Spire Global reported third‑quarter 2025 revenue of $12.7 million, falling short of the consensus estimate of $21.17 million. Non‑GAAP earnings per share were $‑0.40, a miss of $0.01 against the $‑0.41 consensus. The shortfall reflects a 55.7% year‑over‑year decline driven largely by the divestiture of the maritime business, which had contributed roughly $43.5 million in revenue in Q3 2024.
The revenue miss is largely attributable to the timing of contract recognition. With the maritime segment sold at the end of April 2025, the company’s remaining core services—weather, aviation, and RF intelligence—generated $12.7 million in the quarter, but the loss of the maritime revenue stream and a partial shift of contract revenue to the next quarter reduced the top line. Management noted that delayed revenue recognition from U.S. government contracts, partly due to a government shutdown, also contributed to the lower figure.
Spire’s full‑year 2025 revenue guidance was lowered to $70.5 million–$72.5 million, down from the prior $88.7 million estimate. Adjusted EBITDA is projected to remain negative, in the range of $‑54.7 million to $‑53.8 million. The company reiterated its target of over 30% revenue growth in 2026, driven by new contracts such as an $11.2 million NOAA agreement and a €3 million renewal with EUMETSAT. Management emphasized a focus on cost discipline and accelerating contract milestones to improve cash flow.
Segment performance highlights that weather‑related services continued to grow, while aviation and RF intelligence revenue remained flat. The company secured several new government contracts, including a $11.2 million NOAA contract for GNSS‑RO data, underscoring sustained demand in defense and security markets. The loss of maritime revenue is offset by these wins, but the overall mix shift has compressed margins.
Management stated, “The lower revenue range reflects timing issues and the sale of the maritime business, which contributed about $40 million of revenue in the prior year. All year‑over‑year comparisons should be viewed in that context.” The CFO added that the company is working to accelerate contract milestones and that its debt‑free balance sheet remains strong as it prepares for 2026 growth.
Investors reacted negatively to the earnings miss and downward guidance, reflecting concerns about near‑term revenue trajectory despite the company’s long‑term growth outlook.
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