SPIR · Spire Global, Inc.

Spire Global's Q1 2026 results highlight a strategic pivot post-maritime divestiture in April 2025, with GAAP revenue of $15.8 million surpassing the high end of guidance despite a 34% year-over-year decline primarily from the $9.7 million revenue impact of the sold business. Excluding maritime, revenue grew 13% year-over-year, driven by elevated sales of radio occultation and ocean winds data under NOAA awards, validating CEO Theresa Condor's emphasis on non-maritime growth momentum. Gross margins expanded meaningfully—GAAP to 40% (up 4 points) and non-GAAP to 44% (up 5 points)—benefiting from reduced software and depreciation expenses, signaling improved cost efficiency in core satellite data operations. However, net loss widened 10% to $25.8 million and adjusted EBITDA fell 29% to ($10.2) million, both above guidance but reflecting the maritime revenue gap. Cash burn was elevated at $26.2 million used in operations due to working capital and legal fees, leaving $49.5 million in cash equivalents as of quarter-end; a debt-free balance sheet persists, bolstered by $70 million raised in April for growth in space reconnaissance and weather data markets. Business updates underscore execution: 19 satellites launched, including the HyMS demonstrator achieving 'first light,' RFGL capacity expanded with eight new customer orders, and single-satellite RFGL demonstrated for higher-frequency signals. Full-year 2026 guidance projects revenue excluding maritime at $71.3-81.3 million (41-61% growth from 2025 base), adjusted EBITDA ($26.0)-($20.7) million, and non-GAAP net loss per share ($0.93)-($0.79), with no further quarterly outlooks as contracts follow customer timelines. This positions Spire for compounding growth in government and enterprise space data demand.