Spire Global<\/b> reported large growth in the second quarter of 2022, as revenue increased 113% year-over-year to $19.4 million. This topped the high end of the company\u2019s guidance of $19.2 million. <\/p>\n
Spire said growth was driven by increased adoption by existing customers and new customer additions, including a new contract with a Fortune 100 company to provide insights on ocean vessels, Spire\u2019s largest numerical weather prediction deal to date. The company also received a $6 million contract extension with NASA for Earth observation data. <\/p>\n
Spire ended the quarter with 692 annual recurring revenue solution customers, a net increase of 65 customers for the quarter \u2014 27 customers over the high end of its Q2 guidance range.<\/p>\n
Despite revenue increase, second quarter GAAP operating loss was $16.4 million. The company said it is focused on driving efficiencies in the business to reach profitability. <\/p>\n
Spire closed a $120 credit facility during the quarter, which CFO Thomas Krywe said allows the company to execute on growth strategies. Spire expects positive cash flow in 19 to 25 months.<\/p>\n
\u200b\u200b\u201cWe successfully executed on our \u2018land and expand\u2019 strategy in the second quarter, adding new solution customers and increasing revenue growth from our existing customers,\u201d Krywe said.<\/p>\n
Guidance for the third quarter is revenue between $19.5 million to $20.5 million, and between 710 to 720 annual recurring revenue customers. <\/p>\n
Spire\u2019s business is up in 2022. In the first quarter, the company beat guidance and grew revenue 86% year over year. <\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Spire Global reported large growth in the second quarter of 2022, as revenue increased 113% year-over-year to $19.4 million. This topped the high end of the company\u2019s guidance of $19.2 million. Spire said growth was driven by increased adoption by existing customers and new customer additions, including a new contract with a Fortune 100 company […]<\/p>\n","protected":false},"author":1,"featured_media":54930,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-54929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/54929"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=54929"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/54929\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/54930"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=54929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=54929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=54929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}