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.…
Earnings analysis · 10-Q
SPIR earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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).
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.52
- 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 stood out
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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%.
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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.
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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.
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Core Revenue and EBITDA Improvement
Core revenue increased 16% year over year, while adjusted EBITDA improved 16% to negative $8.6 million.
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$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.
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$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.
What to watch
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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.
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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.
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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.
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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.
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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.
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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.
Management's outlook
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).
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.