$SPIR reports Q4 and FY2022 results, focus on profitability and new solutions.
Mar 8th 2023, 9:11 pm
Analyst Summary: Spire Global, Inc., a leading provider of space-based data, analytics, and space services, reported its Q4 and FY2022 results. The company announced revenue of $22.4 million, representing a 99% YoY improvement. The company attributed the revenue growth to new customer additions as well as increased adoption by existing customers. Spire's CEO emphasized the company's focus towards profitability and providing actionable insights to make the world a more sustainable, prosperous, and equitable place. The CFO emphasized the commitment to growing the business while taking further steps towards profitability and being free cash flow positive in 12 to 18 months. Spire unveiled a dark shipping detection solution to track vessels that manipulate their reported position to conceal nefarious activities. Additionally, the company introduced a next-generation 16U satellite bus that offers the capabilities of a larger satellite, with up to double the payload capacity of conventional 16Us, while offering all the benefits of a nanosatellite. The company was also awarded a contract by the Defense Advanced Research Projects Agency (DARPA) to deliver a preliminary design for a satellite that would carry an array of sensors to very low Earth orbit (VLEO) for in-situ ionosphere measurements. Spire provided guidance for the first quarter and the full year ending December 31, 2023. The company reiterated its commitment towards profitability and providing actionable insights while focusing on growing the business. Spire uses non-GAAP financial measures, including free cash flow, non-GAAP gross profit, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative expenses, non-GAAP operating loss, EBITDA, Adjusted EBITDA, non-GAAP net loss, and non-GAAP net loss per share. The management believes that these non-GAAP measures are useful to investors in evaluating the company's ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry.