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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 September 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 20,852,627 shares of Class A common stock and 1,507,325 shares of Class B common stock as of October 31, 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, Use of Proceeds, and Issuer Purchases of Equity Securities

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:

our ability to meet our financial covenants in the future;
the sufficiency of our working capital in the future;
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

 

3


 

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 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)

 

 

 

September 30,

 

 

December 31,

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

29,936

 

 

$

47,196

 

Marketable securities

 

 

20,157

 

 

 

23,084

 

Accounts receivable, net (including allowance of $1,137 and $395 as of
   September 30, 2023 and December 31, 2022, respectively)

 

 

18,660

 

 

 

13,864

 

Contract assets

 

 

4,489

 

 

 

3,353

 

Other current assets

 

 

8,401

 

 

 

9,279

 

Total current assets

 

 

81,643

 

 

 

96,776

 

Property and equipment, net

 

 

69,610

 

 

 

53,752

 

Operating lease right-of-use assets

 

 

14,317

 

 

 

11,687

 

Goodwill

 

 

49,913

 

 

 

49,954

 

Customer relationships

 

 

19,369

 

 

 

20,814

 

Other intangible assets

 

 

12,758

 

 

 

13,967

 

Other long-term assets, including restricted cash

 

 

8,399

 

 

 

9,562

 

Total assets

 

$

256,009

 

 

$

256,512

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

4,620

 

 

$

4,800

 

Accrued wages and benefits

 

 

5,726

 

 

 

4,502

 

Contract liabilities, current portion

 

 

22,763

 

 

 

15,856

 

Other accrued expenses

 

 

9,650

 

 

 

8,210

 

Total current liabilities

 

 

42,759

 

 

 

33,368

 

Long-term debt

 

 

117,635

 

 

 

98,475

 

Contingent earnout liability

 

 

132

 

 

 

349

 

Deferred income tax liabilities

 

 

780

 

 

 

771

 

Warrant liability

 

 

3,407

 

 

 

1,831

 

Operating lease liabilities, net of current portion

 

 

13,049

 

 

 

10,815

 

Other long-term liabilities

 

 

761

 

 

 

780

 

Total liabilities

 

 

178,523

 

 

 

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,
20,847,750 Class A and 1,507,325 Class B shares issued
    and outstanding at September 30, 2023;
17,959,923 Class A and 1,507,325 Class
    B shares issued and outstanding at December 31, 2022
(1)

 

 

2

 

 

 

16

 

Additional paid-in capital

 

 

473,854

 

 

 

455,751

 

Accumulated other comprehensive loss

 

 

(5,989

)

 

 

(6,997

)

Accumulated deficit

 

 

(390,381

)

 

 

(338,647

)

Total stockholders’ equity

 

 

77,486

 

 

 

110,123

 

Total liabilities and stockholders’ equity

 

$

256,009

 

 

$

256,512

 

(1) The issued and outstanding shares of the Company's common stock have been retroactively adjusted to reflect the 1-for-8 reverse stock split (Note 1).

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$

27,317

 

 

$

20,418

 

 

$

77,978

 

 

$

57,883

 

Cost of revenue

 

 

9,555

 

 

 

10,198

 

 

 

29,548

 

 

 

29,617

 

Gross profit

 

 

17,762

 

 

 

10,220

 

 

 

48,430

 

 

 

28,266

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

10,538

 

 

 

8,879

 

 

 

29,953

 

 

 

25,761

 

Sales and marketing

 

 

6,993

 

 

 

7,794

 

 

 

20,572

 

 

 

21,427

 

General and administrative

 

 

11,049

 

 

 

9,903

 

 

 

33,718

 

 

 

33,861

 

Loss on decommissioned satellites

 

 

156

 

 

 

 

 

 

628

 

 

 

 

Total operating expenses

 

 

28,736

 

 

 

26,576

 

 

 

84,871

 

 

 

81,049

 

Loss from operations

 

 

(10,974

)

 

 

(16,356

)

 

 

(36,441

)

 

 

(52,783

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

540

 

 

 

336

 

 

 

1,741

 

 

 

456

 

Interest expense

 

 

(4,728

)

 

 

(3,897

)

 

 

(14,015

)

 

 

(9,725

)

Change in fair value of contingent earnout liability

 

 

13

 

 

 

344

 

 

 

217

 

 

 

9,597

 

Change in fair value of warrant liabilities

 

 

(119

)

 

 

1,282

 

 

 

984

 

 

 

11,014

 

Foreign exchange

 

 

(1,829

)

 

 

(2,806

)

 

 

(1,240

)

 

 

(6,346

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(22,510

)

Other expense, net

 

 

(620

)

 

 

(660

)

 

 

(2,420

)

 

 

(1,165

)

Total other expense, net

 

 

(6,743

)

 

 

(5,401

)

 

 

(14,733

)

 

 

(18,679

)

Loss before income taxes

 

 

(17,717

)

 

 

(21,757

)

 

 

(51,174

)

 

 

(71,462

)

Income tax provision

 

 

78

 

 

 

54

 

 

 

560

 

 

 

406

 

Net loss

 

$

(17,795

)

 

$

(21,811

)

 

$

(51,734

)

 

$

(71,868

)

Basic and diluted net loss per share(1)

 

$

(0.86

)

 

$

(1.25

)

 

$

(2.71

)

 

$

(4.12

)

Weighted-average shares used in computing basic and diluted net loss per share(1)

 

 

20,756,394

 

 

 

17,492,871

 

 

 

19,117,078

 

 

 

17,454,680

 

(1) The shares of the Company's common stock and the per share amounts have been retroactively adjusted to reflect the 1-for-8 reverse stock split (Note 1).

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net loss

 

$

(17,795

)

 

$

(21,811

)

 

$

(51,734

)

 

$

(71,868

)

Other comprehensive gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(1,779

)

 

 

(4,969

)

 

 

973

 

 

 

(5,322

)

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

 

 

(2

)

 

 

(3

)

 

 

35

 

 

 

(86

)

Comprehensive loss

 

$

(19,576

)

 

$

(26,783

)

 

$

(50,726

)

 

$

(77,276

)

 

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(1)

 

 

Amount(1)

 

 

Capital(1)

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance, June 30, 2023

 

 

 

22,186,291

 

 

$

2

 

 

$

470,325

 

 

$

(4,208

)

 

$

(372,586

)

 

$

93,533

 

Release of Restricted Stock Units
   and Performance Stock Units

 

 

 

168,831

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

3,530

 

 

 

 

 

 

 

 

 

3,530

 

Redemption of fractional shares due to
   reverse stock split

 

 

 

(47

)

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,795

)

 

 

(17,795

)

Foreign currency translation
   adjustments

 

 

 

 

 

 

 

 

 

 

 

 

(1,779

)

 

 

 

 

 

(1,779

)

Net unrealized loss on
   investments (net of tax)

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

 

 

 

(2

)

Balance, September 30, 2023

 

 

22,355,075

 

 

$

2

 

 

$

473,854

 

 

$

(5,989

)

 

$

(390,381

)

 

$

77,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Additional
Paid in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

 

 

Shares(1)

 

 

Amount(1)

 

 

Capital(1)

 

 

Loss

 

 

Deficit

 

 

Equity

 

Balance, December 31, 2022

 

 

 

19,467,183

 

 

$

2

 

 

$

455,765

 

 

$

(6,997

)

 

$

(338,647

)

 

$

110,123

 

Release of Restricted Stock Units
   and Performance Stock Units

 

 

 

603,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under
   Employee Stock Purchase Plan

 

 

 

83,707

 

 

 

 

 

 

422

 

 

 

 

 

 

 

 

 

422

 

Stock compensation expense

 

 

 

 

 

 

 

 

 

9,516

 

 

 

 

 

 

 

 

 

9,516

 

Issuance of common stock under the
   Equity Distribution Agreement, net

 

 

 

2,166,384

 

 

 

 

 

 

7,866

 

 

 

 

 

 

 

 

 

7,866

 

Conversion of warrants to common
   stock

 

 

 

34,728

 

 

 

 

 

 

286

 

 

 

 

 

 

 

 

 

286

 

Redemption of fractional shares due to
   reverse stock split

 

 

 

(47

)

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(51,734

)

 

 

(51,734

)

Foreign currency translation
   adjustments

 

 

 

 

 

 

 

 

 

 

 

973

 

 

 

 

 

 

973

 

Net unrealized gain on
   investments (net of tax)

 

 

 

 

 

 

 

 

 

 

 

35

 

 

 

 

 

 

35

 

Balance, September 30, 2023

 

 

 

22,355,075

 

 

$

2

 

 

$

473,854

 

 

$

(5,989

)

 

$

(390,381

)

 

$

77,486

 

 

 

8


 

 

 

 

Common Stock

 

 

Additional
Paid in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders'

 

 

 

 

Shares(1)

 

 

Amount(1)

 

 

Capital(1)

 

 

Income

 

 

Deficit

 

 

Equity

 

Balance, June 30, 2022

 

 

 

18,991,249

 

 

$

2

 

 

$

445,005

 

 

$

296

 

 

$

(299,293

)

 

$

146,023

 

Exercise of stock options

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Release of Restricted Stock Units

 

 

 

17,228

 

 

 

 

 

 

(30

)

 

 

 

 

 

 

 

 

(30

)

Issuance of common stock under
   Employee Stock Purchase Plan

 

 

 

312

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

4

 

Stock compensation expense

 

 

 

 

 

 

 

 

3,125

 

 

 

 

 

 

 

 

 

3,125

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,811

)

 

 

(21,811

)

Foreign currency translation
   adjustments

 

 

 

 

 

 

 

 

 

 

 

(4,969

)

 

 

 

 

 

(4,969

)

Net unrealized loss on
   investments (net of tax)

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

(3

)

Balance, September 30, 2022

 

 

 

19,008,789

 

 

$

2

 

 

$

448,105

 

 

$

(4,676

)

 

$

(321,104

)

 

$