Spire Global, Inc. (NYSE: SPIR) is a leading provider of space-based data, analytics, and space services. Founded in 2012 as Nanosatisfi, Inc. and renamed in July 2014, the company operates a large constellation of small satellites that collect data on weather, maritime, aviation, and earth observation. Its advanced hardware and ...Spire Global, Inc. (NYSE: SPIR) is a leading provider of space-based data, analytics, and space services. Founded in 2012 as Nanosatisfi, Inc. and renamed in July 2014, the company operates a large constellation of small satellites that collect data on weather, maritime, aviation, and earth observation. Its advanced hardware and analytics platform enable clients to monitor oceanic activities, atmospheric conditions, and weather phenomena globally. The company serves diverse sectors including maritime, meteorological services, aviation, space operations, and government entities. Key services include maritime tracking, weather forecasting, aviation surveillance, and earth intelligence.
Strategically, Spire has formed alliances such as with TAC Index Limited. With headquarters in San Francisco, California, and additional facilities in Boulder, Colorado, Washington D.C., Glasgow, UK, Luxembourg, and Singapore, Spire operates globally. As of 2025, the leadership includes CEO Theresa Condor, who took office in January 2025, succeeding founder Peter Platzer. The company has shown financial metrics such as a market cap of approximately $466 million, a gross profit margin of 42%, and an EBITDA margin of over 100% (though operating margins are negative). The company has invested heavily in R&D (57.8% of revenue) and has high operating costs. Spire continues to expand its satellite constellation and develop new applications to drive growth and profitability.
Operator: Thank you. Greetings and welcome to the Spire Global Second Quarter 2026 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Ben Hackman, Head of IR. Please go ahead.
Benjamin Hackman: Thank you. Hello, everyone, and thank you for joining Spire's second quarter 2026 earnings conference call. Our earnings press release and related SEC filings are posted on the company's IR website. A replay of today's call will also be made available. With me on the call today is Theresa Condor, CEO, and Ali Engel, CFO. As a reminder, our commentary today will include non-GAAP items. Reconciliations between our GAAP and non-GAAP results, as well as our guidance, can be found in our earnings press release, which can be found on our IR website. Some of our comments today contain forward-looking statements that are subject to risks, uncertainties, and assumptions. In particular, our expectations around our future results of operations and financial condition are uncertain and subject to change. Should any of these expectations fail to materialize, or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties, and assumptions, and other factors that could affect our financial results is included in our SEC filings. With that, let me hand the call over to Theresa.
Theresa Condor: Thank you, Ben, and good afternoon, everyone. Revenue for the second quarter was $18 million. Excluding the maritime business we divested last year, core revenue expanded both year-over-year and sequentially, marking our strongest core revenue quarter since the divestiture. This is consistent with what we outlined in March when we described 2026 as a sequentially building second-half-weighted year. Two quarters in, that's exactly what we're seeing in the numbers. As a result, we're reaffirming our full-year revenue guidance, which at the midpoint represents 50% year-over-year core revenue growth. On our last call, I pointed to the specific milestones investors should watch this quarter: NOAA decisions on our in-year hyperspectral microwave sounding proposals, RFGL contract activity, and the continued expansion of our RFGL collection capacity. There was progress on each, so let me start there. On NOAA, the proposals we told you we were submitting in May have advanced to negotiation or closed. We are currently in the negotiation phase on an 8-figure contract opportunity tied to our Hyperspectral Microwave Sounder capability following the successful on-orbit validation of our HyMS payload. Combined with last week's NOAA Hyperspectral Microwave Sounder data contract extension, valued at up to $5 million in revenue over a 9-month term, we are encouraged by the growing interest in HyMS. These are 2 sizable opportunities that grew directly out of the flight-proven data we have been generating …
