Spire Global, Inc.

spire.com

What Do They Do?

Provides space-based data and analytics for weather, aircraft movements and radio-frequency intelligence, plus satellite services to government agencies and commercial organizations.

How Do They Make Money?

revenue

Segment	Share	Revenue
Subscription Based Contract Member	77%
Non Subscription Based Contracts	23%

Who Are Their Customers?

Sells primarily through its geographically distributed direct sales organization to government agencies and commercial organizations.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 24% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 72 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$92.6M.

Operating income, FY2025

−134% of revenue

▲ +39% (Loss) vs FY2024 (−$69.3M, −63%)

Net income, FY2025

72% of revenue

▲ Now profitable vs FY2024 (−$103.4M, −94%)

Free cash flow, FY2025

−129% of revenue

▲ +106% (Loss) vs FY2024 (−$45M, −41%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −6%; vs $19.2M in Q2 FY2025
Net income: ▼ Now a loss; vs $119.6M in Q2 FY2025

Subscription Based Contracts share of revenue vs 76.0% in Q2 FY2025

Aug 12, 2026 Reaffirms full-year revenue guidance Spire reaffirmed full-year 2026 revenue guidance, with a range of $75.0 million to $85.0 million.

Growing. Revenue grew 65% in 4 years, from $43.4M in FY2021 to $71.6M in FY2025, about 13% a year.

Maritime business sold The earlier report presents ship tracking, maritime analytics and related applications as an offering. The latest report says Spire sold its maritime business but retained certain maritime services for U.S. federal customers, and expects that business to decline.

Revenue over time

Subscription Based Contract Member Non Subscription Based Contracts

$200M$100M$0

FY2024 FY2025

Who Do They Compete With?

Competes with Aireon, PlanetiQ, HawkEye360, and Muon Space

Comments