Spire Global, Inc. (NYSE:SPIR) reported mixed first-quarter financial results on Wednesday.
Spire Global posted adjusted loss of 53 cents per share, compared to market expectations for a loss of 68 cents per share. The company's quarterly sales came in at $25.688 million missing estimates of $27.959 million, according to data from Benzinga Pro.
"For over a decade, Spire's trajectory has been shaped by two enduring global megatrends: global security and the escalating impacts of climate change," said Peter Platzer, Spire CEO. "Since our founding, we've focused on providing insights that can only be gained from the ultimate vantage point of space to help solve these global issues. Now with the sophistication and increased adoption of technologies like artificial intelligence, we're seeing an even bigger opportunity to provide more accurate and reliable insights, powered by our proprietary data set."
Spire Global lowered its FY24 revenue outlook from $138 million-$148 million to $122 million-$132 million. The company slashed its adjusted EPS forecast from $(0.24) – $0.11 to $(1.11) – $(0.70).
Spire Global shares fell 6.8% to close at $11.34 on Wednesday.
These analysts made changes to their price targets on Spire Global after the company reported quarterly results.
- Baird cut the price target on Spire Global from $20 to $15. Baird analyst Jeffrey Meuler maintained an Outperform rating.
- Stifel slashed Spire Global price target from $24 to $20. Stifel analyst Erik Rasmussen maintained a Buy rating.
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