Spire Global stock steady as PwC resigns as auditor, Stifel maintains Buy

Investing.com - Spire (NYSE:SR) Global (NYSE:SPIR), currently trading at $12.06 and showing significant volatility with a 10.6% gain over the past week, announced Monday that its auditor PricewaterhouseCoopers (PwC) will resign after filing the company’s 10-Q for the period ending June 30, 2025.

The company emphasized in its release that there were no adverse opinions, disclaimers, qualified or modified opinions affecting any previously filed financial statements. Spire Global has begun an accelerated search for new auditors.

The company attributed the more complex closing process to the recent sale of its Maritime business, which involved multiple arrangements, along with its updated revenue recognition policy resulting in numerous reconciling items.

Despite this development, Stifel maintained its Buy rating and $17.00 price target on Spire Global stock. The firm noted that it continues to view the company in a "substantially better position" with no debt, a fortified balance sheet, regaining customer momentum, and a path to breakeven or positive operating cash flow in the second half of 2025.

Spire Global, a provider of space-based data and analytics, completed the sale of its Maritime business earlier this year, a move that has significantly altered its financial structure.

In other recent news, Spire Global has secured a $1.2 million contract extension from NASA to continue providing Earth observation data through the Commercial Satellite Data Acquisition Program. This follows a previous $6.7 million task order and highlights the ongoing partnership between Spire Global and NASA. Additionally, the company has launched a new aviation solution called Aircraft Exposure Analytics, which assesses aircraft-level exposure to hazardous weather conditions using advanced data analytics. In a significant development, Spire Global has been awarded a position on the U.S. Space Force’s Space Systems Command’s IDIQ contract, valued at up to $237 million over 10 years.

Furthermore, Stifel analysts have maintained a Buy rating on Spire Global stock, despite lowering the price target from $18.00 to $17.00. This adjustment comes after Spire Global reported first-quarter results that exceeded expectations in revenue and adjusted EBITDA. The company has recently completed the sale of its Maritime division, strengthening its balance sheet with $136 million in cash and no debt. Analysts from Stifel noted Spire Global’s anticipation of revenue growth in the second half of the year and its goal to achieve breakeven or positive operating cash flow.

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