The stock reaction will likely hinge on whether investors focus on the strong core growth and bullish 2026 guidance or the headline revenue decline and persistent losses. Monitor the earnings call for details on the path to profitability and the conversion of the $151B defense contract into revenue.
Price Chart
Executive Summary
Spire Global reported Q4 2025 revenue of $15.8 million, down 27% YoY due to the divestiture of its maritime business. Excluding maritime, revenue grew 44% YoY. The company reported a net loss of $25.1 million and improved adjusted EBITDA to ($9.7) million. It raised 2026 guidance, projecting over 50% revenue growth (ex-maritime) from 2025, driven by defense contracts and new satellite capabilities.
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $15.8 million, down 27% YoY, but up 44% YoY excluding the divested maritime business.
- Net loss was $25.1 million, a 49% improvement YoY; adjusted EBITDA was ($9.7) million, an 8% improvement.
- The company launched 12 satellites and was awarded a $151B IDIQ defense contract.
- 2026 revenue guidance (ex-maritime) is $71.3M-$81.3M, representing 41%-61% YoY growth from 2025.
- Insiders have sold $1.0M of stock in the last 30 days.
Financial Impact
Revenue declined 27% YoY to $15.8M due to the maritime divestiture, but core business grew 44% YoY. The company is guiding for over 50% revenue growth in 2026.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Excluding Maritime | $13.8M | +44.0% |
Risk Factors
- The company is not profitable, with a net loss of $25.1 million in Q4 and a debt-free but cash-intensive satellite business.
- The significant insider selling ($1.0M in 30 days) could signal a lack of confidence in the near-term outlook.
- The $151B defense contract is an IDIQ with no guaranteed funding; revenue conversion is uncertain.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-112484 |
| Document: spir-20260318.htm | 0001193125-26-112484 |
| Document: 0001193125-26-112484-index-headers.html | 0001193125-26-112484 |
| Document: 0001193125-26-112484-index.html | 0001193125-26-112484 |
| Document: 0001193125-26-112484.txt | 0001193125-26-112484 |
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Aug 25, 2026 9w ago | Insider Cluster | $13.73 $13.54 | ▲ +1.38% | ▲ +1.41% | $9.22 (+32.85%) |
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US Market Status
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