The revenue beat and maintained FY guidance are positive, but worsening cash burn, widening losses, and the removal of quarterly guidance introduce uncertainty. The $70M raise provides a cushion but dilutes existing shareholders. Watch for Q2 contract wins in RFGL/space services to validate the FY guidance trajectory.
Price Chart
Executive Summary
Spire Global reported Q1 2026 GAAP revenue of $15.8M, above the high end of guidance, but down 34% YoY due to the maritime divestiture. Ex-maritime revenue grew 13% YoY to $13.9M. Net loss widened 10% YoY to $25.8M and adjusted EBITDA declined 29% to -$10.2M. FY2026 guidance was maintained, but the company will no longer provide quarterly guidance. A $70M capital raise in April adds balance sheet flexibility but dilutes existing holders.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP revenue $15.8M, above high end of $14.5M-$15.5M guidance, but down 34% YoY
- Ex-maritime revenue $13.9M, up 13% YoY, driven by NOAA data sales
- GAAP net loss $25.8M, 10% worse YoY; adjusted EBITDA -$10.2M, 29% worse YoY
- FY2026 guidance maintained: revenue $75M-$85M, ex-maritime growth 41%-61% YoY
- Company will stop providing quarterly guidance, citing lumpy government contract timing
- Raised $70M gross proceeds in April 2026 for working capital and growth initiatives
- Cash, cash equivalents, and marketable securities $49.5M at quarter end; debt-free balance sheet
- GAAP gross margin improved 4pp YoY to 40%; non-GAAP gross margin improved 5pp to 44%
- Operating cash burn worsened to -$26.2M from -$8.4M in Q1 2025; free cash flow -$34.2M
Financial Impact
Revenue beat guidance by ~$0.3M-$1.3M but net loss and cash burn worsened materially; $70M capital raise provides runway
Risk Factors
- Cash burn accelerating — operating cash flow -$26.2M vs -$8.4M a year ago
- Removal of quarterly guidance reduces near-term visibility and may signal lumpy revenue recognition
- Dilution from $70M April capital raise (shares outstanding guidance increased to 37.9M from 33.1M)
- Elevated legal/professional fees ($5.8M in the quarter) related to SEC subpoena and customer disputes
- GAAP revenue still declining 34% YoY; ex-maritime growth of 13% is modest for a pre-profit growth company
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-221629 |
| Document: spir-20260513.htm | 0001193125-26-221629 |
| Document: 0001193125-26-221629-index-headers.html | 0001193125-26-221629 |
| Document: 0001193125-26-221629-index.html | 0001193125-26-221629 |
| Document: 0001193125-26-221629.txt | 0001193125-26-221629 |
| 8-K Data (Synthetic) | 0001193125-26-221629 |
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