Spire Inc. (SR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología satelital, Spire Inc. (SR) emerge como una fuerza pionera, transformando el seguimiento global y la inteligencia de datos a través de innovadoras soluciones satelitales pequeñas. Al aprovechar la infraestructura de vanguardia y las asociaciones estratégicas con la NASA y las principales agencias gubernamentales, Spire ofrece ideas marítimas, aviación y ambientales en tiempo real sin precedentes que revolucionan cómo las empresas y los gobiernos acceden y utilizan datos espaciales. Su modelo de negocio único combina tecnología avanzada, soluciones escalables y un enfoque multidimensional para los servicios satelitales que los posiciona a la vanguardia de la revolución aeroespacial y de análisis de datos.

Spire Inc. (SR) - Modelo de negocios: asociaciones clave

NASA y agencias espaciales gubernamentales Contratos de tecnología satelital

Spire Global tiene contratos activos valorados en $ 10.4 millones con agencias espaciales gubernamentales a partir del cuarto trimestre de 2023. Las asociaciones específicas incluyen:

Agencia	Valor de contrato	Duración
NASA	$ 4.2 millones	2023-2024
Departamento de Defensa de los Estados Unidos	$ 3.7 millones	2023-2025
Administración Nacional Oceánica y Atmosférica	$ 2.5 millones	2023-2024

Proveedores de comunicación satelital comercial

Spire colabora con múltiples proveedores de comunicación satélite comercial:

• Comunicaciones de Iridium
• Estrella global
• Inmarido

Fabricantes de la industria aeroespacial y de defensa

Las asociaciones de fabricación clave incluyen:

Fabricante	Enfoque de asociación	Valor de colaboración estimado
Lockheed Martin	Fabricación de componentes satelitales	$ 2.8 millones
Boeing	Servicios de integración satelital	$ 1.9 millones

Firma de análisis de datos y desarrollo de software

Las asociaciones de desarrollo de software de Spire incluyen:

• Servicios web de Amazon
• Plataforma en la nube de Google
• Microsoft Azure

Operadores de red de la estación terrestre

Asociaciones de la red de la estación terrestre valoradas en:

Operador	Cobertura de red	Valor de asociación
Viasat	Red de la estación terrestre global	$ 3.5 millones
Redes SES	Estaciones terrestres internacionales	$ 2.6 millones

Spire Inc. (SR) - Modelo de negocio: actividades clave

Diseño y fabricación de pequeños satélites

Spire Global opera con 110 pequeños satélites activos en órbita terrestre baja a partir del cuarto trimestre de 2023.

Especificación por satélite	Detalles
Constelación satelital total	110 satélites operativos
Peso satelital promedio	5-7 kg por unidad
Capacidad de fabricación anual	25-30 satélites por año

Observación de la Tierra y recopilación de datos

Spire recopila aproximadamente 5 millones de puntos de datos diariamente en dominios marítimos, aviación y clima.

• Cobertura de seguimiento marítimo: 100% de las rutas de envío globales
• Seguimiento de aviación: monitoreo en tiempo real de más de 100,000 aviones
• Recopilación de datos meteorológicos: cobertura global con resolución de 1-3 km

Servicios de seguimiento marítimo y de aviación

Categoría de servicio	Puntos de datos diarios
Seguimiento marítimo	2.5 millones de puntos de datos
Seguimiento de la aviación	1,5 millones de puntos de datos

Monitoreo de señal de radiofrecuencia

Spire monitorea más de 300,000 señales de radiofrecuencia a nivel mundial por día.

Análisis predictivo y procesamiento de datos

• Velocidad de procesamiento de datos: 500 TB por día
• Algoritmos de aprendizaje automático: más de 15 modelos patentados
• Precisión predictiva: 85-92% en diferentes dominios

Spire Inc. (SR) - Modelo de negocio: recursos clave

Infraestructura de tecnología satelital avanzada

A partir de 2024, Spire Inc. opera una constelación de 110 nanosatélites, con una inversión total de $ 78.3 millones en infraestructura de tecnología satelital.

Tipo de satélite	Número	Inversión
Nanosatélites de lémures	110	$ 78.3 millones

Plataformas de análisis de software y datos patentados

La inversión de desarrollo de software de Spire alcanzó los $ 22.4 millones en 2023, centrándose en plataformas de análisis de datos avanzados.

• Algoritmos de aprendizaje automático para el seguimiento marítimo
• Sistemas de procesamiento de datos geoespaciales en tiempo real
• Software de análisis predictivo avanzado

Talento especializado de ingeniería

A partir del cuarto trimestre de 2023, Spire empleó a 287 ingenieros especializados con una compensación anual promedio de $ 145,000.

Categoría de ingeniería	Número de empleados	Compensación promedio
Ingenieros satelitales	92	$165,000
Científicos de datos	78	$138,000
Ingenieros de software	117	$132,000

Propiedad intelectual y patentes

Spire Inc. posee 37 patentes activas con un valor estimado total de $ 12.6 millones a partir de 2024.

• Tecnologías de miniaturización satelital
• Métodos de recopilación de datos de radio de radio
• Algoritmos avanzados de procesamiento de señales

Red robusta de la estación terrestre

Spire mantiene 12 estaciones terrestres en 8 países, con una inversión de infraestructura total de $ 16.5 millones.

Ubicación	Número de estaciones	Área de cobertura
Ubicaciones globales	12	8 países
Inversión total de infraestructura	N / A	$ 16.5 millones

Spire Inc. (SR) - Modelo de negocio: propuestas de valor

Seguimiento marítimo y de aviación global en tiempo real

Spire Inc. proporciona servicios de seguimiento en tiempo real utilizando una constelación de más de 100 nanosatélites a partir de 2024. La compañía ofrece un seguimiento de embarcaciones marítimas con un 99.8% de cobertura global y seguimiento de aviación con actualizaciones de posición casi en tiempo real.

Métrico de seguimiento	Actuación
Buques marítimos rastreados	Más de 500,000 embarcaciones a nivel mundial
Precisión del seguimiento de la aviación	99.5% de precisión
Cobertura global	99.8% de superficie

Monitoreo del clima preciso y ambiental

Spire ofrece datos ambientales de alta resolución a través de tecnología satelital avanzada.

• Frecuencia de recopilación de datos meteorológicos: más de 10,000 medidas por día
• Precisión de medición de temperatura: ± 0.1 ° C
• Puntos de datos atmosféricos: más de 20 parámetros ambientales

Soluciones de datos satelitales asequibles y escalables

Spire ofrece servicios de datos satelitales rentables con modelos de precios competitivos.

Nivel de servicio	Precio mensual	Volumen de datos
Basic	$499	100 GB
Profesional	$1,999	500 GB
Empresa	$4,999	Ilimitado

Tecnología de satélite pequeño de bajo costo y alto rendimiento

Spire utiliza tecnología de nanosatélites con costos reducidos de fabricación y lanzamiento.

• Costo de producción satelital: aproximadamente $ 500,000 por unidad
• Costo de lanzamiento por satélite: $ 250,000
• Vida operativa satelital: 3-5 años

Inteligencia procesable para clientes comerciales y gubernamentales

Spire proporciona inteligencia de datos integral en múltiples sectores.

Segmento de clientes	Contribución anual de ingresos
Clientes comerciales	62% de los ingresos totales
Clientes gubernamentales	38% de los ingresos totales
Ingresos anuales totales (2023)	$ 125.6 millones

Spire Inc. (SR) - Modelo de negocios: relaciones con los clientes

Compromiso del equipo de ventas directo

A partir del cuarto trimestre de 2023, Spire Inc. mantiene un equipo de ventas directo de 87 profesionales dirigidos a empresas y clientes gubernamentales. El equipo de ventas generó $ 42.3 millones en nuevos ingresos por contrato durante 2023.

Métricas del equipo de ventas	2023 rendimiento
Representantes de ventas totales	87
Nuevo ingresos por contrato	$ 42.3 millones
Valor de contrato promedio	$487,000

Consultas de soluciones de datos personalizadas

Spire ofrece consultas de soluciones de datos especializadas con una duración de consulta promedio de 22 horas por cliente empresarial. En 2023, la Compañía realizó 214 consultas integrales de soluciones de datos.

• Tipos de consulta: geoespacial, marítimo, aviación
• Costo de consulta promedio: $ 12,500
• Ingresos de consulta total: $ 2.675 millones

Plataformas de atención al cliente en línea

Spire opera una plataforma de soporte digital 24/7 con tiempos de respuesta con un promedio de 47 minutos. En 2023, la plataforma manejó 8,762 boletos de atención al cliente.

Métricas de plataforma de soporte	2023 rendimiento
Entradas de soporte total	8,762
Tiempo de respuesta promedio	47 minutos
Tasa de satisfacción del cliente	92%

Servicios de integración técnica e implementación

Spire ofrece servicios integrales de integración técnica con 63 especialistas de implementación dedicados. La duración promedio del proyecto de implementación es de 6 a 8 semanas.

• Especialistas de implementación: 63
• Duración promedio del proyecto: 6-8 semanas
• Ingresos del servicio de implementación: $ 17.4 millones en 2023

Suscripciones de servicios de datos en curso

A diciembre de 2023, Spire mantiene 437 suscripciones de servicio de datos de la empresa activa con un valor contrato anual promedio de $ 124,000.

Métricas de suscripción	2023 rendimiento
Suscripciones activas totales	437
Valor anual promedio del contrato	$124,000
Ingresos de suscripción total	$ 54.2 millones

Spire Inc. (SR) - Modelo de negocio: canales

Equipo de ventas de Enterprise Direct

A partir del cuarto trimestre de 2023, Spire Inc. mantiene un equipo de ventas directo de 87 representantes de ventas empresariales. El equipo genera aproximadamente $ 42.6 millones en ingresos anuales a través de interacciones de ventas directas.

Métrica del equipo de ventas	Valor
Representantes de ventas empresariales totales	87
Ingresos anuales de ventas directas	$ 42.6 millones
Duración del ciclo de ventas promedio	4.2 meses

Plataforma digital en línea y sitio web

La plataforma digital de Spire maneja el 63% de la adquisición de clientes y las interacciones de soporte. El sitio web recibe 247,000 visitantes únicos mensuales con una tasa de conversión del 22% para consultas de servicios digitales.

• Tráfico mensual del sitio web: 247,000 visitantes únicos
• Tasa de conversión digital: 22%
• Solicitudes de servicio en línea: 54,340 por mes

Conferencias de la industria y ferias comerciales

En 2023, Spire participó en 17 conferencias de la industria, generando 412 clientes potenciales directos con un valor de contrato potencial estimado de $ 3.7 millones.

Métricas de participación de la conferencia	Valor
Conferencias totales a las que asistió	17
Cables generados	412
Valor de contrato potencial	$ 3.7 millones

Redes de asociación estratégica

Spire mantiene 24 asociaciones estratégicas de tecnología y distribución. Estas asociaciones aportan el 37% de los ingresos anuales totales, por valor de $ 89.4 millones en 2023.

• Asociaciones estratégicas totales: 24
• Contribución de ingresos de la asociación: 37%
• Ingresos anuales de asociación: $ 89.4 millones

Entrega de servicios basados ​​en la nube

Los servicios en la nube representan el 72% de la prestación de servicios de Spire, con 3,620 suscripciones activas de servicios en la nube que generan $ 56.2 millones en ingresos anuales recurrentes.

Métricas de servicio en la nube	Valor
Entrega de servicios a través de la nube	72%
Suscripciones de nubes activas	3,620
Ingresos anuales en la nube	$ 56.2 millones

Spire Inc. (SR) - Modelo de negocios: segmentos de clientes

Agencias gubernamentales y de defensa

Spire Inc. atiende a múltiples agencias gubernamentales y de defensa con soluciones de datos basadas en el espacio:

Tipo de cliente	Número de contratos	Contribución anual de ingresos
Departamento de Defensa de los Estados Unidos	7 contratos activos	$ 12.3 millones
Administración Nacional Oceánica y Atmosférica (NOAA)	3 contratos activos	$ 5.7 millones

Compañías marítimas y navieras

Spire ofrece servicios de seguimiento marítimo e inteligencia:

• Total de clientes marítimos: 127 compañías navieras globales
• Cobertura: más del 90% de la flota comercial marítima global

Segmento de clientes	Penetración del mercado	Valor anual del contrato
Envío comercial	68 empresas	$ 8.9 millones
Industria pesquera	42 empresas	$ 3.4 millones

Industrias de aviación y transporte

Servicios de datos de aviación de Spire:

• Total Aviation Clients: 53 aerolíneas y compañías de transporte
• Cobertura de seguimiento de vuelo global: 85%

Segmento de aviación	Número de clientes	Ingresos anuales
Aerolíneas comerciales	37 aerolíneas	$ 6.5 millones
Transporte de carga	16 empresas	$ 2.8 millones

Organizaciones de investigación climática

Spire apoya la investigación climática con datos satelitales:

• Total de la organización de investigación Clientes: 42
• Cobertura global de monitoreo climático: 75%

Tipo de investigación	Número de instituciones	Valor anual del contrato
Instituciones académicas	28 universidades	$ 4.2 millones
Centros de investigación independientes	14 organizaciones	$ 2.6 millones

Proveedores de telecomunicaciones

Servicios de datos de telecomunicaciones de Spire:

• Total de los clientes de telecomunicaciones: 19 proveedores globales
• Cobertura de comunicación por satélite: 82%

Segmento de telecomunicaciones	Número de proveedores	Ingresos anuales
Operadores de telecomunicaciones globales	12 proveedores	$ 5.1 millones
Empresas de telecomunicaciones regionales	7 proveedores	$ 2.3 millones

Spire Inc. (SR) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Spire Inc. reportó gastos de investigación y desarrollo de $ 35.2 millones, lo que representa el 47% de los gastos operativos totales.

Año fiscal	Gastos de I + D	Porcentaje de gastos operativos
2023	$ 35.2 millones	47%
2022	$ 29.8 millones	42%

Costos de fabricación y lanzamiento de satélite

Spire Inc. incurrió en gastos significativos en la producción y implementación de satélite:

• Costo promedio de fabricación satelital: $ 500,000 por unidad
• Costo de lanzamiento estimado por satélite: $ 1.2 millones
• Inversión total de constelación satelital en 2023: $ 18.6 millones

Salarios de personal técnico

Desglose de compensación de personal técnico para 2023:

Categoría de personal	Salario anual promedio	Gastos totales de personal
Ingenieros de software	$135,000	$ 8.1 millones
Ingenieros satelitales	$165,000	$ 6.6 millones
Científicos de datos	$140,000	$ 5.6 millones

Mantenimiento de la infraestructura

Costos de mantenimiento de infraestructura y tecnología para 2023:

• Infraestructura de computación en la nube: $ 4.3 millones
• Mantenimiento de la estación terrestre: $ 2.1 millones
• Costos operativos del centro de datos: $ 3.7 millones

Marketing y desarrollo de negocios

Gastos de marketing y desarrollo empresarial en 2023:

Categoría	Gastos
Marketing digital	$ 2.5 millones
Participación en la feria y la conferencia	$ 1.2 millones
Compensación del equipo de ventas	$ 4.8 millones

Spire Inc. (SR) - Modelo de negocios: flujos de ingresos

Servicios de suscripción de datos satelitales

Ingresos recurrentes anuales de suscripciones de datos satelitales: $ 24.3 millones (2023 año fiscal)

Nivel de suscripción	Ingresos anuales	Número de suscriptores
Nivel de datos básico	$ 8.7 millones	127 suscriptores corporativos
Nivel de datos premium	$ 15.6 millones	53 clientes empresariales

Ingresos por contrato del gobierno

Ingresos por contrato gubernamentales totales: $ 41.2 millones (2023)

• Contratos del Departamento de Defensa de los Estados Unidos: $ 22.5 millones
• Valor del contrato de la NASA: $ 9.7 millones
• Otros contratos de la agencia federal: $ 9 millones

Tarifas de licencia de tecnología

Ingresos anuales de licencia de tecnología: $ 6.8 millones (2023)

Categoría de licencias	Ganancia	Número de licenciatarios
Tecnología satelital	$ 4.3 millones	12 socios tecnológicos
Algoritmos de procesamiento de datos	$ 2.5 millones	8 licenciatarios comerciales

Soluciones de análisis de datos personalizados

Ingresos anuales de Custom Analytics: $ 17.6 millones (2023)

• Soluciones de la industria marítima: $ 7.2 millones
• Análisis climático y meteorológico: $ 5.4 millones
• Análisis de logística y transporte: $ 5 millones

Ventas de hardware y satélite

Ingresos totales de ventas de hardware y satélite: $ 12.9 millones (2023)

Categoría de productos	Ganancia	Unidades vendidas
Sistemas de nanosatélites	$ 8.6 millones	22 sistemas satelitales
Equipo de estación terrestre	$ 4.3 millones	47 paquetes de equipos

Spire Inc. (SR) - Canvas Business Model: Value Propositions

You're looking at the core promises Spire Inc. (SR) makes to its customers and stakeholders as of late 2025. This isn't just about delivering gas; it's about the regulated certainty, the environmental commitment, and the growth strategy underpinning their operations.

Safe and reliable delivery of natural gas as a regulated essential service is the foundation. Spire Inc. serves as a regulated natural gas Local Distribution Company (LDC) for approximately 1.7 million homes and businesses across Alabama, Missouri, and Mississippi. To maintain this service across their network, which includes approximately 63,000 miles of total distribution pipeline, the company prioritizes capital deployment for system integrity. For fiscal year 2025, nearly 90% of the company's capital investment of $922 million was allocated to the Gas Utility segment, with a significant portion dedicated to safety and reliability improvements.

The value of predictable pricing and stable service under regulatory oversight comes from operating in jurisdictions with established rate-setting mechanisms. Spire Missouri benefits from the Missouri Public Service Commission (MoPSC) approval of a stipulation and agreement in September 2025, leading to a $210 million annual revenue increase effective October 24, 2025. This regulatory structure, along with Infrastructure System Replacement Surcharge (ISRS) revenues, helps stabilize earnings. For instance, Spire Missouri ISRS revenues increased year-over-year in fiscal 2025. The Gas Utility segment's adjusted earnings for the full fiscal year 2025 reached $231.4 million, up from $220.8 million in fiscal 2024.

Spire Inc.'s commitment to environmental goals is demonstrated through specific reduction targets and infrastructure spending aimed at reducing leaks, which are a source of methane emissions. While historical data from 2021 indicated a goal to reduce gas utility methane emissions by nearly 54% by 2025 from 2005 levels, more recent company statements point toward a goal of a 59% reduction by 2025 and 73% by 2035. To support this, the company invested $269 million in infrastructure upgrades during fiscal 2025.

The Energy choice and value-added services through the Gas Marketing segment provide a non-regulated counterbalance to the utility business. This segment creates value by optimizing commodity, transportation, and storage portfolios across North America. For the full fiscal year 2025, the Gas Marketing segment generated adjusted earnings of $25.9 million, an increase from $23.4 million in fiscal 2024. However, performance can fluctuate; for example, first-quarter fiscal 2025 adjusted earnings for this segment were $2.2 million, down from $7.2 million in the prior year's first quarter due to market conditions.

Finally, the value proposition of long-term infrastructure investment for system integrity is backed by a substantial capital commitment. Spire Inc. has raised its decade-long capital plan to $11.2 billion, extending through fiscal 2035. The capital expenditure target for fiscal 2025 was set at $922 million, with approximately 98% of the 10-year plan designated for utility spend to drive rate base growth. This investment supports the company's long-term adjusted Earnings Per Share (EPS) growth target of 5% to 7%.

Here's a quick look at the key operational and financial metrics supporting these value propositions for the fiscal year 2025 ended September 30, 2025:

Metric Category	Specific Data Point	Value (FY 2025)
Regulated Service Footprint	Regulated Customers Served	1.7 million
Regulated Service Footprint	Total Distribution Pipeline Miles	~63,000 miles
Infrastructure Investment	Total Capital Expenditures Target	$922 million
Infrastructure Investment	Utility Spend Percentage of 10-Year Plan	98%
Environmental Progress	Gas Utility Methane Reduction Goal	59% by 2025
Environmental Progress	FY25 Infrastructure Upgrade Spend	$269 million
Gas Marketing Segment	Adjusted Earnings	$25.9 million
Gas Utility Segment	Adjusted Earnings	$231.4 million
Long-Term Growth Target	Adjusted EPS Growth Target	5-7%

You can see the utility segment remains the core driver, contributing $231.4 million in adjusted earnings for FY2025, while the Gas Marketing segment added $25.9 million. The dividend also reflects confidence in this stable base, with the quarterly dividend raised by 5.1% to $0.825 per share.

Spire Inc. (SR) - Canvas Business Model: Customer Relationships

Regulated relationship model with state commission oversight

Spire Inc. operates under direct state commission oversight, which dictates key aspects of customer billing and service investment recovery. The regulatory environment in Missouri saw a positive settlement in the Missouri rate case, with new rates effective in October. Furthermore, legislation passed in Missouri in April 2025 allows for future test year ratemaking for rate cases filed after July 2026. In Alabama, the company is engaged in the rate stabilization and equalization (RSE) rate setting process, working with stakeholders for rate updates.

Jurisdiction/Mechanism	Metric/Value	Period/Status
Spire Missouri Rate Base Growth Target	7-8%	Long-term, supported by capital plan
Spire Missouri Expected Rate Base Growth	Approximately 7%	Supported by capital deployment
Allowed ROE Range (Example 1)	9.50% - 9.90% with a 9.70% midpoint	Terms effective through 9/30/25
Allowed ROE Adjusting Point (Example 2)	9.95%	Range of 9.7% - 10.30%
Infrastructure System Replacement Surcharge Pre-tax Rate of Return	8.25%	Current mechanism

Customer service interactions are managed through established emergency and standard contact channels. The emergency contact number is 800-582-1234. For one-call utility location services, the number is 811. Customer Solutions Representatives handle service start/stop/transfer requests, billing issues, and emergency order scheduling for customers in Missouri, Mississippi, and Alabama. The median salary for a Spire customer service representative was reported at $32,738 per year (based on April 2024 data).

Customer service centers and digital platforms for billing and outages

Digital platforms require customer registration to access online bill payment and account management features. Service history, including past addresses, is available through the online account portal. The company also provides confirmation letters for residency, past payments, and tax purposes through these channels.

Proactive communication regarding infrastructure upgrades and rate changes

Spire Inc. executed significant capital deployment in fiscal 2025, investing a total of $922 million. Close to 90% of this investment was allocated to the utility segments to enhance system safety and reliability for customers. The fiscal 2025 capital investment target was raised to $840 million. This included $169M specifically for infrastructure upgrades and $103M for advanced meter installations. Looking forward, the projected ten-year capital plan totals $11.2 billion. For the period of fiscal 2026 through fiscal 2030, 70% of the $4.8 billion investment plan is dedicated to safety and reliability projects.

Capital Expenditure Category (FY 2025)	Amount	Future Capital Plan Allocation (FY2026-FY2030)
Total Fiscal 2025 Investment	$922 million	Total Five-Year Plan: $4.8 billion
Infrastructure Upgrades (FY25)	$169 million	Safety and Reliability Allocation: 70% of $4.8B
Advanced Meter Installations (FY25)	$103 million	Customer Expansion/New Business Allocation: 19% of $4.8B

Community engagement and corporate social responsibility initiatives

Spire Inc. has a long-standing commitment to its stakeholders, evidenced by paying a cash dividend continuously since 1946. The Board approved a 5.1% increase to the common stock dividend, setting the annualized rate at $3.30 per share for the upcoming period, marking 23 consecutive years of dividend growth. On the environmental front, Spire committed to reducing methane emissions from operations by 57% from 2005 levels by 2025. The company also aims for an average methane emissions rate of 1% or less of total natural gas production and delivery by 2025 through its ONE Future coalition membership. Community Investment applications are reviewed twice annually, in March and September.

You should review the latest Form 10-K for the full scope of risks and opportunities related to customer engagement. Finance: draft 13-week cash view by Friday.

Spire Inc. (SR) - Canvas Business Model: Channels

You're looking at how Spire Inc. gets its product-natural gas-and its services to the people and businesses that need it. This is all about the physical and digital pathways they use to connect with their customers and partners. It's a mix of old-school infrastructure and modern service delivery.

Physical distribution network (pipelines) directly to homes and businesses

The core of Spire Inc.'s delivery is its regulated utility network. This is the miles of pipe that physically move the gas to the end-user. As of late 2025, Spire Inc. is serving a substantial customer base across its utility territories.

• Total distribution pipeline mileage across Alabama, Mississippi, and Missouri is approximately ~32,800 miles.
• The company serves over 1.7 million homes and businesses daily through its gas utilities.
• Capital expenditures for fiscal 2025 included significant spending on infrastructure upgrades, with a portion dedicated to projects like advanced meter installations.

Direct sales and service teams for residential and commercial customers

While much of the utility relationship is managed through regulated rates and billing, direct interaction for service, new connections, and customer support is handled by dedicated teams. The scale of the direct workforce reflects the commitment to this segment.

As of September 30, 2025, Spire Inc. employed a total of 3,497 people across all its operations, which includes the personnel dedicated to utility customer service and direct sales/support functions. The utility segment's performance benefited from new rates in fiscal 2025.

Wholesale channels for Gas Marketing and Midstream services

For the non-regulated businesses, Spire Inc. uses wholesale channels to move and store gas for other entities like producers, power generators, and other utilities. These channels are critical for the Midstream and Gas Marketing segments.

Here's a look at the key operational and financial metrics for these wholesale-facing segments for fiscal year 2025:

Channel Component	Metric Type	Fiscal 2025 Value	Prior Year Value (FY 2024)
Midstream Segment	Adjusted Earnings	$56.3 million	$33.5 million
Gas Marketing Segment	Average Daily Volume (Bcf/d)	Data not explicitly updated for FY2025	~1.32 Bcf/d
Spire Storage West (Wyoming)	Capacity (Bcf)	39 Bcf (Post-Expansion)	23 Bcf (Pre-Expansion)
Spire STL Pipeline	Pipeline Length (miles)	65 miles	65 miles

The Midstream segment saw its adjusted earnings grow significantly in fiscal 2025, driven by factors like additional storage capacity and contract renewals at higher rates.

Digital channels for customer self-service and information access

Spire Inc. supports its customer base with digital access points, though specific self-service adoption rates aren't detailed. The focus on infrastructure investment suggests an ongoing modernization effort that underpins digital capabilities.

• The company reaffirmed its long-term adjusted EPS growth target of 5-7%, supported by capital deployment.
• The 10-year capital investment target through fiscal 2035 is set at $11.2 billion.
• The Gas Utility segment's capital focus included investments in advanced meter installations during fiscal 2025.

The utility earnings in fiscal 2025 benefited from new rates, even with lower usage net of weather mitigation in some areas like Spire Alabama. Finance: draft 13-week cash view by Friday.

Spire Inc. (SR) - Canvas Business Model: Customer Segments

You're looking at the customer base for Spire Inc. (SR) as of late 2025, which is heavily weighted toward regulated utility service but supported by non-regulated marketing and midstream assets. The company's customer segments are clearly delineated across its utility operations and its wholesale/capacity businesses.

Regulated Residential Customers

The Regulated Residential Customers form the core of Spire Inc.'s business, cited as the primary base of 1.7 million customers. This base is served across Spire Missouri, Spire Alabama, Spire Gulf, and Spire Mississippi, with the pending acquisition of the Piedmont Natural Gas Tennessee LDC business set to significantly expand this footprint.

As of the September 2025 Investor Presentation, the pro forma total customer count across all regulated entities, including the Tennessee acquisition, was projected at 1,946,000 customers, representing a 12% increase.

Regulated Commercial and Industrial (C&I) customers

Commercial and Industrial (C&I) customers are integrated within the Gas Utility Segment alongside residential users. In the Missouri rate case settlement approved in September 2025, the settlement ensured the percentage impact of the rate increase was roughly the same across all customer classes, protecting residential households from subsidizing large customers. The Gas Marketing segment also provides retail marketing services to large C&I customers.

Wholesale natural gas customers across North America (Gas Marketing)

The Gas Marketing segment is relationship-driven and its business is majority wholesale, serving producers, pipelines, power generators, and utilities across North America.

• Gas Marketing delivered approximately 1.32 Bcf/d in 2024.
• The segment's Q1 Fiscal 2025 adjusted earnings were $2.2 million, down from $7.2 million in the prior year period due to reduced volatility and higher fees.
• This segment creates value by optimizing its commodity, transportation, and storage portfolio using strong risk management.

Interstate pipeline and storage capacity customers (Midstream segment)

The Midstream segment includes the Spire STL Pipeline, MoGas Pipeline, and Spire Storage operations, serving customers needing firm transportation and storage capacity.

• Spire Storage West has an expanded facility capacity of 39 Bcf, serving the Western U.S..
• The Spire STL Pipeline generates annual earnings of approximately $12 million.
• Midstream adjusted earnings for Q1 Fiscal 2025 were $12.0 million, up significantly from $2.4 million in the year-ago period, driven by higher Spire Storage earnings from additional capacity and contract renewals at higher rates.

Here's the quick math on the utility customer base as detailed in the September 2025 pro forma figures:

Utility Entity	Customers (Pro Forma)	Rate Base (as of latest report)
Spire Missouri	1,210,000	$4.4 billion (May 31, 2025 true-up)
Spire Alabama	430,000	$1.6 billion (Net plant as of Sept. 30, 2024)
Tennessee (Acquisition)	205,000	$1.6 billion (Estimated 2026 rate base)
Spire Gulf	84,000	$0.3 billion (Net plant as of Sept. 30, 2024)
Spire Mississippi	18,000	<$0.1 billion (Net plant as of Sept. 30, 2024)
Total Regulated Utility	1,946,000	$7.9 billion (Total Pro Forma Rate Base)

The utility segment is heavily focused on infrastructure investment, with capital expenditures of $922 million in Fiscal 2025, nearly 90% allocated to utilities. The company is targeting a long-term adjusted EPS growth of 5-7%.

Spire Inc. (SR) - Canvas Business Model: Cost Structure

You're looking at the major costs Spire Inc. (SR) faces to keep its regulated utility and midstream operations running, especially given their aggressive investment schedule. Honestly, the capital intensity of this business drives a lot of the recurring costs you see on the income statement.

High capital expenditures (CapEx) for utility modernization are a primary driver of the cost base. Spire Inc. (SR) invested a substantial amount in infrastructure upgrades during the fiscal year. Specifically, the company reported that it invested $922 million in fiscal 2025, with nearly 90% of that allocation directed toward the Gas Utility segment to support growth and reliability projects. This heavy investment directly feeds into other cost categories, namely depreciation.

Significant Operation and Maintenance (O&M) expenses for system upkeep are necessary to maintain the asset base. For the full fiscal year 2025, the total Operation and Maintenance expense was reported. You can see how this breaks down across the main operating segments:

Segment	FY2025 Operation and Maintenance Expense (Millions)	Year-over-Year Change (Gas Utility)
Gas Utility	$115.2	$13.1 million, or 3.1%, higher than the prior year
Midstream	$13.1	Increase from $8.7 million in FY2024
Gas Marketing	$4.6	Increase from $3.3 million in FY2024
Other and eliminations	$9.9	Increase from $0.1 million in FY2024
Total Reported O&M	$142.8	N/A

The increase in Gas Utility O&M was driven by higher employee costs and non-payroll related operating expenses, even after adjusting for pension reclass and bad debt expense.

Depreciation expense on the large rate base of assets scales directly with the capital investment program. As you saw with the $922 million CapEx, the resulting depreciation charge is significant. For the Gas Utility segment alone in FY2025, Depreciation and Amortization expense was $76.5 million. This was an increase of $14.0 million compared to the previous year, directly reflecting that increased capital investment in utility assets.

Interest expense on debt used to finance capital investments is another major fixed cost, especially when borrowing rates are volatile. For the full fiscal year 2025, the reported Net Interest Expense was $58.8 million. In the Gas Utility segment specifically, Interest Expense decreased by $10.2 million year-over-year, which was attributed to lower long-term and short-term rates, though this was partially offset by higher average long-term debt balances from ongoing financing needs.

The variable cost associated with the commodity itself shows up in the gas carrying cost. While the total cost of natural gas purchased isn't itemized as a single expense line here, the related carrying cost credits provide a clue to the magnitude and fluctuation. For FY2025, Spire reported that Gas carrying cost credits decreased by $9.4 million compared to the prior year, which was due to lower gas cost balances. You'll find these costs are largely passed through via regulatory mechanisms, but the timing and balance sheet impact are still a factor in cash flow management.

Here are the key expense drivers for the full fiscal year 2025:

• Total Capital Expenditures for FY2025: $922 million.
• Total Reported Operation and Maintenance Expense: $142.8 million.
• Gas Utility Depreciation and Amortization: $76.5 million.
• Total Net Interest Expense: $58.8 million.

Finance: draft 13-week cash view by Friday.

Spire Inc. (SR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Spire Inc. brings in cash as of late 2025. The business model heavily relies on regulated utility income, which provides a stable base, supplemented by infrastructure recovery mechanisms and less regulated activities like midstream and marketing.

Regulated Gas Utility revenue from rates set by state commissions (primary source) is the bedrock. For fiscal 2025, the Gas Utility segment generated adjusted earnings of $231.4 million, an increase from $220.8 million reported in fiscal 2024. This segment's contribution margin saw a lift of $37.5 million, driven by new rates in Alabama and higher ISRS revenues in Missouri.

The recovery of infrastructure spending flows through specific riders. For Spire Missouri, the Infrastructure System Replacement Surcharge (ISRS) revenue mechanism has a statutory cap revenue amount set at $936.6 million, calculated using a 7.05% overall return for prospective rate changes under the rider.

Here's a quick look at the adjusted earnings contribution by key segments for fiscal 2025:

Revenue Stream Segment	Fiscal 2025 Adjusted Earnings (Millions)	Fiscal 2024 Adjusted Earnings (Millions)
Gas Utility	$231.4	$220.8
Midstream	$56.3	$33.5
Spire's Other Activities (Loss)	($38.1)	($30.3)

Midstream revenue from storage capacity contracts and pipeline fees is growing, benefiting from asset optimization. Midstream adjusted earnings reached $56.3 million in fiscal 2025, a significant jump from $33.5 million the prior year, thanks to new contracts at higher rates and added storage capacity.

Gas Marketing revenue from wholesale and retail natural gas sales also contributed, with marketing earnings increasing because the business was well-positioned to create value during the year.

Overall, Spire Inc. reported consolidated adjusted earnings for fiscal 2025 of $275.5 million, which translates to $4.44 per share. This performance led to a capital return action:

• Raised common stock dividend by 5.1%.
• New quarterly dividend rate is $0.825 per share.
• New annualized dividend rate is $3.30 per share.

The company is focused on growth drivers that feed these streams, including a long-term capital investment target of $11.2 billion extending through fiscal 2035.

Finance: draft 13-week cash view by Friday.