Spire Global, Inc. (SPIR): Business Model Canvas [Dec-2025 Updated]

You're digging into Spire Global, Inc. right now because their pivot toward defense and AI-powered weather intelligence is a big deal for the space sector. As someone who's mapped out complex models for years, I see a business balancing heavy capital spending-they're guiding for 2025 revenue between $85.0 million and $95.0 million-against a projected negative Adjusted EBITDA of up to $24 million. Honestly, the real story is in their $208.9 million in unrecognized contract revenue; that backlog shows where the future value is locked in. Let's break down the nine blocks of their Business Model Canvas to see exactly how they plan to turn that proprietary satellite constellation into consistent profit.

Spire Global, Inc. (SPIR) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that keep Spire Global, Inc. operating and growing its data services as of late 2025. These aren't just handshake agreements; they involve hardware, data streams, and significant contract values.

The reliance on established launch providers is clear, as Spire Global, Inc. launched six LEMUR satellites on the SpaceX Transporter-12 mission and another eleven satellites on the Transporter-15 mission in late 2025. To date, Spire Global, Inc. has launched over 200 satellites across more than 40 launch campaigns.

Government data procurement is a major pillar. For instance, Spire Global, Inc. secured an $11,190,900 contract from the National Oceanic and Atmospheric Administration (NOAA) for Global Navigation Satellite System (GNSS) Radio Occultation (RO) data, covering the period from September 18, 2025, to September 18, 2026. Separately, a $2.5 million, 9-month contract with NOAA began on September 10, 2025, for Global Navigation Satellite System Reflectometry (GNSS-R) data. Furthermore, Spire Global, Inc. has a 10-year Indefinite Delivery/Indefinite Quantity (IDIQ) contract with the U.S. Space Force's Space Test Experiments Platform (STEP) 2.0 program, carrying a ceiling of $237 million.

The relationship with Deloitte involves developing hardware for advanced security applications. Spire Global, Inc. plans to build eight additional satellites for Deloitte's on-orbit cybersecurity program, following the initial Deloitte-1 satellite launch on SpaceX's Transporter-13 mission.

The partnership with Sierra Nevada Corporation (SNC) focuses on enhancing radio frequency (RF) awareness. This involves Spire Global, Inc.'s cluster of four 6U satellites to augment SNC technology for detecting and geolocating objects via targeted RF emissions.

Here's a quick look at the quantifiable aspects of these key relationships:

Partner Entity	Nature of Collaboration	Quantifiable Metric/Value (as of late 2025)
Deloitte	On-orbit cybersecurity satellite development	8 additional satellites to be built
Sierra Nevada Corporation (SNC)	RF collection and analysis enhancement	Cluster of 4 6U satellites provided by Spire Global, Inc.
NOAA	Satellite weather data procurement (GNSS-R)	$2.5 million contract value; 9-month term (starting Sept 2025)
NOAA	Satellite weather data procurement (GNSS-RO)	$11,190,900 contract value for 1-year period (Sept 2025 - Sept 2026)
NASA	Earth observation data procurement	$1.2 million contract renewal, extension of a $6.7 million task order
U.S. Space Force (via STEP 2.0)	Space test experiments and data services	$237 million ceiling over a 10-year IDIQ contract
SpaceX	Satellite deployment/launch services	11 satellites launched on Transporter-15 mission in November 2025

Spire Global, Inc.'s data is integrated by multiple government bodies, including NASA, the U.S. Air Force, and the U.S. Navy, alongside NOAA.

The company also utilizes launch arrangements through third parties, such as Exolaunch, which has long-term agreements with SpaceX for deploying Spire Global, Inc.'s satellites.

You can see the sheer volume of activity here; it's definitely a network built on execution.

• Spire Global, Inc. has launched over 200 satellites to date.
• The company's total number of launch campaigns is over 40.
• Spire Global, Inc. reported cash, cash equivalents, and marketable securities totaling $117.6 million as of June 30, 2025.

Finance: draft 13-week cash view by Friday.

Spire Global, Inc. (SPIR) - Canvas Business Model: Key Activities

You're looking at the core engine of Spire Global, Inc. as of late 2025, focusing on what they actually do to generate revenue. It's all about getting data from orbit and turning it into something valuable for customers, especially now that they've shed the maritime business to sharpen the focus.

Operating and maintaining a global satellite constellation

This is the foundation; you can't sell space data without the hardware in orbit. Spire Global, Inc. keeps this massive asset running 24/7. They launched 27 satellites in the first half of 2025 alone, showing they are actively refreshing and expanding the constellation. To manage the data flow from space, they rely on a robust ground infrastructure, boasting over 34 ground stations plus a partner network for secure, encrypted data transmission. This operational scale is what underpins their entire data offering.

The financial context here is important: while the full-year 2025 total revenue guidance sits between $85 million and $95 million, the core business, excluding the divested segment, is projected to grow by 12% to 17% for the year. They are defintely pushing for operational efficiency to support this data flow.

Developing AI/ML models for advanced data analytics

Collecting the raw data is one thing; making it smart is the next step. Spire Global, Inc. is investing heavily in AI-driven weather forecasting technologies, using advanced machine learning algorithms to process the information streaming down. This activity directly supports their push into defense and high-value analytics. For example, they announced a mission with Mission Control to build a satellite with an optical payload specifically designed to feed data into onboard AI algorithms for Earth image analysis. This moves them beyond simple data delivery into complex intelligence products.

Designing and manufacturing proprietary CubeSats

Spire Global, Inc. controls the means of production, which is a key differentiator for their Space-as-a-Service offering. Their manufacturing facility in Glasgow, UK, is ISO9001:2015-certified and designed for serial production. This setup gives them the annual capacity to design, manufacture, and test 200+ satellites. This in-house capability is critical for fulfilling custom contracts quickly. Consider the recent Deloitte contract: Spire is tasked to design, build, and operate eight satellites for that client's on-orbit cyber payloads. Their flight heritage includes 175+ satellites launched across 35+ launch campaigns, proving the repeatability of their design and manufacturing process.

Executing long-term Space-as-a-Service contracts

This activity is where the manufacturing and operations capabilities translate directly into multi-year, high-value revenue commitments. The Space Services model lets customers leverage Spire Global, Inc.'s established infrastructure to get their payloads into orbit without building their own space segment. The contracts are long-term and often structured around asset deployment, meaning revenue recognition lags the contract signing. They finished Q2 2025 with $117.6 million in cash, cash equivalents, and marketable securities, which helps bridge the gap while waiting for these long-term revenues to hit the books. Management expects to end 2025 with over $100 million in that same liquidity bucket.

Here are some of the key Space-as-a-Service commitments that define this activity:

Customer/Program	Contract Type/Duration	Value/Scope Detail
U.S. Space Force (STEP 2.0)	10-year IDIQ contract	Ceiling of $237 million for satellite bus design, build, integration, and operation.
Repeat Commercial Customer	5-year contract	Awarded as an 8-figure contract.
Deloitte	Build and Operate	Contracted to design, build, and operate eight satellites.
NorthStar Earth & Space	Dedicated Constellation Agreement	Initial award for three satellites, with options to scale to dozens.
NASA	Task Order Extension Modification	Awarded a $1.2 million renewal for Earth observation data.

The company is projecting a strong ramp in the second half of 2025, with Q3 revenue guidance between $19.5 million and $21.5 million, and they are targeting over 20% revenue growth for 2026. Finance: draft 13-week cash view by Friday.

Spire Global, Inc. (SPIR) - Canvas Business Model: Key Resources

You're looking at the core assets Spire Global, Inc. relies on to deliver its space-to-cloud data and analytics. These aren't just line items; they are the physical and financial foundations supporting their recurring revenue model.

The most tangible asset is the fully deployed, proprietary Low Earth Orbit (LEO) satellite constellation. This network of nanosatellites, primarily the Lemur-2 series utilizing 3U CubeSat platforms, is designed for continuous, global data collection. As of the latest operational updates, Spire Global, Inc. has launched 175+ satellites, which power their multipurpose sensing capabilities across weather, maritime, and aviation domains. These assets operate in Sun-synchronous orbits at altitudes generally between 400 km and 600 km.

To get that data down to earth, Spire Global, Inc. maintains a significant global ground station network. This network is a blend of owned assets and strategic partnerships, ensuring robust data downlink capabilities across the globe. Here's a quick breakdown of the network scale:

Network Component	Quantity
Spire & partner ground station network (Total)	55+
Spire-owned stations	34+
Spire antennas	75+
Countries with network presence	25+

This infrastructure supports operations across UHF, S-Band, X-Band, Ku Band, and Ka Band frequencies. Honestly, the automation level here is key; they report 99.7% automated operations for the ground segment.

Financially, a critical resource is the liquidity position. As of the quarter ended June 30, 2025, Spire Global, Inc. reported $117.6 million in cash, cash equivalents, and marketable securities. This figure followed the transformative sale of its maritime business, which allowed the company to achieve a debt-free capital structure. Management reiterated expectations to finish 2025 with over $100 million in this category.

Finally, the intellectual property and specialized hardware form another core resource set. This includes their proprietary radio frequency (RF) technology and ongoing development in advanced sensors. Key elements here are:

• GNSS radio occultation (RO) and GNSS Reflectometry (GNSS-R) for weather modeling.
• Space weather monitoring capabilities.
• Development and integration of Hyperspectral Microwave Sounder technology to gather atmospheric moisture and temperature measurements.
• An eight-figure, five-year space services contract from a repeat commercial customer, validating the technology's value.

These technological capabilities are further evidenced by recent contract wins, such as a $1.2 million NASA contract renewal for Earth observation data and a contract with the European Space Agency for historical weather data supply.

Finance: draft 13-week cash view by Friday.

Spire Global, Inc. (SPIR) - Canvas Business Model: Value Propositions

You're looking at the core value Spire Global, Inc. delivers to its customers, which is the foundation for their revenue targets. Honestly, the value proposition is multifaceted, moving well beyond simple data feeds into dedicated mission services.

Real-time, global Earth intelligence from space.

Spire Global, Inc. provides Earth observation data derived from its fully deployed satellite constellation, which observes the Earth in real time using radio frequency technology. This intelligence covers global weather, ship and plane movements, and detection of spoofing and jamming signals. For instance, their Q1 2025 revenue breakdown shows a global customer base, with 57% coming from the Americas, 34% from Europe, Middle East, Africa, and 9% from Asia Pacific. This global reach underpins the real-time intelligence value.

Space-as-a-Service (SaaS) for rapid, low-risk satellite missions.

This is where Spire Global, Inc. moves upmarket, offering customers the ability to leverage their established infrastructure to put their business in space without building their own hardware from scratch. This model is validated by significant contract wins. You see this in the U.S. Space Force's Space Test Experiments Platform (STEP) 2.0 program, a 10-year Indefinite Delivery/Indefinite Quantity (IDIQ) contract with a ceiling of $237 million. Furthermore, they secured an eight-figure, 5-year space services contract from a repeat commercial customer, underscoring the value of their proven technology on an accelerated timeline. Another example is the contract with Deloitte to design, build, and operate eight satellites, and the initial award from NorthStar Earth & Space for three satellites, with options to scale to dozens. The company is building a very robust recurring, subscription-driven model anchored by these multi-year agreements.

Here's a look at some of the contract values supporting this value stream:

Contract/Award Type	Value/Metric	Date Context
U.S. Space Force STEP 2.0 Ceiling	$237 million over 10 years	May 2025
Largest Contract to Date (Gov of Canada)	Can$72 million (including HST)	Q1 2025
Repeat Commercial Space Services Contract	Eight-figure, 5-year term	Mid-2025
U.S. Air Force Research Laboratory Contract	$14 million	June 2024
NorthStar Dedicated Constellation (Initial Award)	Three satellites	Pre-late 2025

AI-driven weather forecasts, including 45-day models.

Spire Global, Inc. has launched advanced AI weather models, AI-WX and AI-S2S, which leverage proprietary satellite data and run 1,000 times faster than traditional physics-based models. The AI-S2S model specifically extends forecasts up to 45 days. The AI-WX model provides up to 20-day forecasts at a detailed 0.25° resolution (about 25 km grid) and runs four times a day. These models utilize 30 ensemble members for probabilistic accuracy. This weather intelligence is already being used, as evidenced by the European Space Agency procuring historical weather data and a $1.2 million NASA contract renewal for Earth observation data, including GNSS radio occultation.

Space reconnaissance and RF intelligence for defense and security.

The company is expanding its Space Reconnaissance portfolio with new radio frequency (RF) geospatial intelligence (GEOINT) capabilities for persistent monitoring and real-time geolocation. This directly supports defense and security sectors. The $14 million AFRL contract awarded in June 2024 is for developing satellites to detect and track moving objects on Earth to enhance U.S. defense situational awareness, with additional clusters scheduled to launch no earlier than late 2025 through 2026. The focus is on delivering sovereign-ready solutions for missions like GNSS interference tracking.

The overall financial health supports these value-driving investments. Spire Global, Inc. reiterated its full-year 2025 revenue guidance to be between $85 million and $95 million, and management expects to end 2025 with over $100 million in cash, cash equivalents, and marketable securities, following a balance of $117.6 million as of June 30, 2025. The backlog of contracted work not yet recognized is substantial, sitting at $208.9 million as of Q2 2025.

Finance: draft 13-week cash view by Friday.

Spire Global, Inc. (SPIR) - Canvas Business Model: Customer Relationships

You're analyzing Spire Global, Inc. (SPIR) as of late 2025, and their customer relationship strategy is clearly shifting toward high-value, long-term government and enterprise engagements, especially after divesting the maritime segment.

Dedicated account management for large government and enterprise contracts.

Spire Global, Inc. is positioning its customer engagement model to support large, multi-year government and enterprise commitments. The company announced the hiring of Quintin Jones specifically for U.S. government partnerships, signaling a dedicated focus on this segment. The relationship with the U.S. Space Force is formalized through an Indefinite Delivery/Indefinite Quantity (IDIQ) contract under the Space Test Experiments Platform (STEP) 2.0 program. This contract has a 10-year duration and a ceiling value of $237 million.

Long-term, recurring revenue contracts for data subscriptions.

The foundation of the relationship strategy relies on securing long-term, predictable revenue streams. Annual Recurring Revenue (ARR) at the end of 2024 stood at $112.2 million, which was a 5% increase year-over-year. For the start of 2025, the expectation for ARR was between $128 million and $130 million. While the full-year 2025 GAAP revenue guidance is set between $85.0 million and $95.0 million, excluding the divested maritime business, this revenue is underpinned by these subscription-like agreements and major data awards. The company projects over 20% revenue growth for 2026, suggesting confidence in the stickiness of these data contracts.

The nature of these data relationships is evidenced by recent government awards:

• NASA contract renewal modification valued at $1.2 million.
• A $6.7 million, 12-month task order awarded in August 2024, which received the extension.
• A CAD72 million contract from the Canadian Space Agency, which translates to approximately $53 million USD.

Land and expand strategy for space services customers.

Spire Global, Inc. explicitly uses a "land and expand" business model to grow relationships over time by offering additional data sets and enhanced features. This is demonstrated by a recent award: an 8-figure, 5-year space services contract secured from a repeat commercial customer. The company views this as underscoring the value delivered to customers who need reliable technology on an accelerated timeline. The revenue recognition for these space services contracts is tied to asset deployment, which means the expansion phase often follows the initial 'land' of a contract with subsequent satellite launches.

Here's a look at some key contract values and structures:

Customer/Program	Contract Type/Duration	Ceiling/Value	Status/Note
U.S. Space Force (STEP 2.0)	IDIQ, 10-year contract	$237 million ceiling	Eligibility for future task orders.
Repeat Commercial Customer	Space Services, 5-year contract	8-figure value	Leverages land and expand strategy.
Canadian Space Agency	Dedicated Satellite Constellation	CAD72 million (approx. $53 million USD)	For wildfire monitoring.
NASA	Task Order Extension Modification	$1.2 million	Extension to a prior $6.7 million task order.

Direct sales engagement with defense and national security sectors.

The focus on defense and national security drives direct engagement, especially following the establishment of a dedicated space reconnaissance business unit. The company is making strategic investments, including establishing manufacturing facilities in critical markets and expanding top-tier talent, to position for larger, long-term defense opportunities. The projected 12% to 17% revenue growth for the full year 2025 (excluding maritime) is explicitly supported by investments in defense-related solutions.

• The company's Q2 2025 preliminary revenue was between $18.0 million and $19.0 million.
• The Q3 2025 revenue projection is between $19.5 million and $21.5 million.
• The company expects to finish 2025 with over $100 million in cash, cash equivalents, and marketable securities.

Finance: review the Q3 2025 revenue projection against the current pipeline conversion rate by end of next week.

Spire Global, Inc. (SPIR) - Canvas Business Model: Channels

You're looking at how Spire Global, Inc. gets its space-based data and services into the hands of customers. This is all about the routes to market, which for Spire Global, Inc. are highly specialized given the nature of their offering.

Direct sales team for large government and commercial contracts.

The direct sales channel focuses on securing substantial, often multi-year, agreements with key sectors. The Government segment is clearly a focus, evidenced by recent contract awards. The commercial side also involves significant, long-term commitments.

Here are some concrete examples of recent channel success in securing large deals:

Contracting Entity	Contract Value/Term	Data/Service Focus	Date/Context
Government of Canada	Can$72 million (including HST)	Dedicated satellite design and development	Q1 2025
National Oceanic and Atmospheric Administration (NOAA)	$2.5 million (9-month contract)	Global Navigation Satellite System Reflectometry (GNSS-R) data	Commencing September 10, 2025
NASA	$1.2 million renewal (extension of a $6.7 million task order)	Earth observation data (GNSS radio occultation, Reflectometry, space weather)	Extension announced August 2025
Repeat Commercial Customer	Eight-figure, five-year space services contract	Space services	Announced August 2025

The direct sales effort also secured a contract with Deloitte announced December 1, 2025, for advanced satellite capabilities.

Proprietary data platforms and APIs for direct customer access.

A significant portion of Spire Global, Inc.'s revenue comes from recurring subscriptions delivered through its proprietary platforms. The company uses a subscription model for its Earth data, insights, and predictive analytics generated from its constellation of more than 110 CubeSats.

The 'Space as a Service' model is a key channel here, allowing customers to leverage Spire Global, Inc.'s infrastructure via its API to operate their own payloads on orbit. This is a growing part of the business.

• Remaining performance obligations not yet recognized as revenue as of June 30, 2025, totaled $208.9 million.
• Cash, cash equivalents, and marketable securities as of June 30, 2025, totaled $117.6 million.
• Q1 2025 revenue was $23.9 million.
• Full year 2025 revenue guidance is reiterated at $85.0 million to $95.0 million.

Global offices in the U.S., UK, Canada, Luxembourg, and Germany.

Physical presence supports sales, operations, and local customer engagement across key markets. Spire Global, Inc. maintains offices in the required locations, plus Singapore, with a total employee base reported at approximately 494 as of October 2025.

The office footprint includes:

• U.S. locations, including the headquarters in Vienna, Virginia.
• Offices in the UK, specifically at Harwell Campus, Oxfordshire.
• A location in Cambridge, Ontario, Canada.
• Presence in Luxembourg.
• An office in Munich, Germany.

Investor Relations website for financial and business updates.

The Investor Relations website, located at ir.spire.com, serves as the primary channel for disseminating official financial performance data and corporate news to the investment community. This channel is critical for transparency and managing market expectations.

Recent updates via this channel include:

• Scheduling of the Third Quarter 2025 Results Conference Call for December 17, 2025, at 8:30 a.m. ET.
• Press releases regarding contract wins and satellite launches, such as the launch of 11 satellites on SpaceX's Transporter-15 mission on November 28, 2025.
• Dissemination of financial results, like the Q2 2025 results announced November 3, 2025.

Finance: draft 13-week cash view by Friday.

Spire Global, Inc. (SPIR) - Canvas Business Model: Customer Segments

You're looking at the specific groups Spire Global, Inc. (SPIR) targets with its space-based data, analytics, and services as of late 2025. This isn't just about selling data; it's about embedding their space infrastructure into critical national security, commercial risk management, and industrial monitoring workflows. The customer base is clearly segmented by mission criticality and data application.

Government and Defense Agencies

This segment is a major focus, evidenced by significant contract awards leveraging Spire Global, Inc.'s ability to rapidly deploy and operate satellite buses. The U.S. government and Canadian government are key clients here.

Spire Global, Inc. secured a position on the U.S. Space Force's Space Systems Command Indefinite Delivery/Indefinite Quantity (IDIQ) contract under the Space Test Experiments Platform (STEP) 2.0 program. This is a 10-year agreement with a total potential value ceiling of $237 million. This contract makes Spire Global, Inc. eligible to compete for task orders to design, build, integrate, and operate satellite buses for experimental payloads.

The Government of Canada awarded Spire Global, Inc. its largest contract to date, a Can$72 million contract, including harmonized sales tax, to design and develop a dedicated satellite constellation for monitoring all active wildfires in Canada. Furthermore, Spire Global, Inc. announced a contract with Deloitte to design, build, and operate eight satellites supporting space-focused cyber missions for commercial and government customers. A U.S. government customer also signed a low seven-figure maritime data deal.

Here's a snapshot of recent government/defense-related contract activity:

Customer/Program	Value/Scope	Date Announced (Late 2025)
U.S. Space Force (STEP 2.0 IDIQ)	$237 million ceiling (10-year)	May 2025
Government of Canada (Wildfire Monitoring)	Can$72 million contract	May 2025
Deloitte (Cyber Mission Satellites)	Design, build, operate eight satellites	December 2025
U.S. Government (Maritime Data)	Low seven-figure deal	March 2025

Aviation Industry (Airlines, Insurers) Using Aircraft Exposure Analytics

Spire Global, Inc. launched its Aircraft Exposure Analytics solution in July 2025 to quantify aircraft-level exposure to hazardous weather. This service directly targets airlines, maintenance teams, OEMs, lessors, and aviation insurers.

The core of this offering combines two data sources:

• Global multi-source ground and space-based Automatic Dependent Surveillance-Broadcast (ADS-B) flight data.
• Significant Meteorological Information (SIGMET) alerts.

This allows users to identify precisely when and where individual aircraft flew through conditions like turbulence, icing, or volcanic ash, helping insurers assess environmental wear and maintenance teams plan condition-based predictive maintenance. The platform is available as part of Spire Aviation's Flight Report.

Energy, Commodities, and Financial Services Sectors

These sectors are served through specialized data products, particularly those related to environmental monitoring and AI-driven forecasting. Spire Global, Inc. is focused on delivering actionable insights that predict how patterns impact economies.

Specific customer engagements in this area include:

• Contracts with GHGSat to design and operate two satellites on the Transporter-15 mission, bringing the total operated for GHGSat to five satellites, dedicated to high-resolution methane detection for industrial and government users.
• AI-driven weather models, which run 1,000 times faster than traditional models, are specifically noted to serve the energy and commodities industries.

Geographically, Spire Global, Inc.'s Q1 2025 revenue breakdown shows the global reach of its data services, with 57% originating from the Americas, 34% from Europe, Middle East, Africa, and 9% from Asia Pacific.

Commercial Companies Seeking Custom Satellite Solutions (Space-as-a-Service)

Spire Global, Inc.'s Space Services empower commercial customers to leverage its established infrastructure. This is a key growth area, highlighted by a recent deal.

The company announced an eight-figure, five-year space services contract from a repeat commercial customer in August 2025. The November 2025 Transporter-15 launch included eleven Spire built satellites, with some dedicated to Space Services customers.

Examples of Space-as-a-Service deployments include:

• Four satellites launched for Lacuna Space, combining Spire platforms with IoT payloads to expand connectivity for agriculture, logistics, and energy applications.

The full-year 2025 revenue guidance, excluding the divested maritime business, is projected between $85.0 million and $95.0 million. Finance: review the Q3 2025 revenue projection of $19.5 million to $21.5 million against the backlog from these service contracts by next Tuesday.

Spire Global, Inc. (SPIR) - Canvas Business Model: Cost Structure

You're looking at the core expenses that fuel Spire Global, Inc.'s operations, which are heavily weighted toward building and maintaining their space assets. Honestly, for a company running a constellation, the upfront and ongoing capital costs are what you need to watch closely.

The high capital expenditure on satellite manufacturing and launches (CapEx) is a necessary drain for growth. Spire expects Spire platform / infrastructure capital expenditures for the full year 2025 to range between $8.0 million and $10.0 million. This spending covers deploying new LEMUR satellites to support revenue growth and completing necessary ground station maintenance.

Research and Development (R&D) costs are significant because Spire Global, Inc. is actively investing to keep its technology ahead. They intend to continue adding headcount to their research and development teams and invest to improve their nanosatellite, ground station, and data analytics technologies. This investment underpins their AI-driven weather solutions and advanced capabilities like the Hyperspectral Microwave Sounder, which targets a first orbital launch in early 2026.

Operating expenses cover the ongoing running of the infrastructure. Costs associated with the constellation operations, including satellite operations, ground station control, and launch management, are key components of personnel expenses within cost of revenue. Cost of revenue saw increases driven by satellite operation expense, depreciation expense, personnel expenses, and downlink data service expenses. To give you a sense of the operational burn rate, the non-GAAP operating loss for the second quarter of 2025 was $12.4 million, and the first quarter 2025 non-GAAP operating loss was $11.5 million.

The bottom line for profitability shows the current cost structure results in a negative EBITDA position, though management is focused on reducing this loss. The projected full year 2025 Adjusted EBITDA is expected to range between negative $24 million and negative $16 million.

Here's a quick look at the key financial outlook figures driving the cost side of the equation for the full year 2025:

Cost/Expense Category	FY 2025 Guidance/Projection
Spire Platform / Infrastructure CapEx	$8.0 million to $10.0 million
Adjusted EBITDA	Negative $24 million to Negative $16 million
Non-GAAP Operating Loss (Q2 2025 Actual)	$12.4 million
Non-GAAP Operating Loss (Q1 2025 Actual)	$11.5 million

The cost structure also involves non-cash charges that management excludes for internal reporting, which you should be aware of when modeling. These excluded items include stock-based compensation expenses and amortization of purchased intangibles, which management finds useful to exclude when assessing resource allocations for future periods.

• Personnel costs related to R&D teams are a direct investment in future capability.
• Downlink data service expenses are part of the ongoing cost to deliver analytics.
• Depreciation expense on capitalized satellite manufacturing and launch costs is a major non-cash component.
• Transaction costs elevated operating cash usage during the second quarter of 2025.

Finance: draft 13-week cash view by Friday.

Spire Global, Inc. (SPIR) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for Spire Global, Inc. as they navigate a major strategic shift following the sale of their maritime segment. The revenue streams are centered on delivering actionable intelligence from space, split between recurring data access and larger, project-based services.

The company's revenue is primarily generated from selling space-based data, analytics, and space services. This is built atop their multipurpose satellite network, which operates as a single, integrated system. So, you see revenue coming from a few distinct, but related, areas.

• Data and Analytics subscriptions covering Weather, including radio occultation and reflectometry data.
• Data and Analytics subscriptions for Aviation, such as the Aircraft Exposure Analytics product.
• Data and Analytics subscriptions for Space Reconnaissance, including RFGEOINT capabilities.
• Space-as-a-Service (SaaS) contract revenue, often tied to building and deploying dedicated assets.

To be fair, the reported revenue for the second quarter ended June 30, 2025, was $19.2 million, hitting the midpoint of the preliminary guidance range for that period. This quarter's results, however, reflect the sale of the maritime business, which closed in April 2025. Excluding that divested segment, management anticipates the core business revenue will accelerate in the second half of the year, targeting a year-over-year growth rate of 12% to 17% for the full 2025 fiscal year.

The backlog of future revenue is quite significant, showing strong forward visibility. Remaining performance obligations (unrecognized contract revenue) stood at $208.9 million as of Q2 2025. This RPO figure is a key indicator for Spire Global, Inc. because a large portion of their Space-as-a-Service revenue is recognized over time as assets are deployed, even if billings occur earlier.

Here's the quick math on the near-term financial outlook based on the latest guidance:

Metric	Value/Range
Full-year 2025 Revenue Guidance	$85.0 million to $95.0 million
Remaining Performance Obligations (RPO) as of Q2 2025	$208.9 million
Q2 2025 Reported Revenue	$19.2 million
Targeted Core Revenue Growth (Excluding Maritime) for FY 2025	12% to 17%

Recent contract wins underscore the focus on these streams. For example, Spire Global, Inc. secured an eight-figure, five-year space services contract from a repeat commercial customer, where revenue recognition is tied to asset deployment. Also, government work continues to be a driver, evidenced by a $1.2 million NASA contract renewal for Earth observation data, plus an award from the European Space Agency for historical weather data.

The full-year 2025 revenue guidance is maintained at $85.0 million to $95.0 million. This guidance is heavily weighted toward the second half of the year, so execution is defintely crucial for hitting those targets. Finance: draft 13-week cash view by Friday.