By Connor Hart

Spire Global was awarded a 10-year contract for up to $237 million from the U.S. Space Force.

Under the contract, Spire will be eligible to compete for future task orders to design, build, integrate and operate satellite buses that host experimental payloads, the company said Wednesday. These platforms will support the rapid deployment and on-orbit demonstration of emerging space technologies, the provider of space-based data, analytics and space services said.

Shares initially climbed in late trading but have since reversed course, down 0.8% to $10.33. Through Wednesday's close, the stock is down 8.2% in the past year, despite having gained 17% in the past month.

The company was one of 12 selected for the contract, which was awarded by Space Force's Space Systems Command. The indefinite delivery/indefinite quantity contract is part of the agency's Space Test Experiments Platform 2.0 program, or STEP 2.0 program.

The program is designed to streamline the process of testing space-based systems by employing commercial satellite providers to deliver satellite buses that are capable of hosting various sensors and instruments, Spire said.

Disclosure of the contract came as Spire logged a first-quarter loss of $20.7 million, or 77 cents a share, compared with a loss of $25.5 million, or $1.17 a share, a year earlier.

On an adjusted basis, the company notched a loss of 63 cents a share. Analysts surveyed by FactSet expected an adjusted loss of 78 cents a share.

Revenue fell 31% to $23.9 million but topped the $22.7 million that analysts projected.

Chief Executive Theresa Condor said the company is well positioned to benefit from rising defense budgets and growing demand for insights into extreme weather.

In the current quarter, Spire expects an adjusted per-share loss of 42 cents to a loss of 49 cents on sales of $18 million to $20 million. Analysts modeled an adjusted loss of 53 cents a share on sales of $22.9 million.

For the year, the company guided for an adjusted loss of $1.51 a share to a loss of $1.80 a share, compared with analyst views for a loss of $1.94 a share. It forecast sales of $85 million to $95 million, compared with analyst projections for $103.2 million.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

May 14, 2025 17:10 ET (21:10 GMT)

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