Spire Global, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes changes in goodwill balance:


Balance at December 31, 2022	$	49,954
Impact of foreign currency translation		85
Balance at March 31, 2023	$	50,039

Intangible assets consisted of the following:


	March 31,			December 31,
	2023			2022
Customer relationships	$	22,916		$	22,877
Developed technology		13,023			13,001
Trade names		2,207			2,204
Backlog		3,049			3,043
Patents		419			419
FCC licenses		480			480
		42,094			42,024
Less: Accumulated amortization		(8,131	)		(7,243	)
	$	33,963		$	34,781

As of March 31, 2023, the weighted-average amortization period for customer relationships and developed technology was 10.7 years, trade names was 3.7 years, and patents and FCC licenses was 6.9 years. Amortization expense related to intangible assets for the three months ended March 31, 2023 and 2022 was $878 and $1,748, respectively.

No impairment charges were recognized for the three months ended March 31, 2023 and 2022. The patents asset balance as of each of March 31, 2023 and December 31, 2022 included $57 of capitalized patent costs that will begin amortization upon the issuance of an official patent right to the Company.

As of March 31, 2023, the expected future amortization expense of intangible assets is as follows:


Years ending December 31,
Remainder of 2023	$	2,640
2024		3,496
2025		3,487
2026		3,441
2027		3,028
Thereafter		17,814
		33,906
Capitalized patent costs, unissued		57
	$	33,963