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Spire Global (NYSE: SPIR) announced its Q1 2024 results with a revenue of $25.7 million, a 6% year-over-year increase. The company reported a GAAP operating loss of $11.9 million, reflecting an 18% improvement, and a non-GAAP operating loss of $7 million, a 28% improvement. First quarter net loss was $25.2 million, a 43% decline year-over-year, with an adjusted EBITDA of negative $1.1 million, an 84% improvement. Spire raised $40 million in gross proceeds at an average share price of $13.44. The company holds $195.7 million in contracted performance obligations. Key deals include a multi-million-dollar weather forecasting contract and a satellite expansion agreement with HANCOM InSpace. Spire forecasts a strong Q2 revenue increase, aiming for positive adjusted EBITDA and free cash flow in summer 2024.
Spire Global, Inc. (NYSE: SPIR) has secured a multi-million-dollar deal with a financial firm to provide High-Resolution Weather Forecast models and develop an AI-powered model for long-range forecasting. The deal aims to increase the accuracy of weather forecasts and produce long-range probabilistic forecasts at unprecedented speeds. Spire will leverage Earth-2, NVIDIA’s platform for weather and climate change modeling, to train and run AI weather models. By utilizing proprietary data collected from space, Spire's multipurpose constellation of satellites aims to usher in a new era of accuracy, speed, and reliability in weather forecasting. The suite of Weather and Climate solutions will serve customers across various industries including energy, logistics, utilities, agriculture, and more.