Spire Global Inc
NYSE:SPIR
Spire Global Inc
Spire Global, Inc. collects space-based data using a proprietary constellation of low earth multi-use receiver nanosatellites. The company is headquartered in Vienna, Virginia and currently employs 269 full-time employees. The company went IPO on 2020-11-02. The firm owns and operates a multi-purpose satellite constellations in low earth orbit. Its fully deployed constellation consists of approximately 100 satellites. Its constellation of low Earth multi-use receiver (LEMUR) satellites collects and transmits data to its global ground station network. The firm sales four forms of data to customers are clean and structured data directly from its own satellites; clean data fused with third-party datasets and analysis to enhance value and provide insights; big data, artificial intelligence (AI), and machine learning (ML) algorithms applied to fused data sets to create predictive analytics and insights; and data-driven actionable recommendations to solve specific business problems, utilizing the full spectrum of its data analytics suite.
Spire Global, Inc. collects space-based data using a proprietary constellation of low earth multi-use receiver nanosatellites. The company is headquartered in Vienna, Virginia and currently employs 269 full-time employees. The company went IPO on 2020-11-02. The firm owns and operates a multi-purpose satellite constellations in low earth orbit. Its fully deployed constellation consists of approximately 100 satellites. Its constellation of low Earth multi-use receiver (LEMUR) satellites collects and transmits data to its global ground station network. The firm sales four forms of data to customers are clean and structured data directly from its own satellites; clean data fused with third-party datasets and analysis to enhance value and provide insights; big data, artificial intelligence (AI), and machine learning (ML) algorithms applied to fused data sets to create predictive analytics and insights; and data-driven actionable recommendations to solve specific business problems, utilizing the full spectrum of its data analytics suite.
Revenue Momentum: Excluding the divested Maritime business, Spire grew core revenue 44% year‑over‑year in Q4 and guides to ~50% midpoint core revenue growth for 2026 (full‑year $75M–$85M).
Defense Opportunity: RF geolocation (RFGL) is a clear growth focus — demonstrated single‑satellite geo‑location of S‑ and X‑band signals and guided to ~15x RFGL capacity expansion over the next 12 months.
Government Wins & Pipeline: Multiple agency awards cited (NOAA, EUMETSAT, Missile Defense Agency SHIELD ID/IQ, others) and active engagements with 17 countries for sovereign and data programs. Management says ~75% of 2026 revenue has contract visibility.
Margins & Leverage: Q4 gross margin expanded to 43% (full year 44%); management targets 60%–70% gross margins over the next 3–5 years as high‑margin products scale.
Balance Sheet & Cash: Post‑divestiture Spire is debt‑free with $81.8M in cash and marketable securities as of December 31; Q4 operating cash usage improved materially.
Profitability Path: Company targets adjusted EBITDA breakeven in Q4 2026–Q1 2027; 2026 adjusted EBITDA guide is negative $26M to negative $20.7M.
Conservatism on Wildfire Sat: Wildfire satellite program with Canadian partner is paused; no revenue from it is included in 2026 guidance, so it is potential upside if resumed.
