Strong Deal Momentum, Execution Timing Pushing Breakeven into 2027
 
Results Inline. Spire reported Q4 revenue of $13.8M, up 44% y/y and 36% q/q (ex-maritime), supported by $13.7M NOAA awards secured in Sept’25 (RO and ocean wind data). Full-year revenue came in at $50.6M (ex-maritime), down 22% y/y, reflecting first three quarters of underperformance. Maritime contributed $21M to 2025 revenue.
 
Space Services delay. Q4 Space Service revenue grew 33% y/y to $3.4M but full-year revenue halved to $16M as customer launches (13 satellites) slipped into 1Q26. Management expects a rebound this year, supported by production scale (300-400 sats p.a.) and conversion of pilots into larger sovereign satellite contracts.
 
Profits remain dear. AEBITDA loss improved slightly to $9.7M and beat consensus by 18% on employee and infra cost rationalization (opex down 21% in Q4). Full year opex is up 12% y/y due to higher audit/legal expenses and severance pay-outs (13% headcount cut in Q2).