Planet Labs PBC (PL) 2026 Q3 法說會逐字稿

Thank you for joining us and welcome to the Planet Labs' PBC third-quarter of fiscal 2026 earnings call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

感謝您參加 Planet Labs (PBC) 2026 財年第三季財報電話會議。在今天的演講結束後，我們將進行問答環節。（操作說明）

I will now hand the conference over to Cleo Palmer-Poroner, Director of Investor Relations.

現在我將把會議交給投資者關係總監克萊奧·帕爾默-波羅納。

Thanks, operator, and hello, everyone. This is Cleo Palmer-Poroner, Director of Investor Relations at Planet Labs PBC. Welcome to Planet's third quarter of 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. 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。這是 Planet Labs PBC 的投資者關係總監 Cleo Palmer-Poroner。歡迎參加 Planet 公司 2026 財年第三季財報電話會議。威爾馬歇爾和阿什利約翰遜將與我一起回顧我們的業績並討論我們目前的展望。我們建議大家參考今天的財報電話會議的盈利新聞稿和盈利更新演示文稿，這些文件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. 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.

在開始之前，我們想提醒大家，我們將對未來事件或我們的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。包含此類前瞻性資訊不應被視為 Planet 對未來計劃、估計或預期將會實現的保證。

Such forward-looking statements are subject to various risks and uncertainties and assumptions as detailed in our SEC filings, which can be found at www.sec.gov. Our actual results or performance may differ materially from those indicated by such forward-looking statements, and we undertake no responsibility to update such forward-looking statements to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

此類前瞻性陳述受多種風險、不確定性和假設的影響，詳情請參閱我們向美國證券交易委員會（SEC）提交的文件，這些文件可在www.sec.gov查閱。我們的實際業績或表現可能與此類前瞻性陳述所指明的存在重大差異，我們不承擔任何責任更新此類前瞻性陳述，以反映陳述發布之日後的事件或情況，或反映意外事件的發生。

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

在電話會議中，我們還將討論歷史和前瞻性的非GAAP財務指標。我們使用這些非GAAP財務指標進行財務和營運決策，並作為評估各期間之間比較的手段。我們認為，這些措施能夠提供有關經營業績的有用信息，增強對過去財務業績和未來前景的整體了解，並提高管理層在財務和營運決策中使用的關鍵指標的透明度。

For more Information on the non-GAAP financial measures, please see the reconciliation tables provided in our press release issued earlier this afternoon, 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. These and other key performance indicators are discussed in more detail in our press release and our earnings update presentation, which are intended to accompany our prepared remarks.

有關非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的調節表，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層使用的關鍵績效指標，這些指標也經常被我們行業的競爭對手使用。這些以及其他關鍵績效指標在我們的新聞稿和獲利更新簡報中有更詳細的討論，這些文件旨在配合我們準備好的發言稿。

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，我想把電話交給 Planet 的執行長、董事長兼聯合創始人威爾馬歇爾。接下來就交給你了，威爾。

Thanks, Cleo, and welcome, everyone, joining us today. It was another strong quarter, so let's dive in.

謝謝克萊奧，也歡迎今天加入我們的各位。又是一個強勁的季度，讓我們深入了解一下。

To briefly summarize the financials, we generated $81.3 million in revenue, representing approximately 33% growth year over year, marking another quarter of growth acceleration. Non-GAAP gross margin was 60% in the quarter, and adjusted EBITDA profit came in at $5.6 million, representing our fourth sequential quarter of adjusted EBITDA profitability.

簡而言之，財務數據顯示，我們實現了 8,130 萬美元的收入，年成長約 33%，標誌著另一個季度的成長加速。本季非GAAP毛利率為60%，調整後EBITDA利潤為560萬美元，這是我們連續第四季度實現調整後EBITDA獲利。

Our backlog was $734.5 million at the end of the quarter, representing a year-over-year increase of 216%. Once again, we delivered positive free cash flow, the third quarter in a row, reinforcing our expectation of being free cash flow positive for the full fiscal year.

截至本季末，我們的積壓訂單為 7.345 億美元，年增 216%。我們再次實現了正自由現金流，這是連續第三個季度實現正自由現金流，鞏固了我們對整個財年實現正自由現金流的預期。

I'm particularly proud to report that with a strong performance in Q3, we are now also expected to be adjusted EBITDA positive in FY26, an excellent milestone for the team as we work to strike a balance between profit and growth.

我特別自豪地宣布，憑藉第三季的強勁表現，我們現在預計在 2026 財年也將實現調整後 EBITDA 為正，這對於我們團隊來說是一個極好的里程碑，因為我們正在努力在利潤和成長之間取得平衡。

Turning to sales highlights, I'll start with the defense and intelligence sector, where Q3 revenues accelerated to over 70% growth year on year, up over 15% quarter over quarter, all driven by strong performance in our data subscription and solutions businesses, as well as our satellite services business.

談到銷售亮點，我先從國防和情報領域說起，該領域第三季度收入同比增長超過 70%，環比增長超過 15%，這完全得益於我們的數據訂閱和解決方案業務以及衛星服務業務的強勁表現。

As previously announced, we were awarded a prime contract under the Luno B program by the National Geospatial-Intelligence Agency for a $12.8 million initial award with partner, SynMax. The award is for advanced analytics for maritime operations and reconnaissance. Under this program, we will provide the NGA with AI-enabled maritime domain awareness solutions, which include vessel detections and monitoring over key areas of interest in the Asia Pacific. We're honored to have been selected and excited to be expanding this relationship.

正如先前宣布的那樣，我們與合作夥伴 SynMax 獲得了國家地理空間情報局 (NGA) 的 Luno B 計劃主合同，初始合約金額為 1280 萬美元。該獎項旨在表彰在海上作戰和偵察方面採用的先進分析技術。根據該計劃，我們將向美國國家地理空間情報局 (NGA) 提供人工智慧賦能的海事領域感知解決方案，其中包括對亞太地區重點區域的船舶檢測和監控。我們很榮幸被選中，並很高興能夠拓展這種合作關係。

The National Reconnaissance Office renewed its baseline contract for PlanetScope broad area monitoring data under the Electro-Optical Commercial Layer Program for $13.2 million through June 2026. If you were to analyze this award, the annual run rate would be approximately $21.1 million.

美國國家偵察局根據光電商業層計劃，續簽了 PlanetScope 大範圍監測數據的基礎合同，合同金額為 1320 萬美元，有效期至 2026 年 6 月。如果分析這項獎項，其年均收入約為 2,110 萬美元。

For the high resolution component of our EOCL relationship, we have been awarded a framework contract which the NOO can utilize to order high-resolution pelican imagery. As a reminder, the EOCL program has been impacted by both the US government shutdown and potential federal budget reductions. That said, we're encouraged by the continued engagement from this critical customer and see significant opportunities for growth in that relationship in the future, particularly as this administration leans into leveraging commercial technologies.

對於我們與 EOCL 的高解析度合作關係，我們已獲得一份框架合同，NOO 可以利用該合約訂購高解析度鵜鶘圖像。需要提醒的是，EOCL 計畫受到了美國政府停擺和聯邦預算削減的影響。儘管如此，我們對這位重要客戶的持續參與感到鼓舞，並看到了未來與該客戶建立關係的巨大發展機遇，尤其是在本屆政府大力利用商業技術的情況下。

We also won an eight-figure renewal with a long-standing international defense and intelligence customer for high resolution imagery, as we announced last month. And also, as previously announced, we were awarded a six-month, $7.5 million contract renewal by the US Navy for vessel detection and monitoring over key areas of interest throughout the Pacific.

正如我們上個月宣布的那樣，我們還與一家長期合作的國際國防和情報客戶續簽了一份價值數千萬美元的高解析度圖像合約。此外，正如先前宣布的那樣，我們獲得了美國海軍為期六個月、價值 750 萬美元的續約合同，負責在整個太平洋重點區域進行船舶探測和監控。

Finally, our global monitoring pilots with NATO and DIU have been progressing very well. We're pleased to share that last month, we were awarded a seven-figure expansion by NATO prior to the completion of our existing pilot for them. We're incredibly proud of this early traction and are working hard to continue delivering for these customers.

最後，我們與北約和國防情報局 (DIU) 合作的全球監測試點計畫進展非常順利。我們很高興地宣布，上個月，在我們為北約完成現有試點項目之前，北約就授予了我們一項價值七位數的擴建項目。我們為取得的早期進展感到無比自豪，並正在努力繼續為這些客戶提供服務。

More broadly, we continue to see robust demand for downstream products that embed AI-enabled analytics on top of our daily scan for customers' operations, enhanced situation awareness, and support informed decision making.

更廣泛地說，我們繼續看到對下游產品的強勁需求，這些產品在日常掃描客戶營運的基礎上嵌入了人工智慧分析，增強了態勢感知能力，並支援知情決策。

Turning to the civil government sector, where third quarter revenue was up approximately 1% year over year and up approximately 15% quarter over quarter. To share a recent highlight, during the quarter, NASA awarded us a one year, $13.5 million task order under the Commercial Satellite Data Acquisition Program.

再來看民政府部門，第三季營收年增約 1%，季增約 15%。最近的一個亮點是，本季度，NASA 根據商業衛星資料收集計畫授予我們一份為期一年、價值 1,350 萬美元的任務訂單。

As a reminder, this program has also been impacted by the US government shutdown and potential federal budget reductions. Although this relationship has historically been an approximately $20 million annual runway, we're very pleased to be continuing this important work with our partners at NASA and see opportunities to expand the relationship in the future.

需要提醒的是，該項目也受到了美國政府停擺和聯邦預算削減的影響。儘管這項合作關係歷來每年能帶來約 2000 萬美元的投入，但我們非常高興能夠繼續與 NASA 的合作夥伴開展這項重要的工作，並看到了未來擴大合作關係的機會。

In fact, since the end of the quarter, we have received an incremental CSDA task order from NASA for disaster response. Under this new order, which is just under $1 million in value, we will be providing high resolution task imagery to support disaster response and recovery.

事實上，自本季末以來，我們已經收到美國太空總署 (NASA) 的一份關於災害應變的 CSDA 增量任務訂單。根據這份價值略低於 100 萬美元的新訂單，我們將提供高解析度任務影像，以支援災害應變和復原工作。

Shifting finally to the commercial sector, where revenue was moderately down both year over year and quarter over quarter. While this trend is expected given our increased focus on large government customers, we remain confident in the commercial sector as a significant market opportunity for the Planet, especially as we continue to advance our solution capabilities.

最後轉向商業領域，該領域收入同比和環比均略有下降。鑑於我們越來越重視大型政府客戶，這種趨勢是意料之中，但我們仍然對商業領域充滿信心，認為它是 Planet 的一個重要市場機遇，尤其是在我們不斷提升解決方案能力的情況下。

We believe that AI-enabled solutions we're developing for our government customers will enable us to deliver insights that can serve applications across a broad range of industries and use cases from supply chain, security, and optimization to insurance, finance, energy and agriculture, where we have had a number of marquee customers today. We expect these solutions will help unlock growth in the commercial sector, bridging the GAAP from data to insights for those customers.

我們相信，我們正在為政府客戶開發的 AI 賦能解決方案將使我們能夠提供洞察力，這些洞察力可以服務於從供應鏈、安全和優化到保險、金融、能源和農業等廣泛行業和用例的應用，而我們目前在這些領域已經擁有許多知名客戶。我們期望這些解決方案能夠幫助釋放商業領域的成長潛力，將 GAAP 從數據轉化為對這些客戶的洞察。

To share a recent commercial highlight, we signed a new operational contract with AXA, one of the world's leading insurance groups, following a successful proof of concept. AXA Digital Commercial Platform or DCP will integrate data from planet-based maps, our medium resolution monitoring satellites, and high-resolution tasking fleets as well, directly into its DCP geoclaims application to enhance claim, processing, efficiency, and accuracy for property management.

最近的一項商業亮點是，在成功完成概念驗證後，我們與世界領先的保險集團之一安盛集團簽署了新的營運合約。AXA 數位商業平台 (DCP) 將整合來自全球地圖、我們的中解析度監測衛星以及高解析度任務艦隊的數據，直接整合到其 DCP 地理索賠應用程式中，以提高財產管理的索賠、處理、效率和準確性。

We've also signed a strategic marketplace agreement which will add Planet's products to AXA's DCP platform, making them commercially available to AXA's vast client network of insurance partners. This partnership marks a major step forward in proactive, data-led resilience in the face of complex disaster and crisis management needs.

我們還簽署了一項策略市場協議，該協議將把 Planet 的產品添加到 AXA 的 DCP 平台，使其能夠以商業方式提供給 AXA 龐大的保險合作夥伴客戶網路。此次合作標誌著在應對複雜的災害和危機管理需求方面，以數據為導向的主動韌性建設邁出了重要一步。

Turning to our satellite services business, the team is continuing to execute well on our contract with JSAT, which once again contributed to revenue upside in the quarter. We've also begun ramping for our German-funded satellite services deal and saw a small contribution from that work in the quarter.

再來看我們的衛星服務業務，團隊繼續很好地履行與 JSAT 的合同，這再次為本季度的收入增長做出了貢獻。我們也已開始推動德國資助的衛星服務項目，並在本季看到了該項目帶來的少量收益。

As we've shared previously, we're seeing very strong demand signals for satellite services driven by our current geopolitical landscape and the demand for sovereign access to space. We're continuing to aggressively pursue strategic opportunities, and the pipeline is robust.

正如我們之前分享的那樣，我們看到，受當前地緣政治格局和對自主進入太空的需求驅動，衛星服務的需求訊號非常強勁。我們正積極尋求戰略機遇，目前專案儲備充足。

Turning now to the consistently remarkable execution by our space systems teams. Just 12 days ago, we launched two of our high-resolution Pelicans into orbit, bringing our commercial fleet size to five satellites. We also launched 36 SuperDoves, which will join our broad area monitoring fleet. We have successfully contacted all 38 satellites, and they're now undergoing routine commissioning as they prepare to begin serving customers.

接下來要談談我們航太系統團隊一貫卓越的執行力。就在 12 天前，我們發射了兩顆高解析度的 Pelican 衛星進入軌道，使我們的商業衛星數量達到五顆。我們還投放了 36 架 SuperDove 無人機，它們將加入我們的大規模監測機隊。我們已經成功聯繫了全部 38 顆衛星，它們目前正在進行例行調試，準備開始為客戶提供服務。

We got first light down from the pelicans the next day, and we're excited to share initial images which you can find in the Investor deck or on our IR website. We also recently announced plans to open a new Berlin satellite manufacturing for the production of next-generation, high-resolution Pelican satellites in Germany. We expect to begin ramping operations next year, with the aim to roughly double our manufacturing capacity and better meet growing demand from the European market.

第二天，我們從鵜鶘那裡看到了第一道曙光，我們很高興與大家分享初步照片，您可以在投資者簡報或我們的投資者關係網站上找到這些照片。我們最近還宣布了在德國柏林開設新的衛星製造廠的計劃，用於生產下一代高解析度的鵜鶘衛星。我們預計明年開始逐步擴大生產規模，目標是將生產能力大致翻一番，以便更好地滿足歐洲市場日益增長的需求。

Now I want to provide a little more context on our two strategic projects that we announced in the quarter. Firstly, in October, we announced Owl, our next-generation monitoring fleet, to continue our unique broad area monitoring mission currently serviced by the SuperDove fleet, but improving the resolution to 1 meter class, lowering the latency, and significantly upgrading the onboard compute to incorporate NVIDIA GPUs.

現在我想就我們本季宣布的兩個策略項目提供一些背景資訊。首先，在 10 月份，我們發布了下一代監控機隊 Owl，它將繼續執行我們目前由 SuperDove 機隊提供的獨特廣域監控任務，但分辨率提高到 1 米級，延遲降低，並且大幅升級了機載計算能力，加入了 NVIDIA GPU。

Owl is designed from the ground up to address expanded applications, ranging from security to disaster response to rapid change detection. The first tech demo is slated for launch later in calendar year 2026, and we're incredibly excited about the future of our daily monitoring solutions.

Owl 從一開始就被設計用於滿足更廣泛的應用需求，從安全到災難應變再到快速變化偵測。第一個技術演示計劃於 2026 年稍後推出，我們對日常監控解決方案的未來感到無比興奮。

Secondly, we've recently announced a funded R&D initiative with Google called Project Suncatcher. Suncatcher aims to enable scaled AI computing in space by putting Google's tensor processing units or TPUs on purpose designed satellites where they can leverage the energy of the sun and shed excess heat into the natural coldness of space. This was a competitive win for Planet.

其次，我們最近宣布了一項與Google合作的研發資助計劃，名為「陽光捕手計畫」。Suncatcher 旨在透過將Google的張量處理單元 (TPU) 放置在專門設計的衛星上，從而在太空中實現大規模人工智慧運算。這些衛星可以利用太陽能，並將多餘的熱量散發到太空的自然寒冷環境中。這是Planet隊取得的一場勢均力敵的勝利。

And our strong track record of building, launching, and operating over 600 satellites to date, together with our collaboration on AI-enabled solutions, it represents a competitive edge, underlying the depth of our experience and our agile aerospace approach.

我們迄今已成功建造、發射和營運超過 600 顆衛星，並取得了卓越的成績。此外，我們在人工智慧解決方案方面的合作也代表了我們的競爭優勢，體現了我們豐富的經驗和靈活的航空航天方法。

Suncatcher aligns well with our technology development roadmap for Owl, leveraging the same satellite bus and is therefore highly synergistic. As previously announced, we're planning to deploy two prototype satellites in early 2027. We're excited to be working with our long-term partner Google to develop this promising new technology.

Suncatcher 與我們 Owl 的技術開發路線圖非常契合，利用了相同的衛星平台，因此具有很高的協同效應。正如先前宣布的那樣，我們計劃在 2027 年初部署兩顆原型衛星。我們很高興能與長期合作夥伴谷歌共同開發這項前景廣闊的新技術。

On the solution side, I'm excited to share today that we recently closed the acquisition of Bedrock Research, an AI solutions company based in Denver, Colorado. Through our collaborations to date, Bedrock has successfully delivered for our existing defense and intelligence customers. From a team perspective, they have a rare, deep expertise in the intersection of remote sensing, AI and national security.

在解決方案方面，我很高興地宣布，我們最近完成了對 Bedrock Research 的收購，這是一家位於科羅拉多州丹佛的人工智慧解決方案公司。透過我們迄今為止的合作，Bedrock 已成功為我們現有的國防和情報客戶提供服務。從團隊的角度來看，他們在遙感、人工智慧和國家安全的交叉領域擁有罕見的、深厚的專業知識。

We've been very impressed with their team's agility, creativity, and innovation. We view this as a strategically valuable capability. And given the traction we're seeing in global monitoring, bringing this expertise in-house now will help us to accelerate our roadmap for AI-enabled solutions and support our ability to efficiently scale to meet that market demand. We're thrilled to welcome the Bedrock team to the Planet organization.

我們對他們團隊的敏捷性、創造力和創新能力印象深刻。我們認為這是一項具有戰略價值的能力。鑑於我們在全球監測領域看到的進展，現在將這項專業知識引入公司內部將有助於我們加快人工智慧解決方案的路線圖，並支援我們高效擴展以滿足市場需求的能力。我們非常高興地歡迎 Bedrock 團隊加入 Planet 組織。

To close out, in Q3, we demonstrated continued momentum across the business driven by strong execution, strategic wins in the government sector, and exciting new developments and technologies that we announced of Owl and Suncatcher.

最後總結一下，在第三季度，我們展現了業務的持續成長勢頭，這得益於強有力的執行、在政府部門的戰略性勝利，以及我們宣布的 Owl 和 Suncatcher 的激動人心的新發展和技術。

We believe we are well positioned for growth and profitability, reinforced by our robust backlog and commitments to developing best in class solutions for our customers. I'm incredibly proud of our global team for the phenomenal execution and excited for what lies ahead.

我們相信，憑藉我們強大的訂單儲備和致力於為客戶開發一流解決方案的承諾，我們已做好充分準備實現成長和獲利。我為我們全球團隊的出色執行力感到無比自豪，並對未來充滿期待。

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

接下來，我將把發言權交給艾希莉，讓她來討論我們的財務狀況。接下來就交給你了，阿什。

Thanks, Will. I'll start by echoing Will's remarks and saying that Q3 was another outstanding quarter with strong execution by our teams around the globe. I was particularly proud of our finance and operations teams who added to our list of accomplishments by raising $460 million of convertible debt in September and hosting a highly successful Investor Day at the New York Stock Exchange in October, where we provided an in-depth update on momentum in the business and our go-to-market focus.

謝謝你，威爾。首先，我同意威爾的觀點，第三季度又是另一個出色的季度，這得益於我們全球團隊的出色執行。我特別為我們的財務和營運團隊感到自豪，他們在 9 月籌集了 4.6 億美元的可轉換債券，並在 10 月於紐約證券交易所成功舉辦了投資者日活動，進一步豐富了我們的成就清單。在投資者日活動上，我們詳細介紹了公司的發展動能和市場拓展重點。

Turning to the quarter's results, as Will highlighted, revenue came in at $81.3 million representing approximately 33% year-over-year growth. The outperformance was driven primarily by our defense and intelligence and civil government customers as well as continued progress against our JSAT satellite services contract. We saw upside during the quarter from the Luno B win with the NGA, as well as contribution from some one-time factors which supported our better-than-expected results.

談到本季業績，正如威爾所強調的，營收達到 8,130 萬美元，年增約 33%。業績優異主要得益於我們的國防、情報和民用政府客戶，以及我們在 JSAT 衛星服務合約方面取得的持續進展。本季度，Luno B 贏得 NGA 獎項帶來了利好，一些一次性因素也為我們超出預期的業績做出了貢獻。

During the third quarter, revenue from the defense and intelligence sector grew significantly year on year, driven largely by wins with the NGA, the US Navy, and international defense and intelligence customers. The commercial sector was down in part due to seasonality in the agricultural sector, in addition to our shift in focus towards larger accounts.

第三季度，國防和情報部門的收入年增顯著，這主要得益於與美國國家地理空間情報局 (NGA)、美國海軍以及國際國防和情報客戶的合作。商業部門業績下滑的部分原因是農業部門的季節性因素，以及我們將重點轉向大型客戶。

Civil government revenue was up modestly with strength from international customers in the sector offset primarily by the end of our contract with Norway for their NICFI program. We're pleased to see strong uptake of our AI-enabled solutions in the government markets, contributing particularly to defense and intelligence wins in the quarter.

民用政府收入略有成長，國際客戶在該領域的強勁表現主要抵消了我們與挪威的 NICFI 專案合約的結束。我們很高興看到我們的人工智慧解決方案在政府市場得到了廣泛應用，尤其為本季在國防和情報領域的成功做出了貢獻。

Turning to our regional revenue breakdown, growth was distributed across the globe in the third quarter, with approximate revenue growth of 38% year-over-year in both Asia Pacific and EMEA, 30% in North America, and 7% in Latin America.

從區域收入細分來看，第三季全球範圍內均實現了成長，亞太地區和歐洲、中東及非洲地區的營收年增率約為 38%，北美地區約為 30%，拉丁美洲地區約為 7%。

As of the end of Q3, our end-of-period customer count was 910 customers, flat on a sequential basis, reflecting our direct sales team's intentional shift to focus on large customer opportunities and leveraging our self-serve platform to provide access to data for our other customers.

截至第三季末，我們的期末客戶數量為 910 位客戶，與上一季持平，這反映了我們的直銷團隊有意將重心轉移到大型客戶機會上，並利用我們的自助服務平台為其他客戶提供資料存取權。

As a reminder, Planet Insights Platform customers are not included in our end-of-period customer count. 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.

提醒各位，Planet Insights Platform 的客戶不計入我們期末的客戶數量統計中。我們持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，這是一個積極的信號，表明我們的銷售團隊專注於爭取和拓展高價值客戶的做法正在取得成效。

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 will discuss in a moment.

當我們轉向一些 ACV 指標時，我想提醒大家，JSAT 多年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，我們稍後會討論這一點。

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. Approximately 83% of our end of period ACV book of business consists of annual or multi-year contracts, lower than prior periods, as we have seen a higher proportion of large shorter term government deals closed in recent quarters. Net dollar retention rate at the end of Q3 was 109%, and net dollar retention rate with winbacks was 110%.

經常性 ACV 占我們期末 ACV 業務總額的 97%，這反映出我們持續專注於銷售訂閱資料合約和解決方案，而不是一次性的專業或工程服務。期末年度合約價值 (ACV) 業務組合中約 83% 由年度或多年期合約構成，低於以往時期，因為我們在最近幾季看到成交的大型短期政府交易比例較高。第三季末淨美元留存率為 109%，贏回顧客後的淨美元留存率為 110%。

Turning to gross margin, non-GAAP gross margin for the third quarter was 60% compared to 64% in the third quarter of fiscal year 2025, reflecting investments in support of our satellite services contracts and the mix of contracts including AI enabled partner solutions.

再來看毛利率，第三季的非GAAP毛利率為60%，而2025財年第三季為64%，這反映了我們對衛星服務合約的支援投資以及包括人工智慧合作夥伴解決方案在內的合約組合。

Our gross margins came in better than expected, primarily driven by the revenue outperformance in the quarter. Adjusted EBITDA profit was $5.6 million for Q3, better than expected, primarily driven by revenue outperformance in the quarter and discipline OpEx spend. This marks our fourth sequential quarter of adjusted EBITDA profitability.

我們的毛利率優於預期，主要得益於本季營收超出預期。第三季調整後 EBITDA 利潤為 560 萬美元，優於預期，主要得益於該季度營收表現優異以及營運支出控制得當。這標誌著我們連續第四個季度實現調整後 EBITDA 獲利。

Capital expenditures in Q3, which include our capitalized software development, were approximately $27.7 million. This was above our guidance range driven primarily by our decision to prepay for more favorable pricing in certain hardware procurements and launch deposits for our next generation satellites. As a reminder, we're currently in a growth CapEx investment cycle as we lean into market demand and build out our next generation fleets.

第三季資本支出（包括我們的資本化軟體開發）約為 2,770 萬美元。這超出了我們的預期範圍，主要原因是我們決定預付某些硬體採購的更優惠價格以及下一代衛星的發射保證金。再次提醒大家，我們目前正處於資本支出成長投資週期，以滿足市場需求並打造我們的下一代機隊。

Turning to the balance sheet, we ended the quarter with approximately $677 million of cash equivalents, and short-term investments, an increase of approximately $406 million sequentially. The increase is driven primarily by our convertible note raise in September. We achieved an excellent outcome, raising $460 million at a 0.5% interest rate for a five-year term.

從資產負債表來看，本季末我們擁有約 6.77 億美元的現金等價物和短期投資，比上一季增加了約 4.06 億美元。此次成長主要得益於我們9月份的可轉換債券發行。我們取得了非常好的結果，以 0.5% 的利率籌集了 4.6 億美元，期限為五年。

Use of proceeds for the transaction are general corporate purposes, with a portion of the proceeds used to purchase a capped call, allowing us to avoid dilution up to a stock price of $18.04 providing net proceeds of approximately $406 million. This capital provides us a strategic asset in the form of a very strong balance sheet.

本次交易所得款項將用於一般公司用途，其中一部分款項將用於購買上限期權，從而避免股價稀釋，最高可達每股 18.04 美元，淨收益約為 4.06 億美元。這筆資金為我們提供了一項策略性資產，即非常強勁的資產負債表。

Year-to-date, we generated approximately $114 million in net cash from operating activities and $55 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.

今年迄今為止，我們從營運活動中產生了約 1.14 億美元的淨現金流和 5,500 萬美元的自由現金流。我們將繼續專注於管理業務，透過數據、解決方案和衛星服務收入來源的高效成長，實現可持續的現金流。

At the end of Q3, our remaining performance obligations or RPOs were approximately $672 million, up about 361% year over year, of which approximately 33% apply to the next 12 months and 59% to the next 24 months. We estimate our backlog, which includes contracts with a termination for convenience clause, to be approximately $734 million, up about 216% year over year. Approximately 37% of our backlog applies to the next 12 months and 61% to the next two years.

截至第三季末，我們剩餘的履約義務或 RPO 約為 6.72 億美元，年成長約 361%，其中約 33% 適用於未來 12 個月，59% 適用於未來 24 個月。我們估計，包括包含可隨時終止條款的合約在內，我們的積壓訂單約為 7.34 億美元，年增約 216%。約 37% 的積壓訂單適用於未來 12 個月，61% 的積壓訂單適用於未來兩年。

Let me turn now to our guidance for the fourth quarter and full year for fiscal 2026. In Q4, we're expecting revenue to be between $76 million and $80 million, which represents approximately 27% year-on-year growth at the midpoint and excludes many of the one-time factors that drove upside in Q3.

現在讓我來談談我們對 2026 財年第四季和全年的業績預期。我們預計第四季度營收將在 7,600 萬美元至 8,000 萬美元之間，按中間值計算，年增約 27%，且不包括推動第三季成長的許多一次性因素。

We expect non-GAAP gross margin for the quarter to be between 50% and 52%, driven by our satellite services contract with JSAT, the mix of deals with AI-enabled partner solutions, and investments in our next generation fleets.

我們預計本季非GAAP毛利率將在50%至52%之間，這主要得益於我們與JSAT簽訂的衛星服務合約、與人工智慧合作夥伴解決方案達成的交易組合，以及對下一代衛星群的投資。

Our range for adjusted EBITDA loss in the fourth quarter is expected to be between minus $7 million and minus $5 million, reflecting our investments to drive sustained growth across both AI-enabled solutions and our next generation fleets. We are planning for capital expenditures of approximately $22 million to $26 million in Q4.

我們預計第四季度調整後 EBITDA 虧損將在 -700 萬美元至 -500 萬美元之間，這反映了我們為推動人工智慧解決方案和下一代車隊持續成長而進行的投資。我們計劃在第四季投入約 2,200 萬美元至 2,600 萬美元的資本支出。

For the full fiscal year 2026, we now expect revenue to be between $297 million and $301 million. This increase reflects our strong performance in Q3 and improved outlook for Q4 as we've seen some of our US government contracts come in.

我們現在預計 2026 財年全年營收將在 2.97 億至 3.01 億美元之間。這一增長反映了我們第三季度的強勁業績以及第四季度前景的改善，因為我們的一些美國政府合約已經到位。

We believe our backlog provides us with good visibility to sustain our Q4 revenue growth rate into fiscal '27 and achieve our revenue and adjusted EBITDA targets as shared at our Investor Day in October. You can find these details in our Investor Day presentation on our Investor Relations website.

我們相信，我們的積壓訂單能夠讓我們有良好的前景，將第四季度的收入增長率維持到 2027 財年，並實現我們在 10 月份投資者日上分享的收入和調整後 EBITDA 目標。您可以在我們的投資者關係網站上的投資者日簡報中找到這些詳細資訊。

We are updating our guidance for non-GAAP gross margin for fiscal 2026 to be between 57% to 58%, reflecting the better-than-expected gross margins during Q3. We expect our adjusted EBITDA profit for fiscal 2026 to be between $6 million and $8 million, reflecting the strong performance we've seen throughout the year in revenue and cost efficiencies, even as we continue to invest in downstream solutions and our space system's capabilities.

鑑於第三季毛利率優於預期，我們將 2026 財年非 GAAP 毛利率預期更新為 57% 至 58%。我們預計 2026 財年調整後的 EBITDA 利潤將在 600 萬美元至 800 萬美元之間，這反映了我們全年收入和成本效益方面的強勁表現，即使我們繼續投資於下游解決方案和我們的空間系統能力。

Achieving adjusted EBITDA profitability on an annual basis represents a major milestone in the company's maturity and reflects the hard work of our global teams in focusing our investments in the highest priority growth areas. We are planning for capital expenditures of approximately $81 million to $85 million for the year as the increased investments we're making in our satellite fleets puts us in a strong position to meet accelerating market demand.

實現年度調整後 EBITDA 獲利是公司發展成熟的一個重要里程碑，也體現了我們全球團隊在將投資集中於最高優先級成長領域方面所付出的辛勤努力。由於我們對衛星群的投資不斷增加，我們計劃今年的資本支出約為 8,100 萬美元至 8,500 萬美元，這將使我們處於有利地位，以滿足不斷增長的市場需求。

As I mentioned earlier, we're also pulling forward some investments to take advantage of some favorable pricing opportunities. We continue to expect to be free cash flow positive on an annual basis this year. While quarterly results may vary due to the timing of cash collections, CapEx requirements, and other factors, we remain focused on generating sustainable annual positive cash flow.

正如我之前提到的，我們也正在提前進行一些投資，以利用一些有利的價格機會。我們預計今年仍將實現年度自由現金流為正。儘管由於現金回收時間、資本支出需求和其他因素，季度業績可能會有所不同，但我們仍然專注於產生可持續的年度正現金流。

As always, we're incredibly grateful for the ingenuity, collaboration, and achievements of our Planet team. These stellar results were made possible by your hard work.

一如既往，我們對 Planet 團隊的創造力、協作精神和成就深表感激。這些優異的成績都歸功於你們的努力。

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

操作員，我們的發言到此結束。現在我們可以回答問題了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Ryan Koontz, Needham.

Ryan Koontz，Needham。

Great. Thanks for the question. Terrific quarter, guys, just outstanding in the October quarter. I wanted to ask about the guide a little bit here. In terms of the revenue and the margin guide down, is the revenue down on one-time benefits on usage in the past quarter? And then the gross margin guide down, is that mostly tied to some of your large international programs you're ramping?

偉大的。謝謝你的提問。夥計們，這季度太棒了，十月份的業績簡直出色。我想問關於導遊的一些問題。就營收和利潤率預期下調而言，營收下降是否是由於上個季度一次性使用收益所致？那麼，毛利率下降是否主要與你們正在大力推進的一些大型國際計畫有關？

Great, thanks, Ryan. I appreciate the question. In terms of Q3 to Q4 trends, couple of factors to keep in mind, so I did highlight that there were some one-time items in Q3. Those can be related to renewals of certain contracts that have archive components any time we have -- any kind of bonus payments or deliverables that can factor into a quarter that obviously wouldn't continue into the next.

太好了，謝謝你，瑞恩。感謝您的提問。就第三季到第四季的趨勢而言，有幾個因素需要注意，所以我強調了第三季有一些一次性項目。這些可能與某些合約的續約有關，這些合約包含存檔部分——任何可能計入季度的獎金或交付成果，顯然不會延續到下一個季度。

And then I mentioned there was some upside that was driven by the timing of landing new business, that does continue into Q4 and you see that rolling through. That's balanced against -- we mentioned that both the NASA contract and the EOCL contracts were downsized. So we have to factor that revenue drop into the Q4 guide and so that is fully factored into the guidance that we've given and that results in that quarter-to-quarter flatness, just like the one that we guided to.

然後我提到，由於新業務的達成時機恰當，帶來了一些利好，這種情況會持續到第四季度，你會看到這種趨勢不斷顯現。但另一方面——我們提到過，NASA 的合約和 EOCL 的合約規模都縮減了。因此，我們必須將營收下降納入第四季業績指引，這已完全納入我們給出的指引中，從而導致季度環比持平，正如我們先前指引的那樣。

In terms of margin, we're both investing in the opportunity that we see as we've highlighted. Investing into execution against our satellite services contracts which continue to perform well. And also with awards like Luno B, those are with partners. And so we do have partner fees that go into COGS that get layered into Q4 and that also causes some margin compression quarter to quarter.

就利潤率而言，我們都在投資我們所看到的機遇，正如我們之前所強調的。加大對衛星服務合約執行的投入，這些合約目前表現良好。此外，像 Luno B 這樣的獎項也是與合作夥伴共同獲得的。因此，我們的合作夥伴費用會計入銷售成本，併計入第四季度，這也導致季度利潤率下降。

So those are the factors it really comes down to mix of business and the fact that we are investing because we see a lot of opportunity in front of us.

所以，歸根結底，這取決於業務組合以及我們進行投資的原因是我們看到了許多機會。

Great, Ashley, thanks. And just a clarification on those partner fees, are those front loaded in some way before revenue hits? Or how should we think about how those kind of behave in the future?

太好了，艾許莉，謝謝。另外，關於合作夥伴費用，我想澄清一下，這些費用是否會在收入到帳之前以某種方式預先收取？或者我們該如何看待這類人未來的行為？

No, they align to revenue.

不，它們與收入掛鉤。

Okay, got it. Got it. Perfect. And maybe a quick question on the acquisition of Bedrock. I mean, which sectors are these guys focused on and what sort of data does Bedrock integrate?

好的，明白了。知道了。完美的。或許還可以問一個關於收購 Bedrock 的問題。我的意思是，這些公司主要關注哪些領域？ Bedrock 整合了哪些類型的資料？

Yeah, good question. I mean, Bedrock is a fantastic -- it's a small team, but they're very talented at the intersection of remote sensing, AI, and national security. Very, very good, solid team there.

嗯，問得好。我的意思是，Bedrock 是一家非常棒的公司——雖然團隊規模不大，但他們在遙感、人工智慧和國家安全交叉領域非常有才華。那是一支非常非常優秀、非常可靠的團隊。

What we see them doing -- I mean, we already worked with them with actual customers as we're building out a GMS solution and it's been working really well. And so we thought bringing them in-house would help us to scale and speed that execution faster and make it more efficient to the margins point we were just discussing.

我們看到他們正在做的事情——我的意思是，我們已經和他們一起為實際客戶建立 GMS 解決方案，而且效果非常好。因此，我們認為將他們納入公司內部將有助於我們擴大規模，加快執行速度，並提高效率，達到我們剛才討論的利潤率水準。

Got it. And what sort of data do they deal with? Is it all primarily your data or they bring other data sources together?

知道了。他們處理的是哪一類數據？這些數據主要都是你自己的，還是他們會整合其他資料來源？

Well, they've done multiple different data sets in the past, public, and primarily the national security data sets on contract with the government. So it's a variety of things and it's a sort of versatile approach that they've been doing using embeddings, a technology we've been also working with in our AI modeling work. And so it's the kind of very generic, scalable, solution that can work across different data streams.

他們過去處理過多種不同的資料集，包括公開資料集，以及主要根據與政府簽訂的合約處理的國家安全資料集。所以這涉及很多方面，他們採用了一種靈活多樣的方法，利用嵌入技術，這也是我們在人工智慧建模工作中一直在使用的技術。因此，它是一種非常通用、可擴展的解決方案，可以跨不同的資料流運行。

Great. Thanks, Will. Thanks, Ashley.

偉大的。謝謝你，威爾。謝謝你，艾許莉。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

Hi, thank you and congrats on the very impressive quarter. Want to ask about Project Suncatcher. There, there's been a lot of talk, a lot of excitement about data centers in space. Can you give us a sense on how you think about just the feasibility and viability of this and how does one kind of measure that going forward?

您好，謝謝，並祝賀您取得了非常出色的季度業績。想諮詢一下「陽光捕手」專案。那裡有很多關於太空資料中心的討論，也引起了很多人的興奮。您能否談談您如何看待這件事的可行性和有效性，以及未來該如何衡量這一點？

Yeah. Well, thanks on the quarter. We agree it's really great. And yeah, Suncatcher is really exciting. I do think it's a very viable project long-term. We have spoken in the space sector for some decades about how as space infrastructure costs come down, it eventually makes sense to put compute into space and other energy intensive infrastructure.

是的。謝謝您這筆款項。我們都認為它真的很棒。是的，《Suncatcher》真的非常精彩。我認為從長遠來看，這是一個非常可行的項目。幾十年來，航太領域一直在討論，隨著航太基礎設施成本的下降，最終將運算能力和其他能源密集型基礎設施部署到太空是合理的。

And to your point about the feasibility of scaling it, well, that is hard, right, and there's only a couple of companies in the world that have done scaled constellations, basically us and SpaceX, and therefore knowing how to put that, get costs down, is something that really is an incredible advantage we have a competitive position in going into this. One of the reasons, obviously, we're very proud that Google selected us. That's obviously one of the reasons for that.

至於你提到的規模化可行性問題，嗯，這很難，對吧？世界上只有幾家公司做過規模化的星座，基本上就是我們和 SpaceX。因此，知道如何降低成本，這確實是一個巨大的優勢，使我們在這個領域擁有競爭地位。很顯然，我們非常自豪谷歌選擇了我們，原因之一就是這個。這顯然是原因之一。

I see a huge market opportunity here; I do in the long run. This is just an R&D at this phase. This is an R&D contract. We're going to do these couple of demo satellites that will test out some of the critical components of that like shedding heat from the TPUs into outer space and doing the formation flying, so that building towards a cluster system approach, which is the architecture that the Google and Planet teams have been designing towards. And we think the most efficient approach to this.

從長遠來看，我認為這裡蘊藏著巨大的市場機會。這只是現階段的研發工作。這是一份研發合約。我們將製造幾顆示範衛星，測試其中的一些關鍵組件，例如將 TPU 的熱量散發到外太空以及進行編隊飛行，從而建立叢集系統方法，這也是 Google 和 Planet 團隊一直在設計的架構。我們認為這是最有效的方法。

So in summary, it's early days, but an exciting, potential project for Planet. Really exciting.

總而言之，現在還處於早期階段，但對於 Planet 來說，這是一個令人興奮且有潛力的項目。真是太令人興奮了。

Just one follow-up. I think you mentioned in the prepared remarks that you're using the same bus as Owl.

還有一個後續問題。我想你在準備好的演講稿中提到過，你和 Owl 搭乘的是同一輛巴士。

Yes.

是的。

Are there any special kind of design changes you need to make on the bus. Anything you do differently, just from, I guess, engineering perspective, given it's a TPU?

您需要對公車進行任何特殊的設計變更嗎？從工程角度來看，考慮到它是一個TPU，你有什麼不同的做法嗎？

Yeah, I mean, there's a few things, but not much on the scale of things. For example, we're expanding the number of solar panels a little bit and a few things like that. But on the scale of the hard, complex things of the avionics and all those systems, how they work together, it's primarily the same at this stage.

是的，我的意思是，是有一些事情，但規模不大。例如，我們正在稍微增加太陽能板的數量，以及其他一些類似的事情。但是，就航空電子設備和所有這些系統的複雜程度而言，以及它們如何協同工作，現階段基本上是相同的。

And that's why -- I mean, there's two big reasons we did this project at the tactical level. One was the -- how aligned it was to our Owl project per that point on the same bus. And the second is that there's an option on a big program in the future to the earlier point. I mean, I think this is a big market. So let's take advantage of the fact that we're one of a couple of companies that can do it.

這就是為什麼——我的意思是，我們在戰術層面開展這個計畫有兩個主要原因。其中一個問題是——它與我們的 Owl 項目在同一輛巴士上的那個時間點的契合度如何。第二點是，未來某個大型專案可以選擇回到先前的狀態。我的意思是，我認為這是一個巨大的市場。所以，讓我們利用我們是少數幾家能夠做到這一點的公司之一的優勢。

I'll just add as well that, Planet, we've been saying is a space and AI company. And I think, we have the credibility to say that we're the first one in a way to prove that. We've obviously got scaled satellite stuff, so we're the a space company. We've got we've got at scale use of AI based on our daily scan, and we've already been putting NVIDIA chips in space on satellites, including the ones that were launched just 12 days ago. And so we're already familiar with putting compute in space.

我還要補充一點，我們一直說 Planet 是太空和人工智慧公司。而且我認為，我們有足夠的信譽說，我們在某種程度上是第一個證明這一點的。我們顯然擁有規模化的衛星設備，所以我們是一家航太公司。我們已經根據日常掃描大規模應用了人工智慧，並且已經將英偉達晶片安裝在衛星上，包括 12 天前發射的那些衛星。因此，我們已經很熟悉在太空中進行計算了。

So it's a natural extension of where we're going to think about AI and space together in this way, and Planet is incredibly well positioned for that, we believe.

因此，這是我們以這種方式思考人工智慧和太空的自然延伸，我們相信，Planet 在這方面具有非常有利的地位。

Thank you very much.

非常感謝。

Mike Lattimore, Northland.

麥克·拉蒂莫爾，北地。

Excellent. Thanks. Yeah, excellent results. I guess, on the corridor, I think you said JSAT was one of the drivers of maybe the upside. Can you talk a little bit about -- is JSAT sort of ahead of schedule? And maybe just generally, how is the JSAT in Germany deals proceeding relative to maybe your internal timelines?

出色的。謝謝。是的，效果非常好。我想，關於走廊，我記得你說過 JSAT 可能是推動上漲的因素之一。能稍微談談JSAT考試是否提前舉行了嗎？總的來說，JSAT在德國的交易進度如何，與你們內部的進度計畫相比如何？

Yeah. Obviously, this was the first time we had engaged in this type of contract. And so while we have obviously agreed milestones with the end customer, we gave ourselves some flexibility for -- when certain milestones might get hit for the year and obviously that flexibility translates also into how we guide.

是的。顯然，這是我們第一次簽訂此類合約。因此，雖然我們顯然已經與最終客戶商定了里程碑，但我們也為自己留了一些靈活性——某些里程碑可能會在一年中的某個時間點實現，顯然這種靈活性也體現在我們如何進行指導上。

And so that team continuing to execute and meet and hopefully exceed the customer's expectations also results in upside in our financial forecast.

因此，如果該團隊能夠繼續執行並達到甚至超越客戶的期望，我們的財務預測也將因此而上調。

I would just add -- yeah, I mean, overall things are going very well with those programs. We're very focused on committed -- our commitments to those customers, and yeah, things are going great. And the pipeline of opportunities for further fields is going really well as well. So yeah, we're very happy with that side of the business team.

我只想補充一點——是的，我的意思是，總的來說，這些專案進展得非常順利。我們非常注重履行對客戶的承諾，是的，一切都很順利。此外，其他領域的發展機會也進展順利。是的，我們對業務團隊的這部分工作非常滿意。

Right. And then, Ashley, did you say that the -- you expect the fourth-quarter growth, implied growth rate to be sort of continue into fiscal '27, is that what you said?

正確的。然後，阿什利，你剛才不是說——你預期第四季的成長，或者說隱含的成長率，會延續到 2027 財年，你是這麼說的嗎？

I did, yeah. So as we're looking at the shape of the business and kind of the drivers of growth, Q4 is pretty indicative of how we see things going forward. Obviously, I've mentioned the change in the government contracts, those go into full effect in Q4.

是的，我做了。因此，當我們審視業務現狀和成長驅動因素時，第四季度就很好地反映了我們對未來發展的看法。顯然，我已經提到了政府合約的變化，這些變化將在第四季度全面生效。

We've obviously continued to land new business and expand relationships both with the US government and international governments. And we expect across all of the areas of business to continue to focus on converting the pipeline that we have.

顯然，我們不斷拓展新業務，並擴大與美國政府和國際政府的關係。我們預計所有業務領域將繼續專注於轉換我們現有的銷售管道。

So we're very comfortable with that is kind of a target for growth going into fiscal '27. And also as we think about margins next year, that's a pretty good benchmark to use as a reference.

因此，我們非常有信心，這可以作為 2027 財年的成長目標。而且，當我們考慮明年的利潤率時，這是一個很好的參考基準。

Yeah. And we said at the beginning of the year, we would accelerate revenue growth rate and here we are and we can. It's nice to be in a position where we can see that continuing into the next year.

是的。年初的時候我們就說過，我們要加快營收成長速度，現在我們做到了。很高興我們能看到這種情況延續到明年。

And then the only qualifier I'd add to that is reference back to the Investor Day materials, we're obviously thinking about FY27 very actively right now and we continue to uphold a commitment to targeting EBITDA breakeven or better as well as maintaining our annual cash flow positivity.

我唯一要補充的是，回顧投資者日資料，我們顯然目前正在積極考慮 2027 財年，我們將繼續致力於實現 EBITDA 收支平衡或更高目標，並保持年度現金流為正。

Okay, excellent. Congrats.

好的，太好了。恭喜。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德，坎托·菲茨杰拉德。

Colin, are you there?

科林，你在嗎？

You may be muted, Colin. You may have to unmute yourself.

科林，你可能已被靜音。你可能需要手動解除靜音。

Thank you. Apologies, Zoom mechanics. So just going back to the pipeline that you put together for the Investor Day, called it 20 contracts, average contract value of $170 million, that tracks pretty closely to kind of the [EF35] friends and family. So as we think of kind of drawing comparisons between that portfolio of opportunities and the companies that we're looking at, how do you kind of think about the sizing and magnitude of those awards?

謝謝。抱歉，Zoom 的運作機制出了點問題。所以，回到您為投資者日準備的方案，我們稱之為 20 份合同，平均合同價值 1.7 億美元，這與 [EF35] 親友計劃非常接近。因此，當我們考慮將這些機會組合與我們正在關注的公司進行比較時，您是如何看待這些獎項的規模和重要性的呢？

I mean, is it fair to assume that like we could see 20% of that of that pipeline convert? And maybe the magnitude of that pipeline looking similar, as a factor of the JSAT and Germany deal such that maybe it's like $100 million awards up front? Like how do we think about kind of just the timing and magnitude of that pipeline?

我的意思是，假設這批潛在客戶有 20% 能夠轉化，這種假設合理嗎？或許，由於 JSAT 與德國達成的協議，該管道的規模看起來也類似，例如，可能預付了 1 億美元？例如，我們該如何考慮這條管道的建造時間和規模？

Well, yeah, I mean, firstly, I mean, I think the Planet is extremely well positioned for this market. I mean, our technology -- I mean we're the only ones that have built hundreds of Earth imaging satellites. We've got 600 so far. So these countries, when they want sovereign satellites, especially at least in optical, we're the obvious first call. And yeah, we feel well positioned against those 20 or so opportunities.

嗯，是的，我的意思是，首先，我認為Planet品牌在這個市場上的定位非常有利。我的意思是，我們的技術——我的意思是，我們是唯一一家建造了數百顆地球成像衛星的公司。目前我們已經收集到 600 個。所以，當這些國家想要自主衛星，尤其是光學衛星時，我們顯然是他們的首選。是的，我們感覺自己已經做好了充分準備，迎接這大約 20 個機會。

We're focused on a half dozen or so that are a little bit more mature and those ones are doing very well. When we really go in, I think we've got a higher probability than that, but time will tell exactly how this turns out. We are committed to really executing on this business side and being a reliable partner with these countries, building off a long-term relationship we've had with them in most cases.

我們目前專注於六、七個比較成熟的品種，這些品種都發展得非常好。當我們真正投入其中時，我認為我們的成功機率會更高，但時間會證明最終結果如何。我們致力於在業務方面真正有所作為，並成為這些國家可靠的合作夥伴，在大多數情況下，我們都與他們建立了長期的合作關係。

And so, yeah, overall, feeling very good about where that's going. Does that answer your question? I'm not sure of all the subtleties in your question.

所以，總的來說，我對未來的發展方向感到非常滿意。這樣回答了你的問題嗎？我不太了解你問題中的所有細節。

Yeah. No worries. I think timing probably might be a little bit too aggressive in terms of answering the question, so good to hear that you're well positioned and looking forward to seeing those awards.

是的。不用擔心。我覺得現在回答這個問題可能有點太急了，很高興聽到你形勢一片大好，期待看到你獲獎。

Maybe pivoting to putting some numbers around Suncatcher.

或許應該轉而給 Suncatcher 貼上一些標籤。

Yes.

是的。

So if we think of the 881 cluster concept, let's call it, $250,000 to $300,000 per satellite, $1 million per cluster. Is it fair to assume that that has some value capture tail on top of that such that it can be above, called it, an initial award of $81 million?

所以，如果我們考慮一下 881 集群的概念，假設每顆衛​​星的成本為 25 萬至 30 萬美元，每個集群的成本為 100 萬美元。是否可以合理地假設，除了這部分金額之外，還有一些額外的價值獲取，使得最終金額能夠超過（姑且稱之為）8100萬美元的初始獎勵？

And then just a high level question as we think of Google's R&D budget of called $30 billion a year and the concept that a lot of these AI, people that are basically chasing data centers and the like, are now pivoting that R&D spend from the development of the systems to the scaling of systems, and that scaling of systems likely going through space infrastructure versus terrestrial. So maybe $81 million, is that fair? Or is it above that? And how do we think of kind of that longer-term scaling opportunity into that Google R&D wallet?

然後，我們不妨思考一下一個高層次的問題：Google每年 300 億美元的研發預算，以及許多人工智慧公司（基本上都在追逐資料中心之類的東西）現在正在將研發支出從系統開發轉向系統擴展，而這種系統擴展很可能是透過太空基礎設施而不是地面基礎設施來實現的。所以，8100萬美元或許合理？或者說，它高於這個水平？那麼，我們該如何考慮將這種更長期的規模化機會納入Google的研發預算呢？

Got it. Yeah. Well, firstly, what we're on contract to do with Google is a couple of demo satellites. It's really just a testing early phase. So we're not getting into the scale cluster. You're referring to the paper that they put out with where they were talking about 81 satellites in a cluster. That's more to do with the architecture that we're building long-term.

知道了。是的。首先，我們與Google簽訂的合約是建造幾顆演示衛星。這其實只是一個早期測試階段。所以我們暫且不談規模集群。你指的是他們發表的那篇論文，裡面談到了一個由 81 顆衛星組成的群集。這更多地與我們正在建立的長期架構有關。

I think you're right to point out that this will take significant R&D dollars, and these companies are going to be willing to put dollars behind it. Because if it has the cost advantages, which we believe it will, and the experiments will need to show that, this is a scaled operation. It would require thousands of satellites and many other things. But at this point, we're very early on.

我認為你指出這一點是對的，這需要大量的研發資金，而這些公司也願意為此投入資金。因為如果它具有成本優勢（我們相信它會有，而且實驗也需要證明這一點），那麼這將是一項規模化操作。這需要數千顆衛星和許多其他設備。但目前我們還處於非常早期的階段。

And I think it's important to think about: Google choosing us in this process is a huge compliment to us, of course. But one of the reasons is that we're one of the few companies that has done this at scale, as I said, in my prior remarks. And so even though it's on an R&D scale, at this stage, we think we're one of the few players that can really build that out. It is not trivial to put up huge numbers of satellites in a cost efficient way. There's literally only a couple of companies in the world that have done that.

我認為值得思考的是：Google在這個過程中選擇我們，這當然是對我們莫大的肯定。但其中一個原因是，正如我之前所說，我們是少數幾家大規模開展這項業務的公司之一。因此，儘管目前還處於研發階段，但我們認為我們是少數幾家能夠真正實現這一目標的公司之一。以經濟高效的方式發射大量衛星並非易事。世界上只有寥寥幾家公司做到了這一點。

And to boost Planet, as I was mentioning in my earlier remarks, really the first proven space and AI company. We've already put fast processors in space. We already do a huge amount of AI work. And so our collaboration and a bunch of that AI work is with Google. We've got a partnership with the Gemini team, and we've got a long, trusted record, working with them.

正如我之前提到的，為了推動 Planet 的發展，它確實是第一家經過驗證的太空和人工智慧公司。我們已經將高速處理器送入太空。我們已經做了大量的AI工作。因此，我們的合作以及許多人工智慧方面的工作都是與Google進行的。我們與 Gemini 團隊建立了合作夥伴關係，我們與他們有著長期、值得信賴的合作記錄。

So I think Planet is well positioned. Again, this is an early option, early contract on R&D. But it's an option on a big long-term future that Planet is well positioned to be taking part in.

所以我認為Planet的處境很好。再次強調，這是研發方面的早期選擇權和早期合約。但從長遠來看，這是 Planet 公司有能力參與的重大選擇。

Does that answer your question?

這樣回答了你的問題嗎？

Yes, I think so. So thank you for the call. As always, appreciate it.

是的，我也這麼認為。謝謝你的來電。一如既往，非常感謝。

Jeff Van Ree, Craig Hallam Capital.

Jeff Van Ree，Craig Hallam Capital。

Great, thanks. Thanks for taking the questions and congratulations. Just a few left for me. Will, on the compute front, as it relates to -- obviously, congrats on what you're doing with Google, and you've been ahead of that embedding compute into your platform already.

太好了，謝謝。感謝您回答問題，並祝賀您。只剩下幾個了。威爾，關於計算方面——顯然，祝賀你與谷歌合作取得的成就，而且你已經走在了前列，將計算嵌入到你的平台中。

Just talk about the demand pull. You're pushing it, but to what degree are people ready to consume it, demanding it, having use cases already pegged out and driving value from it?

就談談需求拉動。你這是在推波助瀾，但人們在多大程度上準備好接受它、需要它、已經確定了它的使用場景並從中創造價值呢？

You mean demanding computing space?

你是說需要佔用運算空間嗎？

Yes.

是的。

Well, look, I mean, this is really talking about putting compute in space because it ultimately, as launch costs and satellite infrastructure costs come down, it makes -- there's a point at which it becomes more economically feasible to put those entire data centers in space. So it's not about any particular compute demand, it's about the entire compute demand in principle. But that depends on us getting to that cost threshold.

嗯，你看，我的意思是，這實際上是在討論將計算能力置於太空，因為最終，隨著發射成本和衛星基礎設施成本的下降，將整個數據中心置於太空會變得更加經濟可行。所以這不是關於任何特定的計算需求，而是關於原則上的所有計算需求。但這取決於我們能否達到那個成本門檻。

I think it's the position of Google and Planet that we are just a few years away from that, and therefore, it's the right time to be starting to invest in that R&D. There are some types of compute demand that more lend themselves to space than others. But generally, we're talking about the entirety of that business.

我認為Google和Planet的觀點是，我們距離那個目標只有幾年的時間了，因此，現在是開始投資研發的好時機。有些類型的運算需求比其他類型的運算需求更適合太空環境。但總的來說，我們指的是整個業務。

I would just say I think similarly to Sundar, he was talking about this last week and talking about how in 10 years' time, he thinks most compute will be going up to space. So that's the way I perceive it, too. So that's the way I think we should think about it -- does that make sense -- as opposed to any particular piece of the compute sector.

我的想法和桑達爾類似，他上周也談到了這一點，他認為10年後大部分計算都將轉移到太空。我也是這麼看的。所以我認為我們應該這樣思考——這樣說有道理嗎——而不是專注於計算領域的任何特定部分。

Yeah, understood. That's fair. Two last if I could then. One, as it relates to Pelican, congrats, real quick, first light imagery. Is there a number in the sky or a particular point in time this year, just talk maybe to whatever degree you can share how that revenue layers in if it just tends to be very gradual, if there are going to be lumps in that? So that would be the first question.

嗯，明白了。這很合理。如果可以的話，最後再補充兩點。首先，就 Pelican 而言，恭喜，這是第一張晨光照。今年是否有具體的數字或時間點？能否談談您能分享一下收入是如何逐步增加的，或者其中是否會出現波動？所以，這是第一個問題。

And then my last would just be on EOCL. Obviously, the cutbacks in the first place shocked everybody. Just wondering if you have any more clarity on what might replace what they've taken away, if there's any clarity there. So those two questions. Appreciate it.

最後，我的最後一個專案就是EOCL。顯然，最初的裁員計畫讓所有人都感到震驚。我只是想知道，對於他們移除的東西可能會用什麼來替代，您是否有任何更清晰的計劃？所以，就是這兩個問題。謝謝。

Yeah. Absolutely. Let me take the second one first. I mean, I just came back from DC and I can tell you that there is a lot of interest in this administration in leveraging new tech to drive real mission value and in the DOD and we sit firmly in that area. And so we are seeing them leaning in.

是的。絕對地。我先來回答第二個問題。我的意思是，我剛從華盛頓特區回來，我可以告訴你，本屆政府對利用新技術來推動真正的任務價值非常感興趣，國防部也堅定地站在這一領域。所以我們看到他們正在積極參與。

So despite what you're seeing there with the UCL, it's growing, but more importantly, they are leaning in heavily. In fact, I mean, we see this, of course, in the numbers already. The Luno award, the Navy expansion, and so on. They're already leaning into this stuff, but I think we're going to see it in a big way, coming.

所以儘管你看到UCL的情況，但它仍在發展，但更重要的是，他們正在大力投入。事實上，我的意思是，我們當然已經從數據中看到了這一點。Luno獎、海軍擴建等等。他們已經開始涉足這方面了，但我認為我們很快就會看到它大規模地發展。

So I think the outlook is really very positive. What was the first part of the question again?

所以我認為前景非常樂觀。問題的第一部分是什麼來著？

The first part of the question is: as we continue to launch Pelicans, how do we see revenue flowing in? And I see it more gradual. Yeah, as we continue to bring on contracts, obviously if we land bigger contracts, we talked about we have a framework contract in place already for Pelican or for high res in general with USG under EOCL, there's opportunities to expand that.

問題的第一部分是：隨著我們不斷推出 Pelican 型號，我們如何看待收入流入？而且我認為這個過程更加漸進。是的，隨著我們不斷簽訂合同，顯然，如果我們能拿下更大的合同，我們已經和美國政府在EOCL旗下就Pelican或高分辨率項目簽訂了框架合同，那麼就有機會擴大合同範圍。

There's opportunities obviously to expand with many of our existing customers and new customers. So nothing at this point that would cause me to say there's going to be irregularities in it.

顯然，我們有很多機會與現有客戶和新客戶拓展業務。所以目前還沒有任何跡象顯示其中會出現不規範之處。

I'd say it's roughly linear as we scale it and they're scaling as the sky starts to ramping down and then rebuilding towards what we've said before, ultimately a 30 satellite fleet with 30 revisits a day, 30-minute latency and all this.

我認為它大致呈線性增長，隨著我們擴大規模，它們也在擴大規模，而天空開始逐漸減少，然後重建，朝著我們之前所說的方向發展，最終形成一個由 30 顆衛星組成的衛星群，每天進行 30 次重訪，延遲 30 分鐘等等。

And yeah, we're already seeing, customers very excited about leveraging that data, and I'm glad you -- I saw that first light, it was impressive of the team to bring that out the next day. I think the first light came out, so it's a really fast -- how quickly they're able to process all of this and get those satellites up to. It's almost routinized at this point that we can launch these satellites and get them going. It's really cool.

是的，我們已經看到客戶們對利用這些數據感到非常興奮，我很高興——我看到了最初的成果，團隊能在第二天就把它推出來，這令人印象深刻。我認為第一束光已經出現了，所以速度真的很快——他們處理所有這些資訊並把那些衛星送上去的速度非常快。現在發射和運行這些衛星幾乎已經成為常規操作了。真酷。

Yeah, absolutely. Congrats on the quarter, guys.

是的，絕對的。恭喜各位，本季業績圓滿完成。

(Operator Instructions)

（操作說明）

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Great, good afternoon, everyone. Thanks for taking my question. Look, you've delivered four consecutive quarters of positive adjusted EBITDA and the loss for 4Q is really driven by incremental investments which are all good problems.

大家下午好。謝謝您回答我的問題。你看，你們已經連續四個季度實現了調整後 EBITDA 為正，第四季度的虧損實際上是由於新增投資造成的，這都是好事。

I was wondering, can you parse out how much these investments are for 4Q, their duration into fiscal year '27? And if we take out these investments, would fiscal year '27 be adjusted EBITDA profitable?

我想請問，您能否詳細列出這些投資在第四季度的金額，以及它們在 2027 財年的持續時間？若剔除這些投資，2027 財年調整後的 EBITDA 是否有獲利？

Thanks, Kristine. Appreciate the question. So first of all, at the Investor Day, I talked about the fact that for fiscal '27 we are targeting EBITDA profitability as one of the metrics that as we're doing our fiscal '27 planning, we are keeping in mind, so breakeven or better. So I urge you to look back at some of those materials where we talked about just general framing for thinking about that year.

謝謝你，克里斯汀。感謝您的提問。首先，在投資者日上，我談到，對於 2027 財年，我們將 EBITDA 獲利能力作為我們在製定 2027 財年計畫時要考慮的指標之一，目標是實現盈虧平衡或更好。所以我建議你們回顧一下我們討論過的那一年總體框架的一些材料。

For Q4 specifically, it's kind of a step up as we're ramping up some new contracts and then scaling the revenue alongside of it. So as that revenue continues to scale, that gives us the opportunity to sustain these investments but get to that adjusted even that breakeven or better goal. So really the key for us is balancing the opportunity for growth that we see with sustaining profitability across the business. Hope that helps.

具體到第四季度，情況有所好轉，因為我們正在簽訂一些新合同，然後收入也會隨之增長。隨著收入的持續成長，這讓我們有機會維持這些投資，並達到調整後的損益平衡點甚至更高的目標。因此，對我們來說，關鍵在於平衡我們看到的成長機會與維持整個業務獲利能力之間的關係。希望對您有幫助。

Yes, super helpful. And if I could do a follow on, the AXA contract that you mentioned earlier, if you think about the opportunity set for that kind of insurance-type business, when you sign on incremental customers, how scalable is your capability set there regarding profitability?

是的，非常有用。如果我能繼續追問一下，您之前提到的 AXA 合同，如果您考慮一下這類保險業務的機會，當您簽約新增客戶時，您在盈利能力方面的能力擴展性如何？

Like would you sign on new customers and have incrementally higher profit? Like how do we think about that versus incremental investments you would have to make if you sign on customers similar to what they're already doing?

例如，你能否簽下新客戶，進而逐步提高利潤？例如，我們如何看待這種情況，以及如果您簽約的客戶與他們目前的做法類似，您需要進行的增量投資與此有何不同？

Yeah, and highly scalable. And I mean, the direct margins of this sort of data business is extremely high. I mean, in the 90%. What we did with AXA is really cool because just think about it very practically, they're trying to make claims processing more efficient.

是的，而且具有很高的可擴展性。我的意思是，這類數據業務的直接利潤非常高。我的意思是，在90%的範圍內。我們與安盛的合作非常出色，因為從實際角度來看，他們正在努力提高理賠處理的效率。

Let's take natural disasters like floods or fires, have quicker assessments of losses and damages. And instead of people having to send individuals out to check, they can, in many cases, just check that with the satellite imagery automatically from their computer. I mean, this is a huge efficiency saving across a big business.

以洪水或火災等天災為例，我們需要更快評估損失和損害。而且在許多情況下，人們無需派人出去核查，只需透過電腦上的衛星影像即可自動進行核查。我的意思是，這對於一家大型企業來說，可以大大提高效率。

That's why AXA has not just bought some data for their own use, they're also putting it on their platform, exactly to your point about scaling it up to other insurance companies in their network, in their partner network on their platform. So they're providing the platform and these other -- and yeah, the incremental margins on that are really great.

這就是為什麼安盛不僅購買了一些數據供自己使用，而且還將其放在自己的平台上，正如你所說，要將其擴展到他們網絡中的其他保險公司，也就是他們平台上的合作夥伴網絡。所以他們提供了平台和其他這些——是的，這方面的增量利潤真的非常棒。

And I see lots of potential customers like that in the future. We think the commercial business is going to continue to grow really well in the long term. And yeah, things like insurance and finance, we believe are massive markets for us to go over after. Hope that answers the questions.

我覺得未來會有很多像這樣的潛在客戶。我們認為，從長遠來看，商業業務將繼續保持良好的成長動能。是的，我們認為保險和金融等領域是我們接下來需要深入研究的龐大市場。希望這能解答您的疑問。

Thank you. Very excited about that.

謝謝。對此我感到非常興奮。

Trevor Walsh, Citizens JMP.

Trevor Walsh，Citizens JMP。

Great. Can you guys hear me okay?

偉大的。你們能聽清楚我說話嗎？

Yes.

是的。

Cool. Thanks for taking the questions. I guess around the Luno B contract and the upside in the quarter, for Will or for Ashley, jump ball, but can you maybe explain or go in a little bit more detail as to how -- that just seems like a very from kind of signing the contracting quarter and then having it immediately kind of lead to recognizing whatever it just seems like a nicer, just better, I guess execution?

涼爽的。謝謝您回答問題。我猜想，關於 Luno B 的合約以及本季的上漲空間，無論是對於 Will 還是 Ashley 來說，這都是一個懸而未決的問題。但是，您能否解釋一下或更詳細地說明一下——這似乎是一種非常規的做法，簽下合約後，立即就能意識到這一點，這似乎是一種更好、更有效率的執行方式？

And is that more -- is that actually what happened or was there some details around the POC being set up beforehand and just kind of getting off with that customer right away specific to NGA? Or I guess I'm trying to understand if there's going to be more kind of potential with that with some of these D&I customers where you kind of sign the deal and then leads to kind of immediate revenue impacts in that actual quarter? Thanks.

事情的真相就是這樣嗎？還是說事先已經建立了一個概念驗證 (POC)，並且很快就與 NGA 的客戶取得了聯繫？或者，我猜我是想了解，對於一些多元化和包容性（D&I）客戶來說，這種模式是否更有潛力，例如簽訂協議後，能否在當季立即產生收入影響？謝謝。

Thanks. Yeah, I mean, look, we're ready to go on these things. We've already got the data, we've already got the analytics, so they can just turn it on. And the great thing -- I mean, sometimes the government can be slow initially, but when they go, it can just be straight away. And so we just turn it on and that's exactly what happened in this case.

謝謝。是的，我的意思是，你看，我們已經準備好開展這些工作了。我們已經有了數據，也已經有了分析結果，所以他們只需要啟動它就行了。而且最棒的是──我的意思是，有時候政府一開始可能會比較慢，但一旦開始行動，就能立刻辦成。所以我們打開了它，而這正是這次發生的情況。

It's great to read that we primed that and it's a really substantive award. And it's in an area we've talked about that NGA are leaning into broad area lurking with AI on top. And it is an area that Planet believes we are -- we believe we're really well positioned to take. And you know, that's the maritime domain one. It's a bit like our Navy program.

很高興看到我們為此做好了準備，而且這確實是一個很有分量的獎項。而這正是我們之前討論過的領域，NGA 正在利用人工智慧進行大規模潛伏偵察。Planet 認為我們在這個領域——我們相信我們擁有非常有利的地位來佔據優勢。你知道，那是海事領域的那個。這有點像我們的海軍計劃。

And the Navy has subsequently in the extensions been doing that as a sole source of war because we're the only ones that can do it. That also speeds things up faster. But yeah, the main ramp here was just because we were ready to go. And as soon as they were, they turned us on, we were on.

而海軍隨後一直將戰爭視為唯一的戰爭手段，因為只有我們才能做到這一點。這樣也能加快速度。是的，這裡的主要坡道只是因為我們準備出發了。他們一到，就把我們帶動起來，我們也跟著嗨了起來。

Terrific. Great. Thanks, Will. That's really helpful color. Ashley, follow-up maybe for you, just circling back to JSAT and the Pelican revenues. Understand that the JSAT is not included in your ACV metrics as far as the recurring piece of revenue, but can you just help us understand or remind us exactly how -- as you build the 10 or so satellites specific to JSAT and that revenue flows in, is that going to create kind of a one-time, non-recurring type of bump in a particular quarter, which we won't really see in that ACV metric cause you're not including that in there?

了不起。偉大的。謝謝你，威爾。這個顏色真的很有幫助。Ashley，或許我該跟進一下，再回到 JSAT 和 Pelican 的收入問題上來。我知道 JSAT 的收入沒有計入你們的 ACV 指標（即經常性收入部分），但是你們能否幫我們理解或提醒一下，當你們建造大約 10 顆專門用於 JSAT 的衛星，並且這些收入隨之而來時，這是否會在某個特定季度造成一次性、非經常性的收入增長，而我們不會因為你們沒有將其計入 ACV 而看到這種指標？

And so in other words, you'd have a big revenue bump, but you still have -- that's not recurring, but you have 97% kind of similar to this quarter type of a metric? So not a good way to necessarily kind of track that, if that makes sense. Can you maybe just help us understand the dynamics there?

換句話說，你的收入會大幅成長，但你仍然——這不是經常性收入，但你的指標與本季的指標有 97% 的相似度？所以，如果我這麼說你能理解的話，這並不是追蹤這種情況的好方法。您能否幫我們理解其中的運作機制？

Yeah. Happy to. And I mean, basically you can see this in our -- when we talk about RPOs and backlog in the next 12-month revenue, it is more gradual. There might be some lumpiness quarter to quarter, but it's minimal. It's not something that's going to cause things to swing wildly. But I would say the majority of our revenue still is coming from our traditional ACV business and it is a very good indicator that we use both on internal -- managing that growth versus profitability balance also looking at the health of the business, looking at renewal rates, and that recurring revenue.

是的。樂意之至。我的意思是，基本上你可以從我們的——當我們談論未來 12 個月的收入中的 RPO 和積壓訂單時，你可以看到這一點，這是一個更漸進的過程。各季度之間可能會有一些波動，但幅度很小。這不會導致局勢劇烈波動。但我認為，我們的大部分收入仍然來自傳統的 ACV 業務，這是一個非常好的指標，我們在內部也用它來管理成長與盈利能力之間的平衡，同時也在關注業務的健康狀況、續約率和經常性收入。

And then the nice thing about contracts like JSAT and other constellation services contracts that we're either engaged or pursuing is that it actually aligns the revenue quite nicely to the lifetime of the satellites. So while there is an upfront component of the revenue, there is also like managed component of the revenue that spreads the revenue over the lifetime of the satellite.

而像 JSAT 和我們正在參與或尋求的其他星座服務合約的好處在於，它實際上使收入與衛星的壽命很好地結合。因此，雖然收入有一部分是前期收入，但也有一部分是可管理的收入，可以將收入分攤到衛星的整個生命週期中。

So it's a mix. It's a little hard to overlay it directly to our traditional ACV metrics which is why we exclude it. But it is still very predictable revenue and obviously enables us to accelerate the build out of that 30 Pelican fleet that we talked about, which we think gives us a great competitive advantage and competitive offering.

所以是混合型的。由於很難將其直接與我們傳統的 ACV 指標疊加，因此我們將其排除在外。但這仍然是一筆非常可預測的收入，而且顯然能夠讓我們加快建造我們之前提到的 30 架 Pelican 飛機的計劃，我們認為這將為我們帶來巨大的競爭優勢和具有競爭力的產品。

Great. Awesome. Super helpful. Thanks both for the questions.

偉大的。驚人的。非常有用。謝謝二位的提問。

Great. Thanks, Trevor.

偉大的。謝謝你，特雷弗。

Greg Pendy, Clear Street.

格雷格彭迪，克利爾街。

Hey guys, thanks for taking my question and congrats on the quarter. Just a real quick one, I think you mentioned there was some weakness in agriculture on the commercial side and some seasonality. Is that just the overall pressure we're hearing about in the agricultural sector? And could you just provide a little bit of color on that?

大家好，感謝你們回答我的問題，也恭喜你們本季取得好成績。我簡單問一下，我記得你提到農業在商業上有一些弱點，而且受季節性影響較大。這就是我們目前在農業領域聽到的普遍壓力嗎？您能否就此提供一些細節資訊？

Yeah. Sure. Actually, it's not weakness, it's seasonality, and it's just the timing of deliverables and usage around those contracts. As I've mentioned, we get these annual commit contracts, but some of them are recognized rapidly and some of them are recognized based on usage depending on the nature of the product that the customers purchased.

是的。當然。實際上，這不是弱點，而是季節性因素，只是合約交付和使用的時間安排問題。正如我之前提到的，我們會簽訂年度承諾合同，但有些合約會很快得到確認，而有些合約則根據客戶購買的產品的性質，根據使用情況來確認。

And so in this case, you see a lot of per usage in the harvesting or pre-harvesting periods for operational efficiencies. And then you see that drop off as you get later into the harvesting cycles and so that's just seasonality that we would expect year to year.

因此，在這種情況下，你會看到在收割或收割前階段，為了提高營運效率，單位使用量非常大。然後，隨著收穫週期的推進，你會看到產量下降，這就是我們每年都會遇到的季節性現象。

Actually, we're pleased with the stability that we're seeing in the agricultural business. And I think that's largely driven by the shift and that we've made over the last couple of years to move out of more of the marketing arms of the agriculture sector and really be embedded into the operations of our customers. So I'm actually very pleased with the progress we're seeing in the ag sector and see that as a potential growth factor for us in the future.

事實上，我們對農業領域的穩定性感到滿意。我認為這主要是由於過去幾年我們所做的轉變，即逐漸退出農業領域的行銷部門，並真正融入客戶的營運中。因此，我對農業領域的進展感到非常滿意，並認為這將是我們未來潛在的成長因素。

Yeah. Just add one more thing, it's that we have figured out how to align our business model with theirs. And now we believe we're in a stronger position to help serve that market. But you're right that the overall segment has been having challenges.

是的。還有一點要補充，那就是我們已經找到了讓我們的商業模式與他們的商業模式相協調的方法。現在我們相信，我們更有能力服務這個市場。但你說得對，整個產業都面臨挑戰。

That's very helpful. Thanks a lot.

那很有幫助。多謝。

Chris Quilty, Quilty Space.

克里斯·奎爾蒂，奎爾蒂空間。

Thanks, guys. Following on the earlier, talk of the pipeline, $170 million deals and the fact that you're doing the factory expansion in Berlin, what do you expect you'll need in terms of production rate? And is that where are you at today and where do you expect to scale in the next year? And is that sufficient capacity with those two facilities should the opportunity show?

謝謝各位。繼之前提到的管道建設、1.7 億美元的交易以及你們在柏林擴建工廠之後，你們預計在生產率方面需要什麼？那麼，您目前的發展狀況如何？您預計明年的發展規模會達到什麼程度？如果機會出現，這兩個設施的產能是否足夠？

Yeah. Well, obviously we're building those facilities, both of our expansion here and what we're doing in Berlin exactly to build towards the demand that we expect to see. So yeah, we're obviously trying to do that. As I think we said at the time of announcing the Berlin manufacturing site, that will roughly double our capacity to build the Pelican satellites and we're excited to say we're making some really good headway there. Found the place and now our -- next year, we'll be going into operations there. So excited by that.

是的。顯然，我們正在建造這些設施，包括我們在這裡進行的擴張以及我們在柏林所做的工作，都是為了滿足我們預期會出現的需求。是的，我們顯然正在努力做到這一點。正如我們在宣布柏林製造基地時所說，這將使我們製造 Pelican 衛星的能力大致翻一番，我們很高興地說，我們在這方面取得了一些非常好的進展。找到了地方，明年我們將在那裡開始營運。太激動了。

But yeah, we're obviously trying to match that demand. We are seeing very strong demand for deals that include building new satellites and for deals that involve leveraging existing satellites, both -- remember there's a mix between those two and that affects whether or not we have to launch new satellites. But on both sides, we're seeing good traction. And I think what's great about this again is that it will pay for the CapEx of deploying that 30 satellite fleet or more. I think that we're in a great position with so much demand there that it will help build out our full fleet.

是的，我們顯然正在努力滿足這種需求。我們看到，建造新衛星的交易和利用現有衛星的交易都存在非常強勁的需求——記住，這兩者之間存在著一種組合，這會影響我們是否需要發射新衛星。但雙方都取得了良好的進展。我認為這再次證明，它能夠支付部署 30 顆或更多衛星的資本支出。我認為我們處境非常有利，那裡的需求如此之大，這將有助於我們擴充整個車隊。

And I would just add to that, Chris, that the team does a really good job of making these different fleets very synergistic. So just as a reminder, the Tanager leverages the same bus as the Pelican.

克里斯，我還要補充一點，團隊在使這些不同的艦隊之間產生協同效應方面做得非常出色。再次提醒一下，Tanager 使用的是與 Pelican 相同的巴士底盤。

We highlighted that we're leveraging the Owl bus for the Suncatcher program, and that enables us to also be very efficient and how we utilize space both for the R&D front and the manufacturing side. So it enables us to run a pretty efficient operation through and through.

我們強調，我們正在利用 Owl 巴士進行 Suncatcher 項目，這使我們能夠非常有效率地利用空間，無論是在研發方面還是在製造方面。因此，它使我們能夠有效率地進行各項工作。

Got you. But again, Will said he doubled -- you'll double production to no number given, but I was just asking for a number.

抓到你了。但威爾又說他把產量翻了一番——你會把產量翻一番，但沒有給出具體數字，我只是想知道一個數字而已。

Yeah. I don't want to specify that right now, just because of competitive reasons.

是的。出於競爭原因，我現在不想具體說明。

No, fair enough. And, again, on the Tanager, any update there? Are you finding a killer app market or application with the hyperspectral? What are your thoughts on scaling with the technology?

沒錯，說得有道理。還有，關於唐納雀，有什麼最新進展嗎？你正在尋找具有高光譜技術的殺手級應用市場或應用嗎？您對利用這項技術進行規模化生產有何看法？

Yes. Well, it kind of just got into its first year of being in orbit. Had great traction so far. One of the things we're really pleased about is our California partnership, a powerful proof point that has shown that they are able to find methane leaks across California, stop them, have real incremental benefits for both those businesses as well as for the environment. And we're committed under that program to do the first 4 of those Tanagers.

是的。嗯，它剛剛進入軌道運行的第一年。目前為止進展順利。我們非常高興的一件事是我們在加州的合作關係，這是一個強有力的證明，表明他們能夠找到加州各地的甲烷洩漏，阻止洩漏，並為這些企業和環境帶來真正的漸進式效益。根據該計劃，我們承諾完成前 4 隻唐納雀的培育工作。

Yeah, so it's obviously -- as we've said before, that's a very new kind of capability, hyperspectral imagery. But so far, the results have been really impressive, the signal-to-noise ratio on that satellite, the quality of the data it's producing, and it's been beyond what we our expectations, and the users are starting to report good results. And not just in the civil government side, we have early interest in the defense and intelligence sector as well.

是的，所以很明顯——正如我們之前所說，高光譜成像是一種非常新的能力。但到目前為止，結果確實令人印象深刻，該衛星的信噪比、其產生的數據品質都超出了我們的預期，用戶也開始報告良好的結果。而且不僅限於民間政府領域，我們對國防和情報領域也表現出了濃厚的興趣。

Great. And congrats on the Pelican turnaround on first light, I think, was it a record? It was certainly --

偉大的。恭喜鵜鶘號在黎明時分完成逆轉，我想，這是否創造了紀錄？的確如此。--

Yeah, I think that might have been a record. The team just keeps on getting better and better. I mean, just to put it in perspective, when I started in the space sector, a couple of decades ago, this was a really complex process planning for launch, and now it's -- and commissioning and all of that process.

是的，我想那可能是個紀錄。這支隊伍一直在不斷進步。我的意思是，為了讓大家更好地理解，我剛入行航太領域的時候，也就是二十多年前，發射計劃是一個非常複雜的過程，而現在——還有調試以及所有這些過程。

Our team does this in their sleep at this point. It's incredible how well we do these operations. And I'm incredibly proud of how quickly they -- and efficiently they build the satellites, get them to the launch vehicle, launch them, commission them, contact them, commission them, and then provide those capabilities to customers rapidly and yeah, continue to get -- continue to be impressed by that.

現在我們團隊做這件事簡直是閉著眼睛都能做到。我們這些操作的效率之高令人難以置信。我為他們建造衛星、將其運送到運載火箭、發射、調試、聯繫客戶、調試，然後迅速向客戶提供這些能力的速度和效率感到無比自豪，是的，我一直對此印象深刻。

Got you. And we've got the -- is it the next two satellites going up will be next gen 30-centimeter? And can you just remind us what is the fundamental difference in the driver for the improvement? Is it altitude? Taking the satellites down below 420? Or is it some change to the payload itself that you've learned from the first iteration?

抓到你了。我們有消息指出——接下來要發射的兩顆衛星將是下一代 30 公分衛星嗎？您能否提醒我們一下，這種改進的根本驅動因素是什麼？是海拔高度嗎？把衛星降到 420 以下？或者，這是你從第一次迭代中學到的有效載荷本身的一些變化？

Yeah, it's both. It's upgraded telescopes on those future generations, those B-2s as well as we are flying them lower as well. So yeah, it's a bit of both. So some of those improvements can happen with the existing satellites and some of those improvements have to wait for later satellites. But we will be doing those next year. I won't go into more details, but it'll be exciting to have them up, too.

是的，兩者都是。未來幾代飛機，包括B-2轟炸機，都配備了升級的望遠鏡，而且我們還會降低它們的飛行高度。所以，是的，兩者兼具。因此，有些改進可以透過現有的衛星實現，而有些改進則必須等到以後的衛星才能實現。但我們明年會做這些事。我不打算透露更多細節，但把它們展示出來也會令人興奮。

Very cool. Looking forward to it. Thanks.

太棒了。非常期待。謝謝。

That is 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.

今天提問時間就到此為止了。現在我將把電話轉回給執行長兼聯合創始人威爾馬歇爾，請他作總結發言。

Thanks, operator. Yeah. So I think in summary, Q3 was another excellent quarter for the company. The business is humming both across the data and solutions business, which we see rapidly scaling. We saw the NATO expansion, the Luno B award, and more. Those efforts in AI-enabled solutions are paying off. And the satellite services, we have strong execution and a strong and a maturing pipeline.

謝謝接線生。是的。總而言之，我認為第三季對公司來說又是個出色的季度。公司在數據和解決方案業務方面都發展迅猛，我們看到這兩個業務都在快速擴張。我們見證了北約的擴張、月球B獎的頒發等等。這些在人工智慧解決方案方面的努力正在取得成效。在衛星服務方面，我們擁有強大的執行力和強大且日趨成熟的業務管道。

It was great to see all of this leading to us beating our revenue guidance again in Q3 and raising our forecasts for the full year. Given our robust backlog and recent government wins, we're excited to share that we believe that we're well positioned to continue the end of year growth rate into next year.

很高興看到這一切最終促使我們在第三季再次超越營收預期，並提高了全年的業績預測。鑑於我們強勁的訂單儲備和最近贏得的政府項目，我們很高興地宣布，我們相信我們已做好充分準備，將年底的成長勢頭延續到明年。

And since last quarter closed, we launched those 38 satellites and brought in Bedrock and announced Suncatcher with Google, which is a new and exciting R&D initiative at this scale, but a lot of promise for the future. So the team is just executing at pace. I'm incredibly proud of everyone for the phenomenal execution this quarter and excited for what lies ahead. Thanks again for joining everyone.

自上個季度結束以來，我們發射了 38 顆衛星，引入了 Bedrock，並與 Google 合作推出了 Suncatcher，這是一個規模龐大、令人興奮的全新研發計劃，對未來充滿希望。所以球隊只是在快速執行戰術。我為大家本季出色的執行力感到無比自豪，對未來充滿期待。再次感謝大家的參與。

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

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。