2023 Q4 Form 10-K Financial Statement

#000095017024027164 Filed on March 06, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $27.73M $105.7M $80.27M
YoY Change 23.86% 31.69% 85.06%
Cost Of Revenue $12.89M $42.43M $40.33M
YoY Change 20.32% 5.22% 115.42%
Gross Profit $14.84M $63.27M $39.94M
YoY Change 27.1% 58.41% 62.0%
Gross Profit Margin 53.52% 59.86% 49.76%
Selling, General & Admin $13.96M $68.25M $73.33M
YoY Change -22.65% -6.93% 20.48%
% of Gross Profit 94.06% 107.87% 183.6%
Research & Development $8.970M $38.92M $35.15M
YoY Change -4.49% 10.72% 11.19%
% of Gross Profit 60.45% 61.52% 88.01%
Depreciation & Amortization $6.586M $18.23M $18.34M
YoY Change 53.7% -0.62% 115.55%
% of Gross Profit 44.38% 28.81% 45.92%
Operating Expenses $22.93M $107.9M $109.0M
YoY Change -16.43% -1.02% 17.9%
Operating Profit -$8.089M -$44.65M -$69.09M
YoY Change -48.68% -35.38% -201.87%
Interest Expense -$3.190M $19.04M $13.96M
YoY Change -14.66% 36.41% 22.23%
% of Operating Profit
Other Income/Expense, Net -$1.312M -$19.24M -$20.00M
YoY Change -154.17% -3.8% -140.8%
Pretax Income -$12.71M -$63.88M -$89.09M
YoY Change -27.89% -28.29% -573.5%
Income Tax -$488.0K $72.00K $322.0K
% Of Pretax Income
Net Earnings -$12.22M -$63.96M -$89.41M
YoY Change -30.33% -28.47% 362.98%
Net Earnings / Revenue -44.08% -60.51% -111.39%
Basic Earnings Per Share -$3.27 -$0.64
Diluted Earnings Per Share -$0.58 -$3.27 -$0.64
COMMON SHARES
Basic Shares Outstanding 19.58M 139.9M
Diluted Shares Outstanding 19.58M 139.9M

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.87M $40.87M $70.28M
YoY Change -41.85% -41.85% -35.67%
Cash & Equivalents $29.14M $29.14M $47.20M
Short-Term Investments $11.73M $11.73M $23.08M
Other Short-Term Assets $12.34M $6.603M $9.279M
YoY Change 32.99% -28.84% -7.86%
Inventory
Prepaid Expenses
Receivables $9.911M $16.13M $17.22M
Other Receivables $1.237M $5.737M $0.00
Total Short-Term Assets $69.34M $69.34M $96.78M
YoY Change -28.35% -28.35% -26.45%
LONG-TERM ASSETS
Property, Plant & Equipment $71.21M $86.13M $65.44M
YoY Change 32.48% 31.62% 34.36%
Goodwill $51.16M
YoY Change 2.4%
Intangibles $32.02M
YoY Change -7.93%
Long-Term Investments
YoY Change
Other Assets $8.181M $8.181M $9.562M
YoY Change -14.44% -14.44% -73.82%
Total Long-Term Assets $177.5M $177.5M $159.7M
YoY Change 11.11% 11.11% 0.7%
TOTAL ASSETS
Total Short-Term Assets $69.34M $69.34M $96.78M
Total Long-Term Assets $177.5M $177.5M $159.7M
Total Assets $246.8M $246.8M $256.5M
YoY Change -3.78% -3.78% -11.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.012M $8.012M $4.800M
YoY Change 66.92% 66.92% -17.58%
Accrued Expenses $8.540M $10.37M $12.71M
YoY Change 4.02% -18.43% 21.43%
Deferred Revenue $23.17M
YoY Change 46.1%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.55M $41.55M $33.37M
YoY Change 24.51% 24.51% 33.9%
LONG-TERM LIABILITIES
Long-Term Debt $114.1M $114.1M $98.48M
YoY Change 15.88% 15.88% 92.62%
Other Long-Term Liabilities $272.0K $19.56M $13.78M
YoY Change -65.13% 41.99% -43.66%
Total Long-Term Liabilities $114.4M $133.7M $112.3M
YoY Change 15.24% 19.08% 48.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.55M $41.55M $33.37M
Total Long-Term Liabilities $114.4M $133.7M $112.3M
Total Liabilities $176.3M $176.3M $146.4M
YoY Change 20.42% 20.42% 44.47%
SHAREHOLDERS EQUITY
Retained Earnings -$402.6M
YoY Change 18.89%
Common Stock $2.000K
YoY Change -87.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $70.54M $70.54M $110.1M
YoY Change
Total Liabilities & Shareholders Equity $246.8M $246.8M $256.5M
YoY Change -3.78% -3.78% -11.61%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$12.22M -$63.96M -$89.41M
YoY Change -30.33% -28.47% 362.98%
Depreciation, Depletion And Amortization $6.586M $18.23M $18.34M
YoY Change 53.7% -0.62% 115.55%
Cash From Operating Activities $4.111M -$23.62M -$47.82M
YoY Change -180.42% -50.6% -17.53%
INVESTING ACTIVITIES
Capital Expenditures $6.343M $30.04M $18.92M
YoY Change 113.64% 58.8% 22.66%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $8.636M $12.38M -$22.91M
YoY Change -1770.41% -154.05% -77.95%
Cash From Investing Activities $2.293M -$17.65M -$41.83M
YoY Change -165.78% -57.8% -64.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.866M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.267M 23.91M 26.37M
YoY Change -525.0% -9.35% -90.25%
NET CHANGE
Cash From Operating Activities 4.111M -23.62M -47.82M
Cash From Investing Activities 2.293M -17.65M -41.83M
Cash From Financing Activities -4.267M 23.91M 26.37M
Net Change In Cash 2.137M -17.93M -62.08M
YoY Change -128.14% -71.12% -166.28%
FREE CASH FLOW
Cash From Operating Activities $4.111M -$23.62M -$47.82M
Capital Expenditures $6.343M $30.04M $18.92M
Free Cash Flow -$2.232M -$53.66M -$66.74M
YoY Change -72.38% -19.59% -9.09%

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CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2023 us-gaap Amortization Of Financing Costs
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2337000
CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3781000
CY2023 us-gaap Fair Value Adjustment Of Warrants
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CY2022 us-gaap Fair Value Adjustment Of Warrants
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CY2023 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
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129000
CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAsset1
9677000
CY2023 us-gaap Asset Impairment Charges
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1024000
CY2022 us-gaap Asset Impairment Charges
AssetImpairmentCharges
784000
CY2023 us-gaap Write Off Of Deferred Debt Issuance Cost
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0
CY2022 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
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CY2023 us-gaap Other Noncash Income Expense
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290000
CY2022 us-gaap Other Noncash Income Expense
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CY2023 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Accounts Receivable
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CY2023 us-gaap Increase Decrease In Contract With Customer Asset
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2463000
CY2022 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
1364000
CY2023 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
3246000
CY2022 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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CY2023 us-gaap Increase Decrease In Other Noncurrent Assets
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CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
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CY2023 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1371000
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2023 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-2747000
CY2022 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-923000
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
6352000
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
7776000
CY2023 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-648000
CY2022 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
1012000
CY2023 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-2782000
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1632000
CY2023 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
0
CY2022 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-45000
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2023 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
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CY2022 us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
40213000
CY2023 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
52500000
CY2022 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
17300000
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30037000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18915000
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2023 us-gaap Net Income Loss
NetIncomeLoss
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2023 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
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CY2022 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
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CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2023 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
4500000
CY2022 us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
71512000
CY2023 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
75000
CY2022 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4516000
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
806000
CY2023 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
727000
CY2022 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
622000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
23907000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
26373000
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
-560000
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
1199000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-17928000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-62076000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
47569000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
109645000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
29641000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
47569000
CY2023 us-gaap Interest Paid Net
InterestPaidNet
16157000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
9438000
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
47000
CY2022 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
210000
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2745000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
957000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
5868000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0
CY2023 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
1800000
CY2022 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0
CY2023 spir Conversion Of Warrants To Class A Common Stock
ConversionOfWarrantsToClassACommonStock
286000
CY2022 spir Conversion Of Warrants To Class A Common Stock
ConversionOfWarrantsToClassACommonStock
4205000
CY2023 spir Issuance Of Stock Warrants With Long Term Debt
IssuanceOfStockWarrantsWithLongTermDebt
2579000
CY2022 spir Issuance Of Stock Warrants With Long Term Debt
IssuanceOfStockWarrantsWithLongTermDebt
3579000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="margin-left:4%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Basis of Presentation</span></p><p style="margin-left:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and regulations of the U.S. Securities and Exchange Commission (the "SEC"). The Company’s consolidated financial statements include the accounts of Spire Global, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.</span></p><p style="margin-left:4%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Reverse Stock Split</span></p><p style="margin-left:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Reported share amounts, including issued and outstanding shares, per share amounts, and reported issued and outstanding warrants and other securities convertible into common stock in these consolidated financial statements and accompanying notes have been retroactively adjusted for the Reverse Stock Split by applying the Reverse Stock Split ratio. The number of authorized shares of common stock was not impacted by the Reverse Stock Split, and therefore has not been retroactively adjusted.</span></p>
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
11726000
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-23622000
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
29144000
CY2023Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
497000
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4%;font-size:10pt;margin-top:15pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="margin-left:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Management’s significant estimates include assumptions in revenue recognition, allowance for credit losses, valuation of certain assets and liabilities acquired from the acquisition of exactEarth in November 2021 (the “Acquisition”), realizability of deferred income tax assets, and fair value of equity awards, contingent earnout liabilities and warrant liabilities. Actual results could differ from those estimates.</span></p><p style="margin-left:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Based on an evaluation of the lifespans of its in-service satellites and on current capabilities to extend the useful life of in-service satellites via software updates, the Company changed the estimated useful life of its capitalized satellites and related launch costs from three to four years</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">for depreciation purposes. The Company determined it was appropriate to make this change prospectively beginning June 2023. The change in estimated useful life did not have a material impact for the year ended December 31, 2023.</span></p><p style="margin-left:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">In November 2023, the Company updated the estimated useful lives for 43 capitalized satellites and related launch costs based on updated de-orbit dates. This change represents a change in accounting estimate and the impact of the change was an increase in loss from continuing operations before income taxes of approximately $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,467</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">, or $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.13</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">per basic and diluted share for the months of November and December 2023.</span></p>
CY2023Q4 spir Increase Decrease In Loss From Continuing Operations Before Income Taxes
IncreaseDecreaseInLossFromContinuingOperationsBeforeIncomeTaxes
2467000
CY2023 spir Increase Decrease In Loss From Continuing Operations Before Income Taxes
IncreaseDecreaseInLossFromContinuingOperationsBeforeIncomeTaxes
130
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
29144000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
47196000
CY2023Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
497000
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
373000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
29641000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
47569000
CY2023 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
640000
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
139000
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4%;font-size:10pt;margin-top:15pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="margin-left:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents and restricted cash, marketable securities, and accounts receivable. The Company typically has cash accounts in excess of Federal Deposit Insurance Corporation insurance coverage limits. The Company has not experienced any losses on such accounts, and management believes that the Company’s risk of loss is remote.</span></p><p style="margin-left:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The Company has a concentration of contractual revenue arrangements with various government agencies. Entities under common control are reported as a single customer. As of December 31, 2023, the Company did not have any customers that accounted for more than </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">% of the Company’s total accounts receivable. As of December 31, 2022, the Company had one customer (Customer A noted below) that accounted for </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">% of the Company’s total accounts receivable.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="margin-left:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The following customers represented 10% or more of the Company’s total revenue:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:7pt;font-family:Times New Roman;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:96.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:66.967%;"></td> <td style="width:1.1%;"></td> <td style="width:1%;"></td> <td style="width:13.417%;"></td> <td style="width:1%;"></td> <td style="width:1.1%;"></td> <td style="width:1%;"></td> <td style="width:13.417%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:7pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;"> <td style="vertical-align:bottom;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="6" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">Years Ended December 31,</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:7pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;"> <td style="vertical-align:bottom;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">2023</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="vertical-align:bottom;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="vertical-align:bottom;border-bottom:0.5pt solid #000000;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;min-width:fit-content;">2022</span></p></td> <td style="vertical-align:bottom;border-bottom:0.5pt solid #ffffff03;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#cff0fc;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Customer A</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td colspan="2" style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">*</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">11</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;min-width:fit-content;">Customer B</span><span style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-size:5.36pt;position:relative;min-width:fit-content;">(1)</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">26</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;min-width:fit-content;"> </span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="min-width:fit-content;"> </span></p></td> <td style="white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;min-width:fit-content;">19</span></p></td> <td style="white-space:nowrap;vertical-align:bottom;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;min-width:fit-content;">%</span></p></td> </tr> </table><p style="margin-left:4%;font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">* </span><span style="color:#000000;white-space:pre-wrap;font-size:7.5pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Revenue from this customer was less than </span><span style="font-size:7.5pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-style:italic;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:7.5pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">% of total revenue during the year.</span></p><p style="margin-left:4%;font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.03pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">(1)</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Consists of</span><span style="color:#000000;white-space:pre-wrap;font-size:7.5pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> multiple U.S. government agencies, of which only one government agency represented greater than </span><span style="font-size:7.5pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-style:italic;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:7.5pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">% of total revenue for the years ended December 31, 2023 and 2022.</span></p></div><p style="margin-left:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The Company has a concentration in vendor purchases. The Company believes its reliance on its vendors could be shifted over a period of time to alternative vendors should such a change be necessary. If the Company were to be unable to obtain alternative vendors due to factors beyond its control, operations would be disrupted until alternative vendors were secured. The Company had one vendor for the year ended December 31, 2023, and did not have any vendors for the year ended December 31, 2022, from which purchases of equipment, components and services individually represented 10% or more of the Company’s total purchases.</span></p><p style="margin-left:4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">The Company is dependent on third parties to launch its satellites into space, and any launch delay, malfunction, or failure could have a negative impact on revenue and might cause the Company not to be able to accommodate customers with sufficient data to meet minimum service level agreements until replacement satellites are available. The Company also incorporates technology and terrestrial data sets from third parties into its platform and its inability to maintain rights and access to such technology and data sets would harm its business and results of operations.</span></p>
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