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Spire Global Earnings $SPIR
Spire Global had a record second quarter, with their strongest revenue and lowest operating loss since becoming public.
- Revenue of $26.5M, $1.5M higher than the top end of our guidance and $2M higher than consensus estimates.
- Gross margins that increased to 64% on a GAAP basis and 68% on a non-GAAP basis. Gross margins have increased by +11% in 2023.
- Increased year-end guidance for non-GAAP operating loss by $2M at the midpoint and adjusted EBITDA by $1M at the midpoint.
- Provided further clarity on the path to positive free cash flow. Spire Global expects to generate positive cash flow from operations by the end of the year, and become free cash flow positive in Q2 or Q3 of 2024.
During the quarter, Spire Global announced a number of awards including:
- A €16 million, three-year contract to design and demonstrate a satellite-based aviation surveillance system for ESA’s EURIALO program.
- A $6.5 million contract with NASA for Earth Observation data; this is a $500K increase from the prior year’s contract.
- An agreement with OroraTech to build, launch and operate an eight-satellite constellation dedicated to global temperature monitoring.
- An agreement with GHGSat to build, launch and operate four additional 16U satellites that will carry GHGSat payloads to monitor greenhouse gas emissions.
$SPIR expects to execute a reverse stock split within the next 30 days, which is designed to regain compliance with the NYSE listing requirements.
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