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Side-by-side financial comparison of Spire Global, Inc. (SPIR) and Velo3D, Inc. (VELO). Click either name above to swap in a different company.
Spire Global, Inc. is the larger business by last-quarter revenue ($15.8M vs $9.4M, roughly 1.7× Velo3D, Inc.). Spire Global, Inc. runs the higher net margin — -176.6% vs -231.9%, a 55.3% gap on every dollar of revenue. On growth, Velo3D, Inc. posted the faster year-over-year revenue change (-25.2% vs -26.9%). Velo3D, Inc. produced more free cash flow last quarter ($-8.3M vs $-16.2M). Over the past eight quarters, Velo3D, Inc.'s revenue compounded faster (-1.8% CAGR vs -32.6%).
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.
Velo3D, Inc. develops and sells advanced end-to-end metal additive manufacturing (3D printing) solutions, comprising industrial-grade printers, specialized processing software, and high-performance metal materials. It primarily serves global aerospace, defense, energy, semiconductor and industrial manufacturing markets, enabling customers to produce complex, high-precision metal parts that are difficult to manufacture with traditional methods.
SPIR vs VELO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.8M | $9.4M |
| Net Profit | $-28.0M | $-21.9M |
| Gross Margin | 40.2% | -73.6% |
| Operating Margin | -164.1% | -231.0% |
| Net Margin | -176.6% | -231.9% |
| Revenue YoY | -26.9% | -25.2% |
| Net Profit YoY | 42.7% | -2.9% |
| EPS (diluted) | $-0.85 | $-0.87 |
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 | $9.4M | ||
| Q3 25 | $12.7M | $13.6M | ||
| Q2 25 | $19.2M | $13.6M | ||
| Q1 25 | $23.9M | $9.3M | ||
| Q4 24 | $21.7M | $12.6M | ||
| Q3 24 | $28.6M | $8.2M | ||
| Q2 24 | $25.4M | $10.3M | ||
| Q1 24 | $34.8M | $9.8M |
| Q4 25 | $-28.0M | $-21.9M | ||
| Q3 25 | $-19.7M | $-11.2M | ||
| Q2 25 | $119.6M | $-13.3M | ||
| Q1 25 | $-20.7M | $-25.0M | ||
| Q4 24 | $-48.8M | $-21.3M | ||
| Q3 24 | $-12.5M | $-21.9M | ||
| Q2 24 | $-16.6M | $935.0K | ||
| Q1 24 | $-25.5M | $-27.5M |
| Q4 25 | 40.2% | -73.6% | ||
| Q3 25 | 36.6% | 3.2% | ||
| Q2 25 | 48.9% | -11.7% | ||
| Q1 25 | 36.8% | 7.5% | ||
| Q4 24 | 32.4% | -3.5% | ||
| Q3 24 | 44.5% | 49.4% | ||
| Q2 24 | 43.0% | -28.0% | ||
| Q1 24 | 26.5% | -28.8% |
| Q4 25 | -164.1% | -231.0% | ||
| Q3 25 | -166.1% | -73.3% | ||
| Q2 25 | -122.7% | -85.4% | ||
| Q1 25 | -106.5% | -123.6% | ||
| Q4 24 | -144.1% | -167.0% | ||
| Q3 24 | -48.0% | -213.8% | ||
| Q2 24 | -48.6% | -187.7% | ||
| Q1 24 | -34.4% | -211.1% |
| Q4 25 | -176.6% | -231.9% | ||
| Q3 25 | -155.3% | -82.0% | ||
| Q2 25 | 623.4% | -97.7% | ||
| Q1 25 | -86.5% | -268.4% | ||
| Q4 24 | -225.2% | -168.5% | ||
| Q3 24 | -43.7% | -265.3% | ||
| Q2 24 | -65.2% | 9.0% | ||
| Q1 24 | -73.3% | -281.2% |
| Q4 25 | $-0.85 | $-0.87 | ||
| Q3 25 | $-0.61 | $-0.65 | ||
| Q2 25 | $3.72 | $-0.94 | ||
| Q1 25 | $-0.77 | $-1.87 | ||
| Q4 24 | $-1.93 | $7.06 | ||
| Q3 24 | $-0.50 | $-35.52 | ||
| Q2 24 | $-0.68 | $1.65 | ||
| Q1 24 | $-1.17 | $-55.51 |
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 | $39.0M |
| Total DebtLower is stronger | — | $31.0M |
| Stockholders' EquityBook value | $112.9M | $38.2M |
| Total Assets | $211.0M | $105.3M |
| Debt / EquityLower = less leverage | — | 0.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.8M | $39.0M | ||
| Q3 25 | $96.8M | $11.8M | ||
| Q2 25 | $117.6M | $854.0K | ||
| Q1 25 | $35.9M | $3.9M | ||
| Q4 24 | $19.2M | $1.2M | ||
| Q3 24 | $36.6M | $1.6M | ||
| Q2 24 | $45.8M | $3.2M | ||
| Q1 24 | $63.7M | $10.9M |
| Q4 25 | — | $31.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $22.5M | ||
| Q1 25 | $103.7M | $21.7M | ||
| Q4 24 | $103.1M | $5.7M | ||
| Q3 24 | $4.9M | $32.3M | ||
| Q2 24 | $4.9M | $33.5M | ||
| Q1 24 | $123.1M | $44.0M |
| Q4 25 | $112.9M | $38.2M | ||
| Q3 25 | $133.1M | $29.9M | ||
| Q2 25 | $149.2M | $21.4M | ||
| Q1 25 | $3.7M | $32.8M | ||
| Q4 24 | $-11.7M | $39.7M | ||
| Q3 24 | $30.8M | $34.4M | ||
| Q2 24 | $40.3M | $52.1M | ||
| Q1 24 | $52.5M | $45.5M |
| Q4 25 | $211.0M | $105.3M | ||
| Q3 25 | $224.3M | $93.7M | ||
| Q2 25 | $239.5M | $78.4M | ||
| Q1 25 | $208.8M | $91.3M | ||
| Q4 24 | $193.6M | $89.2M | ||
| Q3 24 | $224.2M | $110.8M | ||
| Q2 24 | $230.8M | $116.7M | ||
| Q1 24 | $252.3M | $136.1M |
| Q4 25 | — | 0.81× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | 27.92× | 0.66× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | 0.16× | 0.94× | ||
| Q2 24 | 0.12× | 0.64× | ||
| Q1 24 | 2.35× | 0.97× |
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 | $-7.7M |
| Free Cash FlowOCF − Capex | $-16.2M | $-8.3M |
| FCF MarginFCF / Revenue | -102.1% | -88.3% |
| Capex IntensityCapex / Revenue | 75.1% | 6.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-92.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.3M | $-7.7M | ||
| Q3 25 | $-12.0M | $-6.0M | ||
| Q2 25 | $-35.1M | $-1.2M | ||
| Q1 25 | $-8.4M | $-12.3M | ||
| Q4 24 | $-19.2M | $-2.2M | ||
| Q3 24 | $14.0M | $-2.0M | ||
| Q2 24 | $-4.4M | $-8.0M | ||
| Q1 24 | $-8.8M | $-20.5M |
| Q4 25 | $-16.2M | $-8.3M | ||
| Q3 25 | $-20.4M | $-6.3M | ||
| Q2 25 | $-38.7M | $-3.0M | ||
| Q1 25 | $-17.3M | — | ||
| Q4 24 | $-24.3M | $-2.2M | ||
| Q3 24 | $5.1M | $-2.0M | ||
| Q2 24 | $-9.9M | $-8.0M | ||
| Q1 24 | $-15.9M | $-20.5M |
| Q4 25 | -102.1% | -88.3% | ||
| Q3 25 | -161.3% | -46.5% | ||
| Q2 25 | -201.7% | -22.2% | ||
| Q1 25 | -72.6% | — | ||
| Q4 24 | -112.2% | -17.7% | ||
| Q3 24 | 17.8% | -24.2% | ||
| Q2 24 | -39.0% | -77.1% | ||
| Q1 24 | -45.7% | -209.8% |
| Q4 25 | 75.1% | 6.4% | ||
| Q3 25 | 66.2% | 2.3% | ||
| Q2 25 | 18.8% | 13.3% | ||
| Q1 25 | 37.3% | 0.0% | ||
| Q4 24 | 23.5% | 0.2% | ||
| Q3 24 | 31.2% | 0.2% | ||
| Q2 24 | 21.8% | 0.0% | ||
| Q1 24 | 20.3% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.29× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -8.52× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
