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Table of Contents
 
 
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, 2021
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 1225
Vienna, Virginia 22182
(Address of principal executive offices)
(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
Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
 
SPIR.WS
 
New York Stock Exchan
ge
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  
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    Yes  ☒    No  ☐
The registrant had outstanding 133,830,621 shares of Class A common stock, 12,058,614 shares of Class B common stock, and 18,099,992 warrants as of No
vember 10, 2021
.
 
 
 

Table of Contents
Table of Contents
 
 
 
 
  
Page
 
PART I.
 
  
 
3
 
     
Item 1.
 
  
 
3
 
 
 
  
 
3
 
 
 
  
 
4
 
 
 
  
 
5
 
 
 
  
 
6
 
 
 
  
 
9
 
 
 
  
 
10
 
Item 2.
 
  
 
25
 
Item 3.
 
  
 
45
 
Item 4.
 
  
 
45
 
     
PART II.
 
  
 
46
 
     
Item 1.
 
  
 
46
 
Item 1A.
 
  
 
46
 
Item 2.
 
  
 
87
 
Item 3.
 
  
 
87
 
Item 4.
 
  
 
87
 
Item 5.
 
  
 
87
 
Item 6.
 
  
 
88
 
 
 
  
 
89
 
 
 
i

Table of Contents
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” 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:
 
   
the expected benefits of the Merger and our future performance;
 
   
the expected impact from Spire and exactEarth Ltd. (TSX: XCT) (“exactEarth”) entering into a definitive arrangement agreement under which Spire will acquire exactEarth and the combined future performance;
 
   
changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, and plans;
 
   
the implementation, market acceptance, and success of our business model;
 
   
the ability to develop new offerings, services, and features and bring them to market in a timely manner and make enhancements to our business;
 
   
the quality and effectiveness of our technology and our ability to accurately and effectively use data and engage in predictive analytics;
 
   
overall level of consumer 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 ability to expand our products and offerings internationally;
 
   
our ability to acquire new businesses or pursue strategic transactions;
 
   
our ability to protect patents, trademarks, 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 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 maintain effective internal control over financial reporting and to remedy identified material weaknesses;
 
   
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 rates, and their impact on demand and pricing for our offerings in affected markets; and
 
   
the impact of the
COVID-19
pandemic, or a similar public health threat, on global capital and financial markets, general economic conditions in the United States, and our business and operations.
 
1

Table of Contents
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 the section titled “Risk Factors” and elsewhere in 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 events 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 unduly rely upon these statements.
 
2

Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Spire Global, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
 
    
September 30,
2021
   
December 31,
2020
 
Assets
                
Current assets
                
Cash and cash equivalents
   $ 245,770     $ 15,571  
Accounts receivable, net (including allowance of
 $389 and $174 as of September 30, 2021 and December 31, 2020, respectively)
     6,456       3,738  
Contract assets
     1,089       853  
Restricted cash, current
     12,801           
Other current assets
     10,227       2,112  
    
 
 
   
 
 
 
Total current assets
     276,343       22,274  
Property and equipment, net
     25,855       20,458  
Other long-term assets, including restricted cash
     1,365       1,690  
Total assets
   $ 303,563     $ 44,422  
    
 
 
   
 
 
 
Liabilities and Stockholders’ Equity (Deficit)
                
Current liabilities
                
Accounts payable
   $ 4,738     $ 1,775  
Accrued wages and benefits
     1,865       1,590  
Contract liabilities, current portion
     10,331       8,110  
Warrant liability, current portion
     22,582           
Other accrued expenses
     5,967       1,813  
    
 
 
   
 
 
 
Total current liabilities
     45,483       13,288  
Long-term debt,
non-current
     45,221       26,645  
Contingent earnout liability
     77,131           
Convertible notes payable, net (including related parties of $0 and $7,498 as of September 30, 2021, and December 31, 2020, respectively)
              48,631  
Deferred income tax liabilities
     287       338  
Warrant liability
     30,770       4,007  
Other long-term liabilities
     1,382       249  
    
 
 
   
 
 
 
Total liabilities
     200,274       93,158  
    
 
 
   
 
 
 
Commitments and contingencies (Note 9)
           
Stockholders’ Equity (Deficit)
                
Series A preferred stock, $0.0001 par value, none authorized, issued and outstanding at September 30, 2021; 12,671,911 shares authorized, 21,615,723 shares issued and outstanding at December 31, 2020 (liquidation value of $52,809 at December 31, 2020)
              52,809  
Series B preferred stock, $0.0001 par value, none authorized, issued and outstanding at September 30, 2021; 4,869,754 shares authorized, 8,306,818 shares issued and outstanding at December 31, 2020 (liquidation value of $35,228 at December 31, 2020)
              35,228  
Series C preferred stock, $0.0001 par value, none authorized, issued and outstanding at September 30, 2021; 9,126,525 shares authorized, 12,804,176 shares issued and outstanding at December 31, 2020 (liquidation value of $65,222 at December 31, 2020)
              65,222  
Common stock, $0.0001 par value, 1,000,000,000 Class A and 15,000,000 Class B shares authorized, 133,742,534 
Class A and 12,058,614 Class B shares issued and outstanding at September 30, 2021;
 
55,000,000 shares authorize
d
, 17,664,015 Class A shares issued and outstanding at December 31, 202
0
     15       2  
Additional
paid-in
capital
     393,872       10,131  
Accumulated other comprehensive loss
     (191     (982
Accumulated deficit
     (290,407     (211,146
Total stockholders’ equity (deficit)
     103,289       (48,736
    
 
 
   
 
 
 
Total liabilities and stockholders’ equity (deficit)
   $ 303,563     $ 44,422  
    
 
 
   
 
 
 
The accompanying notes are an integral p
a
rt of these condensed consolidated financial statements.
 
3

Table of Contents
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,
 
    
2021
   
2020
   
2021
   
2020
 
Revenue
   $ 9,561     $ 7,184     $ 28,390     $ 21,221  
Cost of revenue
     5,338       2,426       12,393       7,821  
    
 
 
   
 
 
   
 
 
   
 
 
 
Gross profit
     4,223       4,758       15,997       13,400  
    
 
 
   
 
 
   
 
 
   
 
 
 
Operating expenses
                                
Research and development
     7,804       5,231       21,913       14,585  
Sales and marketing
     5,574       2,294       14,369       7,082  
General and administrative
     8,217       3,110       23,507       8,854  
Loss on satellite deorbit and launch failure
              666                666  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     21,595       11,301       59,789       31,187  
    
 
 
   
 
 
   
 
 
   
 
 
 
Loss from operations
     (17,372     (6,543     (43,792     (17,787
    
 
 
   
 
 
   
 
 
   
 
 
 
Other income (expense)
                                
Interest income
     4                6       45  
Interest expense
     (2,392     (1,522     (8,267     (4,479
Change in fair value of warrant liabilities
     (13,353           (23,529      
Other income (expense), net
     681       636       (2,710     181  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total other income (expense), net
     (15,060     (886     (34,500     (4,253
    
 
 
   
 
 
   
 
 
   
 
 
 
Loss before income taxes
     (32,432     (7,429     (78,292     (22,040
Income tax provision
     269       195       969       300  
    
 
 
   
 
 
   
 
 
   
 
 
 
Net loss
   $ (32,701     (7,624   $ (79,261   $ (22,340
    
 
 
   
 
 
   
 
 
   
 
 
 
Basic and diluted net loss per share (Class A common stock)
   $ (0.49   $ (0.43   $ (2.12   $ (1.27
    
 
 
   
 
 
   
 
 
   
 
 
 
Weighted-average shares of Class A common stock used in computing basic and diluted net loss per share
     67,348,269       17,605,469       37,389,424       17,603,874  
    
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
4

Table of Contents
Spire Global, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(In thousands)
(Unaudited)
 
                                 
    
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
    
2021
   
2020
   
2021
   
2020
 
Net loss
   $
(32,701
  $
(7,624
  $
(79,261
  $
(22,340
Other comprehensive loss:
                                
Foreign currency translation adjustments
    
324
     
(94
   
791
     
30
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Comprehensive loss
   $
(32,377
  $
(7,718
  $
(78,470
  $
(22,310
    
 
 
   
 
 
   
 
 
   
 
 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
5

Table of Contents
Spire Global, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit)
(In thousands, except share amounts)
(Unaudited)
 
 
 
Series A
Preferred Stock
 
 
Series B
Preferred Stock
 
 
Series C
Preferred Stock
 
 
Common Stock
 
 
Additional
Paid-in

Capital
 
 
Accumulated
Other
Comprehensive

Loss
 
 
Accumulated

Deficit
 
 
Total
Stockholders’

Equity
(Deficit)
 
 
 
Shares
(1)
 
 
Amount
 
 
Shares
(1)
 
 
Amount
 
 
Shares
(1)
 
 
Amount
 
 
Shares
(1)
 
 
Amount
 
Balance,
 
June 30,
 
2021
     21,615,723     $ 52,809       8,306,818     $ 35,228       12,951,095     $ 66,113       19,212,323      $ 2      $ 23,370     $ (515   $ (257,706   $ (80,699
Exercise of stock options
     —         —         —         —         —         —         229,316        —          392       —         —         392  
Stock
 
compensation
 
expense
     —         —         —         —         —         —         —          —          2,099       —         —         2,099  
Issuance of shares to FP Lenders (Note 6)
     —         —         —         —         —         —         1,490,769        1        14,803       —         —         14,804  
Conversion of warrants to common stock
     —         —         —         —         —         —         672,355        —          308       —         —         308  
Conversion
 
of
 
Series A
 
preferred stock to common stock upon the reverse recapitalization
     (21,615,723     (52,809     —         —         —         —         21,615,723        2        52,807       —         —         —    
Conversion
 
of
 
Series B
 
preferred stock to common stock upon the reverse recapitalization 
     —         —         (8,306,818     (35,228     —         —         8,306,818        1        35,227       —         —         —    
Conversion of Series C preferred stock to common stock upon the reverse recapitalization 
     —         —         —         —         (12,951,095     (66,113     12,951,095        1        66,112       —         —         —    
Conversion of convertible notes to common stock upon the reverse recapitalization 
     —         —         —         —         —         —         37,034,620        4        70,929       —         —         70,933  
Issuance of common stock upon the reverse recapitalization and PIPE financing, net of merger costs
(2)
     —         —         —         —         —         —         44,288,129        4        206,220       —         —         206,224  
Contingent
 
earnout
 
liability
 
upon closing of the merger
     —         —         —         —         —         —         —          —          (78,395     —         —         (78,395
Net loss
     —         —         —         —         —         —         —          —          —         —         (32,701     (32,701
Foreign currency translation adjustments
     —         —         —         —         —         —         —          —          —         324       —         324  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Balance, September 30, 2021
            $                 $                 $          145,801,148      $ 15      $ 393,872     $ (191   $ (290,407   $ 103,289  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
 
6

Table of Contents
 
  
Series A
Preferred Stock
 
 
Series B
Preferred Stock
 
 
Series C
Preferred Stock
 
 
Common Stock
 
  
Additional
Paid-in

Capital
 
 
Accumulated
Other
Comprehensive

Loss
 
 
Accumulated

Deficit
 
 
Total
Stockholders’
Equity

(Deficit)
 
 
  
Shares
(1)
 
 
Amount
 
 
Shares
(1)
 
 
Amount
 
 
Shares
(1)
 
 
Amount
 
 
Shares
(1)
 
  
Amount
 
Balance,
 
December 31,
 
2020
     21,615,723     $ 52,809       8,306,818     $ 35,228       12,804,176     $ 65,222       17,664,015      $ 2      $ 10,131     $ (982   $ (211,146   $ (48,736
Exercise of stock options
     —         —         —         —         —         —         799,901        —          1,065       —         —         1,065  
Stock compensation expense
     —         —         —         —         —         —         —          —          6,600       —         —         6,600  
Issuance of shares to FP Lenders (Note 6)
     —         —         —         —         —         —         2,468,492        1        22,868       —         —         22,868  
Exercise of series C preferred warrants
     —         —         —         —         146,919       891       —          —          —         —         —         891  
Conversion of warrants to common stock
     —         —         —         —         —         —         672,355        —          308       —         —         308  
Conversion of Series A preferred stock to common stock upon the reverse recapitalization
     (21,615,723     (52,809     —         —         —         —         21,615,723        2        52,807       —         —         —    
Conversion of Series B preferred stock to common stock upon the reverse recapitalization 
     —         —         (8,306,818     (35,228     —         —         8,306,818        1        35,227       —         —         —    
Conversion of Series C preferred stock to common stock upon the reverse recapitalization 
     —         —         —         —         (12,951,095     (66,113     12,951,095        1        66,112       —         —         —    
Conversion of convertible notes to common stock upon the reverse recapitalization 
     —         —         —         —         —         —         37,034,620        4        70,929       —         —         70,933  
Issuance of common stock upon the reverse recapitalization and PIPE financing, net of merger costs
(2)
     —         —         —         —         —         —         44,288,129        4        206,220       —         —         206,224  
Contingent earnout liability upon closing of the merger
     —         —         —         —         —         —         —          —          (78,395     —         —         (78,395
Net loss
     —         —         —         —         —         —         —          —          —         —         (79,261     (79,261
Foreign currency translation adjustments
     —         —         —         —         —         —         —          —          —         791       —         791  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Balance, September 30, 2021
            $                 $                 $          145,801,148      $ 15      $ 393,872     $ (191   $ (290,407   $ 103,289  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
7

Table of Contents
Spire Global, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Deficit
(In thousands, except share amounts)
(Unaudited)
 
 
  
Series A
Preferred Stock
 
  
Series B
Preferred Stock
 
  
Series C
Preferred Stock
 
  
Common Stock
 
  
Additional
Paid-in

Capital
 
  
Accumulated
Other
Comprehensive

Loss
 
 
Accumulated

Deficit
 
 
Total
Stockholders’

Deficit
 
 
  
Shares
(1)
 
  
Amount
 
  
Shares
(1)
 
 
  
Amount
 
  
Shares
(1)
 
 
  
Amount
 
  
Shares
(1)
 
  
Amount
 
Balance,
 
June 30, 2020
     21,615,723      $ 52,809        8,306,818        $ 35,228        12,804,176        $ 65,222        17,604,528      $ 2      $ 8,276      $ (504   $ (193,358   $ (32,325
Exercise
 
of
 
stock options
     —          —          —            —          —            —          2,417        —          4        —         —         4  
Stock compensation expense
     —          —          —            —          —            —          —          —          531        —         —         531  
Net loss
     —          —          —            —          —            —          —          —          —          —         (7,624     (7,624
Foreign currency translation adjustments
     —          —          —            —          —            —          —          —          —          (94     —         (94
 
  
 
 
    
 
 
    
 
 
      
 
 
    
 
 
      
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Balance, September 30, 2020
     21,615,723      $ 52,809        8,306,818        $ 35,228        12,804,176        $ 65,222        17,606,945      $ 2      $ 8,811      $ (598   $ (200,982   $ (39,508
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Series A
Preferred Stock
 
  
Series B
Preferred Stock
 
  
Series C
Preferred Stock
 
  
Common Stock
    
Additional
Paid-in

Capital
 
  
Accumulated
Other
Comprehensive

Loss
 
 
Accumulated

Deficit
 
 
Total
Stockholders’

Deficit
 
 
  
Shares
(1)
 
  
Amount
 
  
Shares
(1)
 
 
  
Amount
 
  
Shares
(1)
 
 
  
Amount
 
  
Shares
(1)
 
  
Amount
 
Balance, December 31, 2019
     21,615,723      $ 52,809        8,306,818        $ 35,228        12,804,176        $ 65,222        17,602,594      $ 2      $ 7,354      $ (628   $ (178,642   $ (18,655
Exercise of stock options
     —          —          —            —          —            —          4,351        —          6        —         —         6  
Stock compensation expense
     —          —          —            —          —            —          —          —          1,451        —         —         1,451  
Net loss
     —          —          —            —          —            —          —          —          —          —         (22,340     (22,340
Foreign currency translation adjustments
     —          —          —            —          —            —          —          —          —          30       —         30  
 
  
 
 
    
 
 
    
 
 
      
 
 
    
 
 
      
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
Balance, September 30, 2020
     21,615,723      $ 52,809        8,306,818        $ 35,228        12,804,176        $ 65,222        17,606,945      $ 2      $ 8,811      $ (598   $ (200,982   $ (39,508
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
    
 
 
      
 
 
    
 
 
      
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
 
(1)
The shares of the Company’s common and convertible preferred stock, prior to the Merger (as d
e
fined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 1.7058 established in the Merger as described in Note 3.
(2)
Included in the share number is 12,058,614 shares of Class B common stock.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
8

Table of Contents
Spire Global, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
    
Nine Months Ended
September 30,
 
    
2021
   
2020
 
Cash flows from operating activities
                
Net loss
   $ (79,261   $ (22,340
Adjustments to reconcile net loss to net cash used in operating activities:
                
Depreciation and amortization
     5,615       3,861  
Stock-based compensation
     6,600       1,451  
Accretion on carrying value of convertible notes
     2,103       3,333  
Amortization of debt issuance costs
     2,617       158  
Change in fair value of warrant liability
     23,529       —    
Change in fair value of contingent earnout liability
     (1,265     —    
Deferred income tax liabilities
     (47     193  
Loss on extinguishment of debt
     2,277       —    
Loss on impairment of intangible assets
     91       —    
Changes in operating assets and liabilities:
                
Accounts receivable
     (2,905     534  
Contract assets
     (250     (575
Other current assets
     (7,381     (492
Other long-term assets
     213       (152
Accounts payable
     1,118       1,182  
Accrued wages and benefits
     302       734  
Contract liabilities
     2,416       3,369  
Other accrued expenses
     1,536       833  
Other long-term liabilities
     2,684       (509
    
 
 
   
 
 
 
Net cash used in operating activities
     (40,008     (8,420
    
 
 
   
 
 
 
Cash flows from investing activities
                
Purchase of property and equipment
     (9,309     (8,240
Investment in intangible assets
     (140     (67
    
 
 
   
 
 
 
Net cash used in investing activities
     (9,449     (8,307
    
 
 
   
 
 
 
Cash flows from financing activities
                
Proceeds from reverse recapitalization and PIPE financing
     264,823       —    
Payments of merger costs related to reverse recapitalization
     (30,600     —    
Proceeds from long-term debt
     70,000       7,592  
Proceeds from issuance of convertible notes payable
     20,000       250  
Payments on redemption of long-term debt
     (29,628     (4,500
Payment of debt issuance costs
     (4,293     (183
Proceeds from exercise of stock options
     1,065       6  
    
 
 
   
 
 
 
Net cash provided by financing activities
     291,367       3,165  
    
 
 
   
 
 
 
Effect of foreign currency translation on cash, cash equivalent and restricted cash
     1,071       236  
    
 
 
   
 
 
 
Net increase (decrease) in cash, cash equivalents and restricted cash
     242,981       (13,326
Cash, cash equivalents and restricted cash
                
Beginning of period
     15,986       24,531  
    
 
 
   
 
 
 
End of period
   $ 258,967    
$
11,205  
    
 
 
   
 
 
 
Supplemental disclosure of cash flow information
                
Cash paid for interest
   $ 1,431     $ 878  
Cash paid for income taxes
   $ 233     $ —    
Noncash financing activities
                
Conversion of Series A, B and C preferred stock to common stock upon the reverse recapitalization
   $ 154,150     $ —    
Contingent earnout liability recognized upon the closing of the reverse recapitalization
   $ 78,395     $ —    
Conversion of convertible notes to common stock upon the reverse recapitalization
   $ 70,933     $ —    
Public and private warrants acquired as part of the merger
   $ 26,707     $ —    
Issuance of shares to FP (Note 6)
   $ 22,868     $ —    
Capitalized merger and acquisition costs not yet paid
   $ 2,146     $ —    
Property and equipment purchased, but not yet paid
   $ 1,924     $ —    
Exercise of Series C preferred stock warrants
   $ 891     $ —    
Issuance of stock warrants with long-term debt
   $ 308     $ 1,806  
The accompanying notes are an integral part of these condensed consolidated financial statements.
 
9

Table of Contents
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 comprised of Spire Global, Inc. (“United States” or “U.S.”) and its wholly owned subsidiaries: Spire Global Subsidiary, Inc., Spire Global UK Limited (“United Kingdom or U.K”.), Spire Global Luxembourg S.a.r.l. (“Luxembourg”), Spire Global Singapore Pte. Ltd. (“Singapore”) and Spire Global Canada Acquisition Corp. The Company currently operates offices in six locations: San Francisco, Boulder, Washington D.C. (U.S.), Glasgow (U.K.), Luxembourg, and Singapore.
On August 16, 2021 (the “Closing Date”), Spire Global Subsidiary, Inc. (formerly known as Spire Global, Inc.) (“Old Spire”) closed its previously announced merger with NavSight Holdings, Inc. (“NavSight”), a special purpose acquisition company, pursu
a
nt 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 “Old Spire Founders,” and such agreement, the “Merger Agreement”). As a result, NavSight Merger Sub merged with and into Old Spire, the separate corporate existence of NavSight Merger Sub ceased, and Old Spire continued as the surviving corporation and a wholly owned subsidiary of NavSight (the “Merger”). NavSight then changed its name to Spire Global, Inc. (together with its consolidated subsidiary, “New Spire” or “Spire”) and Old Spire changed its name to Spire Global Subsidiary, Inc.
Please refer to Note 3 “Reverse Recapitalization” for further details of the Merger.
On September 13, 2021, the Company entered into a definitive agreement with exactEarth Ltd., a Canadian corporation (“exactEarth”), and leading provider of global maritime vessel data for ship tracking and maritime situational awareness solutions, pursuant to which the Company will acquire exactEarth for an estimated purchase price of approximately $161.2 million, consisting of (i) $103.4 million in cash on hand, and (ii) $57.8 million of shares of the Company’s Class A common stock (or approximately 5,234,857 shares), in each case upon the terms and subject to the conditions of the definitive agreement. The proposed acquisition (the “Proposed Acquisition”) is subject to customary closing conditions, including the receipt of certain regulatory approvals; the approval of the Ontario Superior Court of Justice (Commercial List); the approval by not less than two-thirds of the votes cast at a special meeting of exactEarth shareholders, which will take place on November 18, 2021; no material adverse effect having occurred in respect of either the Company or exactEarth; and dissent rights not having been exercised with respect to more than 10% of exactEarth’s outstanding common shares. The Proposed Acquisition is expected to close in the fourth quarter of 2021 or the first quarter of 2022. On October 15, 2021, the Company and exactEarth amended the definitive agreement to the Plan of Arrangement to cause consideration that is unclaimed after two years to continue to be administered by the depositary, instead of being returned for further administration by the Company.
 
2.
Summary of Significant Accounting Policies
Basis of Presentation
The condensed consolidated financial statements and accompanying notes are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. The condensed consolidated financial statements for the three and nine months ended September 30, 2021 include the accounts of Spire Global, Inc. (i.e. former NavSight) and its wholly-owned subsidiary, Old Spire, following the Reverse Recapitalization as further discussed in Note 3 “Reverse Recapitalization.” For periods prior to the Merger, the reported share and per share amounts have been retroactively converted by applying the Exchange Ratio with the exception of authorized shares. Issued and outstanding shares and warrants as disclosed herein have been adjusted reflecting the Exchange Ratio. All other accompanying financial statements as of December 31, 2020 and for the three and nine months ended September 30, 2020 include only the accounts of Old Spire. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes for the years ended December 31, 2020 and 2019.
The information as of December 31, 2020 included on the condensed consolidated balance sheets was derived from the Company’s audited consolidated financial statements. The unaudited condensed consolidated financial statements were prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, contain all adjustments, consisting of normal recurring adjustments necessary for a fair statement of its financial position, results of operations and cash flows for the periods indicated. All intercompany accounts and transactions have been eliminated in consolidation.
Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2021.
Liquidity Risks and Uncertainties
The unaudited condensed consolidated financial statements have been prepared on the basis of continuity of operations, the realization of assets, and the satisfaction of liabilities in the ordinary course of business. Since inception, the Company has been engaged in developing its product offerings, raising capital, and recruiting personnel. The Company’s operating plan may change as a result of many factors currently unknown and there can be no assurance that the current operating plan will be achieved in the time frame anticipated by the Company, and it may need to seek additional funds sooner than planned. If adequate funds are not available to the Company on a timely basis, it may be required to delay, limit, reduce, or terminate certain commercial efforts, or pursue merger or acquisition strategies, all of which could adversely affect the holdings or the rights of the Company’s stockholders.
 
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The Company has a history of operating losses and negative cash flows from operations since inception. During the nine months ended September 30, 2021, net loss was $79,261 and cash used in operations was $40,008. During the nine months ended September 30, 2020, net loss was $22,340 and cash used in operations was $8,420. The Company held cash and cash equivalents of $245,770,
excluding restricted cash, at September 30, 2021. On August 16, 2021, the Company received net proceeds of approximately $236,632
from Private Investment in Public Equity
(“PIPE”) 
investors (the “PIPE Investors”) and the Merger. The Company believes that it will have sufficient working capital to operate for a period of one year from the issuance of the Condensed Consolidated Financial Statements as of and for the nine months ended September 30, 2021 based on the borrowings under the FP Term Loan Agreement (as defined in Note 6) and the additional funds raised associated with the closing of the Merger (the “Closing”) (Note 3).
The Company’s assessment of the period of time through which its financial resources will be adequate to support its operations is a forward-looking statement and involves risks and uncertainties. The Company’s actual results could vary as a result of many factors, including its growth rate, subscription renewal activity, the timing and extent of spending to support its infrastructure and research and development efforts and the expansion of sales and marketing activities. The Company may in the future enter into arrangements to acquire or invest in complementary businesses, services, and technologies, including intellectual property rights. The Company has based its estimates on assumptions that may prove to be wrong, and it could use its available capital resources sooner than it currently expects. The Company may be required to seek additional equity or debt financing. Future liquidity and cash requirements will depend on numerous factors, including market penetration, the introduction of new products, and potential acquisitions of related businesses or technology. In the event that additional financing is required from outside sources, the Company may not be able to raise it on acceptable terms or at all. If the Company is unable to raise additional capital when desired, or if it cannot expand its operations or otherwise capitalize on its business opportunities because it lacks sufficient capital, its business, operating results, and financial condition would be adversely affected.
COVID-19
Impact
In March 2020, the World Health Organization declared the outbreak of
COVID-19
a pandemic, which continues to spread throughout the United States and the world and has resulted in authorities implementing numerous measures to contain the virus, including travel bans and restrictions, quarantines,
shelter-in-place
orders, and business limitations and shutdowns. While the Company is unable to accurately predict the full impact that the
COVID-19
pandemic will have on its operating results, financial condition, liquidity and cash flows due to numerous uncertainties, including the duration and severity of the pandemic or any resurgences of the pandemic locally or globally, the Company’s compliance with these measures has impacted its
day-to-day
operations and could continue to disrupt its business and operations, as well as that of certain of the Company’s customers whose industries are more severely impacted by these measures, for an indefinite period of time. Through the nine months ended September 30, 2021, the Company has experienced adverse changes in customer buying behavior that began in March 2020 as a result of the impact of the
COVID-19
pandemic, including decreased customer engagement, delayed sales cycles, and deterioration in near-term demand. In 2021, the Delta variant of
COVID-19
has become the dominant strain in numerous countries around the world, including the United States, and is believed to be more contagious than other previously identified
COVID-19
strains. Despite these headwinds, the Company experienced an increase in revenue for the nine months ended September 30, 2021, as compared to the nine months ended September 30, 2020. As a result of the impact of the
COVID-19
pandemic, the Company experienced delays and
re-work
due to third party satellite launch providers schedule shifts, delays and increased expenses in its hiring process, some attrition from adjusting company policies due to the
COVID-19
pandemic and additional time and expenses supporting customer contracts.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Management’s significant estimates include assumptions in revenue recognition, contingent earnout liability, allowance for doubtful accounts, realizability of deferred income tax assets, equity awards and warrant liabilities. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The Company adjusts such estimates and assumptions based on the facts and circumstances. As future events and their effects cannot be determined with precision, actual results could differ from those estimates.
Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Restricted cash, current and restricted cash included in Other long-term assets in the Condensed Consolidated Balance Sheets represents amounts pledged as guarantees or collateral for financing arrangements (Note 6 and Note 12) and lease agreements, as contractually required.
 
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The following table shows components of cash, cash equivalents, and restricted cash reported on the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows as of: