Spire Global (SPIR) Q2 2025 earnings summary

Executive summary

• Completed sale of maritime business for $238.9M on April 25, 2025, eliminating all debt and resulting in a $154.3M gain, fundamentally strengthening the balance sheet and liquidity.

• Net income of $119.6M for Q2 2025, compared to a net loss of $16.6M in Q2 2024, driven by the gain on sale.

• Focused on operational performance, financial results, and growth opportunities, leveraging a recurring revenue model and multi-purpose satellite constellation.

• Secured significant contracts with the European Space Agency, NASA, and NOAA, including an eight-figure, five-year space services contract and a $1.2M NASA renewal.

• Expanded product offerings in aviation analytics, RF intelligence, and space reconnaissance, including AI-powered detection and next-gen weather sensors.

Financial highlights

• Q2 2025 revenue: $19.2M, down 24% year-over-year, primarily due to the maritime business divestiture.

• Q2 2025 gross margin: 49% (up from 43% in Q2 2024).

• Q2 2025 net income: $119.6M, mainly due to $154.3M gain on sale.

• Adjusted EBITDA for Q2 2025: $(10.2)M.

• Cash, cash equivalents, and marketable securities totaled $117.6M as of June 30, 2025.

Outlook and guidance

• Q3 2025 revenue guidance set at $19.5–$21.5M.

• Full-year 2025 revenue guidance reiterated at $85–$95M.

• Year-end 2025 cash projected to exceed $100M.

• Management expects current liquidity to be sufficient for at least 12 months.

• Targeting 20%+ revenue growth for 2026, excluding the maritime business.