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Side-by-side financial comparison of Spire Global, Inc. (SPIR) and Telesat Corp (TSAT). Click either name above to swap in a different company.
Telesat Corp is the larger business by last-quarter revenue ($73.8M vs $15.8M, roughly 4.7× Spire Global, Inc.). Telesat Corp runs the higher net margin — -119.8% vs -176.6%, a 56.8% gap on every dollar of revenue. Over the past eight quarters, Spire Global, Inc.'s revenue compounded faster (-32.6% CAGR vs -64.0%).
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa.
SPIR vs TSAT — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $15.8M | $73.8M |
| Net Profit | $-28.0M | $-88.4M |
| Gross Margin | 40.2% | 95.3% |
| Operating Margin | -164.1% | 5.9% |
| Net Margin | -176.6% | -119.8% |
| Revenue YoY | -26.9% | — |
| Net Profit YoY | 42.7% | — |
| EPS (diluted) | $-0.85 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $15.8M | — | ||
| Q3 25 | $12.7M | $73.8M | ||
| Q2 25 | $19.2M | $77.5M | ||
| Q1 25 | $23.9M | $152.2M | ||
| Q4 24 | $21.7M | — | ||
| Q3 24 | $28.6M | — | ||
| Q2 24 | $25.4M | $363.2M | ||
| Q1 24 | $34.8M | — |
| Q4 25 | $-28.0M | — | ||
| Q3 25 | $-19.7M | $-88.4M | ||
| Q2 25 | $119.6M | $55.1M | ||
| Q1 25 | $-20.7M | $-52.3M | ||
| Q4 24 | $-48.8M | — | ||
| Q3 24 | $-12.5M | — | ||
| Q2 24 | $-16.6M | $547.4M | ||
| Q1 24 | $-25.5M | — |
| Q4 25 | 40.2% | — | ||
| Q3 25 | 36.6% | 95.3% | ||
| Q2 25 | 48.9% | 95.9% | ||
| Q1 25 | 36.8% | — | ||
| Q4 24 | 32.4% | — | ||
| Q3 24 | 44.5% | — | ||
| Q2 24 | 43.0% | — | ||
| Q1 24 | 26.5% | — |
| Q4 25 | -164.1% | — | ||
| Q3 25 | -166.1% | 5.9% | ||
| Q2 25 | -122.7% | 16.8% | ||
| Q1 25 | -106.5% | — | ||
| Q4 24 | -144.1% | — | ||
| Q3 24 | -48.0% | — | ||
| Q2 24 | -48.6% | — | ||
| Q1 24 | -34.4% | — |
| Q4 25 | -176.6% | — | ||
| Q3 25 | -155.3% | -119.8% | ||
| Q2 25 | 623.4% | 71.2% | ||
| Q1 25 | -86.5% | -34.4% | ||
| Q4 24 | -225.2% | — | ||
| Q3 24 | -43.7% | — | ||
| Q2 24 | -65.2% | 150.7% | ||
| Q1 24 | -73.3% | — |
| Q4 25 | $-0.85 | — | ||
| Q3 25 | $-0.61 | — | ||
| Q2 25 | $3.72 | — | ||
| Q1 25 | $-0.77 | — | ||
| Q4 24 | $-1.93 | — | ||
| Q3 24 | $-0.50 | — | ||
| Q2 24 | $-0.68 | — | ||
| Q1 24 | $-1.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $81.8M | $352.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $112.9M | $1.6B |
| Total Assets | $211.0M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.8M | — | ||
| Q3 25 | $96.8M | $352.3M | ||
| Q2 25 | $117.6M | $399.6M | ||
| Q1 25 | $35.9M | $552.1M | ||
| Q4 24 | $19.2M | — | ||
| Q3 24 | $36.6M | — | ||
| Q2 24 | $45.8M | $1.7B | ||
| Q1 24 | $63.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $103.7M | — | ||
| Q4 24 | $103.1M | — | ||
| Q3 24 | $4.9M | — | ||
| Q2 24 | $4.9M | — | ||
| Q1 24 | $123.1M | — |
| Q4 25 | $112.9M | — | ||
| Q3 25 | $133.1M | $1.6B | ||
| Q2 25 | $149.2M | $1.7B | ||
| Q1 25 | $3.7M | $2.5B | ||
| Q4 24 | $-11.7M | — | ||
| Q3 24 | $30.8M | — | ||
| Q2 24 | $40.3M | $2.4B | ||
| Q1 24 | $52.5M | — |
| Q4 25 | $211.0M | — | ||
| Q3 25 | $224.3M | $5.1B | ||
| Q2 25 | $239.5M | $4.9B | ||
| Q1 25 | $208.8M | $6.9B | ||
| Q4 24 | $193.6M | — | ||
| Q3 24 | $224.2M | — | ||
| Q2 24 | $230.8M | $6.3B | ||
| Q1 24 | $252.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 27.92× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.16× | — | ||
| Q2 24 | 0.12× | — | ||
| Q1 24 | 2.35× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-4.3M | — |
| Free Cash FlowOCF − Capex | $-16.2M | — |
| FCF MarginFCF / Revenue | -102.1% | — |
| Capex IntensityCapex / Revenue | 75.1% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-92.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $-12.0M | — | ||
| Q2 25 | $-35.1M | — | ||
| Q1 25 | $-8.4M | — | ||
| Q4 24 | $-19.2M | — | ||
| Q3 24 | $14.0M | — | ||
| Q2 24 | $-4.4M | — | ||
| Q1 24 | $-8.8M | — |
| Q4 25 | $-16.2M | — | ||
| Q3 25 | $-20.4M | — | ||
| Q2 25 | $-38.7M | — | ||
| Q1 25 | $-17.3M | — | ||
| Q4 24 | $-24.3M | — | ||
| Q3 24 | $5.1M | — | ||
| Q2 24 | $-9.9M | — | ||
| Q1 24 | $-15.9M | — |
| Q4 25 | -102.1% | — | ||
| Q3 25 | -161.3% | — | ||
| Q2 25 | -201.7% | — | ||
| Q1 25 | -72.6% | — | ||
| Q4 24 | -112.2% | — | ||
| Q3 24 | 17.8% | — | ||
| Q2 24 | -39.0% | — | ||
| Q1 24 | -45.7% | — |
| Q4 25 | 75.1% | — | ||
| Q3 25 | 66.2% | — | ||
| Q2 25 | 18.8% | — | ||
| Q1 25 | 37.3% | — | ||
| Q4 24 | 23.5% | — | ||
| Q3 24 | 31.2% | — | ||
| Q2 24 | 21.8% | — | ||
| Q1 24 | 20.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.29× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
