Spire Restores Revenue Growth After Maritime Sale

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter sales were $18.0 million, up 42% from a year earlier, and $75 million to $80 million is the 2026 revenue outlook.

Spire Global (SPIR), a global provider of satellite data, analytics and intelligence, reported third-quarter 2026 revenue of $18.0 million, up 42% from a year earlier and up 77% excluding the maritime business it sold at the end of April 2025. That year-over-year increase reversed a 6% decline in the second quarter, when excluding maritime the company had posted 16% growth. Sequential GAAP revenue was unchanged at $18.0 million after a 14% sequential rise in the prior quarter.

The company said the year-over-year increase was driven primarily by higher Space Services data delivery and additional Weather and Climate sales, primarily Hyperspectral Microwave Sensor sounding data. GAAP gross margin improved 9 percentage points year-over-year to 46%, and non-GAAP gross margin improved 8 percentage points to 49%. Those margins also reversed a second-quarter compression tied to the WildFireSat contract, which was cancelled for convenience: GAAP gross margin was 34% and non-GAAP 38% in the second quarter.

Net loss was $20.3 million, or $0.52 a share, compared with a year-earlier net loss of $19.7 million, or $0.61 a share. Adjusted EBITDA was $(8.6) million, a 27% improvement from $(11.8) million a year earlier, which the company attributed primarily to higher revenue. Adjusted EBITDA was unchanged sequentially after a 15% sequential improvement in the second quarter.

Cash flow used in operations was $5.0 million, a 59% improvement from $12.0 million a year earlier and a 79% improvement from $23.4 million in the second quarter. The company said the decline reflected disciplined management of cash and working capital and that cash usage is expected to continue to improve in the fourth quarter. Cash, cash equivalents and marketable securities were $78.0 million as of September 30, 2026. Remaining performance obligations not yet recognized as revenue were $175.4 million.

In the third quarter Spire was awarded a $33.2 million NOAA task order for a two-year period beginning December 1, 2026, covering GNSS-RO data including profiles with Temporal Resolution Enhancements. Unfunded surge-buy options could bring total potential value to approximately $66 million if fully exercised. The company also received a two-year $28 million NOAA contract to advance hyperspectral microwave sounding technology toward operational use, with operational capability targeted no later than 2030. It signed two U.S. and three international radio-frequency geolocation awards, including repeat customers. In October it launched the first three satellites built at its Boulder, Colorado, manufacturing facility.

For the full year ending December 31, 2026, Spire expects revenue between $75 million and $80 million and adjusted EBITDA between $(32.4) million and $(27.4) million. Implied fourth-quarter adjusted EBITDA represents a 71% sequential improvement over third-quarter adjusted EBITDA at the midpoint. For 2027 the company is providing a preliminary revenue range of $96 million to $106 million. Beginning with the third quarter, Spire said it will focus its outlook on revenue and adjusted EBITDA and is no longer providing guidance for non-GAAP operating loss or non-GAAP net loss per share.

Chief executive Theresa Condor said the company is entering a new phase of execution and that multi-year awards give greater revenue visibility into 2027 and beyond.