The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Andrew Steinhardt - Canaccord Genuity Corp - Analyst
: Great. This is Andrew on for Austin. Just my first question here on the MDA Shield program selection. Of the 19 work areas mentioned in
the RFP, which specifically was Spire selected as a potential provider for? And I guess since the MDA cut over 1,400 companies from the
proposal list, can you detail what the selection process was like?
Question: Andrew Steinhardt - Canaccord Genuity Corp - Analyst
: No, worries. I guess would you -- would you be able to speak to the Shield program at all? I mean like maybe quantifying what portion of
the $151 billion total contracting vehicle could be applicable to Spire?
Question: Andrew Steinhardt - Canaccord Genuity Corp - Analyst
: Got you. I appreciate that. And I guess just a follow-up here. Could you provide an update on the SEC subpoena and how the response is
going there?
Question: Chris Quilty - Quilty Space - Analyst
: Just wanted to get a clarification. I think you mentioned the impact of the government shutdown and sort of revenue shifting in '25 to '26,
can you give us a sense of what the mix, the contribution mix of (technical difficulty) and probably at the end of '26 since a good portion of
the growth next year of the 30% growth that's coming from government on a pro forma basis?
Question: Chris Quilty - Quilty Space - Analyst
: Okay. And maybe if I could reframe it in a different way. When you think about what types of applications. Which applications are going to
be the biggest driver for '26? Is it more on weather programs?
Is it on space services business? Is it radio frequency mapping or do some of the aircraft tracking you start to pick up just in terms of either
revenue or EBITDA contribution?
Question: Chris Quilty - Quilty Space - Analyst
: Got you. Also, a question statement you had earlier in the script, you mentioned that you basically double the production on the same
headcount. Just generically, was that -- what were the factors driving the efficiency, outsourcing (technical difficulty) vertical integration?
Was it AI? (inaudible).
Question: Chris Quilty - Quilty Space - Analyst
: Got you. And when you say operating cash flow positive exiting '26, do you see any change in the CapEx profile of the business? And when
should we look at free cash flow?
Alison Engel - Spire Global Inc - Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer
Definitely, we see lower CapEx needs right now in our preliminary 2026 planning, and that's both Spire funded CapEx as well as customer
funded. And so we are obviously very focused on becoming operating and free cash flow positive. I think we've got to get over the operating
cash flow first and then go from there. But we are seeing a lower level of projected spend right now where we're at in the 2026 planning
process.
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