Spire Global, Inc. (NYSE: SPIR) was selected for the U.S. Missile Defense Agency’s Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) indefinite‑delivery/indefinite‑quantity (IDIQ) contract, a deal with a ceiling of $151 billion that will allow the company to deploy its fully‑deployed, multi‑band radio‑frequency constellation to provide real‑time situational awareness, GNSS interference detection, and emitter tracking for U.S. and allied forces.
The contract announcement came on the same day the company reported its Q3 2025 earnings. Spire posted revenue of $12.7 million, a 55.7% year‑over‑year decline from $28.6 million in Q3 2024, and a net loss of $19.7 million versus a $12.5 million loss in the prior year. Management cited revenue‑recognition timing issues and uncertainty around the renewal of an Earth‑observation data contract as the primary reasons for the miss.
Despite the earnings shortfall, Spire’s leadership highlighted the strategic importance of the SHIELD win. Vice President and Head of North America Quintin Jones said, “Spire’s fully deployed constellation and expanding multi‑band RF capabilities are delivering the kind of timely, actionable intelligence that today’s defense missions demand. We’re excited for the opportunity this creates to bring our space‑based sensing, rapid data delivery, and sovereign‑ready solutions to more national security partners.” The company also reiterated its full‑year 2025 revenue guidance of $70.5 million to $72.5 million and its outlook for 30% revenue growth in 2026.
Investors reacted cautiously, weighing the long‑term upside of the SHIELD contract against the immediate impact of the earnings miss. The revenue decline and net loss signaled short‑term headwinds, while the contract win underscored a new revenue stream that could offset those pressures over time.
Spire’s backlog exceeds $200 million as of September 30, 2025, with about $70 million expected to be recognized in 2026. The company’s guidance for 2026, which projects 30% revenue growth, reflects confidence that the SHIELD contract and other defense opportunities will drive future performance. The contract also positions Spire to compete for additional U.S. defense task orders, potentially accelerating its transition from a commercial satellite operator to a key national‑security partner.
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