Japan records surprise trade deficit in July as exports weaken further
VIENNA, Va. - Spire (NYSE:SR) Global, Inc. (NYSE:SPIR) reported third-quarter 2024 results that showed strong revenue growth and improved bottom-line performance, sending shares up 1% in after-hours trading.
The space-based data and analytics provider posted revenue of $28.6 million for the quarter, up 29% YoY, driven by increased annual recurring revenue from existing customers and growth in Space Services and R&D Services contracts. This topped analyst estimates of $28.57 million.
Spire’s adjusted loss per share came in at -$0.50, narrowing from the prior year but missing the consensus estimate. The company achieved positive cash flow from operations of $14.0 million and positive free cash flow of $5.1 million in the quarter.
"As I look back on the third quarter, I’m proud of the milestones we reached, despite unexpected complexities we had to navigate," said Peter Platzer, Spire Executive Chairman. "We achieved long-forecasted objectives and set a new quarterly booking record."
The company was awarded $40.0 million of annual contract value in Q3, its largest quarterly bookings to date. Notable contract wins included a $6.7 million award from NASA and a $3.8 million contract from NOAA.
For full-year 2024, Spire expects revenue between $108.0-$110.0 million, representing 11-13% YoY growth. The company also anticipates narrowing its adjusted EBITDA loss to between -$20.9 million and -$18.9 million.
Spire’s stock edged up 1% following the earnings release, suggesting a cautiously optimistic investor response to the company’s improved financial performance and outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.