The company's financial stability is undermined by a volatile equity base that fell to a deficit of $11.7M in 2024Q4 and a reliance on debt that pushed the debt-to-equity ratio to 20.34 in 2025Q1.
| Total Current Assets | 64.43B | 93.77M | 92.16M | 72.34M | 94.18M | 130.69M | 22.27M | 29.46M |
| Cash & Short-Term Investments | 81.78M | 81.78M | 19.21M | 40.86M | 70.28M | 109.26M | 15.57M | 23.86M |
| Cash Only | 24.81M | 24.81M | 19.21M | 29.14M | 47.2M | 109.26M | 15.57M | 23.86M |
| Short-Term Investments | 33.41B | 56.97M | 0 | 11.73M | 23.08M | 0 | 0 | 0 |
| Accounts Receivable | 7.04B | 8.51M | 13.36M | 21.86M | 17.87M | 13.64M | 5M | 3.58M |
| Days Sales Outstanding | 10.15K | 43.41 | 44.15 | 81.75 | 92.16 | 114.81 | 64.06 | 70.69 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 725K | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | 25.73 | - |
| Other Current Assets | 7.93B | 992K | 57.68M | -1.74M | 867K | 2.62M | 910K | 1.91M |
| Total Non-Current Assets | 118.43B | 117.22M | 101.42M | 166.93M | 161.81M | 173.58M | 22.15M | 17.43M |
| Property, Plant & Equipment | 93.71B | 91.6M | 74.41M | 75.37M | 67.51M | 48.7M | 20.46M | 15.91M |
| Fixed Asset Turnover | 0.00x | 0.78x | 1.48x | 1.30x | 1.05x | 0.89x | 1.39x | 1.16x |
| Goodwill | 15.19B | 15.45M | 14.73M | 51.16M | 49.95M | 0 | 0 | 0 |
| Intangible Assets | 8.55B | 9.08M | 10.16M | 32.02M | 34.78M | 97.78M | 751K | 755K |
| Long-Term Investments | 1.45M | 0 | 0 | 0 | 0 | 389K | 415K | 0 |
| Other Non-Current Assets | 978M | 1.08M | 2.11M | 8.38M | 9.56M | 12.63M | 939K | 762K |
| Total Assets | 182.86B | 210.99M | 193.57M | 239.26M | 255.99M | 304.27M | 44.42M | 46.89M |
| Asset Turnover | 0.00x | 0.34x | 0.57x | 0.41x | 0.28x | 0.14x | 0.64x | 0.39x |
| Asset Growth % | 87468.22% | 9% | -19.1% | -6.53% | -15.87% | 584.95% | -5.26% | - |
| Total Current Liabilities | 68.52B | 72.29M | 151.59M | 49.34M | 38.3M | 24.92M | 13.29M | 12.57M |
| Accounts Payable | 15.97B | 14.87M | 11.59M | 8.01M | 4.8M | 5.82M | 1.77M | 600K |
| Days Payables Outstanding | 39.73K | 128 | 59.96 | 49.55 | 32.67 | 113.56 | 62.99 | 14.72 |
| Short-Term Debt | 0 | 0 | 93.94M | 0 | 0 | 0 | 0 | 6M |
| Deferred Revenue (Current) | 52.62M | 35.16M | 22.04M | 31.18M | 20.52M | 8.63M | 8.11M | 0 |
| Other Current Liabilities | 52.55B | 0 | 7.67M | 4.82M | 0 | 4.82M | 0 | 4.2M |
| Current Ratio | 0.94x | 1.30x | 0.61x | 1.47x | 2.46x | 5.24x | 1.68x | 2.34x |
| Quick Ratio | 0.94x | 1.30x | 0.61x | 1.47x | 2.46x | 5.24x | 1.62x | 2.34x |
| Cash Conversion Cycle | -29.57K | - | - | - | - | - | 26.79 | - |
| Total Non-Current Liabilities | 23.13B | 25.77M | 53.67M | 152.13M | 126.56M | 89.14M | 79.87M | 52.97M |
| Long-Term Debt | 7.83B | 0 | 4.62M | 114.11M | 98.47M | 51.12M | 75.28M | 51.4M |
| Capital Lease Obligations | 17.93M | 8.76M | 9.6M | 13.08M | 10.81M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 860K | 804K | 732K | 14.91M | 338K | 0 |
| Other Non-Current Liabilities | 15.29B | 2.81M | 15.1M | 6.22M | 2.19M | 22.48M | 4.26M | 1.57M |
| Total Liabilities | 91.65B | 98.06M | 205.26M | 201.48M | 164.85M | 114.06M | 93.16M | 65.55M |
| Total Debt | 13.4M | 13.4M | 111.41M | 130.7M | 111.62M | 51.12M | 75.28M | 57.4M |
| Net Debt | -11.42M | -11.42M | 92.21M | 101.56M | 64.43M | -58.13M | 59.7M | 33.53M |
| Debt / Equity | 0.00x | 0.12x | - | 3.46x | 1.22x | 0.27x | - | - |
| Debt / EBITDA | -0.21x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.18x | - | - | - | - | - | - | - |
| Interest Coverage | 37.30x | 8.40x | -4.04x | -3.08x | -6.07x | -2.29x | -3.74x | - |
| Total Equity | 91.21B | 112.93M | -11.69M | 37.78M | 91.13M | 190.21M | -48.74M | -18.66M |
| Equity Growth % | 1643440.16% | 1066.27% | -130.93% | -58.54% | -52.09% | 490.28% | -161.25% | - |
| Book Value per Share | 2741.42 | 3.53 | -0.48 | 1.93 | 5.21 | 24.49 | -22.07 | -14.48 |
| Total Shareholders' Equity | 91.21B | 112.93M | -11.69M | 37.78M | 91.13M | 190.21M | -48.74M | -18.66M |
| Common Stock | 4M | 3K | 3K | 2K | 2K | 15K | 2K | 1K |
| Retained Earnings | -513.18B | -487.34M | -538.1M | -435.29M | -357.73M | -249.24M | -211.15M | -178.64M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -5.3B | -5.43M | -9.77M | -4.56M | -6.91M | 732K | -982K | -628K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensity and liquidity
As reported in recent financial filings, Spire Global’s equity base has experienced extreme volatility, plummeting from $52.5M in 2024Q1 to a deficit of $11.7M by 2024Q4, reflecting the persistent accumulation of retained losses that continue to undermine the company’s long-term financial stability and shareholder value.
The rapid depletion of equity suggests that the company’s operational losses are outpacing its ability to generate internal capital. Investors should monitor whether the recent stabilization in equity levels is a result of genuine operational improvement or merely the temporary impact of non-recurring divestiture gains.
Based on historical balance sheet data, Spire’s debt profile has shifted dramatically, with debt-to-equity ratios spiking to 20.34 in 2025Q1 before moderating, indicating that the company relies heavily on external financing to bridge the gap between its high capital expenditure requirements and its negative operating cash flow.
The reliance on debt to sustain constellation operations creates significant refinancing risk, particularly if credit markets tighten or if the company fails to demonstrate a clear path to profitability. The fluctuation in debt levels suggests a reactive approach to capital management rather than a strategic, long-term funding plan.
According to quarterly balance sheet disclosures, Spire’s current ratio has remained highly unstable, dropping to a low of 0.40 in 2024Q3, which suggests that the company’s ability to cover short-term obligations is frequently compromised by its ongoing cash burn and limited liquid asset reserves.
A current ratio consistently below or near parity implies that the company lacks a sufficient buffer against operational shocks or unexpected delays in satellite deployment. This liquidity profile warrants further investigation into the company’s ability to maintain its infrastructure without further dilutive financing or asset sales.
As indicated by the 2026Q1 balance sheet, the company carries $15.2B in goodwill, a figure that appears disproportionately large relative to its total asset base of $182.9B, suggesting that headline asset values may be significantly inflated by historical acquisition accounting rather than tangible, revenue-generating assets.
The presence of such substantial goodwill relative to total assets raises concerns regarding potential future impairment risks if the underlying business units fail to meet performance expectations. Analysts should treat the reported book value with caution, as it may not accurately reflect the liquidation value of the company’s core satellite infrastructure.
Quick answers to the most common questions about buying SPIR stock.
As of 2025, Spire Global, Inc. (SPIR) had total assets of $211.0M including $93.8M in current assets.
Spire Global, Inc. (SPIR) carries total debt of $13.4M, offset by $81.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Spire Global, Inc. (SPIR) has total shareholders' equity (book value) of $112.9M ($3.53 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Spire Global, Inc. (SPIR) reported a current ratio of 1.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.