Spire Global Inc SPIR shares traded higher in Wednesday's after-hours session before falling back down. The company announced that it was awarded a $9.9 million contract to deliver satellite weather data to the National Oceanographic and Oceanic Administration (NOAA).
The award comes as part of Indefinite Delivery Indefinite Quantity Delivery Order 5 of the contract issued by the NOAA for commercially available space-based radio occultation (RO).
Spire will provide NOAA with 3,300 RO profiles per day. The RO data consists of vertical profiles of atmospheric temperature and related quantities for operational weather models. The data will be available for NOAA to distribute globally.
"The Commercial Data Purchase project is a prime example of the value of public-private partnerships in addressing some of the world's most complex challenges," said Chuck Cash, vice president of federal sales at Spire.
Spire has been involved in all five of NOAA's Delivery Orders of the Commercial Data Purchase project, which began in 2020. The new data delivery will commence on Jan. 18, 2023, and run through July 18, 2023.
SPIR Price Action: Spire has a 52-week high of $3.61 and a 52-week low of $1.12.
The stock was down 0.90% in after-hours at $1.13 at the time of publication.
Photo: Gianluca from Pixabay.
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