Revenue Beat and Strong Top-Line Guidance
Q1 GAAP revenue was $15.8M, which came in above the high end of guidance. Full-year 2026 revenue guidance reaffirmed at $75M–$85M (over 50% YoY growth ex-maritime at the midpoint).
Spire Global
· SPIR
May 13th, 2026
Summary
- Earnings Call Date:
- 2026-05-13
- Change Since:
- -6.75%
- Next Earnings Date:
- 2026-11-11
Earnings Call Sentiment
PositiveThe call emphasized strong execution and visible progress: revenue beat guidance, core revenue grew 13% YoY, gross margin expanded 5 points, RFGL and HyMS technical milestones have converted into early revenue and orders, manufacturing and reserved launch capacity provide durable competitive advantages, and the company strengthened its cash position with a $65.5M placement. Near-term challenges remain: meaningful operating losses (adjusted EBITDA negative), significant Q1 operating cash burn driven by working capital and elevated professional fees, and execution/delivery and European procurement timing risks that could affect the cadence of back-half revenue. Overall, the positives—contract coverage (76% of 2026 guidance), technology validation, commercial and government wins, and strengthened runway—outweigh the near-term financial headwinds and timing risks.
Company Guidance
Spire reaffirmed unchanged full‑year 2026 guidance of $75–85 million revenue (which equates to >50% YoY growth ex‑maritime at the midpoint), adjusted EBITDA of negative $26.0M to negative $20.7M, non‑GAAP operating loss of negative $37.8M to negative $32.6M, and non‑GAAP loss per share of negative $0.93 to negative $0.79 on ~37.9M shares, and said it will move to annual (not quarterly) guidance; Q1 beat the high end of guidance with GAAP revenue $15.8M (core revenue ex‑maritime +13% YoY), non‑GAAP gross margin 44% (+5 pts YoY), adjusted EBITDA negative $10.2M, and $26.2M used in operating cash flow, with ~ $50M cash & marketable securities at quarter‑end plus $65.5M net proceeds from an April 10 private placement, roughly 76% of 2026 guidance already under contract, and targets of adjusted EBITDA breakeven in Q4 2026–Q1 2027 and positive operating cash flow sometime in 2027.
Core Revenue Growth
Core revenue ex-Maritime grew 13% year-over-year (Maritime revenue in Q1 was $1.9M and excluded from core growth).
Improving Gross Margin Profile
Non-GAAP gross margin was 44% in Q1, an improvement of 5 percentage points versus the prior-year quarter, with a long-term gross margin target of 60%–70%.
RF Geolocation (RFGL) Commercial Momentum and Technical Progress
Deployed 19 satellites across 2 launches, expanding RFGL collection capacity by 6 new satellite pairings; demonstrated single-satellite geolocation for S-band and X-band; secured 5 new U.S. RFGL orders and 3 new international RFGL customers—RFGL is converting from milestone to revenue.
Hyperspectral Microwave Sounder (HyMS) First Light and Early Sales
HyMS achieved first light with the demonstrator, is delivering on-orbit data that meets/exceeds technical targets, and Spire is already delivering/receiving payment for microwave sounder data; HyMS data is being integrated into NOAA and allied agency discussions.
AI Weather Model Outperformance
AI-S2S model outperformed the leading global subseasonal weather benchmark by 14.2% in the critical 3–6 week range using standard skill score methodology, providing differentiated value for energy trading and hedging workflows.
High Contracted Revenue Visibility
Approximately 76% of 2026 revenue guidance is under contract today, with additional visibility from sole-source procurements and an active bidding pipeline (more than $150M of 2026 NOAA opportunities in-flight).
Operational Moats: Launch Reservations and Transatlantic Manufacturing
Spire has launched >240 satellites across >40 campaigns, reserved launch capacity through 2028, and operates scaled manufacturing across the U.S., Europe and the U.K. (total manufacturing capacity cited across sites at ~300–400 satellites), enabling sovereign-ready offerings and faster deployment than many peers.
Strengthened Cash Position and Debt-Free Balance Sheet
Exited Q1 with ~ $50M in cash and marketable securities and closed a private placement on April 10 adding $65.5M net proceeds, substantially increasing runway; company remains debt-free and expects cash to fund through adjusted EBITDA breakeven and beyond.
Operator
Greetings, and welcome to the Spire Global First Quarter 2026 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded. [Operator Instructions] It's now my pleasure to turn the call over to Ben Hackman, Head of Investor Relations. Please go ahead.
Benjamin Hackman
Thank you. Hello, everyone, and thank you for joining Spire's First Quarter 2026 Earnings Conference Call. Our earnings press release and related SEC filings are posted on the company's Investor Relations website, and a replay of today's call will be made available. With me today are Theresa Condor, CEO; and Ali Engel, CFO. Our commentary today will include non-GAAP items. Reconciliations between our GAAP and non-GAAP results as well as our guidance can be found in our earnings press release, which can be found on our IR website. Some of our comments today contain forward-looking statements that are subject to risks, uncertainties and assumptions. In particular, our expectations around our future results of operations and financial condition are uncertain and subject to change.
Should any of these expectations fail to materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties and assumptions and other factors that could affect our financial results is included in our SEC filings. With that, Theresa.
Theresa Condor
Thank you, and good afternoon, everyone. Q1 confirmed the shape of the year we described to you in March and added forward visibility on top of it. The ...
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