Revenue contracted in nine of the last ten quarters to $18.0M in 2026Q2 (-5.9% YoY) while operating margin slid to -110.2% and gross margin fell to 34.1%, indicating simultaneous erosion of volume and unit economics.
Spire Global, Inc. (SPIR) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 62.38M | 71.55M | 110.45M | 97.61M | 70.77M | 43.38M | 28.49M | 18.49M |
| Revenue Growth % | -33.13% | -35.22% | 13.15% | 37.93% | 63.15% | 52.25% | 54.07% | - |
| Cost of Goods Sold | 38.84M | 42.39M | 70.56M | 59.02M | 53.63M | 18.72M | 10.29M | 14.87M |
| COGS % of Revenue | - | 59.24% | 63.88% | 60.47% | 75.78% | 43.16% | 36.1% | 80.44% |
| Gross Profit | 23.54M | 29.16M | 39.89M | 38.59M | 17.14M | 24.66M | 18.2M | 3.62M |
| Gross Margin % | 37.74% | 40.76% | 36.12% | 39.53% | 24.22% | 56.84% | 63.9% | 19.56% |
| Gross Profit Growth % | - | -26.89% | 3.38% | 125.12% | -30.48% | 35.43% | 403.32% | - |
| Operating Expenses | 101.91M | 116.02M | 97.84M | 97.37M | 96.02M | 92.48M | 44.22M | 33.06M |
| OpEx % of Revenue | - | 162.14% | 88.58% | 99.75% | 135.68% | 213.21% | 155.2% | 178.81% |
| Selling, General & Admin | 73.18M | 79.34M | 71.96M | 67.75M | 73.39M | 60.87M | 22.8M | 15.62M |
| SG&A % of Revenue | - | 110.89% | 65.15% | 69.41% | 103.71% | 140.33% | 80.02% | 84.48% |
| Research & Development | 34.7M | 36.67M | 29.19M | 27.65M | 22.07M | 31.61M | 20.75M | 15.07M |
| R&D % of Revenue | - | 51.25% | 26.43% | 28.33% | 31.19% | 72.89% | 72.84% | 81.5% |
| Other Operating Expenses | -474K | 0 | -3.31M | 1.97M | 549K | 0 | 666K | 2.37M |
| Operating Income | -78.37M | -86.85M | -57.95M | -58.78M | -78.88M | -67.83M | -26.01M | -29.45M |
| Operating Margin % | -125.64% | -121.38% | -52.47% | -60.22% | -111.46% | -156.37% | -91.3% | -159.25% |
| Operating Income Growth % | - | -49.87% | 1.41% | 25.48% | -16.29% | -160.76% | 11.67% | - |
| EBITDA | -62.38M | -71.36M | -31.38M | -37.62M | -58.19M | -59.32M | -20.46M | -19.41M |
| EBITDA Margin % | -100% | -99.73% | -28.41% | -38.54% | -82.23% | -136.75% | -71.83% | -104.96% |
| EBITDA Growth % | 8.42% | -127.42% | 16.6% | 35.34% | 1.9% | -189.85% | -5.45% | - |
| D&A (Non-Cash Add-back) | 15.99M | 15.49M | 26.57M | 21.16M | 20.68M | 8.51M | 5.55M | 10.04M |
| EBIT | -88.45M | 62.33M | -82.3M | -58.66M | -84.77M | -26.18M | -25.33M | -27.07M |
| Net Interest Income | 3.02M | -4.98M | -18.81M | -16.7M | -13.01M | -11.39M | -6.72M | -3.13M |
| Interest Income | 3.03M | 2.44M | 1.55M | 2.33M | 948K | 23K | 54K | 3.13M |
| Interest Expense | 2K | 7.42M | 20.36M | 19.04M | 13.96M | 11.42M | 6.77M | 0 |
| Other Income/Expense | -10.08M | 141.77M | -44.71M | -18.92M | -19.85M | 30.23M | -6.09M | -2.54M |
| Pretax Income | -88.45M | 54.92M | -102.66M | -77.7M | -98.73M | -37.59M | -32.1M | -31.98M |
| Pretax Margin % | -141.8% | 76.75% | -92.95% | -79.6% | -139.51% | -86.67% | -112.69% | -172.98% |
| Income Tax | 2.13M | 3.61M | 159K | -142K | 285K | 497K | 400K | 334K |
| Effective Tax Rate % | -2.41% | 6.58% | -0.15% | 0.18% | -0.29% | -1.32% | -1.25% | -1.04% |
| Net Income | -90.58M | 51.3M | -102.82M | -77.56M | -99.01M | -38.09M | -32.5M | -32.32M |
| Net Margin % | -145.22% | 71.7% | -93.09% | -79.46% | -139.91% | -87.82% | -114.09% | -174.78% |
| Net Income Growth % | -339.71% | 149.9% | -32.57% | 21.67% | -159.94% | -17.19% | -0.57% | - |
| Net Income (Continuing) | -90.58M | 51.3M | -102.82M | -77.56M | -99.01M | -38.09M | -32.5M | -32.32M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.37 | 1.49 | -4.26 | -3.96 | -5.66 | -4.90 | -14.72 | -25.09 |
| EPS Growth % | -565.81% | 134.98% | -7.55% | 30.05% | -15.47% | 66.69% | 41.33% | - |
| EPS (Basic) | - | 1.66 | -4.26 | -3.96 | -5.66 | -4.90 | -14.72 | -25.09 |
| Diluted Shares Outstanding | 38.3M | 31.95M | 24.16M | 19.58M | 17.48M | 7.77M | 2.21M | 1.29M |
| Basic Shares Outstanding | 38.3M | 30.91M | 24.16M | 19.58M | 17.48M | 7.77M | 2.21M | 1.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SPIR stock.
For fiscal year 2025, Spire Global, Inc. (SPIR) reported total revenue of $71.6M. This represents a 287.0% increase compared to $18.5M in 2019.
Spire Global, Inc. (SPIR) is profitable, generating $51.3M in net income for the fiscal year ending 2025 with a net profit margin of 71.7%.
Spire Global, Inc. (SPIR) reported an operating income of $-86.9M, resulting in an operating profit margin of -121.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Spire Global, Inc. (SPIR) generated $29.2M in gross profit for the year, representing a gross profit margin of 40.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operating losses outpacing revenue decline
Metrics are mathematically derived from official filings.
Revenue Halved Across Ten Quarters
Revenue has contracted in nine of the last ten quarters, falling from $34.8M in 2024Q1 to $18.0M in 2026Q2, a 48% decline that appears structural rather than seasonal; according to recent SEC filings, year-over-year growth was still -5.9% in the latest quarter.
The pattern is not a clean deceleration but a series of step-downs, with the steepest drops (-55.6% in 2025Q3 and -33.7% in 2026Q1) followed by partial stabilization near $15.8-18.0M. This suggests a smaller revenue base is now re-forming, but the persistent negative growth prints imply the company has not yet found a durable organic driver, and investors should treat any near-term flat quarters as tentative rather than a confirmed floor.
Gross Margin Volatility Signals Weak Pricing Power
Gross margin swung between 26.5% and 48.9% over the ten-quarter window and sat at 34.1% in 2026Q2, materially below BlackSky's 66.9% and AST SpaceMobile's 53.4%, suggesting SPIR lacks pricing power and may be selling a lower-value service mix.
The margin dispersion appears driven by mix and capacity utilization rather than input-cost inflation, since COGS moved from $25.6M to $11.9M alongside revenue while margin direction did not track it consistently. The sequential drop from 40.6% in 2025Q4 to 34.1% in 2026Q2, on a revenue base that actually grew, warrants further investigation into whether contract mix has shifted toward lower-margin work.
No Operating Leverage as Costs Fixed
As Spire's reported figures show, operating margin deteriorated from -34.4% in 2024Q1 to -110.2% in 2026Q2, with $25.5M of combined R&D and SG&A absorbing far more than the $6.2M of gross profit generated, indicating negative rather than positive operating leverage.
Because R&D and SG&A have not scaled down in line with the revenue contraction, each lost dollar of revenue has translated almost fully into a wider operating loss, which implies the current cost base was sized for a materially larger business. The company would likely need both revenue stabilization and a further structural reduction in overhead to reach breakeven, and the absence of that combination is the central modeling problem.
One-Off Gain Distorts Net Income History
The $119.2M of net income reported in 2025Q2, against a $19.0M operating loss and $3.72 diluted EPS, appears entirely non-operational, likely reflecting a discrete item below the operating line; per SPIR's quarterly disclosures, the next quarter returned to a $19.7M net loss.
Any trailing-twelve-month or P/E analysis built through 2025Q2 will be contaminated by this outlier, and the 59.5% EPS growth printed in 2025Q4 and -114.0% in 2026Q2 are artifacts of comparisons against that non-recurring base rather than operating momentum. Analysts should anchor earnings quality to operating income and gross profit, where the trajectory is consistently negative, and treat headline EPS as unreliable in this series.
R&D Rose While Revenue Contracted
R&D expense climbed from $5.6M in 2024Q3 to $8.7M through 2025Q4 even as revenue fell roughly 27%, while SG&A oscillated between $15.0M and $21.6M, suggesting expense discipline has lagged the revenue contraction and stock compensation of $3.7M in 2025Q4 added further drag.
The rising R&D intensity against a shrinking top line may indicate continued investment ahead of monetization, but it also means the company is voluntarily widening losses at a time when gross profit is under $7M per quarter. The erratic SG&A path, peaking at $21.3M in 2026Q1 before falling to $17.3M in 2026Q2, suggests cost actions are occurring but remain uneven rather than programmatic.
Volume and Unit Economics Declining Together
The strongest challenge to the narrative is that 2026Q2 gross margin fell to 34.1% from 40.6% two quarters earlier while revenue declined 5.9% year over year, implying SPIR is losing both volume and unit economics simultaneously, a combination that may extend operating losses.
A short-seller would note that operating losses have remained in a -12M to -31M band regardless of revenue level, so there is no demonstrated evidence yet that the business can converge toward breakeven at the current scale. Investors should monitor whether the sequential revenue recovery from $12.7M to $18.0M through 2026Q2 is accompanied by gross margin stabilization; if margins continue to compress as volume returns, the inflection case would be materially weakened.