04:39 PM EDT, 05/15/2024 (MT Newswires) -- Spire Global ( SPIR ) reported a Q1 non-GAAP net loss late Wednesday of $0.53 per share, compared with a loss of $0.78 a year earlier.

Two analysts polled by Capital IQ expected a loss of $0.43 per share.

Revenue for the quarter ended March 31 rose to $25.7 million from $24.2 million a year earlier. Analysts surveyed by Capital IQ expected $28 million.

For Q2, the company expects a non-GAAP loss of $0.31 to $0.15 per share on revenue of $29 million to $33 million. Analysts polled by Capital IQ expect a normalized loss of $0.07 per share and $35.8 million in revenue.

For 2024, the company revised its non-GAAP loss per share guidance of $1.11 to $0.70 from earlier estimates between loss of $0.24 per share to earnings of $0.11 per share. The company decreased its revenue forecasts to between $122 million to $132 million from an earlier range of $138 million to $148 million. The analysts are expecting a normalized loss of $0.51 per share on $141.8 million in revenue.

Spire shares were down more than 13% in after-hours activity.

Price: 9.85, Change: -1.49, Percent Change: -13.14