Spire (SPIR) Q4 2025 Earnings Call Transcript

Spire Global is emphasizing its pivot to space-based intelligence following the Maritime divestiture, detailing Q4 2025 revenue of $15.8 million and full-year 2025 revenue of $71.6 million. Non‑GAAP gross margin for Q4 was 43% and 44% for the full year, while Q4 Adjusted EBITDA reached negative $9.7 million and operating cash flow was negative $4.3 million. The company finished the year with $81.8 million in cash and marketable securities and no debt. For 2026, management targets $75‑$85 million in revenue and negative $26 million to negative $20.7 million in Adjusted EBITDA, with roughly 75% of revenue under contract or backlog.