Spire Global, Inc. · NYSE:SPIR
Spire Global — Q4 2025 Earnings Presentation
15 slides from Spire Global's earnings presentation, Mar 18, 2026
Slide 1: Spire Global Q4 2025 and Full Year 2025 Investor Update
Spire Global Q4 2025 and Full Year 2025 Investor Update
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD–LOOKING STATEMENTS This presentation contains forward-looking statements, including information about management's view of Spire’s future financial results and guidance, expectations, plans and prospects, including our views regarding future execution within our business, and
Slide 3: 2025 Achievements
2025 Achievements Several significant awards Deloitte Selects Spire Spire Global Awarded Spire Global Awarded to Deliver Advanced $11.2 Million NOAA $2.5 Million NOAA Satellite Capabilities, Contract for Satellite Contract for Satellite Expanding Their On- Weather Data Weather Data Orbit Cyber and D
Slide 4: Technology Improvements
Technology Improvements Captured first Successfully Demonstrated two-way Launch of AI-driven microwave data, demonstrated single- laser communication, weather models, validating HyMS satellite radio marking an advancing next- hyperspectral frequency geolocation advancement in high- generation climat
Slide 5: Market Signals
Market Signals Three powerful macro trends are driving growth in demand for space-based solutions • Global defense and intelligence spending is accelerating • United States: Administration targeting $1.5T defense budget for FY2027 • Europe: Growing investments in space-based intelligence and soverei
Slide 6: Spire's Capabilities and Investments align with Market Signals
Spire’s Capabilities and Investments align with Market Signals • Deployed global constellation: ~100 payloads on orbit providing persistent global coverage • Twelve years of operational experience in space systems • Since 2013, Spire has designed, built, launched, and operated over 200 of our own sa
Slide 7: Core Business Revenue Accelerating
Core Business Revenue Accelerating Revenue Fourth Quarter 2025 Non-GAAP Results $25 $21.7M • 44% year over year revenue growth $20 • 36% sequential quarter growth $15.8M $15 Maritime Maritime $12.7M $13.8M • $3.6 million sequential growth, primarily Maritime 36% Core $10 $9.6M 44% $10.2M Sequential
Slide 8: Improving Non-GAAP Gross Margin
Improving Non-GAAP Gross Margin Non-GAAP Gross Margin Fourth Quarter 2025 Non-GAAP Results 50% 45% 5 point YoY 41% 43% • 5 point increase year over year Improvement 40% 38% 2 Point 35% Sequential Improvement • 2 point sequential quarter improvement 30% 25% • Sequential improvement driven by higher 2
Slide 9: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA Fourth Quarter 2025 Non-GAAP Results $0 Q4'24 Q3'25 Q4'25 • 8% year over year improvement ($2) ($4) • 17% sequential improvement ($6) • Sequential improvement driven by higher ($8) revenue and greater operating leverage ($10) ($9.7M) across headcount and infrastructur
Slide 10: Cash Balance
Cash Balance Cash, cash equivalents and Spire Maintains a Debt-Free Balance Sheet marketable securities $120 $96.8M • Timing of receipts vs engineering, manufacturing, and $100 $81.8M operations expense, including increased satellite $80 manufacturing $60 $40 • Additional legal and accounting fees $
Slide 11: 2026 Outlook
2026 Outlook Q1 2026 Guidance Full Year 2026 Guidance (in millions, except percentages and per share amounts) Revenue $14.5 - $15.5 $75.0 - $85.0 Maritime revenue $1.7 - $1.7 $3.7 - $3.7 Revenue excluding maritime $12.8 - $13.8 $71.3 - $81.3 Revenue excluding maritime Y/Y change 4% - 12% 41% - 61% N
Slide 12: Thank you
Thank you Spire Global Confidential and Proprietary Information | 12
Slide 13: Non-GAAP Reconciliation
Non-GAAP Reconciliation Q4'24 Q3'25 Q4'25 Total revenue $ 21,659 $ 12,670 $ 15,825 Year over year change (27)% Sequential change 25% Maritime revenue $ 12,067 $ 2,495 $ 2,015 Revenue excluding maritime $ 9,592 $ 10,175 $ 13,810 Year over year change 44% Sequential change 36% 13
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation Q4'24 Q3'25 Q4'25 Gross Margin (GAAP) 33% 37% 41% Adjustments: Exclude stock-based compensation 1% 1% 0% Exclude amortization of purchased intangibles 3% 3% 2% Exclude other acquisition accounting amortization 1% 0% 0% Gross Margin (Non-GAAP) 38% 41% 43% 14
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation Q4'24 Q3'25 Q4'25 Net loss (GAAP) $ (48,783) $ (19,676) $ (25,094) Depreciation and amortization $ 5,378 $ 2,557 $ 2,911 Interest, net $ 5,589 $ (1,013) $ (755) Income tax provision $ 57 $ (2) $ 1,818 EBITDA $ (37,759) $ (18,134) $ (21,120) Change in fair value of contingent