Spire Global Announces Fourth Quarter and Full Year 2025 Results
Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”), a global provider of satellite data, analytics and intelligence, announced results for its quarter and year ended December 31, 2025....
- Fourth quarter 2025 revenue was $15.8 million, down 27% year-over-year, and up 44% excluding the maritime business(1); Sequentially, revenue increased 25%, or 36% excluding the maritime business(1)
/i> - Net loss of $25.1 million and adjusted EBITDA(1) of ($9.7) million in fourth quarter 2025 reflects a 49% year-over-year improvement in net loss and 8% year-over-year improvement in adjusted EBITDA(1)
/i> - Cash flows used in operations of $4.3 million for fourth quarter 2025 reflects a 78% year-over-year improvement
VIENNA, Va.: Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”), a global provider of satellite data, analytics and intelligence, announced results for its quarter and year ended December 31, 2025. The Company will hold a webcast at 8:30 a.m. ET today to discuss the results.
“In the fourth quarter, Spire delivered both year-over-year and sequential top-line growth, reinforcing our optimistic outlook for the coming years,” said Theresa Condor, Spire CEO. “This performance is rooted in a global reality: space is now recognized as critical infrastructure for national security. At Spire, we bring a level of operational experience that few can match in a market that favors companies capable of delivering the security and safety capabilities needed today.”
Fourth Quarter and Full Year 2025 Highlights
Financial:
- Fourth quarter 2025 GAAP revenue was $15.8 million, reflecting a 27% year-over-year decrease primarily associated with selling the maritime business at the end of April 2025. Excluding the maritime business, revenue increased 44% on a year-over-year basis. On a sequential basis, GAAP revenue increased 25% for the fourth quarter, and revenue excluding the maritime business increased 36%. Fourth-quarter increases on a sequential basis were primarily driven by higher radio occultation and ocean winds data sales under National Oceanic and Atmospheric Administration (NOAA) awards, along with increased revenue recognition from space services. For the full year 2025, total revenue was $71.6 million. The fourth quarter and full year 2025 revenue results met the mid-point of Spire’s financial outlook for those time periods.
/li> - Fourth quarter 2025 GAAP gross margin improved 8 percentage points year-over-year to 41%, and non-GAAP gross margin1 increased 5 percentage points year-over-year to 43%. Fourth quarter 2025 GAAP and non-GAAP gross margin improvement over fourth quarter 2024 reflects the impact of greater operating leverage across headcount and infrastructure costs.
/li> - Fourth quarter 2025 net loss was $25.1 million, a 49% improvement year-over-year, and adjusted EBITDA(1) was ($9.7) million, an 8% improvement year over year. Fourth quarter 2025 net loss improved year-over-year primarily driven by changes in foreign exchange, the fair value of warrant liabilities and other unusual and infrequent costs. Adjusted EBITDA improved year-over-year due to greater operating leverage across headcount and infrastructure costs. Adjusted EBITDA for the fourth quarter was better than the high end of Spire’s financial outlook for those periods.
/li> - Fourth quarter 2025 cash flow used in operations was $4.3 million, which was a 78% improvement year-over-year. Cash usage in the quarter reflected revenue timing effects, working‑capital dynamics related to satellite manufacturing, and elevated legal and professional fees. Cash, cash equivalents, and marketable securities as of December 31, 2025 were $81.8 million. Spire continues to maintain a debt-free balance sheet.
1 Non-GAAP Financial Measure, please see section titled Non-GAAP Financial Measures for the definition of such measures and the reconciliation tables at the end of this release for reconciliation to the most directly comparable GAAP measure. |
Business:
- During the fourth quarter, Spire launched 12 satellites across 2 missions and shipped 9 satellites for a launch that was successfully completed in January 2026. The 21 satellites launched contained a number of different capabilities, including payloads to: begin collecting S and X-band signals to support its space reconnaissance operations, leveraging a single satellite and its small form-factor to geolocate targets and deliver insights that traditionally require larger platforms or multiple satellites; strengthen Spire’s dual use constellation and increase data capacity of high-quality atmospheric and radio-frequency data for global weather, climate, and commercial intelligence; monitor greenhouse gas emissions and support IoT applications for space services customers; and collect hyperspectral microwave sounding data via a demonstrator satellite, which is designed to advance global weather forecasting and unlock new revenue opportunities for the company.
/li> - Spire was awarded a contract for the Missile Defense Agency Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) indefinite-delivery/indefinite-quantity (IDIQ) contract with a shared ceiling of $151B. This contract encompasses a broad range of work areas that allows for the rapid delivery of innovative capabilities to the warfighter with increased speed and agility. Spire’s fully deployed constellation and expanding multi-band RF capabilities are delivering the kind of timely, actionable intelligence that today’s defense missions demand.
/li> - Spire announced it was selected by AiDASH to provide advanced weather intelligence and data that enhances AiDASH’s integrated solution for securing the modern electric grid from vegetation and weather-driven risk. Designed to enhance grid resilience and situational awareness for electric utilities, AiDASH has integrated Spire’s high-resolution weather forecasts, powered by Spire’s fully deployed satellite constellation, into its AI-driven vegetation and outage prediction tools and deployed to North American utilities’ control centers. By combining Spire’s advanced weather forecasting capabilities with AiDASH’s vegetation risk models, the integration creates a comprehensive, real-time view of weather-driven grid risk, enabling utilities to better anticipate outages, prevent wildfire ignition, and optimize response operations.
Financial Outlook
In 2025, Spire recognized revenue of $21.0 million for its maritime business. The majority of the maritime business was divested in April 2025. Spire is providing 2026 revenue, excluding maritime revenue, for comparative purposes. Based on the midpoint of its 2026 guidance, Spire expects 2026 revenue, excluding maritime revenue, to grow at over 50% from 2025. Spire is providing the following guidance for the first quarter 2026 and full year ending December 31, 2026:
| Q1'26 Ranges |
| FY'26 Ranges | ||||||||||||
(in millions, except percentages and per share amounts) | Low | High |
| Low | High | ||||||||||
Revenue | $ | 14.5 |
| $ | 15.5 |
|
| $ | 75.0 |
| $ | 85.0 |
| ||
Maritime revenue | $ | 1.7 |
| $ | 1.7 |
|
| $ | 3.7 |
| $ | 3.7 |
| ||
Revenue excluding maritime | $ | 12.8 |
| $ | 13.8 |
|
| $ | 71.3 |
| $ | 81.3 |
| ||
Revenue excluding maritime Y/Y change |
| 4 | % |
| 12 | % |
|
| 41 | % |
| 61 | % | ||
Non-GAAP operating loss | $ | (14.5 | ) | $ | (14.1 | ) |
| $ | (37.8 | ) | $ | (32.6 | ) | ||
Adjusted EBITDA | $ | (11.5 | ) | $ | (11.2 | ) |
| $ | (26.0 | ) | $ | (20.7 | ) | ||
Non-GAAP loss per share | $ | (0.44 | ) | $ | (0.43 | ) |
| $ | (1.11 | ) | $ | (0.96 | ) | ||
Basic weighted average shares |
| 33.1 |
|
| 33.1 |
|
|
| 33.9 |
|
| 33.9 |
| ||
Non-GAAP operating loss, adjusted EBITDA and non-GAAP loss per share included in the table above are non-GAAP measures. Please see the section titled “Non-GAAP Financial Measures” for the definition of such measures. Spire has provided a reconciliation of GAAP to non-GAAP financial measures in the tables included in this press release for its fourth quarter and full year 2024 and 2025, as well as its outlook for such measures for the first quarter and full year 2026.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with GAAP, this press release and the accompanying tables contain non-GAAP financial measures, including free cash flow, non-GAAP gross profit, non-GAAP gross margins, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative expenses, non-GAAP operating loss/income, non-GAAP operating margin, EBITDA, Adjusted EBITDA, non-GAAP net loss/income, and non-GAAP net loss/income per share. Spire’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP financial measures, in evaluating its ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items Spire excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. In addition, other companies may utilize metrics that are not similar to Spire’s. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to be recorded in Spire’s financial statements. Investors should note that the excluded items may have had, and may in the future have, a material impact on our reported financial results. Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results. Management encourages investors and others to review Spire’s financial information in its entirety and not rely on a single financial measure.
Spire adjusts the following items from one or more of its non-GAAP financial measures:
Gain on sale of a business. Spire excludes this as a material unusual item that does not reflect the ongoing operational results of its business.
Loss on extinguishment of debt. Spire excludes this item because these charges are not indicative of the ongoing servicing of its debt and do not reflect the core operating performance of its business.
Change in fair value of warrant liabilities and contingent earnout liabilities. Spire excludes these non-cash gains and losses because they do not reflect the underlying operating performance of the business.
Issuance of stock warrants. Spire excludes these charges because they are non-cash in nature and do not reflect the underlying operating performance of the business.
Foreign exchange gain/loss. Spire incurs foreign currency gains and losses on foreign currency denominated receivables and payables. As Spire does not hedge these currency exposures, realized and unrealized foreign currency gains and losses result from fluctuations in exchange rates. Since such gains and losses are driven by macroeconomic factors and can vary significantly between periods, Spire believes their exclusion is useful to management and investors in evaluating the performance of its ongoing operations on a period-to-period basis.
Other expense, net. Spire excludes other expense, net because it includes non-operating items and other gains and losses that are not reflective of its core operating performance and may fluctuate between periods, such as debt prepayment penalties, legal settlements, equity investment losses, and gains or losses on asset disposals.
Stock-based compensation. Spire excludes these expenses primarily because they are non-cash charges used when we assess operating expenses and budgeting. Moreover, because of varying valuation methodologies and the award types under ASC Topic 718, Spire believes excluding stock-based compensation expenses allows investors to better compare our recurring core business results of operations and those of other companies.
Loss on decommissioned satellites and other assets write-offs. Spire excludes these charges because they represent the accelerated write-off of assets that would otherwise be accounted for as depreciation and would be excluded as part of our EBITDA calculation.
Other unusual and infrequent costs. Spire excludes these items because they are not reflective of its ongoing operating results. Examples include accounting, legal and other professional fees associated with the financial restatement; and legal fees related to the SEC subpoena received in July 2025 and a Space Services customer dispute, and liquidating damages associated with the Registration Rights Agreement entered into with the purchasers in the 2025 Private Placement.
Other acquisition accounting amortization. Spire excludes non-cash amortization of purchased data rights and certain purchased technologies as these expenses are the result of acquisition accounting and are not indicative of its core operating performance.
Our additional non-GAAP measures include:
Free Cash Flow. Spire defines free cash flow as net cash provided by/used in operating activities less purchases of property and equipment.
EBITDA. Spire defines EBITDA as net income (loss), plus depreciation and amortization expense, plus interest expense, and plus the provision for (or minus benefit from) income taxes.
Adjusted EBITDA. Spire defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted for any gain on sale of a business, loss on extinguishment of debt, change in fair value of contingent earnout liability, change in fair value of warrant liabilities, issuance of stock warrants, foreign exchange (gain) loss, other expense, net, stock-based compensation, loss on decommissioned satellites and other assets write-offs, other unusual and infrequent costs, and other acquisition accounting amortization. Spire believes Adjusted EBITDA can be useful in providing an understanding of the underlying results of operations and trends, an enhanced overall understanding of our financial performance and prospects for the future. While Adjusted EBITDA is not a recognized measure under GAAP, management uses this financial measure to evaluate and forecast business performance. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income (loss) as it does not take into account certain requirements, such as capital expenditures and related depreciation, interest payments, tax benefits, stock-based compensation, other unusual and infrequent costs, and other acquisition accounting amortization. Adjusted EBITDA is not a presentation made in accordance with GAAP, and Spire’s use of the term Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation.
Additional non-GAAP measures utilized by Spire incorporate the adjustments described in the reconciliation tables below.
Conference Call
Spire will webcast a conference call to discuss the results at 8:30 a.m. Eastern Time today. The webcast will be available on Spire’s Investor Relations website at ir.spire.com. A replay of the call will be available on the site for six months.
Safe Harbor Statement
This press release contains forward-looking statements, including information about management's view of Spire’s future financial results and guidance, expectations, plans and prospects, including our views regarding future execution within our business, and the opportunity we see in our industry, within the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Spire to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents Spire files with the SEC, including but not limited to, Spire’s Annual Report on Form 10-K/A for the year ended December 31, 2024, as well as subsequent reports filed with the SEC. Other unknown or unpredictable factors also could have material adverse effects on Spire’s future results. The forward-looking statements included in this presentation are made only as of the date hereof. Spire cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Spire expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
About Spire Global, Inc.
Spire (NYSE: SPIR) is a global provider of satellite data, analytics and intelligence, offering unique datasets and powerful insights about Earth so that organizations can make decisions with confidence in a rapidly changing world. Spire builds, owns, and operates a fully deployed satellite constellation that observes the Earth in real time using radio frequency technology. The data acquired by Spire’s satellites provides global weather intelligence, ship and plane movements, and spoofing and jamming detection to better predict how their patterns impact economies, global security, business operations and the environment. Spire also offers Space as a Service solutions that empower customers to leverage its established infrastructure to put their business in space. Spire has offices across the U.S., Canada, UK, Luxembourg and Germany. To learn more, visit spire.com.
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| ||||||||||||||||
|
| Three Months Ended December 31, |
| Year Ended December 31, | ||||||||||||
(In thousands, except share and per share amounts) |
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||||||
|
| (Unaudited) | ||||||||||||||
Revenue |
| $ | 15,825 |
|
| $ | 21,659 |
|
| $ | 71,553 |
|
| $ | 110,451 |
|
Cost of revenue |
|
| 9,393 |
|
|
| 14,649 |
|
|
| 42,390 |
|
|
| 70,576 |
|
Gross profit |
|
| 6,432 |
|
|
| 7,010 |
|
|
| 29,163 |
|
|
| 39,875 |
|
Operating expenses: |
|
|
|
|
|
|
|
| ||||||||
Research and development |
|
| 8,702 |
|
|
| 10,052 |
|
|
| 36,672 |
|
|
| 29,237 |
|
Sales and marketing |
|
| 2,575 |
|
|
| 6,755 |
|
|
| 15,334 |
|
|
| 22,696 |
|
General and administrative |
|
| 15,411 |
|
|
| 17,588 |
|
|
| 64,009 |
|
|
| 49,744 |
|
Loss on decommissioned satellites and other assets write-offs |
|
| 2,859 |
|
|
| 2,494 |
|
|
| 9,129 |
|
|
| 3,447 |
|
Allowance for current expected credit loss on notes receivable |
|
| - |
|
|
| 1,337 |
|
|
| - |
|
|
| 4,026 |
|
Total operating expenses |
|
| 29,547 |
|
|
| 38,226 |
|
|
| 125,144 |
|
|
| 109,150 |
|
Loss from operations |
|
| (23,115 | ) |
|
| (31,216 | ) |
|
| (95,981 | ) |
|
| (69,275 | ) |
Other income (expense): |
|
|
|
|
|
|
|
| ||||||||
Interest income |
|
| 755 |
|
|
| 115 |
|
|
| 2,436 |
|
|
| 1,547 |
|
Interest expense |
|
| - |
|
|
| (5,704 | ) |
|
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