VIENNA, Va.--(BUSINESS WIRE)--Spire Global, Inc. (NYSE: SPIR) ("Spire†or "the Company†), a global provider of satellite data, analytics and intelligence, announced it was selected by AiDASH, the leading provider of vegetation, storm, and ignition risk intelligence and SatelliteFirstâ"¢ grid monitoring solutions, to provide advanced weather intelligence and data that enhances AiDASH's integrated solution for securing the modern electric grid from vegetation and weather-driven risk. Designed to en. ...

Core Insights - Spire Global, Inc. has appointed Admiral Christopher W. Grady (Ret.) and Edward J. Newberry to its newly formed Advisory Board, indicating a strategic move to enhance its leadership and expertise in the space-based data sector [1] Company Developments - The appointments of Admiral Grady, former Vice Chairman of the Joint Chiefs of Staff, and Edward J. Newberry, a leader in public policy and government affairs, come at a crucial time as there is an increasing reliance on commercial space-based data by governments and allies [1]

分组1 - Spire Global, Inc. (SPIR) anticipates over 30% revenue growth by 2026, primarily driven by strong government and commercial contract momentum [1] - The company has a robust backlog that supports its growth expectations [1] 分组2 - The focus is on identifying promising biotechnology companies that innovate through novel mechanisms of action and first-in-class therapies [1] - The analysis emphasizes evaluating the science behind drug candidates, the competitive landscape, clinical trial design, and potential market opportunities [1]

Core Insights - Spire Global, Inc. successfully launched nine satellites as part of SpaceX's Twilight mission from Vandenberg Space Force Base [1] - The mission included the launch of Spire's Hyperspectral Microwave Sounder (HyMS) satellite demonstrator, which is designed to enhance global weather forecasting using next-generation hyperspectral technology [1] Company Developments - The launch of the nine satellites marks a significant advancement for Spire Global in the satellite data and analytics sector [1] - The HyMS satellite demonstrator is a compact, space-ready sensor aimed at improving weather forecasting capabilities [1]

Group 1 - Spire Global, Inc. has been awarded a contract for the Missile Defense Agency's SHIELD program with a ceiling of $151 billion, allowing for rapid delivery of innovative capabilities to the warfighter [1] - The company’s fully deployed satellite constellation and expanding multi-band RF capabilities provide timely, actionable intelligence for defense missions, enhancing situational awareness for U.S. and allied partners [2] - Spire's Space Reconnaissance capabilities include persistent monitoring, real-time geolocation, GNSS interference detection, emergency beacon identification, and emitter tracking, all processed through secure, cloud-based infrastructure [2] Group 2 - Spire Global operates a satellite constellation that delivers global weather intelligence, ship and plane movements, and spoofing detection, which are crucial for predicting impacts on economies and global security [3] - The company offers Space as a Service solutions, enabling customers to leverage its infrastructure for their own space-related business needs [3] - Spire has a global presence with offices in the U.S., Canada, UK, Luxembourg, and Germany, emphasizing its commitment to providing satellite data and analytics [3]

Financial Performance - Annual Recurring Revenue (ARR) decreased by 30% to $72.8 million as of September 30, 2025, down from $103.9 million in 2024 [156]. - The number of ARR Customers dropped by 71% to 162 as of September 30, 2025, compared to 565 in 2024 [162]. - Total revenue for the three months ended September 30, 2025, was $12,670,000, a decrease of $15,898,000 or 56% compared to $28,568,000 in the same period of 2024 [182]. - The company's gross profit for the three months ended September 30, 2025, was $4,643,000, compared to $12,725,000 in the same period of 2024, reflecting a significant decline [181]. - The company's ARR Net Retention Rate decreased to 86% for the three months ended September 30, 2025, down from 90% in the same period of 2024, representing a 4% decline [164]. - Total revenue decreased by $33.1 million, or 37%, for the nine months ended September 30, 2025, primarily due to the sale of the maritime business [186]. - Subscription revenue for the nine months ended September 30, 2025, was $43.0 million, or 77% of total revenue, compared to $58.0 million, or 65%, for the same period in 2024 [187]. - The company reported a net loss of $(19,676,000) for the three months ended September 30, 2025, compared to a net loss of $(12,473,000) in the same period of 2024 [181]. - Net loss for the nine months ended September 30, 2025, was $76,399 thousand, an improvement from a net loss of $54,576 thousand in the same period of 2024 [241]. Business Operations - The sale of the maritime business was completed for approximately $238.9 million, reflecting an increase in the purchase price due to a settlement agreement [140]. - The company was awarded a $2.5 million nine-month contract from NOAA for satellite weather data and an $11.2 million one-year contract for GNSS radio occultation data [148]. - The company aims to expand into new industries such as energy, financial services, and agriculture, as well as new geographies including Latin America and Africa [150]. - The ARR Customers and ARR Solution Customers decreased primarily due to the sale of the maritime business and a strategy to de-emphasize low-revenue customers [159]. - The company has launched new capabilities, including aircraft exposure analytics for weather-related risks and space-based radio frequency intelligence for defense [148]. Expenses and Costs - Research and Development expenses increased to $9,116,000 for the three months ended September 30, 2025, compared to $5,631,000 in the same period of 2024, marking a 62% increase [181]. - Operating expenses totaled $25,694,000 for the three months ended September 30, 2025, slightly down from $26,444,000 in the same period of 2024 [181]. - General and administrative expenses increased by $16.4 million, or 51%, for the nine months ended September 30, 2025, primarily due to higher professional services and stock-based compensation expenses [206]. - Sales and marketing expenses decreased by $3.2 million, or 20%, for the nine months ended September 30, 2025, primarily due to a reduction in personnel costs [202]. - Loss on decommissioned satellites increased to $6.3 million for the nine months ended September 30, 2025, compared to $0.95 million for the same period in 2024 [209]. Cash Flow and Liquidity - Cash and cash equivalents totaled $96.8 million as of September 30, 2025, compared to $19.2 million as of December 31, 2024 [247]. - The company had approximately $20.3 million in cash and cash equivalents as of September 30, 2025, with expected future financial results supporting operational needs for at least the next twelve months [252]. - Net cash used in operating activities was $55.6 million for the nine months ended September 30, 2025, reflecting a net income of $76.4 million and adjustments for non-cash items of $135.7 million [262]. - Net cash provided by investing activities was $142.9 million for the nine months ended September 30, 2025, primarily driven by proceeds from the sale of the maritime business totaling $238.9 million [265]. - Net cash used in financing activities was $75.3 million for the nine months ended September 30, 2025, mainly due to payments on long-term debt of $105.7 million [267]. Market and Economic Conditions - The macroeconomic environment has led to longer sales cycles and additional customer discounts, impacting revenue [145]. - Inflation risk remains a concern, although recent inflation has not significantly impacted operational results for the nine months ended September 30, 2025 [278]. Future Outlook - The company plans to continue investing in growth, including increasing headcount in sales, marketing, and R&D teams [152]. - The company expects operating expenses to increase in absolute dollars as revenue grows, but as a percentage of revenue, these expenses are expected to decrease over time [194]. - The company will lose its "emerging growth company" and "smaller reporting company" statuses starting with the 2025 10-K and Q1 10-Q due to revenue and float changes [273].

Financial Data and Key Metrics Changes - GAAP revenue for Q3 2025 was $12.7 million, a decline year-over-year primarily due to the absence of approximately $11.5 million of maritime revenue from Q3 2024 and a revenue shift of $6-$8 million due to timing issues [21][22] - Non-GAAP operating loss for Q3 2025 was -$13.9 million compared to -$6.1 million in Q3 2024, with adjusted EBITDA at -$11.8 million compared to -$3.1 million a year ago [22] - Remaining Performance Obligations exceeded $200 million, providing substantial revenue visibility for 2026, with approximately $70 million expected to be recognized as revenue in that year [23][24] Business Line Data and Key Metrics Changes - The company experienced triple-digit growth in commercial and government contracts, particularly in weather and security sectors, indicating strong demand for its services [5][8] - The satellite manufacturing ramp-up resulted in a doubling of throughput while maintaining flat headcount, with on-orbit data production expected to increase tenfold for RF geolocation products [6][7] Market Data and Key Metrics Changes - Demand for weather data in Europe remained robust, with significant contracts secured from NOAA and EUMETSAT, reflecting a strong position in the European market [7][8] - The European Space Agency's recent financial commitments and Germany's increased space defense budget highlight a growing market opportunity for the company [14][15] Company Strategy and Development Direction - The company aims to become Adjusted EBITDA and operating cash flow break-even by Q4 2026, focusing on cost management and aligning its cost base with revenue expectations [25] - The strategic emphasis on dual-use satellite data services positions the company to capitalize on increasing demand for commercial partnerships in defense and weather intelligence [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over 30% revenue growth in 2026, supported by contracted programs and an expanding backlog despite recent revenue timing challenges [26][30] - The company is optimistic about its technology advantage and capacity expansion, anticipating a normalization of revenue recognition in 2026 [18][26] Other Important Information - The company has secured its largest radio occultation contract from NOAA, significantly increasing annual sounding volume and improving pricing [7] - The company is positioned as a key partner in the evolving European space defense ecosystem, benefiting from local manufacturing capabilities and strong government relationships [14][15] Q&A Session Summary Question: What gives confidence in the 30% growth for next year? - Management highlighted over $10 million of revenue shifted to 2026 and emphasized the urgency in government contracts and European partnerships as key growth drivers [30] Question: Is the NASA Earth observation contract expected to be renewed? - Management indicated that while the contract is delayed due to the government shutdown, they do not believe it is lost and expect it to be signed [31][32] Question: How should cash balance be viewed going forward? - Management reassured that they expect to finish the year with a strong cash balance, despite timing issues affecting cash flow [34][35] Question: What is the impact of the government shutdown on revenue? - Management noted that over $10 million of revenue has shifted from 2025 to 2026 due to the shutdown, affecting their guidance [44] Question: What are the unusual expenses in the Q4 outlook? - Management identified legal fees and professional services as the primary unusual expenses expected to decrease in 2026 [55][59] Question: What is the contribution mix of government contracts expected by the end of 2026? - Management confirmed that government contracts will continue to be a significant portion of revenue growth, particularly in Earth observation and RF services [77][80]

Financial Data and Key Metrics Changes - GAAP revenue for Q3 2025 was $12.7 million, a decline year-over-year primarily due to the absence of approximately $11.5 million of maritime revenue from the previous year and revenue timing impacts of $6-$8 million [21][22] - Non-GAAP operating loss for Q3 2025 was -$13.9 million compared to -$6.1 million in Q3 2024, with adjusted EBITDA at -$11.8 million compared to -$3.1 million a year ago [22] - Remaining Performance Obligations exceeded $200 million, providing substantial revenue visibility for 2026, with approximately $70 million expected to be recognized as revenue in that year [23][24] Business Line Data and Key Metrics Changes - The company experienced triple-digit growth in commercial and government contracts, particularly in weather and security sectors, indicating strong demand for its services [5][8] - The satellite manufacturing ramp-up doubled throughput while maintaining flat headcount, demonstrating operational efficiency [6][17] - The company secured its largest radio occultation contract from NOAA, significantly increasing annual sounding volume and improving price per sounding by over 40% [7][11] Market Data and Key Metrics Changes - Demand for weather data in Europe remained robust, with renewed agreements with EUMETSAT and sales to the European Space Agency [8] - Germany's space defense budget is projected at EUR 7 billion annually over the next five years, totaling approximately $40 billion, enhancing the company's strategic positioning in Europe [13][14] - NATO countries are expected to increase defense budgets to 5% of GDP, potentially unlocking $17-$32 billion per year in additional contracts for the company [15] Company Strategy and Development Direction - The company aims to become Adjusted EBITDA and operating cash flow break-even by Q4 2026, focusing on cost management and aligning its cost base with revenue expectations [25] - The strategic emphasis is on expanding partnerships with commercial entities, particularly in the defense sector, as government agencies seek to leverage private sector capabilities [10][30] - The company is positioned to capitalize on the growing demand for dual-use satellite data services, particularly in the context of national security and commercial applications [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's technology advantage and expanding capacity, despite revenue timing challenges due to the U.S. government shutdown [18] - The company anticipates over 30% revenue growth in 2026, supported by contracted programs and an increase in on-orbit capacity [26] - Management highlighted the importance of the upcoming launch of a microwave sounding satellite, which addresses a significant global atmospheric sounding need [9] Other Important Information - The company has established a world-class satellite manufacturing facility in Germany, enhancing its operational resilience and capacity [7] - The company is actively engaged in addressing cybersecurity and sovereign requirements, ensuring compliance with government standards [17] - The company is in the process of completing its 2026 budget, with a focus on revenue growth and operational efficiency [25] Q&A Session Summary Question: What gives confidence in the 30% growth estimate for next year? - Management noted that over $10 million shifted across the calendar year and emphasized the urgency for commercial partnerships in the U.S. and Europe, supporting the growth outlook [29][30] Question: Is the NASA Earth observation contract expected to be renewed? - Management indicated that while the contract is delayed due to the government shutdown, there is a strong desire for access to the data sets, and they do not believe it is lost [31][32] Question: How should cash balance be viewed going forward? - Management expressed confidence in finishing the year with a strong cash balance, despite timing issues related to revenue collection and ongoing legal fees [34][35] Question: Can you break down the reduction in guidance for the second half? - Management detailed that approximately $6-$8 million was related to a percent complete contract, with additional losses due to the government shutdown impacting contract signings [41][42] Question: What is the status of the WildfireSat and NOAA contracts? - Management confirmed that both contracts are tracking as expected and will contribute significantly to revenue in 2026 and 2027 [47] Question: What unusual expenses should be noted in the Q4 outlook? - Management identified legal fees and professional services as unusual expenses that are expected to decrease in 2026 [55][59] Question: What is the pipeline for mega deals? - Management noted increased interest in sovereign capabilities, particularly in RF, and expects movement on these conversations in 2026 [64]

Financial Data and Key Metrics Changes - GAAP revenue for Q3 2025 was $12.7 million, a decline year-over-year primarily due to the absence of approximately $11.5 million of maritime revenue from Q3 2024 [19] - Non-GAAP operating loss for Q3 2025 was -$13.9 million compared to -$6.1 million in Q3 2024, with adjusted EBITDA at -$11.8 million versus -$3.1 million a year ago [21][22] - The company ended Q3 2025 with $96.8 million in cash, cash equivalents, and marketable securities, utilizing $20.4 million of free cash flow during the quarter [22] Business Line Data and Key Metrics Changes - The company experienced triple-digit growth in commercial and government contracts, particularly in weather and security sectors [5] - The satellite manufacturing throughput doubled per year while maintaining flat headcount, indicating improved operational efficiency [6][15] - The backlog of remaining performance obligations exceeded $200 million, providing substantial revenue visibility moving into 2026 [22][23] Market Data and Key Metrics Changes - Demand for weather data in Europe, especially from Germany, remained robust, with significant contracts secured from NOAA and EUMETSAT [6][7] - The European Space Agency pledged EUR 22 billion in new subscriptions for the next three years, with Germany contributing EUR 5 billion, enhancing the company's strategic positioning in Europe [13] - The U.S. government defense market continues to expand, with a shared ceiling of $151 billion for the Missile Defense Agency's multi-award Shield IDIQ contract, positioning the company for future task orders [10][11] Company Strategy and Development Direction - The company aims to become Adjusted EBITDA and operating cash flow break-even by Q4 2026, focusing on cost management and aligning its cost base with revenue expectations [24] - The strategic emphasis is on expanding partnerships with commercial entities, particularly in the defense sector, as the U.S. government pushes for more commercial partnerships [7][11] - The upcoming launch of a microwave sounding satellite is expected to address a multi-billion-dollar global atmospheric sounding need, enhancing the company's product offerings [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's technology advantage and expanding capacity, despite timing impacts from the U.S. government shutdown [17] - The company anticipates over 30% revenue growth in 2026, supported by contracted programs and an expanding backlog [25] - Management highlighted the importance of the NOAA relationship and the growing demand for radio frequency geolocation services as key drivers of future growth [48] Other Important Information - The company has secured its largest radio occultation contract from NOAA, which is three times the size of last year's contract in annual sounding volume [6] - The company is the only one in Germany with deep in-space radio frequency expertise, enhancing its competitive edge in the European market [12] - The company is actively working through an SEC subpoena, with no significant updates to share at this time [44] Q&A Session Summary Question: What gives confidence in the 30% growth estimate for next year? - Management noted that over $10 million shifted across the calendar year and emphasized the urgency for commercial partnerships in Europe, particularly with large budgets emerging from Germany [27][28] Question: Is the NASA Earth observation contract expected to be renewed? - Management indicated that while the contract is delayed due to the government shutdown, they do not believe it is lost and expect it to be signed [29][30] Question: How should cash balance be viewed going forward? - Management expressed confidence in finishing the year with a strong cash balance, despite timing issues related to revenue collection and ongoing legal fees [31][32] Question: Can you break down the revenue reduction in the second half? - Management detailed that approximately $6-$8 million was related to a percent complete contract, with additional losses due to the government shutdown impacting contract signings [33][34] Question: What is the contribution mix of government contracts expected to be by the end of 2026? - Management confirmed that government contracts will continue to be a significant portion of growth, particularly with the delayed Earth observation contract and ongoing relationships with NOAA [45][46]

Business Performance and Outlook - Spire Global's remaining performance obligation exceeded $200 million as of September 30, 2025 [5] - The company anticipates over 30% revenue growth in 2026, excluding the divested maritime business, driven by secured contracts [16, 21] - Q4 2025 revenue is projected to grow sequentially by approximately $3 million at the midpoint of guidance [15] - Full year 2025 revenue guidance is between $70.5 million and $72.5 million [21] Contracts and Expansion - Spire Global secured a $2.5 million NOAA contract for satellite weather data [6] - EUMETSAT renewed a €3 million contract with Spire Global for satellite weather data [6] - Spire Global was awarded an $11.2 million NOAA contract for satellite weather data [6] - The company was selected as an awardee on the Missile Defense Agency's SHIELD IDIQ, with a shared ceiling of $151 billion [12] Investments and Technology - NATO member states are increasing defense and security investment to 5% of GDP by 2035 [12] - Germany plans to invest €35 billion through 2030 to strengthen space-based capabilities [12] - The European Space Agency has agreed to raise space spending to over €22 billion over the next three years [12]