As of June 30, 2025, the Company did not have any long-term debt, as the Transactions were completed on April 25, 2025. Long-term debt consisted of the following as of the balance sheet date presented:

The Company recorded interest expense, including amortization of deferred issuance costs from long-term debt, of $1,683 and $7,410 and for the three and six months ended June 30, 2025, respectively, and $4,772 and $9,825 for the three and six months ended June 30, 2024, respectively.

Blue Torch Credit Agreement

On June 13, 2022, the Company, as borrower, and Spire Global Subsidiary, Inc. and Austin Satellite Design, LLC, as guarantors, entered into a financing agreement (the “Blue Torch Financing Agreement”) with Blue Torch Finance LLC, a Delaware limited liability company (“Blue Torch”), as administrative agent and collateral agent, and certain lenders (the “Lenders”). The Blue Torch Financing Agreement provided for, among other things, a term loan facility in an aggregate principal amount of up to $120,000 (the “Blue Torch Credit Facility”).

The $120,000 term loan was available and drawn at closing, of which $19,735 was placed in an escrow account by Blue Torch with such amount released upon the Company achieving certain metrics related to annualized recurring revenue and a total annualized recurring revenue leverage ratio. These metrics were achieved and the $19,735 was released from the escrow account and delivered to the Company in February 2023. The term loan accrued interest at a floating rate based, at the Company’s election, on either a reference rate or a 3-month Term Secured Overnight Financing Rate (“SOFR”) (subject to a 1.0% floor), plus an interest rate margin of 7.0% for reference rate borrowings and 8.0% for 3-month Term SOFR borrowings, plus an incremental Term SOFR margin of 0.26161%. The Company elected the Term SOFR rate. Principal on the term loan was only payable at maturity and interest on the term loan was due and payable quarterly for Term SOFR borrowings.

On April 25, 2025, the Company repaid with a portion of the proceeds of the Transactions all obligations and all amounts borrowed, and all obligations terminated, under the Blue Torch Financing Agreement. The outstanding principal, exit fees, termination penalties, applicable premium and accrued interest under the Blue Torch Financing Agreement that the Company paid to Blue Torch amounted to, in the aggregate, approximately $108,557. The Company recognized $10,541 as a loss on extinguishment of debt on the condensed consolidated statements of operations during each of the three and six months ended June 30, 2025 upon the repayment of the Blue Torch Credit Facility.

Government Loan

The Company assumed an interest free loan agreement with the Strategic Innovation Fund (“SIF”) upon the Acquisition which was recorded at an amount equal to the proceeds received. Any amount outstanding under this loan would have been repayable in 15 annual payments beginning February 28, 2026, and would have had a stated interest rate of zero. On April 25, 2025, the Company repaid all obligations under the SIF loan agreement. The Company recognized $1,467 as a loss on extinguishment of debt on the condensed consolidated statements of operations during each of the three and six months ended June 30, 2025 upon the repayment of the SIF loan. The SIF loan agreement balance was $0 and $4,618, which was included in other long-term liabilities on the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively.