- First quarter revenue of $25.7M; midpoint guidance of 20%
sequential revenue growth for second quarter
- Improved GAAP operating loss in first quarter of ($11.9M), 18%
year-over-year improvement
- Lowered Non-GAAP operating loss1 to ($7.0M), 28% year-over-year
improvement
- Robust remaining contracted performance obligations not yet
recognized as revenue of $195.7 million
- Reiterating expectations for positive cash flow from operations
for remainder of 2024 and positive free cash flow in summer
2024
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 ended March 31, 2024. The
Company will hold a webcast at 5:00 pm ET today to discuss the
results.
“For over a decade, Spire's trajectory has been shaped by two
enduring global megatrends: global security and the escalating
impacts of climate change,” said Peter Platzer, Spire CEO. “Since
our founding, we’ve focused on providing insights that can only be
gained from the ultimate vantage point of space to help solve these
global issues. Now with the sophistication and increased adoption
of technologies like artificial intelligence, we’re seeing an even
bigger opportunity to provide more accurate and reliable insights,
powered by our proprietary data set.”
“Over the last two years our strategy has been unwavering –
prioritize diligent capital allocation as we drive towards
consistent, sustainable profitable growth,” said Leo Basola, Spire
CFO. “We improved our cash position during the first quarter,
raising gross proceeds of $40 million, and we are making headway
towards reducing our financing cost. We expect a strong increase in
revenue during the second quarter, and through our disciplined cost
actions, we expect positive adjusted EBITDA in the second quarter
and remain on track for positive free cash flow this summer.”
First Quarter 2024
Highlights
Financial:
- First quarter 2024 revenue was $25.7 million, representing 6%
year-over-year growth.
- First quarter 2024 U.S. generally accepted accounting
principles (“GAAP”) operating loss was $11.9 million, an 18%
improvement year-over-year. First quarter 2024 non-GAAP1 operating
loss was $7.0 million, a 28% improvement year-over-year.
- GAAP operating margin was (46%) and non-GAAP operating margin1
was (27%), each reflecting a 14-percentage point improvement
year-over-year. The Company believes these results reflect its
ongoing focus on cost control and drive towards profitability.
- First quarter 2024 net loss was $25.2 million, a 43% decline
year-over-year, and adjusted EBITDA1 was negative $1.1 million,
reflecting an 84% improvement year-over-year.
- As of March 31, 2024, the remaining performance obligations
under contract not yet recognized as revenue was $195.7 million.
The Company expects to recognize approximately 42% of these future
commitments over the next 12 months.
- During the first quarter of 2024, the Company raised gross
proceeds of $40.0 million at an average price of $13.44 per share,
which the Company believes positions it to re-finance its existing
Blue Torch Capital loan to lower its costs of funding.
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 April, Spire announced a multi-million-dollar deal with a
financial firm for weather forecasts. Spire will provide its
high-resolution weather forecast model, which offers a six-day
outlook powered by proprietary data collected from space, and
develop an AI-powered model for long-range forecasting. Spire's
multipurpose constellation of satellites, utilizing radio
occultation technology, captures precise vertical profiles of
temperature, pressure, and humidity across the globe, including
under-observed areas and remote regions. By utilizing these
proprietary datasets to initialize an AI forecasting model, Spire
is ushering in a new era of accuracy, speed and reliability in
weather forecasting.
- In March, Spire announced it was awarded a Space Services deal
to scale the constellation for HANCOM InSpace (“Hancom”). Under the
agreement, Spire will build and operate two additional satellites,
expanding the capabilities of HANCOM-1 (Sejong-1). Together, these
satellites will form a constellation for South Korea’s first
three-satellite remote sensing image data service. The missions are
focused on collecting optical imagery for applications in the
agriculture sector and the expansion of its existing image analysis
portfolio offerings. Hancom plans to launch and operate a
constellation of up to 50 satellites.
- In February, Spire announced it was awarded €8.4 million by the
European Maritime Safety Agency (“EMSA”) for provision of SAT-AIS
data services. Through two framework contracts, Spire will continue
to deliver global and real-time satellite AIS data for vessels
tracking. The data will be integrated into EMSA’s SAT-AIS services,
which aim to improve global vessel traffic monitoring with a focus
on areas like polar regions where terrestrial AIS network coverage
is limited.
Financial Outlook
Spire is providing the following guidance for the second quarter
2024 and is revising its guidance for the full year ending December
31, 2024:
Q2'24 Ranges FY'24 Ranges Low High
Low High Revenue (millions)
$
29.0
$
33.0
$
122.0
$
132.0
Y/Y Growth
9
%
25
%
15
%
25
%
Non-GAAP Operating (Loss) Income (millions)
$
(3.0
)
$
1.0
$
(11.0
)
$
(1.0
)
Adjusted EBITDA (millions)
$
2.0
$
5.0
$
7.0
$
15.0
Non-GAAP (Loss) Income Per Share
$
(0.31
)
$
(0.15
)
$
(1.11
)
$
(0.70
)
Basic Weighted Average Shares (millions)
24.7
24.7
24.2
24.2
Non-GAAP operating loss/income, adjusted EBITDA and non-GAAP
loss 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 first quarter 2023 and 2024 results, as well
as its outlook for such measures for the second 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, non-GAAP operating margin, 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.
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,
2023, 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 March 31, (In thousands, except
share and per share amounts)
2024
2023
(Unaudited) (Unaudited) Revenue
$
25,688
$
24,168
Cost of revenue
12,546
10,360
Gross profit
13,142
13,808
Operating expenses: Research and development
9,909
9,663
Sales and marketing
5,118
6,850
General and administrative
9,818
11,770
Loss on decommissioned satellites
178
—
Total operating expenses
25,023
28,283
Loss from operations
(11,881
)
(14,475
)
Other income (expense): Interest income
454
565
Interest expense
(5,053
)
(4,578
)
Change in fair value of contingent earnout liability
(45
)
76
Change in fair value of warrant liabilities
(4,202
)
746
Issuance of stock warrants
(2,399
)
—
Foreign exchange
(1,538
)
1,024
Other expense, net
(551
)
(762
)
Total other expense, net
(13,334
)
(2,929
)
Loss before income taxes
(25,215
)
(17,404
)
Income tax provision
41
269
Net loss
$
(25,256
)
$
(17,673
)
Basic and diluted net loss per share(1)
$
(1.16
)
$
(0.98
)
Weighted-average shares used in computing basic and diluted net
loss per share(1)
21,813,045
18,096,363
(1) The shares of the Company's common stock and the per
share amounts for the three months ended March 31, 2023 have been
retroactively adjusted to reflect the 1-for8 reverse stock split.
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
Three Months Ended March 31, (In thousands)
2024
2023
(Audited) (Audited) Net loss
$
(25,256
)
$
(17,673
)
Other comprehensive (loss) gain: Foreign currency translation
adjustments
(1,747
)
(1,589
)
Net unrealized (loss) gain on investments (net of tax)
(2
)
44
Comprehensive loss
$
(27,005
)
$
(19,218
)
CONSOLIDATED BALANCE SHEETS
March 31,
December 31, (In thousands)
2024
2023
(Unaudited) (Audited) Assets Current assets
Cash and cash equivalents
$
51,985
$
29,144
Marketable securities
12,003
11,726
Accounts receivable, net (including allowance of $271 and $586 as
of March 31, 2024 and December 31, 2023, respectively)
12,346
9,911
Contract assets
5,205
6,215
Other current assets
12,241
12,340
Total current assets
93,780
69,336
Property and equipment, net
71,853
71,209
Operating lease right-of-use assets
14,324
14,921
Goodwill
50,051
51,155
Customer relationships
18,467
19,363
Other intangible assets
11,994
12,660
Other long-term assets, including restricted cash
7,503
8,181
Total assets
$
267,972
$
246,825
Liabilities and Stockholders’ Equity Current
liabilities Accounts payable
$
5,869
$
8,012
Accrued wages and benefits
2,147
1,829
Contract liabilities, current portion
22,617
23,165
Other accrued expenses
11,309
8,540
Total current liabilities
41,942
41,546
Long-term debt
115,016
114,113
Contingent earnout liability
265
220
Deferred income tax liabilities
1,058
1,069
Warrant liability
10,672
5,988
Operating lease liabilities, net of current portion
12,488
13,079
Other long-term liabilities
1,221
272
Total liabilities
182,662
176,287
Commitments and contingencies Stockholders’ equity Common
stock
3
2
Additional paid-in capital
519,400
477,624
Accumulated other comprehensive loss
(6,234
)
(4,485
)
Accumulated deficit
(427,859
)
(402,603
)
Total stockholders’ equity
85,310
70,538
Total liabilities and stockholders’ equity
$
267,972
$
246,825
CONSOLIDATED STATEMENTS OF CASH
FLOWS
Three Months Ended March 31, (In thousands)
2024
2023
(Unaudited) (Unaudited) Cash flows from operating
activities Net loss
$
(25,256
)
$
(17,673
)
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization
6,837
3,916
Stock-based compensation
3,628
2,646
Amortization of operating lease right-of-use assets
809
224
Amortization of debt issuance costs
900
554
Change in fair value of warrant liabilities
4,202
(746
)
Change in fair value of contingent earnout liability
45
(76
)
Issuance of stock warrants
2,399
—
Loss on decommissioned satellites and impairment of assets
432
—
Other, net
(20
)
(104
)
Changes in operating assets and liabilities: Accounts receivable,
net
(2,564
)
97
Contract assets
624
(855
)
Other current assets
392
117
Other long-term assets
516
410
Accounts payable
(1,508
)
(604
)
Accrued wages and benefits
343
323
Contract liabilities
775
1,259
Other accrued expenses
973
(548
)
Operating lease liabilities
(872
)
(230
)
Net cash used in operating activities
(7,345
)
(11,290
)
Cash flows from investing activities Purchases of short-term
investments
(10,920
)
(13,908
)
Maturities of short-term investments
10,800
11,600
Purchase of property and equipment
(8,564
)
(4,649
)
Net cash used in investing activities
(8,684
)
(6,957
)
Cash flows from financing activities Proceeds from
Securities Purchase Agreements, net
37,881
—
Proceeds from long-term debt
—
19,886
Proceeds from exercise of stock options
267
—
Net cash provided by financing activities
38,148
19,886
Effect of foreign currency translation on cash, cash equivalents
and restricted cash
711
(1,846
)
Net decrease in cash, cash equivalents and restricted cash
22,830
(207
)
Cash, cash equivalents and restricted cash Beginning balance
29,641
47,569
Ending balance
$
52,471
$
47,362
GAAP to Non-GAAP
Reconciliations
Three Months Ended March 31, (In thousands, except
for share and per share amounts)
2024
2023
(Unaudited) (Unaudited) Gross profit (GAAP)
$
13,142
$
13,808
Adjustments: Exclude stock-based compensation
61
77
Exclude amortization of purchased intangibles
868
859
Exclude other acquisition accounting amortization
170
166
Gross profit (Non-GAAP)
$
14,241
$
14,910
Research and development (GAAP)
$
9,909
$
9,663
Adjustments: Exclude stock-based compensation
(1,018
)
(651
)
Research and development (Non-GAAP)
$
8,891
$
9,012
Sales and marketing (GAAP)
$
5,118
$
6,850
Adjustments: Exclude stock-based compensation
(675
)
(437
)
Sales and marketing (Non-GAAP)
$
4,443
$
6,413
General and administrative (GAAP)
$
9,818
$
11,770
Adjustments: Exclude stock-based compensation
(1,874
)
(1,481
)
Exclude merger and acquisition related expenses
-
(1,015
)
General and administrative (Non-GAAP)
$
7,944
$
9,274
Loss on decommissioned satellites (GAAP)
$
178
$
-
Adjustments: Exclude loss on decommissioned satellites
(178
)
-
General and administrative (Non-GAAP)
$
-
$
-
Loss from operations (GAAP)
$
(11,881
)
$
(14,475
)
Adjustments: Exclude stock-based compensation
3,628
2,646
Exclude merger and acquisition related expenses
-
1,015
Exclude amortization of purchased intangibles
868
859
Exclude other acquisition accounting amortization
170
166
Exclude loss on decommissioned satellites
178
-
Loss from operations (Non-GAAP)
$
(7,037
)
$
(9,789
)
Three Months Ended March 31, (In thousands, except
for share and per share amounts)
2024
2023
(Unaudited) (Unaudited) Gross Margin (GAAP)
51
%
57.0
%
Adjustments: Exclude amortization of purchased intangibles
3
%
4
%
Exclude other acquisition accounting amortization
1
%
1
%
Gross Margin (Non-GAAP)
55
%
62
%
Operating Margin (GAAP)
-46
%
-60
%
Adjustments: Exclude stock-based compensation
14
%
10
%
Exclude merger and acquisition related expenses
0
%
4
%
Exclude amortization of purchased intangibles
3
%
4
%
Exclude other acquisition accounting amortization
1
%
1
%
Exclude loss on decommissioned satellites
1
%
0
%
Operating Margin (Non-GAAP)
-27
%
-41
%
Net loss (GAAP)
$
(25,256
)
$
(17,673
)
Adjustments: Exclude stock-based compensation
3,628
2,646
Exclude merger and acquisition related expenses
-
1,015
Exclude amortization of purchased intangibles
868
859
Exclude other acquisition accounting amortization
170
166
Exclude change in fair value of contingent earnout liability
45
(76
)
Exclude change in fair value of warrant liabilities
4,202
(746
)
Exclude issuance of stock warrants
2,399
-
Exclude foreign exchange
1,538
(1,024
)
Exclude other expense, net
551
762
Exclude loss on decommissioned satellites
178
-
Net loss (Non-GAAP)
$
(11,677
)
$
(14,071
)
Net loss per share (GAAP)
$
(1.16
)
$
(0.98
)
Adjustments: Exclude stock-based compensation
0.17
0.15
Exclude merger and acquisition related expenses
-
0.06
Exclude amortization of purchased intangibles
0.04
0.05
Exclude other acquisition accounting amortization
0.01
0.01
Exclude change in fair value of warrant liabilities and change in
value of contingent earnout liability
0.19
(0.05
)
Exclude issuance of stock warrants
0.11
-
Exclude foreign exchange
0.07
(0.06
)
Exclude other expense, net
0.03
0.04
Exclude loss on decommissioned satellites
0.01
-
Net loss per share (Non-GAAP)
$
(0.53
)
$
(0.78
)
Weighted-average shares used in computing basic net loss
per share
21,813,045
18,096,363
Weighted-average shares used in computing diluted net income per
share
21,813,045
18,096,363
Three Months Ended March 31, (In thousands,
except for share and per share amounts)
2024
2023
(Unaudited) (Unaudited) Net loss (GAAP)
$
(25,256
)
$
(17,673
)
Depreciation and amortization
6,837
3,916
Net Interest
4,599
4,013
Taxes
41
269
EBITDA
(13,779
)
(9,475
)
Change in fair value of contingent earnout liability
45
(76
)
Change in fair value of warrant liabilities
4,202
(746
)
Issuance of stock warrants
2,399
-
Foreign exchange
1,538
(1,024
)
Stock-based compensation
3,628
2,646
Mergers and acquisition related expenses
-
1,015
Other acquisition accounting amortization
170
166
Loss on decommissioned satellites
178
-
Other expense, net
551
762
Adjusted EBITDA
$
(1,068
)
$
(6,732
)
Net cash used in operating activities
$
(7,345
)
$
(11,290
)
Purchase of property and equipment
(8,564
)
(18,915
)
Free Cash Flow
$
(15,909
)
$
(30,205
)
GAAP to Non-GAAP Reconciliations – Q2
2024 and Full Year 2024 Financial Outlook (Unaudited)
(In thousands, except for share and per share
amounts)
Q2'24 Ranges Low High Revenue
$
29,000
$
33,000
Low High Loss from operations (GAAP)
$
(11,300
)
$
(7,300
)
Adjustments: Exclude stock-based compensation
3,700
3,700
Exclude amortization of purchased intangibles
900
900
Exclude other acquisition accounting amortization
200
200
Exclude loss on decommissioned satellites
3,500
3,500
Loss from operations (Non-GAAP)
$
(3,000
)
$
1,000
Low High Net loss per share (GAAP)
$
(0.63
)
$
(0.51
)
Adjustments: Exclude stock-based compensation
0.13
0.17
Exclude purch intangibles and other purch acctg amortization
0.05
0.05
Exclude other expense, net
0.00
0.00
Exclude loss on decommissioned satellites
0.14
0.14
Net loss per share (Non-GAAP)
$
(0.31
)
$
(0.15
)
Weighted-average shares used in computing basic and diluted net
loss per share
24,650,000
24,650,000
Low High Net loss (GAAP)
$
(15,500
)
$
(12,500
)
Depreciation and amortization
5,300
5,300
Net Interest
4,600
4,600
Taxes
100
100
EBITDA
(5,500
)
(2,500
)
Stock-based compensation
3,700
3,700
Other expense, net
100
100
Other acquisition accounting amortization
200
200
Exclude loss on decommissioned satellites
3,500
3,500
Adjusted EBITDA
$
2,000
$
5,000
(In thousands, except for share and per share amounts)
FY
2024 Ranges Low High Revenue
$
122,000
$
132,000
Low High Loss from operations (GAAP)
$
(33,600
)
$
(23,600
)
Adjustments: Exclude stock-based compensation
14,700
14,700
Exclude amortization of purchased intangibles
3,500
3,500
Exclude other acquisition accounting amortization
700
700
Exclude loss on decommissioned satellites
3,700
3,700
Loss from operations (Non-GAAP)
$
(11,000
)
$
(1,000
)
Low High Net loss per share (GAAP)
$
(2.40
)
$
(2.07
)
Adjustments: Exclude stock-based compensation
0.60
0.68
Exclude purch intangibles and other acq acctg amortization
0.17
0.17
Exclude change in fair value of warrant liabilities
0.17
0.17
Exclude foreign exchange
0.06
0.06
Exclude other expense, net
0.14
0.14
Exclude loss on decommissioned satellites
0.15
0.15
Net loss per share (Non-GAAP)
$
(1.11
)
$
(0.70
)
Weighted-average shares used in computing basic and
diluted net loss per share
24,200,000
24,200,000
Low High Net loss (GAAP)
$
(58,100
)
$
(50,100
)
Depreciation and amortization
19,500
19,500
Net Interest
17,200
17,200
Taxes
300
300
EBITDA
(21,100
)
(13,100
)
Change in fair value of warrant liabilities
4,200
4,200
Foreign exchange
1,500
1,500
Other expense, net
3,300
3,300
Stock-based compensation
14,700
14,700
Other acquisition accounting amortization
700
700
Loss on decommissioned satellites
3,700
3,700
Adjusted EBITDA
$
7,000
$
15,000
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240515826839/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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