After liquidating its debt in the sale of Maritime to Kpler, Spire signed a 10-year contract with the US Space Force (along with 11 other companies). Photo: Spire

After liquidating its debt in the sale of Maritime to Kpler, Spire signed a 10-year contract with the US Space Force (along with 11 other companies). Photo: Spire

Spire ended the first quarter with a loss of more than $20m on revenue of $29m, compared to $35m in the first quarter of 2024. But the company remains confident with the announcement of its eligibility for the 10-year, $237m Step 2.0 programme with the US Space Force.

“Spire’s vertically integrated approach to satellite manufacturing and mission operations provides government partners with the speed, flexibility and reliability they need to advance critical space technologies,” said Spire Global’s director of program sales, Mark Carhart, on the announcement that Spire has been selected by the US Space Force’s Space Systems Command for an indefinite-delivery/indefinite-quantity contract for the Space Test Experiments Platform 2.0. The 10-year, $237m ceiling contract is part of the Department of Defense’s Space Test Program.

“With a global customer base, growing satellite building capabilities in the US, Canada, UK and Germany, and a significantly strengthened balance sheet following the cancellation of our debt in April, we are well placed to be a reliable and sustainable partner, strategically positioned to offer local solutions for sovereign space capabilities,” said Teresa Condor, CEO of Spire, on the occasion of the publication of Spire’s quarterly results on 14 May 2025. It’s hard to see how things will develop at the moment, but revenues have fallen from $35m in the first quarter of 2024 to $29m in the first three months of 2025, with a loss that has also fallen (by 20% to $20m).

Fewer but higher-spending recurring customers

Spire, which is expecting revenues of between $85m and $95m for the year, notes in its press release that “its largest contract to date, a $72m contract, including harmonised sales tax, [is] with the government of Canada. Spire will design and develop a constellation of satellites dedicated to monitoring all active forest fires in Canada. To complete this contract, Spire is expanding its Canadian facility in Cambridge, Ontario, to add satellite manufacturing and testing equipment, enabling the manufacture of WildFireSat and future missions in Canada.”

Another contract is with Concirrus, an insurance technology company, to provide aeronautical data for asset monitoring, improving the accuracy of aviation risk assessments and enabling proactive loss mitigation.

Spire saw its recurring revenues--the most valuable for a space startup because they demonstrate longer-term commercial commitments--rise 7% to $129m despite a concentration of its customer portfolio to 520 (-15%).

This article in French.

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