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Sep 30
Spire Q3 2025 Earnings Report
Spire reported a net loss and lower-than-expected revenue in Q3 2025, impacted by the maritime business divestiture and revenue timing delays.
Key Takeaways
Spire Global posted a net loss of $19.7M for Q3 2025 as revenue declined to $12.7M due to the prior sale of its maritime segment and delays in contract renewals. Adjusted EPS was $(0.40), and the company emphasized future revenue recognition from fully contracted programs.
Revenue came in at $12.7M, impacted by timing issues and the maritime business divestiture
Net loss was $19.7M, with an adjusted EBITDA of -$11.8M
The company ended the quarter with $96.8M in cash, equivalents, and marketable securities
Spire expects over $70M of current obligations to be recognized as revenue in 2026
Spire
Spire
Forward Guidance
Spire anticipates Q4 2025 revenue of $14.8M–$16.8M and expects over 30% revenue growth in 2026, excluding the divested maritime business.
Positive Outlook
- Revenue from delayed contracts expected in 2026
- Over $70M in revenue expected to be recognized next year
- Adjusted EBITDA breakeven targeted by Q4 2026
- Strong cash position with $96.8M in liquidity
- New contracts with NOAA, Deloitte, and EUMETSAT support future growth
Challenges Ahead
- Q3 revenue and net income declined year over year
- Revenue impacted by uncertainty in Earth observation data contract renewals
- Operating losses widened due to revenue timing
- High professional and legal expenses continue
- Maritime divestiture distorts year-over-year comparisons