Spire Global, Inc. SPIR

IndustrialsTelecommunications ServicesUnited States of America

Last close 8.87 USD on Nov 1, 2026, +18.3% year to date

Quant rating

Quant rating D Rank 453 of 486 in Industrials

Growth B 192 of 486
Valuation D 398 of 486
Quality D 444 of 486
Revisions D 443 of 486
Momentum D 390 of 486

Wall Street consensus Buy (1.75)Average target 20.88 USD +135.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 360M
Enterprise value: 269M
52-week range: 6.60 – 25.90
3-year range: 3.59 – 25.90
Dividend yield: –
Beta (5 years): 3.18
Shares outstanding: 40.6M
Next earnings: Nov 10, 2026

About the company

Spire Global, Inc. is a global provider of space-based data, analytics and space services, offering datasets and insights about earth so that organizations can make decisions. The Company builds, owns, and operates a fully deployed satellite constellation that observes the earth in real time using radio frequency technology. The data acquired by its satellites provides global weather intelligence, plane movements, and spoofing and jamming detection to better predict how their patterns impact economies, global security, business operations and the environment. It also offers space as a service solution that empowers customers to leverage its infrastructure to put their business in space. It provides customers these solutions through an application programming interface infrastructure. It also offers research and development services to third parties, for the advancement of contracted satellite technologies. It has a presence in the United States, Canada, Luxembourg, and others.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	71.6	110	97.6	70.8	43.4	–
Revenue growth	−35.2%	13.2%	37.9%	63.2%	52.2%	20.2%
EPS (basic, normalized)	1.49	−2.21	−3.27	−3.28	−7.44	–
EPS growth	–	–	–	–	–	–
Gross margin	40.8%	36.1%	39.5%	24.2%	56.8%	39.5%
Net margin	71.7%	−93.1%	−79.5%	−139.9%	−87.8%	−65.7%
ROE	101.4%	−788.0%	−120.3%	−70.4%	−53.8%	−186.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	91.7
Current ratio	1.87x
Long-term debt (mil)	0
Net debt (mil)	−91.7
Total equity (mil)	144
Net debt / equity	−0.64x
Net debt / EBITDA	2.31x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	71.6	−35.2%	3.8x	−39.7	−489.9%	−6.8x	1.49	+167.4%	6.0x
2026	79.9	+11.7%	3.4x	−24.2	+38.9%	−11.1x	−1.87	−225.5%	−4.7x
2027	101	+26.2%	2.7x	−3.9	+83.8%	−68.6x	−0.89	+52.4%	−10.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	79.9	0.0%	+0.1%	+1.4%	−1.87	−3.5%	−16.1%	−17.2%
2027	101	+0.9%	+1.3%	+4.4%	−0.89	−11.7%	−29.6%	+8.5%
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	25.7	25.4	28.6	21.7	23.9	19.2	12.7	15.8	15.8	18.0
Sales mean (mil)	28.0	30.2	32.1	26.4	22.7	19.6	22.0	15.5	15.1	18.1
Surprise	−8.1%	−16.0%	−10.9%	−17.9%	+5.2%	−2.0%	−42.4%	+2.1%	+5.0%	−0.5%
EPS reported	−0.53	−0.45	−0.43	−0.83	−0.63	−0.48	−0.40	−0.76	−0.78	−0.52
EPS mean	−0.68	−0.26	−0.19	−0.68	−0.67	−0.45	−0.31	−0.63	−0.63	−0.39
Surprise	+21.6%	−73.1%	−126.3%	−21.5%	+6.0%	−6.7%	−29.0%	−21.3%	−23.4%	−34.2%

Peer comparison Telecommunications Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SPIR Spire Global, Inc.	360M	2.31x	71.7%	2.50x	−4.7x	−10.0x	−11.1x	−68.6x
ATNI ATN International Inc	396M	2.36x	−2.9%	0.66x	32.9x	23.8x	4.6x	4.6x
CCOI Cogent Communications Holdings, Inc.	345M	7.32x	−18.7%	−10.11x	−6.4x	−2.4x	8.4x	7.8x
GOGO Gogo Inc.	320M	5.29x	1.4%	2.65x	45.4x	7.8x	5.9x	5.2x
EGHT 8x8 Inc	302M	2.33x	0.2%	2.04x	5.9x	5.6x	5.6x	5.3x
OPTU Optimum Communications Inc	278M	7.74x	−21.8%	−0.06x	−0.1x	−0.8x	8.2x	8.5x
Mean		4.56x	5.0%	−0.39x	12.2x	4.0x	3.6x	−6.2x
Median		3.82x	−1.3%	1.35x	2.9x	2.4x	5.8x	5.2x

Technical analysis

1M−24.4%
3M−22.0%
1Y−21.2%
3Y+159.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Spire Global, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	71.6	110	97.6	70.8	43.4	28.5
Cost of revenue	42.4	70.6	59.0	53.6	18.7	10.3
Gross profit	29.2	39.9	38.6	17.1	24.7	18.2
Selling, general & administrative expenses	79.3	76.0	69.0	73.4	60.9	22.8
Research & development	36.7	29.2	27.6	22.1	31.6	20.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−133	3.4	0.7	23.1	–	0.7
Other operating expenses	0	0	0	0	0	0
Operating income	46.3	−68.7	−58.8	−101	−67.8	−26.0
Net interest income (expense)	5.6	−23.1	−16.7	−13.0	−11.4	−6.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	3.0	−10.8	−2.2	15.7	41.6	0.6
Net income before taxes	54.9	−103	−77.7	−98.7	−37.6	−32.1
Provision for taxes	3.6	0.2	−0.1	0.3	0.5	0.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	51.3	−103	−77.6	−99.0	−38.1	−32.5
Extraordinary items	–	–	–	–	–	–
Net income	51.3	−103	−77.6	−99.0	−38.1	−32.5
EBIT, normalized	−70.8	−57.3	−56.3	−71.9	−57.6	−25.3
EBITDA, normalized	−58.4	−35.5	−38.1	−53.6	−48.4	−19.8
Basic EPS, normalized	1.49	−2.21	−3.27	−3.28	−7.44	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Spire Global, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	81.8	19.2	40.9	70.3	109	15.6
Receivables	8.5	13.4	19.2	17.9	13.6	5.0
Total inventory	–	–	–	–	–	–
Prepaid expenses	2.5	1.9	11.3	5.2	5.2	0.5
Other current assets	1.0	57.7	0.9	0.9	3.5	1.2
Total current assets	93.8	92.2	72.3	94.2	132	22.3
Property, plant & equipment	91.6	74.4	75.4	67.5	48.7	20.5
Goodwill	15.4	14.7	51.2	50.0	53.6	–
Intangibles	9.1	10.2	32.0	34.8	44.2	0.8
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	1.1	2.1	8.4	9.6	12.1	0.9
Total assets	211	194	239	256	290	44.4
Liabilities
Accounts payable	14.9	11.6	8.0	4.8	5.8	1.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	22.3	16.4	10.2	13.0	10.5	3.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0	93.9	–	–	–	0
Other current liabilities	35.2	29.7	31.2	20.5	8.6	8.2
Total current liabilities	72.3	152	49.3	38.3	24.9	13.3
Long-term debt	0	4.6	114	98.5	51.1	75.3
Minority interest	–	–	–	–	–	–
Other liabilities	25.8	49.1	38.0	28.1	23.9	4.6
Total liabilities	98.1	205	201	165	100.0	93.2
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	606	536	478	456	439	10.1
Retained earnings (accumulated deficit)	−487	−538	−435	−358	−249	−211
Treasury stock	–	–	–	–	–	–
Other equity	−5.4	−9.8	−4.6	−6.9	0.7	152
Total equity	113	−11.7	37.8	91.1	190	−48.7
Total liabilities & shareholders' equity	211	194	239	256	290	44.4

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Spire Global, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	51.3	−103	−77.6	−99.0	−19.3	−32.5
Depreciation, depletion & amortization	12.4	21.7	18.2	18.3	8.5	5.5
Deferred taxes	–	–	–	–	0.5	0.1
Non-cash items	−137	41.4	20.2	22.2	−45.4	8.1
Changes in working capital	13.7	21.2	2.8	12.7	−2.2	4.0
Cash from operations	−59.8	−18.5	−36.3	−45.7	−58.0	−14.8
Investing activities
Capital expenditures	−32.8	−26.6	−17.4	−21.0	−15.6	−10.4
Other investing cash flows	184	12.3	12.4	−22.9	−104	0
Cash from investing	151	−14.2	−5.0	−43.9	−119	−10.4
Financing activities
Financing cash flow items	–	37.9	−0.1	−4.5	−36.5	−0.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−74.9	−18.9	24.0	30.9	307	17.4
Cash from financing	−74.9	19.0	23.9	26.4	271	16.6
Foreign exchange effects	−10.8	3.7	−0.6	1.2	0.6	0
Net change in cash	5.7	−9.9	−17.9	−62.1	93.7	−8.5
Free cash flow	−92.6	−45.0	−53.7	−66.7	−73.6	−25.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.