Spire Global (SPIR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $15.8 million, exceeding guidance but down 34% year-over-year due to the maritime business sale; excluding maritime, revenue grew 13% year-over-year, driven by NOAA and government data sales.

• Adjusted EBITDA was ($10.2) million, above guidance, reflecting higher revenue and cost discipline, but a 29% year-over-year decline; net loss increased to $25.8 million.

• Significant milestones included launching 19 satellites, first data from the HyMS demonstrator, and expansion of RFGL and OISL capabilities.

• Dual-continent manufacturing and reserved launch capacity through 2028 provide a competitive moat and support scalable operations.

• $65.5–$70 million was raised in April 2026 through a private placement, bolstering liquidity for growth and working capital.

Financial highlights

• Q1 2026 GAAP revenue was $15.8 million; core revenue (ex-maritime) grew 13% year-over-year.

• Non-GAAP gross margin improved to 44%, up 5 points year-over-year; GAAP gross margin was 40%.

• Adjusted EBITDA was ($10.2) million, above guidance.

• Cash, equivalents, and marketable securities totaled $49.5 million at Q1 end; $65.5–$70 million added post-quarter.

• Remains debt-free, with cash runway expected to fund operations through adjusted EBITDA breakeven.

Outlook and guidance

• FY 2026 revenue (excluding maritime) expected between $71.3 million and $81.3 million, representing 41%–61% year-over-year growth; full-year revenue guidance reaffirmed at $75–$85 million.

• Adjusted EBITDA guidance for FY 2026 is ($26.0) million to ($20.7) million; non-GAAP loss per share expected between ($0.93) and ($0.79).

• No longer providing quarterly guidance due to contract timing variability; targeting adjusted EBITDA breakeven in Q4 2026 to Q1 2027 and positive operating cash flow in 2027.

• 76% of 2026 revenue guidance is already under contract.

• Major Canadian Space Agency contract terminated in April 2026, reducing future expected revenue by $42.3 million over three years.