Spire Global Stock Earnings Reports

Q1 2026 highlights: Spire beat the high end of guidance on both revenue ($15.8M GAAP) and adjusted EBITDA (non‑GAAP adjusted EBITDA -$10.2M), with core revenue ex‑Maritime up 13% YoY. Management reaffirmed full‑year 2026 revenue guidance of $75M–$85M and unchanged adjusted EBITDA and non‑GAAP operating loss ranges. About 76% of 2026 guidance is already under contract, and management cites additional sole‑source visibility. The company has strong operational moats: reserved launch capacity through 2028 and transatlantic manufacturing (Boulder, Munich, Glasgow), enabling sovereign‑ready production. RF geolocation (RFGL) advanced materially—19 satellites launched in Q1 increasing collection capacity, demonstrated single‑satellite geolocation for S‑ and X‑band, and five new U.S. plus three international RFGL customers; RFGL is already generating revenue. The HyMS hyperspectral microwave sounder achieved first light and is delivering data to customers, supporting NOAA proposals; management cites >$150M of in‑year NOAA opportunities and participation in the $8B NOAA ProTech IDIQ (NOAA prioritizes radio‑occultation and microwave sounding). Gross margin improved to 44% (up 5 pts YoY) with a long‑term target of 60–70% as operating leverage kicks in. Cash and liquidity: ~$50M cash + marketable securities at quarter end, plus $65.5M net from an April private placement; company is debt‑free and says cash should fund through adjusted EBITDA breakeven and beyond. Timing/roadmap: full operational status for new RFGL capacity through Q2–Q3; management targets adjusted EBITDA breakeven Q4 2026–Q1 2027 and positive operating cash flow in 2027. Company will shift to annual guidance (not quarterly) given large government/enterprise deal timing. Primary risk remains execution/delivery (launch and deployment timing).