Planet Labs PBC (PL) 9 Dec 242025 Q3 Earnings call transcript

Hello, everyone. Thank you for attending today's Planet Labs PBC Third Quarter of Fiscal 2025 Earnings Call. My name is Sierra, and I'll be your moderator for today. [Operator Instructions] I would now like to pass the conference over to our host, Chris Genualdi, Vice President of Investor Relations. Please proceed.

everyone. hello, and operator, Thanks, This is Planet Investor at President Genualdi, PBC. Vice Labs of Relations Chris Welcome Quarter Planet's to Third Earnings Call. of Fiscal XXXX joined results and a I'm outlook. Marshall who Will provide will Ashley recap discuss and Johnson, our our current of by please website. everyone earnings the presentation to earnings available on press which today's call, We are and our update reference encourage release for Investor Relations

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

will qualified represents on of forward-looking expectations, potential reference risks outlook, Such that to which pipeline, be are subject be regarded not yet Any SEC uncertainties in at and The statements www.sec.gov. leads such estimates, may achieved. future contracts. have a as should not statements also We by expectations Planet inclusion forward-looking various representation assumptions be found which information and filings, projections. plans, that our management's as and can sales detailed forward-looking executed based are current or plans, estimates,

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

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

in throughout measures, point, and our presentation, by more this investors.planet.com. Further, issued intended to For in I'd often indicators industry. our on call, CEO, by other competitors press in number of indicators this Will which our the performance to Planet's tables used we management and release Co-Founder. our performance provided key update website and a afternoon, is These earlier to at financial over release this Will. key prepared are on Over and provide please see available press in reconciliation non-GAAP call the detail to used accompany remarks. At Marshall, our now like Chairperson our more the turn earnings are you, discussed which information

and hello, Chris, us Thanks Thanks, everyone. joining for today.

the commercialization next-generation third Platform government large go-to-market, During secured and we financial towards capabilities. multiple technology with quarter, objectives. data the our contracts sets enhance Planet across our advanced globally, significant We made new Insights progress and customers with

for quarter. for substantively from to of margin fiscal improvement up also achieving QX record $XX.X quarter We gross a $XXX,XXX, quickly third as XX% EBITDA our our XXXX, EBITDA and EBITDA approximately meaningfully year-on-year million we the XX% adjusted of quarter. quarter representing in a of growth. improved financial summarize next on Non-GAAP ago marking we achievements, XX%, for record generated loss the business. To revenue, adjusted fundamentals narrowed sixth a the in year sequential increased quarter XX% our narrow to Adjusted profitability target last in the to

detail financials provide the will on Ashley shortly. more

highlights. sales to Turning

with Intelligence Defense the Let's and start sector.

the international strengthened expansion in growth backlog our saw in identify we broad the their market, continue threats sector a ability by increase of to customers going XX% basis, substantial primarily and for adopting our year-over-year and areas. and QX, emerging see our and unknown driven from enhance D&I D&I data approximately foundation we on known -- partner over a powered grew During the have and increase AI-enabled in which new Revenue wins to bookings trend defense with forward. year-on by solutions to to the customers, contributed

expansion X-figure Awareness an won provide Planet quarter, other PlanetScope, and the Maritime full including international analytics. of with defense an SkySat, products, a Domain Planet to customer during range example, For

to We year. Defense. such U.S. was partner. X-month the third ramp next DoD developed Planet pilot with imagery is program expect this provide our This this interest areas analytics-powered Under with with into Department Planet of another the with contract this U.S. also of a satellite X-figure selected pilot in key the insights will for Planet year. project,

is converting We operational our view. services continue global into existing new monitoring to government to pilots regional work and sell these customers contracts. The opportunity significant and towards to in

share and as the We'll sell have upcoming Hyperspectral a new we or come on government sets opportunity Pelican Tanager those in to Tanager Pelican like to data customers Additionally, more available. Resolution High moment.

sector, Turning to of our to year-over-year SmallSat grew new received Acquisition performance. the contract or announce XX% vehicle, first approximately under year X order that QX. revenue the pleased we've for $XX Commercial where CSDA, approximately Government in million, NASA Civil We're covering Data

As NASA can announced the was through XXXX. NASA a reminder, under the framework which in orders place that September selected CSDA, early November Planet for

order sciences of and on are later U.S. provide first applications. In of we broad and X-figure Agency, in labs contract services. access multiyear sets, Data Space cases. validating proud broad enable vast platform, that archives on a X users sector. institutions Earth bases anticipated, return November is in empower the These sector at with offering for changes continue came our development the expansion use see government million, for combined were contract. substantial system commercial Observation by in new Observation prior examples agency's business the integrating growth. countries range of and Planet go-to-market the through NASA XX, to have the from identifying with the their accounts into benefit covering on in the deal which agreements this the ROI research furthering similar our indicative quarter regions. new of access X-figure Earth CSDA are to our work such we and countries access to cautiously and to focus impacting data upwards, average improving pleased and and often it user which signed often Earth use provide will offerings. Shifting trend agreements, sizes with the serves position working wide approximately data made to expansion advanced that data Planet landing very and government-wide of sales entire we've program, to higher-value ACV to environment, delay research as the We We're support we education the team's optimistic our that at These system across strong a cases. contracts renewal researchers research in in enabled DLR, to thousands to our also a we were observe or There science, could and data German over the $X.X there Atlantic, deals, that or program on believe X- recently While agencies large to are with QX than XXX a revenue came pleased across

adopting we in Here, trend broader solutions Planet's are also seeing as see speeding powered data and areas signed and AI-enabled growing facilitating to technology value We solutions. solutions examples, leveraging sets. Abelio, Farming we recently offering a these an customers a company time with Insights differentiated analysis share expansion They're our customers. To for by Smart Platform across some Planet French for up to on our significantly average. their data precision the X% save year. generate nitrogen of nearly and had integrated agriculture AI last data our They'll across solutions XX% on Xx they application have their previously amount France, that access into farming insights of top data to between data Their solutions farmers for enhance PlanetScope Planet solutions. apply help and agriculture digital to algorithms models and

dedicated nonprofit map a We the an also activity of fully across the detect machine advancing millions This XXX% learning an data governance. deal in expansion coverage, to allowing illegal enables recently to small fishing to vessels with won international Watch X-figure vessel ocean kilometers Fishing of and Fishing PlanetScope a Global to XXx activities. Global ocean expansion engaged better Watch, and represents leverage square ocean

carbon Finally, we new we to released will carbon Leveraging at Insights to informed a Laconic Under Planet's partnership these recently the quarter. offer data access announced enabling trading. to share empower bookings. to book feeds, instill ACV quarter to driving Carbon deal, Laconic forest their AI-powered X-figure carbon remain of our gain acceleration last while our ever credit business. largest trends on trusted predictability informed of aimed plans proud We Laconic monitoring we're products trading represented deliver focused decision-making. Overall, and Forest with customers QX growth verifications into also credit greater accurate that confidence and building

speak quarter's our expansion us confidence and do to ability This will more Ashley shortly. this to gives in this, team's bookings

some recent to product Now updates.

over time. available consistent harnesses During markets, precise ARPS This and harmonized Platform. our machine and that result analysis forest product scale Planet to available data and compliance AI-powered a an QX, first models structure resolution, of analysis is scan. delivered carbon core unprecedented system stacks the It's mitigation. world's released that's PlanetScope all It's regulatory for Insights our and our to Climate images our also readily our underpin time deforestation create New the we monitoring daily monitoring for Week a spatially algorithm set UN location at forest to proprietary used set global product in same learning of the series product in the voluntary on at manipulation carbon more released X-meter data customers. In can today York. we The analytics-ready visualization, QX, be

satellite Turning to updates next-generation on our fleet.

Tanager saw helping X September, partnership. sites begun the satellite. under shared in you As commercial our Mapper from Hyperspectral many globally Tanager X hundreds we Carbon since images first monitor light of emission has of

for how in IP XXX near-term in program, detections sense other plan capabilities technology efficiency providing the Just program like after which a map for across fixed partner. an last We're go road accelerating month, represents customers this and commercially pleased Carbon Mapper its by data, the commercial also the X our enhancing the seeing in energy continues to and to final for published our pipeline power commissioning we're In plume It emissions powerful provides accountability for to leak space benefits their and a hyperspectral to and markets. data. Azerbaijan. the to data was and at by environment. Tanager can small win the companies commercial COX in methane also of particularly and This incredible benefits early government through of government a for available significant with systems make lead operator. while X the we traction Texas highlight COPXX leveraging Tanager calibration, voluntarily sectors. I'd blueprint over our the with

to that Carbon and delivering begin data, strengthen of such Now orbit while program our scale is partner also rapidly highly as potential us and we satellite mission. see our Mapper's our first that, financial Overall, we can enabling position. to unlock the opportunities accelerating growth strategic, more in Tanager business the

We expect to pursue similar opportunities forward. going

to satellite in X We're to our fleet. today, which scheduled launch, January. currently we pleased for shipped Pelican Space is Pelican Force for share Vandenberg Base Moving to the preparation

As program current a to reminder, the incorporates It and the capacity over imaging with satellite government satellite, the satellite GPU believe which run powerful expand. that customers SkySat time summary, and we edge NVIDIA's spectral X AI us quality, contracts including to Pelican on time next-generation previously multiple speeding power value. In enabling satellite speed also links reaccelerate image high-resolution fleet, our incorporates enables bands, those is ramp positions contracts design module, insights. Jetson we growth latency. to in as won Pelican discussed, to The compute, and latest and enhancements to large continuity our

with a powerful months satellite to we launch our capturing product core we data. ahead, first new to made Tanager commercialize and our we've our satellite, in shortly. to improvements the the front, daily On set which plan Pelican We're data expect next scan

that, it amongst customers leveraging market and of our build greater and ultimately to adoption growth to government over Ashley commercial adoption, solutions to partners our both you, value, on is growing. the turn predictability focused the increase the into more business. With around addressable Finally, customer to financials. and We're through nurture platform details Over expand talk this and AI-enabled I'll Ashley.

Thanks, Will.

of team's restructuring X the our quick our significant the a months delivered operating quarter the teams change a amount that and business. expansions to that new reminder, this new of this ACV of In than performance. teams, ago and introduced renewals, last our we spite a with go-to-market quarter, industry-aligned and completed to less business, introduced during model I'm bookings, it As best was including impressed

facilitating a in saw up early the the X give us average sizes is that operating to all These sectors. meaningful changes new We needed points growth. confidence our reaccelerate proof across model deal also foundational step

is to the business strengthening. While margin We've competitive to continue deal this reducing the hard to timing improve expansion of cash particularly of the our continues our strides nature and be underlying predict, burn. towards fundamentals large our given showing made and position profitability business, deal substantial quarter, significant

year-over-year; came the approximately for So approximately a during a From geographic third year-over-year; quarter, the Revenue results. year-over-year let's turn perspective quarter revenue representing at grew record growth. third Asia to grew EMEA million, XX% NASA. XX% was $XX.X in America the Pacific basis, North over in in America with the a expanding grew over XX% year-over-year revenue impacted and primarily Latin XX% by contract flat and year-over-year; delay our on renewing

the As XXXX customers. of our customer QX, end end-of-period count was of

As Customers we've reflects our ACV of book marketplace enable contracts. this in end-of-period annual book and solely business our through transact metric number. Recurring customers value through annual are team's or of on XX% to over end-of-period sales shared partners. consists before, of verticals focus business smaller, was or ACV and not transactional ACV our direct customers more our in or XX% this our our of to of purchase our platform multiyear contract core initiative who large our platform reflected

continues winbacks The average was QX weighted XXX%. our years rate and dollar dollar task retention was rate NASA by be Our approximately XXX% points. delayed percentage contract with end retention approximately net an net the dollar length impacted rate order ACV on of at X.X to retention X basis. Net

As a dollar our rate of reflects contract retention months renewals. point in the reminder, this year, X at net

dollar starts year the at net year and Our toward course of retention each year our full fiscal then final XXX%, through results. builds rate the

quarter year-over-year driven margin over XX%, over was in cloud largely for XXX Turning points third was and gross up points expected infrastructure. basis margin. better to had the optimizations we Non-GAAP This into than basis quarter, record coming XXXX sequentially. a gross the our by

of million at EBITDA to lower the position these anticipated quarter, were moderate due optimizations We was from year software strong pace we expect quarter improvement EBITDA forward, a timing going approximately sequential than marking a to with certain end although another putting for QX in continue capitalized in benefit of improvement. for in adjusted development to Capital us $XXX,XXX $X.X including achieving of loss QX. procurements. profitability Adjusted more expenditures, EBITDA the to the and

equivalents the cash We quarter million of Turning approximately cash, balance and the $XXX investments. with to sheet. short-term ended

capital of sheet were XX% XX to quarter-over-quarter, needing We continue obligations breakeven sufficient the to and provides RPOs initiatives still up approximately the to raise our approximately next At behind believe balance which to us $XXX we growth with debt end performance core that achieve our have accelerating without outstanding. apply capital million, flow and years. QX, invest cash our the additional XX% of remaining or to XX% next months X and no

November end clear, months received XX next NASA do includes in is quarter backlog Our the and next years. backlog, occasionally RPOs To million, approximately XX% customer not contracts, the contracts XX. applied U.S. order convenience with the to XX% of termination on which a contracts which the million at $XX and to be other X common approximately federal include and was in for our which clause $XXX found

can RPOs revenue fluctuate and multiyear against contracts and backlog quarter-to-quarter recognized customer for as a is renewal. up contracts As come reminder,

now fiscal quarter Let turn fourth for our me of to guidance the XXXX.

to revenue model $XX be expecting our QX take we to are between ramp begins comparable million large as million, $XX We to effect. operating work customers levels new and to and

discussed we've roll-off many the headwinds internal transitioned specifically, more we accounts commercial sector the these the of as that we've on use agriculture application digital QX in operational to calls to expect tale contracts. On prior of

to scouting to expect establish agriculture be with margin between focus contracts and enable QX, over We agriculture time. Similar for non-GAAP and higher stickier customers XX%. us and gross seen we value precision such have QX on XX% cases as to use this informed larger

adjusted through of We predictability comments. across we not concludes positive our our quarter business. the fiscal our fiscal be final for Earth questions. economic powerful value of while our is Forum and developing increase by and that global can earlier ongoing our opportunity billion million, product datasets. our that this We're capital rapid that fourth by collaboration set centering expect made customer value the to for made World this of of the $XX our Observation by opportunity. With ago. Observation being we We gross Economic delivering all EBITDA forward I'd year right impact to datasets reflecting We we core could and of industry AI. in economic million increase changes and customers, economic $XXX important profit report the Analytics our of now teams, maintenance our value that nearly XXXX, insights to generation our power, solutions we're increase estimated that for objectives relentless share see is We economic that improving for in our This domestic earlier underscore that investments by growth $X we close, furthermore computing quarter the between ensure Observation million over our QX, insights XXXX next to of CapEx as and the sensors, in A the target with and next XXXX. Operator, right possible X global as the the our customers. The year, fleets generation over can continued the the operating focus move chain, Earth this an of Earth the next to do, an own provide and the our PlanetScope $X advancements published like in we profitability the with around planning everything By constellation. To through value satellites focus significant. data Deloitte we the our to consistent of approximately with driver expenditures make deliver the decade to greater unlock model. years take for driven industry-aligned Planet and X customers for ensure value accessibility we core but of customers business on annually, look also only making we we

we is, pipeline? most Instructions] how begin, you an [Operator through discuss are analyst. The question flowing seeing the spend Planet in? online AI have Which question can please To traction you the an from is sectors

Yes. Thank you.

big our AI discussed in it And you to remarks. deals saw clearly, drive prepared we helping the that in is our So pipeline.

of and tools the Just domain our of first the an is and third -- the as on our large territory. territories. And of the is with those driving, the uses that deal, to to AI an in second imagery customer, central course, across D&I awareness and is PlanetScope driving that pilot also MDA is expansion pick we're use uses PlanetScope over example, ocean again, maritime land this case, DoD, X that that AI, that

I that it we're deal I definitely leverages across also to but on sectors focused the mentioned, So leverages I government, which Forest Planetary Variable, so commercial the Carbon the we see board. the -- our more AI. mean Laconic seeing mean -- example a also it's

So over definitely I opens it's our because up our business it to an think markets. it It's time accelerant pipeline speeds new all and and value to driving the up it's board.

question? Next

comes question Latimore next from Michael Our with Northland.

that Yes. is Congrats to is there, terms of a to away? couple that third you a bookings see. And are just catalysts guess great events kind years that on get of pilot commercialization? key something the that I quarters, highlighted of the here. What to the of here kind couple occur strong to in or quarter need pilot, of

finding have that it's it new is at DoD very capability. we really the based with excited threats. leaning look with this coming to government That Yes. new mean this what new to Great because new areas large find year. daily the here I I look, is tools is a capability is in on this mean, scan a mean, question. AI system that the third quite fact we're enabling pilot I

is So current they more believe over There's do what government changing contracts these we're and and into pilots with to time. for to pilots, we ones, these and iterating that opportunities doing we're we need, operational the is grow can what extensions reacting it.

step kind Got down sales it. of rate? Or question. It a fair of a looks good financial in amount. item marketing run there? sequentially And took quite basic there Is a new was that a kind onetime and one like

our mentioned knowledge, the of that efficient. in my that. driving was really onetime think really To as before, making the year. that about I acquiring did restructuring don't cost more It's item acquisition I And the middle of looking a and of we customers there's lot any at

Walsh next with question Our from Trevor JMP. comes

maybe Will, start to with you.

around November the Just high interest early level, of at and given administration. the Space broadly lots kind domain kind now, of of a just to buzz from incoming just

also, be customers would into of hear negatively, just what might positively, to for next your hearing kind either terms things change you're And from that. they just coming in neutral broadly thoughts curious of how on year? Just think heading

about, on but see And go. think incoming to that. pretty we fair particular. them be security, Overall, commercial it's back been government, for things that Space, Certainly, generally priorities we efficiency they that Planet disaster pretty we and serve that to positioned are tends certainly. the just as And administration, Yes, national and support of nonpartisan a as well something bit applies that very very we've step the focused to we thinking in which -- say well to obviously. sort let's -- is capabilities these regard response, this and do

sector. these administration's especially D.C. and In last are priorities reflect that. -- week with focused are already fact, reflecting can in who do with just conversations they on I the How agencies on was commercial more exactly multiple there efficiently, incoming things

very think for is I Planet So positioned that. well

Great. one Terrific. quick just And maybe follow-up.

you and I that just as business you're the adding maybe on report at go-to-market looking new terms -- going of the like [ the kind kind of that -- how as of that the ] perspective? bring should is in just of of or that in how customer How really wrapping in of around those -- onboarding around commercial of for -- shift rec we all based company from a of relevant? I'm things large that example, it's is that And understand new of perspective. that for Laconic, kind just Ashley, from kind get just a to kind know, just gets maybe what an even be it customer that in kind way trying net the on not I terms just just it, understanding like on best to still much to whatnot. numbers, rev but my of metric again, concentrating not head seems just generally? be kind you're

Yes. a of Earth because It's a question. I that good differentiated useful spotlights traditional metric how think really just it do industry. it's kind Planet is the from Observation

a diversified where The such opportunities have customer those broad really the land base. is team and sales and can customer. focus of We the around we expand

we'll are our these where And one platform customer sales more that team. nature, including of the just continue efficiently, where of pace are in Hub, over but platform, more that community of be continue much some be acquisition -- which transactional metric counted think to they and transact count still just is impacting that's it's so a our an that's unlikely in the recall, through that said, also been change in strong not to we and I But to as us direct investments directly really that focus an number, might a sales. But track overall time. growth customers we focused because I efficiently. the important in with enables in ensure so Sentinel have And operating work of that broader we're making you as really to to

the really complexity on of the onboarding business. customers, it terms new In depends of

and data or can So the there's specifically of that. straightforward was are complex onboard. with the don't getting revenue I ramp getting relates more some know which to involved to specifically it going customer that's to account sales and are working of relates more take whether turning of with product our on running. Laconic, a longer And in sold. the that government associated be as that time parties to multiple them ramping typically There up

usage So to it's data that characteristics. can our tasking, subscription, if some it's variability those onboarding to If one on a more of that's see pure related based ratable. be contracts going

So if it's a of bit some, and helps. little some that

Ryan Koontz from Needham comes question & next Company. Our with

deal ago, impact numbers? quarter like us through little couple a you say, was Ashley, it a in relative from a But sounds maybe came Or there days can couple NASA little sizable of that renewal guide? deal have slips that of the on XX slips. expectations, a to might been there fourth impacted the a guide, and walk bit, the late your other

on to which customer. Yes. simply and an renewal in very of procurement due to hit that to Obviously, glad one, that the you with see was expansion definitely timing Obviously, that the in later have NASA coming process.

guide, So I'd say it's in terms of timing. the

that mentioned, as to we I either as it So QX take NASA, time expansion or in and timing that these to it's large got new onboard customer. bookings it relates some will of the

And so, expectations about the ramp time for that revenue.

of And some it is really quarter-to-quarter. usage variability

half back the on revenue the year year. the that's for primary for of or impact the the So guide

the sense. typical some quarters type Is larger Or that? how what's thing? of X should customers? it to these And think we makes X, about time onboard That of

be think that. faster I than it should No,

it I and they really As does mentioned the customer of specific purchased. in the question, complexity last depend the product the on

a it purchased rapidly. start them using up getting we them, they globally we've related to data running the can start to sometimes recognizing if if But and task more the a once really and that or users more downloads contract and provisioned getting that's usage-based So regularly. is subscription, tasking, it's about then orders

it is -- on depends So the that contract. really

days upsell analytics, with ability competitive of tasking, PlanetScope, for these it's your one relative bigger And to squeeze analytics upsell data it. what's your for and kind of if and kind like obviously, and in that smaller? one a landscape more your the Will. environment Around tasking a I Got follow-through of competitive to can peers, some there, but

because the data the much question. that's a I -- applicable what's most the every is set, Yes. set driving angles it I obviously, -- is AI day. mean, data daily scan it's Great for angles unique, mean, continuous pretty and same sun

You it's on everywhere. that always know

that the actually, of for are land X,XXX systems, everyone of sort a earth complementarity over Tip one in point the And system. The do this between the there's the has the system capacity, X, that on, else of is for SkySat is we And because a you data you reasons. there's is to no we no where want is of our multiple every steep stack & We've other in look find of on then tasking lot it but players, sort at, it competitive less PlanetScope that that the tasking fastest where having of system Cue, have changes tasking revisit can the scan. training images rates set call a a data -- the which is take this one so [ data the course, ] system. got else

an a that number critical obviously, site of that and that's latest capabilities satellite ship, up faster. It Pelican is it automatically literally talking from improving chip to on time this to and the water, think area only a we has all it's NVIDIA the say, as we things just to the the us improving hours around in take send minutes, forward, means one it But things has can also -- Pelican the look that speeds that fastest that taken to exciting important pixels on that put like, that, next basically the images the you on of Now this resolution new I just enables tasks us to we're enables launch do to are edge. on not do Space, over per applications. say -- and That picture we capacity of go detect and AI processor ships down with just today, up the communications twin got satellite-to-satellite get of with that.

So differentiated we're look, today.

to a boon. data nature better And better. always our continue between make it to sets the and We invest is complementary

comes [Operator with Instructions] Our Van Rhee next question today Craig-Hallum. Jeff from

Ashley, Will lot smile congrats. A of for to questions Got me. a here. couple about

the I obviously 'XX, know a On line you're better bit got a you've visibility. guide, top outlooks quite not for giving but

have, based certainly from we be this the saying, But able get out of at is comfortable You've the is should growth point?" at next bunch there QX, got a a to we unpredictable. go-lives if year be on floor grow you'd of to timing at a to x I signings. which rate that so least look visibility year, be now "Hey, you going

time. a such giving way FY in guidance quarter And base. strong not teams executing we're 'XX into the good it's to are at we invest the year as and lot Will strategic as everything confidence of does and specifically in mentioned, seeing business, existing and and that opening things some AI as really revenue pleased ability vector to start this core give Yes, about bookings take models these us question. That But with continue that committed a visibility Obviously, expanding really a that us of leveraging our for -- gives growth transitions the our business to knowing a drive reaccelerate operating customers initiatives, go-to-market markets. to new of these with time else. these both next

I the So about really feel good outlook.

early the that that I'd can hope it part I I acceleration, just see helps. how revenue about half that of think should cautious we next particularly back optimistic and can quickly year year optimistic feeling acceleration. accelerate. really see start be strong next cautiously the to start see we to of that be

$XX Yes. right. I future, to expected appreciate on And Yes. rate the for in run I foreseeable had it a I Yes, effort. you $XX million you million know CapEx, if think commented have I then September,

I think million $X.X did you this quarter.

million. million to $XX $X to guiding You're

think same timing in the quarter. there that quarter? commented terms expected of process Is you Is this new CapEx? thought next a the I

is timing. it Yes,

balance Tanagers and a the the As and with we're cash up just and that and always get running burn I Pelicans to maintaining said, of strong sheet. faster desire balancing fleet balancing

fleet. any how this So around in is just -- and opportunity is of the for just the around feel line specific be supply CapEx we of very see our with to agile like we operate the definitely in we're guide have teams of see, likely the we lower chain. to scale back concerns And coming down year the as to launches, like the the grow half a that timing ability what the feel more of looking lot they to upcoming up but at don't

you that Last time utilization, booked sense high to speak, looks -- revenue congrats. there? like quickly just you is, that should January, reach I Pelican. up, we then so to can think about me on how up one unit capability? revenue for to to Obviously, of any soon. for Great. be that's Just how think path commented. for the maybe Hopefully, How It going

have that of more business we of new just Pelicans then comment previous just satellite of better that Well, already those me per let in delivery. that capabilities And capacity level taking top and that, on. mentioned with their SkySat on business in -- I course, faster that the book will of an existing line, answer my be book resolution, the

there's believe we we so drive up. customer value, value will that overall, Just greater

we be where yes, So going, this that that's and ramping see next year. it we'll

from Caleb Quilty Space. question next Henry comes Our with

was Pelicans. deorbited. question in all I SkySat orbit kind those Pelican or or Will I any had for was the me, excuse mix the It X will SkySat Pelican also with up Or of curious me. has those, how -- like them one the inclined? looks of kind since Just orbits? if all fleet? the learned were be the you the And that of that think then of lessons and it you satellites. from on It's in inclined influences X been satellites SSO

what what for satellites firstly, was That's I increase Sun-sync question. plane sort a more and But what will us right. is I satellite cadence, with we having is the plane mean helpful Good such rapid dropped mean, we Yes. is inclined the was as we've off, that we have our the SkySat on planes of I that learned the been that revisit. the that per Yes, the than capacity to system more Pelican that incline able give seen is thing does revisit combination doing we our inclined with architecture mean, total and kept same satellites. rates. constantly be up of really capacity. good those

] So build makes planes stated as up pick inclined we'll well. That sense? again the as with into Pelican, back we that [

I exactly I kind what of got clarify of think Can it. up having that kept of most can pace, Yes, means? clarify? you kind The you -- you mentioned

total in system. capacity, terms overall collect in number Just so collects can of we the of

that, per satellite. more our we alone, I So of SkySats last we capacity than year year, doubled mentioned that I mean, think the

maximum, have drag that solar entire atmospheric because we've there a been SkySats the few of yes, radiation that been but fleet lost talking solar up. of about, So capacity has overall and we the actually gone

Okay.

gone, satellites are put in So Pelican? accelerated pressure with the that or pressure case, that fleet kind of that on refreshing the doesn't any

wanted that. do we mean, I Well, to

system earlier yes, our want we and improve got us more because But important But of that about we've value and capability motivation satellite course, the more mission. that the to SkySat what's demand. the to do so, give is that of continuing own upgrades was anyway. part And for talking is that even I more market

for your are no queue. Thank in you all more questions questions. There

closing to So conference the pass I'll back Marshall remarks. Will for any

Well, everyone, for joining. thanks,

in firstly, fast significant in especially profitability think really approach EBITDA summary, pleased as we this I our improvements business, adjusted we're fundamentals of quarter the the our with in now.

ACV is secured Secondly, strongest ever we our contracts to QX, multiple into we quarter. ramp in It bookings expect which large year. the government

our for groundwork growth the lays that so And ahead.

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call. your conclude participation. Thank you will for today's conference all That

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