Spire Global (SPIR) Q4 2025 earnings summary

Executive summary

• Achieved 44% year-over-year Q4 2025 revenue growth excluding maritime, with gross margin up five points year-over-year and significant contract wins, including $11.2M and $2.5M NOAA contracts and a €3M EUMETSAT renewal.

• Completed maritime business divestiture in April 2025, retired all debt, and repositioned as a pure-play space intelligence platform.

• Deployed 39 satellites in 2025, with 9–10 more shipped for early 2026 launches, expanding capacity for future growth.

• Secured major government contracts, including the Missile Defense Agency SHIELD IDIQ with a $151B shared ceiling, and expanded international defense and civil government opportunities.

• Positioned for over 50% core revenue growth in 2026, driven by defense, civil, and commercial markets.

Financial highlights

• Q4 2025 revenue (ex-maritime): $15.8M, up 44% year-over-year and 36% sequentially; full year 2025 revenue: $71.6M.

• Q4 non-GAAP gross margin: 43% (up 5 points YoY); GAAP gross margin: 41% (up 8 points YoY).

• Q4 adjusted EBITDA: -$9.7M (8% YoY, 17% sequential improvement); full year: -$39.7M.

• Operating cash flow used in Q4: $4.3M, a 78% YoY and 65% sequential improvement.

• Ended 2025 debt-free with $81.8M–$96.8M in cash and marketable securities.

Outlook and guidance

• 2026 revenue guidance: $75M–$85M (ex-maritime, >50% YoY growth at midpoint).

• Q1 2026 revenue guidance: $14.5M–$15.5M (core business ~10% YoY growth).

• 2026 adjusted EBITDA guidance: -$26M to -$20.7M; targeting breakeven by Q4 2026–Q1 2027.

• Gross margin target: 60–70% over 3–5 years as high-margin products scale.

• 75% of low-end 2026 revenue guidance covered by existing contracts; no WildFireSat revenue included in guidance.