Breaking Down Spire Global, Inc. (SPIR) Financial Health: Key Insights for Investors

You're looking at Spire Global, Inc., a space-to-cloud data company, trying to figure out if the growth story justifies the volatility, and the quick answer is that it's a tricky transition, but they've bought themselves time.

The company maintains a full-year 2025 revenue guidance range of $85.0 million to $95.0 million, but the operational burn is defintely real; Adjusted EBITDA is still projected to land between negative $24 million and negative $16 million for the full year. What this estimate hides is the strategic benefit from the Maritime business sale and the strong liquidity cushion: they reported $117.6 million in cash, cash equivalents, and marketable securities as of June 30, 2025. That cash is what allows them to focus on converting their massive $72 million contract from the Canadian Space Agency. It's a classic growth-at-a-loss scenario.

Revenue Analysis

You are looking at Spire Global, Inc. (SPIR) and seeing a full-year revenue guidance that looks lower than last year, and you need to know why. The direct takeaway is that while the total 2025 revenue is expected to drop due to a strategic divestiture, the underlying core business is projected to grow by a solid double-digit percentage.

For the full fiscal year 2025, Spire Global, Inc. is guiding for total revenue between $85.0 million and $95.0 million. Here's the quick math: compared to the 2024 GAAP revenue of $110.5 million, this guidance range represents a year-over-year decline of roughly 14% to 23% at the endpoints. But this is a necessary strategic shift, not a sign of weakness. The company sold its non-U.S. maritime business in April 2025, eliminating debt and sharpening its focus.

What this estimate hides is the performance of the remaining, higher-margin business. Excluding the divested maritime segment, management anticipates the core business revenue will accelerate in the second half of the year and achieve a year-over-year growth rate of 12% to 17% in 2025.

Core Revenue Streams and Growth Drivers

Spire Global, Inc.'s revenue is primarily generated from selling space-based data, analytics, and space services (like hosting payloads for other customers) on a subscription basis, which builds Annual Recurring Revenue (ARR). The company is now heavily concentrating on three high-growth, high-impact areas: Weather, Aviation, and Space Services, with a strong emphasis on government and defense contracts.

• Weather & Climate Intelligence: Leveraging AI-driven weather models that are 1,000 times faster than traditional models, serving energy and commodities.
• Defense & Security: Expanding space-based radio frequency intelligence capabilities for global defense operations.
• Space Services: Securing large, multi-year contracts, like an eight-figure, five-year deal with a repeat commercial client and ongoing work with NASA and the European Space Agency.

The sale of the maritime segment, which contributed approximately $14 million to the 2025 full-year revenue guidance before its divestiture, is the main reason for the lower headline number. It's a classic move: trade a lower-growth, non-core asset for a stronger balance sheet and a more defintely focused growth trajectory.

2025 Quarterly Revenue Snapshot

The quarterly numbers show the transition clearly. You can see the revenue dip in Q2 as the maritime sale closed, but the guidance shows a sequential recovery into Q3.

The key is that the core business is still on track for 12% to 17% growth, which is a healthy rate for a space-data company in a transitional year. The focus is now squarely on defense and AI-driven weather solutions, which are the bigger, longer-term opportunities. For a deeper dive into the company's strategic position, you can read the full post: Breaking Down Spire Global, Inc. (SPIR) Financial Health: Key Insights for Investors.

Profitability Metrics

You're looking for a clear picture of Spire Global, Inc. (SPIR)'s ability to turn its space-based data into real profit, and the data for the trailing twelve months (TTM) ending in late 2025 gives us a mixed but improving story. The headline is this: Spire Global, Inc. has achieved a positive net profit margin for the first time recently, but its core operating business is still deeply unprofitable.

The company's TTM revenue is approximately $93.29 million. Here's the quick math on where the money is landing on the income statement, showing the gap between the gross level and the bottom line.

Gross Profit and Operational Efficiency

Spire Global, Inc.'s gross profit margin, which is revenue minus the cost of goods sold (COGS), sits at a respectable 40.56% for the trailing twelve months. To be fair, this is still below the industry's TTM average of 50.36%, suggesting there's room to improve the efficiency of their satellite operations and data processing costs.

The good news is the trend is moving in the right direction. Management has been laser-focused on operational efficiency, which is defintely the right move. This focus is crucial because the gross margin is the first line of defense against all the other expenses. For more on the drivers behind these numbers, you should read Exploring Spire Global, Inc. (SPIR) Investor Profile: Who's Buying and Why?

The Operating Loss Challenge

The real challenge is the enormous drop-off between Gross Profit and Operating Income. The operating margin is a staggering negative -89.24% (TTM), which is miles away from the industry average of 17.45%. This gap means the company's core operations are still burning cash at a significant rate. Your takeaway here is simple: the sales, general, and administrative (SG&A) expenses, plus research and development (R&D), are too high relative to the revenue base. This is typical for a growth-stage technology company, but the magnitude is a risk.

Still, the trend shows improvement. The TTM operating margin as of October 2025 was -77.11%, an improvement from the -92.95% reported at the end of fiscal year 2024. This suggests cost management efforts are starting to pay off, but it's a long climb to profitability from core operations.

• Improve gross margin: Target 50%+ to match peers.
• Control SG&A: Reduce the operating loss drag.
• Monitor R&D spend: Ensure it drives immediate revenue growth.

Net Profit Margin: The One-Time Boost

Here is the most interesting part: Spire Global, Inc.'s net profit margin for the TTM period is a positive 37.64%, significantly higher than the industry average of 10.19%. This is a massive swing from prior periods of net losses and is the first time the margin has turned positive recently.

What this estimate hides is the source of the profit. This positive net income of $35.12 million is not a result of core operations, as shown by the negative operating income. It is almost certainly driven by a significant one-time gain, such as the sale of a business segment or a large non-operating income event, which is why you see a net income of $119.6 million reported in Q2 2025. This is a non-recurring event, so you cannot rely on this margin going forward.

Debt vs. Equity Structure

You're looking at Spire Global, Inc.'s (SPIR) balance sheet to understand how they fund their growth, and the 2025 story is one of a dramatic, intentional shift. The key takeaway is that Spire Global, Inc. has moved from a high-leverage position to being nearly debt-free, fundamentally resetting its financial risk profile.

The company strategically eliminated its significant term loan debt in 2025. This was accomplished through the transformative sale of its maritime business, which provided a cash infusion of approximately $241 million. This single action removed the overhang of debt covenant risk that had previously concerned investors. As of the most recent quarter (MRQ) in 2025, the company's Total Debt stands at approximately $13.49 million, which is a manageable residual amount, likely related to capital leases or minor obligations.

This debt elimination translates directly into a minimal Debt-to-Equity (D/E) ratio, which is a measure of a company's financial leverage (how much debt is used to finance assets relative to shareholder equity). Spire Global, Inc.'s Debt-to-Equity ratio is currently around 0.09 (or 9.04%). That's a very low number. To be fair, the industry benchmark for Aerospace & Defense, which is a good proxy for the capital-intensive space technology sector, sits much higher at an average of 0.38 as of November 2025.

• Spire Global, Inc. D/E Ratio: 0.09
• Aerospace & Defense D/E Average: 0.38

This low ratio tells you the company is overwhelmingly financed by equity and retained earnings, not debt. It's a major de-risking move. While the company has historically carried a negative common equity balance (accumulated deficit), the massive reduction in debt means the capital structure is now incredibly clean, relying on equity funding and its substantial cash reserves.

The balance has clearly shifted to equity funding. Instead of seeking a costly refinancing of its previous term loan, the company chose to divest a non-core asset to pay down all major debt. This strategic move resulted in a strong liquidity position, with cash, cash equivalents, and marketable securities totaling $117.6 million at the end of the second quarter of 2025. This cash reserve is now the primary financial buffer, allowing Spire Global, Inc. to fund its core growth areas-space services and advanced weather analytics-without the pressure of high interest payments. You can read more about their strategic focus on Mission Statement, Vision, & Core Values of Spire Global, Inc. (SPIR).

Here's the quick math on the capital structure change:

The company's focus is now on achieving positive operating cash flow in the second half of 2025, leveraging this defintely healthier balance sheet to grow its higher-margin segments. The trade-off was a significant asset sale, but the resulting financial flexibility is a clear win for long-term stability and organic growth funding.

Liquidity and Solvency

Spire Global, Inc. (SPIR) shows a strong near-term liquidity position, largely due to a strategic asset sale that cleared debt, but its operating cash flow still points to a cash burn that requires careful monitoring. The company's immediate ability to cover its short-term bills is excellent, but the path to sustainable, positive cash generation is still a work in progress for the second half of 2025.

You need to look past the healthy cash pile and understand where the cash is coming from. The core liquidity ratios are defintely reassuring, with the Current Ratio standing at a robust 2.43 and the Quick Ratio at 2.38, based on recent data. A Quick Ratio of 2.38 means Spire Global, Inc. has more than twice the amount of highly liquid assets (like cash and receivables) to cover its current liabilities, which is a great sign of short-term financial safety.

The positive working capital trends are directly tied to decisive management action. Spire Global, Inc.'s Change in Working Capital for the trailing twelve months ended March 2025 was a solid $27.29 million, indicating an increase in net current assets. Plus, the strategic sale of its maritime business was a game-changer, eliminating the entire debt burden and strengthening the balance sheet by over $100 million. This move dramatically improved their solvency, or long-term debt-paying ability, by converting a liability into a significant cash influx, effectively removing a major near-term risk.

Here's the quick math on the cash position, which is the most critical number for a growth-stage company:

• Cash, cash equivalents, and marketable securities totaled $117.6 million as of June 30, 2025.
• Cash flow used in operations (Operating Cash Flow or OCF) for Q1 2025 was $8.4 million, though this was a 5% improvement year-over-year.
• Free Cash Flow (FCF) usage was $17.3 million in Q1 2025.

The company is still burning cash from operations, but the trend is improving, and the cash on hand is a significant buffer. Management expects to hit break-even to positive OCF in the second half of 2025 and is confident they will end the year with over $100 million in cash and equivalents. The Investing Cash Flow was a strong positive of $153.82 million for the TTM ended June 2025, which reflects the proceeds from the asset sale. This isn't a repeatable source of cash, but it bought them time and flexibility.

What this estimate hides is the reliance on execution of new contracts, like the Can$72 million deal with the Canadian Space Agency, to drive that OCF turnaround. The liquidity strength is currently a balance sheet story, not yet a pure operations story. For a deeper dive into the company's full financial picture, you can read our full analysis here: Breaking Down Spire Global, Inc. (SPIR) Financial Health: Key Insights for Investors.

The key takeaway is that Spire Global, Inc. is financially secure in the near-term, having traded a non-core asset for a clean balance sheet and a large cash cushion, but the next step is proving their operational model can generate cash consistently.

Valuation Analysis

You're looking at Spire Global, Inc. (SPIR) and asking the core question: is it a buy, a hold, or a sell right now? The short answer is that Wall Street analysts are leaning toward a Strong Buy with significant upside, but the company's valuation metrics tell a more complex story of a high-growth, pre-profitability space company.

The stock price trend over the last 12 months is defintely a point of caution. As of mid-November 2025, the stock is trading around the $7.50 mark, but it has seen a sharp decline of about 44.44% over the past year. This volatility is typical for a growth stock in the space-as-a-service sector, but it means you're buying into a clear downtrend. The 52-week price range, from a low of $6.85 to a high of $21.43, shows just how much ground the stock has lost.

Here's the quick math on the key valuation multiples, using the most recent trailing twelve months (TTM) data for the 2025 fiscal year:

• Price-to-Earnings (P/E) Ratio: The TTM P/E ratio is approximately 12.75 as of November 2025.
• Price-to-Book (P/B) Ratio: This sits at about 1.78 as of November 2025.
• Enterprise Value-to-EBITDA (EV/EBITDA) Ratio: This is a negative -7.02 as of late October 2025.

Now, let's unpack those numbers. A P/E of 12.75 seems low for a growth company, but what this estimate hides is that Spire Global, Inc. has historically had negative earnings per share (EPS). The current positive P/E is likely based on a recent, small TTM profit or non-GAAP adjustment. The negative EV/EBITDA ratio, based on a TTM EBITDA of approximately -$51 million and an Enterprise Value of $361 million, clearly signals that the company is not yet profitable at the operating level. This is a classic profile of a company prioritizing revenue growth and market share over near-term earnings, so traditional valuation metrics like P/E and EV/EBITDA are less useful than metrics like Price-to-Sales (P/S).

For income-focused investors, a quick note: Spire Global, Inc. is not a dividend stock. The dividend yield is 0.00%, and the company has explicitly stated it does not plan to pay cash dividends in the foreseeable future. This is a pure growth play, not an income generator.

To be fair, the analyst community is largely bullish, seeing the current stock price as significantly undervalued. The consensus rating from analysts is a Strong Buy, with an average 12-month price target of $15.25. That suggests a potential upside of over 100% from the current price. Still, some analysts maintain a 'Hold' rating, reflecting the execution risk inherent in a company with negative EBITDA. You can read more about the company's financial story in Breaking Down Spire Global, Inc. (SPIR) Financial Health: Key Insights for Investors.

The core takeaway is this: Spire Global, Inc. is trading at a discount if you trust the long-term growth story and analyst targets, but it remains a speculative investment until it demonstrates sustained operating profitability. Your action should be to weigh the consensus target against the reality of the negative EV/EBITDA.

Risk Factors

You're looking at Spire Global, Inc. (SPIR) and seeing a company with a compelling space-based data model, but honestly, the near-term risks are substantial and demand a clear-eyed view. The biggest challenges aren't just market competition; they're internal and regulatory.

The core financial risk is the projected deceleration of profitability. While the company recently became profitable, analysts expect earnings to decline sharply at an annual rate of 70% over the next three years. Here's the quick math: revenue is only projected to grow 2.5% per year, which lags far behind the US market average of 10.5%. Slow top-line growth plus falling profits is a tough combination for any growth stock.

Operationally, the company has several key risks highlighted in recent filings, especially following the sale of its maritime business. This sale makes Spire Global, Inc. more reliant on less-established segments, increasing operational and revenue concentration risk. Also, the reliance on large, slow-moving government contracts means the necessity for a steep second-half revenue ramp exposes the company to risk if contract timing or execution defintely slip.

• Financial Dilution: Outstanding shares are expected to increase by 7.0% annually over the next three years.
• Revenue Volatility: Deferred revenue recognition for 'Space as a Service' contracts creates short-term variability.
• Top-Line Forecast: Full-year 2025 revenue guidance is a wide range of $85.0 million to $95.0 million.
• Profitability Target: Adjusted EBITDA for the full year 2025 is projected to remain negative, between $(24.0) million and $(16.0) million.

The external and governance risks are the most immediate threat to investor confidence. The New York Stock Exchange (NYSE) issued a notice of noncompliance due to delayed financial restatements for multiple periods, including 2022-2025. This regulatory overhang is serious. The company must meet a February 2026 deadline for filing its Q2 2025 report to avoid a delisting, which would crush liquidity. Plus, the resignation of audit firm PricewaterhouseCoopers (PwC) over internal control weaknesses compounds the governance concerns.

What this estimate hides is the material impact of the accounting shift itself. Spire Global, Inc. had to restate financials because it changed how it recognizes revenue for its Space as a Service contracts-moving from recognizing revenue upon satellite completion to when data is actually delivered. This change has a material estimated impact of $10-15 million annually and is the root of the restatement issue.

Still, the company has taken clear action to mitigate financial risk. Following the maritime transaction, Spire Global, Inc. retired all its debt by April 2025. This move significantly strengthened the balance sheet, and they expect to finish 2025 with over $100 million of cash, cash equivalents, and marketable securities. They are also strategically leveraging new contracts with organizations like the European Space Agency (ESA) and NASA to rebuild credibility and stabilize the core business.

For a deeper dive into the valuation and strategy, you should read our full analysis: Breaking Down Spire Global, Inc. (SPIR) Financial Health: Key Insights for Investors.

Growth Opportunities

You're looking for a clear path forward for Spire Global, Inc. (SPIR), and the story is one of a deliberate, focused pivot toward high-margin, government-backed data services. The company is actively shedding its legacy maritime business to concentrate capital on two key growth drivers: the Defense sector and Artificial Intelligence (AI)-driven weather solutions. This shift is expected to deliver revenue growth of 12% to 17% for the 2025 fiscal year, excluding the divested maritime segment.

Here's the quick math: Spire Global, Inc. has set its full-year 2025 revenue guidance in the range of $85.0 million to $95.0 million. This growth is heavily weighted toward the second half of the year, so execution is defintely crucial. The financial groundwork is solid, too; the sale of the maritime business eliminated debt and left the company with a strong cash balance of $117.6 million in cash, cash equivalents, and marketable securities as of June 30, 2025. That's a lot of dry powder for a company this size.

Strategic Initiatives and Contract Wins

The near-term growth is being fueled by major contract wins that validate the shift to government and space services (Space-as-a-Service). These contracts provide a stable, recurring revenue base (annual recurring revenue or ARR) that investors like to see.

• Record Government Contract: Spire Global, Inc. secured its largest contract to date, valued at Can$72 million (approximately $53 million USD), from the Government of Canada to build a dedicated satellite constellation for monitoring active wildfires nationwide.
• Repeat Commercial Wins: The company was awarded an eight-figure, five-year space services contract from a repeat commercial customer, which shows their technology is proven and reliable for third-party missions.
• NASA and European Agency Deals: Spire Global, Inc. secured a $1.2 million NASA contract renewal for Earth observation data, plus a contract with the European Space Agency for historical weather data.

The focus here is leveraging their existing satellite constellation to land and expand with large, sticky customers. That's a smart way to scale without the massive capital expenditure of building a new network from scratch every time.

Future Revenue and Earnings Outlook

While the company is projecting strong top-line revenue growth, the path to consistent profitability remains volatile, which is common for high-growth space-data firms. Analyst consensus for full-year 2025 earnings per share (EPS) is highly varied, ranging from a loss of -$2.62 to a positive $2.07 per share. What this estimate hides is the impact of the business transition and the heavy investment in new technology.

To give you a clearer picture of the financial expectations, here is a summary of the consensus and guidance for the 2025 fiscal year:

The market is betting on the long-term potential of their proprietary data, which is why the average analyst price target is significantly higher than the current price. For a more detailed look at the core financials that underpin these projections, check out Breaking Down Spire Global, Inc. (SPIR) Financial Health: Key Insights for Investors.

Competitive Edge in Space Data

Spire Global, Inc.'s competitive advantage isn't just about having satellites; it's about their small satellite (smallsat) architecture and their unique data collection capability. They build, own, and operate their own fully deployed constellation, which allows for rapid iteration and lower costs than legacy satellite providers. This smallsat model is disrupting the industry.

Product innovation is also a strong differentiator, specifically in weather intelligence. They are developing the next-generation Hyperspectral Microwave Sounder (HyMS) technology, which successfully completed an airborne demonstration. This sensor is critical because it can capture highly accurate weather data within and through cloud layers, something many other instruments struggle with. This kind of technological lead positions them well to capture more high-value government and commercial weather contracts.