Revenue slowdown. Spire posted its weakest-ever revenue growth (up 6%) and missed consensus by 8% due to a confluence of events impacting both Subscription revenues and Space Services.
Subscription revenues declined for the second consecutive quarter (down 10%) following increased solar activity that impacted the ability to collect saleable data and impaired the service life of at least 43 satellites (~60% of the Lemur fleet). U.S. government orders were also delayed due to the budget Continuing Resolution.