Spire Global (SPIR) reported a Q1 non-GAAP net loss Wednesday of $0.63 per diluted share, narrower than a loss of $0.65 a year earlier.

Four analysts polled by FactSet expected a loss of $0.78.

Revenue for the quarter ended March 31 was $23.9 million, down from $34.8 million a year earlier.

Analysts surveyed by FactSet expected $22.7 million.

The company said it expects a Q2 non-GAAP loss per share between $0.49 and $0.42. Four analysts polled by FactSet expect a loss of $0.53.

The company expects Q2 revenue between $18 million and $20 million. Analysts polled by FactSet expect $22.9 million.

The company expects a 2025 non-GAAP loss per share between $1.80 and $1.51. Four analysts expect a loss of $1.94.

The company expects 2025 revenue between $85 million and $95 million. Analysts expect $103.2 million.

Separately, Spire said Wednesday it was selected by the US Space Force for a contract under the Space Test Experiments Platform, or STEP, 2.0 program. The 10-year contract has a ceiling of $237 million, the company said.

Spire is one of 12 firms selected and is eligible to compete for future task orders to design, build, integrate, and operate satellite buses that host experimental payloads, the company said.