SPIR

Image source: The Motley Fool. Wednesday, Aug. 12, 2026 at 5:00 p.m. ET Chief Executive Officer - Theresa Condor Chief Financial Officer - Alison Engel Head of IR - Benjamin Hackman Operator: Thank you. Greetings and welcome to the Spire Global Second Quarter 2026 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Ben Hackman, Head of IR. Please go ahead. Benjamin Hackman: Thank you. Hello, everyone, and thank you for joining Spire's second quarter 2026 earnings conference call. Our earnings press release and related SEC filings are posted on the company's IR website. A replay of today's call will also be made available. With me on the call today is Theresa Condor, CEO, and Ali Engel, CFO. As a reminder, our commentary today will include non-GAAP items. Reconciliations between our GAAP and non-GAAP results, as well as our guidance, can be found in our earnings press release, which can be found on our IR website. Some of our comments today contain forward-looking statements that are subject to risks, uncertainties, and assumptions. In particular, our expectations around our future results of operations and financial condition are uncertain and subject to change. Should any of these expectations fail to materialize, or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties, and assumptions, and other factors that could affect our financial results is included in our SEC filings. With that, let me hand the call over to Theresa. Theresa Condor: Thank you, Ben, and good afternoon, everyone. Revenue for the second quarter was $18 million. Excluding the maritime business we divested last year, core revenue expanded both year-over-year and sequentially, marking our strongest core revenue quarter since the divestiture. This is consistent with what we outlined in March when we described 2026 as a sequentially building second-half-weighted year. Two quarters in, that's exactly what we're seeing in the numbers. As a result, we're reaffirming our full-year revenue guidance, which at the midpoint represents 50% year-over-year core revenue growth. On our last call, I pointed to the specific milestones investors should watch this quarter: NOAA decisions on our in-year hyperspectral microwave sounding proposals, RFGL contract activity, and the continued expansion of our RFGL collection capacity. There was progress on each, so let me start there. On NOAA, the proposals we told you we were submitting in May have advanced to negotiation or closed. We are currently in the negotiation phase on an 8-figure contract opportunity tied to our Hyperspectral Microwave Sounder capability following the successful on-orbit validation of our HyMS payload. Combined with last week's NOAA Hyperspectral Microwave Sounder data contract extension, valued at up to $5 million in revenue over a 9-month term, we are encouraged by the growing interest in HyMS. These are 2 sizable opportunities that grew directly out of the flight-proven data we have been generating since the first quarter. On RFGL, we secured awards from 4 new international customers in the second quarter on top of the 5 new U.S. awards and 3 new international customers we reported in the first quarter. On capacity, the 19 satellites we deployed in the first quarter are reaching full operational status on schedule, and in early July, we launched 10 more, bringing our total to 29 satellites launched in 2026. Today, I want to go deeper on 3 things: where the U.S. government weather opportunity stands, why demand for RF intelligence keeps building, and how our European position and manufacturing footprint turn that demand into long-term growth. Going back to NOAA, on our first quarter call, we told you we were actively bidding on more than $150 million of opportunities across the NOAA portfolio. Last week marked a key milestone as the first of these opportunities crossed the finish line with a signed contract worth up to $5 million. On top of that, the 8-figure microwave sounding opportunity is within that pipeline, and both advanced from proposal to negotiation or contract signature since our last call. Each is built on the flight-proven data our HyMS payload has been generating since first light in March. As before, our existing NOAA Radio Occultation contract, which has been a cornerstone of our government weather business. Last year's one-year RO award was $11.2 million. That contract is in full execution today, and we expect the follow-on award to begin in September. As a reminder, NOAA is working to establish a multi-year $8 billion IDIQ contract under which efforts like RO can be awarded. Because that IDIQ vehicle is still being finalized, we expect the RO renewal to come in 2 phases. First, a shorter bridge award we expect to be finalized very soon, followed by a longer-term award once the IDIQ is in place. Taken together, we expect these contracts for RO data to be larger on an annual basis than the $11.2 million contract awarded last year. Beyond these 3 opportunities, a number of other opportunities within the NOAA portfolio continue to move through the pipeline. We are seeing similar weather demand internationally and in the commercial market as well. Recently, we were awarded a contract from EUMETSAT for RO data. This has been an annual contract for Spire, but this year we were able to expand this contract with a total annual value now over EUR 4 million. On the commercial weather front, we started off July by signing 2 6-figure awards for global weather forecasts along with historical weather data. Let me turn to RF intelligence because demand for this business is being shaped by something larger than any single program or procurement. Around the world, the radio frequency environment has become contested, and it is staying that way. GNSS jamming and spoofing now affect thousands of commercial ships and aircraft from Eastern Europe and the Baltic to the Middle East and Asia Pacific. Vessels broadcast positions that place them on land or go dark entirely. Aircraft reroute around interference corridors that persist for months. In a growing number of regions, operators simply cannot trust the navigation and identification signals the global economy was built on. When those signals are denied or falsified, governments and operators need an independent way to reestablish ground truth, where an emitter actually sits, which vessels have gone dark and where they went, which corridors are unsafe for aircraft. Our constellation delivers that intelligence today, drawing on more than a decade of investment in radio frequency geolocation, in jamming and spoofing detection through our ADS-B quality indicators, and in a constellation that revisits every point on Earth more than 100x a day. We believe this demand is durable. Interference outlasts the conflicts that put it in the news, and governments have started budgeting for space-based RF awareness the way they budget for other core infrastructure. That spending pattern has years left to run. We see it in our own bookings. In the second quarter, we secured RFGL awards from 4 new international customers. We continue to sign new pilots and extend existing ones. These engagements typically develop in stages. A pilot first, then a data subscription, then a larger operational program, and most of our international relationships sit in the early stages today. We see that as the setup for a multiyear runway. Our capacity is scaling alongside the demand. The 6 new satellite pairings deployed in the first quarter are reaching full operational status through the second and third quarters as planned. Our single satellite geolocation capability, demonstrated earlier this year on S-band and X-band signals, expands what each satellite can collect and lowers the constellation cost of coverage. With launch capacity reserved through 2028, we can keep adding collection capacity on our own timeline, even in a constrained launch market. Very few companies can meet this requirement with a deployed constellation, flight-proven capability, and manufacturing on both sides of the Atlantic. That positioning is a large part of why the European partnerships I will describe next came to us. During the quarter, we announced 2 strategic partnerships with Germany-based companies, Schaeffler and Diehl Defence, that we believe significantly strengthen our long-term positioning within the European space ecosystem. Our collaboration with Schaeffler brings together complementary capabilities to explore sovereign European space infrastructure and next-generation satellite technologies. Germany has long been one of Europe's leading industrial economies, and partnerships with established industrial leaders create opportunities to combine advanced manufacturing expertise with our operational space capabilities. Likewise, our agreement with Diehl Defence reflects growing interest in leveraging commercial space capabilities to support national security and defense applications. As governments modernize their defense architectures, resilient commercial satellite networks are increasingly viewed as important complements to traditional government-owned systems. We view these partnerships as more than individual agreements. They reflect our flight-proven infrastructure and operational track record becoming the foundation other industrial leaders build on as they extend into space. The timing matters because the European demand backdrop just got more concrete. In July, NATO leaders met in Ankara for the 2026 summit, and the Alliance's Defense Industry Forum announced more than $50 billion in new procurement commitments spanning integrated air and missile defense, uncrewed systems, and intelligence capabilities, building on the more than $139 billion increase in core defense investment that European allies and Canada have already delivered since last year's The Hague Summit. Also in early July, the European Union proposed 5 new European Defence Projects of Common Interest, including the Space EDPCI, worth up to EUR 24 billion by 2034. The Space EDPCI is structured around 7 capability areas including space-based early warning and intelligence, surveillance and reconnaissance, a category that encompasses signals intelligence. The project aims to transform mature R&D into sovereign operational capabilities that no single member state can develop alone. Across Europe, governments increasingly recognize that sovereign access to space-derived data, resilient commercial infrastructure, and responsive satellite capabilities are strategic priorities. These investments will take time to translate into specific procurement programs, but we believe the direction is unmistakable, and the RFGL awards I described are the early evidence of this movement reaching our backlog. As these European opportunities continue to mature, they will further broaden and diversify our revenue base, reinforcing that our growth is being driven by multiple markets rather than any single opportunity. Because we already operate globally, maintain manufacturing capabilities in Europe, and have years of operational experience delivering mission-critical services, we believe we are well-positioned in a European market that has years left to run. Supporting all of this demand is a team we continue to strengthen. This quarter, we welcomed Eric ''Mel'' Mellinger to Spire as our Chief Commercial Officer. Mel joins us from ManTech International, where he helped drive double-digit year-over-year growth. His mandate is straightforward: convert the demand I have been describing into revenue. That demand extends beyond the $150 million in NOAA opportunities I described earlier. We're also tracking more than $100 million in opportunities across the U.S. federal pipeline, from ROMs to submitted proposals and active negotiations, with the potential for these to convert over the remainder of 2026. We're seeing that same momentum on the commercial side as we continue to build our commercial pipeline with recognizable brands. All of this demand only matters if we can build and launch to meet it. As I noted at the top, the 10 satellites we launched in early July brought our 2026 total to 29. That pace reflects the maturity of our manufacturing organization and the operational discipline we have built over many years. Our constellation strategy has always been about more than adding satellites. It is about operating a platform that delivers reliable, scalable services for customers who increasingly depend on real-time global data. One of the milestones I'm particularly proud of this quarter was the official opening of our new satellite manufacturing facility in Munich during May. With manufacturing operations now established in North America, Germany, and the U.K., our footprint provides the scale and rapid deployment capability required to capture government and defense pipelines, and it expands our production capacity to approximately 300 to 400 satellites annually. We have already begun to use that capacity in both regions. The satellites for the STRAT 5 program are being built in Boulder and are expected to launch later this year. Satellite integration work is underway in Munich today. As governments prioritize sovereign space capabilities and supply chain resilience, meaningful manufacturing on both sides of the Atlantic becomes an increasingly important competitive advantage. It is one very few companies in our industry can claim. We also continue to advance our technology. In July, Spire achieved a major milestone in our optical inter-satellite link program, successfully establishing our first cross-plane laser connection between 2 OISL-equipped satellites, building on our previous in-plane demonstrations. The satellites held a stable link for more than 5 minutes across roughly 5,000 kilometers, about the distance from New York to London. This technology lets satellites pass data directly to one another in orbit, cutting latency and reducing dependence on ground station proximity as our constellation scales. Before I hand the call to Ali, I want to spend a moment on how the rest of the year comes together, because I know the math many of you are doing. First half revenue was $33.9 million. Our full year guidance of $75 million to $85 million therefore implies roughly $41 million to $51 million in the second half, and I want to be specific about what carries us there. Start with what is already under contract. As of the end of July, over 85% of our full year guidance is contracted, up from the 76% shared in May. Our NOAA radio occultation contract remains in full execution. Our European radio occultation work, our space services programs, and our expanded commercial agreements are all in delivery through year-end. The STRAT 5 program continues to progress with satellites being built in Boulder and expected to launch later this year. Last week's hyperspectral microwave sounder data extension is now under contract, which represents up to $5 million in potential revenue over a 9-month term. Add what we expect to close in the near term. The 8-figure microwave sounding opportunity that is in active negotiation now, and the radio occultation bridge award that is expected to begin in September. We continue to expect the follow-on RO contracts taken together to exceed the $11.2 million annual value of last year's award. So when we reaffirm guidance today, that reaffirmation rests on a contracted base and execution, a renewal we expect shortly, and NOAA negotiations whose estimated scale we have now quantified for you. What remains between here and the high end of the range is execution through the second half. It's worth calling out that last week we filed an 8-K disclosing the dismissal of all of NorthStar's claims and awarding approximately $12.4 million in favor of Spire. We are pleased with this result. Between now and our next call, the markers to watch are the RO bridge award, the outcome of the microwave sounding negotiations, the STRATFI launch, and continued RFGL awards. We will report against each of them in the fall. With that, Ali, over to you. Alison Engel: Thank you, Theresa, and good afternoon, everyone. I will ground the financial picture in the same operating momentum Theresa just described. As a reminder, unless otherwise noted, I will be discussing non-GAAP financial measures. Reconciliations between our GAAP and non-GAAP financial measures are included in our press release. Revenue remains the metric we watch most closely because it reflects execution across both sales and operations, and it is the primary driver of our financial progress. As we have discussed in the past, Spire's cost base is largely fixed, and so as revenue scales, a meaningful share of that growth converts directly into margin. On revenue, we continued to make strong progress during the second quarter. Second quarter GAAP revenue was $18 million, up 16% year-over-year on a core basis, excluding the maritime business we divested last year, and up 19% sequentially from the first quarter. The year-over-year growth was primarily driven by higher delivery of space services data and increased RFGL data purchases. That sequential growth is an important marker. It is evidence of the back half acceleration we have been describing since our fourth quarter call. Non-GAAP gross margin was 38%, down from 52% in the second quarter of last year. This decrease was primarily a result of impacts associated with the WildFireSat contract, which was canceled for convenience in the second quarter. While the gross margin was down this quarter, we expect gross margin expansion in the second half as revenue increases on a relatively fixed cost structure. Adjusted EBITDA was negative $8.6 million, an improvement of 16% year-over-year and 15% sequentially, which is primarily driven by lower operating expenses. Based on our current trajectory, we continue to expect adjusted EBITDA breakeven by late 2026 to early 2027. Cash flow used in operations was $23.4 million, improving 32% year-over-year and 11% sequentially. This reflects lower operating expenses compared to the second quarter of last year and is consistent with the broader trend of improving financial performance as we scale. We expect that trajectory to hold through the second half, with cash flow used in operations continuing to improve sequentially in both the third and fourth quarters of 2026. We ended the quarter with approximately $92 million in cash equivalents, and marketable securities, and we remain debt-free. On guidance, we are reaffirming our full year 2026 revenue outlook of $75 million to $85 million. This represents more than 50% core year-over-year growth at the midpoint. I will point you back to Theresa's comments on the NOAA pipeline as the clearest illustration of why our confidence in that range continues to build. An 8-figure HIMSS opportunity and an RO renewal we expect to be larger than last year's on an annual basis. This is exactly the kind of layered near-term visibility that supports the back half of this guidance. These opportunities sit on top of the strong visibility we already have to the midpoint of our full-year guidance. As of the end of July, over 85% of that midpoint is already under contract. The headline I would leave you with is this: Revenue growth accelerated both year-over-year and sequentially this quarter, and the operational proof points behind that trend, satellite launches, expanded manufacturing capability, and a deepening government and defense pipeline on both sides of the Atlantic all moved in the same direction at the same time. That alignment is what gives us confidence heading into the second half. With that, let us open it up for questions. Operator: [Operator Instructions] Our first question is from Erik Rasmussen with Stifel. Erik Rasmussen: Great to hear all the progress. Maybe just on the guidance, you have talked now several quarters about the second half weighted ramp. It seems like that is still intact. If we look at sort of the transition from Q2 to Q3, is that step up a little bit smaller and then maybe more of the majority of that to make up, we will call it the $46 million to get to your midpoint of your guided range. Is that step up smaller in Q3 and then more of an impact in Q4? Theresa Condor: That is correct, Erik. That is the right way to think about it. There should be some step up in Q3, but the majority of it will come in the fourth quarter. Erik Rasmussen: Great. And very good to hear about the 8-figure contract in progress. It sounds like, though, I guess this came about because of the contract extension, and then, I guess does the extension have to run its course before a decision is made? Or will we start to see some of that happen sooner? Theresa Condor: Yes, these are 2 separate things, both related to microwave sounding. We are delivering that data buy and the next 8-figure contract, as we said, we are in negotiation. We do expect that gets awarded in the relatively short term, I think sometime in the next month. They are separate things. I expect that they will both happen in parallel. Erik Rasmussen: Okay. Maybe just one more, if I can, on the NOAA RO. It sounds like there is going to be a shorter bridge award. Any sense of timing? Will that happen to when it expires in September? How quickly after that could we see any announcement or see some news about the RO? You said you had mentioned it probably more than the $35 million that was last year's award. How large of a magnitude of increase could we see there? Theresa Condor: Yes. The RO bridge award, we are expecting to happen in August. Could potentially be any day now. It is a bridge award, so it will not be a full one-year program. We have to see how NOAA does it exactly. Potentially before the end of the year, they would then move into the new IDIQ and then do kind of like the proper full award. I think the important thing to note is they are very keen to make sure that there is not a single day that they do not get the radio occultation datasets because these go into the weather forecast every day. However they do the exact contract mechanisms, this is going to be seamless delivery and therefore revenue recognition for Spire. In terms of order of magnitude, because there is going to be a bridge contract, you have to look at what that would be on an annual basis and then know that there is another one coming. The one last year was, just to correct your numbers, it was $11.2 million, I believe. And we feel very comfortable that it is going to be larger than that number. Erik Rasmussen: Got you. No, the $35 million was the total, and it was split. You had the $11.2 million. Yes. Just wanted to get a sense of though what you thought this next award -- the total award. And then do you think your percentage could actually go up? I think you had about 25% of that award last year. Theresa Condor: Yes. I do expect that there are larger dollars, larger number of soundings. I think we can capture a solid share of that. It will definitely be dual source. I feel very good about our positioning there in terms of relevant price to delivery requirement. Operator: Our next question is from Jeff Van Rhee with Craig-Hallum Capital Group. Daniel Hibshman: This is Daniel on for Jeff. Just in regards to the Space Services data that you are talking about benefiting, I assume that is in reference to the Space Services revenue coming online for those 19 satellites that were launched in Q1. Just confirming that is what you are talking about. Then just sort of the cadence of that sequentially in terms of when those satellites were commissioned and data delivery began. Is that something that happened early in Q2 such that you kind of got a full quarter out of that or something that happened late in Q2 where we should see another step up into Q3? Just your thoughts on the Space Services ramp. Theresa Condor: Yes. Ali can correct me, but some of this is going to happen a little bit later in Q2, and it is all going to vary depending on the satellite and what is on it and how long the customer takes to go through testing out their payload. But there is still back half loaded, which is why we have continued to tell people there is the step up in the second half of the year. But the Space Services ones we are talking about are from satellites that launched that we then deliver the data on and can start collecting revenue that we would not recognize the revenue earlier in the year. Daniel Hibshman: Yes, that is helpful. Then in terms of RFGL, maybe if you could just sort of rank order the key drivers for that, if that apparently these 4 new international customers and the customers that already international customers that came on in Q1 or if that is more so expansion in the U.S. or just sheer volume increases due to what you can sell from the 6 new satellite pairs that have gone up. Just sort of rank ordering RFGL. What the biggest movers are there? Theresa Condor: Yes, I think the increase of capacity is definitely helpful. I think from the beginning of the year, we have had about a 10x increase in RFGL capacity. As you heard, we have signed new international customers, and that is across different locations and a variety of use cases. We have also re-signed with some customers that we had already worked with from the beginning part of the year, and we are definitely continuing to sign and do tasking for end users out of the United States. The other thing I would say is that we still are early in the process, I would say, with these customer sets. So I feel pretty excited about the growth opportunity with these existing customers as well as, of course, the new pipeline of opportunity that we are still working through. Daniel Hibshman: Okay. That's helpful. Then maybe one last one for you, Theresa. On the NOAA opportunity set, stepping out of the ROs and the microwave soundings, just your thoughts on GNSS reflectometry, space weather, any of the other modalities. Are those things that we should be looking for at all in a second order or not? Theresa Condor: I am not very certain that those things will come in the second half of the year. It is possible. I think it's also possible that they go into 2027. I don't have a straight answer for that because we just don't know how NOAA will end up making things happen. But we've definitely heard that they're prioritizing RO and microwave sounding stuff first. Operator: Our next question is from Brian Kinstlinger with Alliance Global Partners. Brian Kinstlinger: Good to hear about the robust pipeline and some of the bookings. Last quarter, you mentioned the operating leverage you had been discussing for the last few quarters was going to become visible this quarter. Yet despite the significant increase in revenue, gross margin dropped by more than 500 basis points versus the first quarter. Can you help bridge that gap and when we might see that leverage in gross margin? Alison Engel: Sure. Brian, it is Ali. The decline was really driven by the impacts associated with the cancellation of the WildFireSat contract and some balance sheet cleanup we had to do. If you will recall, that contract was terminated for convenience in the second quarter. I would say I would focus more on the trend rather than any single quarter such as the second quarter. The non-GAAP gross margin has been on an upward trajectory over the last 3 quarters. Prior to this quarter, we expect that to resume trend as revenue scales in the second half. We expect to continue getting towards our gross margin, excuse me, target of 60% to 70% going forward. But we were a little bit impacted by some balance sheet cleanup in the second quarter for WildFireSat. Brian Kinstlinger: Great. And maybe a follow-up for you, Ali. Maybe you can speak to the magnitude of the improvement of the cash burn coupled with CapEx. You are at about $29 million. What are CapEx plans for the second half of the year? How much could operating cash flow or usage improve? How much longer should we expect unusual costs based on your comments? Is that just one more quarter? Alison Engel: Yes. I would say, again, looking at our trends, we improved 32% in OCF year over year and 11% sequentially. We are definitely headed in the right direction. We feel good about $27 million in total for the year for kind of the fixed asset purchases, property, plant, and equipment purchases. That number, I think, will hold pretty comfortably. We do expect our cash usage to moderate in the back half of 2026, probably more weighted to Q4 based on the revenue trends. But we do expect to continue to improve in the third quarter as well. We remain really happy about our liquidity position and our path towards operating cash flow breakeven, hopefully sometime in 2027. The one-time costs definitely have slowed down. As you are aware, we received our favorable ruling with our NorthStar arbitration, so a lot of legal fees associated with that should slow down as well as the WildFireSat contract termination that there is not a lot left going on there. I do expect one-time costs. I think you even see it in the second quarter compared to the first quarter. We had a nice decline in those one-time costs. Brian Kinstlinger: Great. Last question. A lot of exciting things sound like they are going on within NOAA. For the second straight year, President Trump is proposing major cuts. How protected do you think your contracts and pipeline is? Are they mission-critical? I am just trying to understand if somehow, like they did not last year, but if they got asked this year, how might that impact your pipeline and contract base? Theresa Condor: I feel very good about our pipeline and positioning with NOAA. There definitely are a lot of climate and research-related things that are being looked at very carefully at NOAA. What we have seen, and I think what we have heard from NOAA as well, and the administration, is that the commercialization of this or partnerships with commercial companies is a huge priority. Everything we are hearing is that some of those shuffling around of numbers are actually being moved in favor of doing more with commercial companies like us. I feel extremely good. The other relevant thing is that we are expecting a number of these awards to come in the short-term. I do not see an impact to what we are expecting for our 2026 calendar revenue numbers. I feel very good that we are going to keep having step-ups into 2027. Operator: Our next question is from Austin Moeller with Canaccord Genuity. Austin Moeller: My first question, is there any DOD or intel community interest in LEMRs that can geolocate or process RF signals emitted from enemy spacecraft in orbit? Theresa Condor: I would say this is a topic that we have been talking about for some time. Maybe that's all I'll say. Austin Moeller: Okay, that's helpful. I assume the intent to pursuing EU and NATO ally contracts is to increase that international share of wallet and the revenue mix so that your guidance and your revenue is less reliant on U.S. government budget timing each year since historically, we wait to see what happens in August and September with NASA and NOAA. Theresa Condor: Yes. I always believe that customer and revenue diversification is important. I don't want to be a company that is 100% federal government-focused, and I think it's pretty clear from this administration as well in all the conversations I have, they don't want companies to be 100% reliant on the U.S. government for contracts and revenue. I feel really good that the diversification of us doing this in multiple parts of the world is something that is positive, and that same goes for the commercial side of it, the non-government. I think between commercial, between civil, and then between defense and intel, I feel good about our strategy there. Austin Moeller: Okay. Just last question, are you able to comment on if the 8-figure HIMSS contract is related to a U.S. government agency or an international government agency? Theresa Condor: Yes. The 8-figure microwave one we referenced is specifically U.S. government agency. That is part of the NOAA pipeline that we had talked about. Austin Moeller: Okay. Is it associated with ProPak? Theresa Condor: I do not know, actually, the name of the contract mechanism that it is associated with. I would have to check with the team on that, Austin. Operator: Our next question is from Chris Quilty with Quilty Space. Christopher Quilty: Actually, just to follow up on Austin's question. I'm assuming your guidance fully expects 100% we're going into CR come October, and that's based in the forecast. Theresa Condor: Yes. We have been tracking this carefully because I think there was some risk and worry in the first place that there would be a shutdown. I think everyone is starting to feel pretty confident that it will be a continuing resolution and we keep going on through that process. So, yes is the short answer. Christopher Quilty: Got you. Ali, just a modeling question here. On G&A, that has always been chunked with one-time items. Do you expect that to look like a cleaner number on a go-forward basis? What would we model it at, assuming lack of one-time items in there? Alison Engel: Yes. I expect G&A to continue to be more right-sized with less one-time items. I do not have a number in front of me to kind of share with you. I can go back and look at that. But, if I am looking at the trend, Chris, it is definitely much more stable, and I do not expect it to go up or down significantly over the next few quarters. Christopher Quilty: Okay, great. A follow-up question on the optical crosslink. I guess 2 points to it. One, can you give us an idea, what is the size of that crosslink unit? Is it sort of a 1U size? What size satellite are you hosting it on for that demo? Second part of the question is that something, a technology you plan to deploy internally and/or make available for third-party sale? Theresa Condor: Yes. I actually don't know off the top of my head the size of that unit itself, but the demo we just did is on, it's either a 3U or a 4U nanosatellite. I think it might be a 3U, though I can check on that. So they're very tiny, and I think this is what is so impressive about these demonstrations is that they're on such a tiny satellite. These are still in the R&D and the testing phase. We've been developing this and working on it for quite some years. It is absolutely something that we plan to deploy internally on our constellation once we decide it's ready to go from the R&D and demo phase into actual operations. I think whether we make that available to other parties is something that is under consideration. Christopher Quilty: Great. On the RFGL, I think you said that you're up about 10x year-to-date. Of that increase, is most of it due to new satellite pairs on orbit, or are you also seeing improvements due to firmware upgrades? A second part of that question, is that capability only available on newly launched satellites that are developed to pair? Or is it something that you're able to backfit to existing satellites? Theresa Condor: I would say most of the capacity increase is from new satellites being launched. Though I will also say that we are continually doing upgrades and improvements across the constellation fleet. That does sometimes mean that satellites that we've already had that we weren't using for RFGL, we then can use for RFGL in certain circumstances. A lot of it has to do with when satellites are coming into relevant proximity in order to do the geolocation. We kind of actively manage that constellation as well as which type of signals we see interest from customer set. There's a certain amount of active management we can do across the fleet, and then a certain amount of it is we just need to put up the additional satellites. Christopher Quilty: Got you. Is there any thought, based upon the growth or potential of that market to launch to specific inclinations and sort of prioritize for that mission relative to an RO mission or others? Theresa Condor: Yes. I think there are certain missions that we will do that. What it really comes down to is the trade-off, certainly in cost, in how quickly to get something up, and also what kind of requests and demand signals that we are getting from the customer base. I take all of those into very careful consideration because at the end of the day, it is what are customers going to pay for and on what timeline. I think there is a variety of ways that we continue to expand how we do this across the constellation. It is something we are tracking closely. Christopher Quilty: Got you. Final question, the German partnership, obviously, still very new. Each partner seems to be contributing something complementary. From a financial perspective, will there be any impact in '26 and maybe longer term? Is this something where you expect you would be contributing capital to it or simply product and capabilities? Theresa Condor: Yes. I generally view this as us providing product and capabilities and heritage in space. The teams are working with both of those organizations, I would say, very closely and on a regular basis. I expect Spire to generate revenue from both of those partnerships. In some cases, it is going to take a bit longer. I think there are other cases where it could actually lead to some revenue in 2026. Operator: Thank you. We have reached the end of our question-and-answer session. This does conclude today's conference call. You may disconnect your lines at this time, and we thank you again for your participation. Before you buy stock in Spire Global, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Spire Global wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Spire Global (SPIR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Core revenue growth accelerated 19% sequentially, validating management's projection of a second-half-weighted year driven by satellite deployment cycles. The NOAA relationship is transitioning from pilot data buys to larger operational programs, highlighted by an 8-figure microwave sounding opportunity currently in negotiation. RF intelligence demand is being sustained by persistent global GNSS jamming and spoofing, which management views as a durable, long-term infrastructure requirement for governments. Strategic partnerships with Schaeffler and Diehl Defence position the company to capture sovereign European space infrastructure spending, which is expanding via new NATO and EU defense commitments. Operational capacity has scaled significantly with 29 satellites launched year-to-date and the opening of a Munich facility capable of producing 300 to 400 satellites annually. Technology advancements in optical inter-satellite links (OISL) successfully demonstrated cross-plane laser connections, which will reduce data latency and ground station dependency as the constellation grows. Full-year 2026 revenue guidance of $75 million to $85 million is supported by a contracted base that reached over 85% as of late July. The Radio Occultation (RO) renewal with NOAA is expected to occur in two phases: a near-term bridge award followed by a larger multi-year contract under a new $8 billion IDIQ vehicle. Management expects adjusted EBITDA breakeven by late 2026 to early 2027 as revenue scales against a largely fixed cost structure. Cash flow from operations is projected to improve sequentially through the third and fourth quarters of 2026, targeting full operational cash flow breakeven in 2027. Guidance assumes a U.S. government continuing resolution in October, with management noting that commercial partnerships remain a high priority regardless of specific budget shuffling. Non-GAAP gross margin of 38% was negatively impacted by the cancellation of the WildFireSat contract and associated balance sheet cleanup. A legal victory against NorthStar resulted in the dismissal of all claims and a $12.4 million award in favor of Spire, which is expected to reduce future legal expenses. The company maintains a debt-free balance sheet with approximately $92 million in cash and marketable securities to fund its path to profitability. Manufacturing footprint expansion to Germany and the U.K. serves as a strategic hedge against supply chain disruptions and meets government requirements for sovereign space capabilities. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed that while Q3 will see a step-up in revenue, the majority of the second-half acceleration is expected to materialize in Q4. The timing is tied to the operational status of satellites launched earlier in the year and the expected finalization of major government contracts. The bridge award is expected in August to ensure seamless data delivery, as NOAA considers these datasets mission-critical for daily weather forecasting. Management expressed confidence that the total annual value of the new RO awards will exceed the $11.2 million contract from the previous year. RFGL capacity has increased approximately 10x since the beginning of the year, primarily due to new satellite pairings reaching operational status. Growth is coming from both new international customers and expanded tasking for U.S. end users across various signal types including S-band and X-band. Theresa Condor noted that current administration priorities favor the commercialization of space data, potentially shielding Spire from broader climate-related budget cuts. The company's global diversification across commercial, civil, and defense sectors acts as a strategic buffer against U.S. federal budget volatility.

Interested in Spire Global, Inc.? Here are five stocks we like better. Spire reported $18 million in second-quarter revenue and reaffirmed its 2026 outlook of $75 million to $85 million. More than 85% of full-year guidance was under contract, although management expects most of the second-half revenue increase in the fourth quarter. Growth is being driven by government weather programs and RF geolocation demand. NOAA opportunities include a $5 million HyMS extension and a potential eight-figure contract, while RFGL capacity has increased roughly tenfold and the company added several new international customers. Adjusted EBITDA remained negative at $8.6 million, but improved year over year, and Spire maintained its target of reaching breakeven between late 2026 and early 2027. The company ended the quarter debt-free with about $92 million in cash and marketable securities, while a legal ruling awarded Spire approximately $12.4 million. Spire Global: Tiny Satellites, Big Buy Ratings and Upside Spire Global (NYSE:SPIR) reported second-quarter revenue of $18 million and reaffirmed its 2026 revenue outlook of $75 million to $85 million, as the satellite-data company cited growing government weather, radio frequency geolocation and international defense opportunities. Chief Executive Officer Theresa Condor said core revenue, excluding the maritime business divested last year, increased both year over year and sequentially. Chief Financial Officer Ali Engel said core revenue rose 16% from a year earlier and 19% from the first quarter, driven primarily by higher delivery of space-services data and increased RF geolocation, or RFGL, data purchases. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Spire Global Stock Price Surges: AI to Drive Growth Spire reported first-half revenue of $33.9 million, meaning its full-year outlook implies roughly $41 million to $51 million of revenue during the second half. Engel told analysts that revenue should increase in the third quarter, but that the majority of the anticipated step-up is expected in the fourth quarter. As of the end of July, more than 85% of the company’s full-year guidance was under contract, up from 76% in May, Condor said. The contracted base includes NOAA radio occultation work, European radio occultation programs, space-services contracts and expanded commercial agreements. → Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand Going Long Nvidia Still Makes Sense: Here’s Why The company maintained its expectation to reach adjusted EBITDA breakeven between late 2026 and early 2027. Second-quarter adjusted EBITDA was negative $8.6 million, an improvement of 16% year over year and 15% sequentially, which Engel attributed primarily to lower operating expenses. Non-GAAP gross margin was 38%, down from 52% a year earlier. Engel said the decline stemmed from the cancellation for convenience of the WildFireSat contract and related balance-sheet cleanup. She said Spire expects gross-margin expansion in the second half as revenue grows against a relatively fixed cost base, and reiterated a longer-term gross-margin target of 60% to 70%. → Apple’s Next iPhone Could Test How Much Pricing Power Is Left Cash flow used in operations totaled $23.4 million, improving 32% year over year and 11% sequentially. Spire ended the quarter with approximately $92 million in cash equivalents and marketable securities and said it remains debt-free. Engel said the company expects about $27 million of fixed-asset and property, plant and equipment purchases for the full year. Condor said Spire had been pursuing more than $150 million of opportunities across NOAA’s portfolio. During the quarter, a NOAA hyperspectral microwave sounder, or HyMS, data contract extension was signed with a value of up to $5 million over nine months. Separately, Spire is negotiating an eight-figure HyMS contract opportunity following on-orbit validation of its payload. Condor said the two microwave-sounding opportunities are separate and that the larger opportunity could be awarded within the next month. The company’s existing NOAA radio occultation, or RO, contract, valued at $11.2 million last year, remains in execution. Spire expects the RO renewal to arrive in two phases as NOAA establishes a multiyear $8 billion indefinite-delivery, indefinite-quantity contract vehicle. The company expects a shorter bridge award in August, followed by a longer-term award once the IDIQ is in place. Condor said the combined follow-on RO contracts are expected to exceed last year’s $11.2 million annual value, while noting that the bridge award itself would not cover a full year. International weather demand also expanded. Spire said its annual EUMETSAT RO-data contract was increased to more than EUR 4 million annually. The company also signed two six-figure commercial contracts in early July for global weather forecasts and historical weather data. Spire secured RFGL awards from four new international customers in the second quarter, following five new U.S. awards and three new international customers reported in the first quarter. Condor said the company’s RFGL capacity has increased about tenfold since the beginning of the year, largely because of new satellites, while upgrades and active constellation management also support the capability. The company launched 19 satellites in the first quarter and said they are reaching full operational status on schedule. It launched another 10 satellites in early July, bringing its 2026 total to 29 satellites. Condor said the newer satellites and single-satellite geolocation capabilities for S-band and X-band signals broaden collection capacity and lower the constellation cost of coverage. Spire has reserved launch capacity through 2028. It also opened a satellite manufacturing facility in Munich in May, adding to manufacturing operations in North America and the U.K. The company said its combined production capacity is approximately 300 to 400 satellites annually. In July, Spire also established its first cross-plane optical inter-satellite laser link between two equipped satellites. Condor said the link was held for more than five minutes over about 5,000 kilometers and is intended to reduce data latency and dependence on ground-station proximity as the constellation expands. During the quarter, Spire announced partnerships with German companies Schaeffler and Diehl Defence. Condor said the collaborations are intended to explore sovereign European space infrastructure, satellite technologies and defense applications. She told analysts Spire expects to provide products, capabilities and space heritage through the relationships, with potential for some revenue in 2026, though certain opportunities may take longer to develop. Management also pointed to European defense spending and proposed European Union space initiatives as supportive of long-term demand for space-based intelligence, surveillance and reconnaissance capabilities. Condor said the company expects its international RFGL awards to provide early evidence of this demand reaching its backlog. Finally, Spire disclosed in an 8-K that all claims brought by NorthStar had been dismissed and that approximately $12.4 million was awarded in Spire’s favor. Engel said legal expenses related to the matter should decline, while costs associated with the WildFireSat termination have also largely slowed. Spire Global (NYSE: SPIR) is a space-to-cloud data and analytics company that operates a constellation of low Earth orbit nanosatellites to collect radio occultation, maritime Automatic Identification System (AIS), and aviation tracking data. By leveraging proprietary satellite hardware and ground infrastructure, Spire captures precise, near-real-time observations of Earth's atmosphere, oceans, and surface traffic to power downstream analytics for weather forecasting, fleet optimization, and safety monitoring. The company's core offerings include weather and climate intelligence derived from GPS radio occultation, which enhances numerical weather prediction models; maritime domain awareness services that track vessel movements and supply chain dynamics; and aviation analytics that monitor air traffic for efficiency and security applications. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Spire Global Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Release Date: August 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Spire Global Inc (NYSE:SPIR) reported its strongest core revenue quarter since the maritime divestiture, with Q2 revenue of $18 million, up 16% year-over-year and 19% sequentially on a core basis. The company is in active negotiation for an eight-figure contract opportunity with NOAA for its hyperspectral microwave sounding capability, following successful on-orbit validation. Spire Global Inc (NYSE:SPIR) secured a NOAA hyperspectral microwave sounder data contract extension valued at up to $5 million over a nine-month term. RF Intelligence (RFGL) demand is growing, with four new international customers secured in Q2, adding to the eight new customers from Q1, and the company has increased its RFGL capacity by approximately 10x since the start of the year. Spire Global Inc (NYSE:SPIR) has over 85% of its full-year 2026 revenue guidance midpoint already under contract as of the end of July, providing strong visibility into the back half of the year. The company achieved a major milestone in its optical intersatellite link program, successfully establishing its first cross-plane laser connection between two satellites over a distance of roughly 5,000 kilometers. Spire Global Inc (NYSE:SPIR) won a favorable arbitration ruling, with all of Northstar's claims dismissed and approximately $12.4 million awarded in favor of the company. The company is expanding its manufacturing footprint with a new facility in Munich, bringing total production capacity to approximately 300-400 satellites annually, with operations in North America, Germany, and the UK. Spire Global Inc (NYSE:SPIR) launched 10 more satellites in early July, bringing its 2026 total to 29, and has launch capacity reserved through 2028. The company is seeing strong demand from European markets, highlighted by strategic partnerships with Scheffler and Deal Defense, and a contract expansion with Eumetsat for RO data now valued at over EUR4 million annually. Spire Global Inc (NYSE:SPIR)'s non-GAAP gross margin decreased to 38% in Q2 2026, down from 52% in the same quarter last year, primarily due to impacts from the canceled Wildfire SAC contract. The company's adjusted EBITDA remained negative at -$8.6 million, though it improved 16% year-over-year and 15% sequentially. Cash flow used in operations was $23.4 million in Q2, a significant cash burn, though it improved 32% year-over-year and 11% sequentially. The company's revenue growth is heavily dependent on the second half of the year, with the majority of the step-up expected in Q4, creating execution risk. Spire Global Inc (NYSE:SPIR) faces uncertainty regarding the timing of the NOAA RO renewal, which is expected to come in two phases (a bridge award followed by a longer-term award), and the exact magnitude of the increase over the previous $11.2 million annual contract is not yet quantified. The company's financial performance is still impacted by one-time costs, including legal fees from the Northstar arbitration and the Wildfire SAC contract termination, though these are expected to slow down. There is potential risk from U.S. government budget uncertainties, including proposed cuts to NOAA, though the company believes its contracts are mission-critical and commercial partnerships are a priority. The company's gross margin expansion is expected to resume in the second half, but the timing and magnitude of reaching the 60-70% target remains uncertain. Spire Global Inc (NYSE:SPIR) is still in the early stages of converting its large pipeline (over $150 million in NOAA opportunities and $100 million in US federal opportunities) into actual revenue, with many contracts still in negotiation or proposal stages. The company's European partnerships and defense-related opportunities are still nascent and may take time to translate into specific procurement programs and revenue, with only some potential revenue expected in 2026. Warning! GuruFocus has detected 8 Warning Signs with SPIR. Is SPIR fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more details on the eight-figure NOAA contract opportunity and the timeline for the radio occultation (RO) bridge award?A: Theresa Condor, CEO: The eight-figure microwave sounding opportunity is in active negotiation and we expect it to be awarded in the relatively short term, likely within the next month. This is separate from the hyperspectral microwave sounder data contract extension we signed last week. Regarding the RO bridge award, we expect it to be finalized in August, potentially any day now. It will be a shorter-term bridge award to ensure seamless data delivery, followed by a longer-term award once the new IDIQ vehicle is in place. We expect the combined RO contracts to be larger on an annual basis than the $11.2 million awarded last year. Q: How should we model the revenue ramp in the second half of 2026? Is the step-up smaller in Q3 with the majority in Q4?A: Ali Engel, CFO: Yes, that's the correct way to think about it. There should be some step-up in Q3, but the majority of the revenue growth will come in the fourth quarter. This is consistent with our guidance of $75 million to $85 million for the full year, which implies roughly $41 million to $51 million in the second half. Q: Can you explain the gross margin decline in Q2 despite the significant revenue increase? When will we see the operating leverage you've been discussing?A: Ali Engel, CFO: The decline was primarily driven by impacts associated with the cancellation of the Wildfire SAC contract, which was terminated for convenience in the second quarter, and some balance sheet cleanup. I'd focus on the trend rather than any single quarter. Non-GAAP gross margin has been on an upward trajectory over the last three quarters prior to this one. We expect that trend to resume as revenue scales in the second half, and we continue to target our gross margin goal of 60% to 70% going forward. Q: How protected is your NOAA pipeline and contract base given the proposed budget cuts for the second straight year?A: Theresa Condor, CEO: I feel very good about our pipeline and positioning with NOAA. While there are climate and research-related areas being reviewed, the administration has made it clear that commercialization and partnerships with commercial companies are a huge priority. We're hearing that some budget shuffling is actually moving in favor of doing more with commercial companies like us. We expect several awards to come in the short term, so I don't see an impact to our 2026 revenue expectations, and we expect continued step-ups into 2027. Q: Can you provide more color on the RFGL capacity increase and the drivers behind the new customer wins?A: Theresa Condor, CEO: The capacity increase is primarily from new satellites being launched, though we also continually upgrade and improve the existing constellation fleet. We've had about a 10x increase in RFGL capacity since the beginning of the year. We signed four new international customers in Q2 on top of the five new US awards and three new international customers in Q1. These engagements typically develop in stagespilot first, then data subscription, then larger operational programsand most of our international relationships are still in the early stages, providing a multi-year runway for growth. Q: What is the size of the optical intersatellite link (OISL) unit, and do you plan to deploy this technology internally or make it available for third-party sale?A: Theresa Condor, CEO: The demo was conducted on a very small satellite, either a 3U or 4U nanosatellite, which makes the successful cross-plane laser connection across roughly 5,000 kilometers particularly impressive. These are still in the R&D and testing phase. We absolutely plan to deploy this technology internally on our constellation once it's ready to move from demo to operational phase. Whether we make it available to third parties is still under consideration. Q: Is there any DoD or intelligence community interest in using your satellites for space domain awareness or geolocating RF signals from adversary spacecraft?A: Theresa Condor, CEO: This is a topic we have been discussing for some time. That's all I can say on that matter at this point. Q: What are your CapEx plans for the second half of the year, and how much longer should we expect unusual or one-time costs?A: Ali Engel, CFO: We feel good about approximately $27 million in total for the year for property, plant, and equipment purchases. We expect cash usage to moderate in the back half of 2026, more weighted to Q4, with continued improvement in Q3. One-time costs have definitely slowed down. With the favorable North Star arbitration ruling and the Wildfire SAC contract termination largely behind us, we expect legal fees and other one-time costs to continue declining, as evidenced by the nice sequential decline in Q2. Q: Does your guidance assume a continuing resolution (CR) for the US government budget in October?A: Theresa Condor, CEO: Yes, we have been tracking this carefully. We believe everyone is starting to feel confident that it will be a continuing resolution, and we've factored that into our guidance. We don't anticipate a government shutdown impacting our expected awards. Q: Regarding the German partnerships with Schaeffler and Diehl Defense, will there be any financial impact in 2026, and what is the expected structure of these collaborations?A: Theresa Condor, CEO: I generally view these as us providing product, capabilities, and space heritage. The teams are working closely with both organizations on a regular basis. We expect Spire to generate revenue from both partnerships. In some cases, it will take longer, but there are other cases where we could see revenue contribution in 2026. These partnerships strengthen our long-term positioning within the European space ecosystem and align with the growing European defense investment backdrop. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Second quarter 2026 revenue was $18.0 million, down 6% year-over-year, and up 16% excluding the maritime business.(1) Revenue improved 14% sequentially in second quarter 2026. Excluding the maritime business, revenue improved 19% sequentially. Net loss of $20.0 million in second quarter 2026 compared to prior year net income of $119.6 million. Adjusting prior year net income for $154.3 million gain on sale of business and $12.0 million loss on extinguishment of debt, second quarter net loss improved 12% year-over-year. Adjusted EBITDA(1) of ($8.6) million in second quarter 2026 improved 16% compared to prior year adjusted EBITDA of ($10.2) million. Sequentially, adjusted EBITDA improved 15% in second quarter 2026. VIENNA, Va., August 12, 2026--(BUSINESS WIRE)--Spire Global, Inc. (NYSE: SPIR) ("Spire" or the "Company"), a global provider of satellite data, analytics and intelligence, announced results for its quarter ended June 30, 2026. The Company will hold a webcast at 5:00 p.m. ET today to discuss the results. "The role of commercial space is changing," said Theresa Condor, Spire CEO. "Governments and businesses are looking for trusted partners that can deliver operational capabilities at scale - today. We've spent years building the technology, expertise and strategic partnerships needed to meet this moment, and the progress we've made this quarter reinforces our confidence in those opportunities ahead." Second Quarter 2026 Highlights Financial: Second quarter 2026 GAAP revenue was $18.0 million, reflecting a 6% year-over-year decrease primarily associated with selling the maritime business at the end of April 2025. Excluding the maritime business, revenue increased 16% on a year-over-year basis and 19% sequentially. The second quarter increase was primarily driven by higher delivery of space services data and increased radio-frequency geolocation (RFGL) data purchases. Second quarter 2026 GAAP gross margin declined 16 percentage points year-over-year to 34%, and non-GAAP gross margin(1) declined 14 percentage points year-over-year to 38%. Second quarter 2026 GAAP and non-GAAP gross margin declined primarily as a result of impacts associated with the WildFireSat contract, which was cancelled for convenience in the second quarter. Net loss of $20.0 million in second quarter 2026 compared to prior year net income of $119.6 million. Adjusting prior year net income for $154.3 million gain on sale of business and $12.0 million loss on extinguishment of debt, second quarter net loss improved 12% year-over-year. Adjusted EBITDA(1) of ($8.6) million in second quarter 2026 improved 16% compared to prior year adjusted EBITDA of ($10.2) million, primarily driven by lower operating expenses. Sequentially, adjusted EBITDA improved 15%. Second quarter 2026 cash flow used in operations was $23.4 million, reflecting a 32% year-over-year improvement and a 11% sequential improvement. Cash usage in the second quarter reflected lower operating expenses. Cash flow used in operations is expected to continue to improve sequentially in third quarter and fourth quarter 2026. Cash, cash equivalents, and marketable securities as of June 30, 2026 were $91.7 million. Spire continues to maintain a debt-free balance sheet. Business: During the second quarter of 2026, Spire announced strategic partnerships with Schaeffler and Diehl Defence, strengthening its long-term positioning within the European space ecosystem. The collaboration with Schaeffler brings together the company's precision engineering and manufacturing scale with Spire's proven satellite platform expertise and extensive flight heritage, with the shared intent of building a European space hardware and mission business before the end of this decade. Likewise, Spire's agreement with Diehl Defence combines Diehl Defence's expertise in air defense systems with Spire's long-standing experience in building and operating satellite constellations to support German and European defense initiatives. In the second quarter of 2026, Spire continued to build momentum across its RFGL business by signing four new international RFGL customers. In July 2026, Spire launched 10 satellites, bringing the total number of satellites launched during 2026 to twenty-nine. This pace of deployment reflects both the maturity of our manufacturing organization and the operational discipline built over many years. In July 2026, Spire achieved a milestone in its Optical Inter-Satellite Link (O-ISL) program, successfully establishing a cross-plane laser connection between two O-ISL equipped satellites. This is the first time Spire has demonstrated a cross-plane connection, which builds on the Company's previous in-plane demonstrations. The satellites maintained a stable laser connection for over 5 minutes across a distance of approximately 5,000 kilometers - roughly the distance between New York City and London - while traveling at approximately 28,000 kilometers per hour. This technology allows satellites to communicate directly with one another in orbit via laser, enabling faster and more secure data transfer while reducing dependence on ground station proximity. Financial Outlook In 2025, Spire recognized revenue of $21.0 million for its maritime business. The majority of the maritime business was divested in April 2025. Spire is providing 2026 revenue, excluding maritime revenue, for comparative purposes. Based on the midpoint of its 2026 guidance, Spire expects 2026 revenue, excluding maritime revenue, to grow at over 50% from 2025. Spire is providing the following guidance for the full year ending December 31, 2026: Non-GAAP operating loss, adjusted EBITDA and non-GAAP loss per share included in the table above are non-GAAP measures. Please see the section titled "Non-GAAP Financial Measures" for the definition of such measures. Spire has provided a reconciliation of GAAP to non-GAAP financial measures in the tables included in this press release for its second quarter and full year 2025 and 2026, as well as its outlook for such measures for the full year 2026. Non-GAAP Financial Measures In addition to financial measures prepared in accordance with GAAP, this press release and the accompanying tables contain non-GAAP financial measures, including free cash flow, non-GAAP gross profit, non-GAAP gross margins, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative expenses, non-GAAP operating loss/income, non-GAAP operating margin, EBITDA, Adjusted EBITDA, non-GAAP net loss/income, and non-GAAP net loss/income per share. Spire’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP financial measures, in evaluating its ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items Spire excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. In addition, other companies may utilize metrics that are not similar to Spire’s. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to be recorded in Spire’s financial statements. Investors should note that the excluded items may have had, and may in the future have, a material impact on our reported financial results. Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results. Management encourages investors and others to review Spire’s financial information in its entirety and not rely on a single financial measure. Spire adjusts the following items from one or more of its non-GAAP financial measures: Change in fair value of contingent earnout liabilities and warrant liabilities. Spire excludes these non-cash gains and losses because they do not reflect the underlying operating performance of the business. Foreign exchange (gain)/loss. Spire incurs foreign currency gains and losses on foreign currency denominated receivables and payables. As Spire does not hedge these currency exposures, realized and unrealized foreign currency gains and losses result from fluctuations in exchange rates. Since such gains and losses are driven by macroeconomic factors and can vary significantly between periods, Spire believes their exclusion is useful to management and investors in evaluating the performance of its ongoing operations on a period-to-period basis. Other (income) expense, net. Spire excludes other expense, net because it includes non-operating items and other gains and losses that are not reflective of its core operating performance and may fluctuate between periods, such as debt prepayment penalties, legal settlements, equity investment losses, and gains or losses on asset disposals. Stock-based compensation. Spire excludes these expenses primarily because they are non-cash charges used when we assess operating expenses and budgeting. Moreover, because of varying valuation methodologies and the award types under ASC Topic 718, Spire believes excluding stock-based compensation expenses allows investors to better compare our recurring core business results of operations and those of other companies. Loss on decommissioned satellites and other assets write-offs. Spire excludes these charges because they represent the accelerated write-off of assets that would otherwise be accounted for as depreciation and would be excluded as part of our EBITDA calculation. Other unusual and infrequent costs. Spire excludes these items because they are not reflective of its ongoing operating results. Examples include certain legal, accounting, and other professional fees associated with matters such as the Maritime Transaction, the SEC subpoena received in July 2025, and a Space Services customer dispute and liquidated damages associated with the 2025 Private Placement. Other acquisition accounting amortization. Spire excludes non-cash amortization of purchased data rights and certain purchased technologies as these expenses are the result of acquisition accounting and are not indicative of its core operating performance. Our additional non-GAAP measures include: Free Cash Flow. Spire defines free cash flow as net cash provided by/used in operating activities less purchases of property and equipment. EBITDA. Spire defines EBITDA as net income (loss), plus depreciation and amortization expense, plus interest expense, and plus the provision for (or minus benefit from) income taxes. Adjusted EBITDA. Spire defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted for any gain on sale of a business, loss on extinguishment of debt, change in fair value of contingent earnout liability, change in fair value of warrant liabilities, issuance of stock warrants, foreign exchange (gain) loss, other (income) expense, net, stock-based compensation, mergers and acquisition related expenses, loss on decommissioned satellites and other assets write-offs, other unusual and infrequent costs, and other acquisition accounting amortization. Spire believes Adjusted EBITDA can be useful in providing an understanding of the underlying results of operations and trends, an enhanced overall understanding of our financial performance and prospects for the future. While Adjusted EBITDA is not a recognized measure under GAAP, management uses this financial measure to evaluate and forecast business performance. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net loss as it does not take into account certain requirements, such as capital expenditures and related depreciation, interest payments, tax benefits, stock-based compensation, other unusual and infrequent costs, and other acquisition accounting amortization. Adjusted EBITDA is not a presentation made in accordance with GAAP, and Spire’s use of the term Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. Additional non-GAAP measures utilized by Spire incorporate the adjustments described in the reconciliation tables below. Conference Call Spire will webcast a conference call to discuss the results at 5:00 p.m. Eastern Time today. The webcast will be available on Spire’s Investor Relations website at ir.spire.com. A replay of the call will be available on the site for six months. Safe Harbor Statement This press release contains forward-looking statements, including information about management's view of Spire’s future financial results and guidance, expectations, plans and prospects, including our views regarding future execution within our business, and the opportunity we see in our industry, within the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "could," "would," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "seek" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Spire to be materially different than those expressed or implied in such statements. A description of these risks, uncertainties and assumptions, and other factors that could affect our financial results is included in our filings with the Securities and Exchange Commission, including but not limited to, Spire’s Annual Report on Form 10-K for the year ended December 31, 2025, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on Spire’s future results. The forward-looking statements included in this presentation are made only as of the date hereof. Spire cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Spire expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. About Spire Global, Inc. Spire (NYSE: SPIR) is a global provider of satellite data, analytics and intelligence, offering unique datasets and powerful insights about Earth so that organizations can make decisions with confidence in a rapidly changing world. Spire builds, owns, and operates a fully deployed satellite constellation that observes the Earth in real time using radio frequency technology. The data acquired by Spire’s satellites provides global weather intelligence, ship and plane movements, and spoofing and jamming detection to better predict how their patterns impact economies, global security, business operations and the environment. Spire also offers Space as a Service solutions that empower customers to leverage its established infrastructure to put their business in space. Spire has offices across the U.S., Canada, UK, Luxembourg and Germany. To learn more, visit spire.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260812341070/en/ Contacts For Media: Sarah FreemanSenior Communications [email protected] For Investors: Benjamin HackmanHead of Investor [email protected]

Image source: The Motley Fool. Wednesday, March 18, 2026 at 8:30 a.m. ET Chief Executive Officer — Theresa Condor Chief Financial Officer — Alison Engel Need a quote from a Motley Fool analyst? Email [email protected] Theresa Condor: Thank you, and good morning, everyone. I want to open today with a clear statement about where Spire stands. 2025 was a transformational year. Excluding the Maritime business we divested, Spire delivered 44% year-over-year revenue growth in the fourth quarter. Gross margins expanded 5 points from a year ago. And as we enter 2026, that momentum accelerates with our midpoint expectation for 50% growth in revenue, excluding Maritime. But the numbers only tell part of the story. The global demand environment for space-based intelligence has fundamentally shifted in Spire's favor, and we are uniquely positioned to capture it. Three forces are converging. First, defense and intelligence spending on space is surging, not just in the United States, where the administration has targeted a $1.5 trillion defense budget for fiscal year 2027, but across Europe, where nations are making historic investments in strategic autonomy. Germany alone has committed EUR 35 billion over the next 5 years to defense space capabilities. Second, civil agencies like NOAA and NASA are shifting decisively toward commercial data procurement with NOAA projecting billions of dollars in commercial weather data purchases over the next decade. And third, commercial industries from agriculture to aviation are adopting space-based intelligence at an accelerating pace, driven by AI and the operational advantages our data provides. Spire is not just well positioned for this moment. We are, in many respects, the only company positioned to serve all 3 of these markets at a global scale. Our competitive position rests on 4 advantages that taken together, no other commercial provider can replicate. First, Spire has a fully deployed global constellation. Today, we operate about 100 payloads on orbit, providing continuous global coverage and revisiting every point on Earth more than 100 times per day. This constellation functions as a persistent global sensor network, observing activity across aviation, weather and broadband radio frequency environments in near real time. Each day, we track roughly 190,000 aircraft, process more than 300 million ADS-B messages and maintain the capacity to produce over 20,000 daily atmosphere profiles. Each of our typical RFGL satellites has a field of view of almost 5 million square miles that search for signals of interest as they cover all of earth every day. This is not a constellation we are planning to build. It is built, it is operating, and it is generating intelligence today. Second, Spire has more than 12 years of operational experience in Space Systems. Since 2013, we have designed, built, launched and operated our own satellites. We are vertically integrated from spacecraft manufacturing through constellation operations to the software and analytics layer that delivers intelligence to customers. That depth of experience, hundreds of satellites built and over a decade of continuous on-orbit operations cannot be replicated quickly. Third, and this is a distinction I want to emphasize, Spire manufactures satellites in both the United States and Europe. We operate production facilities in the U.K., Germany and the United States with capacity to produce 300 to 400 satellites annually. In a world where allied nations are rapidly scaling defense and space investments and where sovereign manufacturing and data sovereignty requirements are becoming standard, our dual continent industrial base is an extraordinary strategic asset. No other pure-play commercial space data company has this today. Fourth, we have built proprietary radio-frequency sensing and geolocation capabilities that are genuinely unique. Our RF expertise spans over a decade and includes capabilities in radio occultation weather observation, GNSS reflectometry, ADS-B aviation tracking and now radio-frequency geolocation. RFGL, the ability to detect, characterize and geo-locate RF emitters from space is an area where Spire has moved from concept to on-orbit demonstration to agency-funded operations faster than any competitor. I will say more about this shortly because it is becoming a major growth engine for the company. These 4 pillars, deployed constellation, operational depth, transatlantic manufacturing and differentiated RF products are what makes Spire's growth story durable. They are not advantages that erode with time, they compound. Let me turn to the area of our business that I believe represents the most significant near-term growth opportunity for Spire, defense and space reconnaissance anchored by our RFGL capability. A major transformation is underway in space-based intelligence. For decades, defense and intelligence agencies built and operated their own satellites for signal collection and tracking. That model is rapidly changing. Advances in satellite miniaturization, digital signal processing and machine learning now enable commercial companies like Spire to deploy RF sensing constellations that supplement and in some cases, exceed government systems at a fraction of the cost and on dramatically faster time lines. The RF intelligence market is in the early stages of what industry estimates believe will be a transition to a $3 billion to $4 billion addressable market by the end of the decade. Spire is at the forefront of this transition. In early 2026, Spire successfully demonstrated single satellite geo location, including detection of S-band and X-Band signals commonly used by radar and sensing systems critical to defense missions. This is a meaningful technical milestone. It validates that our approach works and it positions us to scale. RFGL capacity at Spire will increase approximately 15x over the next 12 months. That expansion moves us from pilot programs to large-scale operational deployments with government customers and ultimately to sovereign constellation opportunities. We are already seeing this progression in our pipeline. In 2026, Spire has secured awards from U.S. agencies for rapid RFGL collections over South America, the Middle East and Asia Pacific. These are funded operational missions in contested environments demonstrating that our capability is mission-ready today. We have also secured pilot awards in 2025 and already in 2026 with overseas allies that we expect will turn into larger programs in the future. Spire expanded our space reconnaissance product in 2025 to collect and process publicly broadcast voice transmissions from space. Using AI-driven processing, we can transcribe, translate and summarize even short or noisy signals in near real time. Combined with RFGL, this creates a multilayered intelligence product that defense and intelligence customers are actively procuring. The U.S. defense environment is strongly favorable. The administration has targeted a $1.5 trillion defense budget and the Department of War is driving a modernized procurement model focused on speed, commercial terms and measurable outcomes. Spire is positioned squarely within this model. We deliver operational capability. In January, we announced the establishment of our Board of Advisers which includes Admiral Grady, who brings over 4 decades of leadership at the highest levels of U.S. Military and National Security Command; and Ed Newberry, a globally recognized leader in Government Affairs and National Security Policy. These appointments reflect the seriousness of our commitment to the defense market and the caliber of relationships we are building. With space reconnaissance revenue scaling, RFGL capacity expanding 15x and a growing base of funded government end users, we expect this segment to become a powerful driver of Spire's growth trajectory over the next 3 to 5 years. I want to spend a moment on the International Defense opportunity because it is where Spire is most differentiated. At the Munich Security Conference earlier this year, a central theme was the need for stronger European strategic autonomy. This is not rhetoric. It is backed by historic budget commitments. Germany has allocated EUR 35 billion over the next 5 years for space and defense capabilities. Across Europe, defense spending is accelerating at a pace we have not seen in decades with a target of EUR 800 billion annually in 5 years' time, a CAGR of 16% from the EUR 381 billion spent in 2025, which grew at a CAGR of 15% over the prior 4 years. For Spire, this creates a generational opportunity. We are, to my knowledge, the only commercial space data company with installed satellite manufacturing facilities in both the United States and Europe. That means we can meet sovereign manufacturing requirements, comply with data sovereignty regulations and serve as a trusted partner for allied governments on both sides of the Atlantic. Today, we are actively engaged with 17 countries across Europe, the Nordics, the Middle East and Asia Pacific region. These opportunities range from partnerships with major defense contractors to direct engagements with ministries of defense. The pipeline includes RFGL data services, custom satellite missions and full sovereign constellation programs in the range of high 8 figures to low 9 figures. We also continue to build our government contract base. In 2025, Spire secured several important awards including a $11.2 million 1-year contract from NOAA for radio occultation data, a $2.5 million NOAA contract for ocean winds data, a EUR 3 million renewal from EUMETSAT for weather data, and the selection for the Missile Defense Agency's SHIELD ID/IQ contract. Myriota expanded its agreement with us to scale its IoT constellation with 16 additional satellites, and we received an award from Deloitte to support on-orbit cyber and data operations. The combined U.S. and allied defense demand picture overlaid with Spire's unique ability to serve both markets from local manufacturing bases with proven on-orbit capabilities results in a multiyear growth runway that is still in its very early stages. Turning to civil government. The shift toward commercial data procurement is gaining significant momentum. At the 2026 American Meteorological Society Annual Meeting, NOAA announced its intention to expand the use of commercial observations, increase transparency about future requirements, and provide industry with sufficient lead time to deliver. NOAA anticipates that commercial weather data purchases could reach billions of dollars over the next decade. NASA is also orienting toward further commercial satellite data procurement under new leadership and legislation to solidify commercial data procurement policies has been advancing through both houses of Congress. Spire is directly positioned to capture this demand. We are already one of NOAA's primary commercial data providers through our radio occultation observations and our ambitions extend well beyond RO. In January, we launched our first hyperspectral microwave sounder satellite and have already shared initial data with our test customers. This opens an entirely new category of atmospheric observation for commercial procurement, one that NOAA and other agencies are actively exploring alongside GNSS reflectometry and other data sets. Our strategy in weather and climate is deliberate. We anticipate market needs, invest ahead of demand and deliver operational solutions as the procurement programs mature. The hyperspectral sounder is a perfect example. We invested in the capability before the procurement program existed, and now we are positioned as a first mover as agencies expand their commercial data requirements. Customers are also finding novel applications for our data beyond traditional weather forecasting. Radio occultation observations are now being used for characterization of satellite launch activities globally and to support hypersonic vehicle tracking, applications that bridge our civil and defense businesses and demonstrate the versatility of our data. Our commercial business is also accelerating driven by the intersection of AI and space-based data. AI is transforming weather forecasting and Spire has been at the forefront of this transformation. Our AI weather models now deliver probabilistic forecasts extending to 45 days, built on proprietary data assimilation that integrates atmospheric profiles, soil moisture observations, and ocean surface winds from our satellite network. We are also introducing rapid refresh forecasting that updates predictions in minutes rather than hours and customers are asking for now casting products that forecast conditions up to 8 hours ahead for time-critical operational decisions. As AI scales across industries, we expect high-quality, differentiated observational data to become more valuable, not less. Our proprietary space-based weather data is a strategic asset that supports both physical and AI-based modeling and our software stack helps customers extract more value from that data in operational environments. In agriculture, we are seeing strong demand for soil moisture intelligence. Our expanded platform integrates more than 40 years of historical data with daily satellite observations and forecasts extending to 45 days. In late 2025, we secured a contract to provide high-resolution soil moisture insights for a leading precision agriculture customer in the U.S. Another customer is using Spire's Weather Intelligence and our expert meteorology team to support storm outage prediction and wildfire risk management. On the aviation side, a government agency is using our ADS-B quality indicators to identify regions where aircraft may have experienced GNSS spoofing or interference. The common thread across all these use cases is that Spire's data is being embedded into customer workflows as operational infrastructure, not as a nice to have, but as a mission-critical input. That creates recurring durable revenue relationships and gives us confidence in the long-term growth trajectory of the commercial business. Our operational execution continues to match our commercial ambitions. In 2025, we conducted 6 launches, deploying 39 satellites across multiple missions. These missions expanded our constellation capabilities, demonstrated single satellite RFGL and introduced optical inter-satellite link technology for high-speed data transfer directly in orbit. That momentum has carried into 2026. In January, we launched 9 satellites, including Spire's next-generation hyperspectral microwave sounder. Earlier this month, 10 additional satellites arrived at the launch site for our upcoming T16 mission. 8 of those satellites are dedicated to customer programs, spanning RF data collection, cyber security-focused space capabilities, Internet of Things connectivity and remote sensing imagery. The launch will also include another satellite equipped with our optical inter-satellite link technology and a replenishment satellite to maintain global coverage. This launch cadence reflects the operational maturity of our platform. Our production facilities can manufacture between 300 and 400 satellites annually. Our Constellation is fully deployed and replenishing continuously. And because our infrastructure is already global, every new intelligence product we introduced can be delivered with substantial operating leverage. I want to address the financial transformation this company has undergone because I believe the market is still catching up to where Spire is today. With the completion of the Maritime divestiture, we retired all outstanding debt, something very rare for a space company and strengthened our balance sheet. More importantly, we reshaped the company. Post divestiture, Spire is a pure-play space intelligence platform with a fundamentally different growth profile and end market composition than the company investors knew 12 months ago. As we scale the platform, the operating leverage in our model becomes increasingly visible, our constellation and data infrastructure are already deployed globally. Adding new intelligence products and customers does not require proportional increases in costs. That dynamic is reflected in improving gross margins, and we expect continued margin expansion as revenue scales. We also see a favorable shift in revenue quality. Our government and commercial contracts are increasingly multiyear in nature with growing recurring revenue components. This gives us better forward visibility and underpins our confidence in sustained growth. Excluding the divested Maritime business, for 2026, we expect midpoint core revenue growth of 50%, driven by expansion across defense, civil and commercial markets. The opportunity in front of us is larger than any single quarter or fiscal year. Indeed, we foresee durable growth of at least 30% given our strong pipeline, favorable macro conditions and unique positioning of Spire in the marketplace. We are operating at the intersection of 3 secular growth trends. The expansion of defense and intelligence spending on commercial space capabilities, the modernization of global weather and climate infrastructure through commercial data and the adoption of AI-driven analytics that make space-based data exponentially more valuable. Each of these markets is in its early stages and growing. Defense and Intelligence agencies are only beginning to shift RF collection to commercial providers. NOAA's commercial data purchases are projected to scale to billions of dollars. And the commercial market for AI-powered weather and environmental intelligence is expanding as industries recognize the operational value of these data sets. Spire's plan over the next 3 to 5 years is to scale across all 3 of these sectors simultaneously. In Defense, we intend to move from RFGL pilot programs to large-scale deployments and sovereign constellation contracts with allied nations. In civil government, we plan to expand from radio occultation into a multi-sensor data portfolio that includes microwave sounding GNSS reflectometry and other observation types. In commercial markets, we are building an AI-powered intelligence platform that turns raw space-based observations into actionable decision tools for industry spanning energy, agriculture, aviation and insurance. Importantly, we believe the competitive moat deepens over time. Every orbit adds to our proprietary global data set. Every new sensor type expands the intelligence we can deliver. Every year of operational experience widens the gap between Spire and anyone attempting to replicate what we have built. And our transatlantic manufacturing base becomes more valuable as sovereign requirements intensify across allied nations. This is not a company that is hoping for growth. This is a company that has built the platform, demonstrated the capabilities and is now entering the phase where the market demand is catching up to the infrastructure we have deployed. Let me close with 3 commitments for the year ahead. First, Spire will deliver accelerating revenue growth in 2026, driven by defense and space reconnaissance, expanding civil government data procurement and commercial AI adoption. Our current pipeline and contracted backlog give us strong confidence in this trajectory. Second, we will scale our RFGL capacity by 15x and convert our growing pipeline of international defense opportunities into funded programs. The sovereign data and constellation opportunities across 17 countries is the largest in our history, and we intend to capture a leading share. Third, we will continue to expand our data portfolio and demonstrate the operating leverage in our platform through improving margins and continued progress towards sustainable free cash flow generation. Across defense, civil government and commercial markets, the demand for real-time intelligence from space is not just growing, it is accelerating. Spire has the platform built to meet that demand. We have the constellation. We have the technology. We have the manufacturing footprint on 2 continents, and we have the team and the operational experience to execute. I have never been more confident in Spire's trajectory, and I look forward to delivering on the extraordinary opportunity in front of us. With that, I'll turn it over to Ali for the financial details. Thank you. Alison Engel: Thank you, Theresa. Theresa laid out the demand picture and our competitive positioning. My job is to show you the numbers behind that story, and they are strong. As a reminder, unless otherwise noted, I will be discussing non-GAAP financial measures. A reconciliation of GAAP to non-GAAP results is provided in our earnings release on the Investor Relations website. Let me start with the headline. Excluding our Maritime business, Spire delivered 44% year-over-year revenue growth in the fourth quarter and 36% sequential growth. Both the fourth quarter and full year results met the midpoint of our financial outlook. And for 2026, at the midpoint, we are guiding to 50% year-over-year core revenue growth on the same basis. These are not aspirational numbers. They reflect contracted programs, expanding customer relationships and a pipeline that is accelerating. With the sale of the Maritime business in April 2025, Spire retired all outstanding debt and emerged as a pure-play space intelligence platform. We are now debt-free with $81.8 million in cash and marketable securities as of December 31. More importantly, the business that remains is faster growing and better aligned with the defense, civil and commercial growth drivers Theresa described. Fourth quarter non-GAAP gross margin reached 43%, a 5 percentage point improvement year-over-year. Full year gross margin improved 4 percentage points to 44%. These improvements reflect the operating leverage inherent in our platform. Our constellation and data infrastructure are already deployed globally, and as revenue scales, we are delivering more intelligence from the same infrastructure. Revenue for the fourth quarter was $15.8 million. Full year revenue was $71.6 million, reflecting a year-over-year decrease due to the maritime divestiture. Excluding the maritime business, which is how we manage the business, and how I would encourage you to evaluate it, fourth quarter revenue grew 44% year-over-year and 36% sequentially. The growth was driven by higher radio occultation and ocean winds data sales under NOAA awards, along with increased revenue from space services. Any remaining maritime activities following the transaction are being managed as a runoff business. Fourth quarter adjusted EBITDA was negative $9.7 million an 8% improvement year-over-year and a 17% improvement sequentially. The sequential improvement was driven by higher revenue. Full year adjusted EBITDA was negative $39.7 million. The year-over-year change from negative $16.1 million in 2024 was primarily a function of lower total revenue following the Maritime divestiture. The important signal here is trajectory, Q4 adjusted EBITDA improved both year-over-year and sequentially, and we outperformed the high end of our own outlook, both for the quarter and the full year. Cash flow used in operations was $4.3 million in the fourth quarter, a 78% improvement year-over-year and 65% improvement sequentially. Cash usage in the quarter reflected revenue timing effects, working capital dynamics related to satellite manufacturing and elevated legal and professional fees. Turning to our outlook for 2026. For the first quarter, we expect GAAP revenue between $14.5 million and $15.5 million. Excluding Maritime revenue of approximately $1.7 million, first quarter revenue growth represents nearly 10% year-over-year growth for the core business. For the full year, we expect revenue between $75 million and $85 million. On the same ex-maritime basis, this represents over 50% year-over-year growth. Importantly, our 2026 guidance does not include any revenue from the wildfire sat program. Work on that contract is paused. We remain committed to the program, and we'll provide an update when we have clarity on the path forward. Our growth guidance stands entirely on its own without revenue from the wildfire sat program. I know the question on many of your minds is the path to profitability, and I want to address it directly. We previously targeted quarterly adjusted EBITDA breakeven by the end of 2026. We made significant progress towards that goal already. Q4 adjusted EBITDA improved 17% sequentially and 8% year-over-year. For 2026, we are guiding first quarter adjusted EBITDA between negative $11.5 million and negative $11.2 million and full year adjusted EBITDA between negative $26 million and negative $20.7 million. First quarter non-GAAP operating loss is expected between negative $14.5 million and negative $14.1 million and full year non-GAAP operating loss between negative $37.8 million and negative $32.6 million. First quarter non-GAAP loss per share is expected between negative $0.44 and negative $0.43, assuming approximately 33.1 million basic weighted average shares. Full year non-GAAP loss per share is expected between negative $1.11 and negative $0.96 on approximately 33.9 million shares. Looking at our trajectory, the combination of 50% plus revenue growth at the midpoint, expanding gross margins and the cost structure adjustments we have recently implemented puts us on a clear path towards profitability. We are targeting quarterly adjusted EBITDA breakeven in the fourth quarter of 2026 to the first quarter of 2027 time frame, followed by positive cash flow from operations on a quarterly basis in 2027. As we gain clarity on certain nonrecurring professional fees, we expect to narrow that window. The underlying business is on track. Core business revenue is accelerating, margins are expanding, and the operating leverage in our model is becoming increasingly visible. Let me frame how we think about the next 3 to 5 years financially. We are operating a globally deployed platform with high fixed costs already absorbed. As revenue scales, and we are guiding to 50% midpoint growth this year alone, the incremental economics are highly attractive. Gross margins have already expanded in the past year. We expect continued expansion as high-margin products like RFGL and AI-driven weather intelligence become a larger share of the mix. Over the next 3 to 5 years, we are targeting gross margins in the 60% to 70% range. On the cost side, we have recently adjusted our cost structure to align with the opportunities ahead. The infrastructure required to serve a $75 million to $85 million revenue business is substantially the same infrastructure required to serve a $150 million revenue business. That operating leverage is the defining financial characteristic of Spire going forward. Our balance sheet gives us the runway to execute this plan. We are debt-free with $81.8 million in cash and marketable securities as of December 31. We believe our current cash position combined with improving cash flows from operations provide a strong foundation for executing our growth plan. To summarize the financial picture on a non-GAAP ex-maritime basis, Spire delivered 44% Q4 revenue growth, expanded non-GAAP gross margins by 5 percentage points and improved operating cash flow by 78% and enters 2026 guiding to 50% midpoint core revenue growth with a debt-free balance sheet and a path towards profitability. This is a company that is scaling and entering an inflection, one where the platform is built, the demand is accelerating and the financial model is demonstrating the leverage we have always believed was there. Now I would like to open the call for questions. Operator: [Operator Instructions] Our first question comes from the line of Erik Rasmussen with Stifel. Erik Rasmussen: A lot to take in there, but it seems like the business is really starting to hit -- showing some possibility for inflection. I wanted to ask about the guidance. Q1 revenue around $15 million. That is up, I guess, on an excluded basis sequentially. But just wondering how do we think about that in relation to the $80 million annual guidance? I wanted to get some of my thoughts on the slope of that revenue throughout the year? And then are you looking at more of like a weighted second half versus first half? Theresa Condor: Yes. Thanks, Erik, for that and for the nice words. You're correct that we start to ramp up revenue more as we go through the year. And I'll talk a little bit about why that is. In Q1, as you know, we had some launches that moved out of Q4 into the early part of Q1. So there is the ramp-up of revenue that starts to come out of those launches. The other thing is really going to be focused on the radio frequency geolocation opportunity as we move from pilot programs into larger data deliveries that hit revenue right away. This is where you start to see a lot of the growth coming in the back half of the year. In the last 2 weeks alone, we've had a flurry of activity and requests coming around the geopolitical situation, and I am expecting that to continue. The other thing that I want to highlight is the area we discussed in the call -- in the comments about NOAA and their intention to increasingly purchase commercial data sets. I don't know if you've seen yet, but an RFP has come out for a 5-year ID/IQ with an $8 billion ceiling for -- I think it's about 8 different data types for weather data, 4 of which Spire is capable of delivering with infrastructure that we already have. And so the NOAA relationship and an ability to keep growing into that is also going to be important to the year. Erik Rasmussen: Great. And maybe just speaking with the financial model, Ali talked about a gross margin target over the next 3 to 5 years of 60% to 70%. What's pushing that out? We see -- I seem to remember that, that might have been a more near-term target. But can you just maybe talk about what's driving that and sort of how that ramps throughout maybe this year and then in relation to that target? Alison Engel: Yes. I think we definitely see the ramp as we see the revenue growth throughout the year. But as we continue to compound on that, that allows us to attain higher margins in the future. I mean we do see margin growth in 2026. But I think hitting those higher targets in the out year will be driven by revenue growth. Erik Rasmussen: Great. And maybe just touching on my last question, just touching on the satellite opportunities that's been pushed out with the wildfire sat with Canadian Space Agency. Can you just talk about sort of what's happening there, latest on conversations? It seems like you stripped that out entirely. So that could potentially be upside to your numbers if that does come through again. Maybe just further thoughts on that. Theresa Condor: Yes. There's not a ton that we're able to say other than we've paused execution while we have discussions on the status with our partner, including around timing and requirements. As you said, we have been conservative in taking out any amount of revenue for the year so that we can give you numbers that we have really great visibility into. And as you said, that is potential upside to the numbers that we have shared. Operator: Our next question comes from the line of Jeff Van Rhee with Craig-Hallum Capital Group. Jeff Van Rhee: Obviously, that guide, in particular, excluding wildfire side is, to me, pretty impressive. On the sovereigns, I think you called out a lot of strength in EMEA in particular. And maybe you could just expand on that a little bit. You've got -- I think you said upper 8 or 9 figures, some government deals in those categories that are percolating. Just how many years would one of those, say, 9-figure deals be spread over typically? And then you mentioned you've got some pilots going to deploy. So I'm just trying to understand how much of that is -- how visible it is, I guess. If you look at that 2026 outlook, how many pilots are you in that could convert to large sovereign deals? So a couple of questions embedded in there. Theresa Condor: Yes. And I mean, I really -- I'm excited about the RFGL opportunity. And I'm excited about what we can provide on the U.S. government side, and I am excited about what we can provide Rest of World. We've talked about that quite a bit. We mentioned the number of 17 different countries that we're engaged in. And the discussion always starts with what do you have in orbit today that you can provide us data with immediately right now that we can start working with and then it transitions into what type of wider subscription program can we do using in-orbit assets at the same time that the discussion around sovereign constellation happens. And so this would be using our local manufacturing capacity in Germany and in the U.K. depending on the need deploying capabilities that, of course, we already know how to deploy and we have the technology that are for a particular nation or government or region. And that's where you have the transition from these pilot programs into much larger opportunities. And I think just about all of the discussions transition along that pathway. And I do expect those transitions to start to bear fruit in 2026. Jeff Van Rhee: And just the second part of that question, if it's a 9-figure deal, just generally speaking, how long will those deals be? Theresa Condor: Yes. So they're going to be similar to our space services ones where they're multiyear. It's going to depend a bit on what they're asking for, right, but they're multiyear. Jeff Van Rhee: Okay. And then if you look at the pipeline with respect to the mix of space services, contracts versus what I would call sort of the data/recurring contracts. Just talk about the sort of the mix of the 2 and the mix shift that, that implies for revenue flows over the next year or 2? Theresa Condor: Yes. So I think the big growth that we're still expecting in terms of revenue in 2026, is a lot tied to RFGL, and it's going to be tied to revenue that we collect from satellites that have been launched and programs that have already been signed. Of course, as we start to build out the pipeline of space services opportunities, that's what gives us confidence in the ongoing growth when we talk about the out years and 3- to 5-year growth. And I think we continue to have a mix of both sovereign opportunities and continuing to fill in the gaps with our existing infrastructure on the data side. Jeff Van Rhee: Got it. And then maybe last for me. I think in last quarter's call, you were fresh off a lot of chaos within government, U.S. government, in particular, related cycles. I think they stalled in Q3 and you played that through in your Q4 guide. What are you experiencing? And what are you assuming for Q1 and beyond? Theresa Condor: Yes. And I think the strength of the NOAA story and the movement that they are making there is very apparent. And I mentioned in the comments to Erik about this new 5-year ID/IQ with a bunch of different data types. They came out at the very beginning of the year at the AMS meeting with very strong comments about moving towards a much broader based focus on commercial data purchases versus building things themselves. And they've made pretty clear that they're expecting commercial companies to have the infrastructure for the data purchases. So that puts Spire squarely as a core player in that $8 billion ceiling ID/IQ. So we are absolutely seeing the movement, including what happened with that [ RFP ] coming out this week. We do see bills moving through Congress that look to solidify the focus on commercial purchases, both across NOAA and NASA. And on the NASA side, we continue to have discussions with that team on what that program looks like. They are very active. Alison Engel: But I'd just add on to that, Jeff, that's really -- a lot of that momentum is going to start being seen in Q1 and Q2 and beyond. Jeff Van Rhee: Got it. Great. Well, great to see. I mean, obviously, it's been a big period of transition and getting just a lot of the noise behind you and being able to go execute, looking forward to it looks like some good organic growth there. Operator: Our next question comes from the line of Brian Kinstlinger with Alliance Global Partners. Brian Kinstlinger: I'm curious if you could first speak to the visibility of the low point of revenue guidance. How much is coming from backlog or signed orders versus how much do you need to win or convert from pilots into orders? Alison Engel: We have really a strong visibility into the revenue and a very large part of it. I would say approximately 75% is covered through contracts we already have in place. Brian Kinstlinger: Great. And then can you talk about how you think about the time frame when you're in a pilot? And how quickly and what has to happen between the 2 stages as that pilot turns to a production order for data? Does contract need to start over? Does -- what has to happen between those 2 phases other than them testing and seeing success? Theresa Condor: Yes. It's really going to depend on the customer and on the country and on their procedures. In some cases, it can move very quickly from a pilot into a wire subscription. In other cases, it's going to take a little bit longer. So it's hard to give you an exact answer other than to say that I feel very good about the momentum that we have on the RFGL side in 2026. I do believe we will be transitioning into larger amounts of revenue that are going to hit in the year for us. in the geopolitical situation, our 15x capacity on orbit is going to support that. Brian Kinstlinger: Okay. Last question I've got is the first quarter adjusted EBITDA loss is quite high. Can you just highlight what the infrequent costs are that are being added back? And then even excluding that SG&A tie, maybe you want to touch on why the SG&A is still elevated outside of that in the first quarter? Alison Engel: Yes. I mean I think that there are -- it's being driven by a couple of things. One is sort of a unique situation with respect to our audit fee because KPMG did not start the full year 2025 audit until November. We had to take really a fee that we would recognized over an entire year and recognize that over a 5-month period from November through March. So that kind of smashed in, for lack a better technical term, a bunch of costs in Q4 and Q1 in SG&A. And I think that's the primary driver of what we're seeing aside from some legal fees for those various run-of-the-mill matters. Operator: Our next question comes from the line of Austin Moeller with Canaccord Genuity. Austin Moeller: So just my first question here. If we think about Golden Dome, do you expect the primary opportunity there to be more like the RF geolocation opportunity? Or are you interested in bidding on Golden Dome on the SHIELD contract vehicle as a bus manufacturing operator? Theresa Condor: Yes. So we're evaluating right now the opportunities that will make the most sense. As you know, we're part of that ID/IQ. I think we have very strong capabilities when it comes to our bus and our satellite systems. Of course, the RFGL capabilities are very unique. And I would also highlight the things that we can do around whether data sets, weather forecasting and the aviation tracking. So I would say all 3 of those things are on the table. Our team here in the U.S. is meeting regularly with leadership related to that program. And I feel good that we're well positioned to play a part of it. Austin Moeller: Okay. And then could you provide any update on the EURIALO satellites and ESSP now that the ESA budgets passed? And I guess if you have capacity for 300 to 400 satellites a year, does that mean there wouldn't be a significant CapEx investment if you were to win ESSP and expand that? Theresa Condor: Yes. So the satellites from the existing contracts are being built. That's all proceeding and in play. The wider program continues to march forward slowly, I would say, but it marches forward. We did have an incremental new contract related to it. I can't say anything more about it than that. And that's just to say momentum continues and the discussions about it continue. Of course, we talk about that 300 to 400 capacity for manufacturing. This, of course, would involve additional CapEx to put up those satellites. And the CapEx in that instance, of course, would be paid for by the customer that has requirements sovereign capabilities that need to be rapidly deployed. So when we say that number, it's talking about the capacity that we have if someone comes to us tomorrow and says, "Okay, we need to put a lot of satellites through the system." And I think what's important about that is that a lot of organizations are talking about setting up the capacity and the ability to build things. We've got it all ready to go, and then it's just a question of how we move through the customer demand. Operator: Our next question comes from the line of Scott Buck with H.C. Wainwright. Scott Buck: I appreciate the time. Theresa, I guess first on the revenue guide. At the high end, are you relying on a single program to potentially reach that 61% level? Or are there multiple balls in the air that could get you there? Theresa Condor: Yes. No, there are multiple different things in our pipeline that I'd say we have quite good visibility into. And so it's not like this is a black or white thing. We gave the high range because we still feel like it's an entirely possible thing to hit based on the pipeline that we have. Scott Buck: Perfect. And then you highlighted Europe and your facility there. I'm curious, has any of the European opportunities move beyond budgeting to pen to paper and checks being written? Theresa Condor: So I would say the pilot programs that we've mentioned is pen to paper and checks being written. And this relates, I would say, to data delivery programs. Of course, we have existing things going like EURIALO that were already pen to paper that we're building out of that facility. We're very aware of budgets and demand and programs that are, I would say, working their way through the system. And this remains an extremely important topic. I know it's harder to picture that over here in the U.S., but it is the constant topic of discussion in Europe everywhere you go with every government you talk to about sovereign capabilities and where something is manufactured, where leadership is located and an ability to count on the technology. And we are positioned, I think, better than any other company to be able to capture that in a legitimate way in Europe as well as continue to be a really strong partner in the United States. Scott Buck: Okay. So it sounds like you're seeing a real sense of urgency and not just saber rattling, I guess. Theresa Condor: There's absolute urgency. I have never seen it like this before. Operator: Thank you. Ladies and gentlemen, that concludes our question-and-answer session. And we'll conclude our call today. We thank you for your interest and participation. You may now disconnect your lines. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Spire (SPIR) Q4 2025 Earnings Call Transcript was originally published by The Motley Fool

Shareholders were pleased with the recent earnings report from Spire Global, Inc. (NYSE:SPIR). However, we think that investors should be cautious when interpreting the profit numbers. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'. That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth. Spire Global has an accrual ratio of 2.84 for the year to March 2026. As a general rule, that bodes poorly for future profitability. To wit, the company did not generate one whit of free cashflow in that time. Even though it reported a profit of US$49.0m, a look at free cash flow indicates it actually burnt through US$109m in the last year. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of US$109m, this year, indicates high risk. Having said that, there is more to consider. We must also consider the impact of unusual items on statutory profit (and thus the accrual ratio), as well as note the ramifications of the company issuing new shares. One positive for Spire Global shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. As a result, some shareholders may be looking for stronger cash conversion in the current year. See our latest analysis for Spire Global That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. To understand the value of a company's earnings growth, it is imperative to consider any dilution of shareholders' interests. In fact, Spire Global increased the number of shares on issue by 25% over the last twelve months by issuing new shares. Therefore, each share now receives a smaller portion of profit. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to per share value. You can see a chart of Spire Global's EPS by clicking here. Spire Global was losing money three years ago. Zooming in to the last year, we still can't talk about growth rates coherently, since it made a loss last year. What we do know is that while it's great to see a profit over the last twelve months, that profit would have been better, on a per share basis, if the company hadn't needed to issue shares. And so, you can see quite clearly that dilution is having a rather significant impact on shareholders. In the long term, if Spire Global's earnings per share can increase, then the share price should too. However, if its profit increases while its earnings per share stay flat (or even fall) then shareholders might not see much benefit. For the ordinary retail shareholder, EPS is a great measure to check your hypothetical "share" of the company's profit. Given the accrual ratio, it's not overly surprising that Spire Global's profit was boosted by unusual items worth US$135m in the last twelve months. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. Spire Global had a rather significant contribution from unusual items relative to its profit to March 2026. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be. In conclusion, Spire Global's weak accrual ratio suggested its statutory earnings have been inflated by the unusual items. The dilution means the results are weaker when viewed from a per-share perspective. For all the reasons mentioned above, we think that, at a glance, Spire Global's statutory profits could be considered to be low quality, because they are likely to give investors an overly positive impression of the company. So while earnings quality is important, it's equally important to consider the risks facing Spire Global at this point in time. Case in point: We've spotted 4 warning signs for Spire Global you should be mindful of and 3 of these are potentially serious. Our examination of Spire Global has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Image source: The Motley Fool. Wednesday, May 13, 2026 at 5 p.m. ET Chief Executive Officer — Theresa Condor Chief Financial Officer — Alison Engel Need a quote from a Motley Fool analyst? Email [email protected] Theresa Condor: Thank you, and good afternoon, everyone. Q1 confirmed the shape of the year we described to you in March and added forward visibility on top of it. The print came in above the high end of our guidance on both revenue and adjusted EBITDA. Core revenue ex Maritime grew 13% year-over-year. Our 50% full year growth guidance is unchanged. We described 2026 as second half-weighted, sequentially building with the catalysts that bridge Q1 to the back half, a specific, named and actively in motion. The risks that remain are primarily delivery risks and delivery is what we do. Before I take you through Q1, there are 2 structural facts to highlight. We have launched more than 240 satellites across more than 40 campaigns, and we have reserved launch capacity through 2028. Across the satellite services peer group, growth is increasingly being throttled by access to launch. We are not in that constraint. Reserved launch capacity is not something a new entrant can replicate quickly. It directly underwrites our ability to scale RFGL collection capacity, deploy additional weather payloads and meet commercial space services obligations on our own schedule rather than the industry. We have operational scaled transatlantic manufacturing with production facilities in the U.S., Europe and the U.K. Spire is one of very few companies anywhere with that footprint, and it is meaningful as sovereignty and local production requirements become more central to defense procurement. Our recent Munich opening was attended by local political and military leadership who toured the clean room and saw the scope of our local capabilities firsthand. Reserved launch through 2028 and dual continent manufacturing are the moats. Everything I describe in the next several minutes compounds against them. Across both the public market and private capital environments, we are observing increased recognition that pure-play scaled multi-domain RF intelligence is a strategic, scarce and durable category. That is consistent with what we hear from customers. They are no longer asking whether commercial RF makes sense. They are asking who can deliver at scale with verified on-orbit performance and with sovereign-ready manufacturing. That set of requirements narrows the field considerably. The first quarter demonstrated that the platform we described on the Q4 call is now translating into measurable progress. We deployed 19 satellites across 2 launches, which expanded our RFGL collection capacity by 6 new satellite pairings. We demonstrated single satellite geolocation for S-band and X-band signals, frequencies critical for defense missions and a capability that has traditionally required multiple coordinated satellites. This expands what we can do at lower constellation cost and broadens our addressable defense market. We were awarded 5 new RFGL orders from U.S. customers and signed 3 new international RFGL customers. RFGL is no longer a technical milestone. It is converting into revenue. In weather, our new Hyperspectral Microwave Sounder achieved first light with the demonstrator and is now delivering data to our end-user customer. On-orbit observations are meeting and, in many cases, exceeding our technical targets. We are incorporating this data stream into ongoing discussions with NOAA and allied meteorological agencies. In commercial, 2 patterns across our book are now consistent enough to call them structural. First, new commercial contract duration has lengthened with some wins moving into multiyear subscriptions. Second, the character of customer engagement is changing. Q1 saw existing commercial customers expanding their use of our data into new workflows and new business units rather than holding flat at their initial use case. The commercial base is becoming stickier and more compounding. Our integration with Amadeus, supporting their service to more than 400 airlines globally is a Q1 example of that pattern. Our AI-S2S model demonstrated 14.2% outperformance of the leading global subseasonal weather benchmark at the critical 3- to 6-week range, measured using the standard skill score methodology against a multi-month verification window, giving energy trading desks a differentiated edge on hedging decisions. The post Q1 catalysts that should be on every investor's radar are concrete and dated. The first is NOAA. We have multiple in-year proposals being submitted this month for microwave sounding, supported by the verified high quality of HyMS on-orbit data. Across the NOAA portfolio, we are actively bidding more than $150 million of 2026 opportunities with more than half in active proposal as of this month. The $8 billion NOAA IDIQ covers 7 data types, 4 of which Spire can deliver with infrastructure already on orbit. That distinction matters. Most commercial weather data providers can deliver 1 or 2. In Europe, Germany is moving forward procurement efforts around RF intelligence into the back half of the year. European defense budgets are rising at a pace not seen in decades, EUR 381 billion spent in 2025 on a target of EUR 800 billion annually within 5 years, a 16% CAGR. Germany alone budgeted EUR 108 billion for 2026, more than double its level of 5 years ago. Our dual continent footprint is the differentiator in these conversations. The structure of these opportunities is consistent, pilot, then data subscription, then full constellation deployment. Additional RFGL collection capacity continues to come online from the Q1 launches with full operational status reached through Q2 and Q3. This is the path between Q1's revenue print and the back half acceleration. Beyond the near-term catalyst, the substance of our 2026 guidance is in execution today. Our existing NOAA Radio Occultation contract, the $11.2 million 1-year award from last year is in full execution, and we expect uplift on that program at greater scope this year. Our European Radio Occultation contract, our space services contracts, our RFGL deals and our recently expanded commercial agreements are in delivery mode through the year. Initial revenue from microwave sounder data sales begins in 2026. On the contracted base specifically, approximately 76% of our 2026 revenue guidance is under contract today. Beyond that hard contracted layer, we have additional visibility from sole-source procurements where Spire is the expected awardee, programs where the procurement structure, the customer relationship and the technical fit make us the named provider. The sole-source visibility is a meaningful additional layer of confidence in our range on top of the contracted base. I have 3 observations on the multiyear setup. The microwave sounder market opportunity is significant. NOAA itself has stated that more than 90% of national weather service model accuracy depends on satellite data, with microwave sounders being a foundational input. The legacy government microwave sounding satellites cost billions of dollars per generation to procure. NOAA has been explicit about its intent to buy more commercial data rather than build another generation of bespoke government systems. Apply commercial radio occultation pricing precedents to that demand picture and a multibillion-dollar TAM over the next decade is not aggressive. Our HyMS instrument captures more frequency bands than traditional sounders and offers atmospheric depth that government systems do not currently provide. The international defense pipeline structure is multistep and multiyear, pilots converting to data subscriptions converting to constellation deployments. The pilots we have signed in 2025 and 2026 are the leading indicator for the data programs that follow them in 2027 and 2028. The commercial book compounds as customers embed our data directly into operational workflows, whether decision-making, risk management, aviation, energy trading, our services become core to their business. And every new use case adds revenue on top of an installed base that doesn't easily go away. We continue to make targeted technology investments. We signed an agreement with the European Space Agency with contributions from the U.K. Space Agency and the Italian Space Agency to develop and validate an AI-based system for real-time satellite health monitoring, anomaly detection and predictive failure analysis. As constellations scale across the industry, autonomous fleet management becomes an increasingly valuable capability and one we are positioned to provide. There are 3 things to take from this call. First, the year's revenue base is now substantially in execution, not in pipeline. The majority of our 2026 guidance is under contract today with additional visibility from sole-source procurements layered on top. The work between here and the high end of our $75 million to $85 million range is execution. Second, the catalysts that decide the back half are not abstract. They are specific, named and in motion. NOAA in-year proposals on microwave sounding now being submitted, European RF intelligence procurement progressing into the back half and RFGL collection capacity reaching full operational status through Q2 and Q3. Third, the operating leverage you have been hearing about for several quarters is about to become visible in the gross margin line. It will accelerate from there. Between now and our next call, the milestones investors should watch are concrete. NOAA proposal decisions on the in-year submissions, RFGL contract conversions and continued capacity expansion across our RFGL collection footprint. We will keep you updated as those events occur. Ali, over to you. Alison Engel: Thank you, Theresa. Theresa gave us a clear view of the demand environment. Now let's discuss the numbers. As a reminder, unless otherwise noted, I'll be discussing non-GAAP financial measures. Reconciliations between our GAAP and non-GAAP financial measures are included in our press release. GAAP revenue for the first quarter was $15.8 million, which came in above the high end of our guidance range. Without the $1.9 million of maritime revenue, core revenue grew 13% year-over-year, and the primary driver was civil government weather data purchases. Non-GAAP gross margin was 44%, an improvement of 5 points over the prior year quarter. We expect our gross margin to keep expanding as revenue grows and we maintain what is a largely fixed cost base. Our 60% to 70% long-term gross margin target is unchanged. Adjusted EBITDA was negative $10.2 million, also above the high end of our guidance range, driven by stronger revenue and disciplined cost management. We used $26.2 million in operating cash flow in the first quarter. Two things drove this decline. First, planned working capital timing; and second, elevated legal and professional fees. These fees are expected to decline throughout 2026. Spire remains debt-free. We exited the first quarter with approximately $50 million in cash and marketable securities. On April 10, we closed a private placement, which added $65.5 million in net proceeds to our balance sheet. Our cash balance gives us ample runway to execute against our growth plans. We expect our current cash position to fund us through adjusted EBITDA breakeven and beyond. The capital raise was in response in part to a discrete window of strong inbound demand from institutional investors. It allows us to accelerate growth into 2027 and beyond as demand continues to build, particularly across defense and intelligence and weather data procurement. We are maintaining our full year 2026 guidance for revenue, non-GAAP operating loss and adjusted EBITDA. Revenue remains expected in the range of $75 million to $85 million, representing over 50% year-over-year growth on an ex maritime basis at the midpoint. Full year adjusted EBITDA guidance is unchanged at negative $26 million to negative $20.7 million, and full year non-GAAP operating loss guidance is unchanged at negative $37.8 million to negative $32.6 million. Full year non-GAAP loss per share is expected between negative $0.93 and negative $0.79 per share on approximately 37.9 million shares. Spire is changing how we communicate guidance going forward. Starting this quarter, we're going to give annual guidance rather than quarterly guidance. This change is driven by the current nature of our business. Large government and enterprise contracts close on customer time lines, not on 90-day calendar quarters. Quarterly estimates imply a precision we can't reliably deliver in any given quarter, and they create noise that really isn't a signal. Our internal forecasting and visibility into the year are the same as they've always been. What's changing is the format. On the path to profitability, 3 things are no longer variables. Our cost base is increasingly fixed, satellites are on orbit, the ground infrastructure is built, transatlantic manufacturing is operational and engineering teams are in place. Within reasonable bounds, our operating expenses over the next several quarters are reasonably predictable. Reserved launch capacity through 2028 means deployment risk on growth investments is largely contained. Current customer contracts underpin the majority of 2026 and a meaningful portion of 2027 revenues. Every incremental dollar of revenue against our current cost base converts at higher margins. We continue to target adjusted EBITDA breakeven in the fourth quarter of 2026 to the first quarter of 2027 time frame, followed by positive operating cash flow sometime in 2027. Every pipeline conversion accelerates our cash flow goals. The platform we described on our fourth quarter call is now visibly producing. The trajectory we described has continued and the financial model is performing as expected. With that, let's open it up for questions. Operator: [Operator Instructions] Our first question is coming from Erik Rasmussen from Stifel. Erik Rasmussen: So maybe just on the RFGL, that sounds like you made a lot of progress. You had 5 new in U.S. and 3 international customers orders. It sounds like are you generating revenue today? And maybe just how big of an opportunity are you tracking, whether it's this year or in the coming years? Theresa Condor: Yes. So I'll say, yes, we are generating RFGL revenue today, and we continue to build out the pipeline of that. I think, as you know, we don't give exact pipeline numbers. What I can say is that we've been increasing what we do both in the U.S. and in Europe. The NRO has continued to add to the contract that we have with them. And we continue to go through the process of pilot into data subscription into talking about sovereign constellations, particularly on the European side of things. So I'm super excited about what is happening on the RFGL side right now. And with the geopolitical situation just continues to reinforce that both in the U.S. and around the world, there's a great demand for this type of capability and very few companies that can actually meet that demand, both on the U.S. side and on the non-U.S. side. Erik Rasmussen: Great. And maybe just, Ali, for you, just the shift, should we think about the changes to annual guidance is primarily driven by deal timing becoming less linear across the quarters and rather any change in underlying visibility of demand? And then as you make that shift, what metrics should we focus on throughout the year to track the progress against that? Alison Engel: Erik, good to talk to you. Yes, I think the change in the guidance is really just based on what we're seeing in the business and where we want to spend our time, which is focusing on meeting our year. We have a lot of great things that we're working on right now with -- that involve longer sales cycles and the quarterly ups and downs are more of a distraction. So I'd focus on our annual guidance, which we are reaffirming from our last call and how we are performing against those expectations during the year. Erik Rasmussen: Great. And maybe just my last one. You opened up the satellite manufacturing facility in Munich. It sounds like you're able to produce 100 satellites. Are you at that point yet? Or when will you be at that capacity? And then maybe was this intentional in relation to the EURIALO project? Maybe just comment on how that maybe positions yourselves to potentially win and execute if you do go on to the next phase. Theresa Condor: Yes, yes. So the manufacturing facility is open in Munich. I think you probably saw some of the announcements about it. We had a really successful kind of opening and visitor session that happened earlier today in the European time zone. We have really 300 to 400 satellite capacity across those facilities when we talk about Boulder, talk about Munich and we talk about, of course, what we can still continue to do in Glasgow. The EURIALO satellites are the first ones that are being integrated out of that Munich facility. So certainly, those are the ones that get it kicked off and started and then give us the ability to continue to do European-specific sovereign capabilities. And it's -- I think it's pretty exciting that we have those capabilities on both sides of the Atlantic and is really a competitive differentiator for us. Operator: Our next question is coming from Jeff Van Rhee from Craig-Hallum Capital Group. Jeff Van Rhee: A couple for me, Theresa. On the RFGL side, I mean, obviously, a ton of interest there now HawkEye is out and you've got a public comp. And I think the space is starting to get a lot more attention. Can you just help scope back to the prior question, can you help scope a deal, kind of what you're seeing in terms of maybe the time line of a deal in the pipeline, when it shows up, how long you think it takes between sort of showing up and getting into pilot and subscription, you mentioned constellation. And maybe just what a midsized deal might look like in terms of dollars? Theresa Condor: Yes. And every single deal is different, right? So it's really hard to talk about what is going to be the average. I will say things do move faster in the United States. And on the RFGL side, those can move very quickly within a matter of weeks. And this is what is so exciting about RFGL capability because a lot of it is driven about real operational capabilities that are needed given events that are happening around the world. On the European side, it is slower. There's no doubt. And the time line from going to pilot into data subscription is really very much dependent on the country, their procurement mechanisms and their time lines of things. So it's hard to give you just in average. When it comes to deal sizes, I think we've mentioned before, you look at a month-long pilot and you're talking mid-6-figure range maybe. There's definitely a lot in the pipeline that gets to 7-figure range. And then, of course, it moves up as you start talking about sovereign constellations, multiyear capabilities, et cetera. I think that gives you the range. Jeff Van Rhee: Yes. That's helpful. And on the NOAA front, I mean, obviously, IDIQ and the budget intentions there look to just be absolutely massive. Congrats on the quick early light on the Hyperspectral Microwave Sounder. Just curious, you commented a bit on the data. Could you just expand a little bit more on that in terms of are you far enough into that? Have you got a broad enough data set to give you the conviction that the data quality relative to NOAA needs is there or better at this point? Theresa Condor: The short answer is yes. We're delivering that data right now. I believe, in fact, we are getting paid for that data. And we expect to continue to have procurement around that data set from that satellite that is in orbit today. And I think I will add the opportunities with NOAA, we talked about some of that pipeline. We mentioned over $150 million of stuff that is in year between the various data types, RO as well as multiple related to microwave sounding. I can't underemphasize enough how different this is from where NOAA was in prior years. Like it's really pretty exciting, all the stuff that is being worked on right now. And the team is pretty hectic, I have to say, responding to these. Jeff Van Rhee: Yes, it's great to see the move to commercial actually really playing out in scale. Maybe one last. Just curious if you could comment on the broader space services pipeline. You had a nice signing a little while back with Deloitte 8-figure deal. You were just commenting on the Munich capacity coming online. So obviously, you've got capacity proven ability to launch. Just curious what that's doing to your space services pipeline and how it's evolving. Theresa Condor: Yes. I think a lot of the space services pipeline is really focused on what we're able to do on the government side. And that's going to be government, that's also going to be, I would say, commercial companies that ultimately are serving the government market, right? Because that's where all the budgets are. And what everyone cares about is the ability to rapidly deploy things and rapidly deploy new things as we go forward and the geopolitical situation continues to change. And that's exactly where Spire shines and why it's important that we have that manufacturing capacity already deployed. We already know how to build those satellites at scale. And so I'm pretty excited about the space services pipeline there as well and what the team has done as work over the past year in getting us ready for scaling. Jeff Van Rhee: Yes. Great. I'll add maybe one last, if I could. Ali, on the $5.8 million of legal accounting professional, it sounds like that's going to come out over the year. Can you just give us maybe any sense of how quickly those costs can come out and get down to a more manageable baseline? Alison Engel: I think it's kind of probably back half of the year should decline more significantly than the first half of the year, Jeff. That's probably the most I can say about that. Operator: Your next question today is coming from Austin Moeller from Canaccord Genuity. Austin Moeller: So my first question, on the $8 billion NOAA ProTech IDIQ, what modalities of data are being sought? I think there's 8 mentioned. And how are the funds from that $8 billion dispersed between the different modalities like microwave, reflectometry, occultation, sea height, ice, et cetera? Theresa Condor: Yes. So it's actually 7 data types. I think I've misspoken in a few places and said 8, right, when it first came out. So it's 7, 4 of which we are able to do. The IDIQ is being responded to right now by industry, right? So it's going to be something where multiple companies are tied into it. And then NOAA will issue task orders over the next, I think, it's 5 years related to that IDIQ. So multiple companies are going to get orders under that. NOAA likes to have at least 2 parties getting data orders in all the different types that they do. So you can't really give a number, and it's not really a zero-sum game around that IDIQ. I mean, I think $8 billion is a huge number and just gives you a sense of how serious NOAA is about this. What I can tell you is that NOAA is very focused on radio-occultation and microwave being the 2 most important ones that they want to get going from a procurement perspective. And they continue to talk to us about the reflectometry and the ocean surface winds as also the next one that they have as a priority. And so of course, this will continue to evolve over the years, but I think gives you a good indication of some of their top priorities are areas where we have a very strong offering to give. Austin Moeller: Okay. And are you able to give an update on where we're at on EURIALO satellite production? And I guess, what the European Space Agency and the European Union's current thinking is now that the ministerial budget is in place? Theresa Condor: Yes. So the team has been working and building stuff on those satellites, and they start doing integration in the Munich facility, I think it's later this month, in fact. So I mean, their work is happening on that and ongoing. The EURIALO program was given additional budget coming out of the ministerial. And so how this continues to evolve is an ongoing discussion between all the various parties. European Space Agency is involved, the DLR, the German Space Agency is involved, right? All of our different consortium partners are involved and of course, continued interest and priority through the European Union. So it's an ongoing process, I would say. Operator: Our next question today is coming from Chris Quilty from Quilty Space. Christopher Quilty: Theresa, I just want to follow up on the NOAA opportunities and an exciting pipeline there. How should we think about that in terms of capital contribution? In other words, as you branch out into different sensors, does that require different classes of satellites or different orbital inclinations? Are there any of these where there might be a large contribution? And with the contracting, are you seeing opportunities for government NRE? Theresa Condor: Yes. So in terms of capacity, we have a lot of capacity on orbit, and I would say enough capacity on orbit for radio-occultation for what we would do with reflectometry. And of course, we just mentioned already the first satellite even has relevant capacity from a microwave perspective. So as we would go forward, more microwave sounding satellites is where this would become relevant as part of our ongoing replenishment and deployment across the constellation. The HyMS satellite, you may be aware, is already fitting within the normal form factor that we do. You may also recall that the development of that HyMS payload and satellite was actually something that was supported through a customer contract in the first place. So that's actually a great example of some government-funded NRE that turns into then capacity and capability that we can then deploy and sell as a data service. So I think it's a fantastic example of that. Christopher Quilty: Got you. I guess my question was, as you add capabilities, whether it's different phenomenologies on the weather side or RFGL and do you get to the point where you have to build individual fleets of satellites? Or do you think the form factor you're working from, you still have bandwidth to be able to add multiple technologies onto the same platform? Theresa Condor: Yes. I mean our platform already supports the TEC, the RO, the R, now the microwave sounding. And so I don't want this to be something where we're going and building brand-new big things, spending tons of NRE that is outside of our wheelhouse. I think we have a great technology platform base that we've shown we can deploy in a cost-effective way. And we have tons of opportunity with NOAA and more broadly from that to be able to use the platform that we have. And of course, we continue to deploy new technology. We talked about the anomaly detection in the comments that we shared earlier. So we continue to do R&D on that. But this is like scalable business rather than trying to do NRE all over the place. Christopher Quilty: Great. And speaking of new technologies, congrats on the success with the mini crosslinks. Is that a product that you expect to both proliferate across your constellation as a standard? And is it something that you would sell on a merchant basis? Theresa Condor: So it's definitely something that we look at as enabling technology that just makes our constellation and our platform better. And I suppose that's an open question, whether it's something that we would also make available more broadly in the industry. Right now, I'm focused on making sure we take it from the final demonstration R&D phases into something that is deployed across our network. Operator: We reached the end of our question-and-answer session. And ladies and gentlemen, that does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today. Before you buy stock in Spire Global, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Spire Global wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $472,205!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,384,459!* Now, it’s worth noting Stock Advisor’s total average return is 999% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 14, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Spire (SPIR) Q1 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Spire Global, Inc.? Here are five stocks we like better. Spire Global beat Q1 expectations with revenue of $15.8 million and adjusted EBITDA of negative $10.2 million, both above the high end of guidance. Management kept its full-year 2026 outlook unchanged, including revenue guidance of $75 million to $85 million. The company says its growth story is increasingly tied to RF geolocation and weather data, where it is already booking revenue and seeing rising demand from U.S. and European customers. Spire also highlighted progress on its hyperspectral microwave sounder, which is now delivering data to an end customer. Spire’s balance sheet improved after a $65.5 million private placement, and it remains debt-free with enough cash to fund operations through adjusted EBITDA breakeven and beyond. Management still targets adjusted EBITDA breakeven in late 2026 to early 2027 and positive operating cash flow in 2027. Spire Global: Tiny Satellites, Big Buy Ratings and Upside Spire Global (NYSE:SPIR) reported first-quarter 2026 results that exceeded its own guidance for revenue and adjusted EBITDA, while management reiterated its full-year outlook and said the company’s growth plan remains weighted toward the second half of the year. Chief Executive Officer Theresa Condor said the quarter “confirmed the shape of the year” the company outlined in March, with catalysts for growth “specific, named, and actively in motion.” She said core revenue excluding maritime grew 13% year-over-year and that Spire’s full-year growth guidance of more than 50% on an ex-maritime basis remains unchanged. → Micron Investors Face a High-Stakes Moment After the Latest Rally Spire Global Stock Price Surges: AI to Drive Growth GAAP revenue for the quarter was $15.8 million, above the high end of the company’s guidance range, according to Chief Financial Officer Ali Engel. Maritime revenue contributed $1.9 million. Non-GAAP gross margin was 44%, up 5 percentage points from the prior year, and adjusted EBITDA was negative $10.2 million, also ahead of the high end of guidance. Spire maintained its full-year 2026 revenue guidance of $75 million to $85 million. The company also reiterated its full-year adjusted EBITDA guidance of negative $26 million to negative $20.7 million and non-GAAP operating loss guidance of negative $37.8 million to negative $32.6 million. Non-GAAP loss per share is expected to range from negative $0.93 to negative $0.79, based on approximately 37.9 million shares. → How Bad Could Tesla’s Cybertruck Recall Be for Shares? Going Long Nvidia Still Makes Sense: Here’s Why Engel said Spire will shift to providing annual guidance rather than quarterly guidance, citing the timing of large government and enterprise contracts. “Large government and enterprise contracts close on customer timelines, not on 90 day calendar quarters,” Engel said. She added that the company’s internal forecasting and visibility into the year have not changed. Management said approximately 76% of Spire’s 2026 revenue guidance is currently under contract, with additional visibility from sole-source procurements where the company expects to be the named provider. Condor said the work required to reach the high end of the company’s revenue range is now largely execution-related. → Reading the Stripes: Is The Industrial Recession Over? Condor highlighted progress in radio frequency geolocation, or RFGL, which she said is converting from a technical milestone into revenue. During the quarter, Spire deployed 19 satellites across two launches, expanding RFGL collection capacity by six new satellite pairings. The company also demonstrated single-satellite geolocation for S-band and X-band signals, which Condor said are important for defense missions. Spire was awarded five new RFGL orders from U.S. customers and signed three new international RFGL customers during the quarter. In response to an analyst question, Condor confirmed that Spire is generating RFGL revenue today and said demand is increasing in both the United States and Europe. “The NRO has continued to add to the contract that we have with them,” Condor said, referring to the National Reconnaissance Office. She added that in Europe, Spire continues to move through a process of pilots, data subscriptions and discussions about sovereign constellations. On the weather side, Condor said Spire’s Hyperspectral Microwave Sounder achieved first light and is now delivering data to an end-user customer. She said on-orbit observations are meeting and, in many cases, exceeding technical targets. In response to an analyst question, she said the company is delivering the data now and believes it is being paid for that data. Condor said Spire is actively bidding on more than $150 million of 2026 opportunities across the National Oceanic and Atmospheric Administration portfolio, with more than half in active proposal status this month. She also discussed NOAA’s $8 billion IDIQ procurement, which she said covers seven data types, four of which Spire can deliver with infrastructure already on orbit. During the question-and-answer session, Condor said NOAA is focused on radio occultation and microwave sounding as the two most important areas to begin procuring, while reflectometry and ocean surface winds are also priorities. She said the size of the IDIQ indicates “how serious NOAA is” about commercial data procurement. Spire’s existing NOAA radio occultation contract, an $11.2 million one-year award from last year, is in full execution, Condor said. She added that the company expects greater scope on that program this year and expects initial revenue from microwave sounder data sales to begin in 2026. Spire exited the first quarter with approximately $50 million in cash and marketable securities and remains debt-free, Engel said. On April 10, the company closed a private placement that added $65.5 million in net proceeds to its balance sheet. Engel said the raise was partly a response to institutional investor demand and gives Spire additional capacity to accelerate growth into 2027 and beyond, particularly in defense, intelligence and weather data procurement. She said the company expects its current cash position to fund operations through adjusted EBITDA breakeven and beyond. Spire continues to target adjusted EBITDA breakeven in the fourth quarter of 2026 to the first quarter of 2027, followed by positive operating cash flow sometime in 2027. Management emphasized Spire’s launch access and manufacturing footprint as competitive advantages. Condor said the company has launched more than 240 satellites across more than 40 campaigns and has reserved launch capacity through 2028. She said that, as launch access increasingly constrains some satellite services peers, Spire is “not in that constraint.” Condor also discussed Spire’s transatlantic manufacturing capabilities, including the company’s Munich facility. In response to an analyst question, she said the company has capacity for 300 to 400 satellites across Boulder, Munich and Glasgow. She said the EURIALO satellites are the first to be integrated from the Munich facility, supporting European sovereign capabilities. Condor said the company’s commercial customer base is also becoming more durable, with new contract durations lengthening and existing customers expanding Spire data into new workflows and business units. She cited Spire’s integration with Amadeus, which supports service to more than 400 airlines globally, as an example from the quarter. Looking ahead, management said investors should watch for NOAA proposal decisions, RFGL contract conversions and continued expansion of Spire’s RFGL collection footprint. Spire Global (NYSE: SPIR) is a space-to-cloud data and analytics company that operates a constellation of low Earth orbit nanosatellites to collect radio occultation, maritime Automatic Identification System (AIS), and aviation tracking data. By leveraging proprietary satellite hardware and ground infrastructure, Spire captures precise, near-real-time observations of Earth's atmosphere, oceans, and surface traffic to power downstream analytics for weather forecasting, fleet optimization, and safety monitoring. The company's core offerings include weather and climate intelligence derived from GPS radio occultation, which enhances numerical weather prediction models; maritime domain awareness services that track vessel movements and supply chain dynamics; and aviation analytics that monitor air traffic for efficiency and security applications. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Spire Global Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Spire Global (NYSE:SPIR) held its first-quarter earnings conference call on Wednesday. Below is the complete transcript from the call. This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation. Access the full call at https://event.choruscall.com/mediaframe/webcast.html?webcastid=wVypr0EE Spire Global reported Q1 2026 revenue of $15.8 million, exceeding the high end of their guidance, with core revenue rising 13% year-over-year. The company maintains a 50% full-year growth guidance and has reserved satellite launch capacity through 2028, ensuring scalability and operational leverage. Significant progress noted in RFGL with new U.S. and international customer orders, and the successful deployment of 19 satellites, enhancing defense capabilities. Notable developments in weather data services, including successful microwave sounder operations and strengthened partnerships with NOAA and other meteorological agencies. The company remains debt-free, with a strong cash position bolstered by a recent $65.5 million private placement, aimed at supporting growth into 2027 and beyond. Spire Global plans to shift from quarterly to annual guidance due to the nature of large government and enterprise contracts, focusing on execution rather than pipeline. Management highlights strategic expansion in Europe with a new manufacturing facility in Munich, positioning the company favorably for European defense contracts. OPERATOR Welcome to The Spire Global First Quarter 2026 Earnings Conference Call and webcast. At this time, Operator assistance is in listen-only mode. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing Star1 on your telephone keypad. As a reminder, this conference is being recorded. If anyone should require operator assistance, please press Star zero. It's now my pleasure to turn the call over to Ben Hackman, Head of Investor Relations. Please go ahead. Ben Hackman (Head of Investor Relations) Thank you. Hello hello everyone and thank you for joining Spire's first quarter 2026 earnings conference call. Our earnings press release and related SEC filings are posted on the Company's investor relations website. Non GAAP items Reconciliations between our GAAP and non GAAP results as well as our guidance can be found in our earnings press release which can be found on our IR website. Some of our comments today contain forward looking statements that are subject to risks, uncertainties and assumptions. In particular, our expectations around our future results of operations and financial condition are uncertain and subject to change. Should any of these expectations fail to materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward looking statements. A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings. Teresa With that, Teresa, thank you and Good afternoon everyone. Q1 confirmed the trajectory of the year we described to you in March and added forward visibility on top of it. The print came in above the high end of our guidance on both revenue and adjusted EBITDA. Core revenue excluding maritime grew 13% year over year. Our 50% full year growth guidance is unchanged. We described 2026 as second half weighted sequentially building with the catalysts that bridge Q1 to the back half a specific named and actively in motion. The risks that remain are primarily delivery risks and delivery is what we do. Before I take you through Q1, there are two structural facts to highlight. We have launched more than 240 satellites across more than 40 campaigns and we have reserved launch capacity through 2028 across the satellite services. Peer group growth is increasingly being throttled by access to launch. We are not in that constraint. Reserved launch capacity is not something a new entrant can replicate quickly. It directly underwrites our ability to scale RFGL collection capacity, deploy additional weather payloads and meet commercial space services obligations on our own schedule rather than the industry's. We have operational scaled transatlantic manufacturing with production facilities in the US, Europe and the uk. Spire is one of very few companies anywhere with that footprint and it is meaningful as sovereignty and local production requirements become more central to defense procurement. Our recent Munich opening was attended by local political and military leadership who toured the clean room and saw the scope of our local capabilities firsthand, reserved launch through 2028 and dual continent manufacturing requirements. We are observing increased recognition that pure play scaled multi domain RF intelligence is a strategic, scarce and durable category that is consistent with what we hear from customers. They are no longer asking whether commercial RF makes sense. They are asking who can deliver at scale with verified on orbit performance and with sovereign ready manufacturing. That set of requirements narrows the field considerably. The first quarter demonstrated that the platform we described on the Q4 call is now translating into measurable progress. We deployed 19 satellites across two launches which expanded our RFGL collection capacity by six new satellite pairings. We demonstrated single satellite geolocation for S band and X band signals, frequencies critical for defense missions and a capability that has traditionally required multiple coordinated satellites. This expands what we can do at lower constellation cost and broadens our addressable defense market. We were awarded five new RFGL orders from US customers and signed three new international RFGL customers. RFGL is no longer a technical milestone. It is converting into revenue in weather. Our new hyperspectral Microwave Sounder achieved first light with the demonstrator and is now delivering data to our end user Customer on orbit observations are meeting and in many cases exceeding our technical targets. We are incorporating this data stream into ongoing discussions with NOAA and allied meteorological agencies in commercial. Two patterns across our book are now consistent enough to call them structural. First, new commercial contract duration has lengthened with some wins moving into multi year subscriptions. Second, the character of customer engagement is changing. Q1 saw existing commercial customers expanding their use of our data into new workflows and new business units rather than holding flat at their initial use case. The commercial base is becoming stickier and more compounding. Our integration with Amadeus, supporting their service to more than 400 airlines globally is a Q1 exam mark at the critical 3 to 6 week range measured using the standard Skill Score methodology against a multi month verification window giving energy trading desks a differentiated edge on hedging decisions. The post Q1 catalysts that should be on every investor's radar are concrete and dated. The first is NOAA. We have multiple in-year proposals being submitted this month for Microwave Sounding supported by the verified high quality of HIMSSS on orbit data across the NOAA portfolio. We are actively bidding more than 100 fit categories, seven data types, four of which Spire can deliver with infrastructure already on orbit, that distinction matters most. Commercial weather data providers can can deliver one or two in Europe, Germany is moving forward procurement efforts around RF intelligence into the back half of the year. European defence budgets are rising at a pace not seen in decades. 381 billion euros spent in 2025 on a target of 800 billion euro annually within five years. A 16% CAGR. Germany alone budgeted 108 billion euro for 2026, more than double its level of five years ago. Our dual continent footprint is the differentiator in these conversations. The structure of these opportunities is consistent. Pilot then data subscription then full Constellation deployment. Additional RFGL collection capacity continues to come Online from the Q1 launches with full operational status reached through Q2 and Q3. This is the path between Q1's revenue print and the back half acceleration beyond the near term catalyst the substance of our 2026 guidance is in execution today. Our existing NOAA radio occultation contract, the $11.2 million one year award from last year is in full execution and we expect uplift on that program at greater scope this year. Our European Radio occultation contract, our space services contracts, our RFGL deals and our recently expanded commercial agreements are in delivery mode through the year. Initial revenue from microwave sounder data sales begins in 2026 on the contracted base. Specifically, approximately 76% of our 2026 revenue guidance is under contract today. Beyond that hard contracted layer we have additional visibility from sole source procurements where Spire is the expected awardee programs where the procurement structure, the customer relationship and the technical fit make us the named provider. The sole source visibility is a meaningful additional layer of confidence in our range on top of the contracted base. I have three observations on the multi year setup. The microwave sounder market opportunity is significant. NOAA itself has stated that more than 90% of national weather Service model accuracy depends on satellite data, with microwave sounders being a foundational input. The legacy government microwave sounding satellites cost billions of dollars per generation to procure. NOAA has been explicit about its intent to buy more commercial data rather than build another generation of bespoke government systems. Apply commercial radio occultation pricing precedence to that demand picture and a multi billion dollar TAM over the next decade is not aggressive. Our HIMSS instrument captures more frequency bands than traditional sounders and offers atmospheric depth that government systems do not currently provide. The international defense pipeline structure is multi step and multi year pilots converting to data subscriptions converting to Constellation deployments. The pilots we have signed in 2025 and 2026 are the leading indicator for the data programs that follow them in 2027 and 2028. The commercial book compounds as customers embed our data directly into operational workflows, whether decision making, relations, risk management, aviation, energy trading. Our services become core to their business and every new use case adds revenue on top of an installed base that doesn't easily go away. We continue to make targeted technology investments. We signed an agreement with the European Space Agency with contributions from the UK Space Agency and the Italian Space Agency to develop and validate an AI based system for real time satellite health monitoring, anomaly detection and predictive failure analysis. As constellations scale across the industry, autonomous fleet management becomes an increasingly valuable capability and one we are positioned to provide. There are three things to take from this call. First, the year's revenue base is now substantially in execution, not in pipeline. The majority of our 2026 guidance is under contract today, with additional visibility from sole source procurements layered on top. The work between here and the high end of our $75 to $85 million range is execution. Second, the catalysts that decide the back half are not abstract, they are specific named and in motion. NOAA in-year proposals on microwave sounding now being submitted. European RF intelligence procurement progressing into the back half and RFGL collection capacity reaching full operational status through Q2 and Q3. Third, the operating leverage you have been hearing about for several quarters is about to become visible in the gross margin line. It will accelerate from there between now and our next call. The milestones investors should watch are concrete NOAA proposal decisions on the in year submissions, RFGL contract conversions and continued capacity expansion across our RFGL collection footprint. We will keep you updated as those events occur. Allie over to you. Allie Thank you Teresa. Teresa gave us a clear view of the demand environment. Now let's discuss the numbers. As a reminder, unless otherwise noted, I'll be discussing non GAAP financial measures. Reconciliations between our GAAP and non GAAP financial measures are included in our press release. GAAP revenue for the first quarter was $15.8 million, which came in above the high end of our guidance range without the $1.9 million of maritime revenue. Core revenue grew 13% year over year and the primary driver was civil government weather data purchases. Non GAAP gross margin was 44%, an improvement of 5 points over the prior year quarter. We expect our gross margin to keep expanding as revenue grows and we maintain what is a largely fixed cost base. Our also above the high end of our guidance range driven by stronger revenue and disciplined cost management. We used $26.2 million in operating cash flow in the first quarter. Two things drove this decline. First, planned working capital timing and second, elevated legal and professional fees. These fees are expected to decline through throughout 2026. Spire remains debt-free. We exited the first quarter with approximately $50 million in cash and marketable securities. On April 10, we closed a private placement which added $65.5 million in net proceeds to our balance sheet. Our cash balance gives us ample Runway to execute against our growth plans. We expect our current cash position to fund us through adjusted EBITDA break even and beyond. The capital raise was in response in part to a discrete window of strong inbound demand from institutional investors. It allows us to accelerate growth into 2027 and beyond as demand continues to build, particularly across defense and intelligence and weather data procurement. We are maintaining our full year 2026 guidance for revenue. Non GAAP operating loss and adjusted EBITDA revenue remains expected in the range of $75 million to $85 million, representing over 50% year over year growth on an ex maritime basis. At the midpoint full year adjusted EBITDA guidance is unchanged at negative 26 to negative $20.7 million and full year non GAAP operating loss guidance is unchanged at negative 37.8 to negative $32.6 million. Full year non GAAP loss per share is expected. Fire is changing how we communicate guidance going forward. Starting this quarter, we're going to give annual guidance rather than quarterly guidance. This change is driven by the current nature of our business. Large government and enterprise contracts cl close on customer timelines, not on 90 day calendar quarters. Quarterly estimates imply a precision we can't reliably deliver in any given quarter and they create noise that really isn't a signal. Our internal forecasting and visibility into the year are the same as they've always been. What's changing is the format. On the path to profitability, three things are no longer variables. Our cost base is increasingly fixed. Satellites are on orbit, the ground infrastructure is built, trans-Atlantic manufacturing is operational and engineering teams are in place within reasonable bounds. Our operating expenses over the next several quarters are reasonably predictable. Reserved Launch capacity through 2028 means deployment. Continue to target. Adjusted EBITDA break Even in the fourth quarter of 2026 to the first quarter of 2027 time frame followed by positive operating cash flow sometime in 2027. Every pipeline conversion accelerates our cash flow goals. The platform we described on our fourth quarter call is now visibly producing. The trajectory we described has continued and the financial model is performing as expected. With that, let's open it up for questions. OPERATOR Thank you. We'll now be conducting a question and answer session. If you'd like to be placed in the question queue, Please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You May Press Star 2 if you'd like to move yourself from the queue. One moment please. While we poll for questions, our first question is coming from Eric Rasmussen from Stifel. Your line is now live. Eric Rasmussen (Equity Analyst at Stifel) Yeah, thanks for taking the questions. So maybe just on the RFGL, that sounds like you made a lot of progress. You had five new US and three international customers orders, it sounds like. Are you generating revenue today and maybe just how big of an opportunity today? Teresa And we continue to build out the pipeline of that. I think, as you know, we don't give exact pipeline numbers. What I can say is that we've been increasing what we do both in the US and in Europe. The National Reconnaissance Office has continued to add to the contract that we have with them and we continue to go through the process of pilot into data subscription, into talking about sovereign constellations, particularly on the European side of things. So I'm super excited about what is happening on the RFGL side right now. And with the geopolitical situation just continues to reinforce that both in the US and around the world there's a great demand for this type of capability and very few, you know, very few companies that can actually meet that demand, both on the US side and on the non U. S side. Eric Rasmussen (Equity Analyst at Stifel) Great. Maybe just ali for you, just the shift. Should we consider the changes to annual guidance primarily drew by deal timing becoming less linear across the quarters than rather any change in underlying visibility of demand? And then as you make that shift, what metrics should we focus on throughout the year to track the progress against that? Allie I think on meeting our year we have a lot of great things that we're working on right now with that involve longer sales cycles and the quarterly ups and downs are more of a distraction. So I'd focus on our annual guidance, which we are reaffirming from our last call, and how we are performing against those expectations during the year. Eric Rasmussen (Equity Analyst at Stifel) Great. Maybe just my last one. You opened up the satellite manufacturing facility in Munich. It sounds like you're able to produce 100 satellites. Are you at that point yet? When will you be at that capacity? And then maybe was this intentional in relation to the Uriello project? Maybe just comment on how that maybe positions yourselves to potentially win and execute if you do go on to the next phase? Teresa Yeah, yeah. So the manufacturing facility is open in Munich. I think you probably saw some of the announcements about it. We had a successful kind of opening and visitor session that happened earlier today in the European time zone. We have really 300 to 400 satellite capacity across those facilities. When we talk about Boulder, we talk about Munich and we talk about of course what we can still continue to do in Glasgow. The Uriello satellites are the first ones that are being integrated out of that Munich facility. So certainly those are the ones that get it kicked off and started and then give us the ability to continue to do European specific sovereign capabilities. And it's, you know, I think it's pretty exciting that we have those capabilities on both sides of the Atlantic and is really a competitive differentiator for us. Eric Rasmussen (Equity Analyst at Stifel) Great, thanks. Thanks Eric. OPERATOR Thank you. Our next question is coming from Jeff Van Reen from Craig Hallam Capital Group. Your line is now live. Jeff Van Reen (Equity Analyst at Craig Hallam Capital Group) Thanks for taking the questions. A couple for me, Theresa, on the RFGL side, I mean obviously a ton of interest there. Now Hawkeye's out and you've got a public comp and I think the space is starting to get a lot more attention. Can you just help scope. Back to the prior question. Can you help scope a deal? You know, kind of what you're seeing in terms of maybe the timeline of a deal in the pipeline when it shows up, how long you think it takes between sort of showing up and getting into pilot, then subscription. You mentioned Constellation and maybe just what a mid sized deal might look like in terms of dollars. Teresa Yeah. And you know, every single deal is different. Right. So it's really hard to talk about what is going to be the average. I will say things do move faster in the United States and on the RFGL side, those can move very quickly within a matter of weeks. And this is what is so exciting about RFGL capability because a lot of it is driven about real operational capabilities that are needed given events that are happening around the world. On the European side it is slower, there's no doubt. And the timeline from going to pilot into data subscription is really very much dependent on the country on their procurement mechanisms and their timelines of things. So it's hard to give you just an average when it comes to deal sizes. I think we've mentioned before, you look at a month long pilot and you're talking mid six figure range maybe. There's definitely a lot in the pipeline that gets to seven figure range and then of course it moves up as you start talking about sovereign constellations multi year capabilities etc. I think that gives you the range. Jeff Van Reen (Equity Analyst at Craig Hallam Capital Group) Yep, thanks Teresa, that's helpful. And on the NOAA front, I mean obviously IDIQ and the budget intentions there look to just be absolutely massive. Congrats on the quick early light on the hyperspectral microwave sounder. Just curious, you counted a bit on the data. Could you just spend expand a little bit more on that in terms of are you far enough into that? Have you got a broad enough data set to give you the conviction that the data quality relative to NOAA needs is there or better at this point? Teresa The short answer is yes, we're delivering that data right now. I believe in fact we are getting paid for that data and we expect to continue to have procurement around that data set from that satellite that is in orbit today. And I think I will add the opportunities with noaa. We talked about some of that pipeline. We mentioned over 150 million of stuff that is in year between the various data types RO as well as multiple related to microwave sounding. I can't emphasize enough how different this is from where NOAA was in prior years. Like it's really pretty exciting all the stuff that is being worked on right now and the team is pretty hectic I have to say responding to all these. Jeff Van Reen (Equity Analyst at Craig Hallam Capital Group) Yeah, it's great to see the move to commercial actually really playing out in scale. Maybe one last just curious if you could comment on the broader space services pipeline. You had a nice signing a little while back with Deloitte eight figure deal. You were just commenting on the Munich capacity coming online. So obviously you've got capacity, proven ability launch. Just curious what that's doing to your space services pipeline and how it's evolving. Teresa Yeah, I think a lot of the space services pipeline is really focused on what we're able to do on the government side. And that's going to be government that's also going to be, I would say commercial companies that ultimately are serving the government market. Right. Because that's where all the budgets are and what everyone cares about is the ability to rapidly deploy things and rapidly deploy new things as we go forward. And the geopolitical situation continues to change. And that's exactly where spire shines and why it's important that we have that manufacturing capacity already deployed. We already know how to build those satellites at scale. And so I am pretty excited about the space services pipeline there as well and what the team has done as work over the past year in getting us ready for scaling. Jeff Van Reen (Equity Analyst at Craig Hallam Capital Group) Yeah, great. I lied maybe one last if I could Ali on the on the $5.8 million of legal accounting professional, it sounds like that's going to come, come out over the year. You just give us maybe any sense of how quickly those costs can come out and get down to a more manageable baseline. Allie I think it's kind of probably back half of the year should, should decline more significantly than the first half of the year. Jeff. That's probably the most I can say about that. Jeff Van Reen (Equity Analyst at Craig Hallam Capital Group) Okay, I'll leave it there. Thanks so much. OPERATOR Thank you. Thanks, Jeff. Thank you. Next question today is coming from Austin Mohler from canaccord Genuity. Your line is now live. Austin Mohler (Equity Analyst at Canaccord Genuity) Hi, good afternoon, Teresa and Ali. So my first question on the $8 billion NOAA protech IDIQ, what modalities of data are being sought? I think there's eight mention and how are the funds from that 8 billion dispersed between the different modalities like microwave, reflectometry, occultation, sea height, ice, etc. Teresa Yeah, so it's actually seven data types. I think I've misspoken in a few places and said eight right when it first came out. So it's seven, four of which we are able to do. The IDIQ is being responded to right now by industry. Right. So it's going to be something where multiple companies are tied into it and then NOAA will issue tasks orders over the next, I think it's five years related to that IDIQ. So you know, multiple companies are going to get orders under that. NOAA likes to have, you know, at least two parties getting, getting data orders in all the different types that they do. So you can't really give a number and it's not really a zero sum game around that IDIQ. I mean, I think $8 billion is a huge number and just gives you a sense of how serious NOAA is about this. What I can tell you is that NOAA is very focused on Radio Occultation and microwave being the two most important ones that they want to get going from a procurement perspective. And they continue to talk to us about their reflectometry and the ocean surface winds and as also the next one that they have as a priority. And so of course this will continue to evolve over the years, but I think gives you a good indication of some of their top priorities are areas where we have a very strong offering to give. Austin Mohler (Equity Analyst at Canaccord Genuity) Okay, and are you able to give an update on where we're at on your allo satellite production and I guess what the European Space Agency and the European Union's thinking is now that the ministerial budget is in place? Teresa Yeah, so the team has been working and building stuff on those satellites and they start doing integration in the Munich facility. I think it's later this month in fact. So I mean, their work is, work is happening on that and ongoing. The Uriello program was given additional budget, budget coming out of the ministerial. And so you know how this continues to evolve is an ongoing discussion between all the various parties. European Space Agency is involved, the dlr, the German Space Agency is involved. Right. All of our different consortium partners are involved and of course, you know, continued interest and priority through the European Union. So it's an ongoing process, I would say. Austin Mohler (Equity Analyst at Canaccord Genuity) Sounds very exciting. I'll pass it back there. Teresa Thank you. Thanks, Austin. OPERATOR Thank you. Chris Quilty (Equity Analyst at Quilty Space) Our next question today is coming from Chris Quilty from Quilty Space. Your mind is now live. Thanks, Teresa. I just wanted to follow up on the NOAA opportunities and an exciting pipeline there. How should we think about that in terms of capital contribution? In other words, you know, as you branch out into different sensors, does that require different classes of satellites or different orbital inclinations? Are there any of these where there might be a large contribution? And with the contracting, are you seeing opportunities for government NRE? Teresa Yeah. So in terms of capacity, we have a lot of capacity on orbit and I would say enough capacity on orbit has relevant capacity from a microwave perspective. So as we would go forward, more microwave sounding satellites is where this would become relevant as part of our ongoing replenishment and deployment across the Constellation. The HIMSS satellite, you may be aware of, is already fitting within the normal form factor that we do. You may also recall that the development of that HIMSSS payload and satellite was actually something that was supported through a customer contract in the first place. So that's actually a great example of some government funded NRE that turns into then capacity and capability that we can then deploy and sell, whether it's, you know, different phenomenologies on the weather side or rfgl and you know, to be able to add multiple technologies onto the same platform. Yeah, I mean our platform already supports the tec, the ro, the R, now the microwave sounding. And so I don't want this to be something where we're going and building brand new big things, spending tons of NRE that is outside of our wheelhouse. I think we have a great technology platform base that we've shown we can deploy in a cost effective way and we have tons of opportunity with NOAA and more broadly from that to be able to use the platform that we have. And of course we continue to deploy new technology. We talked about the anomaly detection in the comments that we shared earlier. So we continue to do R and D on that. But this is like scalable business rather than trying to do NRE all over the place. Chris Quilty (Equity Analyst at Quilty Space) Great. And speaking of new technologies, congrats on the success with the mini crosslinks. Is that a product that you expect to both proliferate across your Constellation as a standard, and is it something that you would sell on a merchant basis? Teresa So it's definitely something that we look at as enabling technology that just makes our constellation and our platform better. And, you know, I suppose that's an open question whether it's something that we would also make available more broadly in the industry. You know, right now I'm focused on making sure we take it from the final demonstration R and D phases into something that is deployed across our network. Chris Quilty (Equity Analyst at Quilty Space) All right, great. Good luck with that. Thank you. Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice. Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga: SPIRE GLOBAL (SPIR): Free Stock Analysis Report This article Full Transcript: Spire Global Q1 2026 Earnings Call originally appeared on Benzinga.com ﾩ 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.