Spire (US:SPIR)2025-03-31 20:28Financial Performance - Third quarter 2024 revenue reached $28.6 million, reflecting 29% year-over-year growth[5] - For the nine months ended September 30, 2024, revenue was $88.8 million, reflecting 21% year-over-year growth[6] - Preliminary full year 2024 revenue is expected to be between $108.0 million and $110.0 million, with year-over-year growth of 11% to 13%[10] - Revenue for Q3 2024 was $28.568 million, representing an increase of 29.5% compared to $22.126 million in Q3 2023[31] - Gross profit for Q3 2024 was $12.725 million, up from $9.486 million in Q3 2023, indicating a gross margin improvement[31] - Gross profit (Non-GAAP) for Q3 2024 was $13,814, a 30% increase from $10,579 in Q3 2023[35] - Gross margin (Non-GAAP) remained stable at 48% for both Q3 2024 and Q3 2023[36] Cash Flow and Expenses - Achieved positive cash flow from operations of $14.0 million and positive free cash flow of $5.1 million in the third quarter 2024[5] - The company reported a net cash provided by operating activities of $0.749 million for the nine months ended September 30, 2024, compared to a net cash used of $39.486 million in the same period of 2023[34] - Free cash flow for the nine months ended September 30, 2024, was $5,082, compared to -$16,152 in the same period of 2023[37] - Operating expenses totaled $26.444 million in Q3 2024, slightly higher than $26.303 million in Q3 2023[31] - Research and development expenses decreased to $5.631 million in Q3 2024 from $7.931 million in Q3 2023, reflecting a focus on cost management[31] - Research and development expenses (Non-GAAP) decreased to $4,441 in Q3 2024 from $6,974 in Q3 2023, representing a 36% reduction[35] - Sales and marketing expenses (Non-GAAP) were $4,571 in Q3 2024, down 27% from $6,320 in Q3 2023[35] Losses and Improvements - Third quarter 2024 GAAP operating loss was $13.7 million, an 18% year-over-year improvement[6] - Third quarter 2024 net loss was $12.5 million, reflecting a 47% year-over-year improvement[9] - Adjusted EBITDA for the third quarter 2024 was negative $3.1 million, showing a 66% year-over-year improvement[9] - Net loss for Q3 2024 was $12.473 million, compared to a net loss of $23.337 million in Q3 2023, showing a significant reduction in losses[31] - Basic and diluted net loss per share improved to $0.50 in Q3 2024 from $1.12 in Q3 2023[31] - Net loss (GAAP) narrowed to $12,473 in Q3 2024 compared to $23,337 in Q3 2023, a 47% improvement[36] - Adjusted EBITDA for Q3 2024 was -$3,120, an improvement from -$9,200 in Q3 2023[37] Future Projections - GAAP loss from operations is expected to range from $(73.4) million to $(71.4) million[38] - Non-GAAP loss from operations is projected to be between $(38.2) million and $(36.2) million[38] - GAAP net loss per share is estimated to be between $(4.47) and $(4.38)[38] - Non-GAAP net loss per share is expected to range from $(2.39) to $(2.31)[38] - Total net loss (GAAP) is projected to be between $(107.2) million and $(105.2) million[38] - Adjusted EBITDA is expected to range from $(20.9) million to $(18.9) million[38] - Stock-based compensation is anticipated to be $20.2 million[38] - The company will exclude $7.4 million in other unusual and infrequent costs from its financials[38] Operational Highlights - Awarded $40.0 million of annual contract value in the third quarter 2024, marking the largest value of bookings received in a quarter[5] - Spire was awarded $6.7 million by NASA to deliver Earth observation data for enhancing global weather forecasting[9] - Successfully launched seven satellites on the SpaceX Transporter-11 mission, bringing the total number of Spire satellites launched to 186[9] - The company has nine offices globally, indicating a strong market presence and potential for expansion[30] Assets and Cash Position - Total assets decreased to $224.191 million as of September 30, 2024, down from $239.264 million at the end of 2023[33] - Cash and cash equivalents were $29.061 million as of September 30, 2024, compared to $29.136 million at the end of 2023[33]