English Title:
What Are Planet Labs Stock Bulls Not Worried About?

中文标题：
什么是行星实验室 股票公牛不担心?

English Content:
Shareholders of Planet Labs (PL) have faced a difficult six months: the stock lost 55% while the S&P 500 gained 12.6%. The company, however, just reported a record quarter featuring revenue of $116 million in fiscal Q2 2027. Optimistic investors might view those figures as reassuring, but executives attributed most of the beat to a specific type of contract. So what else comes with that kind of deal? Planet Expects Satellite Deals To Make Its Quarters Uneven Planet categorizes these contracts as satellite services, where a government either owns a satellite or secures direct access to one. The largest portion of the fiscal Q2 2027 beat came from delivering the first Pelican satellite for the Swedish Armed Forces. The company recognizes revenue from this type of handover at a single point in time rather than spreading it over the life of a contract. Such recognized revenue made up 12% of total revenue in fiscal Q2 2027, compared to 1% in the same quarter a year earlier. Executives expect that percentage to increase alongside satellite services, and to vary from quarter to quarter. For fiscal Q3 2027, the company forecasts revenue of $101 million to $105 million, falling short of the recently reported record. Margins also fluctuate with these arrangements. During the fiscal Q2 2027 call, executives noted that the margin on satellite services is different. The company anticipates some variability in gross margin as the overall business mix evolves from quarter to quarter. Planet's quarterly results therefore depend partly on the exact timing of individual satellite handovers. How Large Could Planet's Satellite Services Get? The company has identified over $4 billion of satellite services opportunities, including about $1 billion in near-term prospects, and executives noted the pipeline has never been this large. It remains unclear how much of that total will actually translate into revenue, or in which quarter. When asked about programs in the Pentagon budget, the company confirmed a high level of interest but offered no specifics. These contracts are already visible in Planet's financial results. Its Defense and Intelligence revenue, which includes satellite services, increased more than 90% from a year earlier in fiscal Q2 2027, compared to growth of more than 15% for commercial revenue. Planet stock currently sits 70.5% below its 52-week high. Even at that level, it trades at 14.4 times sales, compared to 3.1 for the S&P 500. The company's P/E is not meaningful because Planet lost money over the past twelve months. At that sales multiple, the current valuation appears to assume the business will maintain rapid growth quarter after quarter.

中文正文：
星球实验室(PL)的股东面临6个月困难:股票损失55%,而S&P500获得12.6%. 然而,该公司刚刚报告了创纪录的季度,财政Q22027收入为1.16亿美元. 乐观的投资者可能认为这些数字令人放心,但高管们将大部分节拍归结于特定类型的合同。 那么,还有什么 与这样的交易? " 地球期望卫星交易使其季度不均匀 " 将这些合同归类为卫星服务,政府要么拥有卫星,要么直接获得卫星。 财政Q2 2027击败中最大的一部分来自为瑞典武装部队运送第一颗Pelican卫星. 公司在单一的时间点上确认这类移交的收入,而不是将其分散到合同的整个期间。 这种公认的收入占2027年财政问题2的总收入的12%,而前一年同一季度的收入为1%。 行政主管预计这一百分比将随着卫星服务而增加,并因季度而异。 对于财政Q3 2027,公司预测收入为1.01亿美元至1.05亿美元,低于 最近报告的记录。 边际也随这些安排而波动. 在财政Q2 2027调用期间,高管注意到卫星服务差值不同. 随着总体业务组合从一个季度到另一个季度的演进,公司预计总差值会有一定变化。 因此,行星的季度结果部分取决于各卫星移交的确切时间。 行星卫星服务能有多大? 该公司已查明超过40亿美元的卫星服务机会,包括近期前景约10亿美元,高管注意到管道从未如此庞大. 仍不清楚这一总数中有多少将实际转化为收入,或者在哪个季度。 当被问及五角大楼预算中的方案时,公司确认了高度的兴趣,但没有给出具体细节. 这些合同已经在行星的财务结果中可见. 它的国防和情报收入,包括卫星服务,比一年前的财政Q22027增加了90%以上,而商业收入的增长超过15%. 行星种群目前比其52周的高度低70.5%。 即使这样 其交易额为14.4倍,而S&P 500为3.1倍。 该公司的P/E没有意义,因为Planet在过去的12个月里输了钱. 在多次销售时,目前的估值似乎假定该企业将保持季度后的快速增长.