Spire Global, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes changes in goodwill balance:


Balance at December 31, 2023	$	51,155
Impact of foreign currency translation		(1,104	)
Balance at March 31, 2024	$	50,051

Intangible assets consisted of the following:


	March 31, 2024
	Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	22,921	$	(4,454	)
Developed technology		13,026		(2,533	)
Trade names		2,208		(1,030	)
Backlog		3,050		(3,050	)
Patents		419		(319	)
FCC licenses		480		(257	)
	$	42,104	$	(11,643	)

	December 31, 2023
	Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	23,427	$	(4,064	)
Developed technology		13,313		(2,312	)
Trade names		2,257		(940	)
Backlog		3,117		(3,117	)
Patents		419		(308	)
FCC licenses		480		(249	)
	$	43,013	$	(10,990	)

As of March 31, 2024, the weighted-average amortization period for customer relationships and developed technology was 9.7 years, for trade names was 2.7 years, and for patents and FCC licenses was 6.1 years. Amortization expense related to intangible assets was $880 and $878 for the three months ended March 31, 2024 and 2023, respectively.

No impairment charges were recognized for the three months ended March 31, 2024 and 2023. The patents asset balance included $35 and $57 of capitalized patent costs that will begin amortization upon the issuance of an official patent right to the Company as of March 31, 2024 and December 31, 2023, respectively.

As of March 31, 2024, the expected future amortization expense of intangible assets is as follows:


Years ending December 31,
Remainder of 2024	$	2,625
2025		3,491
2026		3,446
2027		3,034
2028		3,030
Thereafter		14,800
		30,426
Capitalized patent costs, unissued		35
	$	30,461