Spire Global (NYSE:SPIR), a leading satellite data provider, reported a revenue decline for the third quarter of 2025, posting $12.7 million in sales, a drop from the same period last year.
The decrease was primarily due to the sale of Spire’s maritime business at the end of April 2025.
In 2024, the company had recognized $43.5 million in revenue from the maritime segment.
The company also cited lower-than-expected revenue in Q3 2025, driven by revenue recognition timing and uncertainty surrounding the renewal of an Earth observation data contract.
While some of the revenue impacted by these timing issues remains contracted, Spire anticipates that it will be recognized in 2026 as the company progresses through program milestones.
Spire reported a third-quarter operating loss of $21.1 million, with a non-GAAP operating loss of $13.9 million.
The company’s net loss for the quarter was $19.7 million, and adjusted EBITDA came in at negative $11.8 million, reflecting the effects of lower revenue and the timing of revenue recognition.
Cash flow used in operations for Q3 2025 was $12 million, with the company holding $96.8 million in cash, cash equivalents, and marketable securities at the end of the quarter.
Spire attributed its cash usage to revenue timing effects, satellite manufacturing-related working capital dynamics, and higher legal and professional fees.
Despite these challenges, Spire maintains a debt-free balance sheet heading into 2026.
As of September 30, 2025, Spire’s remaining performance obligations not yet recognized as revenue totaled more than $200 million.
Of that balance, the company expects approximately $70 million to be recognized as revenue in 2026.