SPIR Q2 2026 - Preliminary Earnings Alert
Verdict
- Revenue miss: $18.0m against $18.5m consensus, -2.6%, down 6% year over year but up 16% excluding the divested maritime business.
- EPS miss: non-GAAP net loss per share of $(0.31) against $(0.27) consensus, 17.0% worse.
- Full-year revenue guidance reaffirmed at $75–85m, with non-GAAP operating loss of $(37.8)–$(32.6)m, adjusted EBITDA of $(26.0)–$(20.7)m and non-GAAP loss per share of $(0.95)–$(0.81).
- The one thing that matters: the reaffirmed guide is now a back-half problem. First-half revenue was $33.9m, so the $75–85m range needs $41.1–51.1m in the second half — a 21% to 51% step up — and the $10m spread is 13% of the full-year number with only two quarters left to land it.
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue (total revenue) | $18.0m | $18.5m | Miss -$0.5m | -2.6% |
| EPS (non-GAAP net loss per share) | $(0.31) | $(0.27) | Miss -$0.05 | -17.0% |
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Revenue | $18.0m | $19.2m | -6% |
| Revenue excluding maritime | $16.6m | $14.3m | +16% |
| GAAP gross margin | 34% | 50% | -16pp |
| Non-GAAP gross margin | 38% | 52% | -14pp |
| Adjusted EBITDA | $(8.6)m | $(10.2)m | improved 16% |
| Cash used in operations | $(23.4)m | $(34.2)m | improved 32% |
Cash, equivalents and marketable securities were $91.7m at June 30 with no debt; 29 satellites have been launched in 2026 to date.
Guidance changes
| Metric | New guidance | Prior guidance | Change |
|---|---|---|---|
| FY2026 revenue | $75.0m – $85.0m | $75.0m – $85.0m | Reaffirmed |
| FY2026 revenue excluding maritime | $71.6m – $81.6m | — | +42% to +61% year over year |
| FY2026 non-GAAP operating loss | $(37.8)m – $(32.6)m | — | — |
| FY2026 adjusted EBITDA | $(26.0)m – $(20.7)m | — | — |
| FY2026 non-GAAP loss per share | $(0.95) – $(0.81) | — | — |
Quality of earnings
- The margin collapse is a single cancelled contract, and it is not sized. GAAP gross margin fell 16 points to 34% and non-GAAP 14 points to 38%, which the company attributes primarily to the WildFireSat contract "cancelled for convenience" in the quarter; gross profit fell to $6.2m from $9.4m on revenue down only 6%.
- Last year's headline profit was the maritime sale, not the business. Prior-year net income of $119.6m contained a $154.3m gain on sale and a $12.0m loss on debt extinguishment; adjusted for both, the net loss improved 12%.
- The non-GAAP bridge leans on costs that keep recurring. Of the $8.2m gap between the $(20.0)m GAAP and $(11.8)m non-GAAP net loss, $3.6m is "other unusual and infrequent costs" — $1.3m of restructuring and $2.3m of legal and professional fees; the same line has absorbed $10.1m in the first half, equal to 30% of first-half revenue.
Gotchas & watch items
- The full-year adjusted EBITDA guide of $(26.0)–$(20.7)m implies a second-half loss of only $1.9–7.2m against $18.8m in the first half — a swing the release does not explain.
- Free cash outflow was $28.8m in the quarter and $63.0m in the first half against $91.7m of cash and marketable securities; the balance was rebuilt with $65.4m of securities purchase agreements, not operations.
- Basic share count rose to 38.3m from 31.4m a year ago, a 22% increase, so per-share losses improve faster than dollar losses.
- Revenue growth is being reported excluding maritime while guidance and consensus are on the total, and maritime still contributed $1.5m this quarter against $3.4m guided for the full year.
Event: https://web.quartr.com/companies/11157/events/668328/overview Retrieved: 2026-08-12T20:35:00Z Comparison mode: maximal · Scorecard contract: v1 The call was scheduled for 21:00Z and had not been held when this was written.