Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Spire Global wins €8.4M satellite data contracts from EMSA

Published 2024-02-21, 06:58 a/m
© Reuters.
SPIR
-

VIENNA, Va. - Spire (NYSE:SR) Global, Inc. (NYSE: SPIR), a provider of space-based data and analytics, has secured two framework contracts from the European Maritime Safety Agency (EMSA) with a combined maximum value of €8.4 million. The contracts, effective immediately, entail delivering space-based automatic identification system (SAT-AIS) data services for global ship tracking over the next four years.

The company, which has been supplying satellite AIS data to EMSA since 2020, received two specific awards under these contracts, totaling multi-million euros. The services include real-time, standard, and high-density backup SAT-AIS, which are integral to EMSA's efforts to enhance maritime domain awareness and vessel traffic monitoring, especially in regions like the polar areas where terrestrial AIS coverage is sparse.

Spire's SAT-AIS data will be incorporated into EMSA's existing services to aid in monitoring vessel movements beyond the scope of terrestrial networks, thus supporting worldwide maritime safety and environmental protection. The data provided will also be accessible to authorities of EU and European Free Trade Association Member States, EU institutions, and international entities working with EMSA.

John Lusk, Spire's General Manager of Maritime, commented on the significance of the contracts, highlighting the company's commitment to data reliability and quality as key factors in advancing maritime safety within the EU and globally.

Spire Global operates a constellation of satellites that collect a wide range of data, including global weather patterns, ship and plane movements, and signals intelligence. Spire also offers Space as a Service solutions, allowing customers to utilize its established infrastructure for space-based business operations.

This information is based on a press release statement.

InvestingPro Insights

As Spire Global, Inc. (NYSE: SPIR) secures substantial contracts with the European Maritime Safety Agency, it's an opportune moment to review the company's financial health and market performance. According to InvestingPro data, Spire Global boasts an impressive Gross Profit Margin of 59.89% for the last twelve months as of Q3 2023, indicating a strong ability to control costs relative to its revenue. Despite not being profitable over the same period, with a reported Operating Income Margin of -54.89%, the company's revenue growth remains robust at 37.73%.

Investors have observed significant stock price movements, with Spire Global's shares experiencing a 1 Month Price Total Return of 75.93% and a 3 Month Price Total Return of 164.66%, reflecting a period of high momentum for the stock. These movements align with an InvestingPro Tip that highlights the stock's volatility, which could be of interest to traders looking for short-term opportunities.

Another InvestingPro Tip points out that analysts predict a sales growth in the current year, which may be further supported by the recent contracts with EMSA. However, the same analysts do not anticipate the company to be profitable this year, which suggests that investors should keep an eye on the company's ability to translate sales into net income.

For those interested in deeper analysis, there are 16 additional InvestingPro Tips available, which can be accessed by visiting: https://www.investing.com/pro/SPIR. To take advantage of the full range of insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.