an annual basis this year, over a year earlier than the target we previously shared. It's worth also taking a moment to highlight that Q2 represented our first rolling 12 months of free cash flow profitability, something our team should be very proud of, given the work they all contributed to get us to this milestone.

我們計劃今年的資本支出約為 6500 萬至 7500 萬美元，這反映了我們對 Pelican、Tanager 和 SuperDoves 船隊的投資增加，以使我們處於有利地位，滿足不斷增長的市場需求。正如威爾之前提到的，我們也預計今年的年度自由現金流將為正，比我們之前設定的目標提前了一年多。值得一提的是，第二季度是我們首次連續 12 個月實現自由現金流盈利，我們的團隊應該為此感到非常自豪，因為他們為實現這一里程碑做出了巨大貢獻。

Before we turn to Q&A, I'd like to let everyone know that we're hosting an Investor Day on Thursday, October 16, 2025, both in New York City and virtually. Please visit our Investor Relations website to learn more. We intend to cover our growth outlook, market opportunity, and much more at the event. We hope you're able to join us.

在我們進入問答環節之前，我想讓大家知道，我們將於 2025 年 10 月 16 日星期四在紐約市和虛擬場所舉辦投資者日。請造訪我們的投資者關係網站以了解更多資訊。我們打算在此次活動中討論我們的成長前景、市場機會等更多內容。我們希望您能加入我們。

Operator, that concludes our comments, and 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。

(Operator Instructions) Colin Canfield, Cantor Fitzgerald.

（操作員指示）科林·坎菲爾德，康托·菲茨杰拉德。

Maybe just starting out on growth dynamics. If you can talk us through how much of Germany and JSAT is within the backlog that's posted today? And how to think about the growth mechanics within the DoD? So just looking at like the contract award around naval maritime domain awareness and maybe pointing to trends you see where Planet Labs can deal directly more with combatant command controls.

也許才剛開始展現成長動力。您能否告訴我們，今天發布的積壓案件中有多少是德國和 JSAT 的？以及如何看待國防部內部的成長機制？因此，僅看一下圍繞海軍海事領域意識的合約授予，也許可以指出趨勢，您會看到 Planet Labs 可以直接處理作戰指揮控制。

Maybe I can start with the latter point. I just actually came back from DC and met some leaders there on some of this and we have a very strong partnership there and the government gains huge value. And that expansion particularly leans into our maritime domain awareness and PlanetScope solutions.

也許我可以從後一點開始。我剛從華盛頓回來，就一些問題會見了那裡的一些領導人，我們在那裡建立了非常牢固的合作夥伴關係，政府獲得了巨大的價值。這種擴展尤其依賴我們的海事領域意識和 PlanetScope 解決方案。

And that gives you a hint to the answer to your question, which is they're leaning more into this broad area of monitoring capabilities, whether that's our GMS solution or MDA solution. And you saw the wins, obviously, with the US Navy earlier and our work with the defense innovation unit. So overall, we see them leaning into that.

這為你問題的答案提供了提示，那就是他們更傾向於這一廣泛的監控功能領域，無論是我們的 GMS 解決方案還是 MDA 解決方案。顯然，您之前已經看到了我們與美國海軍合作的勝利，以及我們與國防創新部門合作的勝利。所以總的來說，我們看到他們傾向於這樣做。

In terms of the amount of those contracts included in backlog, the full amount would be in those numbers and, obviously, recognized over multiple years.

就積壓合約的金額而言，全部金額將以這些數字來表示，而且顯然會在多年內得到確認。

Got it. And then as we think about -- not to preview Investor Day targets a little bit, but like multi-year free cash flow dynamics, if you can give us a high level concept of the working capital schedule related to those awards, as well as the other international awards that I think we talked about last call around sizing the pipe as being similarly sized, maybe a little bit smaller than Germany and JSAT.

知道了。然後，當我們思考時 - 不是預覽投資者日目標，而是像多年自由現金流動態一樣，如果您可以給我們提供與這些獎項相關的營運資本計劃的高級概念，以及我認為我們上次討論的其他國際獎項，圍繞管道尺寸進行討論，其規模類似，可能比德國和 JSAT 小一點。

So contemplating the working capital payments from those two customers, as well as the other international opportunities, is there a right way to think about the conceptual free cash flow ladder from here, given those working capital benefits?

因此，考慮到這兩位客戶的營運資本支付以及其他國際機會，在考慮到這些營運資本利得的情況下，是否有正確的方式來思考概念上的自由現金流階梯？

Yeah. Without getting to specifics, I'd say, generally speaking, what we see from the Satellite Services contracts is that they are positive for us from a working capital perspective and enables us to build out the fleet without needing to fund those build-outs from our balance sheet. And the specifics will obviously vary quarter-to-quarter with a decent amount weighted in the early years of the contract and then later milestones as the contract progresses to more of the managed services component.

是的。無需具體說明，我想說，一般來說，我們從衛星服務合約中看到的是，從營運資金的角度來看，它們對我們有利，並且使我們能夠擴建機隊，而無需從我們的資產負債表中為這些擴建提供資金。具體細節顯然會每季都有所不同，在合約的早期階段會佔相當大的比重，然後隨著合約進展到更多的託管服務部分，後期的里程碑也會有所不同。

Trevor Walsh, JMP Securities.

特雷弗·沃爾什（Trevor Walsh），JMP證券。

Maybe just a quick one for you, Will. You've talked about this in different ways before, but -- could you maybe just give an update on the pipeline of the services type of contracts? And really, I'm trying to understand where are you ring faster guard railed, if at all, around those?

威爾，也許對你來說這只是一個快速的問題。您之前曾以不同的方式談論過這個問題，但是—您能否介紹一下服務類型合約的最新進展？而實際上，我想了解，如果有的話，您在哪裡可以更快地在這些地方設置護欄？

Is it just the ability to get Pelicans out the door to service those contracts? Is it more just finding the right customers that want to do it at a scale that makes it economically viable for you guys? Just maybe just walk through how you're thinking about not just the size of the pipeline, but what you can actually execute there, if that makes sense.

這是否只是為了讓鵜鶘隊履行這些合約的能力？是否只是找到合適的客戶，並讓他們願意以一定的規模開展業務，從而使其在經濟上可行？如果有意義的話，也許只是說明您不僅考慮管道的大小，還考慮您實際上可以在那裡執行的操作。

Yeah. Look, I mean, we're just seeing a lot of strong demand there. I said last time, we're working with a number of strategic partners that we've often worked with for many years before. The deal in collaboration with Germany into that bucket as well. We've been working with them for many years. We have a trusted relationship.

是的。看，我的意思是，我們看到那裡有很多強烈的需求。我上次說過，我們正在與一些我們之前已經合作多年的策略夥伴合作。與德國合作達成的協議也屬於此一範疇。我們已經與他們合作很多年了。我們之間存在著信任關係。

There are a lot of more opportunities we're going after, and it's across the world as well as the global demand. So we're feeling very good and we're leaning into that. I mentioned in my prepared remarks that, that pipeline is maturing very well. So we're very pleased with that second deal being done in Satellite Services later this year.

我們正在尋找更多的機會，這些機會遍佈全球，而且需求也十分巨大。所以我們感覺非常好並且我們正傾向於此。我在準備好的發言中提到，管道已經非常成熟。因此，我們對今年稍後在衛星服務領域達成的第二筆交易感到非常高興。

And I just want to touch on how synergistic that is with the core business as well because these things enable us to build more satellites but then have more capacity and more revisit rates for the whole rest of our customer base. And so it really is a win-win for the prime customer ourselves and the rest of our customer base.

我只想談談這與核心業務的協同作用，因為這些使我們能夠建造更多的衛星，從而為我們其餘的客戶群提供更大的容量和更高的重訪率。因此，對於我們的主要客戶和其他客戶群來說，這確實是一個雙贏的局面。

Great. Awesome. I appreciate the color. And maybe one quick follow-up for you, Ashley. Just with the good outperformance on gross margins. And I know you talked through some of the elements there that helped to contribute to that.

偉大的。驚人的。我很欣賞這個顏色。也許我還需要跟進一下你的情況，艾希莉。只是毛利率表現良好。我知道您談到了促成這一結果的一些因素。

But how should we just think about that heading into -- obviously, not so much even the balance of the year, but just heading into next fiscal around? Is that still going to have some variability around that gross margin number just based on what you're doing with JSAT and others? Or can we expect that now hitting that plus 60% watermark to hold in the next, call it, 1.5 years?

但是，我們該如何考慮這個問題呢？顯然，這甚至不只是今年的餘額，而是進入下一個財政年度？僅根據您與 JSAT 和其他公司開展的業務，毛利率數字是否仍會有一些變化？或者我們可以預期現在達到的 60% 水位線將在未來 1.5 年內保持下去？

Yeah. I'd call out on Q2, as I said, that upside in gross margin was really driven by strong usage dynamics. And we see upside in the data subscription revenue, obviously, that's very high-margin business and drops to the bottom line.

是的。正如我所說，在第二季度，我會指出毛利率的上升實際上是由強勁的使用動態所推動的。我們看到數據訂閱收入有上升趨勢，顯然，這是利潤率非常高的業務，但卻影響了利潤。

As we look forward on gross margin, as you called out, just the mix of revenue will cause margin to be different. Obviously, we feel very good about the ability to expand gross profit and continue to drive overall profitability on the business.

正如您所說，當我們展望毛利率時，收入的組合就會導致利潤率的不同。顯然，我們對擴大毛利和繼續推動業務整體獲利能力感到非常滿意。

But the margin number will likely vary as we see -- as we progress into the build phase of some of these Satellite Services contracts, which are lower margin than the earlier years and, obviously, it's going to be higher margin in the later years of the contracts.

但正如我們所見，利潤數字可能會有所不同——隨著我們進入一些衛星服務合約的建設階段，利潤率比前幾年要低，而且顯然，在合約的後期，利潤率會更高。

And if I can just go back and add one other thing on Satellite Services, just to -- I think we're competitively very well positioned to win this market because of our ability, our full stack integration, ability to build satellites quickly. And just to give you a tiny sense of that, the partnership we did in collaboration with Germany, we already launched one satellite for them.

如果我可以回過頭來補充關於衛星服務的另一件事，那麼我認為我們非常有競爭力，可以贏得這個市場，因為我們的能力，我們的全棧集成，以及快速建造衛星的能力。為了讓您稍微了解一下，我們與德國合作，已經為他們發射了一顆衛星。

This was already in the planning, but the fact that we were able to get their own eyes that fast within a couple of months is unprecedented and no one else can do that. And so it really puts us in a strong position.

這已經在計劃中，但事實上我們能夠在幾個月內如此迅速地獲得他們自己的眼睛，這是前所未有的，沒有其他人可以做到這一點。因此這確實使我們處於有利地位。

Mike Latimore, Northland.

麥克·拉蒂莫爾，北國。

All right. Yeah. Great. Congrats on the strong results here. I guess, with regard to the usage levels, can you comment a little bit more on that? What do you see is driving that?

好的。是的。偉大的。恭喜您取得的優異成績。我想，關於使用水平，您能否對此發表更多評論？您認為是什麼導致了這現象？

Are any of your customers -- I don't know, discussing early renewals and maybe expansions early or anything like that? Or are they paying over? Just a little more color on the usage dynamic. And is it continuing so far in the third quarter to be strong?

您的任何客戶中是否有人——我不知道，正在討論提前續約、提前擴張或類似的事情？還是他們付的錢太多了？只需對使用動態進行稍微詳細的說明即可。到第三季為止，這種強勁勢頭還會持續下去嗎？

Yeah. Thanks for the question, Mike. Generally speaking, when we see an uptick in usage like that, just to be safe, given the dynamics around government budgets, we don't assume that, that will continue into subsequent quarters, but instead look at historical pacing and try to adjust accordingly so that our overall assumption would be they stay within their annual budgets.

是的。謝謝你的提問，麥克。一般來說，當我們看到這樣的使用量上升時，為了安全起見，考慮到政府預算的動態，我們不會假設這種情況會持續到隨後的幾個季度，而是會參考歷史節奏並嘗試進行相應調整，以便我們的總體假設是它們會保持在年度預算範圍內。

But we have seen some dynamics where our customers have sought early renewals. So there is always the potential that we could see that usage continue. But again, a lot of it depends on what their availability is to doing an early renewal, getting early access to budget, budget dollars, et cetera. So like I said in the prepared remarks, to be safe, we look at historical patterns and assume that in our guidance going forward.

但我們看到了一些動態，我們的客戶正在尋求提前續約。因此，我們始終有可能看到這種使用繼續下去。但同樣，這在很大程度上取決於他們是否有時間提前續約、提前獲得預算、預算資金等等。因此，就像我在準備好的發言中所說的那樣，為了安全起見，我們會研究歷史模式，並在未來的指導中假設這一點。

Makes sense. And then on the EOCL deal, it sounds like you've expanded your opportunity there. Is there a new time frame for the renewal beyond October?

有道理。然後關於 EOCL 交易，聽起來你已經擴大了你的機會。十月之後，續約是否有新的時間框架？

No. I mean, but we continue to be very proud of what we're doing there and seeing that expansion come in, that one is leaning into our broad area analytics, like I said before. And so -- and we provide great value.

不。我的意思是，但我們仍然對我們在那裡所做的事情感到非常自豪，並且看到擴張的到來，就像我之前所說的那樣，那是一個傾向於我們廣泛領域分析的事情。所以——我們提供巨大的價值。

And as I said, I just came from meeting a bunch of the leaders there. And this administration is leaning more into commercial solutions and services overall. So we think that Planet is well positioned for that. And so yeah, we'll obviously update you more on the EOCL as we know.

正如我所說的，我剛剛會見了那裡的一群領導人。本屆政府整體上更傾向於商業解決方案和服務。因此我們認為 Planet 已做好充分準備。是的，我們會向您通報我們所知的 EOCL 的更多資訊。

Ryan Koontz, Needham.

瑞安·孔茨，尼德姆。

Great. On your Satellite Services deal, maybe just stepping back a bit, can you reflect on what percentage or maybe range of the satellite capacities you have nailed up with these deals for Japan and Germany?

偉大的。關於您的衛星服務交易，也許只是稍微回顧一下，您能否反映出您透過這些交易為日本和德國確定了多少比例或範圍的衛星容量？

What do you mean what percentage is to do what --

百分比是指做什麼--

I mean these dedicated satellites are building for them, what percentage of these satellite capacities included in your contracts? Is it 100% capacity?

我的意思是這些專用衛星是為他們建造的，這些衛星容量的百分之多少包含在你們的合約中？容量是100%嗎？

Yeah. Well, we mentioned when we did the deal with Japan that, that was a tiny fraction of our capacity because the majority of our capacity in the rest of world capacity is still continuing to provide to our other customers. So it really is a win-win in that capacity in the area. In that case, mainly around the Asia region and the rest of the world, we get start. That is the significant majority.

是的。嗯，我們在與日本做交易時提到過，這只是我們產能的一小部分，因為我們在世界其他地區的大部分產能仍在繼續向我們的其他客戶提供服務。因此，從這個角度來說，這確實是該地區的雙贏。在這種情況下，我們主要在亞洲地區和世界其他地區開始行動。這是絕大多數。

The new partnership and collaboration with Germany, I'll just do it with the subsea folks more in Europe, the theatre, so to speak. And that, I'll just point out, again, it's slightly different from the Japan deal in that we're not -- we are leveraging existing build plans for Pelicans for that rather than new ones. And so -- it has a slightly different structure financially. But that, again, is a small fraction of the overall capacity because it's primarily just in the European context.

與德國的新夥伴關係和合作，我將更多地與歐洲的海底人員、劇院進行。我只想再次指出，這與日本的交易略有不同，因為我們不是——我們利用現有的鵜鶘建造計劃，而不是新的計劃。因此，從財務上來說，其結構略有不同。但這只是整體產能的一小部分，因為它主要集中在歐洲範圍內。

Yeah. Great. And then on maritime domain awareness, any updates there on your solutions approach? It sounds like a really hot area. What type of partners you're working with? I think you talked a lot about SynMax in the past. Any updates on your American domain solutions from a product perspective?

是的。偉大的。那麼關於海域意識，您的解決方案方法有什麼更新嗎？聽起來那是一個非常熱門的地區。您與什麼類型的合作夥伴合作？我認為您過去談論過很多有關 SynMax 的事情。從產品角度來看，您的美國網域解決方案有什麼更新嗎？

Yeah. No, we're very pleased with the progress there. I mean you saw our expansion with the US Navy. That was a marquee one. And we have mentioned previously that, that was sole sourced because they recognize also that no one else could provide that scan and they're looking across a large area of the South China Sea for indications of ships doing illegal things.

是的。不，我們對那裡的進展非常滿意。我的意思是您看到了我們與美國海軍的擴張。那是一個引人注目的。我們之前提到過，這是唯一來源的，因為他們也認識到沒有其他人可以提供這種掃描，他們正在南海大片區域尋找船隻從事非法活動的跡象。

And that just simply no one else has that scan of that large area. And so they sole source it to us. And then we've seen it enter into a number of our other partnerships, including one with NATO and others. So we're very excited by the maritime domain awareness.

根本就沒有其他人能夠掃描如此大面積的區域。因此他們把該原料獨家供應給我們。然後，我們看到它與我們建立了許多其他合作夥伴關係，包括與北約和其他國家的合作關係。因此，我們對海洋領域意識感到非常興奮。

It is our most mature AI-enabled solution and we have a strong pipeline of others that we're going after. It is also a part of our deal in collaboration with Germany in addition to the Satellite Services component of that is an eight-figure annual contract for data and solutions as well is part of that deal. And that includes maritime domain awareness as one of those solutions.

這是我們最成熟的人工智慧解決方案，我們擁有一系列正在開發的強大解決方案。這也是我們與德國合作協議的一部分，除了衛星服務部分之外，這是一份價值八位數的年度數據和解決方案合同，也是該協議的一部分。其中包括海域意識作為解決方案之一。

So really, this gets our ability to scan large areas and look for unknown knowns rather than just the known knowns that the intelligence community is really focused on to start with. It's getting their holy grail in a way and is uniquely positioned because of our scan to do that.

因此，這實際上使我們有能力掃描大面積區域並尋找未知的已知事物，而不僅僅是情報界真正關注的已知事物。在某種程度上，它得到了他們的青睞，並且由於我們的掃描而處於獨特的位置。

(Operator Instructions) Daniel Hibshman, Craig-Hallum.

（操作員指示）Daniel Hibshman，Craig-Hallum。

This is Daniel Hibshman on for Jeff Van Rhee. And well, Ashely, congrats on another really great quarter. I just wanted to start in on -- maybe if we could double-click on commercial, really strong quarter there, a 16% sequential growth. And I think the first year-over-year growth for commercial in about two years. So a really great quarter for that line and a little bit of an inflection for it back to growth.

我是 Daniel Hibshman，代替 Jeff Van Rhee 報道。好吧，阿什利，恭喜你又度過了一個非常出色的季度。我只是想開始——如果我們可以雙擊商業，你會發現這是一個非常強勁的季度，環比增長 16%。我認為這大約是兩年來商業的首次同比增長。因此，對於該系列產品而言，這是一個非常好的季度，並且略微實現了恢復成長。

Maybe we could just -- you said about energy and agriculture driving some strength there. But maybe if you could expand a little bit on what's happening and what you see going forward for that business?

也許我們可以—您說過能源和農業會推動那裡的發展。但您是否可以稍微詳細說明一下目前的情況以及您對該業務未來發展的展望？

Yeah. Energy and agriculture, but also insurance. I mentioned the Swiss Re partnership, which -- where a particular example that really created high ROI. I think, overall, you're right that we're starting to see that turnaround.

是的。能源和農業，還有保險。我提到了與瑞士再保險公司的合作關係，這是一個真正創造高投資報酬率的具體例子。我認為，總的來說，您說得對，我們開始看到這種轉變。

Remember, when we're building these solutions for D&I, they are often translatable to other areas. We were just talking about maritime awareness, think about how that could be useful for the maritime sector, right, not just for navies and coast guards. And our ag solutions for civil government are also relevant for the commercial sector.

請記住，當我們為 D&I 建立這些解決方案時，它們通常可以轉換到其他領域。我們剛剛討論了海洋意識，想想這對海洋部門有何用處，對吧，而不僅僅是對海軍和海岸警衛隊。我們為政府提供的農業解決方案也適用於商業領域。

So we have, I think, tremendous value. One of the amazing things, again, about our daily scan is that rather than just tasking system is that it opens up these markets, right? That's -- we have that differentiation compared with the rest of the earth observation players that we can serve agriculture insurance, disaster response, so on because they need large area coverage to do that.

所以我認為我們具有巨大的價值。我們的日常掃描令人驚訝的一點是，它不僅僅是任務系統，它還能開拓這些市場，對嗎？這就是——與其他地球觀測參與者相比，我們的區別在於我們可以為農業保險、災害應變等提供服務，因為他們需要大面積覆蓋才能做到這一點。

So I expect that to be driven even more as AI enables solutions in these areas because the traditional challenge has been extracting out the actual insights from our imagery and AI is making that easier and easier. So we're starting with our focus on solutions and intelligence. But I believe there will be translations into the commercial sector and we're beginning to see that.

因此，我希望隨著人工智慧在這些領域提供解決方案，這一趨勢將得到進一步推動，因為傳統的挑戰是從我們的圖像中提取實際的見解，而人工智慧則使這項挑戰變得越來越容易。因此，我們首先關注的是解決方案和智慧。但我相信它將會被轉化到商業領域，而我們已經開始看到這一點。

Gregory Pendy, Clear Street.

彭迪 (Gregory Pendy)，《清晰街》。

Just was wondering, can you probably provide us a possible update on where the Anthropic relationship is and how that's been developing and what we can possibly expect through the course of the year?

我只是想知道，您能否向我們提供有關人與人之間的關係的最新消息，以及這種關係如何發展，以及我們對今年可能發生的事情可以期待什麼？

Yeah. I mean, firstly, I'm really bullish on AI in general and incredibly important tool for data scan, speeding value, expanding usability, scaling up capabilities. What we're doing with Anthropic, in particular, is helping to fine-tune the model on our data.

是的。我的意思是，首先，我非常看好人工智慧，它對於資料掃描、加速價值、擴展可用性、擴大能力來說非常重要。我們與 Anthropic 合作所做的具體工作就是幫助我們根據數據對模型進行微調。

Those models are pretty good out of the box. If you show them satellite imagery, these new multimodal visual language models are really good at describing the image, being able to do basic analysis on those images. And that's without fine-tuning. Those models haven't seen much satellite data.

這些模型開箱即用，非常好。如果向他們展示衛星圖像，這些新的多模式視覺語言模型非常擅長描述圖像，並且能夠對這些圖像進行基本分析。這還未經過微調。這些模型沒有看到太多的衛星數據。

So our thinking together as a collaboration is that if we expose it to far more satellite imagery, it will be much more accurate and scalable at that capability too. Remember our partnership with Anthropic is not the only one. We're also doing -- have a partnership with Google on a similar collaboration.

因此，我們作為一個合作夥伴共同的想法是，如果我們將其暴露於更多的衛星圖像中，它在該功能上也會更加準確和可擴展。請記住，我們與 Anthropic 的合作並不是唯一的。我們也與Google就類似的合作建立了合作關係。

And then with NVIDIA on the chips that -- including the Jetson platforms that we launched on both of the Pelicans that we just launched two weeks ago. So both AI upstairs and AI downstairs, we're focused on. And it's just -- it really is -- we're in a unique position, and it's a very, very exciting time.

然後與 NVIDIA 合作開發晶片——包括我們兩週前剛推出的兩款 Pelicans 上的 Jetson 平台。因此，我們既關注樓上的人工智慧，也關注樓下的人工智慧。而且，事實確實如此，我們處於一個獨特的位置，這是一個非常非常令人興奮的時刻。

I go as far as to say that, really, Planet is the only space company that's truly central to AI with space and AI company. So I think this is a fascinating time, and we're excited about those collaborations that we're doing with other companies and our own internal work.

我甚至可以說，Planet 確實是唯一一家真正以太空和人工智慧為核心的太空公司。所以我認為這是一個令人著迷的時刻，我們對與其他公司以及我們自己的內部工作的合作感到非常興奮。

Caleb Henry, Quilty Space.

凱萊布·亨利（Caleb Henry），Quilty Space。

Two questions. First was just about the Tanager fleet. I was wondering if there's any more planning around how to monetize that going forward? And if you have any more visibility into what that might look like as a future constellation?

兩個問題。首先是關於 Tanager 艦隊的事。我想知道是否還有更多關於如何將其貨幣化的計劃？您是否對未來的星座有更進一步的了解？

Yeah, absolutely. So firstly, again, we're proud of our one-year anniversary milestone and that important methane detection work that we do in collaboration with Carbon Mapper, detecting our 3,000 sources of emissions. It's been fantastic to see the results of that instrument.

是的，絕對是如此。首先，我們再次為一周年里程碑以及與 Carbon Mapper 合作的重要甲烷檢測工作感到自豪，我們檢測到了 3,000 個排放源。看到該儀器的結果真是太棒了。

We have two solid revenue opportunities already for that. One is with Carbon Mapper itself and the other is California, as we've announced earlier this year. And we think California is a powerful proof point of how other government, state and local, can leverage this technology to monitor emissions and get ahead of those climate goals that they have.

我們已經有兩個可靠的創收機會。一個是 Carbon Mapper 本身，另一個是加利福尼亞州，正如我們今年早些時候宣布的那樣。我們認為加州是一個有力的證明，可以證明其他政府、州和地方政府如何利用這項技術來監測排放並實現其氣候目標。

We believe there's a strong commercial and defense intelligence application of this that we're only just beginning on to provide those data. And so it's early days still on that. It's a relatively new market, but we are very pleased with the performance of that instrument.

我們相信，這具有強大的商業和國防情報應用價值，我們才剛開始提供這些數據。所以現在還處於早期階段。這是一個相對較新的市場，但我們對該儀器的性能非常滿意。

Okay. And then my other question is just about backlog. Forgive me if I missed the answer to this one already, but it's grown really fast. I was wondering if you could share anything about the average length of how revenues are distributed from that backlog if that's more front-loaded or linear over the next couple of years?

好的。我的另一個問題是關於積壓。如果我已經錯過了這個問題的答案，請原諒我，但它確實發展得很快。我想知道您是否可以分享一下這些積壓訂單的收入分配的平均長度，以及未來幾年收入分配是前期投入還是線性成長？

Yeah, we're happy to talk more about backlog. Right now, going up 245% year-over-year. We feel very good about that. Ashley, do you have anything to share on these?

是的，我們很高興進一步談論積壓問題。目前，年增 245%。我們對此感到非常高興。阿什利，你有什麼可以分享的嗎？

Yeah. In the prepared remarks as well as in our 10-Q, you can see the breakdown and what percentage is expected to be recognized over 12 months versus the next 24 months. But generally speaking, the large contracts that we've announced this year, both with our partner in Japan as well as in collaboration with Germany, were big drivers of that backlog increase.

是的。在準備好的評論以及我們的 10-Q 中，您可以看到細分情況以及預計在未來 12 個月和未來 24 個月內實現的百分比。但總的來說，我們今年與日本合作夥伴以及與德國合作簽訂的大型合約是積壓訂單增加的主要推動力。

In addition, we announced in July as well as some additional contracts on the call today that are seven-figure and higher contracts for some of the solutions that we are bringing to market. And it's the combination of those factors that's really driving backlog increase.

此外，我們在 7 月以及今天的電話會議上宣布了一些額外的合同，這些合約是針對我們推向市場的一些解決方案的七位數或更高的合約。正是這些因素的結合才真正導致了積壓訂單的增加。

Obviously, the larger Satellite Services contracts are recognized over multiple years. And so we do call out what percentage is in 12 to 24 months. And solutions contracts when we talk about seven and eight figures, we're typically referring to ACV (inaudible)

顯然，較大的衛星服務合約需要多年的時間才能得到認可。因此我們確實指出了 12 到 24 個月內的百分比。當我們談論七位數和八位數的解決方案合約時，我們通常指的是 ACV（聽不清楚）

Thank you. That's all the time we have for questions today. I will now turn the call back to Will Marshall, CEO and Co-Founder, for closing remarks.

謝謝。今天我們的提問時間就到這裡了。現在，我將把電話轉回給執行長兼聯合創始人威爾馬歇爾 (Will Marshall)，請他致最後發言。

Thanks, everyone, for joining. Look, overall, I would say our business is humming, and I feel very proud of the work of our teams to get us there, both on the core business is humming. You saw those deals with NATO and INDOPACON. The constellation of Satellite Services business is humming with our second deal.

謝謝大家的參與。看起來，總的來說，我想說我們的業務正在蓬勃發展，我為我們團隊的工作感到非常自豪，核心業務也正在蓬勃發展。您看到了與北約和印度太平洋司令部達成的那些協議。隨著我們的第二筆交易，衛星服務業務的蓬勃發展。

And as a result, our financials are humming, the cash and backlog in particular, I'm proud of. And this all gives us confidence about solid growth acceleration locked in for FY27. So we're feeling very good. Thanks for paying attention, and we're really proud of the work of the team to get us there.

因此，我們的財務狀況良好，尤其是現金和積壓訂單，我感到自豪。這一切都讓我們對 2027 財年穩健的成長加速充滿信心。所以我們感覺非常好。感謝您的關注，我們為團隊的努力感到無比自豪。

And this concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝您的出席。您現在可以斷開連線。