Spire Global (SPIR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $15.8 million, exceeding guidance but down 34% year-over-year due to the maritime business sale; excluding maritime, revenue grew 13% year-over-year, driven by NOAA and government data sales.

• Adjusted EBITDA was ($10.2) million, above guidance, reflecting higher revenue and cost discipline, but a 29% year-over-year decline.

• Net loss for Q1 2026 was $25.8 million, a 10% increase year-over-year.

• 19 satellites were launched, achieving technical milestones in hyperspectral microwave sounder and RF geolocation.

• Dual-continent manufacturing and reserved launch capacity through 2028 provide operational flexibility and a competitive moat.

Financial highlights

• GAAP gross margin improved to 40% (up 4 points year-over-year); non-GAAP gross margin rose to 44% (up 5 points year-over-year).

• Adjusted EBITDA for Q1 2026 was ($10.2) million, above guidance.

• Cash, equivalents, and marketable securities totaled $49.5 million at quarter-end; $65.5–$70 million was raised in April 2026 through a private placement.

• Company remains debt-free and expects current liquidity to fund operations through adjusted EBITDA breakeven.

• Free cash flow for Q1 2026 was ($34.2) million.

Outlook and guidance

• FY 2026 revenue guidance reaffirmed at $75 million–$85 million; excluding maritime, revenue expected between $71.3 million and $81.3 million, representing 41%–61% year-over-year growth.

• Adjusted EBITDA guidance for FY 2026 is ($26.0) million to ($20.7) million; non-GAAP loss per share expected between ($0.93) and ($0.79).

• 76% of 2026 revenue guidance is already under contract.

• Transitioning to annual guidance only, reflecting large contract timing variability.

• Targeting adjusted EBITDA breakeven in Q4 2026 to Q1 2027, with positive operating cash flow in 2027.