Spire Global (NYSE: SPIR) Posts Q2 EPS Beat, Reaffirms Full-Year Revenue Guidance

Spire Global (NYSE: SPIR) reported Q2 2026 results on August 12, posting GAAP EPS of -$0.31, which beat the -$0.40 consensus estimate by 22.5%, even as GAAP revenue of $18.0 million fell 5.9% year-over-year from $19.2 million. The satellite data and intelligence company reaffirmed its full-year 2026 revenue guidance range of $75.0 million to $85.0 million.

Q2 2026 Results

• Revenue: $18.0 million, down 5.9% year-over-year; excluding the divested maritime business, revenue grew 16% year-over-year and 19% sequentially, driven by higher space services data delivery and increased radio-frequency geolocation (RFGL) data purchases.
• Gross margin: 34% GAAP for Q2 2026, down 16 percentage points year-over-year, pressured by the cancellation for convenience of the WildFireSat contract during the quarter.
• Operating loss: -$19.9 million, improving 15.4% from -$23.5 million in Q2 2025, as total operating expenses declined from $32.9 million to $26.1 million.
• Adjusted EBITDA: -$8.6 million, improving 16% year-over-year from -$10.2 million and 15% sequentially.
• Operating cash flow: -$23.4 million, a 32% year-over-year improvement; cash, equivalents, and marketable securities totaled $91.7 million at June 30, 2026, with no debt on the balance sheet.

What Drove the Results

The EPS of -$0.31 beat the -$0.40 consensus by $0.09. Revenue of $18.0 million reflected the April 2025 divestiture of the maritime business, which contributed $21.0 million to 2025 revenue; stripping out that segment, the underlying business grew 16% year-over-year. The operating loss improvement of 15.4% was driven by broad expense reductions: research and development fell from $10.2 million to $8.2 million, sales and marketing from $4.4 million to $3.2 million, general and administrative from $17.2 million to $14.1 million, and satellite write-offs from $1.1 million to $0.5 million.

Gross margin contraction of 16 percentage points year-over-year to 34% was the main headwind in the quarter, directly tied to the WildFireSat contract cancellation for convenience, which elevated cost of revenue to $11.9 million from $9.8 million in the prior year. The GAAP net loss of $20.0 million compares to prior-year net income of $119.6 million, but that prior period included a $154.3 million gain on the maritime business sale and a $12.0 million loss on debt extinguishment; adjusting for those items, the net loss improved 12% year-over-year.

Why It Matters

Beyond the headline financials, Spire added four new international RFGL customers during Q2 and announced strategic partnerships with Schaeffler and Diehl Defence in Europe, positioning the company within German and European defense and space hardware initiatives. In July 2026, the company launched 10 additional satellites, bringing its 2026 total to 29, and achieved a milestone in its Optical Inter-Satellite Link program by sustaining a cross-plane laser connection between two satellites for over five minutes across approximately 5,000 kilometers at roughly 28,000 kilometers per hour.

Full-year 2026 guidance was maintained at $75.0 million to $85.0 million in total revenue, with maritime revenue expected at $3.4 million. Excluding maritime, revenue is projected to grow 42% to 61% year-over-year. Non-GAAP operating loss is guided at -$37.8 million to -$32.6 million, adjusted EBITDA at -$26.0 million to -$20.7 million, and non-GAAP net loss per share at -$0.95 to -$0.81. Operating cash flow is expected to improve sequentially in both Q3 and Q4 2026.

Wall Street View

Analyst sentiment on Spire heading into the print leaned constructive, with the most recent consensus (as of August 1, 2026) showing no Sell or Strong Sell ratings on the stock. Shares closed at $14.74 on August 12, down -0.54%, while the S&P 500 gained 0.25%.

Investor Takeaway

The Q2 EPS beat and maintained full-year guidance together suggest the company's cost discipline is outpacing revenue contraction from the maritime exit. The more forward-looking signal is the 42%-61% non-maritime revenue growth guidance for the full year, which implies a substantial acceleration in the second half of 2026 from the $33.9 million recorded in the first half. Investors should watch whether the WildFireSat-related gross margin pressure proves transitory or recurs as the contract wind-down continues.