What Spire Global (SPIR) Said on Its Q3 Earnings Call

Key Points

• Revenue growth and new contracts: Q3 revenue rose 42% year over year to about $18 million, while Spire secured roughly $75 million in weather-data awards. Remaining performance obligations increased to approximately $175 million.
• Improved cash use and margins: Non-GAAP gross margin rose to 49%, and cash used in operations fell to about $5 million. Spire ended the quarter with $78 million in cash and equivalents and no debt.
• Outlook: Spire narrowed its 2026 revenue forecast to $75 million–$80 million, with Q4 revenue expected to reach $23 million–$28 million. Its preliminary 2027 revenue outlook is $96 million–$106 million, with adjusted EBITDA profitability targeted in the first half of that year.

Spire Global NYSE: SPIR reported third-quarter revenue of approximately $18 million and forecast a sharp increase in the fourth quarter, as new weather-data contracts begin contributing to results.

The satellite data company also narrowed the top end of its full-year revenue outlook, citing the timing of work on a National Oceanic and Atmospheric Administration contract. Management expects the company to generate positive adjusted EBITDA for the full year in 2027.

Third-quarter revenue rose approximately 42% from a year earlier. Core revenue, which excludes maritime revenue, increased approximately 77% year over year and nearly 10% sequentially. It was Spire’s first quarter without maritime revenue, making reported and core revenue the same, CEO Theresa Condor said.

“The story at Spire is shifting to execution,” Condor said, pointing to reduced cash usage and contract wins during the quarter.

Contract Wins Support Revenue Outlook

Spire secured approximately $75 million in new weather-data awards during the third quarter, including a $33.2 million NOAA task order for radio occultation data. The order has a two-year base period beginning Dec. 1, 2026, and could reach approximately $66 million if surge options are fully exercised.

Condor said the base order’s annual value of $16.6 million is nearly 50% higher than the $11.2 million annual contract awarded in 2025. A $3.7 million bridge award beginning Sept. 18 will keep the data flowing until the new order starts, she said.

Spire also received a two-year, $28 million NOAA contract under the TMATE program to build and qualify a satellite and hyperspectral microwave sounder payload through flight readiness. NOAA extended an existing hyperspectral microwave sounding data contract by six months for $3 million, with a three-month option worth another $2 million.

In response to an analyst’s question, Condor said potential revenue from the radio occultation surge options is not included in the company’s 2027 projections. She said the timing of any surge purchases remains uncertain.

The company signed five radio frequency geolocation awards during the quarter, including orders from repeat customers. Condor said Spire has eight-figure opportunities in its pipeline, although she did not identify specific customers or predict when those deals would close.

Remaining performance obligations increased to approximately $175 million at the end of the third quarter, from about $135 million at the end of the second quarter.

Lower Cash Use and Improved Margins

CFO Alison Engel said third-quarter revenue growth was driven primarily by a nearly $6 million increase in Space Services data delivery and approximately $2 million in additional weather and climate data sales. Those gains were partly offset by the absence of maritime revenue, which totaled approximately $2.5 million in the year-earlier quarter.

Non-GAAP gross margin rose to 49% from 41% a year earlier and 38% in the second quarter. Adjusted EBITDA was negative $8.6 million, compared with negative $11.8 million a year earlier.

Cash used in operations fell to approximately $5 million from $23.4 million in the second quarter and approximately $12 million a year earlier. Spire ended the quarter with $78 million in cash, equivalents and marketable securities and no debt. Engel said the company does not expect to raise capital for the business to continue on its current trajectory.

Fourth-Quarter Ramp and 2027 Targets

Spire now expects 2026 revenue of $75 million to $80 million, compared with its previous range of $75 million to $85 million. Condor said the lower upper end primarily reflects a revised schedule that moves some work on the TMATE contract into 2027; the contract’s value has not changed.

The outlook implies fourth-quarter revenue of $23 million to $28 million. Engel said increased radio occultation revenue, hyperspectral microwave sounding data purchases and the first full quarter of TMATE work are among the contributors. Management said reaching the high end depends primarily on the timing of an additional deal; Engel described it as separate from the RF geolocation and weather contracts discussed on the call.

Spire expects fourth-quarter adjusted EBITDA to range from negative $5 million to break-even, and full-year adjusted EBITDA to range from negative $32.4 million to negative $27.4 million.

For 2027, the company provided a preliminary revenue range of $96 million to $106 million. Approximately 78% of the range’s midpoint was under contract at the end of the third quarter, management said. Engel added that Spire is focused on reaching adjusted EBITDA profitability in the first half of 2027, although it has not provided a quarterly forecast. The company also continues to expect operating cash flow break-even in a quarter during 2027.

On operations, Condor said Spire launched 32 satellites in 2026, including three in October that were the first built at its Boulder, Colorado, facility. The company has booked launch slots through the end of 2028 with pricing locked in, she said.

About Spire Global (NYSE:SPIR)

Spire Global, Inc. NYSE: SPIR is a space-based data and analytics company that develops, owns and operates a constellation of small satellites and related ground infrastructure. The company collects data from space and delivers it through cloud-based platforms, helping organizations monitor conditions and activity across the atmosphere, oceans and global communications environment. Spire's products and services include weather and climate data derived from satellite observations and GNSS radio occultation, maritime intelligence based on automatic identification system data, aviation information, and radio-frequency analytics.

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