Inquiring if the eight-figure microwave sounding contract is dependent on the existing contract extension running its course or if it will proceed sooner.

Theresa clarified that these are two separate, parallel opportunities related to microwave sounding, and the eight-figure contract is expected to be awarded in the short term, likely within the next month. “Yes, these are two separate things, both related to microwave sounding. So, you know, we're delivering that data by and the next eight-figure contract, as we said, we're in negotiation. We do expect that that gets awarded in, you know, in the relatively short term. short term, I think sometime in the next month, but they're separate things. So I expect that they'll both happen in parallel.”

Questioned the timing of the NOAA RO bridge award, how quickly a longer-term award might follow, and the potential magnitude of increase over last year's $11.2 million award.

Theresa stated the RO bridge award is expected in August, followed by a full award once the IDIQ is in place. She emphasized seamless data delivery and revenue recognition, and confirmed the follow-on contracts would be larger than last year's $11.2 million. “yes so the the RO bridge award we are expecting to happen in August you know could could potentially be any day now it is a bridge award so it will not be a full one-year program we have to see how NOAA does it exactly but potentially before before the end of the year, they would then move into the new IDIQ and then do kind of like the proper full award. I think the important thing to note is they're very keen to make sure that there is not a single day that they don't get the radio occultation data sets go into the weather forecast every day. So however they do the exact contract mechanisms, this is going to be seamless delivery and therefore revenue recognition for SPIRE. In terms of order of magnitude, because there's going to be a bridge contract, you have to look at what that would be on an annual basis and then know that. that there's another one coming. The one last year was, just to correct your numbers, it was $11.2 million, I believe. And we feel very comfortable that it is going to be larger than that number.”

Asked for clarification on the Q2 gross margin decline despite revenue growth, and when operating leverage would become visible in gross margin.

Allie attributed the decline to the canceled wildfire SAC contract and balance sheet cleanup. She expects gross margin expansion to resume in the second half as revenue scales, targeting 60-70% going forward. “Sure. Hey, Brian, it's Allie. We, the decline was really driven by the impacts associated with the cancellation of the wildfire SAC contract and some balance sheet cleanup we had to do. If you'll recall, that contract was terminated for convenience in the second quarter. So, I'd say I'd focus more on the trend rather than any single quarter such as the second quarter, the non-GAAP gross margin's been on an upward trajectory over the last three quarters. Prior to this quarter, we expect that to resume trend as revenue scales in the second half. and we expect to continue getting towards our gross margin excuse me, target of 60 to 70% going forward, but we were a little bit impacted by some balance sheet cleanup in the second quarter for wildfire sap.”

SPIR

Spire Global (SPIR) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Industrials· Aug 12, 2026

Source: earnings call transcript

Executive summary

Spire Global Q2 FY26 — Strong Core Revenue Growth and NOAA Pipeline Progress

Spire Global reported strong core revenue growth in Q2 FY26, driven by progress in NOAA contracts and increasing demand for RF intelligence. The company reaffirmed its full-year revenue guidance, anticipating a second-half weighted year with significant contributions from government and defense pipelines. Strategic European partnerships and expanded manufacturing capabilities are expected to support long-term growth, despite a temporary dip in gross margin due to a contract cancellation.

Highlights

Core revenue expanded year-over-year and sequentially, marking the strongest quarter since divestiture, reaching $18 million.
Reaffirmed full-year revenue guidance of $75 million to $85 million, representing over 50% core year-over-year growth at the midpoint.
Secured an eight-figure contract opportunity for hyperspectral microwave sounding with NOAA, currently in negotiation.
Awarded a NOAA Hyperspectral Microwave Founder Data Contract Extension valued at up to $5 million over nine months.
Adjusted EBITDA improved by 16% year-over-year and 15% sequentially to negative $8.6 million, driven by lower operating expenses.

Concerns

Non-GAAP gross margin decreased to 38% from 52% in Q2 FY25, primarily due to impacts from the canceled wildfire SAC contract.
Cash flow used in operations was $23.4 million, though it improved 32% year-over-year and 11% sequentially.

Guidance & targets

Category	Target	Timeline	Confidence
Full-year 2026 Revenue	$75 million to $85 million high materiality	FY26	High
NOAA Hyperspectral Microwave Founder Data Contract Extension Revenue	up to $5 million medium materiality	9-month term	High
NOAA Hyperspectral Microwave Sounding Contract Opportunity	eight-figure contract high materiality	near term	High
NOAA Radio Occultation (RO) Renewal Annual Value	larger than $11.2 million high materiality	annual basis	High
UMITSAT RO Data Contract Annual Value	over 4 million euros medium materiality	annual	High
Adjusted EBITDA Break-even	late 2026 to early 2027 high materiality	late 2026 to early 2027	High
Cash flow used in operations	continuing to improve sequentially medium materiality	Q3 and Q4 2026 · FY26	High
US Federal Pipeline Opportunities	more than $100 million medium materiality	remainder of 2026 · FY26	Medium

Orderbook & backlog

Full-year Guidance Contracted over 85% end of July

up from 76% in May

Represents the portion of the full-year revenue guidance midpoint that is already under contract.

Product announcements

Product	Type	Timeline	Details
Optical Intersatellite Link (OISL)	milestone	July 2026

Deals & partnerships

Schaeffler Collaboration to explore sovereign European space infrastructure and next-generation satellite technologies.

Brings together complementary capabilities, combining advanced manufacturing expertise with Spire's operational space capabilities.

Deal Defense Agreement reflecting growing interest in leveraging commercial space capabilities to support national security and defense applications.

Resilient commercial satellite networks are increasingly viewed as important complements to traditional government-owned systems as governments modernize defense architectures.

Maritime business Divestiture of the maritime business.

Divested last year, impacting year-over-year comparisons for reported revenue.

Capital programs

Munich Satellite Manufacturing Facility completed

Start: May 2026

Benefit:300 to 400 satellites annually

Official opening of the new satellite manufacturing facility in Munich during May. Expands production capacity and provides competitive advantage for sovereign space capabilities. Satellite integration work is underway.

StratFi Program Satellites underway

Satellites for the StratFi program are being built in Boulder and are expected to launch later this year.

Risks & headwinds

NOAA Budget Cuts / Continuing Resolution October (start of new fiscal year)

President Trump's proposed major cuts

Mitigation:Management believes commercialization and partnerships are a priority for NOAA, and budget shuffling favors commercial companies. Expects no impact on 2026 revenue and step-ups into 2027. Forecasts assume a continuing resolution (CR) rather than a shutdown.

What to watch in Q3 FY26

NOAA RO Bridge Award

next quarter (August/September)

Current Expected very soon

Target Finalized award

Why it matters

This is the first phase of the RO contract renewal, critical for continued revenue from a cornerstone government weather business.

Between now and our next call, the markers to watch are the RO Bridge Award, the outcome of the microwave-sounding negotiations, the Stratfy launch and continued RFGL awards.

Find out whether SPIR delivers this. Inve re-checks your case every morning.

Q&A highlights

Clarification on the revenue step-up from Q2 to Q3 and Q4, specifically if Q3's step-up would be smaller than Q4's to reach the full-year midpoint.

Management confirmed that the step-up in Q3 would be smaller, with the majority of the revenue acceleration occurring in Q4.

“That's correct, Eric. That's the right way to think about it. There should be some step up in Q3, but the majority of it will come in the fourth quarter.”

asked by Erik Rasmussen · answered by Alison Engel

2 min read 5 chapters

Detailed narrative

NOAA Opportunities and Weather Business Expansion

Spire is actively pursuing over $150 million in NOAA opportunities, with recent progress including a $5 million contract extension for hyperspectral microwave founder data and an eight-figure contract opportunity in negotiation for hyperspectral microwave sounding. The existing NOAA radio occultation contract, valued at $11.2 million last year, is expected to be renewed for a larger annual value in two phases: a bridge award and a longer-term award under a new $8 billion IDIQ vehicle.

Internationally, the UMITSAT RO data contract was expanded to over 4 million euros annually, and two six-figure commercial weather forecast awards were secured.

Growing Demand for RF Intelligence

Demand for RF intelligence is increasing globally due to contested radio frequency environments, including GNSS jamming and spoofing affecting commercial ships and aircraft. Spire's constellation provides critical intelligence to reestablish ground truth, with over 100 daily revisits. The company secured RFGL awards from four new international customers in Q2, adding to five new U.S. and three new international customers in Q1.

These engagements typically start with pilots, leading to data subscriptions and larger operational programs, indicating a multi-year growth runway.

European Expansion and Strategic Partnerships

Spire announced strategic partnerships with Germany-based Schaeffler and Deal Defense, strengthening its position in the European space ecosystem. These collaborations aim to explore sovereign European space infrastructure and leverage commercial space capabilities for national security. The timing aligns with NATO's $50 billion new procurement commitments and the EU's proposed Space EDPCI, worth up to 24 billion euros by 2034, which includes space-based early warning and intelligence capabilities.

Spire's global operations and European manufacturing capabilities position it well for these emerging opportunities.

Manufacturing and Technology Advancements

Spire launched 10 satellites in early July, bringing the 2026 total to 29, demonstrating mature manufacturing and operational discipline. The new satellite manufacturing facility in Munich, opened in May, expands production capacity to 300-400 satellites annually, complementing existing operations in North America and the UK.

This distributed manufacturing provides a competitive advantage for sovereign space capabilities. Additionally, Spire achieved a major milestone in its optical intersatellite link program, successfully establishing a cross-plane laser connection over 5,000 kilometers, reducing latency and ground station dependence.

Financial Trajectory and Second Half Outlook

First-half revenue was $33.9 million, implying a second-half revenue of $41 million to $51 million to meet the full-year guidance midpoint. As of end-July, over 85% of the full-year guidance midpoint is contracted. This includes ongoing NOAA RO contracts, European RO work, space services programs, and expanded commercial agreements.

Near-term closures like the eight-figure microwave sounding opportunity and the RO bridge award are expected to drive second-half acceleration. The company also received a favorable arbitration ruling, awarding approximately $12.4 million from Northstar.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.