The following is a summary of the Spire Global, Inc. (SPIR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Spire Global's Q1 GAAP revenue was $25.7 million, a 6% growth YoY, slightly under projected figures.

• The company reports its first-ever positive adjusted EBITDA towards the end of last year and expects to maintain this in Q2.

• Non-GAAP operating loss stood at -$7 million, with an adjusted EBITDA of -$1.1 million for the first quarter.

• Spire forecasts a record rebound in Q2 revenue, ranging from $29 million to $33 million.

• The full-year revenue projection stands between $122 million to $132 million, representing an approximately 20% YoY growth.

• Despite depreciation and amortization costs linked with satellite-related expenses, these are expected to decrease throughout the year with a planned replacement of older satellites. The long-term gross profit is anticipated to stabilize around 65-70%.

Business Progress:

• Spire Global is harnessing AI and machine learning to enhance the value of their proprietary data, moving beyond previous accuracy standards.

• A new deal has been struck to offer six-day high-res weather forecasts and to develop AI-powered models for long-range predictions.

• The company is expanding its service offerings with satellite deployments for GPS jamming/spoofing detection and greenhouse gas emission data collection, focusing on addressing climate change and global security challenges.

• Plans to depreciate LEMUR satellites faster due to increased solar cycle activity are in place, along with concerns of deorbiting issues leading to lower sales, but replenishment is planned.

• Despite current propulsion issues, Spire is considering resolving these with current and new vendors or potentially bringing the critical components in-house.

• In partnership with NVIDIA, Spire aims to benefit from GPU access for model training, advancing problem-solving in weather forecasting.

• There is significant interest from government agencies, particularly regarding Space Services capabilities such as wildfire tracking.

• There's anticipated growth driven by new accounts and existing accounts expansion, especially in the latter half of 2023. The overall financial outlook for Spire remains on a trajectory of 30% plus growth, despite current challenges.

More details: Spire Global IR

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