[Management View]
Spire Global has completed the sale of its maritime business, eliminating all debt and significantly strengthening its balance sheet. Management emphasizes strong demand for space-based data offerings, supported by new commercial and government contracts. Strategic market expansion into new geographies and defense sectors, along with organizational streamlining through selective hiring, are highlighted as drivers for sustainable long-term growth.

[Outlook]
Management projects GAAP revenue for Q3 2025 to be between $19.5 million and $21.5 million, with full-year guidance reiterated at $85 million to $95 million. The company expects to end 2025 with over $100 million in cash, despite increased costs related to auditor transition. A new eight-figure, five-year space services contract is expected to drive future revenue growth.

[Financial Performance]
GAAP revenue for Q2 2025 is expected to range from $18 million to $19 million, including revenue from the maritime business prior to its sale. The company ended the quarter with $117.6 million in cash and equivalents. Space services are anticipated to drive revenue growth in the second half, supplemented by WildfireSat and NOAA RO weather data contracts.

[Q&A Highlights]
Question 1: Erik Rasmussen asked about the impact of the new space services contract and its revenue implications.
Answer: Theresa Condor explained the contract is part of a land and expand strategy with a repeat customer. Revenue will be recognized once assets are operational in orbit, with a 12- to 18-month lag, but billings occur throughout the contract timeline.

Question 2: Erik Rasmussen inquired about the lowered Q2 revenue midpoint and confidence in hitting full-year targets.
Answer: Alison Engel attributed the range to complexities in closing larger contracts and auditor transition. Confidence in the second half is driven by satellite deployments and revenue recognition from WildfireSat and NOAA RO efforts.

Question 3: Jeff Van Rhee asked about the pipeline and impact of recent transactions on sales cycles.
Answer: Theresa Condor expressed optimism about the pipeline, noting increased inbound interest, particularly in RFGL and space reconnaissance.

Question 4: Brian Kinstlinger queried about the revenue run rate from new satellites and the eight-figure contract.
Answer: Alison Engel noted space services revenue is growing, but did not provide specific figures. Theresa Condor emphasized the quality and long-term relationship with the customer.

Question 5: Austin Moeller asked about the competitive positioning of the microwave sounder and Uriala satellites.
Answer: Theresa Condor confirmed the sounder strengthens competitive positioning and the Uriala contract is progressing well.

Question 6: Chris Quilty inquired about inbound interest and differentiation of space reconnaissance services.
Answer: Theresa Condor highlighted broad-based interest, particularly from government sectors, and differentiated capabilities in geolocation and latency.

[Sentiment Analysis]
Analysts expressed optimism about Spire Global's strategic direction and financial health post-maritime sale. Management conveyed confidence in future growth, supported by new contracts and technological advancements.

[Quarterly Comparison]
| Metric | Q2 2025 | Q1 2025 | Q2 2024 |
|--------|---------|---------|---------|
| GAAP Revenue | $18M-$19M | $17M | $16M |
| Cash & Equivalents | $117.6M | $115M | $110M |
| Satellites Deployed | 27 | 15 | 20 |

[Risks and Concerns]
Management acknowledged increased costs due to auditor transition and other matters, potentially affecting the timing of positive operating cash flow. The complexity of closing larger contracts was also noted as a challenge.

[Final Takeaway]
Spire Global's strategic sale of its maritime business has positioned the company for robust financial health and growth. With a debt-free status and strong liquidity, the company is poised to capitalize on new space services contracts and technological innovations. Management's focus on expanding into new markets and enhancing product offerings underscores a commitment to long-term growth and operational excellence.