Spire (US:SPIR)2026-03-18 11:31Financial Performance - Fourth quarter 2025 revenue was $15.8 million, down 27% year-over-year, but up 44% excluding the maritime business; sequentially, revenue increased 25%[6] - Net loss for the fourth quarter 2025 was $25.1 million, reflecting a 49% year-over-year improvement, and adjusted EBITDA was ($9.7) million, an 8% year-over-year improvement[7] - For the full year 2025, total revenue was $71.6 million, meeting the mid-point of Spire's financial outlook[7] - Revenue for Q4 2025 was $15,825,000, a decrease of 27.1% compared to $21,659,000 in Q4 2024[29] - Net loss for Q4 2025 was $25,094,000, compared to a net loss of $48,783,000 in Q4 2024, showing an improvement[30] - The company reported a net cash used in operating activities of $59,829,000 for the year 2025, compared to $18,453,000 in 2024[32] - The company achieved a gain on the sale of a business amounting to $154,305,000 during the year 2025[29] - For FY 2026, the company projects revenue between $75,000,000 and $85,000,000, with revenue excluding maritime expected to be between $71,300,000 and $81,300,000[37] Cash Flow and Assets - Cash flows used in operations for the fourth quarter 2025 were $4.3 million, representing a 78% year-over-year improvement[8] - Spire's cash, cash equivalents, and marketable securities as of December 31, 2025, were $81.8 million, maintaining a debt-free balance sheet[8] - Cash and cash equivalents rose to $24,813,000 in 2025, compared to $19,206,000 in 2024[31] - Total assets increased to $210,992,000 as of December 31, 2025, up from $193,575,000 in 2024[31] Expenses and Margins - Operating expenses totaled $125,144,000 for the year 2025, an increase of 14.7% from $109,150,000 in 2024[29] - Gross profit for the year ended December 31, 2025, was $29,163,000, down from $39,875,000 in 2024, reflecting a gross margin decline[29] - The fourth quarter 2025 GAAP gross margin improved 8 percentage points year-over-year to 41%[7] - Gross profit (GAAP) for Q4 2025 was $6,432,000, down from $7,010,000 in Q4 2024, representing a decrease of 8.2%[33] - Non-GAAP gross profit for Q4 2025 was $6,867,000, compared to $8,264,000 in Q4 2024, a decline of 17.0%[33] - Research and development expenses were $36,672,000 for the year 2025, an increase of 25.5% from $29,237,000 in 2024[29] - Research and development expenses (GAAP) for Q4 2025 were $8,702,000, down from $10,052,000 in Q4 2024, a decrease of 13.4%[33] - Sales and marketing expenses (GAAP) for Q4 2025 were $2,575,000, down from $6,755,000 in Q4 2024, a significant decrease of 61.9%[33] Future Projections - Spire expects 2026 revenue, excluding maritime revenue, to grow over 50% from 2025, with guidance for Q1 2026 revenue ranging from $14.5 million to $15.5 million[10] - Revenue excluding maritime business for Q1 2026 is expected to change year-over-year by 4% to 12%, and for FY 2026 by 41% to 61%[10] - The projected loss from operations for FY 2026 is between $55,900,000 and $50,700,000, with a non-GAAP loss from operations expected to be between $37,800,000 and $32,600,000[37] - The company anticipates a net loss per share (GAAP) for FY 2026 between $1.65 and $1.49, with a non-GAAP net loss per share projected between $1.11 and $0.96[37] - For Q1 2026, revenue is expected to range from $14,500,000 to $15,500,000, with revenue excluding maritime projected between $12,800,000 and $13,800,000[36] Contracts and Developments - In Q4 2025, Spire launched 12 satellites and shipped 9 satellites for a launch completed in January 2026, enhancing its capabilities in space reconnaissance and weather forecasting[11] - Spire was awarded a contract with a shared ceiling of $151 billion for the Missile Defense Agency's SHIELD program, allowing for rapid delivery of innovative capabilities[11]