Spire Global, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Spire Global, Inc. has filed its 2023 10-K report, detailing its financial performance and operational aspects for the fiscal year ending December 31, 2023.</b>

AI Summary

Spire Global, Inc. (SPIR) filed a Annual Report (10-K) with the SEC on March 6, 2024. Spire Global, Inc. filed its 2023 Form 10-K on March 6, 2024. The filing covers the fiscal year ending December 31, 2023. The company was formerly known as NavSight Holdings, Inc. and changed its name on June 24, 2020. Spire Global operates in the Communication Services, NEC sector (SIC 4899). The filing includes data related to various financial instruments, including warrants and RSU/ESPP shares.

Why It Matters

For investors and stakeholders tracking Spire Global, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Spire Global's financial health, operational risks, and strategic initiatives for the past fiscal year, crucial for investors to assess the company's current standing and future prospects. The detailed financial disclosures, including information on liabilities, warrants, and revenue segments, offer insights into the company's business model and its ability to manage financial obligations and generate income.

Risk Assessment

Risk Level: — Spire Global, Inc. shows moderate risk based on this filing. The company's financial disclosures indicate a focus on various financial instruments and potential liabilities, such as warrants and contingent earnouts, which could impact future financial performance and require careful management.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Spire Global's financial position and potential future performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-06 — Filing Date (Date of submission)
• 2020-06-24 — Name Change Date (Date Spire Global, Inc. adopted its current name)

Key Players & Entities

• Spire Global, Inc. (company) — Filer name
• NavSight Holdings, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-06 (date) — Filing date
• 4899 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Spire Global operates within the Communication Services, NEC sector, indicating its business involves services related to communication technologies.

Regulatory Implications

The filing is a Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for public companies.

What Investors Should Do

1. Review the detailed financial statements and disclosures within the 10-K for a comprehensive understanding of Spire Global's financial health.
2. Analyze the risk factors section to identify potential challenges and uncertainties facing the company.
3. Examine any specific mentions of revenue segments, backlog, or significant agreements to gauge business performance and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-06: Filing Date — Date the 10-K was officially filed with the SEC.
• 2020-06-24: Name Change — Date the company formerly known as NavSight Holdings, Inc. changed its name to Spire Global, Inc.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing for Spire Global, Inc.

Key Financial Figures

• $0.0001 — ed Class A common stock, par value of $0.0001 per share SPIR New York Stock Excha

Filing Documents

• spir-20231231.htm (10-K) — 3366KB
• spir-ex4_6.htm (EX-4.6) — 51KB
• spir-ex10_21.htm (EX-10.21) — 79KB
• spir-ex21_1.htm (EX-21.1) — 20KB
• spir-ex23_1.htm (EX-23.1) — 3KB
• spir-ex31_1.htm (EX-31.1) — 23KB
• spir-ex31_2.htm (EX-31.2) — 23KB
• spir-ex32_1.htm (EX-32.1) — 12KB
• spir-ex97_1.htm (EX-97.1) — 72KB
• img3305181_0.jpg (GRAPHIC) — 48KB
• img3305181_1.jpg (GRAPHIC) — 48KB
• img175857509_0.jpg (GRAPHIC) — 433KB
• img175857509_1.jpg (GRAPHIC) — 435KB
• img175857509_2.jpg (GRAPHIC) — 255KB
• img175857509_3.jpg (GRAPHIC) — 433KB
• 0000950170-24-027164.txt (&nbsp;) — 19851KB
• spir-20231231.xsd (EX-101.SCH) — 2750KB
• spir-20231231_htm.xml (XML) — 2857KB

Business

Business 8 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 45 Item 1C. Cybersecurity 45 Item 2.

Properties

Properties 46 Item 3.

Legal Proceedings

Legal Proceedings 46 Item 4. Mine Safety Disclosures 46 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47 Item 6. [Reserved] 47 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 64 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 96 Item 9A.

Controls and Procedures

Controls and Procedures 96 Item 9B. Other Information 98 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98 PART III Item 10. Directors, Executive Officers and Corporate Governance 99 Item 11.

Executive Compensation

Executive Compensation 99 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99 Item 13. Certain Relationships and Related Transactions, and Director Independence 99 Item 14. Principal Accountant Fees and Services 99 PART IV Item 15. Exhibits and Financial Statement Schedules 100 Item 16. Form 10-K Summary 102

Signatures

Signatures 103 3 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "plan," "anticipate," "could," "would," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," "seek" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements about: our ability to meet our financial covenants in the future; the sufficiency of our working capital in the future; changes in our growth, strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, and plans; our ability to remedy identified material weaknesses; the implementation, market acceptance, and success of our business model; the ability to develop new offerings, services, solutions and features and bring them to market in a timely manner and make enhancements to our business; the quality and effectiveness of and advancements in our technology and our ability to accurately and effectively use data and engage in predictive analytics; overall level of customer demand for our products and offerings; expectations and timing related to product launches; expectations of achieving and maintaining profitability; projections of total addressable markets, market opportunity, and market share; our ability to acquire data sets, software, equipment, satellite components, and regulatory approvals from third parties;

Business

Item 1. Business General Spire Global, Inc. ("Spire" or the "Company"), founded in August 2012, is a global provider of space-based data and analytics that offers its customers unique datasets and insights about Earth from the ultimate vantage point. The Company collects this space-based data through its proprietary constellation of multi-purpose nanosatellites. By designing, manufacturing, integrating, and operating its own satellites and ground stations, the Company has unique end-to-end control and ownership over its entire system. The Company offers the following three data solutions to customers: Maritime, Aviation and Weather. As a fourth solution, the Company is providing "space-as-a-service" through its Space Services solution. The Company is headquartered in Vienna, Virginia and has several wholly owned operating subsidiaries in the United States, United Kingdom, Luxembourg, Singapore, Australia, Germany, and Canada. On August 16, 2021, Spire Global Subsidiary, Inc. (formerly known as Spire Global, Inc.) ("Legacy Spire") closed its previously announced merger with NavSight Holdings, Inc. ("NavSight"), a special purpose acquisition company. As a result, Legacy Spire continued as the surviving corporation and a wholly owned subsidiary of NavSight (the "Merger," and such consummation, the "Closing"). NavSight then changed its name to Spire Global, Inc. and Legacy Spire changed its name to Spire Global Subsidiary, Inc. Our principal executive office is located at 8000 Towers Crescent Drive, Suite 1100, Vienna, Virginia 22182, and our telephone number is (202) 301-5127. In this Annual Report on Form 10-K, Spire Global, Inc. (together with its subsidiaries) is referred to as "Spire," the "Company," "we," "us," or "our." Overview Spire is a global provider of space-based data, analytics and space services, offering unique datasets and powerful insights about Earth so that organizations can make decisions with confidence in a rapidly changing world.

View Full Filing

View this 10-K filing on SEC EDGAR