Spire Global | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 18.05 M

Revenue: As of FY2026 Q2, the actual value is USD 18.05 M, missing the estimate of USD 18.53 M.

EPS: As of FY2026 Q2, the actual value is USD -0.52, missing the estimate of USD -0.38.

EBIT: As of FY2026 Q2, the actual value is USD -18.92 M.

Segment Revenue

Spire Global, Inc.’s second quarter 2026 revenue was $18.0 million, representing a 6% year-over-year decrease. Excluding the maritime business, revenue increased 16% year-over-year and improved 19% sequentially. Overall revenue improved 14% sequentially in the second quarter of 2026. GAAP revenue for Q2 2026 was $18,048 thousand, compared to $19,182 thousand in Q2 2025. Revenue excluding Maritime was $16,574 thousand in Q2 2026, up from $14,328 thousand in Q2 2025.

Net Income / Loss

Spire Global, Inc. reported a net loss of -$20.0 million in the second quarter of 2026, compared to a net income of $119.6 million in the prior year. After adjusting for a $154.3 million gain on the sale of a business and a $12.0 million loss on extinguishment of debt, the second quarter net loss improved 12% year-over-year. GAAP net loss was -$19,969 thousand for Q2 2026, while GAAP net income was $119,590 thousand for Q2 2025. Non-GAAP net loss was -$11,788 thousand for Q2 2026, an improvement from -$15,219 thousand in Q2 2025.

Gross Margin

GAAP gross margin for the second quarter of 2026 declined 16 percentage points year-over-year to 34%. Non-GAAP gross margin declined 14 percentage points year-over-year to 38%. The decline was primarily due to impacts from the WildFireSat contract cancellation.

Operating Profit / Loss

GAAP loss from operations was -$19,893 thousand in Q2 2026, compared to -$23,527 thousand in Q2 2025. Non-GAAP loss from operations was -$12,307 thousand in Q2 2026, compared to -$12,378 thousand in Q2 2025.

Operating Margin

GAAP operating margin was -110% in Q2 2026, compared to -123% in Q2 2025. Non-GAAP operating margin was -68% in Q2 2026, compared to -65% in Q2 2025.

Operating Expenses

GAAP Research and development expenses were $8,180 thousand in Q2 2026, down from $10,195 thousand in Q2 2025. GAAP Sales and marketing expenses were $3,205 thousand in Q2 2026, down from $4,412 thousand in Q2 2025. GAAP General and administrative expenses were $14,140 thousand in Q2 2026, down from $17,186 thousand in Q2 2025. Total GAAP operating expenses were $26,051 thousand in Q2 2026, a decrease from $32,903 thousand in Q2 2025.

Adjusted EBITDA

Adjusted EBITDA for the second quarter of 2026 was -$8.6 million, an improvement of 16% compared to the prior year’s Adjusted EBITDA of -$10.2 million. Sequentially, Adjusted EBITDA improved 15% in Q2 2026, primarily driven by lower operating expenses.

Cash Flow

Cash flow used in operations was -$23.4 million in the second quarter of 2026, reflecting a 32% year-over-year improvement and an 11% sequential improvement. Cash usage in the second quarter reflected lower operating expenses. Cash, cash equivalents, and marketable securities totaled $91.7 million as of June 30, 2026. Spire Global, Inc. maintains a debt-free balance sheet. Net cash used in operating activities for the six months ended June 30, 2026, was -$49,584 thousand, compared to -$43,504 thousand for the same period in 2025. Free cash flow for Q2 2026 was -$28,823 thousand, compared to -$37,830 thousand in Q2 2025. For the six months ended June 30, 2026, free cash flow was -$63,006 thousand, compared to -$56,011 thousand for the same period in 2025.

Unique Operational Metrics

Spire Global, Inc. signed four new international Radio-Frequency Geolocation (RFGL) customers during the second quarter of 2026. In July 2026, Spire Global, Inc. launched 10 satellites, bringing the total number of satellites launched during 2026 to twenty-nine. The company also achieved a milestone in its Optical Inter-Satellite Link (O-ISL) program in July 2026, successfully establishing a cross-plane laser connection between two O-ISL equipped satellites.

Financial Outlook

Spire Global, Inc. reaffirmed its full-year 2026 revenue guidance, expecting total revenue between $75.0 million and $85.0 million. Excluding maritime revenue, 2026 revenue is anticipated to be between $71.6 million and $81.6 million, representing over 50% growth from 2025 based on the midpoint. The full-year 2026 guidance for non-GAAP operating loss is projected between -$37.8 million and -$32.6 million, and Adjusted EBITDA is expected to range from -$26.0 million to -$20.7 million.