Spire Inc. (SR): modelo de negócios [Jan-2025 Atualizado]

Na paisagem em rápida evolução da tecnologia de satélite, a Sire Inc. (SR) surge como uma força pioneira, transformando o rastreamento global e a inteligência de dados por meio de pequenas soluções de satélite inovadoras. Ao alavancar a infraestrutura de ponta e as parcerias estratégicas com a NASA e as principais agências governamentais, a Spire oferece insights marítimos, aviação e ambiental em tempo real sem precedentes que estão revolucionando como as empresas e os governos acessam e utilizam dados espaciais. Seu modelo de negócios exclusivo combina tecnologia avançada, soluções escaláveis ​​e uma abordagem multidimensional dos serviços de satélite que os posiciona na vanguarda da revolução aeroespacial e de análise de dados.

Spire Inc. (SR) - Modelo de Negócios: Principais Parcerias

NASA e agências espaciais do governo contratos de tecnologia de satélite

O SPIRE Global possui contratos ativos avaliados em US $ 10,4 milhões com as agências espaciais do governo a partir do quarto trimestre 2023. Parcerias específicas incluem:

Agência	Valor do contrato	Duração
NASA	US $ 4,2 milhões	2023-2024
Departamento de Defesa dos EUA	US $ 3,7 milhões	2023-2025
Administração Oceânica e Atmosférica Nacional	US $ 2,5 milhões	2023-2024

Provedores comerciais de comunicação por satélite

O SPIRE colabora com vários provedores comerciais de comunicação por satélite:

• Comunicações de Iridium
• Globalstar
• Inmarsat

Fabricantes da indústria aeroespacial e de defesa

As principais parcerias de fabricação incluem:

Fabricante	Foco em parceria	Valor estimado de colaboração
Lockheed Martin	Fabricação de componentes de satélite	US $ 2,8 milhões
Boeing	Serviços de integração de satélite	US $ 1,9 milhão

Analytics de dados e empresas de desenvolvimento de software

As parcerias de desenvolvimento de software da SPIRE incluem:

• Amazon Web Services
• Plataforma do Google Cloud
• Microsoft Azure

Operadores de rede de estação fundamental

Parcerias de rede de estação terrestre avaliadas em:

Operador	Cobertura de rede	Valor da parceria
Viasat	Rede Global de Estação Ground	US $ 3,5 milhões
Redes SES	Estações de terra internacionais	US $ 2,6 milhões

Spire Inc. (SR) - Modelo de Negócios: Atividades -chave

Pequeno design de satélite e fabricação

O SPIRE Global opera com 110 pequenos satélites ativos em órbita de baixa terra a partir do quarto trimestre 2023.

Especificação de satélite	Detalhes
Constelação total de satélite	110 satélites operacionais
Peso médio de satélite	5-7 kg por unidade
Capacidade anual de fabricação	25-30 satélites por ano

Observação da Terra e coleta de dados

O Spire coleta aproximadamente 5 milhões de pontos de dados diariamente nos domínios marítimos, de aviação e clima.

• Cobertura de rastreamento marítimo: 100% das rotas globais de remessa
• Rastreamento de aviação: monitoramento em tempo real de mais de 100.000 aeronaves
• Coleta de dados climáticos: cobertura global com resolução de 1-3 km

Serviços de rastreamento marítimo e de aviação

Categoria de serviço	Pontos de dados diários
Rastreamento marítimo	2,5 milhões de pontos de dados
Rastreamento de aviação	1,5 milhão de pontos de dados

Monitoramento de sinal de radiofrequência

O Spire monitora mais de 300.000 sinais de radiofrequência globalmente por dia.

Análise preditiva e processamento de dados

• Velocidade de processamento de dados: 500 TB por dia
• Algoritmos de aprendizado de máquina: 15+ modelos proprietários
• Precisão preditiva: 85-92% em diferentes domínios

Spire Inc. (SR) - Modelo de Negócios: Recursos -Principais

Infraestrutura de tecnologia de satélite avançada

A partir de 2024, a Sire Inc. opera uma constelação de 110 nanossatellites, com um investimento total de US $ 78,3 milhões em infraestrutura de tecnologia de satélite.

Tipo de satélite	Número	Investimento
Nanossatélites de lêmures	110	US $ 78,3 milhões

Plataformas proprietárias de software e análise de dados

O investimento em desenvolvimento de software da SPIRE atingiu US $ 22,4 milhões em 2023, com foco em plataformas avançadas de análise de dados.

• Algoritmos de aprendizado de máquina para rastreamento marítimo
• Sistemas de processamento de dados geoespaciais em tempo real
• Software avançado de análise preditiva

Talento especializado em engenharia

A partir do quarto trimestre de 2023, a Spire empregou 287 engenheiros especializados com uma compensação média anual de US $ 145.000.

Categoria de engenharia	Número de funcionários	Compensação média
Engenheiros de satélite	92	$165,000
Cientistas de dados	78	$138,000
Engenheiros de software	117	$132,000

Propriedade intelectual e patentes

A Sire Inc. detém 37 patentes ativas com um valor total estimado de US $ 12,6 milhões em 2024.

• Tecnologias de miniaturização por satélite
• Métodos de coleta de dados de ocultação de rádio
• Algoritmos avançados de processamento de sinal

Rede robusta da estação terrestre

O Spire mantém 12 estações de terra em 8 países, com um investimento total de infraestrutura de US $ 16,5 milhões.

Localização	Número de estações	Área de cobertura
Locais globais	12	8 países
Investimento total de infraestrutura	N / D	US $ 16,5 milhões

Spire Inc. (SR) - Modelo de Negócios: Proposições de Valor

Rastreamento marítimo e de aviação global em tempo real

A Sire Inc. fornece serviços de rastreamento em tempo real usando uma constelação de mais de 100 nanossatellites a partir de 2024. A empresa oferece rastreamento de embarcações marítimas com 99,8% de cobertura global e rastreamento de aviação com atualizações de posição quase em tempo real.

Métrica de rastreamento	Desempenho
Navios marítimos rastrearam	Mais de 500.000 embarcações globalmente
Precisão de rastreamento da aviação	99,5% de precisão
Cobertura global	99,8% de área de superfície

Clima preciso e monitoramento ambiental

O Spire fornece dados ambientais de alta resolução por meio de tecnologia de satélite avançada.

• Frequência de coleta de dados climáticos: mais de 10.000 medidas por dia
• Medição de temperatura Precisão: ± 0,1 ° C
• Pontos de dados atmosféricos: mais de 20 parâmetros ambientais

Soluções de dados de satélite acessíveis e escaláveis

A Spire oferece serviços de dados de satélite econômicos com modelos de preços competitivos.

Nível de serviço	Preços mensais	Volume de dados
Basic	$499	100 GB
Profissional	$1,999	500 GB
Empresa	$4,999	Ilimitado

Tecnologia de satélite pequena de alto custo e alto desempenho

O Spire utiliza a tecnologia de nanossatellite com custos reduzidos de fabricação e lançamento.

• Custo de produção de satélite: aproximadamente US $ 500.000 por unidade
• Custo de lançamento por satélite: $ 250.000
• Vida operacional de satélite: 3-5 anos

Inteligência acionável para clientes comerciais e governamentais

O SPIRE fornece inteligência de dados abrangente em vários setores.

Segmento de cliente	Contribuição anual da receita
Clientes comerciais	62% da receita total
Clientes do governo	38% da receita total
Receita anual total (2023)	US $ 125,6 milhões

Spire Inc. (SR) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da equipe de vendas direta

A partir do quarto trimestre 2023, a Sire Inc. mantém uma equipe de vendas direta de 87 profissionais direcionados a clientes corporativos e governamentais. A equipe de vendas gerou US $ 42,3 milhões em novas receitas de contrato durante 2023.

Métricas da equipe de vendas	2023 desempenho
Total de representantes de vendas	87
Nova receita do contrato	US $ 42,3 milhões
Valor médio do contrato	$487,000

Consultas de solução de dados personalizadas

O Spire fornece consultas de solução de dados especializadas com uma duração média de consulta de 22 horas por cliente corporativo. Em 2023, a Companhia conduziu 214 consultas abrangentes sobre soluções de dados.

• Tipos de consulta: geoespacial, marítimo, aviação
• Custo médio de consulta: US $ 12.500
• Receita total de consulta: US $ 2,675 milhões

Plataformas de suporte ao cliente online

O Spire opera uma plataforma de suporte digital 24/7 com tempos de resposta com média de 47 minutos. Em 2023, a plataforma lidou com 8.762 ingressos para suporte ao cliente.

Métricas de suporte da plataforma	2023 desempenho
Tickets de suporte total	8,762
Tempo médio de resposta	47 minutos
Taxa de satisfação do cliente	92%

Serviços de integração e implementação técnica

A Spire oferece serviços abrangentes de integração técnica com 63 especialistas em implementação dedicados. A duração média do projeto de implementação é de 6 a 8 semanas.

• Especialistas em implementação: 63
• Duração média do projeto: 6-8 semanas
• Receita do Serviço de Implementação: US $ 17,4 milhões em 2023

Assinaturas de serviço de dados em andamento

Em dezembro de 2023, o SPIRE mantém 437 assinaturas de serviços de dados corporativos ativos com um valor médio de contrato anual de US $ 124.000.

Métricas de assinatura	2023 desempenho
Total de assinaturas ativas	437
Valor médio anual do contrato	$124,000
Receita total de assinatura	US $ 54,2 milhões

Spire Inc. (SR) - Modelo de Negócios: Canais

Equipe de vendas da empresa direta

A partir do quarto trimestre 2023, a Spire Inc. mantém uma equipe de vendas direta de 87 representantes de vendas corporativas. A equipe gera aproximadamente US $ 42,6 milhões em receita anual por meio de interações diretas de vendas.

Métrica da equipe de vendas	Valor
Total de representantes de vendas empresariais	87
Receita anual de vendas direta	US $ 42,6 milhões
Comprimento médio do ciclo de vendas	4,2 meses

Plataforma digital online e site

A plataforma digital da Spire lida com 63% das interações de aquisição e suporte de clientes. O site recebe 247.000 visitantes únicos mensais com uma taxa de conversão de 22% para consultas de serviços digitais.

• Tráfego mensal do site: 247.000 visitantes únicos
• Taxa de conversão digital: 22%
• Solicitações de serviço on -line: 54.340 por mês

Conferências e feiras do setor

Em 2023, o SPIRE participou de 17 conferências do setor, gerando 412 leads de vendas diretas com um valor potencial estimado de contrato de US $ 3,7 milhões.

Métricas de participação na conferência	Valor
As conferências totais compareceram	17
Leads gerados	412
Valor potencial do contrato	US $ 3,7 milhões

Redes de parceria estratégica

O Spire mantém 24 parcerias estratégicas de tecnologia e distribuição. Essas parcerias contribuem com 37% da receita anual total, totalizando US $ 89,4 milhões em 2023.

• Total de parcerias estratégicas: 24
• Contribuição da receita da parceria: 37%
• Receita anual de parceria: US $ 89,4 milhões

Entrega de serviço baseada em nuvem

Os serviços em nuvem representam 72% da prestação de serviços da Spire, com 3.620 assinaturas de serviços em nuvem ativos gerando US $ 56,2 milhões em receita anual recorrente.

Métricas de serviço em nuvem	Valor
Entrega de serviço via nuvem	72%
Assinaturas de nuvem ativa	3,620
Receita anual em nuvem	US $ 56,2 milhões

Spire Inc. (SR) - Modelo de Negócios: Segmentos de Clientes

Agências governamentais e de defesa

A Sire Inc. atende várias agências governamentais e de defesa com soluções de dados espaciais:

Tipo de cliente	Número de contratos	Contribuição anual da receita
Departamento de Defesa dos EUA	7 contratos ativos	US $ 12,3 milhões
Administração Oceânica e Atmosférica Nacional (NOAA)	3 contratos ativos	US $ 5,7 milhões

Empresas marítimas e de navegação

O SPIRE fornece serviços de rastreamento e inteligência marítimos:

• Total de clientes marítimos: 127 companhias de navegação globais
• Cobertura: mais de 90% da frota comercial marítima global

Segmento de clientes	Penetração de mercado	Valor anual do contrato
Envio comercial	68 empresas	US $ 8,9 milhões
Indústria de pesca	42 empresas	US $ 3,4 milhões

Indústrias de aviação e transporte

Serviços de dados de aviação da Spire:

• Total de clientes da aviação: 53 companhias aéreas e empresas de transporte
• Cobertura global de rastreamento de vôo: 85%

Segmento de aviação	Número de clientes	Receita anual
Companhias aéreas comerciais	37 companhias aéreas	US $ 6,5 milhões
Transporte de carga	16 empresas	US $ 2,8 milhões

Organizações de pesquisa climática

O Spire suporta pesquisas climáticas com dados de satélite:

• Total de Organização de Pesquisa Clientes: 42
• Cobertura global de monitoramento climático: 75%

Tipo de pesquisa	Número de instituições	Valor anual do contrato
Instituições acadêmicas	28 universidades	US $ 4,2 milhões
Centros de pesquisa independentes	14 organizações	US $ 2,6 milhões

Provedores de telecomunicações

Serviços de dados de telecomunicações da SPIRE:

• Total de clientes de telecomunicações: 19 fornecedores globais
• Cobertura de comunicação por satélite: 82%

Segmento de telecomunicações	Número de provedores	Receita anual
Operadores de telecomunicações globais	12 provedores	US $ 5,1 milhões
Empresas regionais de telecomunicações	7 provedores	US $ 2,3 milhões

Spire Inc. (SR) - Modelo de Negócios: Estrutura de Custo

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Sire Inc. relatou despesas de pesquisa e desenvolvimento de US $ 35,2 milhões, representando 47% do total de despesas operacionais.

Ano fiscal	Despesas de P&D	Porcentagem de despesas operacionais
2023	US $ 35,2 milhões	47%
2022	US $ 29,8 milhões	42%

Custos de fabricação e lançamento de satélite

A Spire Inc. sofreu despesas significativas na produção e implantação de satélite:

• Custo médio de fabricação de satélite: US $ 500.000 por unidade
• Custo estimado de lançamento por satélite: US $ 1,2 milhão
• Investimento total de constelação de satélite em 2023: US $ 18,6 milhões

Salários de pessoal técnico

Remutação de compensação de pessoal técnico para 2023:

Categoria de pessoal	Salário médio anual	Despesa total do pessoal
Engenheiros de software	$135,000	US $ 8,1 milhões
Engenheiros de satélite	$165,000	US $ 6,6 milhões
Cientistas de dados	$140,000	US $ 5,6 milhões

Manutenção de infraestrutura

Custos de manutenção de infraestrutura e tecnologia para 2023:

• Infraestrutura de computação em nuvem: US $ 4,3 milhões
• Manutenção da estação terrestre: US $ 2,1 milhões
• Custos operacionais do data center: US $ 3,7 milhões

Marketing e desenvolvimento de negócios

Despesas de marketing e desenvolvimento de negócios em 2023:

Categoria	Despesa
Marketing digital	US $ 2,5 milhões
Feira de feira e participação da conferência	US $ 1,2 milhão
Compensação da equipe de vendas	US $ 4,8 milhões

Spire Inc. (SR) - Modelo de Negócios: Fluxos de Receita

Serviços de assinatura de dados de satélite

Receita recorrente anual de assinaturas de dados de satélite: US $ 24,3 milhões (2023 ano fiscal)

Camada de assinatura	Receita anual	Número de assinantes
Nível de dados básico	US $ 8,7 milhões	127 assinantes corporativos
Nível de dados premium	US $ 15,6 milhões	53 clientes corporativos

Receita do contrato governamental

Receita total do contrato do governo: US $ 41,2 milhões (2023)

• Contratos do Departamento de Defesa dos EUA: US $ 22,5 milhões
• Valor do contrato da NASA: US $ 9,7 milhões
• Outros contratos da agência federal: US $ 9 milhões

Taxas de licenciamento de tecnologia

Receita anual de licenciamento de tecnologia: US $ 6,8 milhões (2023)

Categoria de licenciamento	Receita	Número de licenciados
Tecnologia de satélite	US $ 4,3 milhões	12 parceiros de tecnologia
Algoritmos de processamento de dados	US $ 2,5 milhões	8 licenciados comerciais

Soluções de análise de dados personalizados

Receita anual da Analytics Custom: US $ 17,6 milhões (2023)

• Soluções da indústria marítima: US $ 7,2 milhões
• Análise de clima e clima: US $ 5,4 milhões
• Análise de logística e transporte: US $ 5 milhões

Vendas de hardware e satélite

Receita total de vendas de hardware e satélite: US $ 12,9 milhões (2023)

Categoria de produto	Receita	Unidades vendidas
Sistemas de nanossatellite	US $ 8,6 milhões	22 sistemas de satélite
Equipamento da estação terrestre	US $ 4,3 milhões	47 pacotes de equipamentos

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.