Spire Global(NYSE) SPIR

Spire Global tracks ships, planes, and weather using its own satellites. Its data helps governments, airlines, and logistics companies make safer, faster decisions. Spire’s services support national security, weather forecasting, and global supply chains.

Products and Services

• Space Reconnaissance: Provides radio frequency (RF) data for defense and intelligence agencies; 43% of 2025 revenue from government clients.
• Aviation Analytics: Tracks aircraft worldwide for airlines and logistics firms; includes flight tracking and predictive maintenance.
• Weather and Climate: Delivers space-based weather data and forecasts for insurers, agriculture, and supply chain managers.
• Space Services: Lets customers deploy their own satellite equipment using Spire’s infrastructure; subscription-based model.
• R&D Services: Conducts research contracts for satellite technology, often with space agencies.

Growth and Expansion

• Sold maritime analytics business to Kpler Holding SA in April 2025 for approximately $238.9 million.
• Formed strategic partnership with TAC Index Limited for aviation data.
• Expanded Space Services with Myriota Pty Ltd in 2025, adding 16 satellites.
• Secured contracts with NOAA, EUMETSAT, Deloitte, and the Missile Defense Agency in 2025.
• Operates in the US, UK, Luxembourg, Singapore, Germany, and Canada since 2012.

What Makes Spire Stand Out

Spire designs, builds, and operates its own satellites and ground stations. Its platform collects radio signals, not images, giving it a unique data niche. The company’s subscription model turns high upfront costs into recurring revenue for clients.

Five Things You Need to Know

• Revenue was $71.6 million in 2025, down 35% from 2024.
• Gross margin rose to 41% in 2025, up from 36% in 2024.
• Net income was $51.3 million in 2025, driven by maritime sale gain.
• Subscription revenue made up 77% of total revenue in 2025.
• No long-term debt as of December 31, 2025; $81.8 million in liquidity.

Bottom Line

Spire has shifted focus after selling its maritime business and now emphasizes government, aviation, and weather data. Its vertically integrated satellite platform and recurring revenue model support adaptability in a changing market.