Spire Global (SPIR) Q3 2025 earnings summary

Executive summary

• Achieved strong commercial and government contract wins, expanding remaining performance obligations to over $200 million, with major awards from NOAA, EUMETSAT, and the European Space Agency, and a growing global customer base across 45 countries.

• Completed sale of maritime business for $238.9M, resulting in a $154.3M gain, significant changes to business mix, and full repayment of all outstanding long-term debt.

• Expanded satellite manufacturing capacity, launching 12 satellites in November and preparing 9 more for early 2026, supporting increased data production and resilience.

• Net income of $76.4M for the nine months, driven by the gain on sale, but core operations remain unprofitable with ongoing operating losses.

• Significant progress made on internal control remediation, but material weaknesses and an ongoing SEC investigation persist.

Financial highlights

• Q3 2025 GAAP revenue was $12.7M (down 56% YoY), with nine-month revenue at $55.7M (down 37% YoY), primarily due to the maritime business divestiture.

• Full-year 2025 revenue guidance is $70.5–$72.5M; excluding maritime, expected 2025 revenue is ~$58.5M.

• Non-GAAP operating loss for Q3 2025 was -$13.9M; full-year 2025 guidance is ($54.7)–($53.8)M.

• Adjusted EBITDA for Q3 2025 was -$11.8M; full-year 2025 guidance is ($42.2)–($41.3)M.

• Cash and marketable securities totaled $96.8M as of September 30, 2025.

Outlook and guidance

• Expects over 30% revenue growth in 2026 compared to 2025, excluding maritime, driven by secured contracts, new satellite launches, and increased on-orbit capacity.

• Approximately $70M of $223.1M in remaining performance obligations to be recognized as revenue in 2026.

• Targeting Adjusted EBITDA and operating cash flow break-even to positive by Q4 2026.