Spire is building out its space reconnaissance portfolio. Photo: Spire

Revenue for Spire Global was down nearly 56% year-over-year in the third quarter of 2025, which the company attributed to divesting its maritime business and the U.S. government shutdown shifting expected revenue into 2026. 

Spire reported third quarter revenue of $12.7 million, compared to $28.6 million in the same time last year. 

The company noted that the maritime business contributed $11.5 million revenue in the third quarter of 2024 that is no longer part of the business. Spire closed the maritime business sale to Kpler in April, allowing the company to pay down its debt. 

CFO Alison Engle told investors on Wednesday that more than $10 million of revenue moved into 2026 due to government delays like the shutdown. This relates to programs that remain funded, contracted, and underway, she said. 

Engle also estimated Spire lost $6 million to $8 million due to potential contracts not getting signed due to the government shutdown. “That was kind of an unprecedented length of time at the critical end of the year time frame for us,” Engle said. 

CEO Theresa Condor told investors she remains confident in Spire’s technology advantage, and cited Spire being named to the U.S. government Missile Defense Agency’s multi-award ShIELD Indefinite Delivery Indefinite Quantity (DIQ) contract that has a shared ceiling of $151 billion. The award positions Spire to compete for task orders under the Golden Dome initiative. 

“While the U.S. government shutdown shifted a portion of anticipated revenue from 2025 into 2026, the underlying program funding and delivery commitments remain fully intact, and recent awards demonstrate that the U.S. defense market continues to expand,” Condor said. 

She also spoke to the opportunity horizon in Europe like Germany’s planned space-defense spending noting that Spire is one of very few companies with an end-to-end small satellite production facility set up in Germany. The company operates a manufacturing facility in Munich. 

The company is also ramping up its space reconnaissance portfolio. 

“Spire’s space reconnaissance portfolio is seeing heightened demand as agencies move beyond traditional telecom and imaging approaches to exploit the radio-frequency domain. Our pipeline includes multiyear sovereign programs with recurring data demand as well as requests for immediate data delivery using installed capacity,” Condor said. 

Spire is forecasting its 2025 full year revenue to be between $70.5 million and $72.5 million — roughly a 35% year-over-year decline at the midpoint. 

The company noted that the maritime business contributed $43.5 million of revenue in 2024 overall, and year over year comparisons should take this into account. 

With the revenue movement out of 2025, Spire now expects in excess of 30% revenue growth in 2026 for the business, after the maritime divestiture. 

Spire was late in reporting its third quarter results and previously received a notice from the New York Stock Exchange about the late filing. Condor noted the company has selected KPMG as its new audit partner. “We are confident that Spire is positioned to operate as a regular reporting public company going forward,” she told investors.