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Spire Global, Inc. ( Spire or the Company ), founded in August 2012, is a global provider of space-based data and analytics that offers its customers unique datasets and insights about Earth from the ultimate vantage point. The Company collects this space-based data through its proprietary constellation of multi-purpose nanosatellites.
The business is unprofitable at the operating level (-134.14% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 35.2% YoY. Margins deteriorated 71.9pp alongside, both lines moving the wrong way.
ROIC dropped from -38.80% to -63.79%, capital efficiency is deteriorating. Negative free cash flow of -$93M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$64M
▼ -35.2% YoY
Net Income (TTM)
$49M
▲ +149.9% YoY
Op. Margin
-145.28%
▼ -71.9pp YoY
ROIC
-54.23%
▼ -25.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$109M
▼ -105.6% YoY
Op. Cash Flow (TTM)
-$78M
▼ -224.2% YoY
Net Debt
-$38M
Net Cash Position
Cash & Equiv.
$49M
5Y CAGR: +20.2%
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