Spire Global Announces Third Quarter 2026 Results, Achieving 42% Year-Over-Year Revenue Growth

Spire Global, Inc.  announced results for its quarter ended September 30, 2026. The Company will hold a webcast at 5:00 p.m. ET today to discuss the results.

“Spire is entering a new phase of execution, and this quarter’s core business growth and major contract wins demonstrate our strong momentum,” said Theresa Condor, Spire CEO. “These multi-year awards give us greater revenue visibility into 2027 and beyond. With satellites in orbit, an established ground network and global manufacturing capabilities across the U.S., UK and Germany, we have the foundation to deliver on these commitments, grow efficiently and advance toward profitability.”

Third Quarter 2026 Highlights

Financial:

Third quarter 2026 GAAP revenue was $18.0 million, up 42% year-over-year primarily driven by an increase in Space Services data delivery and additional Weather and Climate data sales, primarily Hyperspectral Microwave Sensor sounding data. Excluding the maritime business, revenue increased 77% on a year-over-year basis.(1)

Third quarter 2026 GAAP gross margin improved 9 percentage points year-over-year to 46%, and non-GAAP gross margin(1) improved 8 percentage points year-over-year to 49%.

Net loss of $20.3 million in third quarter 2026 compared to prior year net loss of $19.7 million.

Adjusted EBITDA(1) of $(8.6) million in third quarter 2026 improved 27% compared to prior year adjusted EBITDA of $(11.8) million, primarily driven by higher revenue.

Third quarter 2026 cash flow used in operations was $5.0 million, reflecting a 59% year-over-year improvement and a 79% sequential improvement. The decline in cash used in the third quarter reflected disciplined management of cash and working capital. Cash usage is expected to continue to improve in fourth quarter 2026. Cash, cash equivalents, and marketable securities as of September 30, 2026 were $78.0 million. Spire continues to maintain a debt-free balance sheet.

(1)Non-GAAP Financial Measure, please see section titled Non-GAAP Financial Measures for the definition of such measures and the reconciliation tables at the end of this release for reconciliation to the most directly comparable GAAP measure.

Business:

In the third quarter of 2026, Spire was awarded a $33.2 million task order by the National Oceanic and Atmospheric Administration (NOAA) for a two-year period of performance beginning December 1, 2026 to December 1, 2028. Under the agreement, Spire will deliver global navigation satellite system radio occultation (GNSS-RO) data, including RO profiles with Temporal Resolution Enhancements that provide a broader range of time sampling. The task order includes additional unfunded surge-buy options that could bring its total potential value to approximately $66 million over the two-year period, if fully exercised.

In the third quarter of 2026, Spire was awarded a two-year $28 million contract by NOAA to advance hyperspectral microwave sounding technology toward operational use for weather forecasting. Under the agreement, Spire will use its existing technology stack to build and qualify a matured satellite and hyperspectral microwave sounder payload through flight readiness. The system will be tailored to an orbit designed to support NOAA's weather forecasting needs and enable analysis of the impact of hyperspectral microwave observations on numerical weather prediction and resilience to radio frequency interference. The award represents the next step toward demonstrating that advanced hyperspectral microwave sounding can be delivered from a smaller, commercially developed satellite platform, with operational capability targeted to begin no later than 2030.

In the third quarter of 2026, Spire continued to build momentum across its radio frequency geolocation (RFGL) business by signing two U.S. and three international RFGL awards, including repeat customers.

In October 2026, Spire successfully launched the first three satellites built at its manufacturing facility in Boulder, Colorado. The satellites mark an operational milestone in expanding Spire's U.S. manufacturing footprint to meet growing national security demand. By establishing end-to-end satellite production on U.S. soil, Spire can provide U.S. national security and defense partners with the speed, resilience and domestic infrastructure needed to develop and deploy mission-specific capabilities.

Financial Outlook

For the full year ending December 31, 2026, Spire expects revenue between $75 million and $80 million and adjusted EBITDA between $(32.4) million and $(27.4) million. The implied fourth quarter 2026 adjusted EBITDA represents a 71% sequential improvement over third quarter 2026 adjusted EBITDA, at the mid-point. For the full year ending December 31, 2027, Spire is providing a preliminary 2027 revenue range of $96 million to $106 million.

Beginning with the third quarter of 2026, Spire will focus its financial outlook on revenue and adjusted EBITDA, which management believes are more useful measures for investors in assessing Spire's expected operating performance and progress toward profitability, and is no longer providing guidance for non-GAAP operating loss or non-GAAP net loss per share.

Adjusted EBITDA is a non-GAAP measure. Please see the section titled “Non-GAAP Financial Measures” for the definition of such measures. Spire has provided a reconciliation of GAAP to non-GAAP financial measures included in this press release for its third quarter and full year 2025 and 2026, as well as its outlook for such measures for the full year 2026.