During the preparation of the condensed consolidated financial statements as of and for the three months ended June 30, 2025, the Company identified two immaterial errors in previously issued financial statements. The first error related to the understatement of general and administrative expenses in the three months ended March 31, 2025. Specifically, legal expenses of $1,840 related to the Transactions were incurred during the first quarter of 2025 but were not accrued as a component of other accrued expenses in current liabilities.

The second error related to the understatement of stock-based compensation expense affecting cost of revenue, research and development, and sales and marketing expenses. The Company failed to record a portion of accelerated stock-based compensation in the three months ended December 31, 2024 and the three months ended March 31, 2025, resulting in an aggregate understatement of $541 and $1,018, respectively. This also resulted in an understatement of additional paid-in capital.

The Company evaluated these errors and concluded that they were not material to the previously issued financial statements. However, the Company has elected to correct these errors by revising the annual financial statements as of and for the year ended December 31, 2024 and the interim financial statements as of and for the three months ended March 31, 2025 in its Annual Report on Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the three months ended March 31, 2026, respectively.

These errors had no impact on the condensed consolidated statement of changes in stockholders’ equity or statements of comprehensive loss for the year ended December 31, 2024 and the three months ended March 31, 2025, other than the impact to net loss for the period. The errors also had no impact on total cash flows from operating, investing, or financing activities for the year ended December 31, 2024 and the three months ended March 31, 2025.

Liquidity Risks and Uncertainties

The Company has a history of operating losses and negative cash flows from operations since inception. During the six months ended June 30, 2025, the Company used $43,504 in cash for operating activities and fully repaid its outstanding long-term debt. In connection with the closing of the Transactions, the Company received net cash proceeds of $109,450 and an additional $37,297, net of offering expenses, from the 2025 Private Placement. These proceeds enhanced the Company's cash position and are expected to support its liquidity needs. As of June 30, 2025, the Company held cash and cash equivalents of $36,114, excluding restricted cash of $578, and investments in short-term marketable securities of $81,503.

On November 13, 2024, the Company entered into the Purchase Agreement with Buyer, pursuant to which the Company agreed to complete the Transactions. The maritime business sold pursuant to the Transactions did not include any part of the Company’s satellite network or operations. On April 25, 2025, the Company and L3Harris entered into the Settlement Agreement among the Company, exactEarth and L3Harris, pursuant to which, upon the closing of the Transactions, Buyer paid L3Harris $17,000 for full and complete resolution and release of all disputes asserted in connection with the A&R L3Harris Agreement between the Company and L3Harris. The Company and Buyer further agreed that the Company would contribute $7,000 toward the Settlement in the form of a reduction to the cash paid by Buyer to the Company at the closing of the Transactions.

On April 25, 2025, the Company completed the sale of its maritime business to Buyer for approximately $238,948, which reflects an increase to the original purchase price to account for funds contributed by the Buyer toward the Settlement. 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 (as defined below) and SIF (as defined below) loan agreement.

The Company previously disclosed substantial doubt about its ability to continue as a going concern in its Annual Report Form 10-K/A for the year ended December 31, 2024; the Company has concluded that it has sufficient liquidity to continue as a going concern for at least twelve months from the issuance date of these condensed consolidated financial statements.

The Company expects that its available cash, cash equivalents, and investments in marketable securities will be sufficient to fund operations for at least one year from the issuance date of these unaudited condensed consolidated financial statements. As of June 30, 2025, the Company had cash and cash equivalents of $36,114 and investments in short-term marketable securities of $81,503, which, together with its expected future financial results, are anticipated to provide sufficient working capital to support ongoing operations over that period.

The Company continues to incur operating losses, excluding the gain on the Transaction, and negative cash flows; however, management has evaluated these factors and, considering recent liquidity improvements, including $109,450 in net cash proceeds from the Transactions, an additional $37,297, net of offering expenses, from the 2025 Private Placement, and full repayment of long-term debt, believes that current liquidity is sufficient for ongoing operations.

Cash, Cash Equivalents, Marketable Securities, 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 included in other long-term assets, including restricted cash on the condensed consolidated balance sheets, represents amounts pledged as guarantees or collateral for financing arrangements and lease agreements, as contractually required.

The Company invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Unrealized gains and losses on marketable debt securities classified as available-for-sale are recognized in accumulated other comprehensive loss. Interest on securities classified as available-for-sale is included in interest income on the condensed consolidated statements of operations.

Related Parties

In conjunction with the Company’s acquisition of exactEarth (the “Acquisition”) in November 2021, Myriota Pty Ltd (“Myriota”), an existing Spire customer, became a related party as a result of exactEarth’s approximately 13% ownership of Myriota at the time of acquisition. As of June 30, 2025, the Company had 7.7% ownership of Myriota. The investment in Myriota of $290 and $858 was included in other long-term assets, including restricted cash on the condensed consolidated balance sheets as of June 30, 2025, and December 31, 2024, respectively. The Company accounts for this investment using the equity method of accounting due to its representation on Myriota’s board of directors. The Company’s share of earnings or losses on the investment is recorded on a one month lag, due to the timing of receiving financial statements from Myriota, as a component of other expense, net in the condensed consolidated statements of operations. The Company generated immaterial revenue from Myriota for the three and six months ended June 30, 2025, and had no accounts receivable from Myriota as of

June 30, 2025. The Company generated $226 and $443 in revenue from Myriota for the three and six months ended June 30, 2024, and had $52 of accounts receivable from Myriota as of December 31, 2024.