Spire Global, Inc. (SPIR) is set to report its third-quarter earnings before Wednesday's opening bell, and Wall Street is watching to see if the space data company can show progress after a disappointing second quarter.

The Vienna, Virginia-based firm is expected to post a quarterly loss of 33 cents per share, which would represent an improvement from the 43-cent loss reported in the same period last year. Analysts are forecasting revenue of $21.17 million for the quarter, though that's notably down from the $28.57 million Spire Global generated a year ago.

Context matters here: back on November 4, the company reported second-quarter results that missed expectations, which didn't exactly inspire confidence. Spire Global shares dropped 5.7% on Monday, closing at $9.08, as investors brace for Wednesday's numbers.

What the Top Analysts Are Saying

Looking at recent forecasts from Wall Street's most accurate analysts, the picture is decidedly mixed. Baird analyst Jeffrey Meuler, who maintains a 65% accuracy rate, kept his Neutral rating on May 15 but raised his price target from $11 to $13. That suggests some cautious optimism about where the stock might land, even if he's not ready to pound the table on it.

Meanwhile, Stifel analyst Erik Rasmussen, sporting a 63% accuracy rate, maintained his Buy rating on April 1 but trimmed his price target from $20 to $18. So he's still bullish on the long-term story, just perhaps a bit less enthusiastic about the near-term trajectory.

The divergence between these two views captures the uncertainty surrounding Spire Global pretty well. One analyst sees enough to stay positive despite lowering expectations, while another remains on the sidelines with a slightly improved outlook. Wednesday's earnings report should provide some clarity on which perspective has it right.