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Sep 30, 2024
Spire Q3 2024 Earnings Report
Spire Global reported a significant increase in revenue and achieved positive cash flow from operations in the third quarter of 2024, alongside the completion of its financial restatement.
Key Takeaways
Spire Global, Inc. announced strong third quarter 2024 results, with revenue reaching $28.6 million, a 29% year-over-year increase. The company achieved positive cash flow from operations of $14.0 million and a record $40.0 million in annual contract value bookings. This quarter also marked the completion of its financial restatement.
Third quarter 2024 revenue increased by 29% year-over-year to $28.6 million.
The company achieved positive cash flow from operations of $14.0 million and positive free cash flow of $5.1 million.
Spire Global secured a record $40.0 million in annual contract value bookings during the quarter.
The company completed its financial restatement and filed its second and third quarter 2024 Form 10-Qs.
Spire
Spire
Forward Guidance
Spire Global provided preliminary financial results for the full year ended December 31, 2024, projecting revenue between $108.0 million and $110.0 million, and an adjusted EBITDA loss between $20.9 million and $18.9 million.
Positive Outlook
- Projected full year 2024 revenue growth between 11% and 13%.
- Anticipated improvement in GAAP operating loss for the full year 2024.
- Expected reduction in non-GAAP operating loss for the full year 2024.
- Forecasted improvement in GAAP net loss for the full year 2024.
- Projected improvement in Adjusted EBITDA for the full year 2024.
Challenges Ahead
- Expected GAAP operating loss between $73.4 million and $71.4 million for the full year 2024.
- Anticipated non-GAAP operating loss between $38.2 million and $36.2 million for the full year 2024.
- Projected GAAP net loss between $107.2 million and $105.2 million for the full year 2024.
- Forecasted Adjusted EBITDA loss between $20.9 million and $18.9 million for the full year 2024.
- Expected GAAP loss per share between $4.47 and $4.38 for the full year 2024.