Spire Global, Inc. Q4 FY2025 earnings call

• 2025 was transformational, with 44% Y/Y revenue growth in Q4 excluding maritime, gross margins expanded five points. 2026 midpoint revenue growth for excluding maritime is 50%. - Three forces converging: defense and intelligence spending on space surging, civil agencies shifting to commercial data procurement, commercial industries adopting space-based intelligence. - Four competitive advantages: fully deployed global constellation, over 12 years of operational experience in space systems, transatlantic manufacturing, and proprietary RF sensing and geolocation capabilities. - Defense and space reconnaissance anchored by RFGL capability is a major growth opportunity, with RFGL capacity to increase ~15x in 12 months. - International defense opportunity: engaged with 17 countries, pipeline includes high eight to low nine figure opportunities. - Civil government: shift to commercial data procurement gaining momentum, SPIRE positioned to capture demand with hyperspectral microwave sounder satellite. - Commercial business accelerating with AI and space-based data, including AI weather models and applications in agriculture, aviation. - Operational execution: 6 launches in 2025, 9 satellites launched in Jan 2026, 10 additional satellites for upcoming mission. Production facilities can manufacture 300-400 satellites annually.

Excluding the maritime business divested, in the fourth quarter, revenue grew 44% year-over-year. Fourth quarter non-GAAP gross margin reached 43%, a five percentage point improvement year over year. Full year revenue was $71.6 million, with a year-over-year decrease due to maritime divestiture. Excluding maritime, fourth quarter revenue grew 44% year-over-year and 36% sequentially. Fourth quarter adjusted EBITDA was negative $9.7 million, an 8% improvement year over year and 17% sequentially. Full year adjusted EBITDA was negative $39.7 million. For 2026, midpoint core revenue growth of 50% is expected excluding maritime, with first quarter revenue expected between $14.5 and $15.5 million (excluding maritime revenue of ~$1.7 million), and full year revenue between $75 and $85 million excluding maritime.

• Excluding the divested maritime business, 2026 midpoint core revenue growth of 50% expected driven by expansion across defense, civil, and commercial markets. - First quarter revenue expected between $14.5 and $15.5 million (excluding maritime revenue of ~$1.7 million). - Full year revenue expected between $75 and $85 million excluding maritime. - Targeting quarterly adjusted EBITDA break even in Q4 2026 to Q1 2027 timeframe, followed by positive cash flow from operations on a quarterly basis in 2027. - Expect gross margins in 60-70% range over next three to five years.

Q: About Q1 revenue guidance and revenue slope throughout the year, A: Q1 revenue around $15 million with ramp up as year progresses, due to launches moving from Q4 to Q1 and growth in RF geolocation opportunity and NOAA relationship.

Q: About gross margin target, A: Margin growth in 2026 with higher targets in out years driven by revenue growth.

Q: About satellite opportunities with Canadian Space Agency, A: Paused execution while discussing status with partner, potential upside to numbers.

Q: About sovereigns in EMEA, A: Engaged with 17 countries, discussions start with immediate data provision and transition to wider subscription programs, multi-year deals.

Q: About visibility of revenue guidance, A: ~75% of revenue from existing contracts, pilot programs can convert to larger deals.

Q: About Golden Dome and Shield contract vehicle, A: Evaluating opportunities, well positioned with capabilities in bus/satellite systems, RFGL, weather data sets, aviation tracking.

Q: About Uriola satellites and ESSP, A: Satellites from existing contract being built, wider program marches forward, 300-400 satellite manufacturing capacity involves additional CapEx for sovereign capabilities.