LA PLATA, Maryland — Satellite data and service provider Spire Global reduced its 2024 revenue forecast by 11.2% and its adjusted EBITDA by 31% following the unplanned deorbiting of satellites because of solar activity and a propulsion glitch on orbiting spacecraft that is delaying revenue from a customer.
Also contributing to the lower forecast was the late resolution of the U.S. government budget, which has delayed new and follow-on orders from U.S. government agencies. The ripple effects of the delayed budget will continue well into 2024.
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