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1. Company Snapshot

1.a. Company Description

Spire Global, Inc.develops a hardware and intelligent analytics platform that tracks the oceans, skies, and weather.It serves maritime, weather, aviation, space services, earth intelligence, and federal industries.


Spire Global, Inc.has a strategic partnership with TAC Index Limited.Spire Global, Inc.


was formerly known as Nanosatisfi, Inc.and changed its name to Spire Global, Inc.in July 2014.


The company was incorporated in 2012 and is based in San Francisco, California with additional offices in Boulder, Colorado; Washington, D.C.; Glasgow, United Kingdom; Luxembourg; and Singapore.

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1.b. Last Insights on SPIR

Spire Global's recent performance is driven by several positive factors. The company has successfully launched 11 satellites on SpaceX's Transporter-15 mission, strengthening its fully deployed, dual-use constellation and expanding customer opportunities. Additionally, Spire Global received a €3 million contract renewal from EUMETSAT, Europe's meteorological satellite agency, to provide radio occultation data. The company also shipped nine satellites to the launch site for an upcoming Falcon 9 mission, featuring its Hyperspectral Microwave Sounder satellite demonstrator. Furthermore, Spire Global's business model reset, focused on satellite data and space services, has eliminated debt and improved liquidity following the $241M Maritime segment sale.

1.c. Company Highlights

2. Spire Global's Earnings Report: A Strong Foundation for Growth

Spire Global reported preliminary unaudited revenue figures of $18 million to $19 million for the second quarter, with expectations for revenue to be in the range of $19.5 million to $21.5 million for the third quarter. The company reiterated its expectations for revenue to be between $85 million and $95 million for the full year. The actual EPS came out at '-0.83', beating estimates at '-0.92'. The company's financial performance is on track, with a focus on execution and delivering on its contracts.

Publication Date: Aug -25

📋 Highlights
  • Financial Milestones:: Spire sold its maritime business for $18-19M (Q2), with $19.5-21.5M expected in Q3 and $85-95M annual revenue guidance. Cash reserves at $118M, projected to end at $100M.
  • Key Contracts:: Secured a 5-year $8-figure space services deal with a repeat customer and a NOAA radio occultation agreement, supporting revenue confidence.
  • Technology Development:: Launched 27 satellites in H1, with the Hyperspectral Microwave Sounder set for 2026, enhancing atmospheric profiling accuracy.
  • Operational Expansion:: 365 employees, focused on strategic hiring and regional market penetration, alongside AI-driven space reconnaissance offerings.
  • Revenue Drivers:: WildFireSat uses a percent-complete revenue model, while the RF mapping service leverages orbital assets and geolocation quality to attract government clients.

Operational Highlights

The company is working through issues with the maritime transaction, which came with 20 contracts, and is confident in its top line. Headcount is being managed, with around 365 employees, and selective hires are being made. The company expects to file its financials as soon as possible. The new contracts, including an 8-figure, 5-year space services contract from a repeat commercial customer, underscore the value Spire delivers to those seeking reliable, proven technology on an accelerated timeline.

Valuation Metrics

Spire Global's current valuation metrics indicate a P/S Ratio of 2.84 and an EV/EBITDA of -5.22. The company's ROE is -602.28%, and ROIC is -54.5%. The Net Debt / EBITDA is -1.12, indicating a strong financial foundation. The current valuation metrics suggest that the market is pricing in a certain level of growth, with the P/S Ratio indicating a moderate valuation relative to sales.

Growth Prospects

The company's differentiated capabilities, including its multipurpose satellite constellation, provide a unique set of satellite-based measurements, enabling the company to unlock insights that improve global weather forecasting and atmospheric understanding. The company has received contracts from the European Space Agency and NASA, and is engaged in its annual radio occultation weather data acquisition agreement with NOAA. The 27 new satellites launched in the first half will generate revenue, but it's not possible to quantify the annual run rate yet. Analysts estimate next year's revenue growth at 7.7%.

Cash Position and Expenses

The company has around $118 million in cash and expects to end the year with $100 million, with some pressure on cash from items not reflected in adjusted EBITDA. The company is managing its cash position and expects to meet its financial obligations. The microwave sounder instrument will strengthen the company's competitive positioning and is expected to be sold as part of the product portfolio.

3. NewsRoom

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Spire Global Selected by GIST Research to Provide Soil Moisture Data for Climate and Conflict Early Warning Research in Ethiopia's Somali Region

Dec -02

Source: businesswire.com

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Planet Labs ($PL) | Plug Power ($PLUG) | Stratasys ($SSYS) | Spire Global ($SPIR)

Dec -01

Source: youtube.com

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Deloitte Selects Spire to Deliver Advanced Satellite Capabilities, Expanding Their On-Orbit Cyber and Data Operations

Dec -01

Source: businesswire.com

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Spirit Blockchain Capital Files Q3 2025 Financial Statements and Announces CFO Transition

Nov -29

Source: globenewswire.com

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Spire Global Successfully Launches 11 Satellites on SpaceX's Transporter-15 Mission

Nov -28

Source: businesswire.com

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Stock Market Live November 28: S&P 500 (VOO) Rises on Black Friday Despite Trading Glitch

Nov -28

Source: 247wallst.com

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Spire Global Receives NYSE Notice Regarding Late Form 10-Q Filing

Nov -26

Source: businesswire.com

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Spire Global's Hyperspectral Microwave Sounder Completes Environmental Testing

Nov -24

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (14.53%)

6. Segments

Subscription-based Contracts

Expected Growth: 16%

Spire Global, Inc.'s subscription-based contracts exhibit 16% growth driven by increasing demand for satellite-based data analytics, expansion into new markets, and strategic partnerships. The company's unique constellation of nanosatellites provides unparalleled global coverage, fueling growth in IoT, maritime, and weather monitoring applications.

Non-subscription-based Contracts

Expected Growth: 12%

Spire Global's non-subscription-based contracts growth is driven by increasing demand for one-time Earth observation data and analytics services from government agencies, NGOs, and commercial customers. This growth is also fueled by the company's expanding partner network, strategic acquisitions, and investments in new product development, enabling Spire to capitalize on emerging opportunities in the space technology industry.

7. Detailed Products

Spire Sense

A suite of APIs that provide access to Spire's satellite data, enabling developers to build custom applications and integrate satellite data into their workflows.

Spire Maritime

A platform that provides real-time vessel tracking, maritime analytics, and insights to improve operational efficiency and reduce risk.

Spire Aviation

A solution that provides real-time flight tracking, aircraft performance monitoring, and predictive analytics to improve aviation safety and efficiency.

Spire Weather

A platform that provides hyperlocal weather forecasts, climate monitoring, and severe weather alerts to support critical decision-making.

Spire Earth

A platform that provides satellite-based earth observation data and analytics to support environmental monitoring, natural resource management, and climate research.

8. Spire Global, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Spire Global, Inc. faces moderate threat from substitutes, as customers have limited alternatives for its satellite-based data and analytics services.

Bargaining Power Of Customers

Spire Global, Inc. has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

Spire Global, Inc. relies on a few key suppliers for its satellite components and launch services, giving them moderate bargaining power.

Threat Of New Entrants

The satellite industry has high barriers to entry, but new entrants with innovative technologies and business models could still pose a significant threat to Spire Global, Inc.'s market share.

Intensity Of Rivalry

The satellite industry is highly competitive, with several established players and new entrants vying for market share, leading to intense rivalry among companies like Spire Global, Inc.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 62.51%
Debt Cost 14.13%
Equity Weight 37.49%
Equity Cost 14.13%
WACC 14.13%
Leverage 166.75%

11. Quality Control: Spire Global, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Viad

A-Score: 5.3/10

Value: 9.0

Growth: 4.9

Quality: 6.1

Yield: 0.0

Momentum: 6.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Kodak

A-Score: 4.5/10

Value: 7.2

Growth: 4.7

Quality: 3.8

Yield: 0.0

Momentum: 9.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
QuadGraphics

A-Score: 4.5/10

Value: 8.3

Growth: 1.8

Quality: 2.4

Yield: 5.0

Momentum: 6.5

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
DLH

A-Score: 3.8/10

Value: 8.0

Growth: 5.8

Quality: 3.9

Yield: 0.0

Momentum: 1.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Odyssey Marine Exploration

A-Score: 3.8/10

Value: 6.0

Growth: 5.2

Quality: 6.1

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Spire Global

A-Score: 3.7/10

Value: 6.6

Growth: 4.6

Quality: 3.0

Yield: 0.0

Momentum: 7.0

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.97$

Current Price

8.97$

Potential

-0.00%

Expected Cash-Flows