Spire Global (SPIR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $18.0M, down 6% year-over-year due to the maritime business sale, but up 16% year-over-year and 19% sequentially on a core/ex-maritime basis, marking the strongest core quarter since the divestiture.

• Core revenue growth was driven by increased space services and RFGL data sales, with expanded satellite constellation and new manufacturing facility in Munich.

• Major contract progress included NOAA negotiations, new RFGL awards, expanded European partnerships, and a $12.4M arbitration award.

• Net loss for Q2 2026 was $20.0M, compared to prior year net income of $119.6M, which included a $154.3M gain from the maritime sale.

• Strategic partnerships with Schaeffler and Diehl Defence were announced, strengthening the European space ecosystem position.

Financial highlights

• Q2 2026 GAAP revenue: $18.0M; core/ex-maritime revenue: $16.6M, up 16% year-over-year and 19% sequentially.

• GAAP gross margin was 34%, down from 49% a year ago; non-GAAP gross margin was 38%, down from 52%, mainly due to WildFireSat contract cancellation.

• Adjusted EBITDA was ($8.6M), improving 16% year-over-year and 15% sequentially.

• Cash flow used in operations was $23.4M, improving 32% year-over-year and 11% sequentially; cash, equivalents, and marketable securities totaled $91.7M–$92M, debt-free.

• Net loss per share for Q2 2026 was ($0.52) GAAP; non-GAAP: ($0.31).

Outlook and guidance

• Full-year 2026 revenue guidance (excluding maritime): $71.6M–$81.6M, representing 42%–61% year-over-year growth; full-year guidance including all segments is $75M–$85M.

• Adjusted EBITDA guidance for 2026: ($26.0M) to ($20.7M); breakeven expected by late 2026 to early 2027.

• Majority of second-half revenue ramp expected in Q4, with Q3 showing a smaller step up.

• Cash usage and one-time costs expected to moderate further in the second half; management expects liquidity to be sufficient for the next twelve months.

• Non-GAAP net loss per share forecasted at ($0.95) to ($0.81) for FY 2026.