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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 June 30, 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 165,457,085 shares of Class A common stock and 12,058,614 shares of Class B common stock as of August 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

10

 

Notes to Unaudited Condensed Consolidated Financial Statements

11

Item 2.

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

27

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

44

Item 4.

Controls and Procedures

45

 

 

 

PART II.

OTHER INFORMATION

48

 

 

 

Item 1.

Legal Proceedings

48

Item 1A.

Risk Factors

48

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

49

Item 3.

Defaults Upon Senior Securities

49

Item 4.

Mine Safety Disclosures

49

Item 5.

Other Information

49

Item 6.

Exhibits

50

Signatures

51

 

 

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)

 

 

 

June 30,

 

 

December 31,

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

43,144

 

 

$

47,196

 

Marketable securities

 

 

21,083

 

 

 

23,084

 

Accounts receivable, net (including allowance of $1,058 and $395 as of June 30, 2023
   and December 31, 2022, respectively)

 

 

20,462

 

 

 

13,864

 

Contract assets

 

 

4,899

 

 

 

3,353

 

Other current assets

 

 

8,176

 

 

 

9,279

 

Total current assets

 

 

97,764

 

 

 

96,776

 

Property and equipment, net

 

 

62,964

 

 

 

53,752

 

Operating lease right-of-use assets

 

 

13,614

 

 

 

11,687

 

Goodwill

 

 

51,137

 

 

 

49,954

 

Customer relationships

 

 

20,332

 

 

 

20,814

 

Other intangible assets

 

 

13,469

 

 

 

13,967

 

Other long-term assets, including restricted cash

 

 

9,083

 

 

 

9,562

 

Total assets

 

$

268,363

 

 

$

256,512

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

4,294

 

 

$

4,800

 

Accrued wages and benefits

 

 

4,982

 

 

 

4,502

 

Contract liabilities, current portion

 

 

21,854

 

 

 

15,856

 

Other accrued expenses

 

 

9,317

 

 

 

8,210

 

Total current liabilities

 

 

40,447

 

 

 

33,368

 

Long-term debt

 

 

119,790

 

 

 

98,475

 

Contingent earnout liability

 

 

145

 

 

 

349

 

Deferred income tax liabilities

 

 

817

 

 

 

771

 

Warrant liability

 

 

709

 

 

 

1,831

 

Operating lease liabilities, net of current portion

 

 

12,509

 

 

 

10,815

 

Other long-term liabilities

 

 

413

 

 

 

780

 

Total liabilities

 

 

174,830

 

 

 

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,
165,432,624 Class A and 12,058,614 Class B shares issued
    and outstanding at June 30, 2023;
143,679,385 Class A and 12,058,614 Class
    B shares issued and outstanding at December 31, 2022

 

 

18

 

 

 

16

 

Additional paid-in capital

 

 

470,309

 

 

 

455,751

 

Accumulated other comprehensive loss

 

 

(4,208

)

 

 

(6,997

)

Accumulated deficit

 

 

(372,586

)

 

 

(338,647

)

Total stockholders’ equity

 

 

93,533

 

 

 

110,123

 

Total liabilities and stockholders’ equity

 

$

268,363

 

 

$

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 June 30,

 

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$

26,493

 

 

$

19,395

 

 

$

50,661

 

 

$

37,465

 

Cost of revenue

 

 

9,633

 

 

 

9,573

 

 

 

19,993

 

 

 

19,419

 

Gross profit

 

 

16,860

 

 

 

9,822

 

 

 

30,668

 

 

 

18,046

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

9,752

 

 

 

8,225

 

 

 

19,415

 

 

 

16,882

 

Sales and marketing

 

 

6,729

 

 

 

6,728

 

 

 

13,579

 

 

 

13,633

 

General and administrative

 

 

10,899

 

 

 

11,274

 

 

 

22,669

 

 

 

23,958

 

Loss on decommissioned satellites

 

 

472

 

 

 

 

 

 

472

 

 

 

 

Total operating expenses

 

 

27,852

 

 

 

26,227

 

 

 

56,135

 

 

 

54,473

 

Loss from operations

 

 

(10,992

)

 

 

(16,405

)

 

 

(25,467

)

 

 

(36,427

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

636

 

 

 

106

 

 

 

1,201

 

 

 

120

 

Interest expense

 

 

(4,709

)

 

 

(2,785

)

 

 

(9,287

)

 

 

(5,828

)

Change in fair value of contingent earnout liability

 

 

128

 

 

 

2,370

 

 

 

204

 

 

 

9,253

 

Change in fair value of warrant liabilities

 

 

357

 

 

 

3,897

 

 

 

1,103

 

 

 

9,732

 

Foreign exchange

 

 

(435

)

 

 

(2,605

)

 

 

589

 

 

 

(3,540

)

Loss on extinguishment of debt

 

 

 

 

 

(22,510

)

 

 

 

 

 

(22,510

)

Other expense, net

 

 

(1,038

)

 

 

(271

)

 

 

(1,800

)

 

 

(505

)

Total other expense, net

 

 

(5,061

)

 

 

(21,798

)

 

 

(7,990

)

 

 

(13,278

)

Loss before income taxes

 

 

(16,053

)

 

 

(38,203

)

 

 

(33,457

)

 

 

(49,705

)

Income tax provision

 

 

213

 

 

 

62

 

 

 

482

 

 

 

352

 

Net loss

 

$

(16,266

)

 

$

(38,265

)

 

$

(33,939

)

 

$

(50,057

)

Basic and diluted net loss per share

 

$

(0.11

)

 

$

(0.27

)

 

$

(0.23

)

 

$

(0.36

)

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

 

 

147,751,593

 

 

 

139,687,475

 

 

 

146,271,668

 

 

 

139,482,147

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net loss

 

$

(16,266

)

 

$

(38,265

)

 

$

(33,939

)

 

$

(50,057

)

Other comprehensive gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

4,341

 

 

 

(2,212

)

 

 

2,752

 

 

 

(353

)

Net unrealized (loss) gain on investments
   (net of tax)

 

 

(7

)

 

 

(83

)

 

 

37

 

 

 

(83

)

Comprehensive loss

 

$

(11,932

)

 

$

(40,560

)

 

$

(31,150

)

 

$

(50,493

)

 

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 in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance, March 31, 2023

 

 

 

158,105,056

 

 

$

16

 

 

$

458,683

 

 

$

(8,542

)

 

$

(356,320

)

 

$

93,837

 

Release of Restricted Stock Units

 

 

 

1,385,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under
   Employee Stock Purchase Plan

 

 

 

669,816

 

 

 

 

 

 

422

 

 

 

 

 

 

 

 

 

422

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

3,340

 

 

 

 

 

 

 

 

 

3,340

 

Issuance of common stock under the
   Equity Distribution Agreement, net

 

 

 

17,331,116

 

 

 

2

 

 

 

7,864

 

 

 

 

 

 

 

 

 

7,866

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,266

)

 

 

(16,266

)

Foreign currency translation
   adjustments

 

 

 

 

 

 

 

 

 

 

 

 

4,341

 

 

 

 

 

 

4,341

 

Net unrealized loss on
   investments (net of tax)

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

 

 

 

(7

)

Balance, June 30, 2023

 

 

177,491,238

 

 

 

18

 

 

 

470,309

 

 

 

(4,208

)

 

 

(372,586

)

 

 

93,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional
Paid in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance, December 31, 2022

 

 

 

155,737,999

 

 

$

16

 

 

$

455,751

 

 

$

(6,997

)

 

$

(338,647

)

 

$

110,123

 

Release of Restricted Stock Units

 

 

 

3,474,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under
   Employee Stock Purchase Plan

 

 

 

669,816

 

 

 

 

 

 

422

 

 

 

 

 

 

 

 

 

422

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

5,986

 

 

 

 

 

 

 

 

 

5,986

 

Issuance of common stock under the
   Equity Distribution Agreement, net

 

 

 

17,331,116

 

 

 

2

 

 

 

7,864

 

 

 

 

 

 

 

 

 

7,866

 

Conversion of warrants to common
   stock

 

 

 

277,828

 

 

 

 

 

 

286

 

 

 

 

 

 

 

 

 

286

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(33,939

)

 

 

(33,939

)

Foreign currency translation
   adjustments

 

 

 

 

 

 

 

 

 

 

 

2,752

 

 

 

 

 

 

2,752

 

Net unrealized gain on
   investments (net of tax)

 

 

 

 

 

 

 

 

 

 

 

37

 

 

 

 

 

 

37

 

Balance, June 30, 2023

 

 

 

177,491,238

 

 

$

18

 

 

$

470,309

 

 

$

(4,208

)

 

$

(372,586

)

 

$

93,533

 

 

 

8