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SPIR

Spire Global, Inc.

SPIR

Spire Global, Inc. • NYSE
$8.19 ▲ 0.00% (+0.00)
Market Cap $268.01 M
52w High $21.43
52w Low $6.85
Dividend Yield 0%
P/E 13.88
Volume 236.85K
Outstanding Shares 32.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $19.182M ▼ $28.405M ▼ $119.16M ▲ 621.207% ▲ $3.8 ▲ $126.374M ▲
Q1-2025 $23.876M ▲ $34.214M ▼ $-20.657M ▲ -86.518% ▲ $-0.77 ▲ $-9.774M ▲
Q4-2024 $21.659M ▼ $37.701M ▲ $-48.242M ▼ -222.734% ▼ $-1.876 ▼ $-21.466M ▼
Q3-2024 $28.568M ▲ $26.444M ▲ $-12.473M ▲ -43.661% ▲ $-0.5 ▲ $-1.433M ▲
Q2-2024 $25.399M $23.263M $-16.559M -65.195% $-0.676 $-5.078M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $117.617M ▲ $239.53M ▲ $90.296M ▼ $149.234M ▲
Q1-2025 $35.931M ▲ $208.846M ▲ $203.291M ▼ $5.555M ▲
Q4-2024 $19.206M ▼ $193.575M ▼ $205.262M ▲ $-11.687M ▼
Q3-2024 $36.635M ▼ $224.191M ▼ $193.353M ▲ $30.838M ▼
Q2-2024 $45.799M $230.828M $190.494M $40.334M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $119.16M ▲ $-35.075M ▼ $154.224M ▲ $-114.16M ▼ $183K ▼ $-38.681M ▼
Q1-2025 $-20.657M ▲ $-8.429M ▲ $-8.901M ▼ $37.937M ▲ $16.779M ▲ $-17.33M ▲
Q4-2024 $-48.242M ▼ $-19.202M ▼ $2.51M ▼ $591K ▲ $-9.855M ▼ $-24.292M ▼
Q3-2024 $-12.473M ▲ $13.988M ▲ $5.991M ▲ $-10M ▼ $5.533M ▲ $5.082M ▲
Q2-2024 $-16.559M $-4.389M $-15.553M $-9.741M $-28.203M $-9.915M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that Spire is finding more customers and use cases for its data. Gross profit is positive, which suggests the core service can create value once it scales. However, operating costs remain much higher than gross profit, so the company continues to post sizable operating and net losses every year. Earnings per share are deeply negative and quite volatile, reflecting both ongoing losses and past capital structure changes, including the reverse split. Overall, the income statement tells a story of a company still in the investment and build‑out phase, not yet close to profitability based on recent history.

Balance Sheet

Balance Sheet The balance sheet shows a business that expanded its asset base after going public and then started to tighten. Total assets rose after the listing but have since drifted down, and cash has shrunk from earlier highs, leaving a relatively thin cash cushion in the latest year. Debt grew meaningfully after the listing and is large compared with the current equity base in the historical numbers. Equity moved from negative to positive and then slipped back slightly into negative territory, a sign that accumulated losses have eroded much of the shareholder capital that was built up. The announced sale of the maritime business, with proceeds expected to clear essentially all debt, is a major potential turning point: if completed as planned, it could leave Spire with a much cleaner, less leveraged balance sheet, although it also means giving up a chunk of its legacy business mix.

Cash Flow

Cash Flow Spire’s cash flow statement underlines that the company is still cash‑consuming. Operating cash flow has been negative every year, though the size of the outflow has generally improved compared with the worst period. Free cash flow is also consistently negative, showing that the business is not yet self‑funding and still relies on outside capital, strategic transactions, or balance sheet resources to cover its investment and operating needs. Capital spending has been fairly steady rather than explosive, reflecting a model that leans on small, frequently refreshed satellites and software rather than very large, one‑off builds. Even if debt service becomes lighter after the maritime sale, the key issue remains whether the company can narrow its operating cash burn over time.

Competitive Edge

Competitive Edge Spire sits in a differentiated niche within the broader “new space” ecosystem. Its large nanosatellite constellation, global coverage, and ability to design, build, and operate satellites in‑house provide real structural advantages in speed, cost, and flexibility. The company holds a leading position in radio occultation weather data and has long experience in maritime and aviation tracking, plus specialized radio‑frequency intelligence. Years of collecting unique data give it a valuable historical archive that is hard for new entrants to replicate, and this data feeds its analytics and AI models, reinforcing its edge. The Space‑as‑a‑Service offering further deepens ties with customers by letting them ride on Spire’s existing infrastructure instead of building their own. On the other hand, the broader earth‑observation and space‑data market is getting more crowded, with several well‑funded players, and government and defense customers can be slow and cyclical. Selling the maritime analytics business simplifies the portfolio and may sharpen focus on higher‑value segments, but it also removes a recognizable product pillar, increasing reliance on weather, space services, and defense growth.

Innovation and R&D

Innovation and R&D Innovation is at the core of Spire’s strategy. The company refreshes its satellite fleet frequently, uses software‑defined radios to adapt payloads in orbit, and has built strong expertise in radio occultation and other RF‑based sensing. This technical base underpins its weather, aviation, and reconnaissance offerings. Spire also leans heavily on artificial intelligence and machine learning to turn raw signals into forecasts, anomaly detection, and other decision tools, which should become more valuable as datasets grow. Upcoming projects like the Hyperspectral Microwave Sounder, expansion into defense and intelligence applications (including anti‑jamming initiatives), and partnerships for global IoT connectivity point to a pipeline of new products and markets. This innovation and R&D focus is a clear strength but also a major cost driver, contributing to ongoing losses. The key uncertainty is how quickly these investments translate into high‑margin, scalable services that can materially change the financial profile.

Summary

Overall, Spire Global looks like a classic high‑innovation, early‑stage space‑data company: strategically ambitious, technologically differentiated, but still financially fragile. The business has grown revenue at a healthy pace and built a sizable satellite and data platform, with clear strengths in weather, RF intelligence, and Space‑as‑a‑Service. At the same time, the historical financials show persistent losses, negative free cash flow, a shrinking cash cushion, and, up to now, a leveraged balance sheet. The planned sale of the maritime unit to clear debt is a major strategic and financial reset that could reduce risk and sharpen focus on higher‑value areas like advanced weather analytics, defense, and platform services. Going forward, the central questions are execution and timing: whether Spire can convert its technological and data advantages into sufficiently profitable, recurring revenue to cover its cost base and generate sustainable cash, all while managing competition, government‑related uncertainties, and disclosure/compliance issues such as the recent NYSE filing delay.

NEWS

November 28, 2025 · 4:09 PM UTC

Spire Global Successfully Launches 11 Satellites on SpaceX's Transporter-15 Mission

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November 26, 2025 · 4:05 PM UTC

Spire Global Receives NYSE Notice Regarding Late Form 10-Q Filing

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November 24, 2025 · 8:32 AM UTC

Spire Global's Hyperspectral Microwave Sounder Completes Environmental Testing

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November 18, 2025 · 4:05 PM UTC

Spire Global Ships Nine Satellites to Launch Site

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November 17, 2025 · 5:01 PM UTC

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