Spire Global Inc Stock Price, News & Analysis

Spire Global has been awarded a CA $1.41 million contract by the Government of Canada to provide global automatic identification system (AIS) ship tracking data. This one-year contract includes options for two additional years, potentially increasing the total contract value to CA $4.23 million. Spire will supply real-time and historical AIS data, providing extensive visibility in both open oceans and high-traffic zones. The data will be utilized by various Canadian government agencies, such as the Canadian Space Agency and the Department of National Defense. This collaboration underscores the trust in Spire's technology for delivering reliable, near real-time maritime data.

Thales, Spire Global (NYSE: SPIR), and European Satellite Services Provider (ESSP) have signed a Memorandum of Cooperation to launch a satellite constellation for air traffic surveillance services. This initiative aims to enhance aviation safety, sustainability, and airspace security by 2027. The constellation will feature over 100 satellites collecting ADS-B messages from aircraft and transmitting them to Earth in real-time. Thales will handle the ground air traffic management system, Spire will develop the space segment, and ESSP will manage certification and service delivery. The project targets compliance with ICAO standards and plans to introduce advanced, resilient surveillance solutions beyond ADS-B, capable of geolocating aircraft without relying on GNSS/GPS satellites. This partnership addresses key aviation challenges and aims to replace aging surveillance systems with more efficient, scalable, and cost-effective solutions.

Spire Global (NYSE: SPIR), a provider of space-based data and analytics, announced its participation in three upcoming investor events. The events are:

1. Lytham Partners Spring 2024 Investor Conference on May 30, 2024, at 10:15 a.m. ET. CEO Peter Platzer will present. Webcast link

2. Stifel 2024 Cross Sector Insight Conference on June 4, 2024, at 11:30 a.m. ET. CEO Peter Platzer will present. Webcast link

3. Baird 2024 Global Consumer, Technology & Services Conference on June 5, 2024, at 4:55 p.m. ET. CEO Peter Platzer will present. This event will be in-person, and investors are encouraged to contact their sales representative for one-on-one meetings.

Spire Global (NYSE: SPIR), a provider of space-based data and analytics, will join the Russell 3000® Index on July 1, boosting its visibility to investors. Membership ensures inclusion in either the large-cap Russell 1000® or small-cap Russell 2000® Index, as well as relevant growth and value style indexes. CEO Peter Platzer emphasized this milestone as a testament to Spire's commitment to long-term growth and value. The Russell indexes are key benchmarks, with about $10.5 trillion in assets benchmarked against them as of December 2023. This inclusion could attract more investment from managers and institutional investors.

Spire Global (NYSE: SPIR) announced its Q1 2024 results with a revenue of $25.7 million, a 6% year-over-year increase. The company reported a GAAP operating loss of $11.9 million, reflecting an 18% improvement, and a non-GAAP operating loss of $7 million, a 28% improvement. First quarter net loss was $25.2 million, a 43% decline year-over-year, with an adjusted EBITDA of negative $1.1 million, an 84% improvement. Spire raised $40 million in gross proceeds at an average share price of $13.44. The company holds $195.7 million in contracted performance obligations. Key deals include a multi-million-dollar weather forecasting contract and a satellite expansion agreement with HANCOM InSpace. Spire forecasts a strong Q2 revenue increase, aiming for positive adjusted EBITDA and free cash flow in summer 2024.