Spire Global (SPIR) Q4 2024 earnings summary

Executive summary

• Fiscal year 2024 revenue reached $110.5 million, up 13% year-over-year, driven by recurring revenue and space services contracts.

• Strong demand in weather, climate, and global security sectors, with strategic focus on government and commercial contracts, including a CAD 72 million Canadian Space Agency win.

• Operational improvements include enhanced program management, resource allocation, and the appointment of a new CFO.

• Remaining contracted performance obligations totaled $216.4 million at year-end, with 31% to be recognized in the next 12 months.

• Focus for 2025 is on operational efficiency, productivity, and scaling for larger opportunities.

Financial highlights

• 2024 GAAP revenue was $110.5 million, up 13% year-over-year, with recurring revenue and space services as primary growth drivers.

• ARR at year-end was $112.2 million, a 5% increase year-over-year.

• Non-GAAP operating loss improved 21% to -$30.4 million; adjusted EBITDA improved 36% to -$16.1 million.

• Free cash flow usage was $45 million, a 16% improvement year-over-year, with cash and equivalents at $20 million at year-end.

• Gross profit for 2024: $39.9 million (GAAP); non-GAAP gross profit: $44.4 million.

Outlook and guidance

• Q1 2025 revenue expected between $22 million and $24 million, including maritime business.

• Full-year 2025 revenue (excluding maritime) projected to grow 12%-17%, with stronger growth in the second half.

• 2026 revenue growth expected at approximately 20% (excluding maritime).

• Q1 2025 ARR expected between $128 million and $130 million; non-GAAP operating loss between -$11 million and -$13 million; adjusted EBITDA between -$7.5 million and -$9.5 million.

• Q1 2025 cash and equivalents projected at $34 million to $36 million.