May. 13 at 8:27 PM
$SPIR Q1 2026 Results
Revenue growth driven by NOAA-related radio occultation and ocean winds data, exceeding guidance range.
GAAP gross margin rose to 40% (+4ppt YoY), non-GAAP to 44% (+5ppt YoY), supported by lower software and depreciation costs.
Net loss was
$25.8M (+10% YoY), adjusted EBITDA -
$10.2M (-29% YoY), impacted by
$9.7M revenue decline from maritime divestiture, still above guidance.
Operating cash flow -
$26.2M due to working capital and higher expenses; cash & securities at
$49.5M, debt-free balance sheet.
In April,
$70M financing raised to support operations and expansion in space-based data and government weather programs.
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