Fourth Quarter and Full Year 2025 Results Announced by Spire Global
Strong Performance Driven by Divestiture of its Maritime Division
Spire Global has reported fourth-quarter and full-year 2025 results, which the company says were driven by strong performances in space services and data despite divesting its maritime division.
“This performance is rooted in a global reality: space is now recognized as critical infrastructure for national security.”
Theresa Condor, Spire Global
Fourth-quarter GAAP revenue totaled $15.8 million, down 27% from a year earlier due to the sale of its maritime business in April 2025. However, revenue excluding maritime rose 44% year‑over‑year. Sequentially, GAAP revenue climbed 25%, or 36% on a non‑maritime basis, largely reflecting increased sales of radio‑occultation and ocean‑winds data under NOAA contracts, as well as higher space‑services revenue.
Full-year 2025 revenue reached $71.6 million, meeting the mid‑point of the company’s financial guidance.
GAAP gross margin in Q4 improved by eight percentage points to 41%, while non‑GAAP gross margin rose five points to 43%, attributed to operating‑leverage gains across headcount and infrastructure.
Spire narrowed its net loss to $25.1 million in the fourth quarter—a 49% year‑over‑year improvement—and reported adjusted EBITDA of $(9.7) million, an 8% improvement. Cash used in operations was $4.3 million, showing a 78% improvement from Q4 2024. The company closed the year with $81.8 million in cash, cash equivalents and marketable securities, maintaining a debt‑free balance sheet.
“In the fourth quarter, Spire delivered both year‑over‑year and sequential top‑line growth, reinforcing our optimistic outlook for the coming years,” said CEO Theresa Condor. “This performance is rooted in a global reality: space is now recognized as critical infrastructure for national security.”
On the business front, Spire launched 12 satellites across two missions in the fourth quarter and shipped nine additional satellites for a January 2026 launch. The satellites enhance Spire’s capabilities in space reconnaissance, atmospheric and RF data collection, greenhouse‑gas monitoring and hyperspectral microwave sounding.
The company also secured a position on the U.S. Missile Defense Agency’s SHIELD IDIQ contract, which carries a shared ceiling of $151 billion. Additionally, Spire was selected by AiDASH to deliver advanced weather intelligence for electric‑grid protection using its satellite data.
For 2026, excluding maritime revenue, Spire projects full‑year revenue of $71.3 million to $81.3 million—a 41% to 61% increase over 2025. First‑quarter revenue guidance ranges from $14.5 million to $15.5 million, including $1.7 million from the remaining maritime business.
Spire’s Q1 adjusted EBITDA is projected between $(11.5) million and $(11.2) million, with full‑year adjusted EBITDA ranging from $(26.0) million to $(20.7) million.