Spire’s ADLER-1 satellite. Photo: Spire Global via Business Wire

Spire Global reported large growth in the second quarter of 2022, as revenue increased 113% year-over-year to $19.4 million. This topped the high end of the company’s guidance of $19.2 million. 

Spire said growth was driven by increased adoption by existing customers and new customer additions, including a new contract with a Fortune 100 company to provide insights on ocean vessels, Spire’s largest numerical weather prediction deal to date. The company also received a $6 million contract extension with NASA for Earth observation data. 

Spire ended the quarter with 692 annual recurring revenue solution customers, a net increase of 65 customers for the quarter — 27 customers over the high end of its Q2 guidance range.

Despite revenue increase, second quarter GAAP operating loss was $16.4 million. The company said it is focused on driving efficiencies in the business to reach profitability. 

Spire closed a $120 credit facility during the quarter, which CFO Thomas Krywe said allows the company to execute on growth strategies. Spire expects positive cash flow in 19 to 25 months.

​​“We successfully executed on our ‘land and expand’ strategy in the second quarter, adding new solution customers and increasing revenue growth from our existing customers,” Krywe said.

Guidance for the third quarter is revenue between $19.5 million to $20.5 million, and between 710 to 720 annual recurring revenue customers. 

Spire’s business is up in 2022. In the first quarter, the company beat guidance and grew revenue 86% year over year.