Satellite company Spire Global Inc (NYSE:SPIR) has struggled to find its footing in the markets since making its public debut last year. The company is focused on leveraging the power of space to solve problems on earth, according to Spire CEO Peter Platzer.
"Somewhere between $25 and $30 trillion of global GDP is impacted by weather, which we track and predict on a global basis up to 10 days out," Platzer said Friday on "Benzinga Live."
What To Know: Spire deploys the world's largest multipurpose satellite constellation, according to the Spire CEO. The company then uses the data from its satellites and packages it as a subscription API for its customers.
Instead of using cameras, which are limited by sunlight availability, Spire uses radio frequencies to determine what's happening around the globe, Platzer said: "We cover the earth 100 times a day with those satellites."
Spire's mission is all the more important amid the ongoing unrest overseas, he said.
The Spire CEO didn't detail the company's involvement in the Russia-Ukraine conflict, but he confirmed that Spire is involved in some capacity, although small.
"We have been involved ... hoping and trying to make a difference in that geopolitical hotspot," he said.
The company's operations serve a wide range of customers including aviation companies optimizing flight operations, commodity traders seeking insights on oil prices and logistics companies battling supply-chain headwinds, Platzer said.
"It's a large variety of customers that all live off the very same data analytics stream that Spire generates and provides."
Spire on Wednesday reported better-than-expected financial results and issued guidance. Platzer highlighted Spire's strong growth and told Benzinga the company has to do a better job of informing the public markets of its value proposition.
"Warren Buffett says in the short term it's a voting machine, in the long term it's a weighing machine and I happen to believe that there's probably a good grain of salt of truth in that," Platzer said.
See the full interview here:
SPIR Price Action: Spire has traded between $1.93 and $19.50 over a 52-week period.
The stock was trading down 1.23% at $2.02 ahead of the close Friday.
Photo: 12019 from Pixabay.
