Spire Global, Inc.

Greetings and welcome to the Spire Global third quarter 2025 results 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 during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Ben Hackman, Head of Investor Relations. Thank you. You may begin.

Thank you. Hello, everyone, and thank you for joining SPIRE's third quarter 2025 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 Allie 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. 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 Teresa.

For more than a decade, Spire has been a steadfast champion of safety and security. We protect businesses and people by delivering critical weather intelligence and aviation insights that spot potential navigation hazards before they become problems. We empower nations with radio frequency data, turning raw signals into actionable intelligence. Through our proven scalable space infrastructure, SPIRE provides global invisible intelligence from orbit. capturing RF signals, atmospheric conditions, and operational behavior data. This continuous space-based awareness provides hundreds of organizations and governments a real-time view of activity across Earth's environment, operations, and infrastructure, enabling them to act faster, act safer, and act with greater confidence. Today, Spire operates a satellite constellation of over 100 payloads. Our antennas cover every spot on Earth approximately every 12 minutes. We serve data and analytics applications to hundreds of customers across 45 countries and collect millions of RF signals and atmospheric measurements every day. Spire closed the third quarter on the back of sizable commercial and government contract wins. with triple-digit growth on multiple repeat contract awards in our core areas of weather and security. These awards reflect demand translating into signed long-term programs. We head into 2026 buoyed by unmistakable market opportunity, even as we have navigated recent timing variability inherent in government procurement and delivery. Heightened security imperatives, larger budget allocations, accelerated procurement cycles, and clear expectations for commercial partnerships have created a fertile environment for a well-established company like Spire, one that can deliver operational capability today while iterating rapidly toward tomorrow's needs. Our 2025 satellite manufacturing ramp-up proved we can scale with confidence. Satellite manufacturing throughput doubled per year while remaining flat headcount. Our on-orbit data production is expected to increase tenfold for crucial RFGL products and threefold in our daily RO profiles. This step change in capacity cements SPIRE's role as a true dual-use solution provider. Driven by European, especially German, demand, We have cost-effectively installed a world-class satellite manufacturing facility in Germany, which will provide us with backup resilience and additional manufacturing capacity of up to 100 satellites per year, once fully qualified and operational in Q1. We have selected KPMG as our new audit partner, and we are confident that Spire is positioned to operate as a regular reporting public company going forward. In September, SPIRE secured its largest radio operation contract from NOAA, an award three times the size of last year's in annual sounding volume, and a greater than 40% improvement in price per sounding versus historical benchmarks. The agency also awarded SPIRE a contract for ocean surface winds derived from our GNSSR data, supporting operational forecasting missions. Across Europe, demand for our weather data suite remained robust. We renewed our radio occultation agreement with UMETSAT, sold GNSSR data to the European Space Agency, and sold data to a leading European weather agency in support of improved forecast accuracy. As the region advances its process of catching up with the U.S. in terms of commercial data use, Spire is uniquely positioned to continue as the key commercial partner based on its strong European operations. Looking ahead to 2026, we anticipate an even deeper partnership with NOAA across our product categories, buoyed by the agency's ongoing dialogue with commercial providers about their expanding strategic role in satellite-based weather observations. This expectation is supported by the overarching directive of the current U.S. administration toward more commercial partnerships and less government ownership. FIRE's momentum is further supported by the upcoming launch of our microwave-sounding satellite next month, which addresses a multibillion-dollar global atmospheric-sounding need. Microwave sounders are among the most impactful satellite observations for forecasting models worldwide, especially because they can see inside clouds and provide temperature and moisture profiles crucial for accurate forecasting. Microwave soundings currently provide up to 40% of forecast accuracy benefit and are used by all global forecasting agencies around the world. However, the combination of legacy government instrument retirements, administrative changes in data sharing, and delays in new instruments have sparked global concerns about the consistency and completeness of microwave data sets, particularly for critical applications such as hurricane intensity monitoring. This further opens the door to efficient and effective private sector participation in the multibillion-dollar global observing system. As geopolitical dynamics evolve, weather intelligence is also gaining heightened relevance for defense. Germany's recently published space security strategy underscores the strategic value of weather observations alongside traditional intelligence surveillance and reconnaissance domains. Demonstrating this trend, SPIRE recently won a contract award for high-resolution weather insights to support military applications. Further illustrating the link between global security and citizen safety, SPIRE signed a contract to deliver soil moisture data across Ethiopia's Somali region, covering hundreds of thousands of square kilometers in partnership with the International Organization for Migration. We have also won a coveted contract for high-resolution soil moisture insights from a brand-name commercial smart ag customer in the U.S. Spire's expanding partnership with Deloitte and the accompanying contract to field multiple satellite clusters equipped with Deloitte's SilentShield Cyber Defense Suite underscores the strategic relevance of our space services platform. While revenue recognition extends beyond 2025, Satellite manufacturing, operational deployment, and backlog conversion are proceeding exactly as planned. The program contributes to the company's total deferred revenue backlog of over $200 million, representing multiple years of contracted activity and reinforcing the long-term financial strength of the business. It is also another demonstration of our ability to secure high-profile awards that amplify our go-to-market reach within the U.S. federal ecosystem. SPIRE was recently selected as an awardee on the U.S. government Missile Defense Agency's multi-award SHIELD IDIQ contract, with a shared ceiling of $151 billion. This award positions us to compete for task orders under the Golden Dome Initiative, a U.S. missile defense effort expected to award over tens of billions of dollars per year over the next decade. Winning in this highly contested selection process confirms our role as an industrial-based partner capable of delivering defense-grade space-based data RF intelligence, and digital engineering expertise for today and tomorrow's national security requirements. The Secretary of War's rapid procurement guidelines explicitly reward innovative firms that can meet capability needs today. Our Boulder-based manufacturing facility and all U.S. workforce provide the domestic footprint and security posture required to respond quickly. While the U.S. government shutdown shifted a portion of anticipated revenue from 2025 into 2026, the underlying programs, funding, and delivery commitments remain fully intact, and recent awards demonstrate that the U.S. defense market continues to expand. In Europe, urgency for commercial partnerships in defense has increased meaningfully compared to a year ago. Germany has announced a 7 billion Euro per year space defense budget over the next five years, totaling approximately $40 billion. Our ISO-ready clean room and fully vertically integrated facilities in Munich may inspire one of the very few companies local to Germany with end-to-end small satellite capabilities with German nationals as well as German-speaking executives. We are also the only one with deep in-space radio frequency expertise. The German Space Agency, DLR, a current SPIRE partner and customer, will play a key role in procurement, accelerating engagement with commercial suppliers. This relationship will support our ongoing direct engagement with the military on their short-term requirements, capability needs, and procurement asks. The European Space Agency Ministerial Council concluded in November with the largest financial commitment in their history. Member states pledged €22 billion in new subscriptions for the next three years, with Germany contributing €5 billion, an increase of almost 50%. Under the European Space Agency's geo-return policy, German contributions are reserved for contracts with German companies such as Spire. reinforcing our strategic positioning within Europe's growing space defense ecosystem and European Space Agency's largest contributor. The European Union's Space Shield Initiative, slated to begin in 2026, and increasing urgency among NATO members further underscored demand for sovereign and commercial space capabilities. Across national security strategies, core requirements such as intelligence, surveillance, and reconnaissance are consistently highlighted, reinforcing the relevance of SPIRE's dual-use satellite data services. NATO countries have pledged to increase their defense budgets to 5% of GDP, assuming 5% of that amount for space would unlock $17 to $32 billion per year in additional contracts. SPIRE's space reconnaissance portfolio is seeing heightened demand as agencies move beyond traditional telecom and imaging approaches to exploit the radio frequency domain. Our pipeline includes multi-year sovereign programs with recurring data demand, as well as requests for immediate data delivery using installed capacity. With government backing, we have begun collecting S-band and X-band maritime radar signals and and expanding geolocation capabilities to serve our non-US customer base. SPIRE is advancing technology by utilizing a single satellite and our small form factor LEMUR platform to gain insights that would traditionally take a larger platform or multiple satellites. Even as SPIRE emerges as a national security technology partner, our commercial business remains an important growth engine. Under new leadership, Our weather and aviation businesses are increasingly integrated, with commercial revenue growing at a double-digit rate year-over-year and strong customer retention. Spire continues to see interest from our energy and commodity-focused clients that are using our short-term, high-resolution forecasts and our long-term, sub-seasonal to seasonal forecasts. We are hearing consistent feedback from these customers that SPIRE's forecasts are ahead of other models, capturing critical weather signs earlier and translating them into real operational and financial impact. During the quarter, we were also awarded a commercial aviation contract in which the customer is utilizing SPIRE's ADS-B data to track aircraft movements and detect potential discrepancies, which may point to suspicious activities. including route divergence or aircraft operating with ADS-B switched off. Our engineering transformation efforts continue to deliver results, proving that we can deliver operational capabilities at scale. We processed nearly twice as many satellites through the clean room this year, while maintaining flat headcount and stricter quality controls by implementing design for manufacturability and lean manufacturing principles. We are meeting heightened government cybersecurity and software requirements and delivering the accompanying documentation while continuing to invest in this area. On-orbit checkout time has been reduced by roughly 50%, compressing the time between capital investment and revenue realization. We expect this to further improve and positively impact our results as we launch further satellites for our customers in 2026 at an expected cadence of every three months on average. While we encountered unexpected timing impacts from the U.S. government shutdown and inactions in the back half of the year, I remain confident Inspire's technology advantage, our expanding capacity, and the clear demand for both government and commercial capabilities. I reiterate our commitment to long-term, double-digit, sustainable revenue growth, 2025 serves as a year of revenue timing normalization, not a change of growth trajectory, setting up 2026 nicely to reflect the full benefit of capacity, backlog, and demand already in place. I am excited about what lies ahead and the value we will continue to build for shareholders. I will now turn it over to Allie, who will share our financial results reflecting some of the mentioned revenue timing and accounting effects and our strong backlog and remaining performance obligations, which drive our confident growth outlook for 2026.