Spire Global, Inc.
- Open
- 11.98
- Day high
- 12.12
- Day low
- 11.32
- Prev close
- 12.02
- Volume
- 856K
- Mkt cap
- $466M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.2
- P/S
- 7.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$807K over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions accumulating (13F)
Spire Global, Inc. (SPIR) is a Industrials company listed on NYSE. The stock is up 29% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
Spire Global, Inc. (SPIR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SPIR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 12, 2026 | $-0.27 | $-0.31 | -17.0% | $18M | -2.6% |
| May 13, 2026 | $-0.49 | $-0.37 | +24.0% | $16M | +5.0% |
| Mar 18, 2026 | $-0.47 | $-0.39 | +17.9% | $16M | -6.9% |
| Dec 17, 2025 | $-0.33 | $-0.33 | +0.0% | $21M | -1.7% |
| May 14, 2025 | $-0.68 | $-0.63 | +7.4% | $24M | +5.3% |
| Mar 31, 2025 | $-0.92 | $-0.83 | +9.8% | $22M | +6.5% |
| May 15, 2024 | $-0.33 | $-0.53 | -60.6% | $35M | +24.6% |
| Mar 6, 2024 | $-0.61 | $-0.35 | +42.6% | $24M | -17.5% |
| May 10, 2023 | $-0.96 | $-0.80 | +16.7% | $24M | +6.5% |
| Mar 8, 2023 | $-0.88 | $-0.80 | +9.1% | $22M | -4.2% |
| Nov 9, 2022 | $-0.80 | $-0.96 | -20.0% | $20M | +2.7% |
| Aug 10, 2022 | $-1.12 | $-0.72 | +35.7% | $19M | +1.2% |
SPIR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 25, 2026 | Messer Stephendirector | Sell | 17,986 | $14.06 |
| Aug 24, 2026 | Platzer Peterdirector, officer: Executive Chairman | Sell | 5,100 | $14.09 |
| Aug 24, 2026 | ENGEL ALISON Kofficer: Chief Financial Officer | Sell | 4,286 | $14.09 |
| Aug 24, 2026 | Condor Theresadirector, officer: Chief Executive Officer | Sell | 22,502 | $14.09 |
| Aug 24, 2026 | Oehme Johann Gabrielofficer: Chief Technology Officer | Sell | 2,989 | $14.09 |
| Aug 24, 2026 | Pelez Perez Celiaofficer: Chief Operating Officer | Sell | 4,484 | $14.09 |
| Aug 5, 2026 | Mellinger Eric M.officer: Chief Commercial Officer | Grant | 150,000 | — |
| Jul 17, 2026 | Porteous Williamdirector | Grant | 1,516 | $18.38 |
| Jun 16, 2026 | Condor Theresadirector, officer: Chief Executive Officer | Tax | 14,423 | $18.23 |
| Jun 16, 2026 | Messer Stephendirector | Grant | 7,261 | — |
| Jun 16, 2026 | Condor Theresadirector, officer: Chief Executive Officer | Option | 2,285 | $7.04 |
| Jun 16, 2026 | Condor Theresadirector, officer: Chief Executive Officer | Option | 18,282 | $7.04 |
| Jun 16, 2026 | Condor Theresadirector, officer: Chief Executive Officer | Option | 554 | $7.84 |
| Jun 16, 2026 | Condor Theresadirector, officer: Chief Executive Officer | Option | 820 | $7.84 |
| Jun 1, 2026 | Rinow Tonidirector | Grant | 7,261 | — |
Source: SPIR SEC Form 4 filings, latest Aug 25, 2026. For informational purposes only — not investment advice.
See the full SPIR insider & 13F page →Spire Global, Inc. company profile
Overview
Spire Global, Inc. (NYSE:SPIR) is a space-as-a-service company founded in 2012 and headquartered in San Francisco, California. Originally incorporated as Nanosatisfi, Inc., the company changed its name to Spire Global in 2014 and went public in 2020. Spire operates a constellation of small satellites that collect data about Earth's oceans, weather patterns, and various signals, which it then processes using artificial intelligence and analytics to provide insights to government and commercial customers worldwide.
Business
Spire Global operates in the emerging space-as-a-service industry, where companies deploy constellations of small satellites to collect Earth observation data and provide analytics services. The company's core offering revolves around its proprietary satellite constellation and data analytics platform that tracks maritime vessels, weather patterns, aviation traffic, and radio frequency signals from space. The company operates through four primary business segments. Weather and Climate Solutions represents approximately 25% of revenue and provides meteorological data including radio occultation measurements that improve weather forecasting accuracy. Radio occultation works by measuring how GPS signals bend as they pass through Earth's atmosphere, providing temperature and humidity profiles. Maritime Intelligence accounts for roughly 40% of revenue and tracks global shipping through Automatic Identification System (AIS) signals, helping customers monitor vessel movements, detect dark shipping, and analyze maritime trade patterns. Aviation Services contributes about 20% of revenue by tracking aircraft movements and providing air traffic intelligence. Space Services and Radio Frequency Geolocation makes up the remaining 15% and includes satellite hosting services for third-party payloads and detection of various radio frequency signals for defense and intelligence applications. Spire's satellites are small CubeSats, typically weighing just a few kilograms each, which makes them much more cost-effective to build and launch than traditional large satellites. The company has launched over 180 satellites to date and maintains an active constellation of approximately 100-120 operational satellites at any given time. These satellites collect raw data which is then processed through Spire's ground-based analytics platform to create actionable intelligence products for customers.
Revenue model
Spire generates revenue primarily through subscription-based software-as-a-service contracts and data licensing agreements. Customers pay recurring fees to access Spire's data feeds and analytics platforms, creating an Annual Recurring Revenue (ARR) model that provides predictable cash flows. The company reported $112.2 million in ARR as of 2024, with typical contract lengths ranging from one to three years. The customer base spans both government and commercial sectors. Government customers include agencies like NOAA (National Oceanic and Atmospheric Administration), the Canadian Space Agency, and various defense and intelligence organizations that purchase weather data, maritime intelligence, and radio frequency monitoring services. Commercial customers include shipping companies, commodity traders, insurance firms, weather forecasting services, and logistics companies that use Spire's data to optimize operations and manage risk. Several factors influence Spire's profitability margins. Positive margin drivers include the scalable nature of satellite data where additional customers can access the same data streams with minimal incremental costs, increasing government defense spending globally, growing demand for climate monitoring due to extreme weather events, and the company's AI-powered analytics that command premium pricing. Negative margin pressures come from the ongoing costs of satellite replacement as each satellite has a limited 3-5 year lifespan, intense competition from larger aerospace companies and other satellite operators, the high fixed costs of maintaining ground infrastructure and technical staff, and customer concentration risk as government contracts can face budget constraints or policy changes. The company is currently transitioning its business model by divesting its maritime business segment for $241 million, which will allow management to focus resources on higher-growth areas like weather services and defense applications while strengthening the balance sheet.
Competitive moat
Spire's competitive moat is moderate but faces significant challenges from well-funded competitors. The company's primary defensive advantages include its first-mover status in commercial small satellite constellations, which provided early relationships with government customers and operational experience in satellite manufacturing and data processing. Spire has also built proprietary satellite technology including optical inter-satellite links and specialized sensors, along with AI-powered analytics capabilities that process raw satellite data into actionable insights. However, Spire's moat is under pressure from several directions. Large aerospace incumbents like Lockheed Martin, Boeing, and Northrop Grumman have vastly superior financial resources and established government relationships that could allow them to quickly scale competing services. Well-funded startups such as Planet Labs, BlackSky, and others are building their own satellite constellations with newer technology and significant venture capital backing. Technology commoditization represents another threat as satellite manufacturing becomes more standardized and launch costs continue declining, reducing barriers to entry. The space industry is also seeing consolidation as larger players acquire smaller companies to rapidly scale their capabilities. Spire's relatively small size and limited financial resources compared to competitors creates vulnerability to being outspent on satellite deployments, customer acquisition, and technology development. While the company has built valuable expertise and customer relationships over its decade of operations, these advantages may not be sufficient to maintain market position against better-capitalized competitors in the rapidly evolving commercial space sector.
Risks & safety
Spire's margin of safety appears limited given its current financial position and cash burn trajectory. • **Liquidity concerns**: Cash and short-term investments of $35.9 million against quarterly cash burn of approximately $17 million provides less than 6 quarters of runway at current burn rates • **Debt burden**: High debt-to-equity ratio of 19.6x creates financial leverage risk, though the company eliminated debt through maritime business sale • **Operational losses**: Negative EBITDA of -$25.4 million in Q1 2025 with free cash flow of -$17.3 million indicates ongoing cash consumption • **Working capital deficit**: Current ratio of 0.67 shows current liabilities exceed current assets by significant margin • **Valuation metrics**: Price-to-book ratio of 39x suggests high valuation relative to tangible book value • **Revenue concentration**: Dependence on government contracts creates customer concentration and budget cycle risks • **Capital intensity**: Ongoing satellite replacement costs require continuous capital investment to maintain constellation
Recent development
Over the past two years, Spire has undergone significant strategic transformation focused on achieving profitability and strengthening its financial position. The most significant development was the divestiture of the maritime business for $241 million in 2024, which eliminated the company's entire debt burden and provided substantial cash to fund operations. This strategic move allows management to focus resources on higher-growth segments including weather services and defense applications. The company has made substantial operational restructuring efforts including reducing headcount from approximately 450 to 380 employees, closing offices in San Francisco and Singapore, and consolidating manufacturing operations in Boulder and Munich. These cost reduction measures are designed to extend cash runway and move toward profitability. Technology advancement has been another key focus area, with Spire developing AI-driven weather models that reportedly run 1,000 times faster than traditional models through collaboration with NVIDIA. The company has also developed optical inter-satellite links (OISL) technology to enhance data transmission capabilities and continues expanding its satellite constellation with more advanced CubeSats. Government contract wins have provided important validation and revenue visibility, including a CAD $72 million contract with the Canadian Space Agency for wildfire monitoring satellites and selection for the Space Test Experiments platform representing a potential $237 million opportunity. The company has also established a dedicated space reconnaissance business unit to capture growing defense spending, particularly in Europe. Management expects to achieve breakeven to positive operating cash flow in the second half of 2025 and targets adjusted EBITDA breakeven entering 2026.
SPIR company profile · for informational purposes only — not investment advice.
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