0001193125-25-322735
SEC filingSpire Global's Notes show $76.4M marketable securities, zero debt post-maritime sale, and $223.1M remaining performance obligations.
As of September 30, 2025, Spire Global held $20.3 million in cash and cash equivalents and $76.4 million in marketable securities, totaling $96.8 million in liquid assets. The company had no long-term debt outstanding, having fully repaid its Blue Torch Credit Facility ($108.6 million) and SIF loan ($4.6 million) on April 25, 2025, using proceeds from the maritime business sale. Total assets were $224.3 million, up from $193.6 million at December 31, 2024, driven by the addition of marketable securities. Stockholders' equity improved to $133.1 million from a deficit of $(11.7) million, reflecting the gain on sale and equity issuances. The company concluded it has sufficient liquidity to continue as a going concern for at least twelve months.
Total remaining performance obligations (RPO) were $223.1 million as of September 30, 2025, representing committed future revenue from non-cancellable contracts with terms exceeding one year. The expected recognition timeline is: $76.6 million within 12 months, $58.3 million in 13-24 months, $36.7 million in 25-36 months, $22.1 million in 37-48 months, and $29.4 million thereafter. Contract liabilities (deferred revenue) totaled $49.6 million, split $28.0 million current and $21.6 million non-current. The company also has a $4.5 million note receivable (plus $0.7 million accrued interest) from a Space Services customer, fully reserved as an allowance for credit losses. Operating lease liabilities were $12.5 million, with total undiscounted lease payments of $14.9 million through 2029 and beyond.
No share buybacks or dividends were reported. The company fully repaid its long-term debt ($105.7 million in cash payments) and recognized a $12.0 million loss on extinguishment. Capital expenditures totaled $20.9 million for the nine months ended September 30, 2025, primarily for satellite and ground station work in progress ($37.3 million) and finished satellites not yet in service ($10.8 million). The company raised $37.3 million net from a March 2025 private placement of 4.8 million shares and pre-funded warrants.
The company operates as a single reportable segment. Revenue for the nine months ended September 30, 2025 was $55.7 million, down 37% year-over-year, primarily due to the sale of the maritime business. Geographic revenue mix: Americas 61% (U.S. 52%), EMEA 33% (U.K. 11%, Belgium 11%), and Asia Pacific 6%. Subscription revenue was 77% of total revenue ($43.0 million), with non-subscription (project-based) at 23% ($12.7 million). Gross margin improved to 41% from 37% in the prior-year period.
Spire Global's operating cash flow was negative $55.6 million for the nine-month period, indicating ongoing operational cash burn consistent with its history of losses. Investing activities yielded significant cash from the sale of its maritime business ($238.9 million), partially offset by any capital expenditures not disclosed. Financing activities included net proceeds of $109.5 million from Transactions and $37.3 million from a private placement, which were used to repay long-term debt. The company ended the period with $20.3 million cash and $76.4 million in marketable securities, supported by these inflows. Without explicit capex, free cash flow cannot be computed, but the asset sale and financings have alleviated near-term liquidity concerns, though operating cash flow remains negative.