Spire Reports a Record $27M in Revenue in Q3
Spire Global posted a 34% year-over-year increase in revenue in the third quarter of 2023 and raised the low end of its guidance for the full year. Spire announced its Q3 results on Nov. 8.
Third quarter revenue was a record $27.3 million, which exceeded the top end of Spire’s expectations by $300,000. The company said new customers and milestone-based projects drove the increase in revenue.
With the increase in revenue, Spire bumped up the low end of its full-year guidance for 2023 by $1 million. The company now projects full year revenue between $105 million and $109 million.
Spire also confirmed it is still projecting positive operating cash flow in the fourth quarter of this year, positive adjusted EBITDA in the first or second quarter of 2024, and positive free cash flow in the second or third quarter of 2024.
Spire narrowed its net loss in Q3, posting a $17.8 million net loss — a $4 million year-over-year improvement.
The company ended the quarter with 827 annual recurring revenue customers under contract, an increase of 13 customers from Q2.
“The third quarter was yet another quarter of strong revenue growth and steady progress towards profitability,” CEO Peter Platzer told investors. “Spire added a ninth quarter to our consecutive uninterrupted record of revenue growth since becoming public. … We are holding firm on our near-term timeline to profitability.”
Platzer said that once Spire achieves profitability, the company will look into paying down debt, buying back shares, or investing in the company for more growth.
Spire executed a reverse stock split during the third quarter to raise its share price, which was less than $1. The company’s shares are now trading around $4.55.