Why Spire Global Shares Are Rocketing Higher Wednesday

Space data and analytics company Spire Global Inc SPIR reported fourth quarter and fiscal year preliminary results after market close Wednesday. Here’s the highlights and why shares are racing higher.

What Happened: Spire reported fourth quarter revenue of $15 million, up 106% year-over-year. The total beat a street estimate of $13.17 million according to Benzinga Pro.

The fourth quarter total includes $1.5 million in revenue recognized from exactEarth, which the company acquired. Without the revenue recognition, fourth quarter revenue would have been up by 86% year-over-year.

Spire had revenue of $43.4 million for the full fiscal year, up 52% year-over-year.

Annual recurring revenue for the company is $70.8 million as of Dec. 31, 2021. The company had 255 organic ARR solution customers under contract prior to its acquisition. The exactEarth acquisition brought in an additional 343 customers and took the total to 598, up 288% year-over-year.

Related Link: SaaS In Space With Spire Global: What Investors Should Know About SPAC Merger 

What’s Next: Spire completed the acquisition of exactEarth in the fourth quarter and is integrating the company into its organization.

“We sit in an enviable position among public space companies due to our fully operational, diversified, revenue-generating business that serves about 600 customers,” Spire CEO Peter Platzer said.

Spire is guiding for first quarter venue to hit $16.5 million to $17.5 million in the first quarter of fiscal 2022. The company sees full year revenue coming in a range of $85 million to $90 million.

SPIR Price Action: Spire Global shares are up 5% to $2.30 in after-hours trading Wednesday.