Planet Labs PBC (PL) 2027 Q2 法說會逐字稿

Thank you for joining us, and welcome to the Planet Labs PBC second quarter of fiscal year 2027 earnings call. (Operator Instructions)

感謝各位加入我們，歡迎參加 Planet Labs PBC 2027 會計年度第二季財報電話會議。（接線員指示）

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人關係總監 Cleo Palmer-Poroner。

Thanks, operator, and hello, everyone. 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。今天與我一同出席的有 Will Marshall 與 Ashley Johnson，他們將回顧我們的業績並討論目前的展望。我們鼓勵各位參考今日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. The inclusion of such forward-looking information should not be regarded as a representation by Planet that future 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. 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 anticipated events.

在開始之前，我們想提醒各位，我們將就未來事件或財務展望發表前瞻性陳述。任何前瞻性陳述皆基於管理層目前的觀點、計畫、估計、預期與推測。納入此類前瞻性資訊不應被視為 Planet 對未來估計或預期將得以實現的表示。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）。我們的實際結果或表現可能與此類前瞻性陳述所示有重大差異；且除非法律另有規定，我們不承擔更新此類前瞻性陳述之責任，以反映該陳述作成日後發生的事件或情況，或反映預期事件的發生。

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 useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. For more information on the non-GAAP financial measures, please see the reconciliation tables provided in our press release issued earlier today, which is available on our website at investors.planet.com. Further, throughout this call, we will provide a number of key performance indicators 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.

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，並作為評估各期間比較的方式。我們相信，這些衡量指標可提供有用的營運結果資訊，增進對過去財務表現與未來前景的整體理解，並就管理層在財務與營運決策中使用的關鍵指標提供更高透明度。關於非 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 investors.planet.com 取得。此外，在本次電話會議中，我們將提供若干本產業競爭同業常用的關鍵績效指標。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討論，並旨在配合我們的事先準備講稿。

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.

此刻，我想把電話會議交給 Planet 的執行長、董事長兼共同創辦人 Will Marshall。Will，交給你。

Thanks, Cleo, and welcome, everyone, joining us today. Planet had another outstanding quarter, delivering a record $116 million in revenue, representing approximately 58% year-over-year growth. Non-GAAP gross margin was 59% for the quarter, better than expected, demonstrating the ongoing scalability of our business model. For the fourth sequential quarter, we achieved and, in fact, exceeded Rule of 40, which is our revenue growth rate plus adjusted EBITDA margin. Our revenue growth rate was driven by strong execution across our Satellite Services deals as well as continued momentum in our Data and Solutions business.

謝謝你，Cleo，也歡迎今天加入我們的各位。Planet 再度交出一個非常出色的季度，營收創下 1.16 億美元新高，年增約 58%。本季非 GAAP 毛利率為 59%，優於預期，展現我們商業模式持續具備可擴展性。連續第四個季度，我們達成且實際上超越了「40 法則」（Rule of 40），也就是營收成長率加上調整後 EBITDA 利潤率。我們的營收成長率來自於衛星服務（Satellite Services）交易的強勁執行，以及資料與解決方案（Data and Solutions）業務的持續動能。

We completed commissioning and handed over the first sovereign Earth observation satellite for the Swedish Armed Forces and successfully launched our next-generation Pelican tech demo. And this week, we shipped our second Tanager and 18 SuperDove satellites for launch. Both at home and abroad, Planet's data, AI-enabled solutions and sovereign satellite capabilities are proving critical to the challenges and opportunities governments and companies across all industries face every day, from disaster response to resource management to national security.

我們完成了為瑞典武裝部隊打造的首顆主權地球觀測衛星的在軌測試與驗收交付，並成功發射了我們下一代 Pelican 技術驗證機。而在本週，我們已出貨第二台 Tanager 與 18 顆 SuperDove 衛星，準備發射。無論在國內或海外，Planet 的資料、AI 驅動解決方案與主權衛星能力，正被證明對各產業政府與企業每天面臨的挑戰與機會至關重要，涵蓋從災害應變、資源管理到國家安全等領域。

Defense & Intelligence was once again an area of strength for us, with over 90% revenue growth year on year. I want to highlight two recent wins in this sector for our Data and Solutions business, both of which landed in August and therefore are not included in our financial metrics for the quarter. We were awarded a new $8 million contract with the National Geospatial-Intelligence Agency, NGA, to deploy Planet's Global Monitoring Service, GMS, in support of national defense priorities with options to expand and extend this work.

國防與情資（Defense & Intelligence）再次成為我們的強項，年增營收超過 90%。我想特別強調我們在此領域資料與解決方案業務的兩項近期得標，兩案皆於 8 月簽訂，因此未納入本季財務指標。我們獲得美國國家地理空間情報局（NGA）一項新的 800 萬美元合約，以部署 Planet 的全球監測服務（GMS），支援國防優先事項，並包含擴大與延長此項工作的選擇權。

Planet was the only vendor considered as our solutions are truly unique. We've created a deep archive of thousands of images for every point on Earth's landmass, enabling a peripheral vision which, with AI-powered pattern recognition on top, provides customers with the strategic indication and warning capability to proactively recognize patterns and identify emerging threats. This program grew out of a successful pilot with the Defense Innovation Unit in support of INDOPACOM, and we're incredibly proud to see GMS graduate to an operational program. We were also awarded a seven-figure, one-year agreement with a European Defense & Intelligence customer to supply high-resolution global Mosaics and support operational planning.

Planet 是唯一被納入考量的供應商，因為我們的解決方案確實獨一無二。我們為地球所有陸地上的每一個位置建立了由數千張影像構成的深度影像檔案庫，提供一種「周邊視野」；再結合其上的 AI 驅動模式辨識，能為客戶提供戰略性的徵候與預警能力，以主動辨識模式並發現新興威脅。此計畫源自於我們與國防創新單位（Defense Innovation Unit）合作、支援印太司令部（INDOPACOM）的成功試點；我們非常自豪看到 GMS 從試點畢業，成為正式的作業計畫。我們也與一位歐洲國防與情資客戶簽訂一項為期一年、金額達七位數的協議，提供高解析度的全球拼接影像（Mosaics）並支援作業規劃。

Turning to Satellite Services, our team's execution against our backlog for our Satellite Services customers contributed to the strength in our Defense & Intelligence results. As we discussed last quarter, in May, we launched our first satellite for the Swedish Armed Forces just four months after the Satellite Services contract with them was signed. The Space Systems team's rapid commissioning of that satellite enabled us to officially hand over to the customer, which contributed to the Q2 revenue outperformance. In August, the German government announced that we were awarded a tender for dedicated capacity Satellite Services. The tender award includes options and has a maximum possible value of EUR25 million over five years.

談到衛星服務，我們團隊針對衛星服務客戶之在手訂單（backlog）的執行，促成了國防與情資業績的強勁表現。如同我們上季所提到的，我們在 5 月於與瑞典武裝部隊簽署衛星服務合約後僅四個月，便發射了為其打造的首顆衛星。太空系統（Space Systems）團隊快速完成該衛星的在軌測試與驗收，使我們得以正式交付給客戶，並促成本季（Q2）營收優於預期。8 月，德國政府宣布我們獲得一項專用容量衛星服務（dedicated capacity Satellite Services）的標案。該標案包含選擇權，五年期間最高可能價值為 2,500 萬歐元。

Overall, our Satellite Services pipeline progress has been extraordinary. In particular, we're very pleased with the maturation of this pipeline. Today, we have over $4 billion of identified opportunities for Satellite Services, over 25% of which is qualified as near-term pipeline. Planet is extremely differentiated here due to the strength of our operational history as we've launched more Earth imaging satellites than any other company in the globe and due to our speed of delivery. For our two most recent Satellite Services partnerships, we've delivered a first satellite in orbit within two and four months of the contract award, respectively, compared to many years for the space industry historically.

整體而言，我們的衛星服務商機管線（pipeline）進展極為出色。尤其令我們欣喜的是，這條管線的成熟度正在提升。目前，我們已辨識的衛星服務機會超過 40 億美元，其中超過 25% 被認定為近期期管線（near-term pipeline）。Planet 在此領域具備高度差異化，原因在於我們強大的營運歷史——我們發射的地球影像衛星數量超過全球任何其他公司——以及我們的交付速度。就我們最近兩項衛星服務合作而言，我們分別在合約授予後兩個月與四個月內，即交付首顆在軌衛星；相較之下，傳統太空產業歷來往往需要多年。

We are also increasingly finding that our customers and prospects want both AI-enabled solutions and Satellite Services. This bundling creates synergies and is even more differentiated. Governments are articulating an urgent imperative to secure sovereign access to space, understand threats in and around their region, modernize their defense capabilities, prepare their infrastructure for natural disasters and other catastrophic events, and maintain their strategic edge. More broadly across the Civil Government sector, second quarter revenue grew over 5% year over year, and we continue to see encouraging momentum both in the US and abroad.

我們也愈來愈常發現，客戶與潛在客戶同時需要 AI 驅動解決方案與衛星服務。這種綑綁（bundling）能創造綜效，並帶來更高的差異化。各國政府正明確表達一項迫切需求：確保對太空的主權存取、掌握其區域內外的威脅、現代化其國防能力、讓基礎設施為天然災害與其他重大災難事件做好準備，並維持其戰略優勢。更廣泛地看，在民用政府（Civil Government）領域，第二季營收年增超過 5%，我們在美國與海外皆持續看到令人鼓舞的動能。

To share some recent highlights, during the quarter, Planet signed a new contract with the Rwanda Space Agency to provide national high-resolution data and analytics for government ministries, departments, and agencies, as well as public universities. The satellite imagery data will be used in policy and decision support on agriculture, urban management, spatial planning, disaster response, amongst other applications. This deal marks Planet's first national program of its kind in Africa.

分享一些近期亮點：本季期間，Planet 與盧安達太空總署（Rwanda Space Agency）簽署新合約，為政府各部會、機關與單位，以及公立大學提供國家級高解析度資料與分析。衛星影像資料將用於農業、都市管理、空間規劃、災害應變等多項應用的政策與決策支援。此交易標誌著 Planet 在非洲的首個同類型國家級計畫。

Also in the quarter, Planet signed a renewal with the New Mexico State Land Office. Since 2019, this long-standing partnership has evolved into a sophisticated, multi-product strategy that enables the Land Office to monitor, protect, and manage over 9 million acres of public trust land.

同樣在本季，Planet 與新墨西哥州州有土地辦公室（New Mexico State Land Office）簽署續約。自 2019 年以來，這項長期合作已演進為成熟的多產品策略，使該土地辦公室得以監測、保護並管理超過 900 萬英畝的公共信託土地。

Shifting to the Commercial sector, revenue grew over 15% year on year, reflecting the continued focus from our teams on landing and expanding in larger opportunities and leveraging AI-enabled solutions. To highlight a few interesting use cases in the sector, last month, we signed a six-figure expanded renewal with a hyperscaler AI developer for global monitoring of data centers and semiconductor manufacturing facility construction. Planet's Pelican high-resolution data is used to track construction milestones for those facilities, which are strong indicators of supply chain health and computing capacity.

轉向商業部門，營收年增超過 15%，反映我們團隊持續聚焦於拿下並擴大更大型的商機，以及運用 AI 賦能的解決方案。為了凸顯該部門幾個有趣的使用案例，上個月我們與一家超大規模雲端服務商（hyperscaler）的 AI 開發商簽署了一筆六位數的擴大續約，用於全球資料中心與半導體製造設施建設的監測。Planet 的 Pelican 高解析度資料被用來追蹤這些設施的施工里程碑，而這些里程碑是供應鏈健康狀況與運算能力的強力指標。

We're currently seeing meaningful demand from our customers in the AI and Financial Services industries to use Planet's data to track the pace of infrastructure expansion across the AI value chain. Planet partnered with FarmQA to develop and commercialize AI-powered agronomic intelligence tools for enterprise agriculture. The first application of the collaboration is already in the field, an AI-driven sugar beet yield estimation model currently being piloted with multiple sugar beet cooperatives during the 2026 growing season.

我們目前看到 AI 與金融服務產業的客戶對使用 Planet 資料來追蹤 AI 價值鏈各環節基礎設施擴張速度有顯著需求。Planet 與 FarmQA 合作開發並商業化面向企業農業的 AI 驅動農藝智慧工具。該合作的第一個應用已經在現場落地：一個 AI 驅動的甜菜產量估算模型，正於 2026 年生長季與多個甜菜合作社進行試點。

Finally, Planet partnered with Braga Technologies to integrate Planet's high-frequency satellite data into their Spatial Intelligence platform, enabling automated change detection and near real-time analytics for natural resource management and Civil Government applications. Stepping back, AI is enabling us to move up the market into a high-value, higher-growth segment. We believe we currently have under 5% market share of today's overall Earth observation market, which excludes Satellite Services. And with the innovations we are making across solutions, real-time insights, and next-generation monitoring, we believe we are poised to rapidly expand our market share.

最後，Planet 與 Braga Technologies 合作，將 Planet 的高頻衛星資料整合至其 Spatial Intelligence 平台，為自然資源管理與民政政府應用提供自動化變更偵測與近即時分析。從更宏觀的角度來看，AI 正在使我們得以上移至高價值、較高成長的市場區隔。我們相信，目前在當今整體地球觀測市場（不含衛星服務）中的市占率仍低於 5%。隨著我們在解決方案、即時洞察與下一代監測方面持續創新，我們相信已蓄勢待發，能快速擴大市占率。

Perhaps more importantly, we believe that AI is expanding the potential market for these capabilities by enabling users without geospatial expertise to leverage this critical data into their daily operations and expand to further applications and segments. Planet is uniquely positioned to capture this expansion as our daily scan mission is core to those expanded applications and most ready and relevant for AI utilization.

更重要的是，我們相信 AI 正在擴大這些能力的潛在市場，因為它讓沒有地理空間專業的使用者也能將這些關鍵資料融入日常營運，並拓展到更多應用與細分領域。Planet 具備獨特優勢可掌握這波擴張，因為我們的每日掃描任務是這些擴展應用的核心，且最為就緒並與 AI 的使用最相關。

Turning to technology and operational updates. In July, we successfully launched our next-generation Pelican tech demo, which included several technology advancements across payload, on-orbit compute, and satellite-to-satellite communications. This satellite forged our path towards delivering 30-centimeter-class resolution imagery. As a reminder, this satellite is a tech demo and is not expected to serve customers.

接著談技術與營運更新。7 月，我們成功發射了下一代 Pelican 技術展示衛星，其中包含在載荷、在軌運算以及星間通訊等多方面的技術進展。這顆衛星為我們鋪就了交付 30 公分級解析度影像的道路。提醒一下，這顆衛星屬於技術展示，預期不會用於服務客戶。

Just this week, we shipped our second Tanager hyperspectral satellite to the launch site, along with 18 SuperDoves. They're slated for launch this fall aboard SpaceX's Transporter-18 mission. We're very excited to be growing our fleet in support of our partner, Carbon Mapper, and doubling our capacity for methane and CO2 detections and enabling higher revisit rates.

就在本週，我們已將第二顆 Tanager 高光譜衛星連同 18 顆 SuperDoves 一併運送至發射場。它們預計於今年秋季搭乘 SpaceX 的 Transporter-18 任務發射。我們非常期待擴充機隊以支援合作夥伴 Carbon Mapper，並將甲烷與 CO2 偵測能力提升一倍，同時提高重訪頻率。

Overall, we're investing in launch, both to diversify our supply chain and in response to synergies with our key Satellite Services government partners. To that end, in July we announced a launch partnership with Isar Aerospace. Under this agreement, Isar is scheduled to launch a Pelican next year, which we plan to build in our new German satellite manufacturing facility. With both the satellite and Isar launch vehicle Spectrum being built in Germany, this would be a national first for the country, demonstrating the value of commercial space in rapid advancements in German sovereign space capabilities.

整體而言，我們正投資於發射，一方面是為了分散供應鏈風險，另一方面也是回應與我們關鍵衛星服務政府合作夥伴之間的協同效益。為此，我們在 7 月宣布與 Isar Aerospace 建立發射合作夥伴關係。依據該協議，Isar 預計於明年發射一顆 Pelican，而我們計畫在新的德國衛星製造設施中建造該衛星。由於衛星與 Isar 的 Spectrum 運載火箭皆在德國製造，這將成為該國首例，展現商業太空在推動德國主權太空能力快速進展方面的價值。

Relatedly, I wanted to provide an update on the German manufacturing facility, which is expected to roughly double our manufacturing capacity. This project is progressing at pace with the facility setup and clean room fit-out scheduled for September and plans to begin building in the facility this year. There has been considerable interest from the German and European governments in this new facility, and we believe it positions us well to serve critical needs of customers and prospects in the region. Over the summer, we also opened a new office in London as we scale our European presence and establish a hub for our customers and partner relationships in the region.

相關地，我也想就德國製造設施提供最新進度；該設施預期可使我們的製造產能約增加一倍。此專案正按進度推進，設施建置與無塵室裝修預計於 9 月完成，並計畫於今年開始在該設施內進行製造。德國與歐洲各國政府對這座新設施展現高度興趣，我們相信它能讓我們更有利地滿足該地區客戶與潛在客戶的關鍵需求。今年夏天，隨著我們擴大歐洲布局並建立區域客戶與合作夥伴關係的樞紐，我們也在倫敦開設了新辦公室。

Finally, our AI app has progressed to the open beta phase. This pioneering tool is focused on making Planet's massive global data archive queryable through natural language. By leveraging Planet's proprietary 10-year archive of daily data and integrating LLMs, it can help lower the barriers of entry for non-technical users across all markets, allowing teams without geospatial expertise to accelerate their adoption of Planet's products.

最後，我們的 AI 應用程式已進展至公開測試（open beta）階段。這項開創性工具聚焦於讓 Planet 龐大的全球資料檔案能以自然語言進行查詢。透過運用 Planet 專有的 10 年每日資料檔案並整合大型語言模型（LLMs），它可降低各市場非技術使用者的入門門檻，使缺乏地理空間專業的團隊也能加速採用 Planet 的產品。

Given our momentum with our AI-powered solutions, I wanted to take a moment to discuss our upcoming next-generation monitoring satellite, Owl, and our excitement over that program. We are already seeing significant traction with GMS and MDA among our most critical partners and customers, and feedback indicates that our program will unlock massive value for them.

鑑於我們在 AI 驅動解決方案上的動能，我想花點時間談談即將推出的下一代監測衛星 Owl，以及我們對該計畫的期待。我們已在最關鍵的合作夥伴與客戶之間，看到 GMS 與 MDA 取得顯著進展，而回饋顯示我們的計畫將為他們釋放巨大的價值。

They would like to see us accelerate that program, which we are beginning to do. This program will upgrade the data underpinning the solutions from 3-meter to 1-meter-class resolution, enabling the detection of smaller objects such as smaller vehicles. As well as reduce the latency to as little as an hour in key areas, enabling faster response, Owl represents, in that sense, a massive leap forward. To put it in perspective, it will deliver roughly 10 times more data and do so about 10 times faster. We expect Owl to reinforce our leadership position in broad area monitoring and analytics with greater resolution and lower latency, which puts us in the position to capture market share from the high-resolution market and power downstream solutions with higher fidelity insights.

他們希望我們加速該計畫，而我們也正開始這麼做。此計畫將把支撐解決方案的資料從 3 公尺提升至 1 公尺級解析度，使得能偵測更小的物體，例如較小型的車輛。同時也能在關鍵區域將延遲降低至最短約一小時，以支援更快速的回應；從這個意義上說，Owl 代表一次巨大的躍進。具體而言，它將提供約 10 倍的資料量，且速度約快 10 倍。我們預期 Owl 以更高解析度與更低延遲強化我們在廣域監測與分析的領導地位，使我們得以從高解析度市場取得市占，並以更高保真度的洞察為下游解決方案提供動力。

In closing then, our strong performance this quarter demonstrates clear execution across the business. We delivered robust revenue growth, disciplined execution, and major strategic wins with our large government customers while growing our pipeline across all of our offerings. By expanding our international footprint, advancing our next-generation constellations, and lowering technical barriers with AI, we are positioning Planet to capture a rapidly expanding Earth observation market and building a foundation for sustained long-term growth.

總結來說，本季的強勁表現展現了我們在整體業務上的明確執行力。我們實現了穩健的營收成長、嚴謹的執行，並在大型政府客戶方面取得重大策略性勝利，同時在所有產品線上擴大了銷售管線。透過擴展國際版圖、推進下一代星座，以及以 AI 降低技術門檻，我們正讓 Planet 站上有利位置，以掌握快速擴張的地球觀測市場，並為長期可持續成長奠定基礎。

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 來說明我們的財務狀況。交給你了，Ash。

Thanks, Will. It was indeed a strong quarter, supported by outstanding execution from our teams and exciting technology developments. Turning to our financial results, revenue for the second quarter came in at a record $116 million, representing approximately 58% year-over-year growth. The outperformance in the quarter was driven primarily by delivering against our Satellite Services contracts, specifically with respect to the handover of our first Pelican for the Swedish Armed Forces. The Space Systems team did a fantastic job with rapid commissioning, exceeding our expectations, generating point-in-time revenue, and contributing to the Q2 beat. We were pleased to see growth across all of our market sectors in the quarter.

謝謝你，Will。這確實是一個強勁的季度，得益於團隊出色的執行力以及令人振奮的技術進展。接著看我們的財務結果，第二季營收創下 1.16 億美元的新高，約為年增 58%。本季的超預期表現主要來自我們在衛星服務合約上的交付，特別是向瑞典武裝部隊移交我們第一顆 Pelican 相關的交付。太空系統團隊在快速調試方面表現非常出色，超出我們預期，帶來一次性（point-in-time）營收，並促成第二季優於預期。我們也很高興看到本季在所有市場部門均有成長。

Our Defense & Intelligence revenue grew more than 90% year on year, which includes our Satellite Services revenue. The Commercial sector was up more than 15% year on year and Civil Government revenue was up over 5%. Similarly, turning to our regional revenue breakdown, growth continues to be distributed around the globe. During the quarter, year-on-year revenue growth was approximately 3% in Latin America, over 15% in Asia Pacific, approximately 25% in North America, and over 130% in EMEA. As our Satellite Services revenue grows, we will likely see an increase in revenue recognized as point-in-time versus over time. In Q2, point-in-time revenue was 12% of revenue versus 1% in the same period last year. While we scale our Satellite Services business, we expect to experience variability in this metric quarter to quarter.

我們的國防與情報營收年增超過 90%，其中包含我們的衛星服務營收。商業部門年增超過 15%，民政政府營收年增超過 5%。同樣地，從區域營收拆分來看，成長仍持續分布於全球各地。本季年增幅約為：拉丁美洲 3%、亞太超過 15%、北美約 25%，以及 EMEA（歐洲、中東與非洲）超過 130%。隨著我們的衛星服務營收成長，我們可能會看到以一次性（point-in-time）認列的營收占比相較於隨時間（over time）認列的營收占比提高。在第二季，一次性營收占比為 12%，而去年同期為 1%。在我們擴大衛星服務業務的同時，我們預期此指標將在各季度之間出現波動。

Before I turn to ACV metrics, I want to remind you that our ACV metrics exclude 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 customers are not taking ownership of the hardware and revenue for these services is recognized ratably. Recurring ACV was 98% of our end-of-period ACV book of business, reflecting our continued focus on selling subscription data contracts and solutions as opposed to one-time professional or engineering services. Approximately 94% of our end-of-period ACV book of business consists of annual or multi-year contracts. Net dollar retention rate on ACV at the end of the second quarter was 109% and net dollar retention rate with winbacks was 110%.

在我轉向 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）；就我們的財務報導而言，我們將其定義為主權衛星所有權、直接接取服務，以及代管營運。我們的 ACV 指標確實包含專用容量合約，因為客戶並未取得硬體所有權，且這些服務的收入以按期平均方式認列。經常性 ACV 佔我們期末 ACV 業務簿的 98%，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 業務簿中約 94% 由年度或多年期合約構成。第二季期末 ACV 的淨美元留存率為 109%，包含贏回客戶（winbacks）的淨美元留存率為 110%。

Our non-GAAP gross margin for the second quarter was 59% compared to 61% in the second quarter of fiscal '26, reflecting investments in support of our Satellite Services contracts and AI-enabled partner solutions. Our non-GAAP gross margins came in considerably better than expected, driven by the scalability of our business model and our revenue mix in the quarter. Adjusted EBITDA profit was $13.9 million for the second quarter, better than expected, driven by higher gross margins and the revenue outperformance.

第二季我們的非 GAAP 毛利率為 59%，相較於 2026 會計年度第二季的 61%，主要反映我們為支援衛星服務合約與 AI 賦能的合作夥伴解決方案所進行的投資。我們的非 GAAP 毛利率顯著優於預期，受惠於商業模式的可擴展性以及本季的營收組合。第二季調整後 EBITDA 獲利為 1,390 萬美元，優於預期，主要由較高的毛利率與營收超預期所帶動。

Capital expenditures in Q2, which include capitalized software development, were approximately $29 million. This was just above our guidance range based on the timing of certain Pelican procurements and capitalized software development to support AI-powered solutions. As Will mentioned, given the strong demand we're seeing for our solutions and Satellite Services, we're investing behind our largest growth opportunities. We expect CapEx to increase in future quarters as we lean into market demand, scale up our manufacturing capacity in San Francisco and Berlin, invest in supply chain resiliency, and build out our next-generation fleets. Year-to-date, we generated approximately $68 million in net cash from operating activities, while year-to-date free cash flow was $21 million. Year-to-date adjusted free cash flow was $29 million, which excludes nonrecurring payments related to litigation settlements.

第二季的資本支出（包含資本化軟體開發）約為 2,900 萬美元。由於部分 Pelican 採購時點，以及為支援 AI 驅動解決方案而進行的資本化軟體開發時點影響，該數字略高於我們的指引區間。如 Will 所提到，鑑於我們在解決方案與衛星服務方面看到的強勁需求，我們正加大投入於最大的成長機會。我們預期未來幾季資本支出將增加，因我們將順應市場需求、擴增舊金山與柏林的製造產能、投資供應鏈韌性，並建置下一代機隊。年初至今，我們自營運活動產生的淨現金約為 6,800 萬美元，而年初至今自由現金流為 2,100 萬美元。年初至今調整後自由現金流為 2,900 萬美元，該數字排除與訴訟和解相關的一次性付款。

Turning to the balance sheet, we ended the quarter with approximately $865 million of cash, cash equivalents, and short-term investments, an increase of over 200% year on year driven by our positive free cash flow and proceeds from our capital transactions over the last year. During Q2, we raised approximately $120 million from stock sales under our ATM program at an average net sales price of $31.95 per share after expenses. Given our strong balance sheet and cash flow-positive operations, we remain focused on executing sales under the program in a disciplined manner, balancing market dynamics with our desire to minimize dilution as we add to our cash reserves.

轉向資產負債表，我們在本季末持有約 8.65 億美元的現金、約當現金與短期投資，年增超過 200%，主要由正向自由現金流以及過去一年資本交易所得款項所帶動。第二季期間，我們透過 ATM 計畫下的股票出售籌得約 1.20 億美元，扣除費用後的平均淨售價為每股 31.95 美元。鑑於我們強健的資產負債表與營運現金流轉正，我們仍將以審慎有紀律的方式執行該計畫下的出售，在兼顧市場動態的同時，亦希望在增加現金儲備時將稀釋降至最低。

At the end of Q2, our remaining performance obligations, or RPOs, were approximately $753 million, up approximately 9% year over year, of which approximately 46% apply to the next 12 months and 68% to the next 24 months. We estimate our backlog, which includes contracts with a termination-for-convenience clause, to be approximately $815 million, up approximately 11% year over year. Approximately 50% of our backlog applies to the next 12 months and 70% to the next 24 months. This implies that by executing on contracts already in our backlog, we could recognize over $400 million in revenue over the next four quarters, not including the impact of any new business or renewals closed during that period. This provides us with excellent visibility to near-term revenue and, combined with the strength of our pipeline, gives us confidence in our ability to sustain high growth rates in future years.

截至第二季末，我們的剩餘履約義務（RPO）約為 7.53 億美元，年增約 9%；其中約 46% 適用於未來 12 個月，68% 適用於未來 24 個月。我們估計的在手訂單（backlog，包含含便利終止條款的合約）約為 8.15 億美元，年增約 11%。我們的在手訂單中約 50% 適用於未來 12 個月，70% 適用於未來 24 個月。這意味著，僅透過執行目前在手訂單中的合約，我們在未來四個季度可認列超過 4 億美元的營收，且不包含該期間內新增業務或續約成交的影響。這使我們對短期營收具備極佳能見度，並結合強勁的管線，讓我們對未來年度維持高成長率的能力充滿信心。

Let me now turn to our guidance for the third quarter and full fiscal year 2027. In Q3, we're expecting revenue to be between $101 million and $105 million, which represents approximately 27% year-on-year growth at the midpoint, supported by strong visibility from our backlog. As a reminder, our strong Q2 revenue outperformance was due in part to the timing of the handover of our commissioned satellite in Q2 rather than Q3, shifting revenue between the two quarters without changing our full-year outlook. We expect non-GAAP gross margin for the quarter to be between 56% and 58%. Q3 adjusted EBITDA loss is expected to be between minus $6 million and minus $1 million, reflecting our focus on investing to drive sustained growth.

接下來我說明我們對第三季與 2027 會計年度全年的指引。第三季我們預期營收介於 1.01 億至 1.05 億美元，以中位數計算約為年增 27%，並受惠於在手訂單帶來的強勁能見度。提醒各位，我們第二季營收大幅超預期，部分原因在於我們受委託衛星的交付時點落在第二季而非第三季，導致兩季之間的營收移轉，但不影響全年展望。我們預期本季非 GAAP 毛利率介於 56% 至 58%。第三季調整後 EBITDA 虧損預期介於負 600 萬至負 100 萬美元，反映我們聚焦於投資以推動可持續成長。

We are planning for capital expenditures of approximately $30 million to $37 million in the quarter, encompassing our facilities expansions and procurements for our next-generation fleets in response to the strong demand that Will alluded to in his remarks. For the full fiscal year 2027, we are increasing the low end of our guidance range to reflect our improved visibility as we continue to move through the year. We now forecast revenue between $430 million and $441 million, reflecting year-over-year growth of 40% to 43%. Our non-GAAP gross margin for the year is projected to be between 55% and 57%, above the high end of our prior expectations, driven by the mix of business and scale achieved from optimization of our infrastructure and in-house analytics. We anticipate margins to continue to expand in subsequent years as we scale the business and realize returns on our growth investments.

我們規劃本季資本支出約 3,000 萬至 3,700 萬美元，涵蓋設施擴建以及因應 Will 在談話中提及的強勁需求、為下一代機隊進行的採購。就 2027 會計年度全年而言，我們上調指引區間的下緣，以反映隨著年度推進而提升的能見度。我們目前預測營收介於 4.30 億至 4.41 億美元，對應年增 40% 至 43%。我們預估全年非 GAAP 毛利率介於 55% 至 57%，高於先前預期上緣，主要由業務組合以及透過基礎設施與內部分析優化所達成的規模效益所驅動。隨著我們擴大業務規模並實現成長投資回報，我們預期後續年度的利潤率將持續擴張。

We are similarly increasing the low end of our guidance range for adjusted EBITDA to reflect the improvement in margins with a current forecast between $3 million and $10 million, reflecting our resolve to drive adjusted EBITDA profitability on an annual basis as we capture market share through advancing our technology stack and expanding our global sales and marketing organization. We also aim to deliver Rule of 40 for this fiscal year, calculated as our revenue growth rate plus adjusted EBITDA margin. We are planning for approximately $100 million to $115 million in capital expenditures for the year, reflecting the necessary investments in our manufacturing facilities and next-generation satellites to meet surging market demand. CapEx can vary quarter to quarter based on the timing of our procurements, launches, and real estate build-outs. We are managing the business to be adjusted free cash flow positive on an annual basis for the full fiscal year 2027, while we also focus on opportunities to accelerate growth.

同樣地，我們也上調調整後 EBITDA 指引區間的下緣，以反映利潤率改善；目前預測介於 300 萬至 1,000 萬美元，反映我們的決心：透過推進技術堆疊並擴大全球銷售與行銷組織以取得市占，進而在年度基礎上實現調整後 EBITDA 獲利。我們也以在本會計年度達成「40 法則」（Rule of 40）為目標，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 1.00 億至 1.15 億美元，反映為滿足激增的市場需求而對製造設施與下一代衛星所需的必要投資。資本支出可能因採購、發射與不動產建置時點而在各季間波動。我們以 2027 會計年度全年在年度基礎上維持調整後自由現金流為正來管理業務，同時也聚焦於加速成長的機會。

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 procurements, our focus remains on generating sustainable adjusted free cash flow on an annual basis through efficient growth in revenue across Data, Solutions, and Satellite Services.

提醒各位，自由現金流可能因現金收款與採購資本支出投入的時點而在季度間大幅波動；但我們的重點仍是透過在資料（Data）、解決方案（Solutions）與衛星服務（Satellite Services）三大業務中有效率地推動營收成長，以在年度基礎上產生可持續的調整後自由現金流。

In closing, our Q2 results underscore the robust demand for our products and services. We remain focused on capturing share in a rapidly expanding market to drive top-line growth while also delivering profitability on both an adjusted EBITDA and free cash flow basis. We have built a solid launching point to support our ambitious plans, underpinned by a strong balance sheet with over $850 million of cash and equivalents. We are well positioned to execute on our growth initiatives and deliver for our customers whose work is driving real-world security, economic, and ecological value.

最後，我們第二季的結果凸顯市場對我們產品與服務的強勁需求。我們仍專注於在快速擴張的市場中取得市占以推動營收成長，同時也在調整後 EBITDA 與自由現金流兩個基礎上交付獲利能力。我們已建立穩固的起跑點以支撐我們的宏大計畫，其基礎是強健的資產負債表，擁有超過 8.50 億美元的現金與約當現金。我們具備良好條件來推動成長計畫並為客戶交付成果；客戶的工作正在創造真實世界的安全、經濟與生態價值。

As always, Will and I are awed by the achievements of our global Planet team over an incredibly busy and exciting quarter and summer. Thank you all for all that you do.

一如既往，Will 和我對我們全球 Planet 團隊在這個極其忙碌且令人振奮的季度與夏季所取得的成就深感敬佩。感謝各位所做的一切。

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

接線員，我們的評論到此結束。我們現在可以開始提問。

(Operator Instructions) Edison Yu, Deutsche Bank.

(接線員指示) 德意志銀行的 Edison Yu。

First of all, I want to ask about AI and maybe try to tie in some of the broader dynamics going on. There's obviously been a lot of attention paid to the fact that the gap between frontier and open-source, open-weight models has compressed a lot. Does this have any sort of impact on your efforts? And if so, is that actually a positive tailwind for you?

首先，我想問一下 AI，並嘗試把一些更廣泛的動態連結起來。顯然，大家非常關注的一點是，前沿模型與開源、開放權重模型之間的差距已大幅縮小。這對你們的工作是否有任何影響？如果有的話，這是否反而成為對你們有利的正面助力？

I hadn't thought very much about it in that way. But look, we're taking the best models across the field to apply on top of our data. It does help us, of course, the proliferation of that, more models, more availability. And what we're trying to be is model-agnostic on a lot of our applications. You heard about our AI app and that progressing to the open beta phase. And in that particular app, we allow people to choose their own model backend.

我之前沒有用這種方式想太多。但你看，我們會採用業界最好的模型，疊加在我們的資料之上來應用。當然，這對我們有幫助——模型的普及、更多模型、更多可用性。而我們在許多應用上努力做到與模型無關（model-agnostic）。你也聽到我們的 AI 應用程式正在推進到公開 Beta 階段。在那個特定的應用中，我們允許使用者選擇自己偏好的模型後端。

So if you have a preference for Gemini over Anthropic or what have you, you can choose. It's a good point about smaller models. Obviously, I think that we're going to turn to a situation where the system will choose the model that's most appropriate for the question at some point. I'm sure that's where the big companies are going to go as well. But yeah, I mean, in a sense, the commoditization of those models only accentuates the extra value that we have of our data. And I often say to people, AI is all about the training data.

所以如果你偏好 Gemini 而不是 Anthropic 或其他，你可以自行選擇。你提到小型模型的觀點很好。顯然，我認為我們最終會走向一種情況：系統會在某個時點自動選擇最適合該問題的模型。我相信大型公司也會朝這個方向發展。不過是的，某種意義上，這些模型的商品化只會更凸顯我們資料所帶來的額外價值。我也常跟大家說，AI 的核心在於訓練資料。

Obviously, most generally to date, LLMs have trained off the text and other information on the internet. That means they're largely blind to real-world information. And so if you're a farmer trying to understand your farm field or a journalist trying to investigate a flood or someone in Defense & Security trying to investigate a threat around the horizon, you don't want theoretical knowledge about that. You want actual information around the corner. And that's where our data, our daily scan with all of the archive, really fits in well. So I think the point you're making only accentuates the value of extra datasets like ours.

顯然，到目前為止，最普遍的情況是 LLM 主要以網際網路上的文字與其他資訊進行訓練。這代表它們在很大程度上看不到真實世界的資訊。因此，如果你是一位農民想了解自家農田，或是一位記者想調查洪水，或是國防與安全領域的人想調查地平線外的威脅，你不需要關於那件事的理論知識。你需要的是轉角處的真實資訊。而這正是我們的資料——我們的每日掃描加上完整的歷史檔案——非常契合的地方。所以我認為你提出的重點只會更凸顯像我們這樣額外資料集的價值。

Understood. Yeah, yeah, totally. Separate question as a follow-up. You cited the pipeline at, I believe, $4 billion, and I think over 25%, or $1 billion, I guess, is near term. Can you provide a little bit more context on how that number has been relative to in the past and also kind of the size of the deals maybe in the pipeline relative to Germany?

了解。對，對，完全同意。另外一個問題作為追問。你提到管線（pipeline）我記得是 40 億美元，而且我想超過 25%——也就是 10 億美元——應該是近期的。你能否提供更多背景，說明這個數字相較於過去的變化，以及管線中的交易規模（例如相較於德國案）大概是什麼樣子？

Yeah, it's really great. Yeah, well, we're very pleased with the German deal. That pipeline that you're talking about is referring to Constellation Services. So yeah, we've got about $4 billion of deals identified in our pipeline there, about $1 billion of which we have designated as near-term pipeline. And yeah, so we've seen both smaller deals when Civil Governments come in like this German Civil -- But it's really exciting that there are Civil Governments now taking interest in dedicated-capacity options, in particular of our Constellation Services options.

是的，這真的很棒。我們對德國這筆交易非常滿意。你提到的那個管線是指 Constellation Services（星座服務）。所以是的，我們在那裡已識別出約 40 億美元的交易機會，其中約 10 億美元我們指定為近期管線。而且是的，我們確實看到一些較小的交易，像這次德國的民用政府案——但更令人振奮的是，現在有民用政府開始對專用容量（dedicated-capacity）選項感興趣，特別是我們的 Constellation Services 選項。

And I'm pleased to say we're also seeing even bigger deals at the big end of this spectrum. And some of that's contributing to the sheer scale of near-term opportunity pipeline there. So yeah, I mean, I've never seen it as big as it is now. So it's maturing in every way, but especially the maturation of the big deals is really impressive right now. So we're pleased on all fronts with Constellation Services.

我也很高興地說，我們在這個光譜的高端也看到更大的交易。其中一部分正在推動近期機會管線的整體規模。所以是的，我的意思是，我從未見過它像現在這麼大。它在各方面都在成熟，尤其是大型交易的成熟度目前非常令人印象深刻。因此，我們對 Constellation Services 在各方面的進展都很滿意。

Thank you.

謝謝。

John Godyn, Citi.

花旗的 John Godyn。

A number of companies out there are planning to launch different types of large LEO constellations, and the launch players generally describe the market for their services as very tight. You mentioned a recent partnership in Germany as an example of just diversifying access to launch. I was hoping you could offer a bit of a temperature check on the market for launch services as you see it, and do you have any concerns about getting access at reasonable prices?

目前有不少公司計畫發射不同類型的大型 LEO（低地球軌道）星座，而發射服務業者普遍形容其服務市場非常吃緊。你提到近期在德國的一項合作夥伴關係，作為分散發射取得來源的一個例子。我想請你就你所看到的發射服務市場提供一些「溫度」觀察；你是否擔心能否以合理價格取得發射資源？

Yeah, I mean, there is definitely a lot of demand, especially for the rideshare missions with SpaceX right now, and that is driving some challenges for some of the players, especially the smaller players. You have to remember, of course, in the big arc, prices have been coming down. When we first started out at Planet, the launch prices were about $20,000 a kilogram. Now they're significantly less than that. They have been going up a little bit as we're dealing with that, and we've been investing to secure access.

是的，我的意思是，目前確實有很大的需求，特別是 SpaceX 的共乘（rideshare）任務，這也為一些業者帶來挑戰，尤其是較小的業者。當然你要記得，從長期趨勢來看，價格一直在下降。我們在 Planet 剛起步時，發射價格大約是每公斤 20,000 美元。現在已經明顯低於那個水準。在我們面對目前情況時，價格確實有些微上升，而我們也一直在投資以確保取得發射資源。

But I would also say that Planet's experience here is really critical. I mean, we've launched 688 Earth imaging satellites on 42 rockets of 10 different varieties. So it's not just SpaceX, it's SpaceX 16 times, the Indian PSLV rocket 7 times, the Vega rocket, the H-II rocket, the Atlas rocket, and many others. And so we're very experienced in putting our payloads up when we need, and we're very flexible and speedy. So all those providers really like working with us because of how experienced we are in doing that. So we always turn up with the payloads on time, integrate them quickly and so on. And so they love working with us. So we've got good plans.

但我也想說，Planet 在這方面的經驗非常關鍵。我們已在 42 枚、10 種不同型號的火箭上，發射了 688 顆地球影像衛星。所以不只是 SpaceX——我們使用 SpaceX 16 次、印度 PSLV 火箭 7 次、Vega 火箭、H-II 火箭、Atlas 火箭，以及許多其他火箭。因此，我們在需要時把載荷送上太空方面非常有經驗，而且我們非常靈活、速度也快。所以所有這些供應商都很喜歡與我們合作，因為我們在這方面的執行經驗很成熟。我們總是能準時帶著載荷到場、快速完成整合等等。因此他們很樂意與我們合作。所以我們有很好的規劃。

Of course, diversification is really great when new players -- and we like investing contracts with new players because it helps encourage them to get going. They want to show they've got real opportunities to their investors to get going, and that's great. And it's synergistic with our Satellite Services with countries. I mean, in the case of that one with Isar Aerospace in Germany, yeah, that's really great because, of course, Germany would love to see satellites built in Germany and launched on German rockets. So it just plays into that game.

當然，當有新玩家加入時，分散化非常好——我們也喜歡與新玩家簽訂合約並投入，因為這有助於鼓勵他們啟動與發展。他們希望向投資人證明自己有真實的機會可以推進，這很好。而且這也與我們面向各國的 Satellite Services（衛星服務）形成協同效應。以德國與 Isar Aerospace 的那個案例來說，是的，這非常好，因為德國當然希望看到衛星在德國製造，並由德國火箭發射。所以這正好契合那個策略。

So we're an even stronger industrial player for that country in that example. And there are others around the world like that.

因此，在那個例子中，我們對該國而言是更強的產業合作夥伴。全球也有其他類似的案例。

That's great. And if I could just follow up with a broadening up that question a bit to the supply chain at large, kind of same idea, a lot of activity, a lot of growth in expected satellite launches. Is there anything deeper in the supply chain that's showing up as kind of a problem, a concern, access to some sort of raw material or technology that's tightening up, lead times, anything like that? A temperature check would be great.

很好。如果我可以再追問一下，把這個問題稍微擴大到整體供應鏈：同樣的概念，活動很多、預期衛星發射量也會大幅成長。供應鏈更深層的環節是否出現任何問題或疑慮，例如某些原物料或技術的取得變得吃緊、交期拉長之類的？如果能提供一個溫度觀察會很棒。

We feel relatively good about our supply chains. We do think a lot about supply chain risk, of course, and shoring that up. And we have made some investments to stockpile things that we really think are critical components. Most of that is relatively straightforward for us. I mean, with relatively small numbers still on most of the global scales.

我們對我們的供應鏈狀況感覺相對良好。當然，我們也非常重視供應鏈風險，並持續強化相關韌性。我們也做了一些投資，用於囤積我們認為屬於關鍵零組件的物料。對我們而言，其中大多數都相對直接。我的意思是，就全球尺度來看，目前大多數項目的數量仍然相對不大。

So, Ashley, anything to add to that?

所以，Ashley，還有什麼要補充的嗎？

No. I mean, I obviously took up guidance on the year for CapEx, and part of that is we want to make sure that we don't run into any of those constraints. So we're looking at longer lead-time items and making sure that we're making advanced procurements so that we can move at the pace of demand.

沒有。我的意思是，我顯然已經就今年的資本支出（CapEx）提供了指引，而其中一部分原因是我們希望確保不會遇到任何這類限制。因此我們正在檢視交期較長的項目，並確保提前採購，讓我們能以需求的速度推進。

Excellent.

很好。

Mike Latimore, Northland Capital Markets.

Mike Latimore，Northland Capital Markets。

Great. Yeah, thanks so much. On the queryable Earth offering, I guess you call it, AI application now, when might you see this get to general availability, and then how are you thinking about monetizing it?

太好了。是的，非常感謝。關於你們所謂的「可查詢地球」（queryable Earth）產品，也就是現在的 AI 應用，什麼時候可能會達到正式全面可用（general availability）？另外，你們打算如何將其變現？

Yeah, great questions. I mean, look, we're really pleased with the interest of folks in that application. Some of the emerging use cases that we're seeing are really incredible. We're really still in a learning journey. It's in beta mode for a reason. We're learning what and really trying to hone the app into what is valuable for customers. And then we'll think about the marketing and go-to-market pieces of it. So we're more focused on that value creation first.

是的，很好的問題。我的意思是，坦白說，我們對大家對該應用的興趣感到非常滿意。我們看到的一些新興使用案例真的非常令人驚豔。我們仍然處於學習的旅程中。它之所以是 Beta 版是有原因的。我們正在學習，並努力把這個應用打磨成對客戶有價值的樣子。接著我們才會思考行銷與上市（go-to-market）等面向。所以我們目前更專注於先創造價值。

But the general way in which it's helping is it's enabling people to get going really quickly, like what's the quick way of getting a rough idea, does Planet have data that could be relevant for this, and what's the quick answer? And then the other piece of it is just lowering the barriers of entry for non-geospatial experts such that they can get going again without any such team in the loop. And that means also that it opens up to all those organizations that don't have geospatial teams at all.

但它帶來幫助的一般方式是：它讓人們能非常快速地開始，例如用最快的方式先得到一個粗略概念：Planet 是否有可能與此相關的資料？快速答案是什麼？另一個部分則是降低非地理空間（geospatial）專家的進入門檻，讓他們即使沒有任何相關團隊介入，也能再次開始使用。這也意味著，它能擴展到那些根本沒有地理空間團隊的所有組織。

Now, there's all sorts of caveats with it. We're learning. It's just early days. But I think Planet is in a unique position with one of the most fantastic datasets that could be combined with LLMs to make an incredible offering that is differentiated in the marketplace entirely. I mean, again, all those LLM companies are focused on building real-world models, and to do that, they need real-world data. And we have arguably the most incredible dataset of real-world data to train up that. And so we're focusing on doing that.

當然，這裡有各種注意事項。我們正在學習。現在還是早期階段。但我認為 Planet 具備獨特優勢：我們擁有最出色的資料集之一，可與大型語言模型（LLM）結合，打造在市場上完全差異化、令人驚豔的產品。我的意思是，再次強調，所有那些 LLM 公司都在專注於建立真實世界模型，而要做到這點，他們需要真實世界資料。而我們可以說擁有最令人驚嘆的真實世界資料集，用來訓練這些模型。因此我們正專注於此。

Yeah, definitely. Great. And then on the pipeline, when you say 25% is near term, like 12 months? And then also within that near-term bucket, any color on regions that are more prominent?

是的，確實。很好。另外關於 pipeline，你們說 25% 是近期，是指像 12 個月嗎？以及在這個近期的區間內，能否分享哪些地區更為突出？

Yeah, what we mean by near term is quarters, not years. And what we mean by, I mean, in terms of geography, at least three geographies have been. EMEA, APAC and North America are all playing significantly into our pipeline. And yeah, I mean, we're very pleased to have about $1 billion in that near-term bucket.

是的，我們所說的近期是以季度為單位，而不是以年為單位。至於地理分布，我的意思是，至少有三個地區一直在。EMEA、APAC 和北美都對我們的 pipeline 有顯著貢獻。而且，是的，我們對近期區間約 10 億美元的規模感到非常滿意。

All right. Thanks, and an impressive Rule of 40 this quarter.

好的。謝謝，而且你們本季的 40 法則（Rule of 40）表現很亮眼。

Yeah, Rule of 70.

是 70 法則（Rule of 70）。

Trevor Walsh, Citizens.

Trevor Walsh，Citizens。

Will, I wanted to maybe start with you around a comment you made for that $8 million deal with NGA. I think you had said that Planet was the only provider in the mix for that deal, which is impressive, not I think for any customer, but certainly for the US government where that's not really the standard playbook. So just maybe from a broader competitive perspective, are you seeing that type of situation more where you guys are the only kind of game in town around certain deals or RFPs? And if so, what do you think might be driving that? Is that the bread-and-butter core ability of PlanetScope or other newer type of capabilities?

Will，我想先從你對那筆與 NGA 的 800 萬美元交易的評論談起。我記得你說 Planet 是那筆交易中唯一的供應商，這很令人印象深刻；不只是對任何客戶而言，尤其對美國政府來說，這並不是常見的標準作法。所以從更廣泛的競爭角度來看，你們是否更常看到這種情況——在某些交易或 RFP 中，你們幾乎是唯一的選擇？如果是，你認為背後的驅動因素是什麼？是 PlanetScope 的核心基本能力，還是其他較新的能力？

Well, yeah, it's because of our daily scan. And we have seen it before in the case of the US Navy. That was also sole-source awarded, and actually they competed it the first time, but then once they realized what we had, they sole-sourced it on the second time. So we have seen that on occasion. Obviously, governments do really prefer to have multiple vendors if they can, so this really means they've checked all the boxes and checked that there are no other options.

嗯，是的，這是因為我們的每日掃描（daily scan）。我們以前也在美國海軍的案例中看過。那次也是以單一來源（sole-source）方式授予；其實他們第一次有進行競標，但當他們了解我們擁有的能力後，第二次就改為單一來源。所以我們確實偶爾會看到這種情況。顯然，如果可以的話，政府確實更偏好有多家供應商，因此這代表他們已經把所有條件都勾選確認，並確認沒有其他選項。

And yeah, exactly, underlying that is our daily scan, which there is simply no one else does. I mean, you can look this up, anyone can look this up, no one has a sufficient number of Earth imaging satellites in the right kind of plane and all this to do a daily scan. And so if you want to monitor for new threats and monitor things consistently, we're the only game in town. Now, that doesn't mean there's not other market opportunities for tasking and other things. Obviously, we're playing in that game as well. But in that particular area, which especially on the security front is about finding new threats, we're kind of the only game in town.

而且，是的，正如你所說，其根本原因就是我們的每日掃描，確實沒有其他人能做到。我的意思是，你可以查得到，任何人都可以查得到，沒有人擁有足夠數量的地球影像衛星，並以正確的軌道平面等配置來進行每日掃描。因此，如果你想監測新威脅並持續一致地監控事物，我們是唯一的選擇。當然，這不代表在任務指派（tasking）和其他方面沒有其他市場機會。顯然，我們也在參與那個市場。但在那個特定領域，尤其在安全面向、重點在於發現新威脅時，我們算是唯一的選擇。

Got it. Helpful. Ashley, maybe for you, but Will also feel free to chime in. I think as I just looked over the last few quarters, it looked like D&I is now, I think, at a higher watermark in terms of total revenue contribution in the quarter, 70% this Q. And then at the same time, international is kind of overtaking by a pretty good clip the North America business. So just wondering how much of that is really just a function of Germany and JSAT flowing and maybe even the Swedish deal now flowing through the model. And that's just sort of a natural occurrence of those two metrics reaching those kind of higher contribution levels.

了解。很有幫助。Ashley，這題可能給你回答，但 Will 也歡迎補充。我回顧過去幾個季度後看到，D&I（國防與情報）在本季的總營收貢獻占比似乎來到更高水位，本季是 70%。同時，國際業務也以相當快的速度超越北美業務。所以想請教，這在多大程度上只是因為德國與 JSAT 的合約開始貢獻，甚至現在瑞典的交易也開始反映在模型中？也就是說，這只是這兩個指標自然達到較高貢獻水準的結果。

Or is that really more of what the story of Planet is in the future going forward, at least? Is it more of an international D&I-focused type of opportunity really that you guys are chasing ultimately?

還是說，這其實更代表 Planet 未來的故事走向？也就是說，你們最終追逐的機會，會更偏向以國際市場、以 D&I 為重點的機會？

So you hit on it at the beginning of your question. As we are realizing backlog into revenue and delivering against our Satellite Services contracts, that hits primarily international as well as Defense & Intelligence. Now, Will talked about the fact that we just signed our first Civil Government Satellite Services deal in August. And we do think that there's a meaningful opportunity for us in the Civil Government arena. And we also see a lot of opportunity for growth in Civil Government and Commercial generally with the daily scan plus AI.

所以你在問題一開始就點到了重點。當我們把積壓訂單（backlog）轉為營收，並履行我們的衛星服務（Satellite Services）合約時，主要會反映在國際市場以及國防與情報（Defense & Intelligence）。另外，Will 提到我們在 8 月剛簽下第一筆民用政府（Civil Government）衛星服務交易。我們確實認為在民用政府領域對我們而言有相當可觀的機會。而且我們也看到，結合每日掃描加上 AI，在民用政府與商業領域整體上都有很多成長機會。

I highlighted the fact that we're seeing a lot of interest in data center monitoring across insurance, the Energy sector, and Financial Services. I read a report recently that by 2030, the investment management sector alone is expected to be buying somewhere in the order of $23 billion worth of alternative datasets. And we think the type of data that we're providing fits really nicely into that type of space. So the net of that is there's a lot of opportunity for us to grow in Commercial as well as in Civil Government. And AI is really unlocking that by lowering the barrier to entry and not requiring GIS experts in order to derive value from the data.

我強調了一點：我們看到資料中心監控在保險、能源產業以及金融服務領域都引發了大量興趣。我最近讀到一份報告指出，到 2030 年，僅投資管理產業預計就會採購約 230 億美元規模的替代性資料集。而我們認為，我們所提供的資料類型非常契合這樣的應用場景。因此，總結來說，我們在商業市場以及民用政府領域都有很大的成長機會。而 AI 正在透過降低進入門檻、且不需要 GIS 專家也能從資料中萃取價值，真正釋放這些機會。

Great.

很好。

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

Ash, I wanted to ask you the dynamics that we're seeing in RPO here. Just to simplify it for us here, we're seeing a step down in total, but a real healthy step up in current RPO. Is this primarily driven by progress on these Satellite Services deals, these big, large and enduring deals you're just speaking about? Or are there other trends at play here in terms of shorter-duration contracts outside of those?

Ash，我想請教我們在 RPO 這裡看到的動態。為了簡化來看，我們看到總 RPO 有所下滑，但當期 RPO 卻相當健康地上升。這主要是因為你剛提到的那些衛星服務（Satellite Services）交易、那些大型且長期的交易正在推進所帶動的嗎？還是說，除了那些之外，在較短期合約方面也有其他趨勢在發生？

Yeah, it's a really good question. Obviously, the current RPO and current backlog is directly attributable to the fact that we are making progress against some of these larger contracts. And as we continue to execute, we absolutely expect to translate that from backlog into revenue. And then just generally speaking, we've talked about the fact that we're exploring new markets. So those are going to be more short-term pilot deals and pilot opportunities. As we transition those into programs of record, we would expect those to turn into longer-term deals.

是的，這是個非常好的問題。很明顯地，當期 RPO 與當期積壓訂單（backlog）直接歸因於我們在一些較大型合約上的推進。而且隨著我們持續執行，我們絕對預期能把這些從積壓訂單轉化為營收。另外更廣泛地說，我們也談過我們正在探索新市場。因此，那些會是較短期的試點交易與試點機會。當我們把這些轉換成正式的常態化專案（programs of record）時，我們預期它們會變成更長期的交易。

So I think there's a bit of some and some on that. But as Will said, there's also a lot of opportunity in our pipeline. And as we convert that, we'd certainly expect to continue to see backlog grow. So it's going to be a little inconsistent quarter to quarter other than the fact that we absolutely are executing against the backlog and transitioning that into revenue.

所以我認為這裡面兩者都有一些影響。但如 Will 所說，我們的管線中也有很多機會。隨著我們把它們轉化落地，我們當然也預期會持續看到積壓訂單成長。因此，除了我們確實在執行積壓訂單並將其轉為營收這一點之外，季度之間可能會有些不一致的波動。

Makes perfect sense. Thanks. And another question on Maritime Domain Awareness. You guys have had a lot of success there. Are you seeing any changes in the competitive environment? I did see an announcement of one of your partners that's working with a competitor now. And if you can share about the competitive environment in Maritime Domain?

完全說得通。謝謝。另外一個關於海事領域態勢感知（Maritime Domain Awareness） 的問題。你們在那方面取得了很多成功。你們是否看到競爭環境有任何變化？我確實看到你們的一位合作夥伴宣布現在也在與競爭對手合作。如果可以的話，能否分享一下海事領域的競爭態勢？

Yeah, I mean there are a number of companies out there doing some of the analytics on top of data, but I mean, in terms of the core dataset that it depends upon, again, we're the only one doing a daily scan. I mean, we image tens of millions of square kilometers of ocean territory. I mentioned the US Navy partnership just in the last question, and that one alone images 13 million square kilometers of ocean territory. Just to give you a sense, that's far more area coverage than any other, at least Western company doing Earth imaging.

是的，我的意思是，確實有不少公司在資料之上做一些分析，但就其所依賴的核心資料集而言，我們仍然是唯一一家能做到每日掃描的。我們拍攝了數千萬平方公里的海洋區域。我在上一個問題中提到與美國海軍的合作，僅那一項就拍攝了 1,300 萬平方公里的海洋區域。讓你有個概念，這樣的覆蓋面積遠超過任何其他（至少是西方）從事地球影像的公司。

That alone is bigger than the United States area of ocean territory that they are looking at. And so no one else is doing that. So the underlying dataset is core to that application. So there are a number of players playing on the top of the analytics, like combining AIS data, SAR data, RF data, and other sorts of AI to predict ships and things like this, but they all need our data as far as I'm concerned.

光是那個規模就比他們所關注的美國海洋領域面積還要大。因此沒有其他人能做到這點。所以底層資料集對這個應用而言是核心。因此，在分析層面確實有不少玩家，例如把 AIS 資料、SAR 資料、RF 資料以及其他類型的 AI 結合起來，用於預測船舶等，但就我看來，他們都需要我們的資料。

Michael Filatov, Berenberg.

Michael Filatov，Berenberg。

Hi, Will, Ashley, Cleo. So just two questions for me. The first one, there's a view out there that some customers might ideally want a single provider across multiple sensing modalities. So optical, SAR, RF, thermal, you name it, rather than integrating point solutions themselves. So you've got Tanager and hyperspectral, but the core of the business remains optical. Can you talk about how you think about the idea of broadening the sensor portfolio? And if you agree with that idea, whether that's primarily an organic development path for Planet or whether M&A could play a role with the balance you've got now? And then I'll follow up with one more.

嗨，Will、Ashley、Cleo。我這邊有兩個問題。第一個，市場上有一種看法是，有些客戶理想上可能希望由單一供應商提供多種感測模態。例如光學、SAR、RF、熱成像等等，而不是自己去整合各種點狀解決方案。你們有 Tanager 與高光譜，但業務核心仍是光學。你能談談你們如何看待擴展感測器產品組合這個想法嗎？如果你同意這個方向，對 Planet 而言主要會是內生成長的研發路徑，還是以你們目前的資產負債表狀況，併購（M&A）也可能扮演角色？然後我還會再追問一個。

Yeah, I mean, look, I think electro-optic is the mainstay, biggest piece of the market when you look at that, biggest areas of applications, biggest market across all the segments. I think especially in Civil Government and Commercial, it will be the biggest area of expansion as well. SAR is more expensive per shot. But there are synergies to your point in certain applications. Some of our customers have wanted both.

是的，我的意思是，電光（electro-optic）是主力，也是你看市場時最大的一塊：應用範圍最大、跨各個細分領域的市場規模也最大。我認為，特別是在民用政府與商業領域，它也會是最大的擴張方向。SAR 單次成像的成本更高。但如你所說，在某些應用上確實存在協同效應。我們的一些客戶確實希望兩者都要。

I'll give you one example. In NATO, that customer did want both SAR and optical. We integrated into a solution for them, and others have done the same. And we're willing to work with others and partner on that front, and so we feel in a good position. Again, daily scan is hard on SAR because you would need a lot and there are a lot of power considerations and it's much more power-hungry. And so the base change detection system we still think is the right place to focus on optical first. So we think that's the core of the market. We're focused on that, partnerships and other things in the other areas.

我舉一個例子。在北約（NATO），那位客戶確實同時需要 SAR 與光學。我們為他們整合成一個解決方案，其他人也做過類似的事。我們也願意在這方面與其他公司合作與結盟，因此我們覺得自己處於良好位置。再說一次，SAR 要做到每日掃描很難，因為你需要大量衛星，而且有很多功率方面的考量，耗電也更高。因此，我們仍然認為基礎的變化偵測系統，正確的聚焦點是先以光學為主。所以我們認為那是市場核心。我們會聚焦在那裡，而在其他領域則透過合作夥伴與其他方式來補足。

Sure. And just a follow-up. On the image archive as an AI asset, one thing I'd like to understand a bit better is data consistency across generations. I assume spectral calibration varies across Dove, SkySat, Pelican fleets, and then the archive spans multiple hardware iterations. So how much normalization work is required before that data is genuinely training-ready for a given commercial model or for your customers to utilize?

了解。再追問一下。關於影像檔案作為 AI 資產，有一點我想更了解的是跨世代的資料一致性。我假設在 Dove、SkySat、Pelican 星座之間的光譜校準會有所差異，而且檔案庫也跨越多次硬體迭代。那麼，在這些資料真正能用於訓練某個商業模型、或讓你們的客戶使用之前，需要做多少正規化（normalization）工作？

Yeah, well, I mean, we essentially make our data backwards compatible. So as we enhance it, we always make it such that you can get the subset of the previous iteration with it. So SuperDoves, for example, had eight spectral bands, but they kept the four spectral bands of the Doves. Sorry, SuperDoves had eight, the Doves had four, but they kept the same four. And we do a lot of calibration work. All of these fleets are calibrated to Landsat, Sentinel, MODIS, these government missions that have high calibration accuracy that we calibrate our data to.

是的，嗯，我們基本上會讓我們的資料向後相容。所以當我們做增強時，我們總是確保你仍然可以取得其中對應於前一代版本的子集。例如 SuperDoves 有 8 個光譜波段，但它們保留了 Dove 的 4 個光譜波段。抱歉，SuperDoves 是 8 個，Doves 是 4 個，但它們保留了相同的那 4 個。而且我們做了大量的校準工作。我們所有這些星隊都會校準到 Landsat、Sentinel、MODIS 這些政府任務，這些任務具有很高的校準精度，我們會把資料校準到它們的標準。

Such that people can be assured that when they get an analytic feed from us in a next generation, they always can continue that. By the way, that is a huge barrier to entry because this sort of calibration is really hard and there's a huge archive involved. I think people often underestimate the value of our archive, but it's central to all of the applications. GMS, for example, the work with the NGA relies on years of data that looks back at the patterns of life over many years and then determines whether the new image tells you something changed that is significant. It's not just that it's changed, it's significant.

如此一來，人們可以確信，當他們從我們這裡取得下一代的分析資料流（analytic feed）時，他們總是能夠延續使用。順帶一提，這是一個巨大的進入門檻，因為這類校準非常困難，而且牽涉到龐大的歷史檔案。我認為人們常常低估我們檔案庫的價值，但它其實是所有應用的核心。例如 GMS，與 NGA 的合作仰賴多年資料，回溯多年來的生活型態模式（patterns of life），然後判斷新影像是否顯示出某些具有重大意義的變化。不只是「有變化」，而是「變化具有重要性」。

And that's because the archive and the AI applications, it's all about the archive. And MDA, you don't just want to know where a ship is now. You also want to know where did it all come from. And so not only is our data unique in terms of the daily scan, it's unique because we have the archive. So even if someone had a daily scan suddenly today, they wouldn't have the archive to go back and find all these things for several years. So we've got quite a lead there.

那是因為檔案庫與 AI 應用，一切都圍繞著檔案庫。而在 MDA，你不只是想知道一艘船現在在哪裡。你也想知道它一路是從哪裡來的。因此，我們的資料不僅在每日掃描方面是獨特的，也因為我們擁有檔案庫而獨特。所以即便有人今天突然也有了每日掃描，他們也沒有檔案庫可以回溯，去找出這些事情、追溯好幾年。因此我們在這方面領先不少。

I think people often underestimate that exact point that you made, which is the calibration over time so that you have a very high signal-to-noise ratio. That has been a very significant investment that Planet has made over the years and makes the change detection analytics that we do on top of the data valuable to our customers.

我覺得大家常常低估你剛才提到的那個關鍵點，也就是隨時間推移的校準，讓你能有非常高的訊噪比。這是 Planet 多年來非常重大的投資，也讓我們在資料之上所做的變化偵測分析，對客戶而言更有價值。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，Craig-Hallum Capital Group。

Hey guys, this is Daniel on for Jeff. Maybe, Will, if we could just start on the pipeline, the $4 billion new sovereign deal pipeline number you gave, which is huge and really impressive. Maybe if you could just give us any other context you can around that in terms of how that's been trending quarter over quarter, year over year, any callouts on the composition of that, any concentrations, geography, or otherwise. Just any other context around that number. Very interesting.

嗨各位，我是 Daniel，代 Jeff 發問。Will，也許我們先從 pipeline 談起，你提到 40 億美元的新主權交易 pipeline 數字，這非常大、也真的很令人印象深刻。也許你可以就這個數字提供更多背景，例如它在季對季、年對年的趨勢如何，有沒有任何關於組成的重點、集中度、地理分布或其他面向的說明。就是任何能補充這個數字的背景。非常有意思。

Yeah. I mean, so it's been growing in number of deals and total size. And I think the key thing we were trying to point out with the $1 billion part of it, the 25% of it, is maturation. I also mentioned earlier, we are getting both smaller deals and bigger deals into the part, so bigger than we had thought and smaller than we had thought. So that's quite interesting. It's spreading out a little bit and it's transitioned officially from just Defense & Intelligence also into Civil Government.

是的。我的意思是，它在交易數量與總規模上都在成長。我認為我們想用其中 10 億美元那一部分、也就是 25% 的部分，來指出的關鍵是成熟度。我先前也提到，我們在這個部分同時看到較小的交易與較大的交易進來，也就是比我們原先想的更大、也比我們原先想的更小。所以這很有趣。它正在稍微分散，並且也已正式從僅限國防與情報（Defense & Intelligence）擴展到民用政府（Civil Government）。

There are a few other deals like the German one that are in the mix as well, although it's still mainly Defense & Intelligence ones, which we always wanted, right? We want our solutions to transition to Civil Government and Commercial, and we want our Satellite Services to transition. We often think of D&I as our forward-leaning partner. So yeah, we're very pleased with that momentum.

另外也有一些像德國那筆交易之類的案子在其中，雖然目前仍主要是國防與情報的案子，這也一直是我們想要的，對吧？我們希望我們的解決方案能轉向民用政府與商業端，也希望我們的衛星服務能轉型。我們常把國防與情報視為我們更積極前瞻的合作夥伴。所以，是的，我們對這股動能非常滿意。

And to geography, again, I said there are three geographies that are really driving that, and it's pretty strong in all three of those. I wouldn't say there's one outstanding place amongst them.

至於地理分布，我再說一次，我提過有三個地區確實在推動這件事，而且這三個地區的表現都相當強勁。我不會說其中有哪一個特別突出。

Helpful. And then Ashley, on the model, and I take it the Q3 sequential revenue decline that's guided, that's probably due to the step-off in one-times in Satellite Services. So that makes sense. As we look at Q4 then, what's implied for Q4 looks like there's a real strong bounce back in the revenue. Is there anything you wanted to call out there? Is that just sort of standard course, deals are ramping over time, or anything in particular to call out in terms of lumpy rev rec, any other rev rec events to call out in the balance of the year?

很有幫助。接著 Ashley，關於模型，我的理解是你們指引的第三季（Q3）營收季減，可能是因為衛星服務（Satellite Services）的一次性項目（one-times）退場所致。所以這說得通。那我們看第四季（Q4），隱含的 Q4 看起來營收會有很強的反彈。這裡有什麼你想特別提醒的嗎？這只是一般情況、交易隨時間爬坡，還是有任何特別要點，例如營收認列的波動（lumpy rev rec），或今年剩餘期間還有其他需要點出的營收認列事件？

Yeah, no, I think you hit on it. Q2 was really about a step up due to the point-in-time revenue. And I expect there, as we continue to sign more Satellite Services deals, that will both increase the variability in the short term, but over the long term, probably normalize. In terms of the back half of this year, it's delivering against our backlog and really executing. And from there, it will be landing and expanding with new business. So generally speaking, we feel very good.

是的，不，我想你說到重點了。第二季（Q2）主要是因為一次性（point-in-time）營收帶來的躍升。我預期，隨著我們持續簽下更多衛星服務合約，短期內會同時提高波動性，但長期來看可能會趨於常態化。就今年下半年而言，重點是依照我們的在手訂單（backlog）交付並確實執行。接下來則會透過新業務來落地並擴張（land and expand）。所以整體而言，我們感覺非常好。

And I also wanted to point out that you saw that the gross margin went up and is sustaining up, and that's really great as well.

我也想指出，你們看到毛利率上升並且維持在較高水準，這也非常好。

Operator, any further questions?

接線生，還有其他問題嗎？

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛（Goldman Sachs）。

Maybe just following up on that discussion there on the outlook for the rest of the year on the margins. I recognize you raised the EBITDA outlook, but it implies lower margins in the back half versus the first half. Can you talk us through where in the cost structure that's happening, why that's happening, and maybe how we should think about how that progresses into next year?

我想延續剛才關於今年剩餘期間毛利率展望的討論。我知道你們上調了 EBITDA 展望，但這隱含下半年毛利率會低於上半年。你能否帶我們梳理一下，這是發生在成本結構的哪個部分、為什麼會發生，以及我們應該如何看待它延伸到明年的走勢？

So not a significant change in margins, but you're right to call out that it is a modest decline in gross margins. And that's simply just mix of business. So we are continuing to drive scale overall in the business. That's the strength of our one-to-many business model. But again, Satellite Services are going to be a different margin profile depending on where we are in delivery across those deals. That will impact the mix of business.

毛利率並沒有顯著變化，但你指出得沒錯，毛利率確實會有小幅下滑。這純粹是業務組合（mix of business）的影響。我們仍在持續推動整體業務的規模化。這就是我們一對多（one-to-many）商業模式的優勢。但同樣地，衛星服務在不同交易的交付進度階段，會呈現不同的毛利率輪廓（margin profile）。這會影響業務組合。

And so you'll see some variability quarter to quarter on gross margin. We were obviously really pleased this quarter to still deliver 59% non-GAAP gross margin, even with a meaningful step-up in delivery against our backlog.

因此你會看到毛利率在季度之間有一些波動。我們當然對本季仍能交出 59% 的非 GAAP 毛利率感到非常滿意，即便我們在對在手訂單的交付上有顯著的提升。

Got it. Is there a way to think, Ashley, at this point about, there was a long-term profitability framework provided by the company several years back in the earlier days. Is there a way to think about the revenue base now after a lot of changes in the business and in strategy that's required to achieve that long-term profitability model?

了解。Ashley，現在有沒有一種方式可以思考：公司在幾年前、較早期曾提供一個長期獲利能力框架。在業務與策略經歷許多變化之後，針對目前的營收基礎，要達成那個長期獲利模型，應該怎麼看？

There's not necessarily a minimum revenue, if that's effectively what you're asking. We talked through last fall when we had our Investor Day, those same long-term financial targets and kind of how we see them evolving over time. We still see this as a business that can deliver very healthy adjusted EBITDA profitability, so 25% plus, and with that healthy free cash flow dynamics and gross margins. We amended that a bit to say north of 60%, because it really is going to depend on that mix of business.

不一定存在一個最低營收門檻，如果那是你實際想問的。我們在去年秋天的投資人日（Investor Day）已經談過同樣的長期財務目標，以及我們如何看待它們隨時間演進。我們仍認為這是一個能夠提供非常健康的調整後 EBITDA 獲利能力的業務，也就是 25% 以上，並且具備健康的自由現金流動態與毛利率。我們稍微修正過，改為毛利率 60% 以上，因為這確實會取決於業務組合。

But as we're demonstrating, even as we continue to fold more Satellite Services business into our revenue, we're maintaining high gross margins. So generally speaking, we are on track to continue to expand. And the main thing right now is we see so much market opportunity that we are leaning into that, investing across the board.

但正如我們所展現的，即使我們持續把更多衛星服務業務納入營收，我們仍維持高毛利率。所以整體而言，我們正按計畫持續擴張。而目前最主要的是，我們看到非常多的市場機會，因此我們正積極投入，全面加大投資。

Okay, that's great. And then just lastly for me on the CapEx increase, could you just further detail a bit what's behind that? It's a pretty large increase to kind of be happening in the middle of the year. What is that for?

好，這很棒。最後一個問題，關於資本支出（CapEx）上調，你能否再多說明一下背後原因？在年中出現這麼大幅度的上調，幅度相當大。這是為了什麼？

Yeah, it's effectively -- look, see does investments in Pelican and Owl. So as Will highlighted, it's strength of pipeline. We don't know ultimately how those deals will shake out in terms of dedicated capacity versus sovereign. So as we are stepping up investing and having that Pelican capacity, we operate under the assumption that those will be Planet satellites that could deliver dedicated capacity. Ultimately, if those turn into sovereign deals, those will flow differently through the P&L.

是的，基本上——你看，這是對 Pelican 和 Owl 的投資。如 Will 所強調，這反映了 pipeline 的強勁。我們最終還不確定這些交易會如何落定：是以專用容量（dedicated capacity）形式，還是以主權（sovereign）形式。因此，當我們加大投資並配置 Pelican 的容量時，我們的假設是這些會是 Planet 的衛星，能夠提供專用容量。最終如果這些轉為主權交易，它們在損益表（P&L）中的呈現方式會不同。

But the long and the short of it is there's a lot of demand out there, and we want to make sure that we can continue to be the one that can deliver the fastest. So we're looking at long lead-time items and making sure that we're in a good place on having the right inventory. Similarly, there is a lot of interest in Owl. So we announced this last year. We've been talking to our customers and understanding from them how 1-meter-class imagery could really enhance that daily scan relative to 3-meter-class imagery.

但總而言之，市場上的需求非常強勁，而我們希望確保自己能持續成為交付速度最快的那一家。因此，我們正在檢視交期較長的項目，並確保在備有正確庫存方面處於良好狀態。同樣地，市場對 Owl 也有很高的興趣。我們在去年已經宣布了這項計畫。我們一直在與客戶溝通，並從他們那裡了解 1 公尺級影像相較於 3 公尺級影像，如何能大幅提升每日掃描的效果。

And frankly, the question coming back to us is, how quickly can you have this available? And so we're leaning into that and doing some advanced procurements to make sure that as we get those tech demos live, we can be also in parallel scaling up for the full fleet. So that's really the nature of the CapEx increases, is just looking at that demand and deciding to pull forward some of those procurements.

坦白說，客戶回饋給我們的問題是：你們能多快把這個提供出來？因此我們正積極投入，並進行一些前置採購，確保在我們讓那些技術展示上線的同時，也能並行擴大規模以支援完整機隊。所以這就是資本支出（CapEx）增加的本質：看見需求後，決定把部分採購時程提前。

Super helpful.

非常有幫助。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

(接線員指示) Morgan Stanley 的 Kristine Liwag。

Hi, this is Kyle Benvenuto on for Kristine. Congrats on the quarter and thank you for taking my question. One on the balance sheet for you. You raised $120 million through the ATM during the quarter, and you ended with roughly $865 million of cash and short-term investments while generating positive free cash flow. What changed in either the opportunity set or your investment requirements that made it attractive to increase the raise of equity here?

您好，我是 Kyle Benvenuto，代 Kristine 提問。恭喜本季表現，也謝謝你們回答我的問題。我有一題關於資產負債表。你們在本季透過 ATM 增資募集了 1.2 億美元，期末現金與短期投資約 8.65 億美元，同時也產生了正的自由現金流。在機會集合或投資需求方面，有什麼改變讓你們覺得此時提高股權募資規模更具吸引力？

And should we think of the capital as primarily supporting Owl and additional manufacturing capacity such as the CapEx increase you just discussed, or for other strategic opportunities, or simply just adding balance sheet flexibility?

另外，我們是否應將這筆資金主要視為用來支持 Owl 與你們剛提到的資本支出增加等額外製造產能，或是用於其他策略性機會，抑或只是為了提升資產負債表的彈性？

Yeah, absolutely, I would really anchor it on the latter. It's that strategic balance sheet flexibility. Our target is on an annual basis to be free cash flow positive, so that means we're generating enough operating cash flow to support the CapEx investments in scaling up our next-generation fleets. So we are very diligent about how we are adding that capital to the balance sheet, making sure that we're sensitive to dilution as we know our shareholders are. But at the same time, we want to be in a position to make strategic moves that can accelerate our market capture and make sure that we can deliver for the broadest customer base possible.

是的，完全正確；我會把重點放在你最後提到的那一點。也就是策略性的資產負債表彈性。我們的目標是在年度基礎上維持自由現金流為正，這表示我們產生的營運現金流足以支應擴大下一代機隊規模所需的資本支出投資。因此，我們在把資金加入資產負債表時非常審慎，確保我們對稀釋的敏感度與股東一致。但同時，我們也希望能處於一個可以採取策略性行動的位置，以加速我們的市場滲透，並確保能為盡可能廣泛的客戶群交付成果。

Greg Pendy, Clear Street.

Clear Street 的 Greg Pendy。

Yeah, thanks a lot. So you talked about the Owl upgrade cycle. And I think, Will, you mentioned that it's 10 times more data. I assume that you're going from 3 to 1 and then the 2D area scaling is how you're getting the 10 times increase. But just how should we then translate that as analysts? I mean, does this mean that it's going to drive from a financial impact more usage or is there a price increase opportunity?

好的，謝謝。你們談到 Owl 的升級週期。我想 Will 你提到它的資料量是 10 倍。我假設你們是從 3 公尺提升到 1 公尺，然後再透過 2D 面積的縮放來達到 10 倍的增加。但作為分析師，我們應該如何解讀這件事？我的意思是，從財務影響來看，這是否代表會帶來更多使用量，或是存在提價的機會？

Yeah, definitely a price increase opportunity. I mean, this is considerably more information, so it opens up more applications. Again, think of things like vehicles where a meter, you can start telling more about the type or even ID vehicles. I'll give you a specific example. In Maritime Domain Awareness, we can typically ID the vessel if it's over 30 meters in size. At that point, we can actually say it's this vessel with this IMO number, which is really helpful.

是的，絕對有提價機會。這代表資訊量大幅增加，因此能開啟更多應用場景。再舉例像是車輛：在 1 公尺解析度下，你就能更清楚辨識車種，甚至可能辨識車輛 ID。我給你一個具體例子。在海事領域態勢感知（Maritime Domain Awareness）中，我們通常能辨識長度超過 30 公尺的船舶。在那個尺度下，我們其實可以說這是某一艘船、對應某個 IMO 編號，這非常有幫助。

Smaller vessels we can see, but we can't ID them. If it's 1 meter, you would expect that roughly to divide in 3 so that you can see a 10-meter vessel. That's really important because there are a lot of fishing vessels and other things that are in that sort of 10- to 30-meter class. So things like that open up more opportunities, different kinds of applications, in that case from military ships to maybe commercial ships and fishing vessels and things like that. So it opens up other applications, so definitely, and we already have customers interested in that, and for sure they're expecting the prices to go up.

更小的船我們看得到，但無法辨識其身分。如果是 1 公尺解析度，你大致可以預期把門檻除以 3，也就是能看清約 10 公尺的船舶。這非常重要，因為有大量漁船與其他船隻落在約 10 到 30 公尺這個級距。因此，這類能力會帶來更多機會與不同類型的應用；以那個例子來說，從軍艦延伸到可能的商船、漁船等。所以它會開啟其他應用場景；而且我們已經有客戶對此感興趣，並且他們確實預期價格會上調。

The other thing that Owl delivers, which Will highlighted, is that it's 10 times faster. So we're incorporating into the satellite things like AI capabilities, being able to do that onboard detection and analysis as well as satellite-to-satellite communication, which can enable the data to get back to our customers faster. So it's on multiple vectors that this is much more valuable data to our customers. And so yes, we would certainly expect that to be commensurate in terms of the price we can charge.

Owl 另外一個能帶來的價值（Will 也強調過）是速度快 10 倍。我們正在把 AI 能力等功能整合進衛星中，能夠進行星上偵測與分析，以及衛星對衛星通訊，讓資料能更快回傳給客戶。因此，從多個面向來看，這對客戶而言都是更有價值的資料。所以是的，我們當然預期在可收取的價格上也會相應反映這些價值。

Very exciting.

非常令人振奮。

Gabriel Flouret, Cantor Fitzgerald.

Cantor Fitzgerald 的 Gabriel Flouret。

Good afternoon. Thank you for the question. This is Gabby Flouret on for Colin Canfield. How does the team's balance of domestic opportunities range across the Pentagon's FY26 budget, FY27 CR, and FY27 requests? To what extent can we see Planet programs pull left as program officers drive balance in commercial offerings?

午安。謝謝讓我提問。我是 Gabby Flouret，代 Colin Canfield 提問。團隊在國內機會的配置上，如何涵蓋五角大廈 FY26 預算、FY27 持續決議（CR）以及 FY27 預算請求？在專案官員推動商業化方案平衡的情況下，我們在多大程度上會看到 Planet 的計畫時程提前（pull left）？

Well, great question. This administration is really leaning into commercial solutions. And one of the interesting pieces also, especially ones where the company has already gone and invested and is building the system already, so the government gets to just benefit from that, and then they're really leaning in. And we see it across the board. There are substantial programs that we have our eye on this coming year in the government FY27. And that hasn't yet passed through Congress.

嗯，這是個很好的問題。本屆政府確實非常傾向採用商業解決方案。其中一個有趣之處在於，特別是那些公司已經先行投資、並且正在建置系統的方案，政府可以直接受益，因此他們更積極採用。而我們看到這種趨勢是全面性的。在政府 FY27 的預算中，明年有一些相當可觀的計畫是我們正在關注的。而這些預算尚未在國會完成通過。

So we'll be tracking all of that and how it results after reconciliation. But just know that there are meaningful expansions of commercial-type operational budgets across the board. NGA, NRO, for the intelligence community, the department itself, so it's getting a lot of budgets for new space capabilities. They're recognizing that space is a critical thing. That's because they're learning, they're seeing what's happening in Ukraine, they're seeing what's happening in the Middle East, and they're learning that satellites are key to information advantage, which is really critical in these places.

所以我們會持續追蹤這些進展，以及在協調（reconciliation）後的結果。但你只要知道，整體而言，各單位的商業型作戰預算都有顯著擴張。NGA、NRO、情報體系、國防部本身等，都在獲得大量用於新太空能力的預算。他們正在認知到太空是一個關鍵領域。這是因為他們在學習、在觀察烏克蘭的情勢、在觀察中東的情勢，並了解到衛星對於資訊優勢至關重要，而這在這些地區非常關鍵。

So yeah, a lot of interest across multiple years. I haven't got more specifics to give you on that or specific programs. A lot of that's very tight, but I assure you there's a lot of interest.

所以是的，跨越多個年度都有很高的興趣。我目前沒有更多具體細節或特定計畫可以提供。其中很多內容非常敏感，但我可以向你保證，確實有很大的興趣。

Chris Quilty, Quilty Space.

Quilty Space 的 Chris Quilty。

I had a follow-up on the Gen 2. You've had the first satellite on orbit for a couple months. Doesn't look like it's been lowered yet, but when will you have a good idea of the performance characteristics of that satellite, which I believe is the first one targeting the 30-centimeter class? And does that satellite have an optical cross-link for testing purposes, or will that come on the next set of satellites?

我想追問一下 Gen 2。你們第一顆衛星已在軌道上運行了幾個月。看起來它似乎還沒有降軌，但你們何時能對那顆衛星的性能特性有比較明確的掌握？我相信那是第一顆瞄準 30 公分級的衛星。另外，那顆衛星是否具備光學交叉鏈路（optical cross-link）用於測試，還是會在下一批衛星上才導入？

Yeah, great questions. So generally, that mission has been doing really well. So I would say we have got the results from it and that's what has enabled us to pave the path, most importantly, towards the 30-centimeter-class imagery. So yes, I mean, it roughly succeeded in all the major goals we set out for it. It was always set up as a tech demo mission. So it's all about the learnings, as opposed to intending to be an operational satellite. But all the things we sent it out there for have been doing very well.

是的，很好的問題。整體而言，那項任務的表現非常好。我會說我們已經從中取得成果，而這也讓我們得以鋪路，最重要的是朝向 30 公分級影像的方向前進。所以是的，我的意思是，它大致上達成了我們為它設定的所有主要目標。它一開始就被定位為一項技術示範任務。所以重點在於學習收穫，而不是打算成為一顆可營運的衛星。但我們把它送上去要做的所有事情，表現都非常好。

It does have inter-satellite links, not optical though, it's RF inter-satellite links and so lower bandwidth, but very flexible. And so it can enable last-minute tasking as well as summary data to go back and even full images, but not that many of them. So it really gets us going in that field. We're making more advances there, including on the optical side in later missions that are coming down the pipe. So yeah, I mean, it very much did all the things that we were hoping, and I'm very proud of the team.

它確實具備星間鏈路，但不是光學的，而是 RF 星間鏈路，因此頻寬較低，但非常靈活。因此它也能支援臨時的最後一刻任務指派，以及回傳摘要資料，甚至回傳完整影像，但數量不會太多。所以它確實讓我們在這個領域起步並加速推進。我們也在持續取得更多進展，包括在後續即將推出的任務中，於光學端的發展。所以是的，我的意思是，它確實完成了我們所期望的一切，我也為團隊感到非常自豪。

Got you. And just a specific on the optical. I mean, that's been the bane of every program out there, including SpaceX in the early days. I don't think you have announced a partner there. Is that an internal development effort, and how confident are you in that system working as designed?

了解。再針對光學部分問一個具體問題。我的意思是，那一直是所有計畫的痛點，包括 SpaceX 在早期也是如此。我不認為你們已經宣布那方面的合作夥伴。那是內部開發的工作嗎？你對該系統能按設計運作的信心有多高？

I'm very confident at this point. That is an internal project and deliberately so, several years of effort to bring that in-house because we wanted an independent supply chain, and that's one of the key successes that we've made so that it's really very solid. And we will be adding optical cross-links later as well on those missions. So having that main telescope system in-house has been a really important advancement. And yeah, so it's a success, I would say.

我目前非常有信心。那是一個內部專案，而且是刻意如此；我們投入了好幾年的努力把它內製，因為我們希望擁有獨立的供應鏈，而這也是我們取得的關鍵成功之一，因此它真的非常穩健。而且我們之後也會在那些任務上加入光學交叉鏈路。所以把主要望遠鏡系統內製，一直是非常重要的進展。是的，所以我會說這是成功的。

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

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

Yeah, just to say in closing that we feel it was a great quarter, meaningful beat on the top line and on margins. This is all made possible because of a series of new deals. I want to call out a couple, the first operational program for GMS with NGA, our first Satellite Services deal for a federal Civil Government agency with Germany, our first countrywide contract with a Civil Government in Africa, with Rwanda. And we shared our first win with an AI hyperscaler for data center monitoring, which is also really cool.

是的，最後總結一下，我們認為這是一個很棒的季度，營收與毛利率都明顯優於預期。這一切之所以能達成，是因為一系列新交易的促成。我想特別點出幾個：第一個是與 NGA 的 GMS 首個營運計畫；我們與德國一家聯邦民政政府機構的首筆衛星服務（Satellite Services）交易；我們在非洲與盧安達簽下的首份全國性民政政府合約。另外，我們也首次與一家 AI 超大規模業者（hyperscaler）共同拿下資料中心監測的案子，這也非常酷。

Each of these speak to the value that Planet is bringing to customers around the globe. I couldn't be more pleased also for how our Satellite Services business is maturing, as we've discussed here, with over $4 billion of opportunities identified and over $1 billion qualified as near-term pipeline. Stepping back, I believe today we hold a small growing share of an enormous market. And furthermore, Planet's daily scan, along with our AI, is opening entirely new applications and segments on top of that market.

這些都說明了 Planet 正在為全球客戶帶來的價值。我也非常高興看到我們的衛星服務業務如同我們在此討論的那樣日益成熟：已識別超過 40 億美元的機會，並且有超過 10 億美元被認定為近期期待轉化的合格管線。退一步來看，我相信我們目前在一個龐大市場中占有一個小但正在成長的份額。此外，Planet 的每日掃描能力，加上我們的 AI，正在在該市場之上開啟全新的應用與細分領域。

So Planet is uniquely positioned to go after these opportunities. On the Satellite Services side, our ability to deliver in months, not years, is a huge differentiation. And on the GMS side and MDA, it's all powered by a daily scan that no one else has, as we've also discussed on this call. So thanks always to the incredible hard work of the Planet team around the globe that enables this. And thanks, everyone, for joining us today.

因此，Planet 具備獨特的優勢去把握這些機會。在衛星服務方面，我們能在數月而非數年內交付的能力，是一項巨大的差異化優勢。而在 GMS 與 MDA 方面，這一切都由其他人所沒有的每日掃描所驅動，我們在本次電話會議中也已討論過。所以，一如既往，感謝 Planet 全球團隊令人驚嘆的辛勤努力，讓這一切成為可能。也謝謝各位今天的參與。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。