Spire Global's Revenue Up 42% to $18 Million in Q3

Spire Global (NYSE:SPIR) grew third-quarter revenue approximately 42% year over year to about $18 million, and management told analysts the company is on track to reach positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the full year in 2027.

CEO Theresa Condor framed the results as a turning point for the satellite data company. "The story at Spire is shifting to execution," she said, pointing to reduced cash usage and a stack of contract wins during the quarter. For CFOs watching the space-data sector, the call offered a detailed look at how government weather contracts are now driving the revenue mix.

What changed in the revenue mix?

The quarter was Spire's first without maritime revenue, making reported and core revenue identical, Condor said. Core revenue, which excludes maritime sales, rose roughly 77% year over year and nearly 10% sequentially.

CFO Alison Engel attributed the growth primarily to a nearly $6 million increase in Space Services data delivery and about $2 million in additional weather and climate data sales. Those gains absorbed the loss of maritime revenue, which totaled approximately $2.5 million in the year-earlier quarter.

Margins moved in the right direction. Non-GAAP gross margin climbed to 49%, from 41% a year earlier and 38% in the second quarter. Adjusted EBITDA improved to negative $8.6 million, compared with negative $11.8 million a year earlier. Cash used in operations fell to approximately $5 million, from $23.4 million in the second quarter and about $12 million a year earlier — a sequential drop of more than three-quarters.

How large are the new weather contracts?

Spire booked roughly $75 million in new weather-data awards during the quarter. The largest piece is a $33.2 million NOAA task order for radio occultation data (a technique that measures how satellite signals bend through the atmosphere to infer temperature and humidity). The order carries a two-year base period beginning Dec. 1, 2026, and could reach approximately $66 million if surge options are fully exercised.

Condor noted the base order's annual value of $16.6 million runs nearly 50% above the $11.2 million annual contract awarded in 2025. A $3.7 million bridge award beginning Sept. 18 keeps the data flowing until the new order starts, she said.

Additional awards include:

• A two-year, $28 million NOAA contract under the TMATE program to build and qualify a satellite and hyperspectral microwave sounder payload through flight readiness.
• A six-month, $3 million extension of an existing hyperspectral microwave sounding data contract, with a three-month option worth another $2 million.
• Five radio frequency geolocation awards, including orders from repeat customers.

Condor said Spire holds eight-figure opportunities in its pipeline, though she declined to identify specific customers or predict closing dates. She also cautioned that potential revenue from the radio occultation surge options is not included in 2027 projections, since the timing of any surge purchases remains uncertain.

Remaining performance obligations (contracted revenue not yet recognized) jumped to approximately $175 million at quarter-end, from about $135 million at the end of the second quarter.

Why did the full-year outlook narrow?

Spire now expects 2026 revenue of $75 million to $80 million, trimming the top end from the prior range of $75 million to $85 million. Condor said the revision primarily reflects a revised schedule that moves some TMATE work into 2027; the contract's value has not changed.

The outlook implies fourth-quarter revenue of $23 million to $28 million. Engel cited increased radio occultation revenue, hyperspectral microwave sounding data purchases, and the first full quarter of TMATE work as contributors. Reaching the high end depends primarily on the timing of an additional deal that Engel described as separate from the RF geolocation and weather contracts discussed on the call.

On profitability, Spire expects fourth-quarter adjusted EBITDA between negative $5 million and break-even, and full-year adjusted EBITDA between negative $32.4 million and negative $27.4 million.

What does 2027 look like?

The company provided a preliminary 2027 revenue range of $96 million to $106 million. Approximately 78% of the range's midpoint was under contract at the end of the third quarter, management said. Engel added that Spire is focused on reaching adjusted EBITDA profitability in the first half of 2027, though it has not provided a quarterly forecast. The company also continues to expect operating cash flow break-even in a quarter during 2027.

Spire ended the quarter with $78 million in cash, equivalents and marketable securities and no debt. Engel said the company does not expect to raise capital for the business to continue on its current trajectory.

On operations, Condor said Spire launched 32 satellites in 2026, including three in October that were the first built at its Boulder, Colorado, facility. The company has booked launch slots through the end of 2028 with pricing locked in, she said.

Spire Global develops, owns and operates a constellation of small satellites and related ground infrastructure, delivering space-based data through cloud-based platforms covering weather and climate, maritime intelligence, aviation information, and radio-frequency analytics.