- Tenth consecutive quarter of record revenue; fourth quarter
revenue of $27.7M; full year 2023 revenue growth of 32%
- Improved GAAP operating loss in fourth quarter to ($8.2M), 50%
year-over-year (“YOY”) improvement, and lowered Non-GAAP operating
loss1 to ($3.6M), 65% YOY improvement
- Improved net loss in fourth quarter to ($12.2M); 30% YOY
improvement, and achieved positive adjusted EBITDA1 of $2.1M
- Achieved positive cash flow from operations of $4.1M and free
cash flow1 of ($2.2M) during the fourth quarter
Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”), a
leading provider of space-based data, analytics and space services,
today announced results for its quarter and year ended December 31,
2023. The Company will hold a webcast at 5:00 pm ET today to
discuss the results.
"Over the past quarter and throughout 2023, we continually
demonstrated our ability to achieve our business objectives,
fueling results that met or surpassed our expectations,” said Peter
Platzer, Spire CEO. “The continued growth we see is driven by
issues that impact all of humanity, such as climate change and
global security. We are honored, and encouraged, to see businesses
and organizations increasingly relying on our differentiated,
highly valuable data to gain meaningful insights that help create a
safer, more prosperous, and sustainable future on Earth."
“Spire achieved a strong finish to 2023 with positive cash flow
from operations and positive adjusted EBITDA,” said Leo Basola,
Spire CFO. “With a $9.2 million sequential improvement in cash flow
from operations, and non-GAAP operating loss and adjusted EBITDA
each exceeding the high end of our guidance range, the results for
the quarter surpassed our expectations. As we focus on 2024, we
expect to deliver positive free cash flow in the summer of 2024 and
make progress towards refinancing our existing debt.”
Fourth Quarter and Full Year 2023
Highlights
Financial:
- Fourth quarter 2023 revenue was $27.7 million, representing the
10th consecutive quarter of record revenue. Full year 2023 revenue
was $105.7 million, representing 32% year-over-year growth, and
meeting our objective of over 30% annual revenue growth.
- Fourth quarter 2023 U.S. generally accepted accounting
principles (“GAAP”) operating loss was $8.2 million, a 50%
improvement year-over-year, and full year 2023 GAAP operating loss
was $44.6 million, a 35% improvement. Fourth quarter 2023 non-GAAP
operating loss was $3.6 million, a 65% improvement year-over-year
and above the high end of our guidance range. Full year 2023
non-GAAP operating loss was $25.8 million, a 42% improvement
year-over-year. We believe these results reflect strong execution
on our path to profitability.
- Fourth quarter 2023 net loss was $12.2 million, a $5.3 million
year-over-year improvement. Adjusted EBITDA for the fourth quarter
2023 was positive $2.1 million, a $9.4 million improvement
year-over-year and over $1 million above the high end of our
guidance range.
- Fourth quarter 2023 cash flow from operations was positive $4.1
million, a sequential quarter-over-quarter improvement of $9.2
million. Fourth quarter 2023 free cash flow was ($2.2) million,
reflecting a $13.9 million sequential improvement
quarter-over-quarter.
1 Non-GAAP Financial Measure, please see section titled Non-GAAP
Financial Measures for the definition of such measures and the
reconciliation tables at the end of this release for reconciliation
to the most directly comparable GAAP measure.
Business:
- In early January 2024, Spire was awarded $9.4 million by the
National Oceanic and Atmospheric Administration (NOAA) to provide
radio occultation (RO) data for an eight-month period. The
near-real-time RO data provided by Spire will be used for NOAA’s
operational weather forecasts, space weather models and climate
research, among other applications. The Company’s RO data consists
of vertical profiles of atmospheric measurements, including
pressure, humidity and temperature across all points of the globe,
including in the most remote regions and open oceans.
- During the fourth quarter, Spire announced it was awarded a
Space Services contract by Lacuna Space, a leading satellite IoT
connectivity provider. Under the agreement, Spire will initially
build and launch six satellites carrying Lacuna Space’s payload and
antenna, with the opportunity to scale the constellation to dozens
of satellites.
- In December, Spire announced it was awarded a multi-million
euro contract by EUMETSAT, Europe’s meteorological satellite
agency, to provide RO data. The contract is for an initial period
of two years, from 2024-2026, with three optional, one-year
extensions. The award follows a successful pilot program, which
demonstrated the benefits of Spire's RO data for weather
forecasting accuracy and value.
- During the fourth quarter, Spire announced the launch of its
High-Resolution Weather Forecast model, a differentiated regional
high-resolution weather forecasting service. The solution provides
precise and customizable weather forecasts extending up to six
days, with the capability to be run at resolutions as fine as one
kilometer, covering any point on the globe. Built upon seven years
of research and development by Spire’s team of scientists and
engineers, the High-Resolution Weather Forecast is powered by the
Company’s proprietary RO technology, ocean wind and soil moisture
data.
Financial Outlook
Spire is providing the following guidance for the first quarter
2024 and for the full year ending December 31, 2024:
Q1'24 Ranges FY'24 Ranges Low High
Low High Revenue (millions)
$
27.0
$
29.0
$
138.0
$
148.0
Y/Y Growth
12
%
20
%
31
%
40
%
Non-GAAP Operating Loss (millions)
$
(8.0
)
$
(6.0
)
$
(5.5
)
$
2.5
Adjusted EBITDA (millions)
$
(2.0
)
$
0.0
$
13.0
$
19.0
Non-GAAP (Loss) Income Per Share
$
(0.36
)
$
(0.27
)
$
(0.24
)
$
0.11
Basic Weighted Average Shares (millions)
22.0
22.0
22.5
22.5
The non-GAAP operating loss/income, adjusted EBITDA and non-GAAP
loss/income per share included in the table above are non-GAAP
measures. Please see the section titled “Non-GAAP Financial
Measures” for the definition of such measures. Spire has provided a
reconciliation of GAAP to non-GAAP financial measures in the tables
included in this press release for its fourth quarter and full year
2022 and 2023 results, as well as its outlook for such measures for
the first quarter and full year 2024.
Non-GAAP Financial
Measures
In addition to financial measures prepared in accordance with
GAAP, this press release and the accompanying tables contain, and
the conference call will contain, non-GAAP financial measures,
including free cash flow, non-GAAP gross profit, non-GAAP gross
margins, non-GAAP research and development, non-GAAP sales and
marketing, non-GAAP general and administrative expenses, non-GAAP
operating loss/income, EBITDA, Adjusted EBITDA, non-GAAP net
loss/income, and non-GAAP net loss/income per share. Spire’s
management uses these non-GAAP financial measures internally in
analyzing its financial results and believes they are useful to
investors, as a supplement to the corresponding GAAP financial
measures, in evaluating its ongoing operational performance and
trends and in comparing its financial measures with other companies
in the same industry, many of which present similar non-GAAP
financial measures to help investors understand the operational
performance of their businesses. However, it is important to note
that the particular items Spire excludes from, or includes in, its
non-GAAP financial measures may differ from the items excluded
from, or included in, similar non-GAAP financial measures used by
other companies in the same industry. In addition, other companies
may utilize metrics that are not similar to Spire’s. The non-GAAP
financial information is presented for supplemental informational
purposes only and is not intended to be considered in isolation or
as a substitute for, or superior to, financial information prepared
and presented in accordance with GAAP. There are material
limitations associated with the use of non-GAAP financial measures
since they exclude significant expenses and income that are
required by GAAP to be recorded in Spire’s financial statements.
Investors should note that the excluded items may have had, and may
in the future have, a material impact on our reported financial
results. Please see the reconciliation tables at the end of this
release for the reconciliation of GAAP and non-GAAP results.
Management encourages investors and others to review Spire’s
financial information in its entirety and not rely on a single
financial measure.
Spire adjusts the following items from one or more of its
non-GAAP financial measures:
Loss on satellite deorbit, launch failure and decommissioning.
Spire excludes loss on satellite deorbit, launch failure and
decommissioning because if there was no loss, the expense would be
accounted for as depreciation and would also be excluded as part of
its EBITDA calculation.
Change in fair value of warrant liabilities and contingent
earnout liability. Spire excludes these items as they do not
reflect the underlying cash flows or operational results of the
business.
Other (expense) income, net. Spire excludes other (expense)
income, net because it includes unusual items that do not reflect
the underlying operational results of its business. Examples of
such expenses include prepayment penalties on outstanding debt and
vendor dispute legal settlements.
Stock-based compensation. Spire excludes stock-based
compensation expenses primarily because they are non-cash expenses
that it excludes from its internal management reporting processes.
Spire also finds it useful to exclude these expenses when
management assesses the appropriate level of various operating
expenses and resource allocations when budgeting, planning, and
forecasting future periods. Moreover, because of varying available
valuation methodologies, subjective assumptions and the variety of
award types that companies can use under FASB ASC Topic 718, Stock
Compensation, Spire believes excluding stock-based compensation
expenses allows investors to make meaningful comparisons between
its recurring core business operating results and those of other
companies.
Amortization of purchased intangibles. Spire incurs amortization
expense for purchased intangible assets in connection with
acquisitions of certain businesses and technologies. Amortization
of intangible assets is a non-cash expense and is inconsistent in
amount and frequency because it is significantly affected by the
timing, size of acquisitions and the inherent subjective nature of
purchase price allocations. Because these costs have already been
incurred and cannot be recovered, and are non-cash expenses, Spire
excludes these expenses for its internal management reporting
processes. Spire's management also finds it useful to exclude these
charges when assessing the appropriate level of various operating
expenses and resource allocations when budgeting, planning and
forecasting future periods. It is important to note that while this
amortization expense is excluded for purposes of non-GAAP
presentation, the revenue of the acquired businesses is reflected
in the non-GAAP measures and that the assets contribute to revenue
generation.
Other acquisition accounting amortization. Spire incurs
amortization expense for purchased data rights in connection with
the acquisition of exactEarth and certain technologies.
Amortization of this asset is a non-cash expense that can be
significantly affected by the inherent subjective nature of the
assigned value and useful life. Because this cost has already been
incurred and cannot be recovered, and is a non-cash expense, Spire
excludes this expense for its internal management reporting
processes. Spire's management also finds it useful to exclude this
charge when assessing the appropriate level of various operating
expenses and resource allocations when budgeting, planning and
forecasting future periods. It is important to note that while this
expense is excluded for purposes of non-GAAP presentation, the
revenue of the acquired companies is reflected in the non-GAAP
measures and that the assets contribute to revenue generation.
Mergers and acquisition related expenses. Spire excludes these
expenses as they are transaction costs and expenses associated with
the transaction that are generally infrequent in nature and not
reflective of the underlying operational results of Spire’s
business. Examples of these types of expenses include legal,
accounting, regulatory, other consulting services, severance, and
other employee costs.
Loss on extinguishment of debt. Spire excludes this as it does
not reflect the underlying cash flows or operational results of the
business.
Foreign exchange gain/loss. Spire is exposed to foreign currency
gains or losses on outstanding foreign currency denominated
receivables and payables related to certain customer sales
agreements, product costs and other operating expenses. As Spire
does not actively hedge these currency exposures, changes in the
underlying currency rates relative to the U.S. dollar may result in
realized and unrealized foreign currency gains and losses between
the time these receivables and payables arise and the time that
they are settled in cash. Since such realized and unrealized
foreign currency gains and losses are the result of macro-economic
factors and can vary significantly from one period to the next,
Spire believes that exclusion of such realized and unrealized gains
and losses is useful to management and investors in evaluating the
performance of its ongoing operations on a period-to-period
basis.
Other unusual and infrequent costs. Spire excludes these as they
are unusual items that do not reflect the ongoing operational
results of its business. Examples of these types of expenses
include accounting, legal and other professional fees associated
with the preparation and filing of Spire’s September 2022 Form S-3
shelf registration statement and “at-the-market” offering
prospectus supplement, and the December 2022 warrant exchange.
Our additional non-GAAP measures include:
Free Cash Flow. Spire defines free cash flow as net cash
provided by/used in operating activities less purchases of property
and equipment.
EBITDA. Spire defines EBITDA as net income (loss), plus
depreciation and amortization expense, plus interest expense, and
plus the provision for (or minus benefit from) income taxes.
Adjusted EBITDA. Spire defines Adjusted EBITDA as earnings
before interest, taxes, depreciation and amortization, further
adjusted for loss on satellite deorbit, launch failure and
decommissioning, change in fair value of warrant liabilities,
change in fair value of contingent earnout liability, other
(expense) income, net, stock-based compensation, loss on
extinguishment of debt, foreign exchange gain/loss, other
acquisition accounting amortization, mergers and acquisition
related expenses, and other unusual costs. Spire believes Adjusted
EBITDA can be useful in providing an understanding of the
underlying results of operations and trends and an enhanced overall
understanding of its financial performance and prospects for the
future. While Adjusted EBITDA is not a recognized measure under
GAAP, management uses this financial measure to evaluate and
forecast business performance. Adjusted EBITDA is not intended to
be a measure of liquidity or cash flows from operations or a
measure comparable to net income/loss as it does not take into
account certain requirements, such as capital expenditures and
related depreciation, principal and interest payments, and tax
payments. Adjusted EBITDA is not a presentation made in accordance
with GAAP, and Spire’s use of the term Adjusted EBITDA may vary
from the use of similarly titled measures by others in its industry
due to the potential inconsistencies in the method of calculation
and differences due to items subject to interpretation.
Conference Call
Spire will webcast a conference call to discuss the results at
5:00 p.m. Eastern Time today. The webcast will be available on
Spire’s Investor Relations website at ir.spire.com. A replay of the
call will be available on the site for three months.
Safe Harbor Statement
This press release contains forward-looking statements,
including information about management's view of Spire’s future
expectations, plans and prospects, including our views regarding
future execution within our business, and the opportunity we see in
our industry, within the safe harbor provisions under the Private
Securities Litigation Reform Act of 1995. These statements involve
known and unknown risks, uncertainties and other factors which may
cause the results of Spire to be materially different than those
expressed or implied in such statements. Certain of these risk
factors and others are included in documents Spire files with the
Securities and Exchange Commission, including but not limited to,
Spire’s Annual Report on Form 10-K for the year ended December 31,
2022, as well as subsequent reports filed with the Securities and
Exchange Commission. Other unknown or unpredictable factors also
could have material adverse effects on Spire’s future results. The
forward-looking statements included in this presentation are made
only as of the date hereof. Spire cannot guarantee future results,
levels of activity, performance or achievements. Accordingly, you
should not place undue reliance on these forward-looking
statements. Finally, Spire expressly disclaims any intent or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
About Spire Global, Inc.
Spire (NYSE: SPIR) 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. Spire builds, owns, and
operates a fully deployed satellite constellation that observes the
Earth in real time using radio frequency technology. The data
acquired by Spire’s satellites provides global weather
intelligence, ship and plane movements, and spoofing and jamming
detection to better predict how their patterns impact economies,
global security, business operations and the environment. Spire
also offers Space as a Service solutions that empower customers to
leverage its established infrastructure to put their business in
space. Spire has nine offices across the U.S., Canada, UK,
Luxembourg, Germany and Singapore. To learn more, visit
spire.com.
CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months Ended December 31, Years Ended
December 31, (In thousands, except share and per share amounts)
2023
2022
2023
2022
(Unaudited) (Unaudited) (Audited)
(Audited) Revenue
$
27,725
$
22,385
$
105,703
$
80,268
Cost of revenue
12,886
10,710
42,434
40,327
Gross profit
14,839
11,675
63,269
39,941
Operating expenses: Research and development
8,970
9,392
38,923
35,153
Sales and marketing
5,182
7,075
25,754
28,502
General and administrative
8,776
10,970
42,494
44,831
Loss on decommissioned satellites
119
549
747
549
Total operating expenses
23,047
27,986
107,918
109,035
Loss from operations
(8,208
)
(16,311
)
(44,649
)
(69,094
)
Other income (expense): Interest income
591
492
2,332
948
Interest expense
(5,021
)
(4,230
)
(19,036
)
(13,955
)
Change in fair value of contingent earnout liability
(88
)
80
129
9,677
Change in fair value of warrant liabilities
(2,581
)
(2,257
)
(1,597
)
8,757
Loss on extinguishment of debt
—
—
—
(22,510
)
Other expense, net
2,597
4,599
(1,063
)
(2,912
)
Total other expense, net
(4,502
)
(1,316
)
(19,235
)
(19,995
)
Loss before income taxes
(12,710
)
(17,627
)
(63,884
)
(89,089
)
Income tax provision
(488
)
(84
)
72
322
Net loss
$
(12,222
)
$
(17,543
)
$
(63,956
)
$
(89,411
)
Basic and diluted net loss per share(1)
$
(0.58
)
$
(1.00
)
$
(3.27
)
$
(5.11
)
Weighted-average shares used in computing basic and diluted net
loss per share(1)
20,953,695
17,572,199
19,580,006
17,484,927
(1)
The shares of the Company's common stock and the per share amounts
have been retroactively adjusted to reflect the 1-for-8 reverse
stock split
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
Three Months Ended December 31, Years Ended
December 31, (In thousands)
2023
2022
2023
2022
(Unaudited) (Unaudited) (Audited)
(Audited) Net loss
$
(12,222
)
$
(17,543
)
$
(63,956
)
$
(89,411
)
Other comprehensive gain (loss): Foreign currency translation
adjustments
1,505
(2,374
)
2,478
(7,696
)
Net unrealized gain (loss) on investments(net of tax)
(1
)
53
34
(33
)
Comprehensive loss
$
(10,718
)
$
(19,864
)
$
(61,444
)
$
(97,140
)
CONSOLIDATED BALANCE SHEETS
(Audited)
December 31, December 31, (In thousands)
2023
2022
Assets Current assets Cash and cash equivalents
$
29,144
$
47,196
Marketable securities
11,726
23,084
Accounts receivable, net (including allowance of $586 and $395 as
ofDecember 31, 2023 and 2022, respectively)
9,911
13,864
Contract assets
6,215
3,353
Other current assets
12,340
9,279
Total current assets
69,336
96,776
Property and equipment, net
71,209
53,752
Operating lease right-of-use assets
14,921
11,687
Goodwill
51,155
49,954
Customer relationships
19,363
20,814
Other intangible assets
12,660
13,967
Other long-term assets, including restricted cash
8,181
9,562
Total assets
$
246,825
$
256,512
Liabilities and Stockholders’ Equity Current liabilities
Accounts payable
$
8,012
$
4,800
Accrued wages and benefits
1,829
4,502
Contract liabilities, current portion
23,165
15,856
Other accrued expenses
8,540
8,210
Total current liabilities
41,546
33,368
Long-term debt
114,113
98,475
Contingent earnout liability
220
349
Deferred income tax liabilities
1,069
771
Warrant liability
5,988
1,831
Operating lease liabilities, net of current portion
13,079
10,815
Other long-term liabilities
272
780
Total liabilities
176,287
146,389
Commitments and contingencies Stockholders’ equity Common stock
2
2
Additional paid-in capital
477,624
455,765
Accumulated other comprehensive loss
(4,485
)
(6,997
)
Accumulated deficit
(402,603
)
(338,647
)
Total stockholders’ equity
70,538
110,123
Total liabilities and stockholders’ equity
$
246,825
$
256,512
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(Audited)
Years Ended December 31, (In thousands)
2023
2022
Cash flows from operating activities Net loss
$
(63,956
)
$
(89,411
)
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization
18,228
18,341
Stock-based compensation
12,978
11,491
Amortization of operating lease right-of-use assets
2,928
2,344
Amortization of debt issuance costs
2,337
3,781
Change in fair value of warrant liabilities
1,597
(8,757
)
Change in fair value of contingent earnout liability
(129
)
(9,677
)
Deferred income tax liabilities
—
—
Loss on decommissioned satellites and impairment of assets
1,024
784
Loss on extinguishment of debt
—
22,271
Other, net
(290
)
1
Changes in operating assets and liabilities: Accounts receivable,
net
4,144
(4,180
)
Contract assets
(2,463
)
(1,364
)
Other current assets
(3,246
)
324
Other long-term assets
1,680
1,852
Accounts payable
1,371
(1,808
)
Accrued wages and benefits
(2,747
)
(923
)
Contract liabilities
6,352
7,776
Other accrued expenses
(648
)
1,012
Operating lease liabilities
(2,782
)
(1,632
)
Other long-term liabilities
—
(45
)
Net cash used in operating activities
(23,622
)
(47,820
)
Cash flows from investing activities Purchases of short-term
investments
(40,116
)
(40,213
)
Maturities of short-term investments
52,500
17,300
Purchase of property and equipment
(30,037
)
(18,915
)
Investment in intangible assets
—
—
Net cash used in investing activities
(17,653
)
(41,828
)
Cash flows from financing activities Proceeds from long-term
debt
19,886
100,973
Proceeds from issuance of common stock under the Equity
Distribution Agreement, net
7,866
—
Payments on long-term debt
(4,500
)
(71,512
)
Proceeds from issuance of convertible notes payable Payments on
redemption of warrants Payments of debt issuance costs
(75
)
(4,516
)
Proceeds from exercise of stock options
3
806
Proceeds from employee stock purchase plan
727
622
Net cash provided by financing activities
23,907
26,373
Effect of foreign currency translation on cash, cash equivalents
and restricted cash
(560
)
1,199
Net decrease in cash, cash equivalents and restricted cash
(17,928
)
(62,076
)
Cash, cash equivalents and restricted cash Beginning balance
47,569
109,645
Ending balance
$
29,641
$
47,569
GAAP to Non-GAAP
Reconciliations
(Unaudited)
Three Months Ended December 31, Years Ended
December 31, (In thousands, except for share and per share
amounts)
2023
2022
2023
2022
Gross profit (GAAP)
$
14,839
$
11,675
$
63,269
$
39,941
Adjustments: Exclude stock-based compensation
24
51
197
232
Exclude amortization of purchased intangibles
873
855
3,479
3,548
Exclude other acquisition accounting amortization
172
169
680
699
Exclude merger and acquisition related expenses
-
-
-
127
Gross profit (Non-GAAP)
$
15,908
$
12,750
$
67,625
$
44,547
Research and development (GAAP)
8,970
9,392
38,923
35,153
Adjustments: Exclude stock-based compensation
(964
)
(784
)
(3,474
)
(3,154
)
Exclude merger and acquisition related expenses
-
-
-
(277
)
Research and development (Non-GAAP)
8,006
8,608
35,449
31,722
Sales and marketing (GAAP)
5,182
7,075
25,754
28,502
Adjustments: Exclude stock-based compensation
(978
)
(705
)
(2,707
)
(2,822
)
Exclude amortization of purchased intangibles
-
(506
)
-
(2,896
)
Exclude merger and acquisition related expenses
-
-
-
(277
)
Sales and marketing (Non-GAAP)
4,204
5,864
23,047
22,507
General and administrative (GAAP)
8,776
10,970
42,494
44,831
Adjustments: Exclude stock-based compensation
(1,496
)
(1,627
)
(6,600
)
(5,283
)
Exclude merger and acquisition related expenses
-
-
(1,015
)
(4,690
)
General and administrative (Non-GAAP)
7,280
8,499
34,879
34,858
Loss on decommissioned satellites (GAAP)
119
549
747
549
Adjustments: Exclude loss on decommissioned satellites
(119
)
(549
)
(747
)
(549
)
General and administrative (Non-GAAP)
-
-
-
-
Loss from operations (GAAP)
$
(8,208
)
$
(16,311
)
$
(44,649
)
$
(69,094
)
Adjustments: Exclude stock-based compensation
3,462
3,167
12,978
11,491
Exclude merger and acquisition related expenses
-
-
1,015
5,371
Exclude amortization of purchased intangibles
873
1,361
3,479
6,444
Exclude other acquisition accounting amortization
172
169
680
699
Exclude loss on decommissioned satellites
119
549
747
549
Loss from operations (Non-GAAP)
$
(3,582
)
$
(10,221
)
$
(25,750
)
$
(44,540
)
Gross Margin (GAAP)
54
%
52
%
60
%
50
%
Adjustments: Exclude amortization of purchased intangibles
2
%
4
%
3
%
4
%
Exclude other acquisition accounting amortization
1
%
1
%
1
%
1
%
Gross Margin (Non-GAAP)
57
%
57
%
64
%
55
%
Operating Margin (GAAP)
-30
%
-73
%
-42
%
-86
%
Adjustments: Exclude stock-based compensation
13
%
14
%
12
%
14
%
Exclude merger and acquisition related expenses
0
%
0
%
1
%
7
%
Exclude amortization of purchased intangibles
3
%
6
%
3
%
8
%
Exclude other acquisition accounting amortization
1
%
1
%
1
%
1
%
Exclude loss on decommissioned satellites
0
%
2
%
1
%
1
%
Operating Margin (Non-GAAP)
-13
%
-46
%
-24
%
-55
%
Net loss (GAAP)
$
(12,222
)
$
(17,543
)
$
(63,956
)
$
(89,411
)
Adjustments: Exclude stock-based compensation
3,462
3,167
12,978
11,491
Exclude merger and acquisition related expenses
-
-
1,015
5,371
Exclude amortization of purchased intangibles
873
1,361
3,479
6,444
Exclude other acquisition accounting amortization
172
169
680
699
Exclude change in fair value of contingent earnout liability
88
(80
)
(129
)
(9,677
)
Exclude change in fair value of warrant liabilities
2,581
2,257
1,597
(8,757
)
Exclude loss on extinguishment of debt
-
-
-
22,510
Exclude other expense, net
(2,597
)
(4,599
)
1,063
2,912
Exclude loss on decommissioned satellites
119
549
747
549
Exclude other unusual one-time costs
-
844
-
-
Net loss (Non-GAAP)
$
(7,524
)
$
(13,875
)
$
(42,526
)
$
(57,869
)
Net loss per share (GAAP)
$
(0.58
)
$
(1.00
)
$
(3.27
)
$
(5.11
)
Adjustments: Exclude stock-based compensation
$
0.17
0.18
0.66
0.66
Exclude merger and acquisition related expenses, purchased
intangibles and other acquisition accounting amortization
$
0.05
0.09
0.25
0.72
Exclude change in fair value of warrant liabilities and change in
value of contingent earnout liability
$
0.13
0.12
0.07
(1.05
)
Exclude foreign exchange
$
(0.01
)
-
(0.01
)
-
Exclude loss on extinguishment of debt
$
-
-
-
1.29
Exclude other expense, net
$
(0.12
)
(0.26
)
0.05
0.17
Exclude loss on decommissioned satellites
$
0.01
0.03
0.04
0.03
Net loss per share (Non-GAAP)
$
(0.35
)
$
(0.84
)
(2.21
)
$
(3.29
)
Weighted-average shares used in computing basic net loss
per share
20,953,695
17,572,199
19,580,006
17,484,927
Weighted-average shares used in computing diluted net income per
share
20,953,695
17,572,199
19,580,006
17,484,927
Net loss (GAAP)
$
(12,222
)
$
(17,543
)
$
(63,956
)
$
(89,411
)
Depreciation and amortization
6,586
4,285
18,228
18,341
Net Interest
4,430
3,738
16,704
13,007
Taxes
(488
)
(84
)
72
322
EBITDA
(1,694
)
(9,604
)
(28,952
)
(57,741
)
Change in fair value of contingent earnout liability
88
(80
)
(129
)
(9,677
)
Change in fair value of warrant liabilities
2,581
2,257
1,597
(8,757
)
Loss on extinguishment of debt
-
-
-
22,510
Stock-based compensation
3,462
3,167
12,978
11,491
Mergers and acquisition related expenses
-
-
1,015
5,371
Other acquisition accounting amortization
172
169
680
699
Loss on decommissioned satellites
119
549
747
549
Other expense, net
(2,597
)
(4,599
)
1,063
2,912
Adjusted EBITDA
$
2,131
$
(7,297
)
$
(11,001
)
$
(32,643
)
Net cash used in operating activities
4,111
(5,111
)
(23,622
)
(47,820
)
Purchase of property and equipment
(6,343
)
(2,969
)
(30,037
)
(18,915
)
Free Cash Flow
$
(2,232
)
$
(8,080
)
$
(53,659
)
$
(66,735
)
GAAP to Non-GAAP Reconciliations – Q1
2024 and Full Year 2024 Financial Outlook
(Unaudited)
(In thousands, except for share and per share amounts)
Q1'24
Ranges Low High Revenue
$
27,000
$
29,000
Low High Loss from operations (GAAP)
$
(12,600
)
$
(10,600
)
Adjustments: Exclude stock-based compensation
$
3,500
$
3,500
Exclude amortization of purchased intangibles
$
900
$
900
Exclude other acquisition accounting amortization
$
200
$
200
Loss from operations (Non-GAAP)
$
(8,000
)
$
(6,000
)
Low High Operating Margin (GAAP)
-47
%
-37
%
Adjustments: Exclude stock-based compensation
13
%
13
%
Exclude amortization of purchased intangibles
3
%
3
%
Exclude other acquisition accounting amortization
1
%
1
%
Operating Margin (Non-GAAP)
-30
%
-21
%
Low High Net loss per share (GAAP)
$
(0.58
)
$
(0.49
)
Adjustments: Exclude stock-based compensation
0.16
0.16
Exclude purch intangibles and other purch acctg amortization
0.05
0.05
Exclude other expense, net
0.01
0.01
Net loss per share (Non-GAAP)
$
(0.36
)
$
(0.27
)
Weighted-average shares used in computing basic and diluted net
loss per share
22,000,000
22,000,000
Low High Net loss (GAAP)
$
(17,700
)
$
(15,700
)
Depreciation and amortization
7,000
7,000
Net Interest
4,800
4,800
Taxes
100
100
EBITDA
$
(5,800
)
$
(3,800
)
Stock-based compensation
3,500
3,500
Other expense, net
100
100
Other acquisition accounting amortization
200
200
Adjusted EBITDA
$
(2,000
)
$
-
(In thousands, except for share and per share amounts)
FY
2024 Ranges Low High Revenue
138,000
148,000
Low High Loss from operations (GAAP)
$
(23,900
)
$
(15,900
)
Adjustments: Exclude stock-based compensation
14,200
14,200
Exclude amortization of purchased intangibles
3,500
3,500
Exclude other acquisition accounting amortization
700
700
(Loss) income from operations (Non-GAAP)
$
(5,500
)
$
2,500
Low High Net loss per share (GAAP)
$
(1.08
)
$
(0.73
)
Adjustments: Exclude stock-based compensation
$
0.63
$
0.63
Exclude purch intangibles and other acq acctg amortization
$
0.19
$
0.19
Exclude other expense, net
$
0.02
$
0.02
Net (loss) income per share (Non-GAAP)
$
(0.24
)
$
0.11
Weighted-average shares used in computing basic and
diluted net loss per share
22,500,000
22,500,000
Low High Net loss (GAAP)
$
(42,800
)
$
(36,800
)
Depreciation and amortization
21,800
21,800
Net Interest
18,200
18,200
Taxes
400
400
EBITDA
$
(2,400
)
$
3,600
Other expense, net
500
500
Stock-based compensation
14,200
14,200
Other acquisition accounting amortization
700
700
Adjusted EBITDA
$
13,000
$
19,000
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240306206880/en/
For Media: Kristina Spychalski Head of Communications
Kristina.Spychalski@spire.com
For Investors: Benjamin Hackman Head of Investor
Relations Benjamin.Hackman@spire.com
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