Photo: Spire

Spire Global is on a firmer financial foundation after closing the sale of its maritime business, with leadership giving an update on Aug. 14 on an uptick in demand from defense customers, and growth in its Space Services business. 

In April, Spire closed the sale of its maritime business to Belgian data and analytics company Kpler for $233.5 million before adjustments, plus a $7.5 million agreement for services over a 12-month period.

“This strategic transaction has fundamentally strengthened our financial foundation, eliminating debt entirely and establishing a robust balance sheet,” CEO Theresa Condor told investors. 

The company reported preliminary and unaudited values for the second quarter, reporting that  GAAP revenue for Q2 is expected to be in the range of $18 million to $19 million. 

For the third quarter, Spire expects revenue to be in the range of $19.5 million to $21.5 million

Spire reiterated its full-year revenue guidance of $85 million to $95 million, and the company expects to finish the year with over $100 million in cash on hand. 

Spire’s full year revenue for 2024 was $110.4 million.

CFO Alison Engel noted that Spire deployed 27 new satellites in the first half of 2025, primarily for its Space Services customers, which is expected to translate to a revenue ramp-up in the second half of the year. 

Condor told investors that Spire is having “more inbound interest” than she has seen in a long time, with geopolitical developments fueling demand for space reconnaissance solutions. She noted the opportunity from NATO’s recently released Commercial Space Strategy. 

Condor told investors that inbound interest on the government side is broad-based including both space services and reconnaissance solutions. “A lot of it is related to looking at sovereign capabilities. This is a theme that we’ve talked about quite a lot [and] I think the space sector overall is talking about quite a lot,” she said. 

Condor also told investors that Spire is moving to establish manufacturing facilities in each of its “critical markets” of the U.S., Canada, the U.K. and Europe. This is an expansion of its manufacturing sites as the company currently produces its spacecraft in Glasgow in the United Kingdom.