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, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes changes in goodwill balance:


Balance at December 31, 2021	$	53,627
Impact of foreign currency translation		618
Balance at March 31, 2022	$	54,245

Intangible assets consisted of the following:


	March 31,			December 31,
	2022			2021
Customer relationships	$	24,780		$	24,559
Developed technology		14,105			13,957
Trade names		2,391			2,366
Backlog		3,294			3,268
Patents		491			491
FCC licenses		480			480
		45,541			45,121
Less: Accumulated amortization		(2,743	)		(968	)
	$	42,798		$	44,153

As of March 31, 2022, the weighted-average amortization period for Customer relationships and Developed technology was 11.7 years, Trade names was 4.7 years, Backlog was 0.7 years and Patents and FCC licenses was 7.4 years. Amortization expense related to intangible assets for the three months ended March 31, 2022 and 2021 was $1,748 and $25, respectively.

No impairment charges were recognized for the three months ended March 31, 2022 and 2021. The patents asset balance as of March 31, 2022 and December 31, 2021 includes $196 for both periods of capitalized patent costs, that will begin amortization upon the issuance of an official patent right to the Company.

As of March 31, 2022, the expected future amortization expense of intangible assets is as follows:


Years ending December 31,
Remainder of 2022	$	5,046
2023		3,772
2024		3,764
2025		3,764
2026		3,711
2027 and thereafter		22,545
		42,602
Capitalized patent costs, unissued		196
	$	42,798