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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from______ to______

Commission File Number: 001-39493

 

SPIRE GLOBAL, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

85-1276957

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

8000 Towers Crescent Drive

Suite 1100

Vienna, Virginia 22182

(Address of principal executive offices) (Zip Code)

(202) 301-5127

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A common stock, par value of $0.0001 per share

 

SPIR

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

 

 

The registrant had outstanding 146,063,378 shares of Class A common stock and 12,058,614 shares of Class B common stock as of May 1, 2023.

 

 


 

Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

5

 

 

 

Item 1.

Unaudited Condensed Consolidated Financial Statements

5

 

Condensed Consolidated Balance Sheets

5

 

Condensed Consolidated Statements of Operations

6

 

Condensed Consolidated Statements of Comprehensive Loss

7

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity

8

 

Condensed Consolidated Statements of Cash Flows

9

 

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

Controls and Procedures

39

 

 

 

PART II.

OTHER INFORMATION

42

 

 

 

Item 1.

Legal Proceedings

42

Item 1A.

Risk Factors

42

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 3.

Defaults Upon Senior Securities

43

Item 4.

Mine Safety Disclosures

43

Item 5.

Other Information

43

Item 6.

Exhibits

44

Signatures

45

 

 

2


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

changes in our growth, strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, and plans;
our ability to remedy identified material weaknesses;
the implementation, market acceptance, and success of our business model;
the ability to develop new offerings, services, solutions and features and bring them to market in a timely manner and make enhancements to our business;
the quality and effectiveness of and advancements in our technology and our ability to accurately and effectively use data and engage in predictive analytics;
overall level of customer demand for our products and offerings;
expectations and timing related to product launches;
expectations of achieving and maintaining profitability;
projections of total addressable markets, market opportunity, and market share;
our ability to acquire data sets, software, equipment, satellite components, and regulatory approvals from third parties;
our expectations concerning relationships with third parties;
our ability to acquire or develop products or technologies we believe could complement or expand our platform or to expand our products and offerings internationally;
our ability to obtain and protect patents, trademarks, licenses and other intellectual property rights;
our ability to utilize potential net operating loss carryforwards;
developments and projections relating to our competitors and industries, such as the projected growth in demand for space-based data;
our ability to acquire new customers and partners or obtain renewals, upgrades, or expansions from our existing customers;
our ability to compete with existing and new competitors in existing and new markets and offerings;
our ability to retain or recruit officers, key employees or directors;
the conversion or planned repayment of our debt obligations;
our future capital requirements and sources and uses of cash;
our ability to obtain funding for our operations;
our business, expansion plans, and opportunities;
our expectations regarding regulatory approvals and authorizations;
the expectations regarding the effects of existing and developing laws and regulations, including with respect to regulations around satellites, intellectual property law, and privacy and data protection;
global and domestic economic conditions, including currency exchange rate fluctuations, inflation, rising interest rates and geopolitical uncertainty and instability, and their impact on demand and pricing for our offerings in affected markets; and
the impact of global health crises on global capital and financial markets, general economic conditions in the United States, and our business and operations.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year

 

3


 

ended December 31, 2022 and in Part II, Item 1A “Risk Factors” of this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this Quarterly Report on Form 10-Q relate only to expectations as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to rely upon these statements.

 

 

4


 

PART I—FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

Spire Global, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

March 31,

 

 

December 31,

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

46,952

 

 

$

47,196

 

Marketable securities

 

 

25,660

 

 

 

23,084

 

Accounts receivable, net (including allowance of $944 and $395 as of March 31, 2023
   and December 31, 2022, respectively)

 

 

13,855

 

 

 

13,864

 

Contract assets

 

 

4,213

 

 

 

3,353

 

Other current assets

 

 

8,949

 

 

 

9,279

 

Total current assets

 

 

99,629

 

 

 

96,776

 

Property and equipment, net

 

 

58,147

 

 

 

53,752

 

Operating lease right-of-use assets

 

 

12,549

 

 

 

11,687

 

Goodwill

 

 

50,039

 

 

 

49,954

 

Customer relationships

 

 

20,373

 

 

 

20,814

 

Other intangible assets

 

 

13,590

 

 

 

13,967

 

Other long-term assets, including restricted cash

 

 

9,175

 

 

 

9,562

 

Total assets

 

$

263,502

 

 

$

256,512

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

6,517

 

 

$

4,800

 

Accrued wages and benefits

 

 

4,861

 

 

 

4,502

 

Contract liabilities, current portion

 

 

17,444

 

 

 

15,856

 

Other accrued expenses

 

 

7,596

 

 

 

8,210

 

Total current liabilities

 

 

36,418

 

 

 

33,368

 

Long-term debt

 

 

119,035

 

 

 

98,475

 

Contingent earnout liability

 

 

273

 

 

 

349

 

Deferred income tax liabilities

 

 

794

 

 

 

771

 

Warrant liability

 

 

1,066

 

 

 

1,831

 

Operating lease liabilities, net of current portion

 

 

11,523

 

 

 

10,815

 

Other long-term liabilities

 

 

556

 

 

 

780

 

Total liabilities

 

 

169,665

 

 

 

146,389

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

Common stock, $0.0001 par value, 1,000,000,000 Class A and 15,000,000 Class
    B shares authorized,
146,046,442 Class A and 12,058,614 Class B shares issued
    and outstanding at March 31, 2023;
143,679,385 Class A and 12,058,614 Class
    B shares issued and outstanding at December 31, 2022

 

 

16

 

 

 

16

 

Additional paid-in capital

 

 

458,683

 

 

 

455,751

 

Accumulated other comprehensive loss

 

 

(8,542

)

 

 

(6,997

)

Accumulated deficit

 

 

(356,320

)

 

 

(338,647

)

Total stockholders’ equity

 

 

93,837

 

 

 

110,123

 

Total liabilities and stockholders’ equity

 

$

263,502

 

 

$

256,512

 

 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

 

5


 

Spire Global, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

Revenue

 

$

24,168

 

 

$

18,070

 

Cost of revenue

 

 

10,360

 

 

 

9,846

 

Gross profit

 

 

13,808

 

 

 

8,224

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

9,663

 

 

 

8,657

 

Sales and marketing

 

 

6,850

 

 

 

6,905

 

General and administrative

 

 

11,770

 

 

 

12,684

 

Total operating expenses

 

 

28,283

 

 

 

28,246

 

Loss from operations

 

 

(14,475

)

 

 

(20,022

)

Other income (expense):

 

 

 

 

 

 

Interest income

 

 

565

 

 

 

14

 

Interest expense

 

 

(4,578

)

 

 

(3,043

)

Change in fair value of contingent earnout liability

 

 

76

 

 

 

6,883

 

Change in fair value of warrant liabilities

 

 

746

 

 

 

5,835

 

Foreign exchange

 

 

1,024

 

 

 

(935

)

Other expense, net

 

 

(762

)

 

 

(234

)

Total other (expense) income, net

 

 

(2,929

)

 

 

8,520

 

Loss before income taxes

 

 

(17,404

)

 

 

(11,502

)

Income tax provision

 

 

269

 

 

 

290

 

Net loss

 

$

(17,673

)

 

$

(11,792

)

Basic and diluted net loss per share

 

$

(0.12

)

 

$

(0.08

)

Weighted-average shares used in computing basic and diluted net loss per share

 

 

144,770,908

 

 

 

139,274,538

 

 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

 

6


 

Spire Global, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(In thousands)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

Net loss

 

$

(17,673

)

 

$

(11,792

)

Other comprehensive (loss) gain:

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(1,589

)

 

 

1,859

 

Net unrealized gain on investments
   (net of tax)

 

 

44

 

 

 

 

Comprehensive loss

 

$

(19,218

)

 

$

(9,933

)

 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

 

7


 

Spire Global, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)

 

 

 

Common Stock

 

 

Additional
Paid

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss) Income

 

 

Deficit

 

 

Equity

 

Balance, December 31, 2022

 

 

 

155,737,999

 

 

$

16

 

 

$

455,751

 

 

$

(6,997

)

 

$

(338,647

)

 

$

110,123

 

Release of Restricted
  Stock Units

 

 

 

2,089,229

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation
  expense

 

 

 

 

 

 

 

 

 

2,646

 

 

 

 

 

 

 

 

 

2,646

 

Conversion of
  warrants to
  common stock

 

 

 

277,828

 

 

 

 

 

 

286

 

 

 

 

 

 

 

 

 

286

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,673

)

 

 

(17,673

)

Foreign currency
  translation
  adjustments

 

 

 

 

 

 

 

 

 

 

 

(1,589

)

 

 

 

 

 

(1,589

)

Net unrealized gain
  on investments
  (net of tax)

 

 

 

 

 

 

 

 

 

 

 

44

 

 

 

 

 

 

44

 

Balance, March 31, 2023

 

 

 

158,105,056

 

 

$

16

 

 

$

458,683

 

 

$

(8,542

)

 

$

(356,320

)

 

$

93,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional
Paid

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income

 

 

Deficit

 

 

Equity

 

Balance, December 31, 2021

 

 

 

151,154,614

 

 

$

15

 

 

$

438,696

 

 

$

732

 

 

$

(249,236

)

 

$

190,207

 

Exercise of stock
  options

 

 

492,064

 

 

 

 

 

 

638

 

 

 

 

 

 

 

 

 

638

 

Release of Restricted
  Stock Units

 

 

4,014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation
  expense

 

 

 

 

 

 

 

 

2,289

 

 

 

 

 

 

 

 

 

2,289

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,792

)

 

 

(11,792

)

Foreign currency
  translation
  adjustments

 

 

 

 

 

 

 

 

 

 

 

1,859

 

 

 

 

 

 

1,859

 

Balance, March 31, 2022

 

 

 

151,650,692

 

 

$

15

 

 

$

441,623

 

 

$

2,591

 

 

$

(261,028

)

 

$

183,201

 

 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

 

8


 

 

Spire Global, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$

(17,673

)

 

$

(11,792

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

3,916

 

 

 

4,834

 

Stock-based compensation

 

 

2,646

 

 

 

2,289

 

Amortization of operating lease right-of-use assets

 

 

224

 

 

 

573

 

Amortization of debt issuance costs

 

 

554

 

 

 

1,413

 

Change in fair value of warrant liability

 

 

(746

)

 

 

(5,835

)

Change in fair value of contingent earnout liability

 

 

(76

)

 

 

(6,883

)

Deferred income tax liabilities

 

 

6

 

 

 

 

Other, net

 

 

(110

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

97

 

 

 

2,215

 

Contract assets

 

 

(855

)

 

 

(1,531

)

Other current assets

 

 

117

 

 

 

1,409

 

Other long-term assets

 

 

410

 

 

 

469

 

Accounts payable

 

 

(604

)

 

 

(828

)

Accrued wages and benefits

 

 

323

 

 

 

(1,051

)

Contract liabilities

 

 

1,259

 

 

 

(962

)

Other accrued expenses

 

 

(548

)

 

 

1,077

 

Operating lease liabilities

 

 

(230

)

 

 

(342

)

Other long-term liabilities

 

 

 

 

 

(46

)

Net cash used in operating activities

 

 

(11,290

)

 

 

(14,991

)

Cash flows from investing activities

 

 

 

 

 

 

Purchases of short-term investments

 

 

(13,908

)

 

 

 

Maturities of short-term investments

 

 

11,600

 

 

 

 

Purchase of property and equipment

 

 

(4,649

)

 

 

(4,243

)

Investment in intangible assets

 

 

 

 

 

(19

)

Net cash used in investing activities

 

 

(6,957

)

 

 

(4,262

)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from long-term debt

 

 

19,886

 

 

 

95

 

Proceeds from exercise of stock options

 

 

 

 

 

638

 

Net cash provided by financing activities

 

 

19,886

 

 

 

733

 

Effect of foreign currency translation on cash, cash equivalents and restricted cash

 

 

(1,846

)

 

 

850

 

Net decrease in cash, cash equivalents and restricted cash

 

 

(207

)

 

 

(17,670

)

Cash, cash equivalents and restricted cash

 

 

 

 

 

 

Beginning balance

 

 

47,569

 

 

 

109,645

 

Ending balance

 

$

47,362

 

 

$

91,975

 

Supplemental disclosure of cash flow information

 

 

 

 

 

 

Cash paid for interest

 

$

3,827

 

 

$

1,627

 

Income taxes paid

 

$

451

 

 

$

 

Noncash investing and financing activities

 

 

 

 

 

 

Property and equipment purchased but not yet paid

 

$

2,299

 

 

$

2,250

 

Right-of-use assets obtained in exchange for lease liabilities

 

$

1,007

 

 

$

 

Issuance of stock warrants with long-term debt (Note 8)

 

$

286

 

 

$

 

 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

 

9


Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands, except shares and per share data, unless otherwise noted)

(Unaudited)

 

1.
Nature of Business

 

Spire Global, Inc. (“Spire” or the “Company”), founded in August 2012, is a global provider of space-based data and analytics that offers its customers unique datasets and insights about earth from the ultimate vantage point. The Company collects this space-based data through its proprietary constellation of multi-purpose nanosatellites. By designing, manufacturing, integrating and operating its own satellites and ground stations, the Company has unique end-to-end control and ownership over its entire system. The Company offers the following three data solutions to customers: Maritime, Aviation and Weather. As a fourth solution, the Company is providing “space-as-a-service” through its Space Services solution.

The Company is headquartered in Vienna, Virginia and has several wholly owned operating subsidiaries in the United States, United Kingdom, Luxembourg, Singapore, Australia and Canada.

On August 16, 2021, Spire Global Subsidiary, Inc. (formerly known as Spire Global, Inc.) (“Legacy Spire”) closed its previously announced merger with NavSight Holdings, Inc. (“NavSight”), a special purpose acquisition company, pursuant to the terms of the Business Combination Agreement, dated as of February 28, 2021, by and among Spire, NavSight, NavSight Merger Sub, Inc., a wholly owned subsidiary of NavSight (“NavSight Merger Sub”), and Peter Platzer, Theresa Condor, Jeroen Cappaert, and Joel Spark (collectively, the “Legacy Spire Founders,” and such agreement, the “Merger Agreement”). As a result, NavSight Merger Sub merged with and into Legacy Spire, the separate corporate existence of NavSight Merger Sub ceased, and Legacy Spire continued as the surviving corporation and a wholly owned subsidiary of NavSight (the “Merger,” and such consummation, the “Closing”). NavSight then changed its name to Spire Global, Inc. (together with its consolidated subsidiary, “New Spire” or “Spire”) and Legacy Spire changed its name to Spire Global Subsidiary, Inc.

On September 14, 2022, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Canaccord Genuity LLC, as sales agent (the “Agent”). In accordance with the terms of the Equity Distribution Agreement, the Company may offer and sell its Class A common stock, having an aggregate offering price of up to $85,000 from time to time through the Agent pursuant to a registration statement on Form S-3, which became effective on September 26, 2022. There had been no sales under the Equity Distribution Agreement as of March 31, 2023.

On March 24, 2023, the Company, was notified by the New York Stock Exchange (“NYSE”) that the Company is not in compliance with Rule 802.01C of the NYSE’s Listed Company Manual (“Rule 802.01C”) relating to the minimum average closing price of the Company’s Class A common stock, par value of $