Rendering of wildfire satellite detection. Photo: Spire Global

Spire Global grew revenue 13% in 2024, as it deals with “ongoing disruption” working to close a sale of its maritime business to data and analytics platform Kpler. Spire reported full-year financial results released March 31, reporting $110.4 million in revenue in 2024, up from $97.6 million the prior year. 

This is not in line with Spire’s expectations a year ago, when the company expected to reach $138 million in 2024. 

Net loss was $103 million, compared to a net loss of $78 million in 2023. 

CFO Thomas Krywe told investors on Monday that Spire ended the year with cash on hand of approximately $20 million, and raised $40 million during the first quarter to improve its cash position while it closes the maritime transaction. 

Earlier this year, Spire filed a complaint in court against Kpler for not completing the purchase of Spire’s maritime business — a $241 million deal that would pay off all of Spire’s debt.

CEO Theresa Condor told investors on Monday that Spire is speaking with the buyer and working toward a closed transaction “in the next two to four weeks,” while also moving forward with the legal process. Condor said the court has set a trial date for May 28. 

“We are regularly working with [the buyer] on how they’re planning to run the maritime business post-close and all the details around the transition services agreement. That is very regular and intense engagement between the teams,” Condor added. 

Spire held off on providing detailed 2025 full-year guidance because the sale has not closed. In the first quarter, Spire expects revenue between $22 million to $24 million. 

Excluding the maritime business, Spire expects revenue to grow at approximately 12% to 17% in 2025, with revenue growth to largely occur in the second half of the year. Spire is expecting greater growth of 20% in 2026. 

CFO Krywe explained that some of Spire’s Space Services contracts have deferred revenue until Spire launches satellites. This “created a few quarters with limited Space Services revenue from the fourth quarter of 2024 through the second quarter of 2025 while we launch and commission satellites and begin to deliver the data to those customers,” he said. 

Condor said Spire expects defense and intelligence spending to drive a portion of revenue growth in the coming years, and the company recently established a space reconnaissance business unit to support inbound interest in defense and intelligence applications from governments. 

In terms of U.S. government business, Condor said she sees more focus from the Trump administration to work more fully with commercial companies, and a greater focus on sovereign capabilities from global governments. 

Governments like Canada and the U.K., and European countries “are no longer looking at just purchasing defense capabilities from U.S. companies who build all the technology in the United States. They’re focusing more on how they can work with companies that do production locally, as well as having management and control locally. Spire is really well positioned to take advantage of these opportunities because we’re already set up like that,” Condor said.