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.
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