Spire Global, Inc. (SPIR): Results of Operations and Financial Condition
Spire Global, Inc. (SPIR) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Spire Global Announces Second Quarter 2026 Results; Reaffirms Full-Year Revenue Guidance ● Second quarter 2026 revenue was $18.0 million, down 6% year-over-year, and up 16% excluding the maritime business. (1) Revenue improved 14% sequentially in second quarter 2026.
How this was made
The 30-second read
Why it matters
The key tradable elements are the reaffirmed FY26 revenue ranges excluding maritime, the magnitude of GAAP and non-GAAP margin compression tied to WildFireSat cancellation, and the sequential improvement in adjusted EBITDA and operating cash usage.
Market read
Traders can update models using the disclosed Q2 financials, the contract-driven margin headwind, and the explicit FY26 ex-maritime revenue and loss/EBITDA ranges.
What to watch
GAAP gross margin decline is tied to a specific contract event; traders should separate one-off contract impacts from underlying unit economics and watch cash burn trajectory into Q3/Q4.
Spire Global Announces Second Quarter 2026 Results; Reaffirms Full-Year Revenue Guidance
Revenue declined 6% year-over-year and gross margins declined following the WildFireSat contract cancellation, while revenue excluding maritime grew 16%, adjusted EBITDA and cash usage improved, and full-year revenue guidance was reaffirmed.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $18.0 million | improved 14% | down 6% |
| Revenue excluding maritimeGAAP | $18.0 million | improved 19% | increased 16% |
| Gross marginGAAP | 34% | – | declined 16 percentage points |
| Gross marginnon-GAAP | 38% | – | declined 14 percentage points |
| Net lossGAAP | $20.0 million | – | – |
| Adjusted EBITDAnon-GAAP | ($8.6) million | improved 15% | improved 16% |
| Cash flow used in operationsGAAP | $23.4 million | 11% sequential improvement | 32% year-over-year improvement |
| Cash, cash equivalents, and marketable securitiesGAAP | $91.7 million | – | – |
full year ending December 31, 2026 outlook
- Revenue$75.0 million to $85.0 million
- NoteMaritime revenue: $3.4 million to $3.4 million
- NoteRevenue excluding maritime: $71.6 million to $81.6 million
- NoteRevenue excluding maritime Y/Y change: 42% to 61%
- NoteNon-GAAP operating loss: $(37.8) million to $(32.6) million
- NoteAdjusted EBITDA: $(26.0) million to $(20.7) million
- NoteNon-GAAP net loss per share: $(0.95) to $(0.81)
- NoteBasic weighted average shares: 37.6 to 37.6
What drove it
- Revenue excluding the maritime business increased 16% year-over-year and 19% sequentially.
- The second quarter revenue increase was primarily driven by higher delivery of space services data and increased radio-frequency geolocation data purchases.
- Adjusted EBITDA improved primarily due to lower operating expenses.
- Spire signed four new international RFGL customers during the second quarter of 2026.
- Spire announced strategic partnerships with Schaeffler and Diehl Defence.
Concerns
- GAAP revenue declined 6% year-over-year, primarily associated with selling the maritime business at the end of April 2025.
- GAAP gross margin declined 16 percentage points year-over-year to 34%, and non-GAAP gross margin declined 14 percentage points to 38%.
- Gross-margin declines were primarily attributable to impacts associated with the WildFireSat contract, which was cancelled for convenience in the second quarter.
- Spire reported a net loss of $20.0 million.
What to watch
- Whether cash flow used in operations continues to improve sequentially in the third quarter and fourth quarter of 2026, as expected by the company.
- Delivery of space services data and RFGL data purchases.
- Execution on the four new international RFGL customer relationships.
- The impact of the WildFireSat contract cancellation on margins.
- Progress toward full-year revenue of $75.0 million to $85.0 million and adjusted EBITDA of $(26.0) million to $(20.7) million.
Balance sheet and cash flow
- Second quarter 2026 cash flow used in operations was $23.4 million.
- Cash, cash equivalents, and marketable securities as of June 30, 2026 were $91.7 million.
- Spire continues to maintain a debt-free balance sheet.
Analysis
Spire reported second-quarter 2026 GAAP revenue of $18.0 million, down 6% year-over-year but up 14% sequentially. The reported year-over-year decline was primarily associated with the sale of the maritime business at the end of April 2025. On a basis excluding maritime, revenue increased 16% year-over-year and improved 19% sequentially, driven primarily by higher delivery of space services data and increased RFGL data purchases.
Profitability remained pressured. GAAP gross margin declined 16 percentage points year-over-year to 34%, while non-GAAP gross margin declined 14 percentage points to 38%. Spire attributed both margin declines primarily to impacts from the WildFireSat contract cancellation for convenience in the second quarter. The company recorded a GAAP net loss of $20.0 million, compared with prior-year net income of $119.6 million. Spire stated that, after adjusting the prior-year result for a $154.3 million gain on sale of business and a $12.0 million loss on extinguishment of debt, net loss improved 12% year-over-year.
Adjusted EBITDA was ($8.6) million, an improvement of 16% from ($10.2) million in the prior year and 15% sequentially. Spire attributed the year-over-year improvement primarily to lower operating expenses. Cash flow used in operations was $23.4 million, reflecting a 32% year-over-year improvement and an 11% sequential improvement, with lower operating expenses cited as the driver. Cash, cash equivalents, and marketable securities were $91.7 million as of June 30, 2026, and the company stated that its balance sheet remains debt-free.
Commercial activity included four new international RFGL customers, plus strategic partnerships with Schaeffler and Diehl Defence. In July 2026, Spire launched 10 satellites, bringing satellites launched during 2026 to twenty-nine, and established a cross-plane laser connection between two O-ISL equipped satellites. These developments support its space hardware, defense, RFGL and satellite-communications positioning, although the filing does not quantify their current-quarter financial contribution.
Spire reaffirmed full-year 2026 revenue guidance of $75.0 million to $85.0 million, including maritime revenue of $3.4 million to $3.4 million. Its revenue excluding maritime outlook is $71.6 million to $81.6 million, representing 42% to 61% year-over-year change. The full-year outlook also calls for non-GAAP operating loss of $(37.8) million to $(32.6) million and adjusted EBITDA of $(26.0) million to $(20.7) million. The central issues are continued growth excluding maritime, recovery from the WildFireSat-related gross-margin impact, and the expected sequential improvement in operating cash use through the third and fourth quarters of 2026.
Management, verbatim
The role of commercial space is changing. Governments and businesses are looking for trusted partners that can deliver operational capabilities at scale - today. We've spent years building the technology, expertise and strategic partnerships needed to meet this moment, and the progress we've made this quarter reinforces our confidence in those opportunities ahead.
Theresa Condor, Spire CEO
Not in the filing
stated, not guessed- GAAP gross profit
- Non-GAAP gross profit
- GAAP operating income or loss
- GAAP operating margin
- Non-GAAP operating income or loss for the second quarter
- Non-GAAP operating margin for the second quarter
- GAAP net loss per share
- Non-GAAP net loss per share for the second quarter
- Weighted average shares for the second quarter
- Free cash flow
- Capital expenditures
- Debt amount
- Repurchases
- Dividends
- Segment revenue
- Segment-level prior-year and prior-quarter comparisons
- Guidance for gross margin
- Guidance for operating expenses
- Guidance for tax rate
- Previous-quarter outlook for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Spire’s SEC 8-K with Exhibit 99.1 covering Q2 2026 results and full-year 2026 guidance, including the maritime divestiture context.
Ticker impact
Spire reports Q2 2026 revenue of $18.0M, a net loss of $20.0M, and reaffirms FY26 revenue guidance excluding maritime.
Near-term volatility likely around the WildFireSat margin overhang versus the reaffirmed FY26 ex-maritime growth outlook.
The filing provides fresh quarterly datapoints (revenue, loss, adjusted EBITDA, cash) plus explicit FY26 ranges excluding maritime, but it does not include consensus comparisons or a new deal/financing event.
Market effects
Satellite data and analytics peers may reprice contract-cancellation risk and the durability of ex-maritime growth narratives.
Limited direct regional spillover; primarily affects US-listed space-data sentiment.
European defense and RF geolocation demand signals could influence broader commercial space funding expectations.
Counterpoint
The ex-maritime growth story may be offset by recurring contract execution risk, highlighted by WildFireSat cancellation impacting gross margin.
Key entities
- companySpire Global, Inc.
Satellite data, analytics, and intelligence provider reporting Q2 2026 results and FY26 guidance.
- contractWildFireSat contract
Cancelled for convenience in Q2, cited as a primary driver of gross margin decline.
- technologyOptical Inter-Satellite Link (O-ISL) program
Achieved a cross-plane laser connection milestone in July 2026.
- partnerSchaeffler
Announced strategic partnership with Spire to build a European space hardware and mission business.
- partnerDiehl Defence
Announced agreement with Spire to support German and European defense initiatives.
