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      Spire Global (SPIR) Stock Was Up After-Hours, Why?

      By Fahim Awan

      Published on

      November 13, 2023

      6:07 AM UTC

      Spire Global (SPIR) Stock Was Up After-Hours, Why?

      The equities of Spire Global, Inc. (NYSE: SPIR) exhibited a noteworthy upswing of 7.39% to $4.94 in the post-market trading session on Friday, following a marginal decline of 1.50% to $4.60 during the regular session. This positive trajectory in SPIR stock was precipitated by the disclosure of its quarterly financial performance.

      Spire Global (SPIR) recently released the outcomes for the quarter concluding on September 30, 2023. The disclosed results underscore Spire Global’s continued perception of escalating demand, translating into lucrative growth prospects for its enterprise.

      Significantly, Spire recently attained distinction through its selection for a Multiple-Award, Indefinite Delivery Indefinite Quantity (IDIQ) contract by NASA. This contract mandates Spire to furnish Earth observation data for NASA’s Commercial Smallsat Data Acquisition (CSDA) Program.

      The contractual arrangement spans five years, affording the opportunity to vie for task orders within a shared ceiling of $476 million, distributed among seven chosen enterprises. Given the pressing need for more accurate Earth observation data to grapple with contemporary climate complexities, Spire’s extensive collaboration with NASA and involvement in the CSDA Program uniquely situates the company to deliver superior Earth observation data and innovative solutions, thereby contributing to a more sustainable future.

      In a concurrent progression, SPIR successfully acquired a contract with a valuation of $2.8 million from the National Oceanic and Atmospheric Administration (NOAA) for the provision of satellite weather data. Spire’s deployment of Global Navigation Satellite System Reflectometry (GNSS-R) observational data, presented in near real-time, with a primary emphasis on ocean surface wind speeds, caters to NOAA’s imperative need for accuracy in global sea-surface wind measurements.

      This data proves integral for applications such as marine weather forecasts, hurricane tracking, ocean current analysis, and climate studies. Furthermore, Spire clinched a $4.6 million award under a 12-month contract by NASA on behalf of NOAA, participating in NOAA’s Sounder for Microwave-Based Applications (SMBA) Phase-A study.

      Upon completion of the initial contract period, a single sounder from the pool of finalists may be selected for subsequent contract phases. The data harvested from the ultimate Microwave Sounder will significantly contribute to advancing Earth observation, providing valuable insights into various atmospheric properties including temperature, humidity, cloud cover, and composition.

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