The battle report shows the effective firepower and hitpoints of all ships combined. That means shield-strength, condition of a ship, and rank of a ship is already included in these values.
This is how to interpret the following battle-report:
Gedrin’s planet “Jaxins’s HQ” is attacked by 2 players: DarkLStrike and spawnofbattle. Gedrin is listed first, since we’re looking at his battle-report. If he had been accompanied by an ally, he would be listed next. Last is the enemy forces.
Gedrin’s firepower against light ships (the light-blue value) is 24,240. Gedrin’s firepower against heavy ships (the dark-blue value) is 44,440. Since Gedrin’s defense is comprised of planetary defense facilities only, the bombing-firepower value is 0.
Gedrin’s planet hitpoints are 205,920. This value already includes shield-strength (coming from Shield Generators), and any other bonuses stemming from Hyperspace-Energy boosts and civilization trait bonuses.
On DarkLStrike‘s side we have ships equipped with a total firepower against light ships of 7,951, against heavy-ships of 2,716 and a bombing firepower (orange value) of 171,598. All three of these values already have the increase from ship-rank included.
DarkLStrike‘s forces are all made up of light ships, with total hitpoints of 34,451. Again, these values already include the shield strength and the condition of the ships.
spawnofbattle’s forces is composed as DarkLStrike's (entirely of light ship types), except his forces appear to have almost twice the bombing firepower and light ship hitpoints.
As you should already know, each type of firepower will exclusively attack its own class first. Light and heavy firepower will carry over any overflow to the other ship class at 50% effectiveness. Bombing firepower can only be used against planetary defenses, on the other hand, it’s the only effective means against planets. Since Gedrin has no ships in orbit, the light and heavy firepower is not used during this battle since there are no targets for this type of weapons.
As you can see, the combined bombing firepower of DarkLStrike and spawnofbattle exceeds Gedrin’s planetary hitpoints. At the same time Gedrin’s planet does not have enough firepower to make a big dent into DarkLStrike‘s and spawnofbattle’s ship hitpoints. Because of the overwhelming bombing firepower of the two attackers combined, the entire defenses on the planet are destroyed in a single turn. And Gedrin’s turrets were probably only able to fire about half of its light/heavy firepower at the ships in orbit, since the attackers’ bombing firepower combined is twice as high as the planet’s hitpoints.
In case ships or planetary facilities were destroyed during the battle, you will gain score and your ship-crew gains experience. This is listed at the end of the battle-report. Also, if this is your first significant battle with an opponent you will gain/lose reputation as well. Please read Score, Reputation And Rank for more detailed information on this.