Spire Global (SPIR) AI Stock Analysis

• Market Cap: $396.26M
• Dividend Yield: N/A
• Average Volume (3M): 765.70K
• Price to Earnings (P/E): 24.7
• Beta (1Y): 2.00
• Revenue Growth: -31.51%
• EPS Growth: N/A
• Country: US
• Employees: 434
• Sector: Industrials
• Sector Strength: 72
• Industry: Specialty Business Services
• EPS (TTM): -0.40
• Shares Outstanding: 33,100,260
• 10 Day Avg. Volume: 865,968
• 30 Day Avg. Volume: 765,695
• PEG Ratio: -0.44
• Price to Book (P/B): -29.09
• Price to Sales (P/S): 3.08
• P/FCF Ratio: -7.55
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: 4.74
• Enterprise Value/Gross Profit: 12.30
• Enterprise Value/Ebitda: 4.64
• 1Y Price Target: $13.70
• Price Target Upside: 19.65% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $11.50 ▲(0.44% Upside)

The score is held back primarily by weak financial performance (revenue decline and negative cash flows) despite low leverage. Technicals are supportive with strong trend strength but overbought signals increase near-term risk. Growth/backlog commentary from the earnings call helps, while the NYSE filing non-compliance notice adds additional downside risk.

Positive Factors

Large multi-year government backlog

A >$200M deferred revenue backlog provides multi-year revenue visibility and de-risks near-term sales volatility. This contracted pipeline supports capacity planning, underpins revenue recognition over multiple years, and helps justify continued investment to reach targeted EBITDA and cash-flow breakeven.

Scaled satellite manufacturing capability

A German production facility targeting up to 100 satellites/year and a doubled throughput improves unit economics and supply reliability. Higher manufacturing cadence supports faster constellation growth, better data coverage for customers, and lowers per-satellite costs, strengthening long-term recurring-data economics.

Large, higher-priced government contract wins

Winning a materially larger NOAA contract with improved pricing demonstrates commercial validation and pricing power in government markets. Such sticky, high-value contracts boost revenue stability, improve average contract economics, and enhance Spire’s credibility for future multi-year procurement renewals.

Negative Factors

Recent revenue decline

A 17% TTM revenue decline erodes scale benefits and increases reliance on future contract timing to restore growth. The drop—partly from divesting maritime revenue and government timing shifts—weakens margin leverage and raises execution risk around the company’s aggressive revenue rebound targets for 2026.

Negative operating and free cash flow

Sustained negative operating and free cash flow indicates ongoing cash burn that can constrain reinvestment in satellites and software. Even with a 46% improvement, continued negative cash generation forces reliance on external financing or slower growth, putting pressure on the path to achieve targeted cash-flow breakeven by Q4 2026.

NYSE non-compliance notice

A listing non-compliance notice signals governance and reporting weaknesses that can distract management and raise stakeholder concerns. Prolonged compliance issues can restrict access to capital, complicate customer or government procurement scrutiny, and add execution risk if remediation diverts resources from core operations.

Spire Global Business Overview & Revenue Model

Company Description

Spire Global, Inc. develops a hardware and intelligent analytics platform that tracks the oceans, skies, and weather. It serves maritime, weather, aviation, space services, earth intelligence, and federal industries. Spire Global, Inc. has a strategic partnership with TAC Index Limited. Spire Global, Inc. was formerly known as Nanosatisfi, Inc. and changed its name to Spire Global, Inc. in July 2014. The company was incorporated in 2012 and is based in San Francisco, California with additional offices in Boulder, Colorado; Washington, D.C.; Glasgow, United Kingdom; Luxembourg; and Singapore.

How the Company Makes Money

Spire Global generates revenue through multiple key streams, primarily focusing on data subscriptions, analytics services, and customized solutions. The company offers subscription-based access to its extensive satellite data, which clients can use for various applications, such as monitoring shipping activities and predicting weather patterns. Additionally, Spire provides tailored analytics services that leverage its proprietary data to deliver actionable insights to clients in sectors like maritime and aviation. Significant partnerships with organizations in government and commercial sectors also contribute to Spire's earnings, as these collaborations often involve contracted services and shared data initiatives that enhance the company's market reach and revenue potential.

Spire Global Financial Statement Overview

Summary

Mixed fundamentals: revenue declined 17% (TTM) and operating/free cash flow remain negative, despite improved gross margin (40.6%) and a turn to positive net margin. Balance sheet leverage is low (debt-to-equity 0.06), but profitability/cash generation sustainability is still a key concern.

Income Statement

Spire Global's income statement shows a mixed performance. The TTM data indicates a decline in revenue by 17%, which is concerning. However, the company has improved its gross profit margin to 40.6%, and the net profit margin has turned positive at 40.97%, indicating some operational improvements. Despite these positives, the EBIT margin remains negative, reflecting ongoing operational challenges.

Balance Sheet

The balance sheet reflects a relatively stable financial position with a low debt-to-equity ratio of 0.06 in the TTM period, suggesting low leverage. However, the return on equity is extremely high at 87.89%, which might indicate volatility or one-time gains. The equity ratio is not provided, but the overall equity position appears to have improved.

Cash Flow

The cash flow statement shows significant challenges. The operating cash flow is negative, and free cash flow is also negative, though it has improved by 46% in the TTM period. The free cash flow to net income ratio is strong at 2.68, indicating that cash flow generation relative to net income is robust, but the negative cash flows remain a concern.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	77.39M	110.45M	97.61M	70.77M	43.38M	28.49M
Gross Profit	29.83M	39.89M	38.59M	17.14M	24.66M	18.20M
EBITDA	79.17M	-55.73M	-37.51M	-64.09M	-17.67M	-19.79M
Net Income	30.59M	-102.82M	-77.56M	-99.01M	-38.09M	-32.50M
Balance Sheet
Total Assets	224.26M	193.57M	239.26M	255.99M	304.27M	44.42M
Cash, Cash Equivalents and Short-Term Investments	96.75M	19.21M	40.86M	70.28M	109.26M	15.57M
Total Debt	8.35M	111.41M	130.70M	111.62M	51.12M	75.28M
Total Liabilities	91.13M	205.26M	201.48M	164.85M	114.06M	93.16M
Stockholders Equity	133.13M	-11.69M	37.78M	91.13M	190.21M	-48.74M
Cash Flow
Free Cash Flow	-109.83M	-45.03M	-53.66M	-66.73M	-73.57M	-25.19M
Operating Cash Flow	-83.84M	-18.45M	-36.31M	-47.82M	-57.99M	-14.77M
Investing Cash Flow	145.43M	-14.23M	-4.97M	-41.83M	-119.48M	-10.41M
Financing Cash Flow	-65.59M	19.00M	23.91M	26.37M	270.53M	16.62M

Spire Global Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SPIR, the sentiment is Positive. The current price of 11.45 is above the 20-day moving average (MA) of 11.07, above the 50-day MA of 9.44, and above the 200-day MA of 10.24, indicating a bullish trend. The MACD of 0.90 indicates Negative momentum. The RSI at 54.56 is Neutral, neither overbought nor oversold. The STOCH value of 47.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SPIR.

Spire Global Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CASS	76 Outperform	$588.27M	17.23	11.44%	2.98%	-4.96%	39.42%
LZ	72 Outperform	$1.58B	71.46	16.96%	―	7.17%	-5.86%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ACTG	63 Neutral	$383.91M	80.08	0.90%	―	71.28%	-89.20%
KODK	56 Neutral	$705.65M	-21.89	0.58%	―	-0.67%	-141.58%
SPIR	52 Neutral	$396.26M	24.73	37.31%	―	-31.51%	―
OMEX	47 Neutral	$105.35M	-1.97	―	―	-41.55%	-249.30%

Spire Global Corporate Events

Spire Global Faces NYSE Non-Compliance Notice

On November 25, 2025, Spire Global received a notice from the New York Stock Exchange indicating non-compliance with listing standards due to a delay in filing its Quarterly Report for the quarter ended September 30, 2025. Spire has until May 19, 2026, to file the report and regain compliance. The company is actively working to complete and submit the report within the NYSE’s six-month grace period.

The most recent analyst rating on (SPIR) stock is a Hold with a $7.50 price target. To see the full list of analyst forecasts on Spire Global stock, see the SPIR Stock Forecast page.