Spire Global, Inc.

Q4 2025 Earnings Call — March 18, 2026

Analyst: Eric Rasmussen (Stifel): A lot to take in there, but it seems like the business is really starting to show a possibility for inflection. Wanted to ask about the guidance. Q1 revenue around $15 million. That is up, I guess, on an excluded basis sequentially, but just how do we think about that in relation to the $80 million annual guidance? You know, wanted to get some thoughts on the slope of that revenue throughout the year. And are you looking at more of like a weighted second half versus first half?

Executive: Management: You're correct that we start to ramp up revenue more as we go through the year. In Q1, as you know, we had some launches that moved out of Q4 into the early part of Q1. So there is the ramp up of revenue that starts to come out of those launches. The other thing is really going to be focused on the radio frequency geolocation opportunity. As we move from pilot programs into larger data deliveries that hit revenue right away, this is where you start to see a lot of the growth coming in the back half of the year. In the last two weeks alone, we've had a flurry of activity and requests coming around the geopolitical situation, and I am expecting that to continue. The other thing that I want to highlight is the area we discussed in the comments about NOAA and their intention to increasingly purchase commercial data sets. I don't know if you've seen yet, but an RFP has come out for a five-year IDIQ with an $8 billion ceiling for, I think it's about eight different data types for weather data, four of which FIRE is capable of delivering with infrastructure that we already have. The NOAA relationship and an ability to keep growing into that is also going to be important to the year.

Analyst: Eric Rasmussen (Stifel): And maybe just sticking with the financial model, you know, Ali talked about a gross margin target of the next three to five years of 60% to 70%. What's pushing that out? I seem to remember that that might have been a more near-term target, but can you just maybe talk about what's driving that? Just sort of how that ramps throughout maybe this year and in relation to that target.

Executive: Management: I mean, I think we definitely see the ramp as we see the revenue growth throughout the year. But as we continue, you know, to compound on that, that allows us to attain, you know, higher margins in the future. I mean, we do see margin growth in 2026. But I think hitting those higher targets in the out year will be driven by revenue growth.

Analyst: Eric Rasmussen (Stifel): And maybe just touching on my last question, just touching on the satellite opportunities that's been pushed out with the wire set with Canadian Space Agency. Can you just talk about sort of what's happening there, latest on conversations? It seems like you stripped that out entirely, so that could potentially be upside to your numbers if that does come through again. Maybe just further thoughts on that.

Executive: Management: Yeah, there's not a ton that we're able to say other than we've paused execution while we have discussions on the status with our partner, including around timing and requirements. As you said, we have been conservative in taking out any amount of revenue for the year so that we can give you numbers that you know, we have really great visibility into. And as you said, that is potential upside to the numbers that we have shared.

Analyst: Jeff Van Re (Craig Hallam Capital Group): Congrats, guys. Obviously, that guide in particular, excluding wildfire status, to me, pretty impressive. On the sovereigns, I think you called out a lot of strength in EMEA in particular, and maybe you could just expand on that a little bit. You've got, I think you said, up eight or nine figures, some government deals in those categories that are percolating. How many years would one of those, say, nine-figure deals be spread over typically? And then you mentioned you've got some pilots going to deploy. So I'm just trying to understand how much of that is, how visible it is, I guess. If you look at that 2026 outlook, how many pilots are you in that could convert to large sovereign deals? So a couple of questions embedded in there.

Executive: Management: I really am excited about the RFGL opportunity, and I'm excited about what we can provide on the U.S. government side, and I am excited about what we can provide rest of world. We've talked about that quite a bit. We mentioned the number of 17 different countries that we're engaged in, and the discussion always starts with What do you have in orbit today that you can provide us data with immediately right now that we can start working with? And then it transitions into what type of wider subscription program can we do using in orbit assets at the same time that the discussion around sovereign constellation happens? And so this would be using our local manufacturing capacity in Germany and in the UK, depending on the need, deploying capabilities that, of course, we already know how to deploy and we have the technology, but that are for a particular nation or government or region. And that's where you have the transition from these pilot programs into much larger opportunities. I think just about all of the discussions transition along that pathway. And I do expect those transitions to start to bear fruit in 2026.

Analyst: Jeff Van Re (Craig Hallam Capital Group): And just the second part of that question, if it's a nine-figure deal, just generally speaking, how long would those deals be?

Executive: Management: Yeah, so they're going to be similar to our space services ones where they're multi-year. It's going to depend a bit on what they're asking for, right? But they're multi-year.

Analyst: Jeff Van Re (Craig Hallam Capital Group): And then if you look at the pipeline with respect to the mix of space services contracts versus what I would call sort of the data slash recurring contracts, just talk about sort of the mix of the two and the mix shift that that implies for revenue flows over the next year or two.

Executive: Management: So I think the big growth that we're still expecting in terms of revenue in 2026 is a lot tied to RFGL, and it's going to be tied to revenue that we collect from satellites that have been launched and programs that have already been signed. Of course, as we start to build out the pipeline of space services opportunities, that's what gives us confidence in the on-growing growth when we talk about the out years and three- to five-year growth. And I think we continue to have a mix of both sovereign opportunities and continuing to fill in the gaps with our existing infrastructure on the data side.

Analyst: Jeff Van Re (Craig Hallam Capital Group): Got it. And then maybe last for me, I think in last quarter's call, you were fresh off a lot of chaos within government, U.S. government in particular, related cycles. I think they stalled in Q3. And you played that through into your Q4 guide. What are you experiencing and what are you assuming for Q1 and beyond?

Executive: Management: And I think the strength of the NOAA story and the movement that they are making there is very apparent. They came out at the very beginning of the year at the AMS meeting with very strong comments about moving towards much broader-based focus on commercial data purchases versus building things themselves. And they've made pretty clear that they're expecting commercial companies to have the infrastructure for the data purchases. So that puts Spire, you know, squarely as a core player in that $8 billion stealing IDIQ. So we are absolutely seeing movement, including what happened with that RFP coming out this week. We do see bills moving through Congress that look to solidify the focus on commercial purchases both across NOAA and NASA. And on the NASA side, we continue to have discussions with that team on what that program looks like. They are very active. But I just add on to that, Jeff, that that's really a lot of that momentum is going to start being seen in Q1 and Q2 and beyond.

Analyst: Jeff Van Re (Craig Hallam Capital Group): Got it. Great. Well, great to see you. I mean, obviously it's been a big period of transition and getting just a lot of the noise behind you and being able to go execute. You know, looking forward to it. It looks like some good organic growth there. So thanks for taking the questions.

Analyst: Brian Kinslinger (Alliance Global Partners): I'm curious if you could first speak to the visibility of the low point of revenue guidance, how much is coming from backlog or signed orders versus how much do you need to win or convert from pilots into orders?

Executive: Management: We have really a strong visibility into the revenue and a very large part of it, I would say approximately 75% is covered through contracts we already have in place.

Analyst: Brian Kinslinger (Alliance Global Partners): Great. And then can you talk about how you think about the timeframe when you're in a pilot and how quickly and what has to happen between the two stages? Is that pilot turns to a production order for data? Does contract need to start over? What has to happen between those two phases other than them testing and seeing success?

Executive: Management: Yeah, it's really going to depend on the customer and on the country and the and on their procedures. In some cases, it can move very quickly from a pilot into a wider subscription. In other cases, it's going to take a little bit longer. So, it's hard to give you an exact answer other than to say that I feel very good about the momentum that we have on the RFGL side in 2026. I do believe we will be transitioning into larger amounts of revenue that are going to hit in the year for us. In the geopolitical situation, our 15x capacity on orbit is going to support that.

Analyst: Brian Kinslinger (Alliance Global Partners): Last question I've got is the first quarter adjusted EBITDA loss is quite high. Can you just highlight what the infrequent costs are that are being added back and then even excluding that SG&A is high, maybe you want to touch on why the SG&A is so elevated outside of that in the first quarter?

Executive: Management: I mean, I think that there are – it's being driven by a couple things. One is sort of a unique situation with respect to our audit fee because KPMG did not start the full year 2025 audit until November. We had to take really a fee that we would, you know, recognize over an entire year and recognize that over a five-month period from November through March. So that kind of – smashed in, for lack of a better technical term, a bunch of costs in Q4 and Q1 in SG&A. And I think that's the primary driver of what we're seeing, aside from some legal fees for those various run-of-the-mill matters.

Analyst: Austin Mahler (Canaccord Genuity): So just my first question here, if we think about Golden Dome, do you expect the primary opportunity there to be more like the RF geolocation opportunity, or are you interested in bidding on Golden Dome on the Shield contract vehicle as a bus manufacturer and operator?

Executive: Management: Yeah, so we're evaluating right now the opportunities that will make the most sense. As you know, we're part of that IDIQ. I think we have very strong capabilities when it comes to our bus and our satellite systems. Of course, the RFGL capabilities are very unique. And I would also highlight the things that we can do around weather data sets, weather forecasting, and the aviation tracking. So I would say all three of those things are on the table. Our team here in the U.S. is meeting regularly with leadership related to that program. And I feel good that we're well positioned to play a part of it.

Analyst: Austin Mahler (Canaccord Genuity): And then could you provide any update on the Uriola satellites and ESSP now that the ESA budget's passed? And I guess if you have capacity for 300 to 400 satellites a year, does that mean there wouldn't be a significant CapEx investment if you were to win ESSP and expand that?

Executive: Management: Yeah, so the satellites from the existing contract are being built. That's all proceeding and in play. The wider program continues to march forward slowly, I would say, but it marches forward. We did have an incremental new contract related to it. I can't say anything about more about it than that. And that's just to say momentum continues and the discussions about it continue. Of course, we talk about that 300 to 400 capacity for manufacturing. This, of course, would involve additional CapEx to put up those satellites. And the CapEx in that instance, of course, would be paid for by the customer that has requirements for sovereign capabilities that need to be rapidly deployed. So when we say that number, it's talking about the capacity that we have if someone comes to us tomorrow and says, okay, we need to put a lot of satellites through the system. And I think what's important about that is that a lot of organizations are talking about setting up the capacity and the ability to build things. We've got it all ready to go, and then it's just a question of how we move through the customer demand. That's very exciting.

Analyst: Scott Buck (HC Wainwright): I guess first on the revenue guide, at the high end, are you relying on a single program to potentially reach that 61% level or not? Are there multiple balls in the air that could get you there?

Executive: Management: Yeah, no, there are multiple different things in our pipeline that I say we have quite good visibility into. And so it's not like this is a black or white thing. We gave the high range because we still feel like it's an entirely possible thing to hit based on the pipeline that we have.

Analyst: Scott Buck (HC Wainwright): Perfect. And then you highlighted – Europe in your facility there. I'm curious, has any of the European opportunities moved beyond budgeting to, you know, pen to paper and checks being written?

Executive: Management: So I would say the pilot programs that we've mentioned is pen to paper and checks being written. And this relates, I would say, to data delivery programs. Of course, we have existing things going like Uriallo that were already pen to paper that we're building out of that facility. We're very aware of budgets and demand and programs that are I would say, working their way through the system. And this remains an extremely important topic. I know it's harder to picture that over here in the U.S., but it is the constant topic of discussion in Europe everywhere you go with every government you talk to about sovereign capabilities and where something is manufactured, where leadership is located, and ability to count on the technology. And we are positioned, I think, better than any other company to be able to capture that in a legitimate way in Europe, as well as continue to be a really strong partner in the United States.

Analyst: Scott Buck (HC Wainwright): Okay, so it sounds like you're seeing a real sense of urgency and not just, you know, saber-rattling, I guess.

Executive: Management: There's absolute urgency. I have never seen it like this before.

Analyst: Scott Buck (HC Wainwright): Perfect. That's all I had. I appreciate the time.

Executive: Management: Thank you.

Executive: Management: Ladies and gentlemen, that concludes our question and answer session, and we'll conclude our call today. We thank you for your interest and participation. You may now disconnect your lines.

Q3 2025 Earnings Call — December 17, 2025

Analyst Eric Rasmussen (Stifel): Thanks for taking the questions. You know, Theresa, in your prepared remarks, it sounded like there's a lot of opportunities and a lot of development that's happened since our last update. But so far, it just doesn't seem like it's translating into the revenue opportunities. I mean, you're looking at, you know, obviously this year's challenge with some of the timing issues and then the government shutdown. But what gives you the confidence that 30% is the right number for next year for growth? And what are some of the puts and takes that get you there? And obviously you have 70 million of RPO covered for next year, but what gets you to even higher than that 30% growth rate?

Executive Theresa (Title): Thanks for that question. And thanks for recognizing that there's over 10 million that really shifted across the calendar year. And that the number that we're giving is, you know, in excess of 30%. We did have government shutdown stuff, but at the same time, the U.S. continues to push on things like the Shield IDIQ that came out in the U.S. There is great urgency to move fast and move forward with commercial companies. And, of course, we talk quite a lot about Europe. As you know, I'm based in Europe. I'm involved directly myself in a lot of these conversations. You heard in the prepared remarks about the very large budgets that are coming out of Germany, both from the national side as well as the contributions to ESA. 2025 was really a resetting year for SPIRE, and I would say in Europe as well. It was the year that they started to get their budgets in order, understand their priorities, start to look at some of the more obvious ways that they spend their money. And 2026 is really where they start to make movement. Everyone we talk to over here has huge urgency and recognizes the importance of partnering with commercial entities.

So I feel very good that we have a lot of momentum going into 2026. And that we're well positioned. You mentioned the remaining performance obligations. These are things that are contracted. These are things that are, you know, high manufacturing throughput and the really big increase in in-orbit capacity that we have mean that we can meet both all the existing demands as well as the new ones that we're expecting to come from, you know, from that pipeline backlog that we have.

Analyst Eric Rasmussen (Stifel): And then maybe just staying with one of the two items, with NASA, the Earth Observation Contract, that was around $7 million, I think, last year. You signed it in August time for an extension. Do you expect that to actually happen? Is it just because of the government shutdown, or is it something else that's going on that maybe could put that at jeopardy of not being renewed?

Executive Theresa (Title): And I think, you know, there's a lot of stuff going on at NASA right now in addition to everything that happened with the U.S. government shutdown. And as you saw from the short-term extensions, that there is a great desire to have access to those datasets. With everything that happened in the U.S., it is true that that did not sign. It doesn't mean that it's not signing. It means that there is a delay while all of this process happens at NASA. And that's really, I think, the only thing that we can say right now. We don't believe that it's lost. It is not yet signed.

Analyst Eric Rasmussen (Stifel): Okay. And then maybe just your cash balance. I remember our last update, you were targeting around $100 million exiting this year. Now you're below that through Q3. How should we think about, you know, cash going forward? Is it really just tied to now, you know, revenue and revenue growth? And you passed a lot of the impacts of, you know, some professional fees and everything else that was driving up a lot of the more near-term spending.

Executive Theresa (Title): Maybe I'll start and then Allie, if you need to jump in. So I'm going to start by saying I think we will finish the year with a lot of cash on the balance sheet. We have, you know, a lot of this has to do with billings coming in the door and having some mismatch in the timing of how all this plays out. The other thing I would mention is that we have still had, you know, a number of these kind of one time, you know, legal and accounting fees that have been happening throughout the year. So maybe, Ali, I'll pass it to you to answer more comprehensively.

Executive Allie (Title): Sure. Thanks, Teresa. Good morning, Eric. Yeah, I mean, we definitely finished the balance sheet strong with just under $100 million in cash. We remain debt-free, so we feel very good about our balance sheet. And so I do think we will end the year with a strong cash balance and take that into 2026. We do have, as Theresa mentioned, timing issues on payment collections in contracts versus when we execute the work as well as, you know, some continued need for spending around particularly legal fees.

Analyst Eric Rasmussen (Stifel): Great. I'll jump back into the queue. Thanks.

Analyst Jeff Van Ree (Craig Hallam Capital Group): Great, thanks. Thanks for taking my questions, guys. Several, and apologies if I repeat here. I got bumped off the call briefly. But if I take a look at the previous guide to the current guide midpoints, we're taking roughly 19 million out of the second half. How does that, if you had to put some crude sort of numbers to that reduction, just break that down for me.

Executive Theresa (Title): You want me to take it, Theresa?

Executive Allie (Title): Yeah. I mean, I'd say there's about, you know, somewhere I think we said six to eight million related to a percent complete contract. There's several million related to the Earth observation contract. And I'd say we probably, you know, lost another six to eight million just due to, you know, potential, or loss of contracts getting signed due to the government shutdown. That was, you know, kind of an unprecedented length of time at sort of the critical end of the year timeframe for us.

Executive Theresa (Title): And the only thing I want to add, if I can, Jeff, just to think about it, is that, you know, more than 10 million of this with stuff that has gotten pushed from a timing perspective into 2026. That takes us a bit below the low end of the guidance, just to set the context there.

Analyst Jeff Van Ree (Craig Hallam Capital Group): Yeah. Can you expand on the percent completion? I think you said just now 7 million of it is due to that. Just explain that. What happened there?

Executive Allie (Title): And I can take that, Ellie. So I think, Jeff, as you know, we work across quite a number of these large programs with governments that are on these new accounting rules with the percent completion. And a lot of that requires interaction with our government customers and partners through that process. And of course, we are, you know, we are impacted by the timing of those interactions with those government partners, especially under the way that we do the accounting here. So this is something that it's shifted in time across the calendar year. Again, the contracts are in implementation. It's just the timing of it that has moved around.

Analyst Jeff Van Ree (Craig Hallam Capital Group): Okay. You had the substantial wildfire sat award, and I believe that you got a smidge of that maybe in Q2, but that should be ramping in Q3. And then you had the substantial NOAA upsell. Are both of those still tracking as to your expectations 90 days ago?

Executive Theresa (Title): They're both still tracking, and the team is deeply involved in delivering on both of them. And the wildfire set one, of course, we've talked about it contributing significantly to revenue in 2026 and in 2027 as we complete implementation.

Analyst Jeff Van Ree (Craig Hallam Capital Group): Okay. And then I know, you know, at least my memory was you had put up, the number is 27 if I remember right, but you had a lot of, a lot of satellites going up on the transporter missions, 12, 13, 14, earlier this year, and a lot of that, by my understanding, was mechanical in terms of RevRack, namely once they're up and accepted and live, the revenue turns on. Any issues with the satellites put up in those transporter missions from a functionality, performance, or client acceptance standpoint?

Executive Theresa (Title): No. Functions are, satellites are functioning. We're collecting data. Customers are getting the data. We just had another launch that went up. When was the last transporter? One was like at the end of November, I believe. Our satellite bus and technology is all checked out rapidly. I mentioned in the comment, you know, the prepared comments that we have in the second half of the year even quite dramatically improved the speed at which we are able to check out and pass things on once they go in orbit. So I have to say I'm very pleased at how that process has gone this year. I think we've done a fantastic job.

Executive Allie (Title): I would add on to that, Teresa, that T-15 was postponed by, I want to say, eight weeks. Part of that was also the government shutdown in terms of their ability to be able to launch. And so that went up later than we had anticipated.

Analyst Jeff Van Ree (Craig Hallam Capital Group): Yeah, I got it. Okay, and then just two other brief ones if I could. Allie, on the costs in terms of the expenses that are implied in the Q4 outlook, what exactly would you call unusual in there? I know you've got some lingering issues. Congrats. It seems like a light at the end of the tunnel here in terms of being able to just operate the company and not have – you know, sort of lingering restate or just delayed financial issues, but can you talk to just the unusual expenses that are still sitting in that queue for outlook that we should be aware of?

Executive Allie (Title): Yep, it's primarily legal fees related to kind of non-operating matters, some professional services fees around continuing to utilize EY as a support partner on some of our technical matters, and you know, some severance as we, you know, continue to work through certain, you know, business realignment post-maritime. So those are kind of the categories, Jeff, that we consider for these unusual items.

Analyst Jeff Van Ree (Craig Hallam Capital Group): And are you able to put a number around that basket? For the fourth quarter?

Executive Allie (Title): Yeah. I don't think it's significantly different than the third quarter. Well, I guess what I'm wondering is I'm just trying to – obviously, I've got to do a 26 model. I'm just wondering what of those are going to recur into the forward year, like into Q1 and beyond versus what you think goes away.

Executive Allie (Title): They should definitely decrease in 2026.

Analyst Jeff Van Ree (Craig Hallam Capital Group): Okay. All right. And then just lastly then on the pipeline, you know, we've seen, especially in some of these space services contracts from some of the sort of the new space names – an incredible flow of, you know, massive, you know, eight, nine-figure deals that are out there, sovereigns, et cetera. I think you referenced you've got good relations in Germany. I know you've got them elsewhere. Would you maybe take a second to just talk about what I would call sort of some of the mega deals in the pipeline? Are they there? How many? How late stage? Any qualification, quantification would be great when you start thinking about like eight and nine-figure deals and what you're seeing out there.

Executive Theresa (Title): Yeah, I think the first comment that I want to make is that you have started to see some of these come out and they generally focused on the first areas where everyone is familiar when it comes to, you know, either talking about Telecom or talking about imaging and that's that's the first place everyone goes when they start looking at satellites and sovereign capabilities. And then we see all of the RF come next. And we've really seen a big uptick, even over the past six months, in all of these types of government customers being interested in and appreciating the role that RF also has to play. I mean, it's all the things that we've talked about in the other calls and other conversations. So what we are seeing, and I mentioned it briefly in the comments as well, is that there is a lot of interest in those types of sovereign capabilities specifically for RF. And there is interest in direct data acquisition of installed capacity. And they often piggyback on each other. I expect that we see movement on all of these conversations happening in 2026. They're all gearing up to start making movements and putting money down.

Analyst Jeff Van Ree (Craig Hallam Capital Group): Okay, great. Thank you for taking my questions.

Analyst Andrew Steinhardt (Canaccord Genuity): Great. Hi. This is Andrew on for Austin. Thank you for taking my questions. Just my first question here on the MDA SHIELD program selection. Of the 19 work areas mentioned in the RFP, which specifically was SPIRE selected as a potential provider for? And I guess since the MDA cut over 1,400 companies from the proposal list, can you detail what the selection process was like?

Executive Theresa (Title): I have to admit that I am not the expert deep in the details of that IDIQ shield contract win that we have. We have a federal team that is focused on that, and I feel very good that we're in all the right conversations there, but I cannot directly myself detail in which all of the work areas. Allie, do you know that? But I think we would have to come back to you with that type of detail after checking with our federal team.

Executive Allie (Title): Yeah, Ben and I were just caucusing. We don't have the detail in front of us. Apologies for that, Andrew.

Analyst Andrew Steinhardt (Canaccord Genuity): No, no worries. I guess, would you be able to speak to the SHIELD program at all? I mean, like maybe quantifying what portion of the $151 billion total contracting vehicle could be applicable to SPIRE?

Executive Theresa (Title): Honestly, I don't think I'm prepared to do that yet, and I'm not totally sure that anyone fully knows. I think the only thing that I can tell you is that we've already been having conversations with the right people post the award of that IDIQ contract. And I think it is just a testament to our strength and ability to really be a key partner in how this plays out. What we're doing with our Boulder manufacturing facility is really important. I think the investments we're making on the kind of cybersecurity and infrastructure resilience side are important. And I think it can also be some signaling as you start to see the European Space Shield effort that we're going to start to hear about next year as well.

Analyst Andrew Steinhardt (Canaccord Genuity): Gotcha. I appreciate that. And I guess just a follow-up here. Could you provide an update on the SEC subpoena and how the response is going there?

Executive Theresa (Title): There's really not anything much to share other than we're just continuing to work through the process, Andrew.

Analyst Andrew Steinhardt (Canaccord Genuity): Got you. I'll pass it back there. Thanks.

Analyst Chris Quilty (Quilty Space): Thanks. Just wanted to get a little clarification. I think you mentioned the impact of the government shutdown and sort of revenue shifting in 25 and 26. Can you give us a sense of what the mix, you know, the contribution mix of government will be? And probably at the end of 26, since a good portion of the growth next year, the 30% growth that's coming from government, on a pro forma basis.

Executive Allie (Title): Ellie, maybe you can take that one while I answer in generality first for you, Chris, is that we talked about the Earth observation contract that is not yet signed and is in a delayed period. And that, you know, as someone already mentioned, is delivery of data, really quick direct revenue as we deliver every month. So that had an impact on us. You know, normally that is a $7 million contract for us. We also, as Ellie mentioned, did have the delay of that transporter launch, which as those go up and things get out and operational, there is a certain portion of that as we start delivering data that translates into revenue. And then there are other things that just didn't get signed in the quarter during the government shutdown piece. We overall talked about more than 10 million that is shifted from 2025 into 2026. And we're not giving direct guidance for 2026 right now. That will come in the March period, other than to say that we feel very comfortable saying in excess of 30% year-on-year revenue growth. And yes, government will continue to be an important portion of that. Allie, I don't know if you have anything that you want to add that is more detailed than that.

Executive Allie (Title): No, I think you covered the highlights, Teresa.

Analyst Chris Quilty (Quilty Space): Okay, and maybe if I could reframe it in a different way. When you think about what types of applications or which applications are going to be the biggest drivers in 26, is it more on weather programs? Is it on the space services business? Is it radio frequency mapping? Or does some of the aircraft tracking start to pick up? Just in terms of raw revenue or even dollar contribution?

Executive Theresa (Title): Yeah, so what I can tell you is all of those areas I consider incredibly important in contributing to our revenue growth. We talked about the $70 million already that is kind of contracted. And then we just deliver on it while we, you know, and then start to recognize the revenue. Aviation, you know, has generally been our smallest business, but it continues to be important. It continues to be important as we deliver on the Uriallo program, which generates revenue for us. And on the weather, the weather side with NOAA, we continue to build out that relationship and see NOAA leaning in towards commercial partnerships across a variety of areas. So I do think that that NOAA relationship will continue to be important. So on the civil side of things, I do think that radio frequency geolocation is going to be an important part of that growth. And that can be either delivery of data sets directly from the capacity that we have on orbit. And then when you start to talk about areas where we have a presence, we have the local manufacturing capability, then you start to talk about sovereign capabilities, which might fit more in the space services category.

Analyst Chris Quilty (Quilty Space): Gotcha. Also, a question on a statement you had earlier in the script. You mentioned that you basically doubled the production on the same headcount. Just generically, what were the factors driving the efficiency in it? You know, outsourcing integration? Was it AI printing?

Executive Theresa (Title): Yeah, I mean, it was, we mentioned these phrases, design for manufacturability and lean principles. So a lot of it was, was things like looking at the flow of how we did things, looking at how we did the testing, what was the timing of testing? How did we use the time? Otherwise, when we had some satellites in certain testing facilities, how did we do the timing? Then inside the clean room, how did the actual engineers who designed things interact with the people doing the manufacturing? So it's a lot about how they better managed and led the whole flow inside the clean room. And I think, you know, when we start, this is a process that has begun and we had talked about a lot even at the beginning of the year around the scaling and efficiency aspects. And I'm really proud of the team of having done this without adding cost to it, but I don't think we're done in pulling efficiency out of that system. And there are a lot of these other things, like you mentioned, that can help us keep doing that in the future. But what we did this year, I would say, is basic lean manufacturing and closer integration between the design teams and the manufacturers.

Analyst Chris Quilty (Quilty Space): Gotcha. And when you say operating cash flow positive exiting 2026, do you see any change in the CapEx profile of the business, and when should we look at free cash flow?

Executive Theresa (Title): Definitely, we see lower CapEx needs right now in our preliminary 2026 planning, and that's both SPIRE-funded CapEx as well as customer-funded CapEx. And so we are obviously very focused on becoming operating and free cash flow positive. I think we've got to get over the operating cash flow first and then go from there. But we are seeing a lower level of projected spend right now where we're at in the 2026 planning process.

Analyst Chris Quilty (Quilty Space): Great. Thanks a bunch.

Executive Theresa (Title): Thank you.

Management: Ladies and gentlemen, this concludes our Q&A session and we'll conclude our call today. We thank you for your interest and participation. You may now disconnect your lines.