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Date
Wednesday, August 13, 2025 at 5 p.m. ET
Call participants
Chief Executive Officer — Theresa Condor
Chief Financial Officer — Alison Engel
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Takeaways
Maritime business sale--Spire Global(SPIR 10.17%) completed the sale of its maritime business, eliminating all debt and materially strengthening its balance sheet.
GAAP revenue (Q2 preliminary)-- GAAP revenue for the second quarter of 2025 is expected to range from $18 million to $19 million; this figure includes GAAP revenue from the maritime business prior to its sale in April.
Cash and equivalents-- Ended the quarter with $117.6 million in cash, cash equivalents, and marketable securities.
Space services revenue outlook-- Management expects space services to be a continued driver of revenue growth in the second half, supplemented by WildfireSat and NOAA RO weather data contracts.
Revenue guidance-- GAAP revenue for the third quarter of 2025 is projected to be between $19.5 million and $21.5 million; full-year 2025 GAAP revenue guidance is reiterated at $85 million to $95 million.
Year-end cash target-- Management expects to end 2025 with over $100 million in cash, cash equivalents, and marketable securities despite increased costs related to the auditor transition and other matters.
Satellite deployment-- 27 satellites were deployed during the first half of 2025 and anticipated to drive a second-half revenue ramp.
Major space services contract-- Announced a new eight-figure, five-year space services contract with a repeat commercial customer; GAAP revenue will be recognized once assets are operational in orbit, with a 12- to 18-month lag, but billings occur throughout the contract timeline.
WildfireSat contract-- Revenue from the WildfireSat contract will be recognized on a percentage-of-completion basis, with 2025 as the first year of recognition.
NOAA radio occultation effort-- Management anticipates a revenue step-up to begin in late September, resulting in a full quarter contribution by year-end.
Headcount-- Current headcount is approximately 365, down from prior periods, with hiring focused on select, strategic roles.
Hyperspectral microwave sounder progress-- The advanced sounder completed successful flight testing on an aircraft test bed, with first orbital launch targeted for early 2026.
Backlog and pipeline-- Management describes the current sales pipeline as "active and robust" with increased customer interest, particularly in government and sovereign capability contracts.
Independent auditor update-- The search for a new independent auditor is in the request-for-proposal stage, with decisions expected after mid to late August.
2026 growth target-- Management reiterated a goal of "20% plus" revenue growth for 2026 (the basis—whether GAAP or non-GAAP revenue—is not specified in management commentary), excluding maritime from both base and future year calculations.
Summary
Spire Globalhighlighted a debt-free status and significantly improved liquidity following the sale of its maritime segment. Management cited strong demand for space-based data offerings, with multiple new commercial and government contracts supporting both current and expected future revenue. Revenue guidance for the remainder of the year is anchored by space services growth and new contract contributions, with the company expecting to maintain high liquidity levels. Execution milestones on technology development, such as the hyperspectral microwave sounder and a new product launch in Aircraft Exposure Analytics, indicate ongoing innovation within Spire Global's portfolio. Strategic market expansion into new geographies and defense sectors, as well as organizational streamlining through selective hiring, were emphasized as drivers for sustainable long-term growth.
Theresa Condor stated, "With this significant chapter now behind us, our team at Spire Global is channeling our collective energy towards what matters most: delivering exceptional operational performance, generating compelling financial results, and unlocking growth opportunities that will define our future."
CFO Engel explained the Q2 close is delayed due to "additional complexities, particularly those related to the maritime transaction."
Management confirmed that the newly announced eight-figure contract follows Spire Global's established "land and expand strategy" with repeat clients.
Chair highlighted that recent satellite deployments provide clear visibility and confidence in the revenue ramp during the year's second half.
Management acknowledged "increased costs due to certain things with respect to the accounting transition and a few other matters," possibly affecting the timing of a return to positive operating cash flow.
Management plans to provide additional financial guidance after filing the delayed 10-Q.
Industry glossary
Radio occultation (RO): A satellite technique to measure atmospheric properties by tracking signal bending as it passes through Earth's atmosphere, aiding weather prediction.
GNSSR (Global Navigation Satellite System Reflectometry): Remote sensing method using reflected navigation satellite signals to infer surface properties, such as ocean wind speeds.
Hyperspectral microwave sounder: Advanced satellite instrument that collects atmospheric temperature and water vapor data at multiple wavelengths, improving weather model accuracy.
Space services: Revenue-generating contracts providing satellite-based infrastructure, data, or analytics as a service to commercial or government clients.
WildfireSat: Canadian Space Agency's satellite program for wildfire monitoring; Spire Global has a contract to deliver and operate mission capabilities.
Aircraft Exposure Analytics: Product offering that quantifies aircraft exposure to hazardous weather by integrating real flight trajectories with global weather alerts.
RFGL (Radio Frequency Geolocation): Use of satellite systems to determine the position of objects transmitting radio signals anywhere on Earth.
Full Conference Call Transcript
Theresa Condor: Good afternoon, and thank you for joining us today. This quarter marked a transformative milestone in Spire Global, Inc.'s journey: the successful sale of our maritime business. This strategic transaction has fundamentally strengthened our financial foundation, eliminating debt entirely and establishing a robust balance sheet. With this significant chapter now behind us, our team at Spire Global, Inc. is channeling our collective energy towards what matters most: delivering exceptional operational performance, generating compelling financial results, and unlocking growth opportunities that will define our future. Spire Global, Inc.'s differentiated capabilities enable us to unlock insights powered by our versatile multipurpose satellite constellation.
Our recurring revenue model provides meaningful operating leverage, fueling sustained growth while supporting a rich portfolio of products that address the challenges faced by our diverse customer base. The European Space Agency recently procured historical weather data from Spire Global, Inc.'s satellite constellation to support advanced scientific research and the development of operational applications. Additionally, NASA awarded Spire Global, Inc. a TAP order extension modification under its commercial satellite data acquisition program for the provision of radio occultation, reflectometry, and space weather data. We expect this extension to serve as a bridge contract to a potential annual data purchase, which we hope to announce in the near future. Both contracts contribute to improving global weather forecasting and atmospheric understanding.
Spire Global, Inc. recently submitted a proposal to deliver near real-time global navigation satellite reflectometry data with a primary focus on measuring ocean surface wind speeds. This data would support the evaluation of the quality and applicability of commercial GNSSR observations across a range of domains, including enhanced weather forecasting models. The initiative directly addresses the growing need for accurate global sea surface wind measurements, critical for marine weather forecasting, hurricane tracking, ocean current analysis, and climate science. We are also actively engaged in our annual radio occult weather data acquisition agreement with NOAA.
As discussed during our last earnings call, there is the potential for NOAA to purchase up to 20,000 radio occultation profiles per day in the coming years. We are encouraged by NOAA's growing recognition of the importance of expanding data acquisition to enhance both the accuracy and timeliness of weather forecasts. While we continue to deliver reliable solutions that support our recurring revenue model, Spire Global, Inc. is also making thoughtful strategic investments to expand our capabilities and meet evolving market demands. Spire Global, Inc. is making remarkable strides in developing its hyperspectral microwave sounder technology.
These advanced sounders play a vital role in weather forecasting models because they can peer through clouds to gather crucial atmospheric data, something other instruments cannot do as reliably. Among all sources of weather data, microwave sounder observations consistently rank among the most impactful for improving forecast accuracy. Spire Global, Inc.'s hyperspectral microwave sounder enhances the vertical resolution of atmospheric profiles, enabling more precise measurements of temperature and water vapor from near the surface to the top of the atmosphere. We are pleased to share that our microwave sounder has successfully completed flight testing aboard an aircraft test bed, reaching an important milestone in its development. We are targeting the first launch of this sensor in orbit for early 2026.
There is significant interest in this technology from government weather agencies, and Spire Global, Inc. plans to use this data to enhance our own AI and physics-based modeling capabilities. Spire Global, Inc.'s development of this capability strengthens our comprehensive portfolio of weather data offerings, ranging from radio occultation and polarimetric radio occultation to reflectometry and soon hyperspectral microwave soundings. As severe weather events grow more frequent and intense, the need for diverse and high-quality observational data to improve forecasting models becomes increasingly urgent. Spire Global, Inc. is well-positioned to meet this demand with a unique and expanding set of satellite-based measurements.
As we continue to advance weather forecasting capabilities, customers are also finding creative ways to leverage Spire Global, Inc.'s aviation data. For example, researchers at Imperial College London purchased our ADS-B data to study contrails and their impact on weather. This data has been instrumental in validating models that simulate contrail formation and behavior, with findings incorporated into published scientific research, demonstrating yet another high-impact application of Spire Global, Inc.'s unique datasets. In addition to cutting-edge research, our aviation data continues to support more traditional applications. Aircraft owners, for instance, use Spire Global, Inc. data to track takeoff and landing times for each flight, enabling accurate logging of crew hours, calculation of airport charges, and optimization of aircraft utilization.
Within our aviation portfolio, we recently launched a new product, Spire Global, Inc. Aircraft Exposure Analytics. This solution empowers users to quantify aircraft-level exposure to hazardous weather by analyzing real flight trajectories alongside global weather alerts. By integrating flight paths with real-time and historical weather hazard data, aircraft exposure analytics pinpoints when and where individual aircraft have encountered conditions such as turbulence, icing, thunderstorms, volcanic ash, tropical cyclones, and more. This valuable insight helps airlines, maintenance teams, OEMs, lessors, and aviation insurers gain a clearer understanding of how environmental factors impact asset valuation, aircraft performance, safety, and long-term wear. Geopolitical developments continue to fuel demand for robust space reconnaissance solutions.
While we must maintain discretion regarding specific contracts, we are excited to highlight Spire Global, Inc.'s expanding capabilities. Our latest space reconnaissance offering merges advanced data collection with AI-powered processing to deliver differentiated insights, enabling persistent monitoring, real-time geolocation, and multi-layered situational awareness. Spire Global, Inc. can now collect, extract, and interpret publicly broadcast voice transmissions from space, applying AI to transcribe, translate, and summarize these communications in near real-time, supporting more effective assessment of intent and potential threats. Today's security landscape demands fast, smarter insights, beginning with real-time awareness of activities on the ground.
With our advanced RF detection and geolocation capabilities, we empower partners and agencies worldwide with the critical intelligence needed to make confident, informed decisions, even in the most challenging and remote environments, from maritime zones and border regions to conflict and disaster areas. Beyond these specific product enhancements, we are making broad-based investments to strategically position ourselves for larger long-term opportunities on a global scale. NATO recently introduced its inaugural commercial space strategy aimed at strengthening collaboration with the commercial space sector by streamlining engagement and expanding business opportunities.
The strategy emphasizes leveraging commercial solutions to complement allied space capabilities, with the goal of ensuring uninterrupted access to space services during peacetime and conflict, and fostering more flexible, resilient partnerships with industry. Key initiatives include adaptable contracting models, deeper integration of commercial services into NATO operations and exercises, and the establishment of a new space capabilities group to promote cooperation, standardization, and interoperability among NATO members and commercial partners. This strategic shift reflects a growing demand for commercial innovation in the defense space market, opening significant opportunities for industry leaders.
NATO member countries have committed to increasing defense and security investments to 5% of GDP by 2035, a substantial rise from current levels, which bodes well for companies positioned to deliver sovereign capabilities. In response to these trends and opportunities across the U.S., Canada, the UK, and Europe, we have made the strategic decision to establish manufacturing facilities in each of these critical markets. Additionally, we continue to invest in top-tier talent to strengthen our regional presence and accelerate market penetration. Earlier this year, we expanded our leadership team with seasoned experts bringing deep European defense experience. And most recently, we announced that Quentin Jones will be joining Spire Global, Inc., adding extensive expertise working with the U.S.
Government and allied partners. We will continue to prudently make investments in the sales and marketing team to drive growth for the company. And finally, just this afternoon, we announced an eight-figure five-year space services contract from a repeat commercial customer, underscoring the value Spire Global, Inc. delivers to those seeking reliable, proven technology on an accelerated timeline. Spire Global, Inc. has the right resources, team, technology, and opportunities to drive success. We remain focused on execution, agile in adapting to the evolving landscape, and committed to investing in the areas that fuel long-term growth. I am proud of the progress we have made this quarter and optimistic about the promising opportunities ahead.
With that, I will turn it over to Alison. Thank you, Theresa.
Alison Engel: I would like to begin with an update on our efforts to hire a new independent auditor. Over the past few weeks, we have made meaningful progress in this process. After initial exploratory discussions, we have moved into the request for proposal stage and are now engaged in-depth conversations with several firms. Our goal is to identify the right long-term partner. We expect to receive proposals from all participating firms by mid to late August, after which we will review the proposals and make a decision. We are currently in the final stages of closing our second quarter results. This process is taking slightly longer than usual due to additional complexities, particularly those related to the maritime transaction.
While we finalize the full financials, we are providing preliminary unaudited revenue figures to keep you informed in the interim. As a reminder, Spire Global, Inc.'s Q2 2025 results and prior quarter's results include portions of the maritime business, which was sold in April. GAAP revenue for the second quarter is expected to be in the range of $18 million to $19 million. Given the deployment of satellites this year, we expect space services to be a continued driver of our revenue expansion in the second half of the year, along with revenue growth from our WildfireSat contract and NOAA RO weather data. We finished the quarter with cash and cash equivalents and marketable securities of $117.6 million.
We have an active and robust pipeline and are diligently working to close more deals by the end of the year. At this time, we are only providing revenue guidance for the third quarter and full year, in addition to reiterating our expectations to finish the year with over $100 million of cash, cash equivalents, and marketable securities. We plan to provide additional guidance upon the filing of our 10-Q. As we shared last quarter, we anticipate continued momentum in the second half of the year. For the third quarter, we expect revenue to be in the range of $19.5 million to $21.5 million.
For the full year, we reiterate our previous expectations for revenue to be between $85 million and $95 million. Now I would like to open the call for questions.
Operator: Thank you. We will now be conducting a question and answer session. Our first question is from Erik Rasmussen with Stifel.
Erik Rasmussen: Yes, thanks. And congrats on the new lease figure space services award. Maybe can you just offer any additional details on how big this could be for Spire Global, Inc.? How many satellites this represents? Maybe what kind of markets it will serve and maybe when you expect to see the revenue impact?
Theresa Condor: Yeah. So I mean, I think it is a really nice contract for us. We mentioned an eight-figure deal. And I think the other thing that we can share is this is a good example of our kind of land and expand strategy. So it is a customer that we have worked with previously who has continued to build out capabilities with us. This is going to be a standard space services contract in that we will recognize revenue once the assets are in orbit and collecting data. So it is going to have that, you know, twelve to eighteen months time lag given the new revenue recognition policies that we have in place.
Erik Rasmussen: Okay. And but along the way, though, you will get reimbursed after manufacturing and for building.
Theresa Condor: That is right. We will have billings all along the way.
Erik Rasmussen: Okay. Then maybe just on sort of the revenue results. Q2 looks like you lowered the midpoint by about $500,000. Can you just maybe provide a little bit of color on that, what drove that? And then on the outlook for the year, you are still targeting $85 million to $95 million, which assumes a pretty steep second ramp. Maybe just what gives you the confidence of hitting that?
Alison Engel: Yeah. Thanks, Erik. So, you know, we provided a million-dollar range because we are really still in the process of completing our close, particularly around a couple of our larger contracts, and with our auditor transition and other things, it is just taking a little bit longer than we anticipated. So we want to be, you know, we want to give a range, but also give ourselves wiggle room in case we need it so we do not surprise anyone. Confidence in the second half really comes from a lot of the satellites that were deployed in the first half. We deployed 27 satellites in the first half, and a lot of those were launched for our space services customers.
So it gives us clarity into the revenue ramp-up for the next half of the year. We are also starting to recognize revenue on our WildfireSat contract. And so that is an execution story for us that as we execute, we drive revenue. And we expect a step up in the revenue for our NOAA RO weather data effort that Theresa has talked a lot about over the past few months, and this would start in late September and give us a full quarter of higher revenue. So that is what is driving the confidence in that ramp.
Erik Rasmussen: Great. Maybe just my last one. Would you still be targeting 20% plus for next year when factoring the sale of the maritime business on an equal sort of comparison?
Alison Engel: Absolutely. We are kicking off our 2026 planning process, that is the stated objective. So that is where we are targeting for, if not even maybe better. We will see.
Erik Rasmussen: Great. And still positive operating cash flow maybe in the second half of this year, still on track?
Alison Engel: We are working through that. We are committed to ending the year at still over $100 million in cash and cash equivalents. We are experiencing increased costs due to certain things with respect to the accounting transition and a few other matters. So, you know, I am a little bit hesitant. But that is where we are focused on managing our cash and hoping to get to that objective, if not in the back half of this year, then early next year.
Erik Rasmussen: Great. Thanks. Good luck.
Alison Engel: Thanks, Erik.
Operator: Our next question is from Jeff Van Rhee with Craig Hallum Capital Group.
Jeff Van Rhee: Great. Thanks for taking my questions. Had a question along the lines of the pipeline. And maybe specifically around space services. But obviously, there is a lot of disruption with the Kepler sale, maritime sale, and the situation with the balance sheet. But now that is behind you and the balance sheet is in good shape or debt-free, just I realize it is somewhat early, but how has that resonated in terms of unlocking maybe some frozen sales cycles and impacting those that were already in flight?
Theresa Condor: What I can say, Jeff, is I feel very good about the pipeline that we have ahead of us. There are a lot of them that we have some visibility into coming up that we already know a lot about. We talked about NASA and, you know, a lot of the names that we cannot talk about a lot on the radio frequency geolocation side. So, I want to highlight that. Not just talking about space services, but what we are doing on the space reconnaissance side.
And what I would say is that it is kind of interesting in the current environment, we are having, you know, probably more inbound interest than I have seen in a long time at a company. You know, normally, you have your sales teams out there pushing hard, and we are in a current situation, in particular with RFGL, where we actually have people coming to us because we have a good product. We have something that can be used with customers worldwide, and we are in a very particular moment in time.
I feel very positive about the pipeline that we have and that we felt strongly enough that we can keep the revenue range and, you know, really feel optimistic about 2026.
Jeff Van Rhee: Okay. And then Alison, maybe a few for you. I did not hear on the 10-Q, what is the estimate in terms of filing time one. Two, where is headcount right now? And then maybe just lastly, the range $85 million to $95 million, a lot of space in there with a couple quarters here to go. So just simply put, what gets you to low end, what gets you to high end? What drives that variability?
Alison Engel: Yeah. So I do not have a solid date on the 10-Q. I can assure you that we are all working assiduously here towards it. Everyone wants to get it filed. I am hopeful in the next few weeks, we will be able to do that, but I am really hesitant to put a firm date on that, as there are just still a few open items that we are working through. The maritime transaction came with about, you know, 20 contracts that were extremely a lot of work for the company. This is the first quarter we have really recognized anything on WildfireSat, that is a big contract for us to work through.
So there are issues that we are working through, but we are confident right now in our top line, and we will file this as soon as humanly possible. We are right around where we were in headcount. We were at about 380. We are down from that. We are in the more, like, 365 range from what I saw last week. So we are managing headcount. We are making very selective hires, as you have seen, and Theresa can talk about some of that. But we are trying to hold steady if we are not being down from last time we talked.
And again, I just say on the range for the full year, I think the confidence comes from what we have launched for space services revenue that we can start recognizing the WildfireSat contract and the NOAA RO deal that gives us confidence that we can be in that range without a lot of hesitation.
Jeff Van Rhee: Okay, great. Thanks for taking the questions. I will leave it there.
Operator: Our next question is from Brian Kinstlinger with Alliance Global Partners.
Brian Kinstlinger: Great. Thanks so much for taking my questions. You launched 27 new satellites in the first half, I believe that was the number. Is there a way to quantify what the annual run rate of revenue is from the data services that will be delivered on those 27 satellites?
Alison Engel: Yes. There is a way. It is not something we have, yeah, exactly. I think, look, I would say, and I think I have said this before, like, Ben and I are spending a lot of time post-maritime about how to reposition, how we talk about revenue. We are not there yet, but that is something that we are working on for 2026. I think the main thing to know is that it is, you know, the space services revenue is growing. It is increasing. The new deal continues to add to the, you know, remaining performance obligation that we can recognize over time. So that is all positive.
But I think this is to come in terms of a little bit more detail on those numbers.
Theresa Condor: And the only other thing I think I would add there is just to remind you that we really operate this constellation as a network. All these satellites are doing multipurpose things, and we are operating it, you know, altogether as a network. So you also should not think about this as something that is, like, revenue per satellite, right? We have never talked about it that way, and I do not think that is the right way to think about it. The better way to think about it is really at looking, what is the replenishment CapEx that we have per year as that baseline and then all the revenue that we can grow on top of that.
Leverage model that we continue to talk about.
Brian Kinstlinger: Did you answer my next question without me even having to ask you? Good job. I am curious for the eight-figure contract, you highlighted this was already a customer. Can you share, because we do not know who that customer is, what that rough revenue run rate of that customer is before this contract? Just trying to gauge if they were very big, very small, and anything you can share?
Theresa Condor: Yeah, I do not think that is something that we are publicly sharing other than we are continuing to look at the quality and the long-term relationship of the type of customers that we work with on a space services side. We are being, I would say we are being particular about, you know, who we work with and the type of deals that we do, and this is the type of customer that we feel good about as a long-term partner that we want.
Brian Kinstlinger: Okay. Last question I have. I was one of the questions was about cash. I think I heard you have about just below $118 million of cash. And you expect to end the year at $100 million. Does that approximate your EBITDA loss in the second half of the year? Otherwise, where does that $18 million come from?
Alison Engel: Hang on. I am just thinking through that. I mean, I think, look, I think that there are, I am just trying to think through how I want to answer this. There are some pressures on cash that may or may not be reflected in adjusted EBITDA. So we, you know, there are certain items that we adjust out that are, you know, cash flow, uses of cash. So I am not sure that it is the best estimate because we do have things that we are adjusting out. So I just want to make sure I clarify that.
Brian Kinstlinger: Okay. Alright. Thank you.
Operator: Our next question is from Austin Moeller with Canaccord Genuity.
Austin Moeller: Hi, good afternoon, Theresa and Alison. So just my first question on the microwave sounder. When placed in orbit, would that particular instrument strengthen your competitive positioning versus companies like Tomorrow IO by putting that into your toolbox? And ultimately, do you plan to deploy several of those and add it to the broader LIMA constellation?
Theresa Condor: I would say the short answer is yes. I mean, we are not doing direct competitive with them necessarily at the moment, but it is absolutely something that we work with customers today who are looking at that data and testing that data, including from the test flight that we did. And we do have an expectation that this is something that we start selling the data sets, goes into our own forecasting models, and becomes part of our product portfolio.
Austin Moeller: Okay. And just a follow-up, do you have any update on the development of the four Uriala satellites?
Theresa Condor: They are being worked on right now. So that contract continues to be executed nicely and, you know, on track.
Austin Moeller: Very exciting. I will pass it back there. Thank you.
Operator: Thank you. Our next question is from Chris Quilty with Quilty Space.
Chris Quilty: Thanks. Theresa, you mentioned you are seeing more inbound interest than you have seen in a long time. Is that specific to the space services side of the business? Or is it the new mapping service? Or is it just broad-based?
Theresa Condor: I would say it is broad-based. But probably more broad-based on the government side. So it is going to include space services. A lot of it is related to inbound looking at sovereign capabilities. So, I mean, this is a theme that we have talked about quite a lot. I think the space sector overall is talking about quite a lot. And then it also is going to be related to the space reconnaissance, which I really see as an important growth area for Spire Global, Inc. And again, where we have assets in orbit and we have, you know, competitive differentiation.
Chris Quilty: Gotcha. And on that service, that is something you sort of developed and launched. Was there customer pull for that? And do you have specific customers you are targeting for that service?
Theresa Condor: There is, you know, we developed the service certainly because there is customer demand for it. I mean, we generally like for that to be the case when we develop something and take it out into the market. It is very difficult, unfortunately, to talk about the customer base for that product. And all I can say is that, you know, we can have customers in The United States, and we can have customers outside of The United States.
Chris Quilty: Understand. And how would that service differentiate from what Hawkeye 360, Unseen Labs, Sierra Space are doing?
Theresa Condor: Yeah. So I think everyone is doing slightly different things and picking up slightly different spectrum. I think, you know, we have assets in orbit. We have quality geolocation that we are able to deliver. I think we have a really nice automated pipeline where we can get, you know, good latency out to customers. And I think we have the ability to work with a diverse set of customers, which is something that is unique.
Chris Quilty: Gotcha. A follow-up on the Canadian Space Agency, the WildfireSat program. Does that one follow the same sort of twelve to eighteen-month build cycle? Or I think you are doing an AIT facility up in Montreal. Does this one have a much longer lead to get to the service revenue?
Theresa Condor: So this is a percent completion. So we are actually taking revenue along the way. That is why we talk a lot about that contract being relevant for the revenue recognition in 2025. I do not know, Alison, if you need to answer that is correct. Absolutely correct.
Chris Quilty: Gotcha. And a question on the sounder program. What size satellite will you use to host that sounder? Is that a standard 3U, 6U, 12U?
Theresa Condor: So it is on the larger end. Because this is a more complicated payload. I think it has more power requirements, but it fits within the form factors that Spire Global, Inc. already does.
Chris Quilty: Gotcha. Very good. Appreciate the feedback.
Operator: Thank you. There are no further questions at this time. This does conclude today's conference call. We thank you for your participation. You may now disconnect your lines.