Spire Global (SPIR) Q4 2025 earnings summary

Executive summary

• Achieved 44% year-over-year Q4 revenue growth and 36% sequential growth, excluding the divested maritime business; completed maritime divestiture in April 2025 and retired all debt, repositioning as a pure-play space intelligence platform.

• Secured major contracts, including $11.2M and $2.5M NOAA weather data, €3M EUMETSAT renewal, and Missile Defense Agency SHIELD IDIQ with a $151B ceiling.

• Launched 39 satellites in 2025 and shipped 9–10 more for early 2026 launches, expanding manufacturing capacity to 300–400 satellites/year.

• Positioned for 50%+ core revenue growth in 2026, driven by defense, civil, and commercial markets, with multi-year recurring contracts providing strong revenue visibility.

• Operating leverage and margin expansion expected as platform scales, with board of advisors established for defense and policy expertise.

Financial highlights

• Q4 2025 revenue (ex-maritime): $15.8M, up 44% year-over-year and 36% sequentially; full year revenue (ex-maritime): $71.6M.

• Q4 non-GAAP gross margin: 43%, up 5 points year-over-year; GAAP gross margin: 41%.

• Q4 adjusted EBITDA: -$9.7M, improving 8% year-over-year and 17% sequentially; full year adjusted EBITDA: -$39.7M.

• Cash and marketable securities: $81.8M–$96.8M as of Dec 31, 2025; company is debt-free.

• Q4 operating cash flow usage improved 78% year-over-year; free cash flow for Q4 2025: $(16.2)M.

Outlook and guidance

• 2026 revenue guidance: $75M–$85M, representing over 50% year-over-year growth (ex-maritime); Q1 2026 revenue guidance: $14.5M–$15.5M.

• 2026 adjusted EBITDA guidance: -$26M to -$20.7M; targeting quarterly EBITDA breakeven by Q4 2026–Q1 2027.

• Gross margin target: 60–70% over next 3–5 years as high-margin products scale.

• 2026 non-GAAP loss per share guidance: -$1.11 to -$0.96.

• Guidance excludes any revenue from paused WildFireSat program, which could be upside.