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Mar 31, 2024
Spire Q1 2024 Earnings Report
Spire Global's first quarter performance showed revenue growth and improved operating loss.
Key Takeaways
Spire Global reported a 6% year-over-year increase in revenue, reaching $25.7 million for the first quarter of 2024. The company also showed improvement in GAAP and non-GAAP operating losses, and is reiterating expectations for positive cash flow from operations for the remainder of 2024 and positive free cash flow in summer 2024.
First quarter revenue reached $25.7 million, a 6% increase year-over-year.
GAAP operating loss improved to ($11.9M), an 18% year-over-year improvement.
Non-GAAP operating loss lowered to ($7.0M), a 28% year-over-year improvement.
Remaining contracted performance obligations not yet recognized as revenue totaled $195.7 million.
Forward Guidance
Spire is providing revenue guidance for the second quarter 2024 between $29.0 million and $33.0 million and revising its guidance for the full year ending December 31, 2024 between $122.0 million and $132.0 million.
Positive Outlook
- Revenue for Q2 2024 is expected to be between $29.0 million and $33.0 million.
- Full year 2024 revenue is projected to be between $122.0 million and $132.0 million.
- Non-GAAP operating loss/income for Q2 2024 is expected to be between $(3.0) million and $1.0 million.
- Adjusted EBITDA for Q2 2024 is expected to be between $2.0 million and $5.0 million.
- Non-GAAP loss per share for Q2 2024 is expected to be between $(0.31) and $(0.15).
Challenges Ahead
- Loss from operations (GAAP) for Q2 2024 is expected to be between $(11.3) million and $(7.3) million.
- Net loss per share (GAAP) for Q2 2024 is expected to be between $(0.63) and $(0.51).
- Loss from operations (GAAP) for FY 2024 is expected to be between $(33.6) million and $(23.6) million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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