Spire Global — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 GAAP revenue was $18.0 million, a 42% year-over-year increase; excluding the maritime business, revenue grew 77% year-over-year.
• GAAP gross margin improved 9 percentage points year-over-year to 46%; non-GAAP gross margin improved 8 percentage points year-over-year to 49%.
• Net loss for the quarter was $20.3 million, compared to a net loss of $19.7 million in the prior year period.
• Adjusted EBITDA was $(8.6) million, a 27% improvement year-over-year from $(11.8) million.
• Cash flow used in operations was $5.0 million, representing a 59% year-over-year improvement and a 79% sequential improvement from the second quarter 2026 usage of $23.4 million.
• Remaining performance obligations as of September 30, 2026, totaled $175.4 million.
• Cash, cash equivalents, and marketable securities stood at $78.0 million as of September 30, 2026.
• The company maintains a debt-free balance sheet.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance is set between $75 million and $80 million.
• Full-year 2026 adjusted EBITDA guidance is between $(32.4) million and $(27.4) million.
• Implied fourth quarter 2026 adjusted EBITDA represents a 71% sequential improvement over the third quarter at the midpoint.
• Preliminary 2027 revenue guidance is provided as a range of $96 million to $106 million.
• Management will focus future financial outlooks on revenue and adjusted EBITDA, ceasing guidance for non-GAAP operating loss or non-GAAP net loss per share.

Business Segments and Product Lines:

• Revenue growth was primarily driven by increased Space Services data delivery and additional Weather and Climate data sales, specifically Hyperspectral Microwave Sensor sounding data.
• Spire was awarded a $33.2 million task order by NOAA for a two-year period (December 1, 2026, to December 1, 2028) to deliver global navigation satellite system radio occultation (GNSS-RO) data; unfunded surge-buy options could increase total potential value to approximately $66 million.
• Spire secured a two-year, $28 million contract with NOAA to advance hyperspectral microwave sounding technology toward operational use, with operational capability targeted for no later than 2030.
• The radio frequency geolocation (RFGL) business expanded with two U.S. and three international awards, including repeat customers.
• In October 2026, Spire successfully launched the first three satellites built at its Boulder, Colorado manufacturing facility.

Market and Competitive Landscape:

• The company is expanding its U.S. manufacturing footprint to meet growing national security demand, establishing end-to-end satellite production on U.S. soil.
• Spire is positioning its hyperspectral microwave sounding technology to demonstrate operational capability from smaller, commercially developed satellite platforms.

Risks and Challenges:

• Forward-looking statements cite risks including political, trade, and regulatory developments, geopolitical uncertainty, tariffs, global economic conditions, currency exchange rate fluctuations, and inflation.
• Risks include dependence on government contracts, including the availability and timing of appropriations and potential funding disruptions.
• Potential adverse effects from the quality and effectiveness of technology, advancements in predictive analytics, and the ability to accurately use data.

Management Commentary and Tone:

• CEO Theresa Condor stated the company is entering a new phase of execution, citing strong momentum from core business growth and major contract wins.
• Management highlighted that multi-year awards provide revenue visibility into 2027 and beyond.
• The company expressed confidence in its foundation of satellites in orbit, an established ground network, and global manufacturing capabilities across the U.S., UK, and Germany to deliver commitments and grow efficiently.

Other Key Points:

• Spire launched a webcast conference call on November 10, 2026, to discuss results.
• The company discontinued guidance for non-GAAP operating loss and non-GAAP net loss per share effective with the third quarter 2026 outlook.
• Non-GAAP financial measures used include Adjusted EBITDA, free cash flow, and non-GAAP gross margins, with specific exclusions for stock-based compensation, foreign exchange gains/losses, and other unusual costs.