SPIR earnings analysis
What we found in SPIR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Q2 2026 revenue of $18.048 million recovered sequentially from $16 million but declined 5.0% year over year, while gross margin remained strong at 48.9% and operating margin improved to negative 116.9%. Core revenue grew 16% year over year and adjusted EBITDA improved 16% to negative $8.6 million, but GAAP EPS was negative $0.52 and the company continues to carry 5 material weaknesses with ineffective disclosure controls. Liquidity was $91.7 million across cash and short-term securities, and FY2026 revenue guidance of $75.0 million-$85.0 million was maintained while non-GAAP EPS guidance was lowered to $(0.95)-$(0.81).
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Sequential Revenue Recovery
- Q2 revenue was $18.048 million, up from $16 million in Q1 2026, an increase of approximately 12.8%, but down from $19 million in Q2 2025, a decrease of approximately 5.0%.
- Gross Margin Held at 48.9%
- Gross margin was 48.9%, up 9.1 percentage points from 39.8% in Q1 2026 and 0.0 percentage points from 48.9% in Q2 2025.
- Operating Margin Improved Sequentially
- Operating margin improved to negative 116.9% from negative 149.5% in Q1 2026, a 32.6-point improvement, although it was unchanged from negative 116.9% in Q2 2025.
- Core Revenue and EBITDA Improvement
- Core revenue increased 16% year over year, while adjusted EBITDA improved 16% to negative $8.6 million.
- $91.7M of Cash and Securities
- The company reported $38.8 million of cash and cash equivalents plus $52.9 million of short-term marketable securities as of June 30, 2026, totaling $91.7 million of liquidity.
- $12.4M NorthStar Award
- The NorthStar arbitration produced a Final Award of approximately $12.4 million in Spire's favor on July 31, 2026; the award dismissed NorthStar's claims and is immediately due and payable.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Unremediated Material Weaknesses
- Disclosure controls were not effective as of June 30, 2026 because of 5 previously identified material weaknesses in internal control over financial reporting. Management stated that the weaknesses could result in a material misstatement of substantially all accounts or disclosures.
- Historical Restatements and Adjustments
- The company previously restated financial statements for 2023 and 2022, interim periods in 2023 and 2022, and Q1 2024; the controls weakness also caused immaterial audit adjustments to revenue and contract liabilities for the three months ended June 30, 2025.
- Uncertainty Around Arbitration Recovery
- The NorthStar Final Award requires approximately $12.4 million to be paid immediately, but management cannot predict the timing or amount of recovery or other impacts, creating collection and execution uncertainty despite the favorable ruling.
- Foreign-Exchange Losses
- Foreign-currency remeasurement generated losses of $0.6 million in Q2 and $2.2 million in the first six months of 2026, compared with gains of $7.0 million and $10.8 million in the comparable 2025 periods.
- Unhedged Currency Sensitivity
- A hypothetical 10% strengthening or weakening of the U.S. dollar would have changed six-month 2026 pre-tax income by approximately $0.5 million; the company currently uses no foreign-exchange hedging contracts.
- Ongoing SEC Investigation
- The SEC subpoena received in July 2025 covers the company's restatements, historical accounting policies, internal controls and the premature filing of its 2024 Form 10-K; management cannot predict the investigation's outcome or timing.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.52
- Gross margin
- 48.9%
- Operating margin
- -116.9%
- Segment
- Core revenue increased 16% year over year; exact segment revenue amounts were not provided in the supplied filing extract.
- Segment
- Maritime revenue is included in FY2026 guidance at $3.4 million; quarterly maritime revenue was not separately disclosed in the supplied extract.
What they said about what is next.
FY2026 revenue guidance was maintained at $75.0 million-$85.0 million, including $3.4 million of maritime revenue. Non-GAAP EPS guidance was lowered from $(0.93)-$(0.79) to $(0.95)-$(0.81).
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 14, 2026
- Spire Global reported Q1 2026 earnings with a revenue of $15.8 million, exceeding estimates but representing a 34% decrease year-over-year. The company posted an EPS loss of -$0.37, less than the expected -$0.41.…
- 10-K · March 31, 2025
- Spire (SPIR) positions itself as a vertically integrated provider of space-based data, analytics and Space-as-a-Service built on its proprietary LEMUR nanosatellite constellation and global ground stations. The company…
- 10-Q · March 3, 2025
- Spire reported Q3 revenue of $28,568 (three months ended September 30, 2024), up from $22,126 in the prior-year quarter, with gross profit of $12,725 (gross margin 44.5%). Operating loss narrowed to $(13,719) (operating…
- 10-K · March 6, 2024
- Spire describes a differentiated, vertically integrated strategy: it designs, manufactures, integrates and operates its own LEMUR nanosatellite constellation and ground stations to deliver four commercial offerings…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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