Spire Global, Inc.

Second quarter GAAP revenue was $18 million, up 16% year over year on a core basis excluding the divested maritime business, and up 19% sequentially from Q1. Non-GAAP gross margin was 38%, down from 52% in the year-ago quarter. Adjusted EBITDA was negative $8.6 million, improving 16% year over year and 15% sequentially. Cash flow used in operations was $23.4 million, improving 32% year over year and 11% sequentially, and the company ended the quarter with about $92 million in cash equivalents and marketable securities and no debt. For the full year, Spire reaffirmed revenue guidance of $75 million to $85 million, implying roughly $41 million to $51 million in the second half based on first-half revenue of $33.9 million; management said over 85% of the midpoint was already contracted and expects a Q3 step-up with most of the ramp in Q4.

Theresa Condor framed 2026 as a second-half-weighted year that is unfolding as planned, pointing to stronger core revenue, growing government weather opportunities, and continued RF intelligence demand. She emphasized that several milestones moved forward in the quarter: NOAA proposals advanced, RFGL bookings expanded, and satellite capacity grew with 29 launches year to date. Her tone was confident and specific, especially around the view that the company’s flight-proven data, manufacturing footprint in North America and Europe, and launch cadence are translating into a broader long-term pipeline.

Alison Engel highlighted that Q2 revenue growth was supported by higher delivery of space services data and increased RFGL data purchases, and said the sequential growth is evidence of the back-half acceleration previously described. She attributed the 38% non-GAAP gross margin partly to the WildFireSat contract cancellation and related balance sheet cleanup, but said gross margin should expand in the second half as revenue scales against a relatively fixed cost base and that the company continues to target 60% to 70% gross margin over time. She also said adjusted EBITDA of negative $8.6 million and operating cash burn of $23.4 million both improved meaningfully, cash usage should moderate in the back half, 2026 PP&E purchases should total about $27 million, and the company remains debt-free with about $92 million in cash and marketable securities.

Analysts focused on the timing of the second-half ramp, the status and size of NOAA awards, the cause of the gross margin drop, cash burn and CapEx, and whether government funding risks could affect the pipeline. Management said Q3 should show a step-up but most of the revenue ramp will land in Q4, the RO bridge award is expected in August, and the 8-figure microwave sounding award could be decided in about a month. On margin and cash, management blamed WildFireSat-related cleanup for the gross margin dip and said one-time costs are fading, while cash usage should improve sequentially in Q3 and Q4. When asked about U.S. budget cuts and a possible continuing resolution, management said NOAA commercialization is a priority and that they do not expect an impact to 2026 revenue.