Spire (US:SPIR)2025-12-17 12:30Financial Performance - Revenue for Q2 2025 was $19.2 million, achieving the midpoint of Spire's guidance range and exceeding the upper end of the preliminary revenue range[7] - Revenue for Q2 2025 was $19,182,000, a decrease of 24.5% compared to $25,399,000 in Q2 2024[24] - Net income reported was $119.6 million, with adjusted EBITDA at negative $10.2 million[7] - Net income for the first half of 2025 was $96,075,000, compared to a net loss of $42,103,000 in the first half of 2024[27] - The company reported a gain on the sale of a business amounting to $154,305,000 in Q2 2025[24] - Comprehensive income for the first half of 2025 was $100,842,000, compared to a comprehensive loss of $44,394,000 in the same period of 2024[25] - Net income (GAAP) for Q2 2025 was $119,590,000, a recovery from a loss of $16,559,000 in Q2 2024[29] - Non-GAAP net income (loss) for Q2 2025 was $(15,219,000), compared to $(10,254,000) in Q2 2024[29] Expenses and Liabilities - GAAP operating loss was $23.5 million, while non-GAAP operating loss was $12.4 million[7] - Gross profit for the first half of 2025 was $18,088,000, down from $20,140,000 in the same period of 2024, representing a decline of 10.2%[24] - Research and development expenses increased to $10,195,000 in Q2 2025, up 35.5% from $7,517,000 in Q2 2024[24] - Research and development expenses (GAAP) increased to $10,195,000 in Q2 2025 from $7,517,000 in Q2 2024, an increase of 35.4%[28] - Total liabilities decreased to $90,296,000 as of June 30, 2025, down from $205,262,000 at the end of 2024[26] Cash and Assets - Cash, cash equivalents, and marketable securities amounted to $117.6 million as of June 30, 2025, with 32.7 million shares outstanding[7] - Cash and cash equivalents rose to $36,114,000 from $19,206,000, marking an increase of 88.4%[26] - Total assets increased to $239,530,000 as of June 30, 2025, compared to $193,575,000 at the end of 2024, reflecting a growth of 23.7%[26] Operational Insights - Spire utilizes various non-GAAP financial measures to provide insights into its operational performance, including free cash flow and adjusted EBITDA[6] - The company excludes certain items from its non-GAAP measures, such as stock-based compensation and foreign exchange gains/losses, to better reflect ongoing operational results[9][11] - The company reported a gross margin (Non-GAAP) of 52% in Q2 2025, up from 47% in Q2 2024[29] - Operating margin (GAAP) for Q2 2025 was (123)%, compared to (49)% in Q2 2024, indicating a significant decline[29] - EBITDA for Q2 2025 was $124,955,000, compared to a loss of $6,638,000 in Q2 2024[30] - Free cash flow for the first half of 2025 was $(56,011,000), worsening from $(25,824,000) in the first half of 2024[30] Future Outlook - Spire plans to provide third quarter 2025 financial highlights and full year 2025 guidance in early December 2025[4] - The company will participate in the 16th Annual Craig-Hallum Alpha Select Conference on November 18, 2025, and the Deutsche Bank Global Space Summit on November 19, 2025[5] Satellite Operations - Spire's satellite constellation provides real-time data for global weather intelligence, ship and plane movements, and other critical insights[23]