Spire Global, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Loss before income taxes consisted of the following:

The income tax provision consists of the following:


	Year Ended December 31,
	2023			2022
	(As Restated)			(As Restated)
Current income tax provisions:
Federal	$	—		$	—
State		—			—
Foreign		(176	)		386
Current income tax provision		(176	)		386
Deferred income tax expense:
Federal		—			—
State		—			—
Foreign		34			(101	)
Deferred income tax expense		34			(101	)
Total income tax (benefit) provision	$	(142	)	$	285

The following table presents a reconciliation of the federal statutory rate of 21% to effective tax rate:


	Year Ended December 31,
	2023			2022
	(As Restated)			(As Restated)
U.S. federal tax benefit at statutory rate		21.0	%		21.0	%
State income taxes, net of federal benefit		2.6	%		4.2	%
Foreign rate differential		0.4	%		1.1	%
Contingent earnout		0.0	%		2.1	%
Stock-based compensation		(1.4	)%		(0.7	)%
UK R&D expenditure		1.0	%		—
GILTI inclusion		(2.2	)%		—
Deferred tax adjustments		(4.7	)%		—
Non-deductible expenses and other		(0.4	)%		2.6	%
Change in valuation allowance, net		(16.2	)%		(30.5	)%
Effective tax rate		0.1	%		(0.2	)%

The significant components of deferred tax assets (liabilities) are as follows:


	Year Ended December 31,
	2023			2022
	(As Restated)			(As Restated)
Deferred tax assets
Net operating loss carryforward	$	98,300		$	97,737
Research and development credit carryforward		4,560			6,402
Interest expense limitation carryforward		5,141			—
Stock-based compensation		1,709			1,836
Property and equipment		6,030			3,533
Operating lease liabilities		1,891			1,965
Sec 174 Capitalized R&D		8,416			3,424
Intangibles		233			56
Other accruals		12,619			7,947
Gross deferred tax assets		138,899			122,900
Less: Valuation allowance		(121,009	)		(106,966	)
Net deferred tax assets		17,890			15,934
Deferred tax liabilities
Intangibles		(13,165	)		(13,945	)
Operating lease right-of-use assets		(1,785	)		(1,950	)
Foreign property and equipment and intangibles		(708	)		(771	)
Other accruals		(3,036	)		—
Gross deferred tax liabilities		(18,694	)		(16,666	)
Net deferred tax liabilities	$	(804	)	$	(732	)