Revenue growth has contracted significantly to -33.7% in 2026Q1, while operating margins remain deeply negative, reaching -128.0% in 2025Q4 due to disproportionate overhead and R&D expenses.
| Sales/Revenue | 63.51M | 71.55M | 110.45M | 97.61M | 70.77M | 43.38M | 28.49M | 18.49M |
| Revenue Growth % | -36.17% | -35.22% | 13.15% | 37.93% | 63.15% | 52.25% | 54.07% | - |
| Cost of Goods Sold | 36.76M | 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 | 26.76M | 29.16M | 39.89M | 38.59M | 17.14M | 24.66M | 18.2M | 3.62M |
| Gross Margin % | 42.13% | 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 | 104.26M | 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 | 77.43M | 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 | 36.71M | 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 | -2M | 0 | -3.31M | 1.97M | 549K | 0 | 666K | 2.37M |
| Operating Income | -77.5M | -86.85M | -57.95M | -58.78M | -78.88M | -67.83M | -26.01M | -29.45M |
| Operating Margin % | -122.03% | -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 | -62.99M | -71.36M | -31.38M | -37.62M | -58.19M | -59.32M | -20.46M | -19.41M |
| EBITDA Margin % | -99.18% | -99.73% | -28.41% | -38.54% | -82.23% | -136.75% | -71.83% | -104.96% |
| EBITDA Growth % | -7.07% | -127.42% | 16.6% | 35.34% | 1.9% | -189.85% | -5.45% | - |
| D&A (Non-Cash Add-back) | 14.52M | 15.49M | 26.57M | 21.16M | 20.68M | 8.51M | 5.55M | 10.04M |
| EBIT | 62.96M | 62.33M | -82.3M | -58.66M | -84.77M | -26.18M | -25.33M | -27.07M |
| Net Interest Income | 1.2M | -4.98M | -18.81M | -16.7M | -13.01M | -11.39M | -6.72M | -3.13M |
| Interest Income | 2.89M | 2.44M | 1.55M | 2.33M | 948K | 23K | 54K | 3.13M |
| Interest Expense | 1.69M | 7.42M | 20.36M | 19.04M | 13.96M | 11.42M | 6.77M | 0 |
| Other Income/Expense | 130.15M | 141.77M | -44.71M | -18.92M | -19.85M | 30.23M | -6.09M | -2.54M |
| Pretax Income | 52.65M | 54.92M | -102.66M | -77.7M | -98.73M | -37.59M | -32.1M | -31.98M |
| Pretax Margin % | 82.9% | 76.75% | -92.95% | -79.6% | -139.51% | -86.67% | -112.69% | -172.98% |
| Income Tax | 3.67M | 3.61M | 159K | -142K | 285K | 497K | 400K | 334K |
| Effective Tax Rate % | 6.97% | 6.58% | -0.15% | 0.18% | -0.29% | -1.32% | -1.25% | -1.04% |
| Net Income | 48.55M | 51.3M | -102.82M | -77.56M | -99.01M | -38.09M | -32.5M | -32.32M |
| Net Margin % | 76.44% | 71.7% | -93.09% | -79.46% | -139.91% | -87.82% | -114.09% | -174.78% |
| Net Income Growth % | 149.57% | 149.9% | -32.57% | 21.67% | -159.94% | -17.19% | -0.57% | - |
| Net Income (Continuing) | 48.98M | 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) | 1.46 | 1.49 | -4.26 | -3.96 | -5.66 | -4.90 | -14.72 | -25.09 |
| EPS Growth % | 141.07% | 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 | 33.27M | 31.95M | 24.16M | 19.58M | 17.48M | 7.77M | 2.21M | 1.29M |
| Basic Shares Outstanding | 33.27M | 30.91M | 24.16M | 19.58M | 17.48M | 7.77M | 2.21M | 1.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Persistent negative operating margins
As indicated by the most recent quarterly filings, Spire Global has experienced a significant revenue decline, with year-over-year growth rates consistently in negative territory, reaching -33.7% in 2026Q1, largely reflecting the structural impact of the maritime business divestiture and a shift in core business focus.
The persistent revenue contraction suggests that the company is currently in a transition phase, moving away from legacy maritime operations toward a more concentrated focus on government and space services. Investors should monitor whether the remaining revenue base can stabilize, as the current trajectory implies that the top-line has not yet found a sustainable floor following the recent asset sale.
Based on historical financial data, Spire's gross margins have fluctuated significantly, ranging from a low of 26.5% in 2024Q1 to a peak of 48.9% in 2025Q2, highlighting the inherent sensitivity of the company's satellite-based cost structure to operational scale and the timing of constellation replenishment cycles.
The variability in gross margins suggests that the company lacks the pricing power or operational efficiency to maintain consistent profitability at the gross level. Because the business relies on high fixed-cost satellite infrastructure, any disruption in data volume or unexpected launch costs may continue to exert downward pressure on these margins.
According to reported income statements, Spire Global continues to struggle with severe operating leverage, as evidenced by operating margins that reached -128.0% in 2025Q4, indicating that the company's overhead and R&D expenses remain disproportionately high relative to its current revenue-generating capacity.
The inability to scale operating income alongside gross profit suggests that the company's current business model is not yet optimized for profitability. The persistent gap between revenue and operating expenses warrants further investigation into whether management can achieve the necessary scale to cover its fixed infrastructure costs without further dilution.
As reported in financial statements, the company's net income has been heavily distorted by non-recurring items, most notably a significant positive net margin of 71.70% in 2025Q2, which obscures the underlying reality of the company's ongoing, deeply negative operating performance and cash-burning business model.
Analysts should be cautious when interpreting net income figures, as the one-time gain from the maritime divestiture provides a misleading picture of the company's true earnings power. The core business remains fundamentally unprofitable, and investors should focus on operating income to gauge the actual health of the ongoing data-as-a-service operations.
Based on the provided financial data, short-sellers would likely focus on the company's persistent negative operating margins and the high capital intensity required to maintain its satellite constellation, which may indicate a long-term risk of liquidity constraints if revenue growth does not materialize as expected.
The reliance on government contracts and the high cost of satellite replacement create a precarious financial position that may be vulnerable to procurement delays or budget shifts. Without a clear path to positive operating cash flow, the company may remain dependent on external financing, which could lead to further shareholder dilution.
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.