Free cash flow was negative in nine of ten quarters totaling roughly $210M of outflow, with CapEx of $72.9M exceeding $49.9M of cumulative depreciation despite a shrinking top line.
Spire Global, Inc. (SPIR) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -75M | -59.83M | -18.45M | -36.31M | -47.82M | -57.99M | -14.77M | -17.05M |
| Operating CF Margin % | - | -83.61% | -16.71% | -37.2% | -67.57% | -133.69% | -51.85% | -92.23% |
| Operating CF Growth % | -351% | -224.22% | 49.18% | 24.08% | 17.53% | -292.51% | 13.38% | - |
| Net Income | -90.58M | 51.3M | -102.82M | -77.56M | -89.41M | -38.09M | -32.5M | -32.32M |
| Depreciation & Amortization | 15.99M | 15.49M | 26.57M | 21.16M | 20.68M | 8.51M | 5.55M | 10.04M |
| Stock-Based Compensation | 6.79M | 18.7M | 21.85M | 12.98M | 11.49M | 11.63M | 2.16M | 1.89M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 23K | 497K | 133K | -1.26M |
| Other Non-Cash Items | 1.2M | -159.06M | 14.71M | 4.32M | -3.34M | -38.3M | 5.9M | 5.37M |
| Working Capital Changes | -8.4M | 13.73M | 21.23M | 2.79M | 12.73M | -2.23M | 3.99M | -770K |
| Change in Receivables | 1.23M | 8.07M | -1.92M | 2.5M | -4.89M | -5.01M | -1.49M | -627K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.5M | 1.61M | 2.65M | 1.37M | -1.81M | 2.29M | 1.11M | 0 |
| Cash from Investing | -2.55M | 151.19M | -14.23M | -4.97M | -41.83M | -119.48M | -10.41M | -9.42M |
| Capital Expenditures | -33.69M | -32.78M | -26.58M | -17.35M | -18.91M | -15.42M | -10.31M | -9.34M |
| CapEx % of Revenue | 54.01% | 45.81% | 24.07% | 17.78% | 26.73% | 35.55% | 36.2% | 50.53% |
| Acquisitions | 0 | 238.95M | 0 | 0 | 22.91M | -103.89M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -22.91M | -166K | -101K | -73K |
| Cash from Financing | 80.65M | -74.9M | 19M | 23.91M | 26.37M | 270.53M | 16.62M | 40.49M |
| Debt Issued (Net) | -9.09M | -114.83M | -20.11M | 15.39M | 29.46M | 60.89M | 17.36M | 40.83M |
| Equity Issued (Net) | 6.16M | 39.93M | 37.88M | 7.87M | 1.43M | 1.29M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 83.58M | 0 | 1.23M | 655K | -4.52M | 209.65M | -733K | -346K |
| Net Change in Cash | 2.7M | 5.71M | -9.95M | -17.94M | -62.08M | 93.66M | -8.54M | 13.36M |
| Free Cash Flow | -108.69M | -92.61M | -45.03M | -53.66M | -66.73M | -73.57M | -25.19M | -26.4M |
| FCF Margin % | -174.25% | -129.42% | -40.77% | -54.97% | -94.3% | -169.62% | -88.41% | -142.77% |
| FCF Growth % | -44.5% | -105.63% | 16.07% | 19.59% | 9.29% | -192.1% | 4.59% | - |
| FCF per Share | -2.84 | -2.90 | -1.86 | -2.74 | -3.82 | -9.47 | -11.41 | -20.49 |
| FCF Conversion (FCF/Net Income) | 1.20x | -1.17x | 0.18x | 0.47x | 0.48x | 1.52x | 0.45x | 0.53x |
| Interest Paid | 0 | 6.92M | 14.15M | 16.16M | 9.44M | 3.13M | 1.5M | 0 |
| Taxes Paid | 2.22M | 997K | 210K | 47K | 210K | 173K | 0 | 0 |
Quick answers to the most common questions about buying SPIR stock.
Spire Global, Inc. (SPIR) generated $-59.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Spire Global, Inc. (SPIR) reported negative free cash flow of $92.6M in 2025, indicating capital requirements exceeded cash from operations.
Spire Global, Inc. (SPIR) spent $32.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent operating cash burn
Metrics are mathematically derived from official filings.
Earnings Fail to Translate Into Cash
Operating cash flow trailed net income by roughly $42M cumulatively over ten quarters, driven chiefly by 2025Q2, when $119.2M of reported net income coincided with a $35.1M operating cash outflow, per SPIR's quarterly cash flow statements.
The OCF/NI ratio was above 1.0 in several loss-making quarters because reported losses simply lack non-cash addbacks to reverse, but the ratio collapsed to -0.29 in 2025Q2, confirming that the single profitable quarter generated no operating cash whatsoever. Excluding that outlier, cumulative net losses of about $214M compare with roughly $102M of operating outflow, implying the loss accounting itself absorbs cash through working capital and non-cash items rather than preserving it, so investors should treat reported net income as a weak proxy for liquidity here.
Free Cash Flow Bleed Deepens
Free cash flow was negative in nine of ten quarters and totaled about $210M of outflow, with the latest quarter showing a -159.7% FCF margin against an 18.0% revenue base for Spire, according to reported figures.
The trajectory is deteriorating rather than stabilizing: quarterly FCF deficits widened from -$15.9M in 2024Q1 to -$34.2M in 2026Q1, and the sole positive quarter (2024Q3, +$5.1M) was produced by a $15.1M working capital release rather than operations. Because FCF margins have swung from 17.8% to -159.7% without a corresponding revenue inflection, the burn appears driven by cost structure and cash timing rather than growth investment, which raises the dependence on external funding that the balance sheet signal of 'Mixed' only partially reflects.
Capital Intensity Rises as Revenue Falls
Capital expenditure of $72.9M over the ten quarters exceeded $49.9M of cumulative depreciation, while CapEx/Revenue swung from 18.8% to 75.1%, an intensity that appears misaligned with a shrinking top line, as Spire's reported figures indicate.
Spending roughly 1.5x depreciation would normally signal growth investment, yet revenue contracted in nine of ten quarters per the income statement analysis, so the pattern reads more like committed or satellite-infrastructure spending that cannot be flexed down quickly. The 75.1% CapEx/Revenue reading in 2025Q4 and 50.3% in 2026Q1 are the most troubling data points, since they imply capital is being deployed against a revenue base too small to amortize it, pressuring future cash flow unless asset utilization improves.
Working Capital Swings Mask Burn
Working capital contributed a $77.0K swing in 2024Q2 but swung to an $11.5M use of cash in 2026Q2, reversing the $10.0M release recorded in 2025Q4 and suggesting collections deteriorated in recent quarters, based on SPIR's reported statements.
The cumulative working capital contribution across ten quarters is roughly $14.6M, but that figure is heavily concentrated in 2024Q3 ($15.1M), 2024Q4 ($8.1M) and 2025Q4 ($10.0M), so the underlying trend is a release-then-rebuild pattern rather than structural efficiency. The last two quarters' combined $20.2M drag arrived while revenue was declining, which suggests receivable or contract-timing pressure is now amplifying operating losses rather than cushioning them; the consistency of the reversal warrants monitoring for a sustained negative working capital regime.
Non-Operating Items Obscure Cash Reality
In 2025Q2, SPIR reported a positive $238.9M acquisition line alongside $119.2M of net income yet a $35.1M operating cash outflow, suggesting a large non-operating transaction may be flattering both earnings and cash presentation, per SPIR's disclosed cash flow statement.
The positive sign on the acquisition line is ambiguous as presented and could reflect a divestiture or a classification choice rather than an inflow from operations, so analysts should reconcile it against investing and financing subtotals before drawing conclusions about funding capacity. Separately, stock-based compensation appears in only five of ten quarters ($10.6M cumulative), and where disclosed it would normally be added back to operating cash flow, implying reported OCF may be understating true economic cost of equity issuance; whether these addbacks offset the accrual drag is unclear from the cash flow statement alone.