Spire Global, Inc. (NYSE: SPIR) noticed its stock price tumbling Wednesday. The company, a global provider of satellite data, analytics and intelligence, announced results for its quarter ended September 30, 2025.
Third-quarter 2025 revenue was $12.7 million dollars, reflecting a year over year decrease primarily associated with selling the maritime business at the end of April 2025. Spire recognized approximately $43.5 million of revenue in 2024 for the maritime business, and year over year comparisons should be viewed with this context.
Third-quarter 2025 operating loss was $21.1 million and non-GAAP operating loss was $13.9 million. Third-quarter 2025 net loss was $19.7 million and adjusted EBITDA was negative $11.8 million. Both metrics declined year over year, driven primarily by lower revenue, including revenue recognition timing which caused some revenue to move to 2026.
Third-quarter 2025 cash flow used in operations was $12.0 million. Cash, cash equivalents, and marketable securities for the quarter ended September 30, 2025 were $96.8 million. Cash usage in the quarter reflected revenue timing effects, working capital dynamics related to satellite manufacturing, and elevated legal and professional fees. Spire’s debt-free balance sheet remains strong going into 2026.
SPIR shares began trading Wednesday lost $2.08, or 22.4%, to $7.19.
