Spire Global, Inc.

What they do

Spire designs, builds, and operates a constellation of LEMUR nanosatellites that collect radio frequency (RF) data from Earth. It provides weather intelligence, aircraft and ship tracking (maritime sold in 2025), RF geolocation (RFGL) for spoofing and jamming detection, and space services enabling customers to deploy and operate their own satellite constellations. The company operates in the 'listening' (RF) market, not imagery or communications.

Revenue drivers

• Space Services — Provides end-to-end satellite manufacturing, launch, and operations for customer constellations; drove higher revenue in Q2 2026.
• Radio-Frequency Geolocation (RFGL) Data — Sells data and analytics from RF signal detection, used for defense and intelligence; added four new international RFGL customers in Q2 2026 and saw increased purchases.
• Weather and Climate Data — Global weather intelligence from satellite data sold to governments and enterprises; a core data solution line.
• Aviation Data — Aircraft tracking and analytics; historically a key offering, though no recent specifics were provided.

Recent performance

Q2 2026 revenue was $18.0 million, down 6% year-over-year due to the maritime divestiture, but up 16% excluding maritime and up 14% sequentially (19% ex-maritime). Net loss was $20.0 million, versus net income of $119.6 million in Q2 2025 which included a $154.3 million gain on sale of maritime. Adjusted EBITDA was ($8.6) million, improving 16% year-over-year. Cash used in operations was $23.4 million, improving 32% year-over-year, and cash, equivalents, and marketable securities were $91.7 million; the balance sheet is debt-free. Full-year revenue guidance was reaffirmed.

Strategy

Management emphasizes scaling commercial space capabilities for government and defense customers, leveraging partnerships like those with Schaeffler and Diehl Defence to build a European space hardware and mission business. The company is expanding RFGL offerings and deploying satellites rapidly (29 launched in 2026 through July, including 10 in July). Focus remains on reducing operating expenses and improving cash flow sequentially.

Risks

• Capital needs — May require additional financing, which could be dilutive to stockholders.
• Geopolitical/tariff impacts — Political, trade, and tariff developments could harm financial results.
• Material weaknesses — History of material weaknesses in internal controls; ability to remedy is uncertain.
• Customer concentration and renewals — Dependence on government customers and contract renewals poses revenue risk.

Outlook

Management expects cash flow used in operations to improve sequentially in Q3 and Q4 2026. Full-year revenue guidance was reaffirmed. The company cites growing demand for commercial space capabilities from governments and businesses, and expects partnerships and RFGL growth to drive future opportunities.