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

Spire Global grew revenue 85% in 2022 over the prior year, reporting $80.3 million in revenue in 2022. This was within updated guidance Spire provided in November. 

The company said growth was driven by new customer additions as well as increased adoption by existing customers. Spire finished 2022 with 733 annual recurring revenue (ARR) solution customers, a 23% increase year-over-year, and a net add of 135 customers during the fiscal year 2022.

At the end of 2022, annual recurring revenue was $99.4 million — just shy of the company’s goal to hit $100 million in recurring revenue in 2022. This was an increase of 41% year-over-year. 

CFO Thomas Krywe said there was pressure from the macro environment with customer timing delays, funding issues, and slower time to close sales deals. Yet Spire has passed the $100 million in ARR now in 2023. 

The net retention rate for ARR customers was 117% in 2022, up from 110% for the full fiscal year 2021, which Spire said validates its strategy to grow customer engagement. 

Net loss was $89 million, compared to $38 million net loss in 2021. 

“With a total addressable market approaching $100 billion across our maritime, aviation, weather, and space services solutions, a subscription-based business model, and a focus towards profitability, we remain committed to driving the business growth towards near-term profitability and providing actionable insights to make the world a more sustainable, prosperous, and equitable place,” CEO Peter Platzer commented. 

Spire also provided guidance for 2023, expecting 30-36% growth in 2023 to revenue between $104 million and $109 million. The company expects to reach between 835 to 885 ARR customers this year.