Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

The Company recognizes revenue for certain long-term contracts using the percentage-of-completion method, measured on a cost-to-cost basis. From time to time, the Company revises its estimates of total costs for these contracts. Changes in estimated total costs for contracts using the percentage-of-completion method resulted in revenue reductions of $1.6 million for the year ended December 31, 2025.

Disaggregation of Revenue

Subscription revenue consists of recurring fees earned under customer contracts that provide ongoing access to the Company’s data products, software platforms, and the operational phase of Space Services contracts. Revenue is generally recognized ratably over the contractual service period. Non-subscription revenue consists of non-recurring services and deliverable-based arrangements, including funded research and development projects, project-based services, historical data sales, and professional services. Revenue is recognized either over time or at a point in time, depending on the nature of the performance obligation.

The following shows revenue from subscription and non-subscription contracts (dollars in thousands):


	Year Ended December 31,
	2025				2024
Subscription revenue	$	55,433	77	%	$	77,170	70	%
Non-subscription revenue		16,120	23	%		33,281	30	%
	$	71,553	100	%	$	110,451	100	%

The following revenue disaggregated by geography was recognized (dollars in thousands):


	Year Ended December 31,
	2025				2024
Americas
U.S.	$	37,682	53	%	$	47,378	43	%
Canada		—	0	%		15,070	14	%
Other(1)		6,656	9	%		263	0	%
Total Americas		44,338	62	%		62,711	57	%
EMEA
United Kingdom		6,881	10	%		13,213	12	%
Other(1)		15,938	22	%		26,493	24	%
Total EMEA		22,819	32	%		39,706	36	%
Asia Pacific
Other(1)		4,396	6	%		8,034	7	%
		4,396	6	%		8,034	7	%
Total	$	71,553	100	%	$	110,451	100	%

(1) Revenue from individual geographic regions that represent less than 10% of total revenue for the years presented are not separately disclosed.

Contract Assets

Contract assets of $1.8 million and $0.8 million were reported in contract assets on the Company's consolidated balance sheets as of December 31, 2025 and 2024, respectively.

Changes in contract assets were as follows (in thousands):


	2025			2024
Balance as of January 1,	$	785		$	4,917
Contract assets recorded during the year		2,542			659
Reclassified to accounts receivable		(1,628	)		(4,696	)
Other		79			(95	)
Balance as of December 31,	$	1,778		$	785

Contract Liabilities

Contract liabilities were reported on the Company's consolidated balance sheets as follows (in thousands):


	December 31,
	2025		2024
Contract liability, current	$	35,160	$	22,037
Other long-term liabilities		14,207		23,489
Contract Liabilities	$	49,367	$	45,526

Changes in contract liabilities were as follows (in thousands):


	2025			2024
Balance as of January 1,	$	45,526		$	49,101
Contract liabilities recorded during the year		27,852			32,757
Revenue recognized during the year		(24,185	)		(35,569	)
Other		174			(763	)
Balance as of December 31,	$	49,367		$	45,526

Remaining Performance Obligations

The Company has performance obligations associated with commitments to customer contracts for future services that have not yet been recognized as revenue. Revenue from subscription-based services is recognized over time, generally on a straight-line basis over the subscription period, while revenue from milestone-based services is recognized at the point in time when control of the deliverable transfers to the customer. Management believes this method provides a faithful depiction of the pattern in which services are delivered to customers. Management applies judgment in determining the timing of recognition. For contracts with multiple performance obligations, management allocates the transaction price to each obligation based on its relative standalone selling price. These commitments for future services exclude cancellable contracts. As of December 31, 2025, the amount not yet recognized as revenue from these commitments was $201.8 million. There were no significant changes in these judgments during the year ended December 31, 2025.

The Company expects to recognize its remaining performance obligations as of December 31, 2025, over the following periods (dollars in thousands):


	December 31, 2025
1 to 12 months(1)	$	75,573	37	%
13 to 24 months		60,219	30	%
25 to 36 months		43,792	22	%
37 to 48 months		13,908	7	%
Remaining		8,267	4	%
Total	$	201,759	100	%

(1) In March 2026, the Company received notice from a customer to temporarily suspend work under a contract. The contract has not been terminated, and the customer has until August 29, 2026 to either cancel the suspension or terminate the contract. Contracted future revenue related to this contract is included in the remaining performance obligations disclosed above. As a result, approximately $15.3 million of revenue previously expected to be recognized within the next 12 months may be delayed to future periods or may not be recognized.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Spire Global, Inc. 10-K