Planet Labs PBC (PL) 2027 Q1 法說會逐字稿

Thank you for joining us, and welcome to the Planet Labs PBC first quarter of fiscal 2027 earnings call.(Operator Instructions) I will now hand the conference over to Cleo Palmer-Poroner, Director of Investor Relations. Please go ahead.

感謝您加入我們，歡迎參加 Planet Labs PBC 2027 會計年度第一季財報電話會議。（接線員指示）現在我將把會議交給投資人關係總監 Cleo Palmer-Poroner。請開始。

Thanks, operator, and hello, everyone. Welcome to Planet's first quarter of fiscal year 2027 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。歡迎參加 Planet 2027 會計年度第一季財報電話會議。今天我與 Will Marshall 及 Ashley Johnson 一同出席，他們將回顧本季業績並說明我們目前的展望。我們鼓勵各位參考今天電話會議的財報新聞稿與財報更新簡報，皆可於我們的投資人關係網站取得。

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.

在開始之前，我們提醒各位，我們將就未來事件或財務展望發表前瞻性陳述。任何前瞻性陳述均基於管理階層目前的展望、計畫、估計、預期與預測。

The inclusion of such forward-looking information should not be regarded as a representation by plan 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.

納入此類前瞻性資訊不應被視為 Planet 對未來計畫、估計或預期將會達成的表示。此類前瞻性陳述受多項風險、不確定性與假設影響，詳見我們向 SEC 提交的文件，可於 www.sec.gov 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存在重大差異；且我們不承擔任何責任更新此類前瞻性陳述，以反映該陳述作出日後發生的事件或情況，或反映未預期事件的發生。

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 you mention 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.

在本次電話會議中，我們也將討論歷史及前瞻性的非 GAAP 財務衡量指標。我們使用這些非 GAAP 財務衡量指標進行財務與營運決策，並用以評估各期間之間的比較。我們相信，這些衡量指標可提供您對營運結果的補充資訊，增進對過去財務表現與未來前景的整體理解，並就管理階層在財務與營運決策中使用的關鍵指標提供更高透明度。

For more information on the non-GAAP financial measures, please see the reconciliation tables provided in our press release issued earlier today, which is available on our website at investors.pae.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 earnings update presentation, which are intended to accompany our prepared remarks.

有關非 GAAP 財務衡量指標的更多資訊，請參閱我們今日稍早發布之新聞稿中的調節表，該新聞稿可於我們的網站 investors.pae.com 取得。此外，在本次電話會議中，我們將提供多項管理階層使用、且在本產業中亦常被競爭同業採用的關鍵績效指標。這些及其他關鍵績效指標在我們的新聞稿與財報更新簡報中有更詳細的說明，並旨在配合我們的事先準備講稿一併閱讀。

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.

接下來，我想把電話會議交給 Planet 的執行長、董事長暨共同創辦人 Will Marshall。Will，交給你。

Thanks, Cleo, and welcome, everyone, joining us today. Planet had another excellent quarter, delivering record revenue and signing an eight-figure deal with an international customer. We also successfully launched 3 additional Pelican satellites, including one for Sweden, their first sovereign reconnaissance satellites just 4 months after contract signing.

謝謝你，Cleo，也歡迎今天加入我們的各位。Planet 本季再度交出亮眼成績，創下營收新高，並與一位國際客戶簽下八位數金額的合約。我們也成功再發射 3 顆 Pelican 衛星，其中包括為瑞典打造的一顆；在合約簽署僅 4 個月後，即完成其首顆主權偵察衛星的發射。

To briefly summarize the results. We generated a record $94 million in revenue, representing approximately 42% year-over-year growth. Non-GAAP gross margin was 56% for the quarter. For the third sequential quarter, we achieved Rule of 40, which is our revenue growth rate plus adjusted EBITDA margin. End-of-period backlog was approximately $906 million, equating to approximately 72% growth year-on-year.

簡要總結本季成果。我們創下 9,400 萬美元的營收新高，年增約 42%。本季非 GAAP 毛利率為 56%。連續第三季，我們達成「40 法則」（Rule of 40），即營收成長率加上調整後 EBITDA 利潤率。期末在手訂單（backlog）約為 9.06 億美元，年增約 72%。

Defense & Intelligence continues to be an area of strength for us, underpinned by the geopolitical backdrop. First quarter D&I revenue grew over 65% year-on-year, driven by strong performance in our data subscription solutions and satellite services.

國防與情資（Defense & Intelligence）仍是我們的強項，並受地緣政治背景所支撐。第一季 D&I 營收年增超過 65%，主要由我們的資料訂閱解決方案與衛星服務的強勁表現所帶動。

I'd like to highlight a few recent customer wins with the US government. We were awarded a 6-month $7.5 million contract renewal by the US Navy for vessel detection and monitoring over key areas of interest throughout the Pacific. As we announced earlier today, the US.

我想強調幾項近期與美國政府的客戶得標。我們獲得美國海軍一項為期 6 個月、750 萬美元的合約續約，提供在太平洋關鍵關注區域的船舶偵測與監測。如同我們今日稍早宣布的，美國

National Geospatial Intelligence Agency, the NGA, awarded Planet a $21.9 million 1-year contract extension for maritime surveillance under the Luno B IDIQ for advanced analytics for maritime operations and connivance. We also received a new award from the NGA for our global monitoring service to support crisis response.

國家地理空間情報局（NGA）在 Luno B IDIQ 架構下，授予 Planet 一項 2,190 萬美元、為期 1 年的合約延長，用於海事監視，並提供支援海事作業與「connivance」的先進分析。我們也獲得 NGA 的一項新案，採用我們的全球監測服務以支援危機應變。

These awards reinforce the US government's commitment to integrating commercial AI-enabled geospatial intelligence into its natural security architectures. They underscore our position as a vital partner for customers seeking persistent monitoring to accelerate critical decision-making in a complex arena. We're very proud to have received these awards and eager to deliver for this critical customer.

這些得標強化了美國政府將商用、AI 賦能的地理空間情資整合進其國家安全架構的承諾。同時也凸顯我們作為關鍵合作夥伴的地位，能為需要持續監測以加速在複雜環境中做出關鍵決策的客戶提供支援。我們非常自豪能獲得這些案子，也期待為這位重要客戶交付成果。

We also continue to see robust international government demand driven by the aforementioned geopolitics. Nations are articulating an urgent imperative to secure sovereign access to space, understand threats in their region modernize their defense capabilities and maintain their strategic edge.

在前述地緣政治因素驅動下，我們也持續看到強勁的國際政府需求。各國正明確提出迫切需求：確保主權的太空存取、掌握其區域內的威脅、現代化其國防能力，並維持其戰略優勢。

For example, we signed a new dedicated capacity deal with an international defense and intelligence customer. This eight-figure one-year contract will give the customer immediate access to dedicated capacity from our satellites in orbit as well as advanced analytical solutions integrated across our Pelican, SkySat and PlanetScope constellations.

例如，我們與一位國際國防與情資客戶簽署了一項新的專屬容量（dedicated capacity）合約。這份為期一年的八位數金額合約，將讓客戶可立即取得我們在軌衛星的專屬容量，以及整合於 Pelican、SkySat 與 PlanetScope 星座之上的先進分析解決方案。

And also, we're making excellent progress executing against our previously announced satellite services deals. To highlight one prominent example, last month, we successfully launched the first Pelican for the Swedish Armed Forces.

此外，我們在執行先前宣布的衛星服務合約方面也取得極佳進展。舉一個重要例子：上個月，我們成功為瑞典武裝部隊發射了第一顆 Pelican 衛星。

Critically, the launch occurred just four months after we were awarded the contract. Members of the Swedish delegation attended the launch of Vandenberg, and they expressed their excitement and National prior in launching Sweden's first-ever suberin reconnaissance satellite. We're incredibly proud to have delivered it for them and look forward to what we hope is a long and fruitful partnership.

關鍵在於，這次發射發生在我們獲得合約後僅四個月。瑞典代表團成員出席了在范登堡（Vandenberg）的發射，他們表達了興奮之情與國家自豪感，因為這是瑞典史上首顆主權偵察衛星的發射。我們非常自豪能為他們交付成果，並期待這將是一段長久且富有成效的合作關係。

We're continuing to focus on execution and delivery for our international customers across the board. We believe our ability to ramp them quickly and address their most urgent needs, whether immediate dedicated capacity or speedy launch to orbit continues to be a key differentiator for us. With our reliable track record and agile aerospace approach, we're able to deliver a suite of solutions that meet our customers' critical needs.

我們持續專注於對各國際客戶的執行與交付。我們相信，能夠快速擴增交付並滿足其最迫切需求——無論是即時的專屬容量，或是快速入軌發射——仍是我們的關鍵差異化優勢。憑藉可靠的實績與敏捷的航太方法，我們能交付一整套解決方案，以滿足客戶的關鍵需求。

Tenant to the civil government sector, where first quarter revenue was roughly flat year-over-year, primarily due to the reduction in our contract with NASA. In spite of that headwind, we've seen some strong momentum with our customers in Europe to share some recent highlights. We were awarded a two-year seven-figure agreement with the Greek government in support of the country's national satellite space project.

轉到民用政府部門，第一季營收與去年同期大致持平，主要是因為我們與 NASA 的合約規模縮減。儘管有此逆風，我們仍看到歐洲客戶端出現一些強勁動能，以下分享幾項近期亮點。我們獲得希臘政府一項為期兩年、七位數金額的協議，以支援該國的國家衛星太空計畫。

Signed to the European Space Agency on behalf of the Hellenic Ministry of Digital Governance and the Hellenic Space Center, this contract will support historical change analysis, trend detection rapid response during critical events and the integration of that data into national monitoring workflows.

該合約由歐洲太空總署代表希臘數位治理部與希臘太空中心簽署，將支援歷史變化分析、趨勢偵測、重大事件期間的快速應變，以及將相關資料整合至國家監測工作流程中。

We won a two-year seven-figure contract to provide satellite imagery and AI-powered analytics to the State Agricultural Intervention Fund of the Czech Republic. This deal will support the country-wide agricultural payments and monitoring system, serving approximately 25,000 agricultural holdings across the Czech Republic.

我們贏得了一份為期兩年、七位數金額的合約，向捷克共和國國家農業干預基金提供衛星影像與 AI 驅動的分析服務。此交易將支援全國性的農業補貼支付與監測系統，服務捷克全國約 25,000 家農業經營體。

Last but not least, we onboard Scottish Agriculture and Rural Economy Director with our partner, Computer Center following a seven-figure award closed at the end of Q4 for PlanetScope data and advanced analytics to support the agricultural reform route map. Planet's deep archive of data and AI analysis will aid in the country's agricultural transition by rewarding farmers who focus on sustainable food production, biodiversity and Net Zero emissions.

最後但同樣重要的是，我們與合作夥伴 Computer Center 在第四季末完成一筆七位數金額的得標案後，已將蘇格蘭農業與鄉村經濟署署長納入導入，提供 PlanetScope 資料與進階分析以支援農業改革路線圖。Planet 深厚的資料歷史庫與 AI 分析將透過獎勵專注於永續糧食生產、生物多樣性與淨零排放的農民，協助該國推動農業轉型。

Shifting to the commercial sector, where revenue grew over 20% year-on-year, reflecting the focus from our teams on landing and expanding in large opportunities and leveraging AI-enabled solutions. We saw positive trends in the agricultural sector, reflecting our shift in the sector to align our business model with that of our customers focused on improving yields and decreases in costs. We also had our first maritime domain awareness solution sale in the energy sector.

轉向商業部門，營收年增超過 20%，反映我們團隊聚焦於在大型機會中取得與擴張，並運用 AI 賦能解決方案。我們在農業領域看到正向趨勢，反映我們在該領域的轉型，以使商業模式與客戶（著重提升產量並降低成本）的模式一致。我們也在能源產業完成了首筆海事領域態勢感知解決方案的銷售。

To highlight a few specific wins in the commercial sector then, in April, plan that was awarded a John Deere Supplier Sustainability Award. This award highlighted the value of our data empowering next-generation precision agricultural technologies, helping to improve on farm efficiency and positive environmental impact for John Deere.

為了凸顯商業部門的幾項具體成果，4 月，Planet 獲頒約翰迪爾（John Deere）供應商永續獎。該獎項突顯我們的資料在賦能新一代精準農業技術上的價值，協助約翰迪爾提升農場效率並帶來正向的環境影響。

We renewed our customer Nave analytics. Since 2022, we have partnered with Nave to incorporate our planetary variables, such as our surface soil moisture and biomass proxy into their data fusion framework. Nave's products provide farmers and their trusted advisers with near real-time streams covering all components of the field, water balance, planting and irrigation decision risks and operational sustainability impacts.

我們與客戶 Nave Analytics 完成續約。自 2022 年起，我們與 Nave 合作，將我們的行星變數（例如地表土壤含水量與生物量代理指標）納入其資料融合框架。Nave 的產品為農民及其信賴的顧問提供近即時的資料串流，涵蓋田區各組成要素、水分收支、播種與灌溉決策風險，以及營運永續性影響。

We recently signed Watch duty as a new customer. Watch Duty is a nonprofit public safety platform that provides real-time wildfire tracking, mapping and emergency alerts, particularly in remote regions of the US where satellite imagery fills critical gaps in radio traffic and on-the-ground reporting. Watch Duty has begun integrating our imagery and data into their platform for a mutual lighthouse customer in the energy sector. We're excited about this new integration and look forward to building on this foundation.

我們近期簽下 Watch Duty 作為新客戶。Watch Duty 是一個非營利公共安全平台，提供即時野火追蹤、製圖與緊急警報，特別是在美國偏遠地區，衛星影像可補足無線電通聯與地面回報的關鍵缺口。Watch Duty 已開始將我們的影像與資料整合至其平台，以服務能源產業的一家共同燈塔客戶。我們對這項新整合感到振奮，並期待在此基礎上持續深化合作。

Finally, supported by funding from the Bezos Earth Fund, Planet's Tropical Forest Observatory Program is providing 15 environmental and research institutions with 12 months of monthly Mosaics and Planet Scope data. These broad area monitoring products are utilized to track changes across the Amazon biome empowering those institutions to help hold and reverse tropical forest loss.

最後，在貝佐斯地球基金（Bezos Earth Fund）的資助下，Planet 的熱帶森林觀測站計畫正為 15 家環境與研究機構提供為期 12 個月的每月拼接影像（Mosaics）與 Planet Scope 資料。這些廣域監測產品用於追蹤亞馬遜生物群系的變化，賦能相關機構協助遏止並扭轉熱帶森林流失。

Turning to product updates. Firstly, in AI, one of our key focus areas for the year. We recently started early customer access to a private beta testing phase of our new AI app, a pioneering tool aimed at making Planet's massive global data archive acquirable through natural language. By leveraging Planet's daily data and integrating large language models, it can help nontechnical users to search the data through space and time conduct complex time series analysis, generate answers and produce automatic insights and even analytic reports at speed and scale.

接著談產品更新。首先是 AI，這是我們今年的關鍵聚焦領域之一。我們近期開始讓早期客戶進入新 AI 應用程式的私有 Beta 測試階段；這是一項開創性工具，旨在讓使用者能以自然語言取得 Planet 龐大的全球資料歷史庫。透過運用 Planet 的每日資料並整合大型語言模型，它可協助非技術使用者在時空維度上搜尋資料、進行複雜的時間序列分析、生成答案並快速且大規模地產出自動化洞察，甚至分析報告。

Although the app is still in early testing, we're excited about how it can help accelerate the expansion of our business into new markets, and it has the potential to significantly lower the barrier to entry for new nonexpert users to answer previously unanswerable questions about the world as well as provide the foundations to build bespoke solutions.

儘管該應用仍處於早期測試階段，我們對其能加速我們業務拓展至新市場感到振奮；它也有潛力大幅降低新的非專家使用者的進入門檻，使其能回答過去無法回答的世界相關問題，並為打造客製化解決方案奠定基礎。

We also launched a new feature called SuperRes, an AI-powered technology to improve the resolution of our plan scope data into a 2-meter class resolution visual product, providing clarity for human-in-the-loop analysis with speed and frequency. We are constantly improving our data products to be best-in-class and deliver better results for our customers.

我們也推出一項名為 SuperRes 的新功能，這是一種 AI 驅動技術，可將我們的 PlanetScope 資料解析度提升為 2 公尺級的視覺化產品，為「人機協作（human-in-the-loop）」分析提供更清晰的影像，同時兼具速度與頻率。我們持續精進資料產品，以維持同級最佳並為客戶帶來更佳成果。

Just last year, we leveraged sharpening technology to take the resolution of our daily scan from 3.7-meter to 3-meter class product. This year, we introduced SuperRes. And as previously announced, our planned our constellation will be designed to upgrade our daily monitoring data to a 1-meter class resolution product.

就在去年，我們運用銳化技術，將每日掃描的解析度從 3.7 公尺提升至 3 公尺級產品。今年，我們導入 SuperRes。並且如先前所宣布，我們規劃中的星座將被設計用以把每日監測資料升級為 1 公尺級解析度產品。

We recently announced our agreement with our partners, Carbon Mapper and NASA's Jet Propulsion Laboratory to design a specialized short-wave infrared only iteration of the Tanager spacecraft. This design would expand the swath width of the instrument approximately fivefold, enabling more imagery area per collect. This new satellite is aimed at accelerating and building upon the existing Tanager satellite mission by enhancing atmospheric gas detection and supporting commercial use cases like fire fuel monitoring.

我們近期宣布與合作夥伴 Carbon Mapper 以及 NASA 噴射推進實驗室（Jet Propulsion Laboratory）達成協議，設計 Tanager 太空船的專用「僅短波紅外（SWIR）」版本。此設計將把儀器的掃幅寬度擴大約五倍，使每次收集可涵蓋更多影像面積。這顆新衛星旨在加速並延伸既有的 Tanager 衛星任務，透過強化大氣氣體偵測並支援如火災燃料監測等商業應用情境。

Earlier this week, Planet announced that the Pelican 11 satellite was shipped to Vanderberg space force base in California ahead of its launch aboard the upcoming Transporter-17 mission with SpaceX. This technology demonstration is the first of the Gen 2 Pelican satellites, which are expected to progress to providing up to 30-centimeter class imagery.

本週稍早，Planet 宣布 Pelican 11 衛星已運送至加州范登堡太空軍基地（Vanderberg Space Force Base），以準備搭乘 SpaceX 即將執行的 Transporter-17 任務發射。此技術驗證任務是第二代（Gen 2）Pelican 衛星的首發，預期可逐步提供最高達 30 公分級的影像。

In summary, this quarter, we delivered strong revenue growth and our third consecutive quarter achieving Rule of 40. Our strong performance in Defense & Intelligence demonstrates the mission-critical nature of our data in a complex geopolitical landscape.

總結而言，本季我們交出強勁的營收成長，並連續第三季達成「40 法則（Rule of 40）」。我們在國防與情報領域的強勁表現，展現在複雜地緣政治環境下，我們資料的任務關鍵性。

We launched 3 more Pelican satellites, including our first for Sweden, and we have many additional launches on deck, including our first Gen 2 Pelican tech demo. Last but not least, our investments in AI and position Planet at the forefront of the industry, making planetary scale, insights accessible and actionable to more users than ever before.

我們再發射了 3 顆 Pelican 衛星，其中包括我們為瑞典打造的首顆；此外，還有多項後續發射排程在即，包括我們首個第二代 Pelican 技術驗證任務。最後但同樣重要的是，我們在 AI 的投資使 Planet 站在產業最前沿，讓行星尺度的洞察比以往更能被更多使用者取得並付諸行動。

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

接下來，我把時間交給 Ashley 來討論我們的財務表現。交給你了，Ash。

Thanks, Will. The year is indeed off to a strong start, and it's exciting to see the acceleration across the business. Before I dive into the financials, I want to take a brief moment to reflect on my recent trip to Panama for our Planet on the Road Customer Conference. It is hard not to start with one of our most impactful programs the work we've been doing with our long-term partner, [ SC CON ] and the Brazilian government to fight illegal deforestation. This program began in September 2020 and has grown to support over 133,000 registered users and 730 institutions.

謝謝你，Will。今年確實有個強勁的開局，看到整體業務加速發展令人振奮。在我深入財務數字之前，我想先簡短回顧我最近前往巴拿馬參加我們「Planet on the Road」客戶大會的行程。很難不先從我們最具影響力的計畫之一談起：我們與長期合作夥伴 [ SC CON ] 以及巴西政府合作打擊非法砍伐森林的工作。該計畫於 2020 年 9 月啟動，現已成長到支援超過 133,000 名註冊使用者與 730 家機構。

According to the updated figures provided by SC CON, as of April 2026, the government's investment of $59 million into the program has generated an estimated USD 5.3 billion in total impact from fines, seizures and asset freezes, while reducing the amount of illegal deforestation in the Amazon, from over 19,000 square kilometers in 2022 to under 7,500 square kilometers in 2025, a decrease of over 60% in 3 years.

根據 SC CON 提供的最新數據，截至 2026 年 4 月，政府對該計畫投入的 5,900 萬美元，已透過罰款、查扣與資產凍結，帶來估計 53 億美元的總影響；同時也使亞馬遜地區的非法砍伐面積從 2022 年超過 19,000 平方公里降至 2025 年低於 7,500 平方公里，三年內降幅超過 60%。

At our event, we also recognize the Panamanian Ministry of the Environment with Planet's Social Impact Award for its pioneering work in protecting the [Daryan Gap]. Utilizing Planet's proactive early warning systems the ministry now monitors over 50,000 hectares nationwide, transitioning from reactive monitoring to a near real-time model and successfully improving response times for fires and deforestation from weeks to mere days.

在我們的活動上，我們也向巴拿馬環境部頒發 Planet 社會影響力獎，以表彰其在保護[Daryan Gap] 方面的開創性工作。透過使用 Planet 的主動式預警系統，該部門如今可在全國範圍內監測超過 50,000 公頃，從被動監測轉型為近即時模式，並成功將火災與森林砍伐的回應時間從數週縮短至僅數天。

Overall, it was a very successful event with over 150 attendees from industry-spanning civil government to finance, logistics, airlines and education and research. Attendees held from 20 different countries, providing a fantastic opportunity to connect directly with our customers and partners, the people who are leveraging our data to help solve some of the planet's most pressing challenges.

總體而言，這是一場非常成功的活動，出席者超過150人，涵蓋從民用政府到金融、物流、航空公司以及教育與研究等各行各業。與會者來自20個不同國家，提供了絕佳機會，讓我們能直接與客戶與合作夥伴交流——他們正運用我們的資料，協助解決地球上一些最迫切的挑戰。

Now turning to our financial results. Revenue for the first quarter came in at a record $94 million, representing approximately 42% year-over-year growth. The outperformance in the quarter was driven primarily by new wins. During the first quarter, our Defense & Intelligence sector revenue grew more than 65% year-on-year. The commercial sector was up more than 20% year-on-year, and civil government revenue was approximately flat.

現在轉到我們的財務結果。第一季營收創下9,400萬美元的歷史新高，約為年增42%。本季的超預期表現主要由新案（new wins）所帶動。第一季期間，我們的國防與情報（Defense & Intelligence）部門營收年增超過65%。商業部門年增超過20%，而民用政府營收約持平。

Turning to our regional revenue breakdown. Growth continues to be distributed around the globe. During the quarter, revenue growth was approximately 25% year-over-year in Asia Pacific and North America, 86% in EMEA and 7% in Latin America.

接著看我們按地區劃分的營收。成長持續分布於全球各地。本季亞太與北美的營收年增約25%，EMEA年增86%，拉丁美洲年增7%。

Before I turn to our ACV metrics, I want to remind you that our ACV metric excludes Satellite Services, which, for the purposes of our financial reporting, we define as sovereign satellite ownership, direct access services and managed operations. Our ACV metrics do include dedicated capacity contracts as they are delivered using Planet-owned satellites and infrastructure and revenue for these services is recognized ratably.

在我轉到我們的ACV指標之前，我想提醒各位，我們的ACV指標不包含衛星服務（Satellite Services）；就財務報導而言，我們將其定義為主權衛星持有、直接存取服務以及代管營運。我們的ACV指標確實包含專用容量合約（dedicated capacity contracts），因為這些服務是透過Planet自有的衛星與基礎設施交付，且其營收以按期攤提方式認列。

Recurring ACV was 99% 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. Approximately 92% of our end-of-period ACV book of business consists of annual or multiyear contracts. Net dollar retention rate at the end of the first quarter was 113%, and net dollar retention rate with win backs was 114%.

經常性ACV占我們期末ACV業務量（book of business）的99%，反映我們持續聚焦於銷售訂閱式資料合約與解決方案，而非一次性的專業或工程服務。我們期末ACV業務量中約92%由年度或多年期合約構成。第一季末的淨美元留存率（net dollar retention rate）為113%，若包含贏回客戶（win backs），淨美元留存率為114%。

Our non-GAAP gross margin for the first quarter was 56% compared to 59% in the first quarter of fiscal 2016, reflecting investments in support of our satellite services contracts, new satellite launches and our AI-enabled partner solutions. Our gross margins came in better than expected, driven by the strong bookings and our revenue mix in the quarter.

第一季非GAAP毛利率為56%，相較於2016會計年度第一季的59%，主要反映我們為支援衛星服務合約、新衛星發射以及AI賦能的合作夥伴解決方案所進行的投資。在強勁訂單（bookings）以及本季營收組合的帶動下，我們的毛利率優於預期。

Adjusted EBITDA loss was $1 million for the first quarter better than expected as the revenue outperformance largely dropped to the bottom line. Capital expenditures in Q1, which include our capitalized software development were approximately $18 million. This was on the lower end of our guidance range based on timing of procurements. We expect CapEx to increase in future quarters as we lean into market demand, scale up our manufacturing capacity in San Francisco and Berlin and build out our next-generation fleets.

第一季調整後EBITDA虧損為100萬美元，優於預期，因為營收超預期的表現大多直接反映到最終損益。第一季資本支出（包含資本化軟體開發）約為1,800萬美元。由於採購時點因素，這落在我們指引區間的低端。我們預期未來幾季資本支出將增加，因為我們將順應市場需求、擴大舊金山與柏林的製造產能，並建置下一代機隊。

Turning to the balance sheet. We ended the quarter with approximately $731 million of cash, cash equivalents and short-term investments, an increase of over $500 million year-on-year, driven by our issuance of convertible debt positive trailing 12 months free cash flow and approximately $108 million in proceeds from exercises of our public warrants. During the quarter, we generated approximately $15 million in net cash from operating activities while free cash flow was a negative $2.5 million.

接著看資產負債表。本季末我們持有約7.31億美元的現金、約當現金與短期投資，年增超過5億美元，主要由可轉換公司債發行、過去12個月為正的自由現金流，以及公開認股權證行使所帶來約1.08億美元的收益所驅動。本季我們由營運活動產生約1,500萬美元的淨現金，而自由現金流為負250萬美元。

At the end of Q1, our remaining performance obligations or RPOs were approximately $816 million, up over 80% year-over-year, of which approximately 35% apply to the next 12 months and 66% to the next 24 months. We estimate our backlog, which includes contracts with the termination for convenience clause to be approximately $906 million, up approximately 72% year-over-year. Approximately 40% of our backlog applies to the next 12 months and 69% to the next 24 months.

第一季末，我們的剩餘履約義務（RPOs）約為8.16億美元，年增超過80%；其中約35%適用於未來12個月，66%適用於未來24個月。我們估計的在手訂單（backlog，包含具有「便利終止」條款的合約）約為9.06億美元，年增約72%。我們的在手訂單中約40%適用於未來12個月，69%適用於未來24個月。

Let me now turn to our guidance for the second quarter and full fiscal year 2027. In Q2, we're expecting revenue to be between $102 million and $107 million, which represents approximately 42% year-on-year growth at the midpoint, driven by strong bookings growth and delivery on our backlog. We expect non-GAAP gross margin for the quarter to be between 52% and 55%, a modest step down from Q1 as a result of our satellite services execution, the mix of deals with AI-enabled partner solutions and increased depreciation from the recent launches of our Pelicans.

接下來我將說明我們對第二季與2027會計年度全年的財測指引。第二季我們預期營收介於1.02億至1.07億美元之間，以中位數計算約為年增42%，主要由強勁的訂單成長以及在手訂單的交付所帶動。我們預期本季非GAAP毛利率介於52%至55%之間，較第一季小幅下滑，原因包括衛星服務的執行、AI賦能合作夥伴解決方案交易組合，以及近期Pelicans發射帶來的折舊增加。

Q2 adjusted EBITDA profit is expected to be between breakeven and $5 million, reflecting our investments to drive sustained growth. We are planning for capital expenditures of approximately $21 million to $27 million in the quarter.

第二季調整後EBITDA獲利預期介於損益兩平至500萬美元之間，反映我們為推動可持續成長所進行的投資。我們規劃本季資本支出約為2,100萬至2,700萬美元。

For the full fiscal year 2027, we are raising our revenue expectations to be between $425 million and $441 million, representing approximately 41% growth at the midpoint. We believe our Q1 performance and backlog provide us with excellent visibility to our revenue projections. The visibility enables us to shore up our growth expectations for the year and provides us with the confidence to invest behind initiatives to sustain high growth in the future years.

就2027會計年度全年而言，我們上調營收預期至4.25億至4.41億美元，以中位數計算約為成長41%。我們認為第一季表現與在手訂單為我們的營收預測提供了極佳的能見度。這樣的能見度使我們得以鞏固今年的成長預期，並讓我們有信心加大投資於各項計畫，以在未來年度維持高成長。

Our non-GAAP gross margin for the year is expected to be between 52% and 54%, better than our prior expectations. We anticipate margins will expand in subsequent years as we realize returns on our growth investments. We are maintaining our prior expectations for fiscal year '27 adjusted EBITDA profit to be between breakeven and $10 million, reflecting our desire to drive EBITDA profitability on an annual basis even as we continue to invest in our Space Systems capabilities, AI-powered solutions and our global sales and marketing organization.

我們預期全年非GAAP毛利率介於52%至54%之間，優於先前預期。我們預期在後續年度，隨著成長投資開始帶來回報，毛利率將擴張。我們維持先前對2027會計年度調整後EBITDA獲利的預期，介於損益兩平至1,000萬美元之間，反映我們希望在持續投資太空系統（Space Systems）能力、AI驅動解決方案以及全球銷售與行銷組織的同時，仍能以年度為基礎推動EBITDA獲利。

We also aim to deliver a Rule of 40 for this fiscal year, where Rule of 40 is calculated as our revenue growth rate plus adjusted EBITDA margin. We are planning for approximately $80 million to $95 million in capital expenditures for the year, reflecting the necessary investments in our next-generation satellites to meet accelerating market demand.

我們也目標在本會計年度達成「40法則」（Rule of 40），其計算方式為營收成長率加上調整後EBITDA利潤率。我們規劃全年資本支出約為8,000萬至9,500萬美元，反映為滿足加速成長的市場需求而對下一代衛星所需的必要投資。

CapEx recognition can vary quarter-to-quarter based on the timing of our procurements, launches and real estate build-outs. Even with these operating and capital expenditures, we expect to be free cash flow positive on an annual basis again in fiscal year '27.

資本支出的認列可能會因採購、發射以及不動產建置時點不同而在各季之間波動。即使有這些營運與資本支出，我們仍預期在2027會計年度再次以年度為基礎達成自由現金流為正。

As a reminder, while free cash flow can vary quite significantly quarter-to-quarter based on the timing of cash collections and capital outlays for procurement, our focus remains on generating sustainable annual free cash flow through efficient growth in revenue from our Data Solutions and satellite services.

提醒各位，自由現金流可能會因現金收款時點與採購資本支出投入時點而在各季之間出現相當顯著的波動；我們的重點仍是透過資料解決方案（Data Solutions）與衛星服務營收的高效率成長，來產生可持續的年度自由現金流。

In closing, the incredible start to the year is a testament to the growing global demand for high-impact geospatial data and sovereign space capabilities with record first quarter revenue and a 42% revenue growth rate, we are demonstrating the ability to scale the business and expand our market while maintaining financial discipline as evidenced by our Rule of 40 performance and improved full year guidance.

最後，這一年令人驚豔的開局，證明全球對高影響力地理空間資料與主權太空能力的需求正在成長；在第一季營收創新高且營收成長率達42%的情況下，我們展現了擴大業務規模並拓展市場的能力，同時維持財務紀律——這可由我們的40法則表現以及上調的全年指引所印證。

From Brazil to Sweden and around the globe, our work is yielding tangible ROI for both our customers and our planet. As we lean into a strategic investment cycle for our next-generation satellites and pioneering Geospatial AI solutions, we remain steadfast in our commitment to turning daily global change into actionable intelligence. We are well positioned for a year of delivering durable revenue growth and sustainable annual free cash flow, building our momentum as the indispensable data layer for a changing world.

從巴西到瑞典乃至全球各地，我們的工作正為客戶與地球帶來可衡量的投資報酬率（ROI）。在我們投入下一代衛星與開創性的地理空間 AI 解決方案之策略投資週期之際，我們仍堅定致力於將每日的全球變化轉化為可採取行動的情報。我們已做好充分準備，在今年實現穩健的營收成長與可持續的年度自由現金流，並持續累積動能，成為變動世界中不可或缺的資料層。

Will and I are once again blown away by the excellent performance and constant innovation of the Global Planet team. Thank you for all that you do.

Will 和我再次對 Global Planet 團隊的卓越表現與持續創新感到驚艷。感謝你們所做的一切。

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

接線員，我們的評論到此結束。現在我們可以開始提問。

(Operator Instructions)

(接線員指示)

Colin Canfield, Cantor.

Colin Canfield，Cantor。

Maybe if you could talk about the remaining opportunities like all within the context of -- if you go back to September's Investor Day slides and call it, roughly $3 billion to $4 billion pipeline, can you maybe rank order the remaining opportunities among intelligence customers and maybe split that out between international and the US?

也許你可以談談剩餘的機會——放在這樣的脈絡下：如果回到 9 月投資人日的簡報，大約是 30 億到 40 億美元的管線，你能否把情報客戶之間剩餘機會的重要性做個排序，並且大致拆分為國際與美國？

And then if you can provide any color on kind of how you think about maybe near-term award opportunities and how it splits within that matrix?

另外，你能否提供一些看法，談談你如何看待近期可能的得標機會，以及在那個矩陣中的分布情況？

Do you want to take this one?

你要回答這題嗎？

I mean, obviously, Colin, we're not going to give too much color on the specifics of our pipeline. What we say is it continues to be robust. We updated last quarter that it had increased our Analyst Day, and we continue to be very well positioned just with the proof points that we actually already have.

我的意思是，Colin，很明顯我們不會就管線細節提供太多說明。我們能說的是，它仍然相當強勁。我們在上季更新過，管線相較於我們的分析師日有所增加，而憑藉我們已經具備的實證成果，我們仍處於非常有利的位置。

As you recall, when we signed the opportunity with the funded by the government last summer, we were able to get them there for satellite on the next rocket launch. And with Sweden, we similarly just announced that the first satellite for their contract went up on our most recent launch of 3 Pelicans.

如你所記得的，去年夏天當我們與由政府資助的客戶簽下那個機會時，我們能夠在下一次火箭發射時就把他們的衛星送上去。而在瑞典方面，我們也同樣剛宣布，他們合約的第一顆衛星已在我們最近一次發射的 3 顆 Pelican 中升空入軌。

So we are very well positioned on the basis that we've got great solutions. We can get these customers up and running on our data and AI-based solutions very quickly, while we also rapidly move them through our pipeline of production or a production line to get their first sovereign satellites into orbit. So strong pipeline continues to be very healthy. It is balanced geographically and then I think Planet's well positioned. Anything you'd add, Will?

因此，我們的優勢非常明確：我們有很好的解決方案。我們能讓這些客戶非常快速地開始使用我們的資料與 AI 驅動解決方案，同時也能迅速推動他們通過我們的生產管線，讓他們的第一顆主權衛星進入軌道。所以強勁的管線仍然非常健康。在地理分布上也相當均衡，我認為 Planet 的定位非常好。Will，你還要補充什麼嗎？

No. I mean I think it's just -- we're seeing really robust demand here. And we said last time how that had increased at least it way and both in size and in a number of deals. And Ashley is pointing out, I mean, what we have here is that we can execute really fast. Countries really like that.

沒有。我的意思是，我們確實看到非常強勁的需求。而我們上次也提到，無論在規模或交易數量上都至少有所增加。正如 Ashley 指出的，我們的優勢在於能非常快速地執行。各國都很喜歡這一點。

They can get them access to a satellite they're in orbit for both the data and the AI-enabled solutions and quickly get sovereign satellites up in space and the one with Sweden, I was to point out is a great example. They got immediate data services from our satellites and then within 4 months the first sovereign satellite in orbit.

他們可以立即取得在軌衛星的使用權，涵蓋資料與 AI 賦能的解決方案，並且能快速把主權衛星送上太空；瑞典的案例就是很好的例子。他們先立即從我們的衛星取得資料服務，接著在 4 個月內就讓第一顆主權衛星入軌。

I mean, basically, we're the only ones that can do that, it's really unheard of traditional aerospace industry would take years, normally decades to do that sort of capability. And here, we are offering that just 4 months after signing a contract. So that's unprecedented in the sector, it speaks to our differentiation and that's why governments are coming to Planet for that kind of solution.

基本上，我們是唯一能做到這點的公司；在傳統航太產業中，這幾乎聞所未聞——通常需要數年，甚至數十年才能做到這種能力。而我們在簽約後僅 4 個月就提供了這樣的成果。這在產業中是前所未有的，凸顯了我們的差異化，也正因如此，各國政府才會為了這類解決方案找上 Planet。

That's great. No, I appreciate the color. And then maybe pivoting over to data centers. If you could talk about kind of any color on initial discussions that you and Google are having with the chip suppliers? And then maybe talk about kind of what do you think are the key engineering signposts that investors should look for as Planet on-ramps for orbital compute?

很好。不，我很感謝這些補充說明。接著想把話題轉到資料中心。你能否談談你們與 Google 和晶片供應商之間初步討論的情況？另外，也請談談你認為投資人應該關注哪些關鍵工程里程碑，作為 Planet 進入軌道運算（orbital compute）的「上匝道」指標？

Yes. Well, it's a very exciting area. Obviously, what we're doing with Google is an early tech demo. And on the chip side, it's all leveraging their TPU architecture, testing those working space, which is one of the questions, I'm pretty confident about that side of it. But we're also testing things like inter-satellite links because we will be formation flying these sort of satellites together and other technologies, radiation the radiators for the power, and that's one of the other core technologies that we have to develop a little bit here.

可以。這是一個非常令人興奮的領域。很明顯，我們與 Google 正在做的是一個早期技術展示（tech demo）。在晶片方面，主要是利用他們的 TPU 架構，測試其在太空環境中的運作——這也是其中一個問題；我對這部分相當有信心。但我們也在測試像是星間鏈路（inter-satellite links）等技術，因為我們會讓這類衛星以編隊方式飛行；另外還有其他技術，例如輻射與散熱器（radiators）在供電方面的設計，這也是我們需要再進一步開發的核心技術之一。

I mean, well, stepping back a little bit, what I'd say is that it's very clear to me that the -- this is going to make sense fiscally and from an engineering standpoint, within 10 years, it will definitely be cheaper to do it in space than on the ground as to exactly how fast we can do it between now and then. I think that depends on some of these engineering questions that we'll be tackling in these early tech demos.

我的意思是，稍微退一步來看，我想說的是：對我而言非常清楚，從財務與工程角度來看——在 10 年內，於太空中進行運算肯定會比在地面更便宜；至於在那之前我們能多快做到，我認為取決於我們在這些早期技術展示中要解決的一些工程問題。

So again, early days, but a really exciting field and you see there's a lot of players going into it, and we think Planet is well positioned because of our history of doing hundreds of satellites before 1 of the few players that have done that. We've already put fast computers, GPUs and video GPUs in space. We already do a lot of stuff with AI, as you're all aware. And so we're well positioned for this sector.

所以再次強調，現在仍是早期階段，但這是個非常令人興奮的領域；你也看到有很多參與者正投入其中，而我們認為 Planet 的定位很好，因為我們過去已經打造並運行過數百顆衛星，是少數做到這點的業者之一。我們也已經把高速電腦、GPU 與影像 GPU 送上太空。大家也都知道，我們已經在 AI 上做了很多事情。因此，我們在這個領域具備良好優勢。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

Great. I wanted to first follow up on the orbital data center. In your kind of early work around the engineering, do you have a sense on what kind of compute density is realistic in the next couple of years? And I think the framework has been through around kilowatts per tonne. And so any sense on what you guys are seeing there?

很好。我想先追問軌道資料中心。就你們目前在工程方面的早期工作，你們是否對未來幾年可實現的運算密度有概念？我理解常用的框架是以每噸多少千瓦（kilowatts per tonne）來衡量。所以你們目前看到的情況大概如何？

Is it realistic would be like 80 or 100? I'll stop there for now.

例如 80 或 100 這樣的數字是否現實？我先問到這裡。

Thanks for the question, Edison. I mean I'm not getting those sort of technical specific to this stage. I mean, remember, this is really, as Google put it, a moonshot at the present time, it's going to be an iterative project that we iterate the capabilities in space. But I will point out that there's several interrelated challenges to do with compute radiators and the interconnect between all the different satellites as well as their computers on board any one satellite, and then will be model.

謝謝你的問題，Edison。我的意思是，在這個階段我不會提供那種技術細節。請記得，正如 Google 所說，目前這確實是一個「登月計畫」（moonshot）；這會是一個迭代式專案，我們會在太空中逐步迭代能力。但我想指出的是，這裡有幾個彼此相關的挑戰，涉及運算散熱器（compute radiators）以及不同衛星之間的互連，還包括單一衛星內部各電腦之間的互連，然後還會牽涉到模型。

And that complex trade space, I think a lot of people are focused just on the launch costs, but it is a lot to do with the efficiency of your chips and because the excess energy you have to give up in here, you have to radiate out. And so efficiency of chip space is a really important part as well as the networking of those together and the firmware to optimize all of it.

而在這個複雜的取捨空間中，我認為很多人只聚焦在發射成本，但其實很大一部分與晶片效率有關，因為多餘的能量必須以熱的形式釋放出去，你必須把它輻射散出。因此，晶片在太空環境下的效率是非常重要的一環，另外還包括把它們網路化連接在一起，以及用韌體（firmware）來最佳化整體運作。

So it's a very complex trade space. And one of the things Planet is really good at is that sort of thing and doing really good systems engineering to bring down costs for that sort of space gas system. So again, early days, but those are the kind of problems we're tackling.

所以這是一個非常複雜的權衡取捨空間。而 Planet 非常擅長的一件事，就是做這類工作，並透過非常扎實的系統工程來降低這種太空氣體系統的成本。所以同樣地，還在早期階段，但這些就是我們正在著手解決的問題。

Understood. And then I wanted to ask you about the [SAs] you put out very, very recently.

了解。接著我想問你們非常、非常近期發布的那些 [SA]。

Yes. From Planetary intelligence, yes.

是的。來自「行星級智慧」（Planetary intelligence），是的。

Yes. And obviously, I think very profound and I think thought-provoking ideas. I guess in a more kind of operational sense, what do you think is kind of the next, call it, two to three years, how do we see that sort of manifest either in the business or industry? Like what are some paths you could envision to see that benefit more on like commercial or operational basis?

是的。而且顯然，我覺得非常深刻，也很發人深省。我想從更偏營運的角度來看，你認為接下來大概兩到三年，我們會如何看到那樣的事情在商業或產業中具體呈現？例如，你能想像有哪些路徑，能讓那樣的效益在商業或營運層面更明顯地落地？

Well, I mean, that's very much the first part of what I was talking to in that Planetary Intelligence SA, which is the merger of Earth imaging data with AI and the large language models really asking the value latent in earth imaging data in new ways and lowering the barriers to entry. And I think that's what is most exciting, it doesn't depend on the future phases of compute in space or something.

嗯，我的意思是，那正是我在那篇 Planetary Intelligence SA 裡談到的第一部分：把地球影像資料與 AI、以及大型語言模型結合，真正用新的方式去提問地球影像資料中潛藏的價值，並降低進入門檻。我認為這是最令人興奮的部分，因為它不需要依賴未來在太空中的運算階段之類的事情。

I think that, that sort of super chases this when we get to that phase, like it's natural that sensing for -- at the planetary level of that space. We've done that for years, the compute is going to follow, and they will lead to this sort of new Planet intelligence era.

我認為，當我們進入那個階段時，這會把這件事大幅加速——因為在行星尺度的太空中做感測是很自然的事。我們多年來一直在做，運算也會跟上，而它們將引領這種新的 Planet 智慧時代。

But way before that, right now, earth imaging data and other sort of space data sets and AI enabling us to do more real-world models, more real-world models open up real-world applications on the ground today in farming, in energy, in insurance and so on.

但在那之前很久，就在現在，地球影像資料以及其他各類太空資料集，加上 AI 讓我們能建立更多「真實世界模型」；而更多真實世界模型，會在今天就於農業、能源、保險等領域開啟真實世界的應用。

Most of the entities that we serve today are big governments, big enterprise commercial players and this book can enable that to be lower, right? And I think that's the most exciting thing now. And so that's what we're mostly focused on. But it's cool to do the tech overs for computing base as well because of the long term that could be very exciting too.

我們目前服務的大多數客戶是大型政府、大型企業級商業玩家，而這本書可以讓門檻降低，對吧？我認為這是當下最令人興奮的事。所以這也是我們主要聚焦的方向。但同時也很酷去做以運算為基礎的技術跨越，因為從長期來看，那也可能非常令人興奮。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，Craig-Hallum Capital Group。

Will, on the AI side, interesting exceeding you've got the beta program now up with the natural language query. Can you just talk about the scope of the trial? How many participants, thoughts on when that goes GA? And I'd love to hear is kind of maybe your mind, what are a couple of more compelling use cases you're seeing people playing with right now?

Will，在 AI 這一塊很有意思，你們現在已經有自然語言查詢的 beta 計畫在跑了。你能談談這個試行的範圍嗎？有多少參與者、你對何時會 GA（正式上線）有什麼想法？另外也想聽聽你心中，目前大家正在嘗試的一兩個更具吸引力的使用情境是什麼？

Well, firstly, it's very early days. So let me just say -- I mean we're in a beta testing mode, as I mentioned in the prepared remarks. And again, just like the answer to the prior question, this is about unlocking the latent value in our data more easily and more simply. -- especially expanding the number of users that could get value out of that really fast speed, scale and simplicity basically, all in one. And -- but it's early days in the testing.

嗯，首先，這真的還在非常早期的階段。所以我先說——我的意思是，如同我在事先準備的發言中提到的，我們目前處於 beta 測試模式。同樣地，就像前一題的回答，這是要讓我們資料中潛藏的價值更容易、更簡單地被釋放出來——尤其是擴大能從中獲得價值的使用者數量，基本上就是把速度、規模與簡易性一次到位。但——目前仍在早期測試階段。

So I'm not going to get civic numbers, but we have a cohort of beta-testers just so that we can find where the best value use cases we could dive into and how do we improve that product so that is better able to serve those use cases.

所以我不會提供具體數字，但我們確實有一個 beta 測試者的群組，目的是找出最有價值的使用案例，並思考我們要如何改進產品，讓它更能服務這些使用案例。

So very early days, but what's tantalizing about it is the Planet historically has faced the solution gap that is that our data in principle can answer a lot of questions. In practice, it's difficult. You have to build these solutions. We've been focused on these AI-powered solutions, especially with defense intelligence, MDA, GMS. In principle, this direction can help a lot of others by enabling people to be able to build bespoke solutions on top of our data leveraging this kind of technology, which can unlock that for a lot more players.

所以還在非常早期，但令人心癢的是，Planet 過去一直面臨所謂的「解決方案落差」：也就是我們的資料在原理上可以回答很多問題，但在實務上很困難。你必須去打造這些解決方案。我們一直專注在這些 AI 驅動的解決方案上，特別是在國防情資、MDA、GMS 等方面。原則上，這個方向可以透過讓人們運用這類技術，在我們的資料之上建立客製化（bespoke）的解決方案，從而幫助更多其他人，並讓更多玩家能解鎖這些價值。

And we know that that value is there. and AI is ready to help us tie that quicker, I think. So that's the exciting thing, and it's also where Planet is so uniquely positioned because all of this is because of our daily scan. Our daily scan is really so unique because no one in the Earth Observation sector really is doing that sort of daily scan, at least not commercially.

而我們知道那個價值就在那裡；我認為 AI 已經準備好幫助我們更快把它串起來。所以這是令人興奮的地方；而且 Planet 的定位也非常獨特，因為這一切都建立在我們的每日掃描之上。我們的每日掃描真的非常獨特，因為在地球觀測領域，幾乎沒有人在做那種每日掃描——至少在商業上不是。

And that is the basis for all these applications have got to wider areas where you don't have the task a satellite, but it already covers all the land you're interested, whether for agriculture, energy and so on. And that's really great for these AI models.

而這正是所有這些應用的基礎：它能覆蓋更廣的區域，你不需要去指派（task）衛星，因為它已經涵蓋了你關心的所有陸地——不論是農業、能源等等。而這對這些 AI 模型來說真的很棒。

Yes. I mean, I think it certainly has the potential to break up the commercial and civil TAMs. Maybe one last quick one. On the Pelican 1s up and up and ramping nicely 50 centers, -- you talked about the tech demo Pelican 2 going to 30 centimeters. Just any crude swags on kind of based on prior experience, how long you would expect to tech demo for and broad brush sort of strokes on when you think those Pelican 2 to start going up commercially?

是的。我的意思是，我認為它確實有潛力去打開商業與民用的 TAM（總可服務市場）。也許最後再快速問一題。Pelican 1 已經在軌、也在順利爬坡到 50 公分——你提到技術展示用的 Pelican 2 會做到 30 公分。就以過往經驗來看，你對技術展示大概會持續多久有沒有粗略估計？以及你認為 Pelican 2 何時會開始商業化上線的大致時間點？

I don't comment on that specifically, but we have got a bunch more launches this year. We are ramped and at pace on the Pelican gen 1, as you're aware. We already launched 3 of those earlier this year, including that first one for Sweden.

我不會對此做具體評論，但我們今年還有好幾次發射。如你所知，我們在 Pelican 第一代的進度與節奏都在加速推進。我們今年稍早已經發射了其中 3 顆，包括第一顆為瑞典的那一顆。

And we're excited about that gen two, but it is a tech demo at this stage. So a couple of technologies that it has on it is got a bit of a bigger telescope to enable it to get to that 30 centimeters, and it also has a satellite to sell like communications as well as the NVIDIA chips that we're flying with the other ones.

我們對第二代很興奮，但在這個階段它仍是技術展示。所以它搭載的幾項技術包括：更大一點的望遠鏡以達到 30 公分；另外也有一顆衛星具備像是通訊等能力，以及我們在其他衛星上也在飛行的 NVIDIA 晶片。

In combination is what enables the more real-time insights going from hours, latency for getting analysis of after you take a picture to minutes. And so that's the biggest improvement. It's even more important, I would say, than the resolution improvement, although both are important. But we'll get back to you once we get that in albeit start seeing how it performs but we're ready to scale that week, too, and excited about the program.

這些結合在一起，讓我們能提供更即時的洞察，把從拍照後取得分析的延遲時間，從數小時縮短到數分鐘。所以這是最大的改進。我會說，這甚至比解析度的提升更重要，雖然兩者都很重要。但等我們把它真正放上去、開始看到它的表現後，我們會再回來更新；我們也準備好把那一週的規模擴大，並對這個計畫感到興奮。

Yes. I think it's important just to highlight that across our satellite fleet. As you know, we tend to repurpose a lot of the components. So there's a lot of commonalities even as we iterate on various aspects, whether that's improving latency, improving the payload for resolution.

是的。我認為重要的是要強調，在我們整個衛星機隊中，如你所知，我們傾向於重複利用許多元件。因此即使我們在各個面向持續迭代——不論是改善延遲、或是為了解析度而改善酬載——仍然有很多共通性。

So that enables us to have a much faster pace of iteration than you might typically see in hardware iterations, especially in space. So I would say, stage in, there's a lot of fun stuff coming.

因此，這讓我們能以比你通常在硬體迭代（尤其是太空領域）所見更快的速度進行迭代。所以我會說，接下來還有很多有趣的東西要推出。

Mike Latimore, Northland Capital Markets.

Mike Latimore，Northland Capital Markets。

All right. Great. Yes. Congrats on the quarter. Over the last several quarters, we've highlighted Europe as being an area of urgency and increasing demand, I guess, is it still kind of the most hot spot within the pipeline?

好。很好。是的。恭喜本季表現。在過去幾季，我們一直強調歐洲是迫切且需求增加的區域；我想問，歐洲是否仍然是管線中最火熱的熱點？

Or is the pipeline still broadening?

還是說管線仍在擴大、更加多元？

I'd say it's very global. I mean we have strong interest in Asia, US as well. North America is strong. But I think you're right.

我會說這是非常全球性的。我的意思是，我們在亞洲、美國也都有強勁的興趣。北美很強。但我想你說得沒錯。

Europe is probably our strongest area. EMEA is strong, as you saw in the breakdown very strong growth in that region. And obviously, all of the global interest is driven by a lot of the geopolitical trends. It's driving demand because of political uncertainty. And in this uncertainty, people want their own sovereign space capabilities, the access to information, about threats in their neighborhood and we can provide that relatively quickly and affordably.

歐洲大概是我們最強的區域。EMEA 很強，如你在拆分中所看到的，該地區成長非常強勁。而且很明顯，全球的興趣都受到許多地緣政治趨勢所驅動。政治不確定性正在推升需求。在這種不確定性下，人們希望擁有自己的主權太空能力、取得資訊、了解其周邊的威脅，而我們能相對快速且以可負擔的成本提供這些能力。

So countries are coming to us, Europe is perhaps most stressed by that kind of situation. So obviously, that is driving strong demand there. And of course, we also have a very strong European base. We have hundreds of employees in Europe and a lot of facilities, mission control center in Berlin. And as you're aware, we're now opening a manufacturing site for our Pelican most advanced Pelican spacecraft in Berlin as well.

因此各國都來找我們；歐洲或許在這種情勢下壓力最大。所以很明顯，這正在帶動當地強勁需求。當然，我們在歐洲也有非常強的基礎。我們在歐洲有數百名員工以及許多設施，在柏林有任務控制中心。而且如你所知，我們現在也在柏林為我們最先進的 Pelican 太空船開設製造據點。

approximately doubling our manufacturing capacity. So we're really leaning into that market opportunity, plan is well positioned there as well.

大約將我們的製造產能提高一倍。所以我們正積極投入這個市場機會，我們的計畫在那裡也具備良好布局。

Great. And then on the commercial side, nice change in the trajectory there this quarter. Are the drivers of that change sustainable? Or was there some one-offs in this quarter? How should we think about commercial?

很好。接著在商業端，本季軌跡有不錯的轉變。推動這個轉變的因素是否可持續？還是本季有一些一次性因素？我們應該如何看待商業業務？

I think it's very sustainable. And one of the things about our cultural partnerships that we mentioned is that we've really turned it around to a point where we really align that business model with the agricultural partners that we're doing with like the John Deere piece that we announced.

我認為非常可持續。而且我們提到的文化合作夥伴關係其中一點是：我們確實把它扭轉到一個程度，讓這個商業模式與我們正在合作的農業夥伴更一致，例如我們宣布的 John Deere 合作。

As they do well, we do well. And that -- so we took a reset in that area, but now we're growing it. And so we feel good. I'm very happy about that growth as well. Ashley, anything to add?

他們做得好，我們就做得好。因此——我們在那個領域做了一次重置，但現在正在成長。所以我們感覺很好。我也對那個成長非常高興。Ashley，有沒有要補充的？

Yes. I would just say the comments that we made earlier, both around the AI solutions that we have, like things like GMS, our MDA as well as this beta of a new natural language-based interface is really enabling us to engage with customers that haven't historically really thought about how they might integrate GIS into GIS data sets into their modeling and analysis.

有。我只想說，我們先前提到的評論，包含我們的 AI 解決方案，例如 GMS、我們的 MDA，以及這個以自然語言為基礎的新介面 beta 版，確實讓我們能與一些過去從未真正思考過如何把 GIS、把 GIS 資料集整合進其建模與分析的客戶互動。

So even in financial services sector, when you think about what things like GMS or MDA can do really unlocking kind of a view into changes in global supply chains and patterns and understanding when a change in pattern could lead to some type of economic indicator of change or market impact.

所以即使在金融服務領域，當你思考像 GMS 或 MDA 能做什麼時，它其實是在解鎖一種視角：看見全球供應鏈與模式的變化，並理解當模式發生變化時，可能會導致某種經濟指標的變動或市場影響。

So we're excited. We are early days in -- certainly in the AI application but also even in exploring how the solutions that we've initially explored primarily in defense and intelligence, are unlocking opportunities for us in the commercial sector. So we remain very optimistic about how the commercial sector can be a major growth vector for us in the years to come.

所以我們很興奮。我們仍處於早期階段——不僅是在 AI 應用上，也是在探索我們最初主要在國防與情報領域所開發的解決方案，如何為我們在商業領域解鎖機會。因此，我們對商業領域在未來幾年成為我們主要成長動能之一，仍然非常樂觀。

Kristine Liwag, Morgan Stanley. .

Kristine Liwag，Morgan Stanley。。

This is Gabby Knafelman on for Kristine. Congratulations on the quarter. since last quarter, Planet moved from a 14-day delay in Middle East imagery access to an indefinite restriction for imagery in the conflict region. Have you seen any change in customer behavior as a result?

我是代 Kristine 發言的 Gabby Knafelman。恭喜本季表現。自上季以來，Planet 將中東影像存取從 14 天延遲，改為對衝突地區影像的無限期限制。因此你們是否看到客戶行為有任何改變？

And since the news came out in early April and with the recent ceasefire talks, is there any anticipated time line or framework for restoring satellite imagery access in the Middle East?

另外，自四月初消息傳出以及近期停火談判以來，是否有任何預期的時間表或框架，用於恢復中東的衛星影像存取？

Yes. Thanks for the question, Kristine. When there are conflict amount where we always have to balance operational security needs for civilians or military person in the area with public interest. And I just noticed something that's, I think, been confused a little bit in the media reporting on this is that all of our core customers continue to have access in that area straight away. It's really about publication that could lead to operational security challenges that folks are worried about legitimately and we're putting a delay in phase for.

有。謝謝你的問題，Kristine。當發生衝突時，我們一向必須在當地平民或軍事人員的作業安全需求與公共利益之間取得平衡。我也注意到媒體報導中有一點似乎有些混淆：我們所有的核心客戶在該區域仍可立即持續取得存取權。真正的重點在於可能引發作業安全挑戰的公開發布——這是人們合理擔憂的——因此我們對此採取延遲措施。

So most of our core customers continue to have data access. So -- and of course, the intent is to unwind that as the conflict results. And so our stakeholders, obviously, around the board care about this, and we do too. And I think that the strong demand we've seen in the region is excellent despite that. And just so you're aware, we do have a managed access program for media clients as well.

所以我們大多數核心客戶仍然可以存取資料。當然，我們的意圖是在衝突緩解後逐步解除這些措施。因此，我們的利害關係人——顯然包括董事會——都很關心這件事，我們也同樣關心。我認為即便如此，我們在該地區看到的強勁需求仍然很不錯。另外讓你知道，我們也為媒體客戶提供受管制的存取計畫。

It's just moved to a push model, which is rather more similar to other folks in the earth observation sector, where we provide imagery on an as-needed basis. we can and where it's not going to hurt security operations in the region. And that means that others continue to happen in the press as well.

只是它改成了推送模式，這更接近地球觀測領域其他業者的做法：我們會在需要時提供影像——在我們能提供且不會傷害該地區安全作業的前提下。這也意味著媒體上的其他報導仍會持續發生。

Got it. That's super helpful color. And a quick follow-up. Defense & Intelligence is clearly becoming a larger portion of revenue and has been the fastest grower for quite some time now. We also highlighted some nice civil government and commercial wins during the quarter.

了解。這些補充說明非常有幫助。再快速追問一下。國防與情報顯然正成為營收中更大的一部分，而且長期以來一直是成長最快的部門。我們也在本季強調了一些不錯的民用政府與商業端得標。

I think as we look ahead, how should we think about the size and growth of Civil and Commercial relative to Defense & Intelligence?

我想展望未來，我們應該如何看待民用與商業相對於國防與情報的規模與成長？

Well, I think that's a question. And the way I view it is long term, I believe the civil and commercial sectors will be bigger than Defense & Intelligence. We're obviously leaning into Defense & Intelligence right now because there is such strong demand, and it makes sense for us to lean in there. We're very needed. But as we just talked about AI, that helps us unlock these other areas.

嗯，我認為這是個好問題。我的看法是，長期而言，我相信民用與商業部門會比國防與情報更大。我們現在明顯更積極投入國防與情報，因為需求非常強勁，而且對我們來說在那裡加碼是合理的。我們非常被需要。但正如我們剛才談到的 AI，它能幫助我們解鎖這些其他領域。

I think that's the right way to think about it. It helps us to accelerate that. And yes, I mean does the breadth of use cases in commercial all the sectors we talked about before, we believe that's many tens of billion dollars of TAM to go after in commercial and civil. And so we're going to go after those. But I think for the immediate focus, Defense & Intelligence is the best place to focus because there's such strong demand.

我認為這是正確的思考方式。這有助於我們加速推進。而且是的，我的意思是，就我們先前談到的商業端各產業的使用情境廣度而言，我們相信在商業與民用領域有數百億美元等級的可服務市場（TAM）可供開拓。因此我們會去爭取那些機會。但我認為就眼前的重點而言，國防與情報是最值得聚焦的領域，因為需求非常強勁。

And also a very sophisticated customer that provides us with feedback that helps make our solutions even stronger, and we think ultimately much more broadly applicable. .

而且客戶也非常成熟，能提供回饋，幫助我們讓解決方案更強大，並且我們認為最終會更廣泛適用。。

(Operator Instructions)

(接線員指示)

John Godyn, Citi.

John Godyn，花旗。

This is [Jeremy Jason] on for John Godyn. I just kind of wanted to ask what are the upcoming milestones for the key programs that you're looking forward to? Just for clarity's sake and can you provide any color on like the time line for those?

我是代替 John Godyn 的 [Jeremy Jason]。我想請教一下，你們所期待的關鍵專案接下來有哪些里程碑？為了更清楚起見，你們能否提供一些時間表方面的資訊？

Which key programs are you referring to? .

你指的是哪些關鍵專案？。

Involvement in, for example, Al, you guys mentioned that in the prepared remarks?

例如在 AI 方面的參與，你們在事先準備的發言中有提到？

Like the tech demos? Yes. So there, we're building our first demo spacecraft scheduled for the end of this year. It's a lot of synergy with the Suncatcher, so we're using the same bus. So as the Suncatcher, that's the project with Google for computing space.

像是技術展示（tech demos）嗎？是的。所以在那方面，我們正在打造第一艘展示用太空船，預計在今年年底完成。這與 Suncatcher 有很大的協同效應，所以我們使用相同的衛星平台（bus）。就像 Suncatcher 一樣，那是我們與 Google 合作、用於太空運算的專案。

same bus, different payloads, just like we did with Tanager and Pelican, same bus different payload, and so we're building that. And we're very pleased with how that's progressing. It's still being built right now. It's early days. So we'll let you know when there's updates.

同樣的衛星平台，不同的酬載（payload），就像我們在 Tanager 和 Pelican 上做的一樣：同平台、不同酬載，所以我們正在建造中。我們對進展非常滿意。目前仍在建造中。還在早期階段。所以有更新時我們會再告知。

Trevor Walsh, Citizens.

Trevor Walsh，Citizens。

Great. Well, maybe ask you a few want to add as well. There was a smaller competitor, but a competitor that announced a win in late April kind of end of your quarter. of their own satellite sovereign deal, much smaller than I think you guys have booked, but I was just curious if you're seeing just based on your own success and that being pretty widely known and policies if you're seeing more competition specifically in that space kind of working for government agencies, international, et cetera?

很好。那我也想再補問幾點。有一家規模較小的競爭對手——但仍是競爭者——在 4 月底、也就是你們季度末附近，宣布拿下一筆他們自己的衛星主權（sovereign）交易，規模比我認為你們已入帳的要小很多；但我想了解的是，基於你們自身的成功、以及這件事相當廣為人知、再加上政策因素，你們是否看到在這個領域（為政府機構、國際客戶等提供服務）出現更多競爭？

And then kind of relatedly, is there a minimum deal size that you all would entertain as far as structuring more where the sovereign or the entity owns the actual satellite, so something more of an JSAT kind of realm?

另外相關地，你們在架構上若是採取由主權方或實體擁有實際衛星（也就是更接近 JSAT 那種模式）的交易，你們會考慮的最低交易規模大概是多少？

Yes. Good question. So I mean, look, I don't think competitive landscape has changed very much. I don't know which deal you're referring to, but obviously, there are other players that can build imaging satellites for countries. But really our differentiator, as I mentioned, is proven track record, having launched hundreds of satellites doing earth imaging before and the speed of delivery, the speed of delivery in months rather than years, sometimes decades for these systems.

會的。好問題。我的意思是，坦白說，我不認為競爭態勢有太大改變。我不確定你指的是哪一筆交易，但很顯然，確實有其他業者能為各國打造成像衛星。但我們真正的差異化，如我提到的，是經過驗證的實績：我們已發射數百顆衛星、過去就一直在做地球成像；以及交付速度——以月為單位而不是年，有時甚至這類系統要花上數十年。

And also cost performance that I would add, having had that long track record, we've got the cost down of our satellite a large -- sometimes these things are radically lower cost. We might be launching 10 at lights at the same cost as people were before or companies were before launching just one or more. And so that is -- all those differentiators make us strong in the market. And we haven't had too many cases where we see others competing with us, we feel pretty strong.

另外我還要補充成本效能：因為有那麼長的實績，我們已把衛星成本降下來——有時候這些成本是大幅降低的。我們可能用過去人們或公司發射一顆（或少數幾顆）的成本，就能發射 10 顆。因此——這些差異化因素讓我們在市場上很有競爭力。而且我們並沒有遇到太多看到其他人與我們正面競爭的案例，我們覺得自己相當有把握。

And I would just add, we're able to compete on all of the points that Will just made in terms of speed and performance and cost effectiveness. We also are the only ones that can enable customers to get up and running immediately on the network of satellites that we have combination of the daily scan and the analytics on top, which help inform them where to look and how to best optimize the sovereign capabilities as they're building them out. including how they want those in orbit so that they can get the best performance ultimately out of the fleet that we would build for them.

我再補充一下：就 Will 剛才提到的速度、性能與成本效益等各點，我們都具備競爭力。此外，我們也是唯一能讓客戶立即在我們既有的衛星網路上開始運作的業者——結合每日掃描（daily scan）以及其上的分析能力，能協助他們判斷該看哪裡、以及如何在建置主權能力的過程中最佳化，包括他們希望如何把衛星部署在軌道上，讓最終由我們為他們打造的整個星座（fleet）能達到最佳效能。

And we can very cost effectively get them up and running through a dedicated capacity is or tasking credits so that they immediately are getting the eyes that they need to understand what's going on around them. So it's not just the ability to be best-in-class in delivering satellites, which obviously, we are but it's also the fact that we have the network of satellites and capabilities, the daily scan and the analytics solutions on top of it that bring value on day one.

而且我們可以用非常具成本效益的方式，透過專屬容量或任務指派點數（tasking credits）讓他們快速上線，讓他們立刻就能獲得所需的「眼睛」，去了解周遭正在發生什麼。所以不只是我們具備同級最佳的衛星交付能力——這點我們當然有——更在於我們擁有衛星網路與相關能力、每日掃描以及其上的分析解決方案，能在第一天就帶來價值。

Ryan Koontz, Needham & Co.

Ryan Koontz，Needham & Co.。

A question for Ashley on gross margins, surprised to get the upside here. Can you maybe give a bridge or unpack what the upside was on mix? Obviously, satellite services deals, are those lower margins not contributing as much? Maybe help unpack the mix a little bit for us.

給 Ashley 一個關於毛利率的問題，這次的上行表現讓人意外。你能否提供一個拆解（bridge），或說明一下組合（mix）帶來的上行是什麼？顯然衛星服務類的交易毛利較低，它們是否貢獻較少？能否幫我們多拆解一下營收組合？

Yes. It's my favorite kind of upside. It's sales performance. As you know, we typically for the purposes of our own planning, assume pretty back-half-weighted sales execution that just gives us headroom on that front. And when they bring in something like an 8-figure international deal early and that drives data and solutions revenue, that's very high margin upside in the quarter.

可以。這是我最喜歡的那種上行。是銷售表現帶來的。如你所知，為了我們自身規劃之用，我們通常假設銷售執行會偏向下半年，這樣在那方面能保留一些緩衝空間。當他們在較早的時間就拿下一筆八位數的國際交易，並帶動資料與解決方案收入時，那就是本季非常高毛利的上行。

So I really attribute this to the excellent performance of our sales team and the delivery teams that get those customers up and running so that we're going from contract to revenue very, very, very quickly.

所以我把這主要歸功於我們銷售團隊的優異表現，以及交付團隊讓客戶上線的能力，讓我們能非常、非常、非常快速地從合約轉為營收。

So the business model that we have where delivering data comes at relatively low marginal cost means that when we drive upside on revenue, you see that fall to the bottom line and in this case, it definitely stopped by gross margin along the way and drove up all the way.

此外，我們的商業模式是：交付資料的邊際成本相對較低，這意味著當營收出現上行時，你會看到這些上行直接反映到獲利；而在這個案例中，它確實先在毛利率上體現，並一路推升上去。

And actually, that was for your deal you signed in this quarter? .

而且其實，那是你們在本季簽下的那筆交易嗎？。

Correct.

沒錯。

[Stephen Varhaftik], Wedbush Securities.

[Stephen Varhaftik]，Wedbush Securities。

Congrats on the quarter, everybody. So actually, just a question for you because it seems like there's a lot of different focus is for capital investments. You thinking about the R&D for new AI enable solutions, you're thinking about FX ramp. I mean, you really do have a strong balance sheet. So what would you say is the priority from a capital allocation perspective?

恭喜各位這一季的表現。我想問的是，因為看起來資本投資有很多不同的重點。你們在思考用於新 AI 賦能解決方案的研發（R&D），也在思考 FX 的擴產爬坡（ramp）。我的意思是，你們的資產負債表確實很強。那麼從資本配置的角度來看，你會說優先順序是什麼？

And then if I can add just one more on to that. Is the company still looking at M&A opportunities? I know that you haven't shy away from it, but I want to get a little more color on that opportunity.

接著如果我可以再補充一點。公司是否仍在尋找併購（M&A）機會？我知道你們並不排斥，但我想更了解這方面的機會。

Yes. Thank you for the question. We're obviously very proud of our balance sheet, and it's a great asset, especially when we're delivering such a mission-critical service to really important customers there it gives them a lot of comfort to see that we have both a strong business and a strong balance sheet to go with it.

是的。謝謝你的提問。我們顯然對自己的資產負債表非常自豪，這是一項很大的資產，尤其當我們向非常重要的客戶提供攸關任務的關鍵服務時，讓他們看到我們同時擁有強勁的業務與強健的資產負債表，會讓他們更安心。

When we think about capital allocation, as you might imagine, we are a very innovative company, and we are never short on ideas. But we always have the customer at the center of what we do and our understanding what customers need that can really unlock market opportunity for us.

當我們思考資本配置時，如你所想像，我們是一家非常創新的公司，點子從不匱乏。但我們始終以客戶為中心，並透過理解客戶需求，來真正為我們解鎖市場機會。

So I'd say the investments that we're making are really prioritizing growth and market capture. So how can we sustain or even expand our growth rates and then continue to drive high margins. And we gave the Rule of 40 framework, revenue growth rate plus EBITDA margin as one way that we think about making sure that we're balancing, making these investments, but also running a good business that generates profits that generates free cash flow and always has an eye to how we scale our profit margins and free cash flow margins can expand.

所以我會說，我們正在進行的投資確實是以成長與市場擴張為優先。也就是我們如何維持甚至擴大成長率，並持續推動高利潤率。我們也提出「40法則」（Rule of 40）的框架：營收成長率加上 EBITDA 利潤率，作為我們思考的一種方式，以確保在進行這些投資的同時，也能經營一門良好的生意，創造獲利、創造自由現金流，並始終關注我們如何擴大規模，使利潤率與自由現金流利潤率得以提升。

So a lot of exciting things, incredibly innovative teams, but also really doing it in service of market capture and delivering value to the customers.

因此有很多令人振奮的事情、極具創新力的團隊，同時也確實是為了搶占市場並為客戶交付價值而做。

And on the M&A side that you brought up, we're mainly focused on executing and have most of what we need. We will do things like the Bedrock acquisition that we did that enhances our powered solutions in really good ways, and that team is working really well, by the way, and very integrated into our AI-powered solutions, especially in the defense and intelligence space.

至於你提到的併購（M&A），我們主要專注於執行，而且我們已具備大部分所需。我們會做像先前收購 Bedrock 那樣的事情，以非常好的方式強化我們的 powered solutions（賦能型解決方案）；順帶一提，那個團隊合作得非常好，並且已深度整合到我們的 AI 驅動解決方案中，特別是在國防與情報領域。

We'll continue to look out for things that could be accretive, especially to the core business product or business synergies. But again, I think we have most of what we need. And so we are many heads down focused on executing on the deals we have.

我們會持續留意可能具增益（accretive）的標的，特別是能對核心業務產品帶來增益或產生業務協同效益的。但再說一次，我認為我們已擁有大部分所需。因此我們目前更專注於把手上的交易落地執行。

Greg Pendy, Clear Street.

Greg Pendy，Clear Street。

Just a real quick one. As you have so many things that's going on, especially later in this year with the first hole and then subsequent launches to fall in 2027. Are there any stress areas in either the supply chain or launch that could move things around?

我很快問一個。你們有這麼多事情在進行，尤其是今年稍晚的首次發射，之後還有在 2027 年秋季的後續發射。在供應鏈或發射方面，有沒有任何壓力點可能會讓時程有所調整？

Yes, we're seeing launch being -- be a little bit more competitive than it used to be. But Planet is used to working with a lot of different players. We've launched 40 rockets, I think on 10 different launch vehicles. And so we know how to do that, and we have a long history and relationship with various launch providers. And I would also say, despite a little bit of extra competition for the space right now, there's a lot of new players coming onto the for right now.

是的，我們看到發射市場——變得比以前更具競爭性一些。但 Planet 習慣與許多不同的合作方一起運作。我們已經發射過 40 枚火箭，我想是使用了 10 種不同的運載火箭。因此我們知道怎麼做，而且我們與各家發射服務供應商有很長的合作歷史與關係。我也想說，儘管目前太空發射資源的競爭稍微更激烈，但現在也有很多新玩家正在加入。

And so we're excited about them, we're excited about what they can offer as well and increased competitiveness in the launch sector.

因此我們對他們感到興奮，也對他們能提供的能力感到期待，以及發射產業競爭力的提升。

As for supply chain, nothing material to point out, but we -- but one of the things we looked, of course, look at is buying down risk in supply chain by buying components. And that's one of the reasons that we're focused more on growth than profitability where we need to do that to show up risk. Anything to add to that?

至於供應鏈，沒有什麼重大事項需要特別指出，但我們——當然——會關注的一件事，是透過採購零組件來降低供應鏈風險。這也是我們在需要時更偏向聚焦成長而非獲利的原因之一，因為我們需要這麼做來降低風險。還有要補充的嗎？

No, I'd just say in some of our prior quarters, we've talked about the fact that we've taken up our CapEx, capital expenditures specifically to make sure we're looking at those areas where we can buy in advance to derisk any supply chain but also get better pricing by buying more upfront.

沒有，我只想說，在之前的幾個季度，我們談到過我們提高了資本支出（CapEx），特別是為了確保我們能在那些領域提前採購，以降低任何供應鏈風險，同時也能因為更早、更多地採購而取得更好的價格。

So it is something that we keep an eye on and manage, I think, quite successfully. And generally speaking, the team has a very resilient supply chain.

所以這確實是我們會持續關注並管理的事情，我認為我們做得相當成功。一般而言，團隊的供應鏈非常有韌性。

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。今天的提問時間就到這裡。我現在把電話會議交回給執行長兼共同創辦人 Will Marshall，請他做結語。

Thanks, everyone. Well, we feel like we had an excellent start to the year, really good momentum. Obviously, on the financial side, it was great that we got the 42% growth, hitting Rule of 40 the third consecutive quarter, $900 million in plug. We feel very excited about the financials. And obviously, it was great in Space side, which to have our first launch to send our first Gen 2 tech demo to the launch site, launched Sweden's first, a submarine.

謝謝各位。我們覺得今年開局非常好，動能很強。顯然在財務面，42% 的成長很棒，連續第三個季度達成 40 法則，plug 達到 9 億美元。我們對財務表現感到非常振奮。而在太空業務方面也很棒，我們完成首次發射，把第一個 Gen 2 技術展示（tech demo）送到發射場，並發射了瑞典的第一個——一艘潛艇。

So lots of progress on the space side. And on the AI side, and other pieces of the product. We did a super resolution, the beta of our app and missing in AI is unlocking a lot of value late in our data. So I'm really proud of the work done in this quarter that led us to all these results. And so thank you to the incredible team and all the efforts that they do to enable us today. Thanks a lot for tuning in.

所以在太空端有很多進展。在 AI 端以及產品的其他部分也是如此。我們推出了超解析度（super resolution）、我們 app 的 beta 版，而 AI 中的 missing 正在為我們的資料解鎖大量價值。因此我對本季度完成的工作感到非常自豪，這些工作帶來了上述成果。也感謝這支了不起的團隊，以及他們為了讓我們走到今天所付出的所有努力。非常感謝各位收聽。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。