Spire (SPIR) Q4 2025 Earnings Call Transcript

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DATE

Wednesday, March 18, 2026 astatine 8:30 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Theresa Condor

• Chief Financial Officer — Alison Engel

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Full Conference Call Transcript

Theresa Condor: Thank you, and bully morning, everyone. I privation to unfastened contiguous with a wide connection astir wherever Spire stands. 2025 was a transformational year. Excluding the Maritime concern we divested, Spire delivered 44% year-over-year gross maturation successful the 4th quarter. Gross margins expanded 5 points from a twelvemonth ago. And arsenic we participate 2026, that momentum accelerates with our midpoint anticipation for 50% maturation successful revenue, excluding Maritime. But the numbers lone archer portion of the story. The planetary request situation for space-based quality has fundamentally shifted successful Spire's favor, and we are uniquely positioned to seizure it. Three forces are converging.

First, defence and quality spending connected abstraction is surging, not conscionable successful the United States, wherever the medication has targeted a $1.5 trillion defence fund for fiscal twelvemonth 2027, but crossed Europe, wherever nations are making historical investments successful strategical autonomy. Germany unsocial has committed EUR 35 cardinal implicit the adjacent 5 years to defence abstraction capabilities. Second, civilian agencies similar NOAA and NASA are shifting decisively toward commercialized information procurement with NOAA projecting billions of dollars successful commercialized upwind information purchases implicit the adjacent decade. And third, commercialized industries from agriculture to aviation are adopting space-based quality astatine an accelerating pace, driven by AI and the operational advantages our information provides.

Spire is not conscionable good positioned for this moment. We are, successful galore respects, the lone institution positioned to service each 3 of these markets astatine a planetary scale. Our competitory presumption rests connected 4 advantages that taken together, nary different commercialized supplier tin replicate. First, Spire has a afloat deployed planetary constellation. Today, we run astir 100 payloads connected orbit, providing continuous planetary sum and revisiting each constituent connected Earth much than 100 times per day. This constellation functions arsenic a persistent planetary sensor network, observing enactment crossed aviation, upwind and broadband vigor frequence environments successful adjacent existent time.

Each day, we way astir 190,000 aircraft, process much than 300 cardinal ADS-B messages and support the capableness to nutrient implicit 20,000 regular ambiance profiles. Each of our emblematic RFGL satellites has a tract of presumption of astir 5 cardinal quadrate miles that hunt for signals of involvement arsenic they screen each of world each day. This is not a constellation we are readying to build. It is built, it is operating, and it is generating quality today. Second, Spire has much than 12 years of operational acquisition successful Space Systems. Since 2013, we person designed, built, launched and operated our ain satellites.