Q2 2026 Spire Global Inc Earnings Call

August 12, 2026

Speaker #1: Greetings and welcome to the Spire Global second quarter 2026 results conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

David Brown: Greetings, and welcome to the Spire Global Second Quarter 2026 Results Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Ben Hackman, Head of IR. Please go ahead.

Operator: Greetings, and welcome to the Spire Global Second Quarter 2026 Results Conference Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Ben Hackman, Head of IR. Please go ahead.

Speaker #1: If anyone should require operator assistance, please press star or zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Ben Hackman, head of IR.

Speaker #1: Please go ahead.

Speaker #2: Thank you. Hello, everyone, and thank you for joining Spire's second quarter 2026 earnings conference call. Our earnings press release and related SEC filings are posted on the company's IR website.

Ben Hackman: Thank you. Hello, everyone, and thank you for joining Spire's Q2 2026 earnings conference call. Our earnings press release and related SEC filings are posted on the company's IR website. A replay of today's call will also be made available. With me on the call today is Theresa Condor, CEO, and Ali Engel, CFO. As a reminder, our commentary today will include non-GAAP items. Reconciliations between our GAAP and non-GAAP results, as well as our guidance, can be found in our earnings press release, which can be found on our IR website. Some of our comments today contain forward-looking statements that are subject to risks, uncertainties, and assumptions. In particular, our expectations around our future results of operations and financial condition are uncertain and subject to change.

Speaker #2: A replay of today's call will also be made available. With me on the call today is Teresa Condor, CEO, and Ali Engel, CFO. As a reminder, our commentary today will include non-GAAP items.

Speaker #2: Reconciliations between our GAAP and non-GAAP results, as well as our guidance, can be found in our earnings press release, which can be found on our IR website.

Speaker #2: Some of our comments today contain forward-looking statements that are subject to risks, uncertainties, and assumptions. In particular, our expectations around our future results of operations and financial condition are uncertain and subject to change.

Speaker #2: Should any of these expectations fail to materialize, or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements.

Ben Hackman: Should any of these expectations fail to materialize, or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements. A description of these risks, uncertainties, and assumptions and other factors that could affect our financial results is included in our SEC filings. With that, let me hand the call over to Theresa.

Speaker #2: A description of these risks, uncertainties, and assumptions and other factors that could affect our financial results is included in our SEC filings. With that, let me hand the call over to Teresa.

Speaker #3: Thank you, Ben, and good afternoon, everyone. Revenue for the second quarter was $18 million. Excluding the maritime business we divested last year, core revenue expanded both year over year and sequentially, marking our strongest core revenue quarter since the divestiture.

Theresa Condor: Thank you, Ben, and good afternoon, everyone. Revenue for Q2 was $18 million. Excluding the maritime business we divested last year, core revenue expanded both year-over-year and sequentially, marking our strongest core revenue quarter since the divestiture. This is consistent with what we outlined in March when we described 2026 as a sequentially building H2-weighted year. Two quarters in, that's exactly what we're seeing in the numbers. As a result, we're reaffirming our full-year revenue guidance, which at the midpoint represents 50% year-over-year core revenue growth. On our last call, I pointed to the specific milestones investors should watch this quarter: NOAA decisions on our in-year hyperspectral microwave sounding proposals, RFGL contract activity, and the continued expansion of our RFGL collection capacity. There was progress on each, so let me start there.

Speaker #3: This is consistent with what we outlined in March, when we described 2026 as a sequentially building second-half weighted year. Two quarters in, that's exactly what we're seeing in the numbers.

Speaker #3: As a result, we're reaffirming our full-year revenue guidance, which at the midpoint represents 50% year over year core revenue growth. On our last call, I pointed to the specific milestones investors should watch this quarter.

Speaker #3: No decisions yet on our in-year hyperspectral microwave sounding proposals, RFGL contract activity, and the continued expansion of our RFGL collection capacity. There was progress on each, so let me start there.

Speaker #3: On NOAA, the proposals we told you we were submitting in May have advanced to negotiation or closed. We are currently in the negotiation phase on an eight-figure contract opportunity tied to our hyperspectral microwave sounding capability.

Theresa Condor: On NOAA, the proposals we told you we were submitting in May have advanced to negotiation or closed. We are currently in the negotiation phase on an eight-figure contract opportunity tied to our hyperspectral microwave sounding capability following the successful on-orbit validation of our HyMS payload. Combined with last week's NOAA Hyperspectral Microwave Sounder data contract extension, valued at up to $5 million in revenue over a nine-month term, we're encouraged by the growing interest in HyMS. These are two sizable opportunities that grew directly out of the flight-proven data we have been generating since Q1. On RFGL, we secured awards from four new international customers in Q2, on top of the five new US awards and three new international customers we reported in Q1.

Speaker #3: Following the successful on-orbit validation of our HIMSS payload. Combined with last week's NOAA hyperspectral microwave sounder data contract extension, valued at up to $5 million in revenue over a nine-month term, we're encouraged by the growing interest in HIMSS.

Speaker #3: These are two sizable opportunities that grew directly out of the flight-proven data we have been generating since the first quarter. On RFGL, we secured awards from four new international customers in the second quarter, on top of the five new U.S. awards and three new international customers we reported in the first quarter.

Speaker #3: On capacity, the 19 satellites we deployed in the first quarter are reaching full operational status on schedule, and in early July we launched 10 more, bringing our total to 29 satellites launched in 2026.

Theresa Condor: On capacity, the 19 satellites we deployed in Q1 are reaching full operational status on schedule, and in early July, we launched 10 more, bringing our total to 29 satellites launched in 2026. Today, I want to go deeper on three things: where the US government weather opportunity stands, why demand for RF intelligence keeps building, and how our European position and manufacturing footprint turn that demand into long-term growth. Going back to NOAA, on our Q1 call, we told you we were actively bidding on more than $150 million of opportunities across the NOAA portfolio. Last week marked a key milestone as the first of these opportunities crossed the finish line with a signed contract worth up to $5 million.

Speaker #3: Today, I want to go deeper on three things. Where the US government weather opportunity stands, why demand for RF intelligence keeps building, and how our European position and manufacturing footprint turn that demand into long-term growth.

Speaker #3: Going back to NOAA, on our first quarter call, we told you we were actively bidding on more than 150 million of opportunities across the NOAA portfolio.

Speaker #3: Last week, marked a key milestone, as the first of these opportunities crossed the finish line, with a signed contract worth up to $5 million.

Speaker #3: On top of that, the eight-figure microwave sounding opportunity is within that pipeline, and both advanced from proposal to negotiation or contract signature since our last call.

Theresa Condor: On top of that, the eight-figure microwave sounding opportunity is within that pipeline, and both advanced from proposal to negotiation or contract signature since our last call. Each is built on the flight-proven data our HyMS payload has been generating since first light in March. That's before our existing NOAA Radio Occultation contract, which has been a cornerstone of our government weather business. Last year's one-year RO award was $11.2 million. That contract is in full execution today, and we expect the follow-on award to begin in September. As a reminder, NOAA is working to establish a multi-year, $8 billion IDIQ contract under which efforts like RO can be awarded. Because that IDIQ vehicle is still being finalized, we expect the RO renewal to come in two phases.

Speaker #3: Each is built on the flight-proven data our HIMSS payload has been generating since first light in March. And that's before our existing NOAA radio occultation contract, which has been a cornerstone of our government weather business.

Speaker #3: Last year's one-year RO award was $11.2 million. That contract is in full execution today, and we expect the follow-on award to begin in September.

Speaker #3: As a reminder, NOAA is working to establish a multi-year $8 billion IDIQ contract under which efforts like RO can be awarded. Because that IDIQ vehicle is still being finalized, we expect the RO renewal to come in two phases.

Speaker #3: First, a shorter bridge award we expect to be finalized very soon, followed by a longer-term award once the IDIQ is in place. Taken together, we expect these contracts for RO data to be larger on an annual basis than the $11.2 million contract awarded last year.

Theresa Condor: First, a shorter bridge award we expect to be finalized very soon, followed by a longer-term award once the IDIQ is in place. Taken together, we expect these contracts for RO data to be larger on an annual basis than the $11.2 million contract awarded last year. Beyond these three opportunities, a number of other opportunities within the NOAA portfolio continue to move through the pipeline. We are seeing similar weather demand internationally and in the commercial market as well. Recently, we were awarded a contract from EUMETSAT for RO data. This has been an annual contract for Spire, but this year we were able to expand this contract with a total annual value now over €4 million. On the commercial weather front, we started off July by signing two six-figure awards for global weather forecasts, along with historical weather data.

Speaker #3: Beyond these three opportunities, a number of other opportunities within the NOAA portfolio continue to move through the pipeline. We're seeing similar weather demand internationally and in the commercial market as well.

Speaker #3: Recently, we were awarded a contract from Humansat for RO data. This has been an annual contract for Spire, but this year, we were able to expand this contract, with the total annual value now over €4 million.

Speaker #3: And on the commercial weather front, we started off July by signing two six-figure awards for global weather forecasts along with historical weather data. Let me turn to RF intelligence, because demand for this business is being shaped by something larger than any single program or procurement.

Theresa Condor: Let me turn to RF intelligence, because demand for this business is being shaped by something larger than any single program or procurement. Around the world, the radio frequency environment has become contested and it is staying that way. GNSS jamming and spoofing now affect thousands of commercial ships and aircraft from Eastern Europe and the Baltic to the Middle East and Asia Pacific. Vessels broadcast positions that place them on land or go dark entirely. Aircraft reroute around interference corridors that persist for months. In a growing number of regions, operators simply cannot trust the navigation and identification signals the global economy was built on. When those signals are denied or falsified, governments and operators need an independent way to reestablish ground truth. Where an emitter actually sits, which vessels have gone dark and where they went, which corridors are unsafe for aircraft.

Speaker #3: Around the world, the radio frequency environment has become contested, and it is staying that way. GNSS jamming and spoofing now affect thousands of commercial ships and aircraft, from Eastern Europe and the Baltic to the Middle East and Asia-Pacific.

Speaker #3: Vessels broadcast positions that place them on land or go dark entirely. Aircraft reroute around interference corridors that persist for months. In a growing number of regions, operators simply cannot trust the navigation and identification signals the global economy was built on.

Speaker #3: When those signals are denied or falsified, governments and operators need an independent way to reestablish ground truth—where an emitter actually sits, which vessels have gone dark and where they went, which corridors are unsafe for aircraft.

Speaker #3: Our constellation delivers that intelligence today, drawing on more than a decade of investment in radio frequency geolocation, in jamming and spoofing detection through our ADS-B quality indicators, and in a constellation that revisits every point on Earth more than 100 times a day.

Theresa Condor: Our constellation delivers that intelligence today, drawing on more than a decade of investment in radio frequency geolocation, in jamming and spoofing detection through our ADS-B quality indicators, and in a constellation that revisits every point on Earth more than 100 times a day. We believe this demand is durable. Interference outlasts the conflicts that put it in the news, and governments have started budgeting for space-based RF awareness the way they budget for other core infrastructure. That spending pattern has years left to run. We see it in our own bookings. In Q2, we secured RFGL awards from four new international customers. We continue to sign new pilots and extend existing ones. These engagements typically develop in stages. A pilot first, then a data subscription, then a larger operational program, and most of our international relationships sit in the early stages today.

Speaker #3: We believe this demand is durable. Interference outlasts the conflicts that put it in the news. And governments have started budgeting for space-based RF awareness the way they budget for other core infrastructure.

Speaker #3: That spending pattern has years left to run. We see it in our own bookings. In the second quarter, we secured RFGL awards from four new international customers.

Speaker #3: We continue to sign new pilots and extend existing ones. These engagements typically develop in stages: a pilot first, then a data subscription, then a larger operational program. Most of our international relationships sit in the early stages today.

Speaker #3: We see that as the setup for a multi-year runway. Our capacity is scaling alongside the demand. The six new satellite pairings deployed in the first quarter are reaching full operational status through the second and third quarters as planned.

Theresa Condor: We see that as the setup for a multi-year runway. Our capacity is scaling alongside the demand. The six new satellite pairings deployed in Q1 are reaching full operational status through Q2 and Q3 as planned. Our single satellite geolocation capability, demonstrated earlier this year on S-band and X-band signals, expands what each satellite can collect and lowers the constellation cost of coverage. With launch capacity reserved through 2028, we can keep adding collection capacity on our own timeline, even in a constrained launch market. Very few companies can meet this requirement with a deployed constellation, flight-proven capability, and manufacturing on both sides of the Atlantic. That positioning is a large part of why the European partnerships I will describe next came to us.

Speaker #3: Our single satellite geolocation capability demonstrated earlier this year on S-band and X-band signals expands what each satellite can collect and lowers the constellation cost of coverage.

Speaker #3: And with launch capacity reserved through 2028, we can keep adding collection capacity on our own timeline, even in a constrained launch market. Very few companies can meet this requirement with a deployed constellation, flight-proven capability, and manufacturing on both sides of the Atlantic.

Speaker #3: That positioning is a large part of why the European partnerships I'll describe next came to us. During the quarter, we announced two strategic partnerships with Germany-based companies Schaeffler and Diehl Defence that we believe significantly strengthen our long-term positioning within the European space ecosystem.

Theresa Condor: During the quarter, we announced two strategic partnerships with Germany-based companies, Schaeffler and Diehl Defence, that we believe significantly strengthen our long-term positioning within the European space ecosystem. Our collaboration with Schaeffler brings together complementary capabilities to explore sovereign European space infrastructure and next-generation satellite technologies. Germany has long been one of Europe's leading industrial economies, and partnerships with established industrial leaders create opportunities to combine advanced manufacturing expertise with our operational space capabilities. Likewise, our agreement with Diehl Defence reflects growing interest in leveraging commercial space capabilities to support national security and defense applications. As governments modernize their defense architectures, resilient commercial satellite networks are increasingly viewed as important complements to traditional government-owned systems. We view these partnerships as more than individual agreements. They reflect our flight-proven infrastructure and operational track record becoming the foundation other industrial leaders build on as they extend into space.

Speaker #3: Our collaboration with Schaeffler brings together complementary capabilities to explore sovereign European space infrastructure and next-generation satellite technologies. Germany has long been one of Europe's leading industrial economies, and partnerships with established industrial leaders create opportunities to combine advanced manufacturing expertise, with our operational space capabilities.

Speaker #3: Likewise, our agreement with Diehl Defence reflects growing interest in leveraging commercial space capabilities to support national security and defense applications. As governments modernize their defense architectures, resilient commercial satellite networks are increasingly viewed as important complements to traditional government-owned systems.

Speaker #3: We view these partnerships as more than individual agreements. They reflect our flight-proven infrastructure and operational track record, becoming the foundation on which other industry leaders build as they extend into space.

Speaker #3: And the timing matters because the European demand backdrop just got more concrete. In July, NATO leaders met in Ankara for the 2026 summit, and the alliance's defense industry forum announced more than $50 billion in new procurement commitments spanning integrated air and missile defense, uncrewed systems, and intelligence capabilities.

Theresa Condor: The timing matters, because the European demand backdrop just got more concrete. In July, NATO leaders met in Ankara for the 2026 Summit, and the Alliance's Defense Industry Forum announced more than $50 billion in new procurement commitments spanning integrated air and missile defense, uncrewed systems, and intelligence capabilities, building on the more than $139 billion increase in core defense investment that European allies and Canada have already delivered since last year's Hague Summit. Also in early July, the European Union proposed five new European defense projects of common interest, including the Space EDPCI, worth up to €24 billion by 2034. The Space EDPCI is structured around seven capability areas, including space-based early warning and intelligence, surveillance, and reconnaissance, a category that encompasses signals intelligence. The project aims to transform mature R&D into sovereign operational capabilities that no single member state can develop alone.

Speaker #3: Building on the more than 139 billion dollar increase in core defense investment that European allies in Canada have

Speaker #1: Have already delivered since last year's Hague summit Also in early July . The European Union proposed five new European defence projects of common interest , including the space PCI , worth up to €24 billion by 2030 for the space Epci is structured around seven capability areas , including space based early warning and intelligence , surveillance and reconnaissance , a category that encompasses signals intelligence .

Speaker #1: The project aims to transform mature R&D into sovereign operational capabilities that no single member state can develop alone . Across Europe , governments increasingly recognise that sovereign access to space derived data resilient commercial infrastructure and responsive satellite capabilities are strategic priorities These investments will take time to translate into specific procurement programmes , but we believe the direction is unmistakable and the RFL awards I described are the early evidence of this movement reaching our backlog As these European opportunities continue to mature , they will further broaden and diversify our revenue base , reinforcing that our growth is being driven by multiple markets rather than any single opportunity Because we already operate globally , maintain manufacturing capabilities in Europe and have years of operational experience delivering mission critical services .

Theresa Condor: Across Europe, governments increasingly recognize that sovereign access to space-derived data, resilient commercial infrastructure, and responsive satellite capabilities are strategic priorities. These investments will take time to translate into specific procurement programs, but we believe the direction is unmistakable, and the RFGL awards I described are the early evidence of this movement reaching our backlog. As these European opportunities continue to mature, they will further broaden and diversify our revenue base, reinforcing that our growth is being driven by multiple markets rather than any single opportunity. Because we already operate globally, maintain manufacturing capabilities in Europe, and have years of operational experience delivering mission-critical services, we believe we are well-positioned in a European market that has years left to run. Supporting all of this demand is a team we continue to strengthen. This quarter, we welcomed Eric "Mel" Mellinger to Spire as our Chief Commercial Officer.

Speaker #1: We believe we are well positioned in a European market that has years left to run. Supporting all of this demand is a team we continue to strengthen.

Speaker #1: This quarter , we welcomed Eric Mel Mellinger to Speyer as our Chief Commercial Officer Mel joins us from Mantech International , where he helped drive double digit year over year growth His mandate is straightforward convert the demand .

Theresa Condor: Mel joins us from ManTech International, where he helped drive double-digit year-over-year growth. His mandate is straightforward: convert the demand I have been describing into revenue. That demand extends beyond the $150 million in NOAA opportunities I described earlier. We are also tracking more than $100 million in opportunities across the US federal pipeline from ROMs to submitted proposals and active negotiations, with the potential for these to convert over the remainder of 2026. We are seeing that same momentum on the commercial side as we continue to build our commercial pipeline with recognizable brands. All of this demand only matters if we can build and launch to meet it. As I noted at the top, the 10 satellites we launched in early July brought our 2026 total to 29.

Speaker #1: I have been describing into revenue and that demand extends beyond the $150 million in no opportunities . I described earlier We're also tracking more than $100 million in opportunities across the U.S.

Speaker #1: federal pipeline . From ROMs to submitted proposals and active negotiations with the potential for these to convert over the remainder of 2026 . We're seeing that same momentum on the commercial side as we continue to build our commercial pipeline with recognisable brands .

Speaker #1: All of this demand only matters if we can build and launch to meet it. As I noted at the top, the ten satellites we launched in early July brought our 2026 total to 29.

Speaker #1: That pace reflects the maturity of our manufacturing organization and the operational discipline we have built over many years. Our constellation strategy has always been about more than adding satellites.

Theresa Condor: That pace reflects the maturity of our manufacturing organization and the operational discipline we have built over many years. Our constellation strategy has always been about more than adding satellites. It is about operating a platform that delivers reliable, scalable services for customers who increasingly depend on real-time global data. One of the milestones I am particularly proud of this quarter was the official opening of our new satellite manufacturing facility in Munich during May. With manufacturing operations now established in North America, Germany, and the UK, our footprint provides the scale and rapid deployment capability required to capture government and defense pipelines, and it expands our production capacity to approximately 300 to 400 satellites annually. We have already begun to use that capacity in both regions.

Speaker #1: It is about operating a platform that delivers reliable , scalable services for customers who increasingly depend on real time global data One of the milestones on particularly proud of this quarter was the official opening of our new satellite manufacturing facility in Munich during May .

Speaker #1: With manufacturing operations now established in North America , Germany and the U.K. , our footprint provides the scale and rapid deployment capability required to capture government and defense pipelines , and it expands our production capacity to approximately 300 to 400 satellites annually .

Speaker #1: We have already begun to use that capacity in both regions. The satellites for the strategy program are being built in Boulder and are expected to launch later this year, and satellite integration work is underway in Munich.

Theresa Condor: The satellites for the Strat-5 program are being built in Boulder and are expected to launch later this year, and satellite integration work is underway in Munich today. As governments prioritize sovereign space capabilities and supply chain resilience, meaningful manufacturing on both sides of the Atlantic becomes an increasingly important competitive advantage, and it is one very few companies in our industry can claim. We also continued to advance our technology. In July, Spire achieved a major milestone in our optical inter-satellite link program, successfully establishing our first cross-plane laser connection between two OISL-equipped satellites, building on our previous in-plane demonstrations. The satellites held a stable link for more than 5 minutes across roughly 5,000 kilometers, about the distance from New York to London. This technology lets satellites pass data directly to one another in orbit, cutting latency and reducing dependence on ground station proximity as our constellation scales.

Speaker #1: Today , as governments prioritize sovereign space capabilities and supply chain resilience , meaningful manufacturing on both sides of the Atlantic becomes an increasingly important competitive advantage And it is one very few companies in our industry can claim .

Speaker #1: We also continue to advance our technology . In July , spire achieved a major milestone in our optical inter-satellite link program , successfully establishing our first cross plane laser connection between two OIS equipped satellites Building on our previous in-plane demonstrations , the satellites held a stable link for more than five minutes across roughly 5000km .

Speaker #1: Regarding the distance from New York to London, this technology lets satellites pass data directly to one another in orbit, cutting latency and reducing dependence on ground station proximity.

Speaker #1: As our constellation scales, before I hand the call to Ali, I want to spend a moment on how the rest of the year comes together, because I know the math.

Theresa Condor: Before I hand the call to Ali, I want to spend a moment on how the rest of the year comes together because I know the math many of you are doing. H1 revenue was $33.9 million. Our full year guidance of $75 to $85 million therefore implies roughly $41 to $51 million in the H2, and I want to be specific about what carries us there. Start with what is already under contract. As of the end of July, over 85% of our full year guidance is contracted, up from the 76% shared in May. Our NOAA radio occultation contract remains in full execution. Our European radio occultation work, our space services programs, and our expanded commercial agreements are all in delivery through year-end. The Strat-5 program continues to progress with satellites being built in Boulder and expected to launch later this year.

Speaker #1: Many of you are doing First half revenue was $33.9 million . Our full year guidance of 75 to $85 million . Therefore implies roughly 41 to $51 million in the second half .

Speaker #1: And I want to be specific about what carries us there. Start with what is already under contract as of the end of July.

Speaker #1: Over 85% of our full-year guidance is contracted, up from the 76% shared in May. Our NOAA radio occultation contract remains in full execution.

Speaker #1: Our European radio occultation work , our space services programs and our expanded commercial agreements are all in delivery through year end . The Stratify program continues to progress with satellites being built in Boulder and expected to launch later this year .

Speaker #1: And last week's Hyperspectral Microwave sounder data extension is now under contract , which represents up to $5 million in potential revenue over a nine month term Then add what we expect to close in the near term .

Theresa Condor: Last week's hyperspectral microwave sounder data extension is now under contract, which represents up to $5 million in potential revenue over a 9-month term. Then add what we expect to close in the near term. The 8-figure microwave sounding opportunity that is in active negotiation now and the radio occultation bridge award that is expected to begin in September. We continue to expect the follow-on RO contracts taken together to exceed the $11.2 million annual value of last year's award. So when we reaffirm guidance today, that reaffirmation rests on a contracted base in execution, a renewal we expect shortly, and NOAA negotiations whose estimated scale we have now quantified for you. What remains between here and the high end of the range is execution through the H2.

Speaker #1: The eight figure microwave sounding opportunity that is in active negotiation now and the radio occultation bridge Award that is expected to begin in September .

Speaker #1: We continue to expect the follow on row contracts taken together to exceed the $11.2 million annual value of last year's award So when we reaffirm guidance today that reaffirmation rests on a contracted base in execution , a renewal we expect shortly .

Speaker #1: And NOAA negotiations, whose estimated scale we have now quantified for you. What remains between here and the high end of the range is execution through the second half.

Speaker #1: It's worth calling out that last week we filed an 8-K disclosing the dismissal of all of NorthStar's claims and awarding approximately $12.4 million in favor of Spire.

Theresa Condor: It's worth calling out that last week we filed an 8-K disclosing the dismissal of all of NorthStar's claims and awarding approximately $12.4 million in favor of Spire. We are pleased with this result. Between now and our next call, the markers to watch are the RO bridge award, the outcome of the microwave sounding negotiations, the Strat-5 launch, and continued RFGL awards. We will report against each of them in the fall. With that, Ali, over to you.

Speaker #1: We are pleased with this result. Between now and our next call, the markers to watch are the Rowe Bridge Award and the outcome of the microwave sounding negotiations.

Speaker #1: The stratify launch and continued RFL awards . We will report against each of them fall With that , Ali , over to you .

Speaker #2: Thank you , Theresa , and good afternoon everyone I'll ground the financial picture in the same operating momentum . Theresa , just described as a reminder , unless otherwise noted .

Ali Engel: Thank you, Theresa, and good afternoon, everyone. I'll ground the financial picture in the same operating momentum Theresa just described. As a reminder, unless otherwise noted, I'll be discussing non-GAAP financial measures. Reconciliations between our GAAP and non-GAAP financial measures are included in our press release. Revenue remains the metric we watch most closely because it reflects execution across both sales and operations, and it's the primary driver of our financial progress. As we've discussed in the past, Spire's cost base is largely fixed, and so as revenue scales, a meaningful share of that growth converts directly into margin. On revenue, we continued to make strong progress during the Q2. Q2 GAAP revenue was $18 million, up 16% year over year on a core basis, excluding the maritime business we divested last year, and up 19% sequentially from the Q1.

Speaker #2: I'll be discussing non-GAAP financial measures. Reconciliations between our GAAP and non-GAAP financial measures are included in our press release. Revenue remains the metric we watch most closely because it reflects execution across both sales and operations, and it's the primary driver of our financial progress.

Speaker #2: As we've discussed in the past, Spire's cost base is largely fixed, and so as revenue scales, a meaningful share of it converts directly into margin on revenue.

Speaker #2: We continued to make strong progress during the second quarter . Second quarter GAAP revenue was $18 million , up 16% year over year on a core basis , excluding the maritime business , we divested last year and up 19% sequentially from the first quarter .

Speaker #2: The year over year growth was primarily driven by higher delivery of space services data and increased RFL data purchases that sequential growth is an important marker .

Ali Engel: The year over year growth was primarily driven by higher delivery of space services data and increased RFGL data purchases. That sequential growth is an important marker. It's evidence of the H2 acceleration we've been describing since our Q4 call. Non-GAAP gross margin was 38%, down from 52% in the Q2 of last year. This decrease was primarily a result of impacts associated with the WildFireSat contract, which was canceled for convenience in the Q2. While the gross margin was down this quarter, we expect gross margin expansion in the H2 as revenue increases on a relatively fixed cost structure. Adjusted EBITDA was negative $8.6 million, an improvement of 16% year over year and 15% sequentially, which was primarily driven by lower operating expenses. Based on our current trajectory, we continue to expect adjusted EBITDA breakeven by late 2026 to early 2027.

Speaker #2: It's evidence of the back half acceleration . We've been describing since our fourth quarter call non-GAAP gross margin was 38% , down from 52% in the second quarter of last year .

Speaker #2: This decrease was primarily a result of impacts associated with the Wildfire Act contract , which was canceled for convenience in the second quarter .

Speaker #2: While the gross margin was down this quarter, we expect gross margin expansion in the second half as revenue increases on a relatively fixed cost structure.

Speaker #2: Adjusted EBITDA was negative $8.6 million , and improvement of 16% year over year and 15% sequentially , which was primarily driven by lower operating expenses Based on our current trajectory , we continue to expect adjusted EBITDA break even by late 2026 to early 2027 .

Speaker #2: Cash flow used in operations was $23.4 million, improving 32% year over year and 11% sequentially. This reflects lower operating expenses compared to the second quarter of last year, and is consistent with the broader trend of improving financial performance as we scale. We expect that trajectory to hold through the second half, with cash flow used in operations continuing to improve sequentially in both the third and fourth quarters of 2026.

Ali Engel: Cash flow used in operations was $23.4 million, improving 32% year over year and 11% sequentially. This reflects lower operating expenses compared to the Q2 of last year and is consistent with the broader trend of improving financial performance as we scale. We expect that trajectory to hold through the H2, with cash flow used in operations continuing to improve sequentially in both the Q3 and Q4 of 2026. We ended the quarter with approximately $92 million in cash equivalents, and marketable securities, and we remain debt-free. On guidance, we are reaffirming our full year 2026 revenue outlook of $75 million to $85 million. This represents more than 50% core year over year growth at the midpoint.

Speaker #2: We ended the quarter with approximately $92 million in cash, cash equivalents, and marketable securities, and we remain debt free on guidance.

Speaker #2: We are reaffirming our full year 2026 revenue outlook of 75 million to $85 million . This represents more than 50% core year over year growth at the midpoint I'll point you back to Theresa's comments on the NOAA pipeline .

Ali Engel: I'll point you back to Theresa's comments on the NOAA pipeline as the clearest illustration of why our confidence in that range continues to build, an eight-figure HyMS opportunity, and an RO renewal we expect to be larger than last year's on an annual basis. This is exactly the kind of layered near-term visibility that supports the back half of this guidance. These opportunities sit on top of the strong visibility we already have to the midpoint of our full-year guidance. As of the end of July, over 85% of that midpoint is already under contract.

Speaker #2: As the clearest illustration of why our confidence in that range continues to build an eight figure hymns opportunity and an R o renewal .

Speaker #2: We expect to be larger than last year's . On an annual basis This is exactly the kind of layered , near-term visibility that supports the back half of this guidance .

Speaker #2: These opportunities sit on top of the strong visibility we already have to the midpoint of our full-year guidance, as of the end of July.

Speaker #2: Over 85% of that midpoint is already under contract. The headline I'd leave you with is this: revenue growth accelerated both year-over-year and sequentially this quarter.

Ali Engel: The headline I'd leave you with is this: Revenue growth accelerated both year-over-year and sequentially this quarter, and the operational proof points behind that trend, satellite launches, expanded manufacturing capability, and a deepening government and defense pipeline on both sides of the Atlantic all moved in the same direction at the same time. That alignment is what gives us confidence heading into the H2. With that, let's open it up for questions.

Speaker #2: And the operational proof points behind that trend—satellite launches, expanded manufacturing capability, and a deepening government and defense pipeline on both sides of the Atlantic—all moved in the same direction at the same time.

Speaker #2: That alignment is what gives us confidence heading into the second half. With that, let's open it up for questions.

Speaker #3: Thank you. We'll now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Operator: Thank you. We'll now be conducting a question and answer session. If you would like to ask a question, please press *1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press *2 to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. Thank you. Our first question is from Erik Rasmussen with Stifel.

Speaker #3: You may press *2 to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. Thank you.

Speaker #3: Our first question is from Eric Rasmussen with Stifel.

Speaker #4: Yeah . Thanks for taking the questions . And great to hear all the progress Maybe just on on the guidance you've you've talked now several quarters about the second half weighted ramp .

Erik Rasmussen: Yeah, thanks for taking the questions and great to hear all the progress. Maybe just on the guidance, you've talked now several quarters about the H2 weighted ramp. It seems like that's still intact. But if we look at sort of the transition from Q2 to Q3, is that step up a little bit smaller and then maybe more of the majority of that to make up, we'll call it the $46 million to get to your midpoint of your guided range. Is that step up smaller in Q3 and then more of an impact in Q4?

Speaker #4: It seems like that's still intact . But if we look at sort of , you know , the transition from Q2 to Q3 is that step up a little bit smaller and then maybe more of the majority of that to make up , we'll call it the 46 million to get to your midpoint of your guidance guided range .

Speaker #4: Is that step up smaller in Q3 ? And then more of an impact in Q4 ?

Speaker #2: That's correct . Eric . That's the that's the right way to think about it . There should be some step up in Q3 , but the majority of it will come in the fourth quarter .

Ali Engel: That's correct, Erik. That's the right way to think about it. There should be some step up in Q3, but the majority of it will come in the fourth quarter.

Speaker #4: Great . And very good to hear about the eight figure contract in progress . You know , it sounds like though this was I guess this came about because of the contract extension .

Erik Rasmussen: Great. Very good to hear about the eight-figure contract in progress. It sounds like, though, this came about because of the contract extension. I guess, does the extension have to run its course before a decision is made, or will we start to see some of that happen sooner?

Speaker #4: And then , you know , I guess does the extension have to run its course before a decision is made Or , you know , we start to see , you know , some of that happen sooner .

Speaker #1: Yeah . These are these are two separate things , both related to microwave sounding . So , you know , we're delivering that that data by and the next eight figure contract , as I said , we're in negotiation .

Theresa Condor: Yeah. These are two separate things, both related to microwave sounding. We're delivering that data buy and the next eight-figure contract. As we said, we're in negotiation. We do expect that that gets awarded in the relatively short term, I think sometime in the next month. They're separate things. I expect that they'll both happen in parallel.

Speaker #1: We do expect that that gets awarded in , you know , in the relatively short term , I think sometime in the next month .

Speaker #1: But they're they're they're separate things So I expect that they'll both happen in parallel

Speaker #4: Okay . And maybe just one more if I can , on the NOAA . Oh , you know , it sounds like there's going to be a shorter bridge award Any sense of sort of , you know , timing ?

Erik Rasmussen: Okay. Maybe just one more, if I can, on the NOAA RO. It sounds like there's going to be a shorter bridge award. Any sense of timing? Will that happen when it expires in September? How quickly after that could we see any announcement or see some news about the RO? You said you'd mentioned probably more than the $35 million that was last year's award. How large of a magnitude of increase could we see there?

Speaker #4: Would that happen ? Sort of when when it expires in September . And then how quickly after that could , could we see , you know , the announcement or see some news about the the r and then you said you'd mentioned it probably more than the 35 million that that was , you know , last year's award .

Speaker #4: You know, how large of a magnitude of increase could we see there?

Speaker #1: Yeah . So the , the row bridge award , we are expecting to happen in August . You know , could , could potentially be any day now .

Theresa Condor: Yeah. The RO bridge award, we are expecting to happen in August, could potentially be any day now. It is a bridge award, so it will not be a full one-year program. We have to see how NOAA does it exactly, but potentially before the end of the year, they would then move into the new IDIQ and then do the proper full award. I think the important thing to note is they are very keen to make sure that there is not a single day that they do not get the radio occultation data sets, because these go into the weather forecast every day. However they do the exact contract mechanisms, this is going to be seamless delivery and therefore revenue recognition for Spire.

Speaker #1: It is a bridge award . So it will not be a full one year program . You know , we have to see how NOAA does it exactly .

Speaker #1: But potentially before the end of the year , they would then move into the new ID , Q and then do do kind of like the proper full award .

Speaker #1: I think the important thing to note is they're very , you know , very keen to make sure that there is not a single day that they don't get the radio occultation data sets , because these go into the weather forecast every day .

Speaker #1: So however they do the exact contract mechanisms, this is going to be seamless delivery and therefore revenue recognition for Spire in terms of order of magnitude, because there's going to be a bridge contract.

Theresa Condor: In terms of order of magnitude, because there is going to be a bridge contract, you have to look at what that would be on an annual basis and then know that there is another one coming. The one last year was, just to correct your numbers, it was $11.2 million, I believe. We feel very comfortable that it is going to be larger than that number.

Speaker #1: You have to look at what that would be on an annual basis, and then know that there's another one coming. The one last year was just to correct your numbers.

Speaker #1: It was $11.2 million, I believe. And we feel very comfortable that it is going to be larger than that number.

Speaker #4: Gotcha . No other 35 was the total , and it was split . You had the 112 . Yeah . Just wanted to get a sense of though what you thought .

Erik Rasmussen: Got you. No, the 35 was the total, and it was split. You had the 11.2, yeah. Just wanted to get a sense of though, what you thought this.

Speaker #1: You mean of .

Speaker #5: The next award . Yeah .

Theresa Condor: Oh, you mean of the.

Erik Rasmussen: The next award.

Theresa Condor: Yeah.

Speaker #4: Right .

Speaker #5: The total award .

Erik Rasmussen: Right. The total award.

Speaker #4: And then, do you think your percentage could actually go up? I think you had about 25% of that award last year.

Theresa Condor: Yeah.

Erik Rasmussen: Then do you think your percentage could actually go up? I think you had about 25% of that award last year.

Speaker #5: Last year ?

Speaker #1: Yeah . I , I do expect that there are larger dollars larger number of soundings . And I think we can capture , you know , a solid share of that .

Theresa Condor: Yeah. I do expect that there are larger dollars, larger number of soundings. I think we can capture a solid share of that. It will definitely be dual source. So I feel very good about our positioning there in terms of relevant price to delivery requirement.

Speaker #1: It will it will definitely be dual source . So I , I feel I feel very good about our positioning there in terms of relevant price to , to delivery requirement

Speaker #4: Great, thanks. I'll jump back into Q2.

Erik Rasmussen: Great, thanks. I will jump back in the queue.

Speaker #3: Our next question is from Jeff Van Re with Craig-hallum capital Group .

Operator: Our next question is from Jeff Van Rhee with Craig-Hallum Capital Group.

Speaker #6: Hi , this is Daniel on for Jeff . Just in regards to the space data that you're talking about , benefiting , I assume that's in reference to the Space services redirect coming online for those 19 satellites that were launched in Q1 .

[Analyst] (Craig-Hallum Capital Group): Hi, this is Daniel on for Jeff. Just in regards to the Space Services data that you are talking about benefiting, I assume that is in reference to the Space Services rev rec coming online for those 19 satellites that were launched in Q1. Just confirming that is what you are talking about. Then just sort of the cadence of that sequentially in terms of when those satellites were commissioned and data delivery began. Is that something that happened early in Q2 such that you kind of got a full quarter out of that, or something that happened late in Q2 where we should see another step-up into Q3? Just your thoughts on the Space Services ramp.

Speaker #6: Just confirming that's what you're talking about . And then just sort of the cadence of that sequentially in terms of when those satellites were commissioned and data delivery began , is that something that happened early in Q2 such that you kind of got a full quarter out of that or something that happened late in Q2 , where we should see another step up into Q3 .

Speaker #6: Just your thoughts on the space services ramp

Speaker #1: Yeah . So , I mean , Ali can correct me , but some of this is going to happen a little bit later in Q2 , and it's all going to vary depending on the satellite and what is on it and how long the customer takes to , to go through , you know , testing out their payload .

Theresa Condor: Yeah. Ali can correct me, but some of this is going to happen a little bit later in Q2, and it is all going to vary depending on the satellite and what is on it and how long the customer takes to go through testing out their payload. But there is still back half loaded, which is why we have continued to tell people there is the step-up in the H2 of the year. But the Space Services ones we are talking about are from satellites that launched that we then deliver the data on and can start collecting revenue that we would not recognize the revenue earlier in the year.

Speaker #1: But there is still back half loaded, which is why we've continued to tell people there's the step up in the second half of the year, but the Space Services ones we're talking about are from satellites that launched that.

Speaker #1: We , we then deliver the data on and can start collecting revenue that we , we wouldn't recognize the revenue earlier in the year .

Speaker #6: Yeah , that's helpful . And then in terms of RFG , maybe you could just sort of rank order , you know , the key drivers for that .

[Analyst] (Craig-Hallum Capital Group): Yeah, that's helpful. In terms of RFGL, maybe if you could just sort of rank order the key drivers for that, if that are these four new international customers and the international customers that came on in Q1, or if that's more so, expansion in the US or just sheer volume increases, due to what you can sell from the 16 satellite pairs that have gone up. Just sort of rank ordering RFGL, what the biggest movers are there.

Speaker #6: If that these , you know , for new international customers and the customers that already international customers that came on in Q1 , or if that's more so expansion in the US or just sheer volume increases , you know , due to what you can sell from the six new satellite pairs that have gone up , just sort of rank ordering RFG .

Speaker #6: What are the biggest movers out there?

Speaker #1: Yeah , I mean , I think the , the increase of capacity is definitely helpful . I think from the beginning of the year , we've had about a ten X increase in RFG capacity .

Theresa Condor: Yeah. I think the increase of capacity is definitely helpful. I think from the beginning of the year, we've had about a 10X increase in RFGL capacity. As you heard, we've signed new international customers, and that's across different locations and a variety of use cases. We've also re-signed with some customers that we had already worked with from the beginning part of the year, and we're definitely continuing to sign and do tasking for end users out of the United States. The other thing I would say is that we still are early in the process, I would say, with these customer sets. So I feel pretty excited about the growth opportunity with these existing customers as well as, of course, the new pipeline of opportunity that we're still working through.

Speaker #1: We have , you know , as as you heard , we've signed new international customers . And that's that's across different locations in a variety of use cases .

Speaker #1: We've also resigned with some customers that , that we had already worked with from the beginning . Part of the year . And we're definitely continuing to sign and do tasking for end users out of the United States .

Speaker #1: The other thing I would say is that we we still are early in the process . I would say with these customer sets .

Speaker #1: So I feel pretty excited about the growth opportunity with these existing customers, as well as, of course, the new pipeline of opportunity that we're still working through.

Speaker #6: Okay . That's helpful . And then maybe one last one for you , Theresa , on the NOAA opportunity set . So stepping out of the rose and the microwave soundings , just your thoughts on NSS reflectometry space weather , any of the other modalities are those things that we should be looking for at all in a second or

[Analyst] (Craig-Hallum Capital Group): Okay. That's helpful. Maybe one last one for you, Theresa, on the NOAA opportunity set. So stepping out of the ROs and the hyperspectral microwave sounding, just your thoughts on GNSS reflectometry, space weather, any of the other modalities. Are those things that we should be looking for at all in H2 or early?

Speaker #1: I , I am not very certain that those things will come in the second half of the year . It is possible I think it's also possible that they go into 2027 .

Theresa Condor: I am not very certain that those things will come in H2. It is possible. I think it's also possible that they go into 2027. I don't have a straight answer for that because we just don't know how NOAA will end up making things happen. But we've definitely heard that they're prioritizing RO and hyperspectral microwave sounding stuff first.

Speaker #1: I don't have a straight answer for that because we just don't know how NOAA will end up making things happen. But we've definitely heard that they're prioritizing ARO and microwave sounding stuff.

Speaker #1: First .

Speaker #7: Makes sense. Thanks, Alex.

[Analyst] (Craig-Hallum Capital Group): Makes sense. Thanks.

Speaker #1: Thanks .

Speaker #3: Our next question is from Brian Kinzinger with Alliance Global Partners .

Theresa Condor: Thanks.

Operator: Our next question is from Brian Kinstlinger with Alliance Global Partners.

Speaker #8: Great , thanks . Good to hear about the robust pipeline and some of the bookings last quarter . You mentioned the operating leverage you had been discussing for the last few quarters was going to become visible this quarter .

Brian Kinstlinger: Great. Thanks. Good to hear about the robust pipeline and some of the bookings. Last quarter, you mentioned the operating leverage you had been discussing for the last few quarters was going to become visible this quarter. Yet despite the significant increase in revenue, gross margin dropped by more than 500 basis points versus the Q1. Can you help bridge that gap and when we might see that leverage in gross margin?

Speaker #8: Yet despite the significant increase in revenue , gross margin dropped by more than 500 basis points versus the first quarter . Can you help bridge that gap ?

Speaker #8: And when we might see that leverage in gross margin

Speaker #2: Sure . Hey , Brian , it's Ali . We the decline was really driven by the impacts associated with the cancellation of the wildfire sat contract and some balance sheet clean up .

Ali Engel: Sure. Hey, Brian, it's Ali. The decline was really driven by the impacts associated with the cancellation of the WildFireSat contract and some balance sheet cleanup we had to do. If you'll recall, that contract was terminated for convenience in the Q2. I'd say I'd focus more on the trend rather than any single quarter such as the Q2. The non-GAAP gross margin's been on an upward trajectory over the last three quarters. Prior to this quarter, we expect that to resume trend as revenue scales in the H2. We expect to continue getting towards our gross margin, excuse me, target of 60% to 70% going forward. We were a little bit impacted by some balance sheet cleanup in the Q2 for WildFireSat.

Speaker #2: We had to do it. If you'll recall, that contract was terminated for convenience in the second quarter. So I'd say I'd focus more on the trend rather than any single quarter, such as the second quarter.

Speaker #2: The non-GAAP gross margins been on an upward trajectory over the last three quarters prior to this quarter . We expect that to resume trend as revenue scales in the second half .

Speaker #2: And we expect to continue getting towards our gross margin . Excuse me target of 60 to 70% going forward . But we were a little bit impacted by some balance sheet cleanup in the second quarter for wildfire SAP

Speaker #8: Great . And maybe a follow up for you , Ali . Maybe you can speak to the magnitude of the improvement of the gross margin of the cash burn , coupled with CapEx .

Brian Kinstlinger: Great. Maybe a follow-up for you, Ali. Maybe you can speak to the magnitude of the improvement of the cash burn coupled with CapEx. You are at about $29 million. What are CapEx plans for the H2 of the year? How much could operating cash flow or usage improve? How much longer should we expect unusual costs based on your comments? Is that just one more quarter?

Speaker #8: You're at about $29 million. What are CapEx plans for the second half of the year? How much could operating cash flow or usage improve?

Speaker #8: And then, how much longer should we expect unusual costs? Based on your comments, is that just one more quarter?

Speaker #2: Yeah . So I'd say , you know , again , looking at our trends , we improved 32% in OCF year over year and 11% sequentially .

Ali Engel: Well, I would say, again, looking at our trends, we improved 32% in OCF year-over-year and 11% sequentially. So we are definitely headed in the right direction. We feel good about $27 million in total for the year for kind of the fixed asset purchases, property, plant, and equipment purchases. That number, I think, will hold pretty comfortably. We do expect our cash usage to moderate in the H2 of 2026, probably more weighted to Q4 based on the revenue trends. But we do expect to continue to improve in the Q3 as well. We remain really happy about our liquidity position and our path towards operating cash flow breakeven, hopefully sometime in 2027. The one-time costs definitely have slowed down.

Speaker #2: So we're definitely headed in the right direction. We feel good about $27 million in total for the year for, kind of, the fixed asset purchases — property, plant, and equipment purchases.

Speaker #2: That number, I think, will hold pretty comfortably. We do expect our cash usage to moderate in the back half of 2026, probably more weighted to Q4, based on the revenue trends.

Speaker #2: But we do expect to continue to improve in the third quarter as well. We remain really happy about our liquidity position and our path towards operating cash flow break-even.

Speaker #2: Hopefully , sometime in 2027 . The one time cost definitely have slowed down . We've as you as you're aware , we received our favorable ruling with our North Star arbitration .

Ali Engel: As you are aware, we received our favorable ruling with our NorthStar arbitration, so a lot of legal fees associated with that should slow down as well as the WildFireSat contract termination that there is not a lot left going on there. So I do expect one-time costs. I think you even see it in the Q2 compared to the Q1. We had a nice decline in those one-time costs.

Speaker #2: So a lot of legal fees associated with that . Or should slow down as well as the wildfires contract termination that there's not a lot left going on there .

Speaker #2: So I do do expect one time cost . And I think you even see it in the in the second quarter compared to the first quarter .

Speaker #2: We had a nice decline in those one-time costs.

Speaker #8: Great. Last question. A lot of exciting things sound like they're going on within NOAA. For the second straight year, President Trump is proposing major cuts.

Brian Kinstlinger: Great. Last question. A lot of exciting things sound like they are going on within NOAA. For the second straight year, President Trump is proposing major cuts. How protected do you think your contracts and pipeline is? Are they mission-critical? I am just trying to understand if somehow, like they did not last year, but if they got asked to contract base.

Speaker #8: How protected do you think your contracts and pipeline is ? Are they mission critical ? Just trying to understand if somehow , like they didn't last year .

Speaker #8: But if they got past the contract-based.

Speaker #1: I feel very good about our pipeline and positioning with NOAA. There definitely are a lot of climate and research-related things that are being looked at very carefully at NOAA and what we've seen.

Theresa Condor: I feel very good about our pipeline and positioning with NOAA. There definitely are a lot of climate and research-related things that are being looked at very carefully at NOAA. What we've seen, and I think what we've heard from NOAA as well and the administration, is that the commercialization of this or partnerships with commercial companies is a huge priority. Everything we are hearing is that some of those shuffling around of numbers are actually being moved in favor of doing more with commercial companies like us. So I feel extremely good. The other relevant thing is that we are expecting a number of these awards to come in the short term. So I do not see an impact to what we are expecting for our 2026 calendar revenue numbers. I feel very good that we are going to keep having step-ups into 2027.

Speaker #1: And I think what we've heard from NOAA as well , and the administration is that the commercialization of this or partnerships with commercial companies is a huge priority .

Speaker #1: And everything we're hearing is that some of those shuffling around of numbers are actually being moved in favor of doing more with commercial companies like us.

Speaker #1: So I feel extremely good . The other relevant thing is that we're expecting a number of these awards awards to come in the in the short term .

Speaker #1: So I don't see an impact to to what we're expecting for our 2026 . You know , calendar revenue numbers . And I feel very good that we're going to keep having step ups in into 2027 .

Speaker #5: Great .

Speaker #8: Thank you .

Brian Kinstlinger: Great. Thank you.

Speaker #1: Thanks , Brian

Theresa Condor: Thanks, Brian.

Speaker #3: Our next question is from Austin Mueller with Canaccord Genuity.

Operator: Our next question is from Austin Moeller with Canaccord Genuity.

Speaker #9: Hi. Good afternoon, Theresa and Ali. Just my first question: Is there any DoD or Intel community interest in LEMURs that can geolocate or process RF signals emitted from enemy spacecraft in orbit?

Austin Moeller: Hi, good afternoon, Theresa and Ali.

Ali Engel: Hi, Austin.

Austin Moeller: My first question, is there any DoD or intel community interest in LEMUR that can geolocate or process RF signals emitted from enemy spacecraft in orbit?

Speaker #1: I , I would say this is a topic that we we have been talking about for some time . Maybe , maybe that's all I'll say

Theresa Condor: I would say this is a topic that we have been talking about for some time. Maybe that is all I will say.

Speaker #9: Okay . That's helpful . And then I assume the intent to . Pursuing EU and NATO ally contracts is to increase that international share of wallet and the revenue mix , so that your guidance and your revenue is less reliant on US government budget timing each year since historically , we wait to see what happens in August and September with NASA and NOAA

Austin Moeller: Okay, that is helpful. I assume the intent to pursuing EU and NATO ally contracts is to increase that international share of wallet and the revenue mix so that your guidance and your revenue is less reliant on US government budget timing each year, since historically, we wait to see what happens in August and September with NASA and NOAA.

Speaker #1: Yeah , I mean , I always believe that customer and revenue diversification is important . I don't want to be a company that is , you know , 100% federal government focused .

Theresa Condor: Yeah. I always believe that customer and revenue diversification is important. I do not want to be a company that is 100% federal government focused.

Speaker #1: And I think it's pretty clear from this administration as well in all the conversations I have , they don't want companies to be 100% reliant on the U.S.

Theresa Condor: I think it is pretty clear from this administration as well, in all the conversations I have, they do not want companies to be 100% reliant on the US government for contracts and revenue. So I feel really good that the diversification of us doing this in multiple parts of the world is something that is positive, and that same goes for the commercial side of it, the non-government. So I think between commercial, between civil, and then between defense and intel, I feel good about our strategy there.

Speaker #1: government for for contracts and revenue . So I feel really good that the diversification of us doing this in , in multiple parts of the world is something that is positive .

Speaker #1: And that same goes for the commercial side of it . The , you know , non-government . So I think between commercial between civil and then between defense and Intel , I feel good about our strategy .

Speaker #1: There .

Speaker #9: Okay. And just last question, are you able to comment on if the eight-figure HYMNS contract is related to a U.S. government agency or an international government agency?

Austin Moeller: Okay. Just last question. Are you able to comment on if the eight-figure HyMS contract is related to a US government agency or an international government agency?

Speaker #1: Yeah, so the eight-figure microwave one we referenced is specifically a U.S. government agency. That's part of the NOAA pipeline that we had talked about.

Theresa Condor: Yeah. The eight-figure microwave one we referenced is specifically US government agency. That is part of the NOAA pipeline that we had talked about.

Speaker #9: Okay. So is this associated with PROTEC?

Austin Moeller: Okay, so it is associated with ProSac?

Theresa Condor: I do not know, actually, the name of the contract mechanism that it is associated with. I would have to check with the team on that, Austin.

Speaker #1: I I , I don't know , actually the name of the contract mechanism that it is associated with . I would have to check with the team on that .

Speaker #1: Austin .

Speaker #9: Okay. We can follow up offline. Thank you.

Austin Moeller: Okay. We can follow up off the line. Thank you.

Speaker #1: Well, we'll follow up and we can come back to you on that.

Theresa Condor: We will follow up and we can come back to you on that.

Speaker #3: Our next question is from Chris Quilty with Quilty Space.

Austin Moeller: Okay.

Operator: Our next question is from Chris Quilty with Quilty Space.

Speaker #5: Thanks , ladies and Ben Actually , just to follow up on Austin's question , I'm assuming your guidance fully expects 100% . Were going into CR come October .

Chris Quilty: Thanks, ladies and Ben. Actually, just to follow up on Austin's question. I am assuming your guidance fully expects 100% we are going into CR come October, and that is

Speaker #5: And that's baked into the forecast.

Theresa Condor: I-

Chris Quilty: baked in the forecast.

Speaker #1: You . Yeah , yeah , we we have been tracking this carefully because I think there was , you know , some risk and worry in the first place that there would be a shutdown .

Theresa Condor: Yeah. We have been tracking this carefully because I think there was some risk and worry in the first place that there would be a shutdown. I think everyone is starting to feel pretty confident that it will be a continuing resolution and we keep going on through that process. Yes is the short answer.

Speaker #1: I think everyone is starting to feel pretty confident that it will be a continuing resolution. And, you know, we keep going on through that process.

Speaker #1: So yes, is the short answer.

Speaker #5: Gotcha . And Ali , just to modeling question here on G and A , that's always been chunked with one time items . Do you expect that to look like a cleaner number on a go forward basis .

Chris Quilty: Got you. Ali, just a modeling question here. On G&A, that has always been chunked with one-time items. Do you expect that to look like a cleaner number on a go-forward basis, and what would we model it at, assuming lack of one-time items in there?

Speaker #5: And what would we model it at, assuming— you know, lack of one-time items in there?

Speaker #2: Yeah . I mean , I , I expect GNA to continue to , to be more right sized with less one time items .

Ali Engel: Yeah. I expect G&A to continue to be more right-sized with less one-time items. I do not have a number in front of me to share with you. I can go back and look at that. If I am looking at the trend, Chris, it is definitely much more stable, and I do not expect it to go up or down significantly over the next few quarters.

Speaker #2: I mean , I think that I don't have a number in front of me to kind of share with you . I can go back and look at that , but we definitely , I , if I'm looking at the trend , Chris , it's definitely much more stable .

Speaker #2: And I don't expect it to go up or down significantly over the next few quarters.

Speaker #5: Okay , great Follow up question on the optical cross link , I guess two points to it . One , can you give us an idea ?

Chris Quilty: Okay, great. A follow-up question on the optical crosslink. I guess two points to it. One, can you give us an idea, what is the size of that crosslink unit? Is it sort of a 1U size? What size satellite are you hosting it on for that demo? Second part of the question, is that something, a technology you plan to deploy internally and/or make available for third-party sale?

Speaker #5: What is the size of that cross link unit ? Is it sort of a one use size and and what size satellite are you ?

Speaker #5: Are you hosting it for that demo? Second part of the question: is that technology something you plan to deploy internally and/or make available for third-party sale?

Speaker #1: Yeah . So I actually don't know off the top of my head , the size of that unit itself , but the demo , we just did is on .

Theresa Condor: Yeah. I actually do not know off the top of my head the size of that unit itself, but the demo we just did, it is either a 3U or a 4U nanosatellite. I think it might be a 3U, though I can check on that. So they are very tiny, and I think this is what is so impressive about these demonstrations, is that they are on such a tiny satellite. These are still in the R&D and the testing phase. We have been developing this and working on it for quite some years. It is absolutely something that we plan to deploy internally on our constellation once we decide it is ready to go from the R&D and demo phase into actual operations. I think whether we make that available to other parties is something that is under consideration.

Speaker #1: It's either a three or a four . U nanosatellite I think it might be a three U though . I can check on that .

Speaker #1: So, they're very tiny. And I think this is what is so impressive about these demonstrations, is that they're on such a tiny, a tiny satellite.

Speaker #1: These are still in the R&D and testing phase. We've been developing this and working on it for quite some years.

Speaker #1: It is absolutely something that we plan to deploy internally on our constellation once we decide it's ready to go from the R&D and demo phase into actual operations.

Speaker #1: And, you know, I think whether we make that available to other parties is something that is under consideration.

Speaker #5: Great . And on the RFGLI think you said you're you're up about ten X year to date . Of that increase is most of it due to new satellite pairs on orbit , or are you also seeing improvements due to , you know , firmware upgrades ?

Chris Quilty: Great. On the RFGL, I think you said you are up about 10x year to date. Of that increase, is most of it due to new satellite pairs on orbit, or are you also seeing improvements due to firmware upgrades? A second part of that question, is that capability only available on newly launched satellites that are developed to pair, or is it something that you are able to backfit to existing satellites?

Speaker #5: And a second part of that question is that capability only available on newly launched satellites that are developed to pair , or is it something that you're able to , you know , back fit to existing satellites ?

Speaker #1: So I would say most of the capacity increase is from new satellites being launched, though I will also say that we are continually doing upgrades and improvements across the constellation fleet.

Theresa Condor: I would say most of the capacity increase is from new satellites being launched, though I will also say that we are continually doing upgrades and improvements across the constellation fleet. That does sometimes mean that satellites that we have already had that we were not using for RFGL, we then can use for RFGL in certain circumstances. A lot of it has to do with when satellites are coming into relevant proximity in order to do the geolocation. We kind of actively manage that constellation as well as which type of signals we see interest from customer set. So there is a certain amount of Active management we can do across the fleet, and then a certain amount of it is we just need to put up the additional satellites.

Speaker #1: And so that does sometimes mean that satellites that we've already had, that we weren't using for RFEL, we then can use for RFEL in certain circumstances.

Speaker #1: And a lot of it has to do with when satellites are coming into relevant proximity in order to do the geolocation.

Speaker #1: And so we kind of actively manage that constellation, as well as, you know, which type of signals we see interest from the customer set.

Speaker #1: So there's a certain amount of active management we can do across the fleet . And then a certain amount of it is we , we just need to put up the additional satellites

Speaker #5: Gotcha . And is there any thought , you know , based upon the growth or potential of that market to launch to , to specific inclinations and sort of prioritize for that mission relative to , an Aro mission or , or others

Chris Quilty: Got you. Is there any thought, based upon the growth or potential of that market to launch to specific inclinations and prioritize for that mission relative to an RO mission or others?

Speaker #1: Yeah . And , and I think , you know , there , there are certain , certain missions that we will do that .

Theresa Condor: Yeah. I think there are certain missions that we will do that. What it really comes down to is the trade-off, certainly in cost, in how quickly to get something up, and also what kind of requests and demand signals that we are getting from the customer base. So I take all of those into very careful consideration, because at the end of the day, it is what are customers going to pay for and on what timeline. I think there is a variety of ways that we continue to expand how we do this across the constellation. It is something we are tracking closely.

Speaker #1: And what it really comes down to is the , the trade off , you know , certainly in cost in how quickly to get something up .

Speaker #1: And also what kind of requests and demand signals that we're getting from the customer base . So I , I take all of those into very careful consideration because at the end of the day , it's what our what our customer's going to pay for .

Speaker #1: And on what timeline. And so I think there are a variety of ways that we continue to expand how we do this across the constellation. It's something we're tracking closely.

Speaker #5: Gotcha . And final question , the German partnership , obviously , you know , still very new , but should we and each partner seems to be contributing something complementary , but from a financial perspective , will there be will there be any impact in 2026 and maybe longer term ?

Chris Quilty: Got you. Final question, the German partnership, obviously, still very new. Each partner seems to be contributing something complementary, but from a financial perspective, will there be any impact in 2026 and maybe longer term? Is this something where you expect you would be contributing capital to it or simply product and capabilities?

Speaker #5: Is this something where you expect you would be contributing capital to it, or simply product and capabilities?

Speaker #1: Yeah . So I generally view this as us providing a product and capabilities and heritage in space . The , the teams are working with both of those organizations .

Theresa Condor: Yeah. So I generally view this as us providing product and capabilities and heritage in space. The teams are working with both of those organizations, I would say, very closely and on a regular basis. I expect Spire to generate revenue from both of those partnerships. In some cases, it is going to take a bit longer, and I think there are other cases where it could actually lead to some revenue in 2026.

Speaker #1: I would say very closely and on a regular basis. I expect Spire to generate revenue from both of those partnerships. In some cases, it's going to take a bit longer.

Speaker #1: And I think there are other cases where it could actually lead to some revenue in 2026.

Speaker #5: Very good . Thank you

Chris Quilty: Very good. Thank you.

Speaker #1: Thanks .

Theresa Condor: Thanks.

Speaker #10: Chris

Speaker #3: Thank you. We have reached the end of our question and answer session. This does conclude today's conference call. You may disconnect your lines at this time.

Operator: Thank you. We have reached the end of our question-and-answer session. This does conclude today's conference call. You may disconnect your lines at this time, and we thank you again for your participation.