Spire Global cuts net loss by 49% as NOAA awards drive revenue growth

Spire Global (NYSE:SPIR) reported fourth-quarter 2025 financial results characterized by a dramatic reduction in net loss and strong organic growth within its core data and space services segments.

The company narrowed its quarterly net loss to $25.1 million, representing a 49% improvement compared to the same period in 2024.

The company's top-line GAAP revenue for the quarter was $15.8 million, a 27% decrease year-over-year that primarily reflects the divestiture of its maritime business in April 2025.

However, when excluding the maritime unit, Spire's core revenue surged 44% year-over-year.

On a sequential basis, revenue grew 25%, driven largely by higher radio occultation and ocean winds data sales under existing NOAA awards, alongside increased revenue recognition from its space services division.

For the full fiscal year 2025, total revenue reached $71.6 million, meeting the midpoint of the company's financial outlook.

Profitability metrics also showed steady advancement.

GAAP gross margin improved by 8 percentage points year-over-year to 41%, while non-GAAP gross margin climbed to 43%.

This margin expansion was attributed to greater operating leverage as the company optimized its headcount and infrastructure costs.

Adjusted EBITDA for the fourth quarter was negative $9.7 million, an 8% improvement over the prior year and a result that exceeded the high end of the company's guidance.

Spire continues to strengthen its liquidity position while maintaining a debt-free balance sheet.

Cash flow used in operations improved by 78% year-over-year, totaling $4.3 million for the quarter.

This usage was influenced by the timing of revenue, satellite manufacturing cycles, and elevated legal fees.

The company ended 2025 with $81.8 million in cash, cash equivalents, and marketable securities, providing a solid foundation for its 2026 operational goals.