Spire Global, Inc. announced its financial results for the quarter ended September 30, 2026, reporting a 42% year-over-year increase in revenue. The company reported GAAP revenue of $18.0 million for the third quarter of 2026. Excluding the maritime business, revenue increased by 77% year-over-year. The company also noted that its GAAP gross margin improved by 9 percentage points year-over-year to 46%, with non-GAAP gross margin improving by 8 percentage points to 49%.
Despite the revenue growth, Spire reported a net loss of $20.3 million for the quarter, which compared to a net loss of $19.7 million in the prior year. However, the company’s adjusted EBITDA improved by 27% year-over-year to $(8.6) million, and its cash flow used in operations improved by 59% year-over-year to $5.0 million. As of September 30, 2026, the company held $78.0 million in cash, cash equivalents, and marketable securities and maintains a debt-free balance sheet.
In terms of business activity, Spire secured two major awards from the National Oceanic and Atmospheric Administration (NOAA) in the third quarter of 2026. The first is a $33.2 million task order for a two-year period beginning December 1, 2026, to December 1, 2028. This agreement involves delivering global navigation satellite system radio occultation data. The task order includes unfunded surge-buy options that could bring its total potential value to approximately $66 million if fully exercised. The second award is a two-year, $28 million contract to advance hyperspectral microwave sounding technology toward operational use for weather forecasting. Spire also signed multiple radio frequency geolocation (RFGL) awards in the quarter and successfully launched the first three satellites built at its manufacturing facility in Boulder, Colorado.
Regarding future guidance, Spire provided financial outlook for the full year ending December 31, 2026, expecting revenue between $75 million and $80 million and adjusted EBITDA between $(32.4) million and $(27.4) million. The company also provided a preliminary revenue range for 2027 of $96 million to $106 million.
