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$SPIR
·
10-K
Spire Global, Inc. · Mar 19, 5:06 PM ET
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Spire Global, Inc. 10-K
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Contents
120
Item 1. Business.
General
Our Data Solution Offerings
Aviation
Weather and Climate
Space Services
Maritime
Our Technology Platform
Sales and Marketing
Research and Development
Competition
Employees
Government Regulation and Compliance
Available Information
Item 1A. Risk Factors.
Risks Related to Our Industry and Business
Risks Related to Legal, Regulatory, Compliance, and Other Matters
Risks Relating to Financial and Accounting Matters
Item 1B. Unresolved Staff Comments
Item 1C. Cybersecurity.
Cybersecurity Risk Management and Strategy
Cybersecurity Governance
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Mine Safety Disclosures
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities
Market Information for Common Stock
Holders of Record
Dividend Policy
Repurchases of Securities
Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. [Reserved]
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
Our Data Solution Offerings
Highlights for the Year Ended December 31, 2025
Key Factors Affecting Our Financial Performance
Key Business Metrics
We primarily use remaining performance obligations (“RPO”) and Adjusted EBITDA to help us evaluate our business, identify trends, and make strategic decisions. For further information regarding Adjusted EBITDA, see “Non-GAAP Financial Measures” below.
Components of Results of Operations
Results of Operations
Non-GAAP Financial Measures
Limitations on the Use of Non-GAAP Financial Measures
Liquidity and Capital Resources
Accounting Pronouncements Recently Adopted and Not Yet Adopted
Smaller Reporting Company Status
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Foreign currency exchange risk
Interest rate sensitivity
Inflation Risk
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Opinion on the Consolidated Financial Statements
Basis of Presentation
Revision of Previously Issued Financial Statements
As previously disclosed in Note 2 to the condensed consolidated financial statements included in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, the Company identified an immaterial revision to previously issued financial statements for the year ended December 31, 2024.
Reclassifications
Certain prior year periods amounts have been reclassified to conform with the current year period's presentation. These reclassifications had no impact on previously reported net income (loss).
Liquidity Risks and Uncertainties
Segment Information
Use of Estimates
Foreign Currency Translation
Fair Value Measurements
Cash, Cash Equivalents, Marketable Securities and Restricted Cash
Accounts Receivable and Notes Receivable
Concentrations Risk
Property and Equipment
Goodwill and Intangible Assets
Impairment of Long-Lived Assets
Warrants
Revenue Recognition
Contract Assets and Liabilities
Deferred Contract Costs
Cost of Revenue
Research and Development Costs
Leases
Sales and Marketing
General and Administrative Costs
Employee Benefit Plans and Postemployment Benefits
Stock-Based Compensation
Income Taxes
Comprehensive Income (Loss)
Net Income (Loss) Per Share
Accounting Pronouncements Recently Adopted
Accounting Pronouncements Not Yet Adopted
The Company recognizes revenue for certain long-term contracts using the percentage-of-completion method, measured on a cost-to-cost basis. From time to time, the Company revises its estimates of total costs for these contracts. Changes in estimated total costs for contracts using the percentage-of-completion method resulted in revenue reductions of $1.6 million for the year ended December 31, 2025.
Disaggregation of Revenue
Subscription revenue consists of recurring fees earned under customer contracts that provide ongoing access to the Company’s data products, software platforms, and the operational phase of Space Services contracts. Revenue is generally recognized ratably over the contractual service period. Non-subscription revenue consists of non-recurring services and deliverable-based arrangements, including funded research and development projects, project-based services, historical data sales, and professional services. Revenue is recognized either over time or at a point in time, depending on the nature of the performance obligation.
The following shows revenue from subscription and non-subscription contracts (dollars in thousands):
Contract Liabilities
Remaining Performance Obligations
Blue Torch Credit Agreement
Government Loan
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash and Cash Equivalents and Marketable Securities
Credit Agreement Warrants
Securities Purchase Agreement Warrants
Contingent Earnout Liability
L3Harris Commitment
Litigation
Note Receivable
Common Stock
Dividend Restrictions
Equity Transactions
Unrecognized Tax Benefits
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Management's Report on Internal Control over Financial Reporting
Remediation Efforts on Material Weaknesses in Internal Control over Financial Reporting
Changes in Internal Control over Financial Reporting
Item 9B. Other Information
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management, and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions, and Director Independence
Item 14. Principal Accounting Fees and Services
Item 15. Exhibits, Financial Statement Schedules
Exhibit Index
Item 16. Form 10-K Summary
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