Free cash flow remains deeply negative at -$34.2M in 2026Q1, reflecting a structural inability to fund the capital-intensive satellite constellation through core operations.
| Cash from Operations | -86.7M | -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 % | -1083.52% | -224.22% | 49.18% | 24.08% | 17.53% | -292.51% | 13.38% | - |
| Net Income | 48.55M | 51.3M | -102.82M | -77.56M | -89.41M | -38.09M | -32.5M | -32.32M |
| Depreciation & Amortization | 13.36M | 15.49M | 26.57M | 21.16M | 20.68M | 8.51M | 5.55M | 10.04M |
| Stock-Based Compensation | 3.75M | 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 | -154.16M | -159.06M | 14.71M | 4.32M | -3.34M | -38.3M | 5.9M | 5.37M |
| Working Capital Changes | 1.81M | 13.73M | 21.23M | 2.79M | 12.73M | -2.23M | 3.99M | -770K |
| Change in Receivables | 3.93M | 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 | 6.63M | 1.61M | 2.65M | 1.37M | -1.81M | 2.29M | 1.11M | 0 |
| Cash from Investing | 176.09M | 151.19M | -14.23M | -4.97M | -41.83M | -119.48M | -10.41M | -9.42M |
| Capital Expenditures | -31.85M | -32.78M | -26.58M | -17.35M | -18.91M | -15.42M | -10.31M | -9.34M |
| CapEx % of Revenue | 50.14% | 45.81% | 24.07% | 17.78% | 26.73% | 35.55% | 36.2% | 50.53% |
| Acquisitions | 238.95M | 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 | -103.73M | -74.9M | 19M | 23.91M | 26.37M | 270.53M | 16.62M | 40.49M |
| Debt Issued (Net) | -123.92M | -114.83M | -20.11M | 15.39M | 29.46M | 60.89M | 17.36M | 40.83M |
| Equity Issued (Net) | 39.31M | 39.93M | 37.88M | 7.87M | 1.43M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -19.11M | 0 | 1.23M | 655K | -4.52M | 209.65M | -733K | -346K |
| Net Change in Cash | -19.88M | 5.71M | -9.95M | -17.94M | -62.08M | 93.66M | -8.54M | 13.36M |
| Free Cash Flow | -118.55M | -92.61M | -45.03M | -53.66M | -66.73M | -73.57M | -25.19M | -26.4M |
| FCF Margin % | -186.66% | -129.42% | -40.77% | -54.97% | -94.3% | -169.62% | -88.41% | -142.77% |
| FCF Growth % | -155.19% | -105.63% | 16.07% | 19.59% | 9.29% | -192.1% | 4.59% | - |
| FCF per Share | -3.56 | -2.90 | -1.86 | -2.74 | -3.82 | -9.47 | -11.41 | -20.49 |
| FCF Conversion (FCF/Net Income) | -2.44x | -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 | 997K | 997K | 210K | 47K | 210K | 173K | 0 | 0 |
Persistent negative operating cash
As reported in recent financial filings, Spire Global's operating cash flow consistently fails to track with net income, evidenced by a 2025Q2 OCF/NI ratio of -0.29, which highlights the structural inability of the core business to generate cash despite accounting-based fluctuations in net profitability.
The persistent divergence between net income and operating cash flow suggests that the company's reported earnings are heavily influenced by non-cash items or one-time gains rather than operational efficiency. Investors should monitor this gap, as it indicates that the business model remains fundamentally cash-consumptive regardless of accounting-driven net income spikes.
Based on the provided quarterly data, Spire Global's free cash flow trajectory remains firmly in negative territory, with a 2026Q1 FCF of -$34.2M, underscoring the ongoing challenge of funding a capital-intensive satellite constellation without a self-sustaining, positive cash-generating core business model.
The consistent negative FCF margins suggest that the company is currently unable to cover its operational and capital requirements through internal revenue generation. This trajectory warrants further investigation into how long the current cash runway can support these burn rates before requiring additional external financing.
According to historical cash flow statements, Spire Global maintains a high capital intensity, with CapEx/Revenue ratios frequently exceeding 50%, such as the 50.3% observed in 2026Q1, reflecting the continuous, non-discretionary requirement to manufacture and launch satellites to maintain the constellation's operational integrity.
This high level of capital expenditure appears to be a structural necessity rather than a discretionary growth choice, as the short orbital lifespan of the nanosatellites mandates constant replenishment. The inability to reduce this capital burden suggests that the company may remain vulnerable to liquidity constraints in the near term.
As indicated by the 2025Q2 cash flow statement, the company utilized a $238.9M net acquisition/divestiture inflow to temporarily bolster its balance sheet, yet this one-time event failed to translate into a sustainable improvement in operating cash flow, which remained negative at -$35.1M for that same period.
The deployment of proceeds from the maritime business sale appears to have been used to offset operational losses rather than to fund long-term value-accretive projects. This suggests that the company's capital allocation strategy is currently focused on survival and debt management rather than scaling the core data-as-a-service business.
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.