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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from______ to______

Commission File Number: 001-39493

SPIRE GLOBAL, INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware	85-1276957
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
8000 Towers Crescent Drive Suite 1100 Vienna, Virginia 22182
(Address of principal executive offices) (Zip Code)

(202) 301-5127

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Class A common stock, par value of $0.0001 per share

     SPIR

     New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The registrant had outstanding 38,711,549 shares of Class A common stock and 1,507,325 shares of Class B common stock as of May 11, 2026.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION	5

Item 1.	Unaudited Condensed Consolidated Financial Statements	5
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Loss	7
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	8
	Condensed Consolidated Statements of Cash Flows	9
	Notes to Unaudited Condensed Consolidated Financial Statements	10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	44
Item 4.	Controls and Procedures	44

PART II.	OTHER INFORMATION	49

Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 3.	Defaults Upon Senior Securities	50
Item 4.	Mine Safety Disclosures	50
Item 5.	Other Information	50
Item 6.	Exhibits	51
Signatures		52

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•

significant political, trade, regulatory developments, and other circumstances beyond our control, including as a result of geopolitical uncertainty and instability and tariffs, which could have a material adverse effect on our financial condition or results of operations;

•

global and domestic economic conditions, including currency exchange rate fluctuations, inflation, interest rates and their impact on demand and pricing for our offerings in affected markets;

•

changes in our growth, strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, and plans;

•

our ability to remedy identified material weaknesses;

•

the ability to develop new offerings, services, solutions and features and bring them to market in a timely manner and make enhancements to our business;

•

the quality and effectiveness of and advancements in our technology and our ability to accurately and effectively use data and engage in predictive analytics;

•

overall level of customer demand for our products and services;

•

expectations and timing related to product launches;

•

the expected timing of revenue recognition, especially in connection with milestone-based services;

•

expectations of achieving and maintaining profitability;

•

expectations regarding future solar cycles and the anticipated impact on our satellites;

•

projections of total addressable markets, market opportunity, and market share;

•

our expectations concerning relationships with third parties;

•

our ability to acquire or develop products or technologies we believe could complement or expand our platform or to expand our products and services internationally;

•

our ability to obtain and protect patents, trademarks, licenses and other intellectual property rights;

•

our ability to utilize potential net operating loss carryforwards;

•

developments and projections relating to our competitors and industries, such as the projected growth in demand for data solutions;

•

our ability to acquire new customers and partners or obtain renewals, upgrades, or expansions from our existing customers, including government customers;

•

our ability to compete with existing and new competitors in existing and new markets and offerings;

•

our ability to retain or recruit officers, key employees or directors;

•

our potential need for additional capital to support business growth or operations, which might not be available on company favorable terms, if at all;

•

our expectations regarding regulatory approvals and authorizations; and

•

the expectations regarding the effects of existing and developing laws and regulations, including with respect to regulations around satellites, intellectual property law, and privacy and data protection.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in Part I, Item 1A “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025 and in Part II, Item 1A “Risk Factors” of this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this Quarterly Report on Form 10-Q relate only to expectations as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

PART I—FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

Spire Global, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)


	March 31,			December 31,
	2026			2025
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	16,048		$	24,813
Marketable securities		33,409			56,969
Accounts receivable, net (including allowance of $231 and $169 as of March 31, 2026 and December 31, 2025, respectively)		7,040			4,178
Contract assets		1,929			1,778
Other current assets		6,003			6,036
Total current assets		64,429			93,774
Property and equipment, net		83,969			80,806
Operating lease right-of-use assets		9,740			10,798
Goodwill		15,193			15,450
Intangible assets, net		8,547			9,079
Other long-term assets, including restricted cash		978			1,085
Total assets	$	182,856		$	210,992
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	15,967		$	14,866
Contract liabilities, current portion		35,992			35,160
Other accrued expenses		16,562			22,266
Total current liabilities		68,521			72,292
Contract liabilities, non-current		12,435			14,207
Warrant liability		226			106
Operating lease liabilities, net of current portion		7,834			8,755
Other long-term liabilities		2,634			2,704
Total liabilities		91,650			98,064
Commitments and contingencies (Note 9)
Stockholders’ equity
Common stock, $0.0001 par value, 1,000,000,000 Class A and 15,000,000 Class B shares authorized, 33,529,765 Class A and 1,507,325 Class B shares issued and outstanding at March 31, 2026; 33,107,807 Class A and 1,507,325 Class B shares issued and outstanding at December 31, 2025		4			3
Additional paid-in capital		609,684			605,700
Accumulated other comprehensive loss		(5,299	)		(5,435	)
Accumulated deficit		(513,183	)		(487,340	)
Total stockholders’ equity		91,206			112,928
Total liabilities and stockholders’ equity	$	182,856		$	210,992

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

Spire Global, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)


	Three Months Ended March 31,
	2026			2025
Revenue	$	15,834		$	23,876
Cost of revenue		9,529			15,164
Gross profit		6,305			8,712
Operating expenses:
Research and development		8,699			8,659
Sales and marketing		3,146			5,531
General and administrative		18,126			17,650
Loss on decommissioned satellites and other assets write-offs		909			5,160
Total operating expenses		30,880			37,000
Loss from operations		(24,575	)		(28,288	)
Other (expense) income:
Interest income		474			20
Interest expense		—			(5,730	)
Change in fair value of contingent earnout liability		—			1,038
Change in fair value of warrant liabilities		(120	)		5,837
Foreign exchange (loss) gain		(1,628	)		3,826
Other income (expense), net		61			(224	)
Total other (expense) income, net		(1,213	)		4,767
Loss before income taxes		(25,788	)		(23,521	)
Income tax provision (benefit)		55			(6	)
Net loss	$	(25,843	)	$	(23,515	)
Basic and diluted net loss per share	$	(0.78	)	$	(0.88	)
Weighted-average shares used in computing basic and diluted net loss per share		33,269,650			26,787,097

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

Spire Global, Inc.

Condensed Consolidated Statements of Comprehensive Loss

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2026			2025
Net loss	$	(25,843	)	$	(23,515	)
Other comprehensive loss:
Foreign currency translation adjustments, net of tax		166			(2,675	)
Net unrealized loss on investments, net of tax		(30	)		—
Comprehensive loss	$	(25,707	)	$	(26,190	)

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

Spire Global, Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

(In thousands, except share amounts)

(Unaudited)


	Common Stock				Additional Paid in		Accumulated Other Comprehensive			Accumulated			Total Stockholders'
	Shares		Par Value		Capital		Loss			Deficit			Equity
Balance, December 31, 2025		34,615,132	$	3	$	605,700	$	(5,435	)	$	(487,340	)	$	112,928
Release of Restricted Stock Units and Performance Stock Units		419,079		1		—		—			—			1
Exercise of stock options		2,879		—		21		—			—			21
Stock-based compensation				—		3,963		—			—			3,963
Net loss		—		—		—		—			(25,843	)		(25,843	)
Foreign currency translation adjustments		—		—		—		166			—			166
Net unrealized loss on investments (net of tax)		—		—		—		(30	)		—			(30	)
Balance, March 31, 2026		35,037,090	$	4	$	609,684	$	(5,299	)	$	(513,183	)	$	91,206


	Common Stock				Additional Paid in		Accumulated Other Comprehensive			Accumulated			Total Stockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance, December 31, 2024		27,218,490	$	3	$	536,725	$	(9,770	)	$	(538,645	)	$	(11,687	)
Release of Restricted Stock Units and Performance Stock Units		339,059		—		—		—			—			—
Exercise of stock options		73,140		—		640		—			—			640
Stock compensation expense		—		—		4,905		—			—			4,905
Issuance of common stock under Securities Purchase Agreements, net		4,843,750		—		36,047		—			—			36,047
Net loss		—		—		—		—			(23,515	)		(23,515	)
Foreign currency translation adjustments		—		—		—		(2,675	)		—			(2,675	)
Balance, March 31, 2025		32,474,439	$	3	$	578,317	$	(12,445	)	$	(562,160	)	$	3,715

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

Spire Global, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Three Months Ended March 31,
	2026			2025
Cash flows from operating activities
Net loss	$	(25,843	)	$	(23,515	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		3,018			4,413
Stock-based compensation		3,963			4,905
Amortization of operating lease right-of-use assets		799			746
Change in fair value of warrant liabilities		120			(5,837	)
Change in fair value of contingent earnout liability		—			(1,038	)
Loss on decommissioned satellites and disposal of assets		909			5,160
Other, net		(521	)		1,629
Changes in operating assets and liabilities:
Accounts receivable, net		(2,916	)		2,584
Contract assets		(258	)		(1,619	)
Other current assets		66			(188	)
Other long-term assets		103			451
Accounts payable		1,203			(3,819	)
Contract liabilities		(628	)		1,958
Other accrued expenses		(4,885	)		6,328
Operating lease liabilities		(1,341	)		(579	)
Other long-term liabilities		—			(8	)
Net cash used in operating activities		(26,211	)		(8,429	)
Cash flows from investing activities
Maturities of short-term investments		23,972			—
Purchase of property and equipment		(7,972	)		(8,901	)
Net cash provided by (used in) investing activities		16,000			(8,901	)
Cash flows from financing activities
Proceeds from Securities Purchase Agreements, net		—			37,297
Proceeds from exercise of stock options		21			640
Net cash provided by financing activities		21			37,937
Effect of foreign currency translation on cash, cash equivalents and restricted cash		1,412			(3,828	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(8,778	)		16,779
Cash, cash equivalents and restricted cash
Beginning balance		25,392			19,684
Ending balance	$	16,614		$	36,463
Supplemental disclosure of cash flow information
Cash paid for interest	$	—		$	3,862
Income taxes paid	$	1,219		$	—
Non-cash operating, investing and financing activities
Property and equipment purchased but not yet paid	$	4,041		$	964
Right-of-use assets obtained in exchange for lease liabilities	$	1,194		$	378

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Nature of Business

Spire Global, Inc. (“Spire” or the “Company”), founded in August 2012, is a global provider of space-based data and analytics that offers its customers unique datasets and insights about Earth from the ultimate vantage point. The Company collects this space-based data through its proprietary constellation of multi-purpose nanosatellites. The Company designs, manufactures, integrates, and operates its own satellites and ground stations to deliver unique end-to-end comprehensive solutions.

The Company is headquartered in Vienna, Virginia, and has wholly owned operating subsidiaries in the United States (“U.S.”), United Kingdom, Luxembourg, Singapore, Germany, and Canada.

On August 16, 2021, Spire Global Subsidiary, Inc. (formerly known as Spire Global, Inc.) (“Legacy Spire”) closed its previously announced merger with NavSight Holdings, Inc. (“NavSight”), a special purpose acquisition company. As a result, Legacy Spire continued as the surviving corporation and a wholly owned subsidiary of NavSight (the “Merger,” and such consummation, the “Closing”). NavSight then changed its name to Spire Global, Inc. and Legacy Spire changed its name to Spire Global Subsidiary, Inc.

On April 25, 2025, the Company completed the sale of its maritime business to Kpler Holding SA for approximately $238.9 million (the “Maritime Transaction”). The sale did not include any portion of its satellite network or operations. As part of the transaction, a portion of the proceeds was used to settle a prior dispute with L3Harris Technologies, Inc. (“L3Harris”) pursuant to a settlement agreement providing for the full and complete resolution and release of all disputes asserted in connection with the Amended and Restated L3Harris Agreement dated January 21, 2020 (the “A&R L3Harris Agreement”) between exactEarth Ltd. (“exactEarth”) and L3Harris Technologies, Inc. (“L3Harris”), and to repay all outstanding obligations under the Company's financing agreements, including the Blue Torch Finance LLC (“Blue Torch”) and Strategic Innovation Fund (“SIF”) loan facilities.

Summary of Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements and accompanying notes are unaudited and have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. The Company’s condensed 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.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations applicable to interim financial reporting. The unaudited condensed consolidated financial statements were prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of its financial position, results of operations and cash flows for the periods indicated. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included within the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2026.

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Revision of Previously Issued Financial Statements

As previously disclosed in Note 2 to the consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2025, the Company identified immaterial revisions to previously issued financial statements for the three months ended March 31, 2025.

The revision related to the understatement of general and administrative expenses in the three months ended March 31, 2025. Specifically, legal expenses of $1.8 million related to the Maritime Transaction were incurred during the first quarter of 2025 but were not accrued as a component of other accrued expenses in current liabilities.

Additionally, there was an understatement of stock-based compensation expense affecting cost of revenue, research and development, and sales and marketing expenses. In connection with the Maritime Transaction, the Company failed to record a portion of accelerated stock-based compensation for the three months ended March 31, 2025 resulting in an aggregate understatement of $1.0 million.

These errors had no impact on the condensed consolidated statements of changes in stockholders’ equity or statements of comprehensive loss for the three months ended March 31, 2025, other than the impact to net loss for the period. The errors also had no impact on total cash flows from operating, investing, or financing activities for the period.

The tables below provide information about the adjustments as of and for the three months ended March 31, 2025.


	March 31, 2025
Unaudited Condensed Consolidated Balance Sheet	As Previously Reported			Adjustments			Revised
Other accrued expenses	$	21,985		$	1,840		$	23,825
Total current liabilities	$	161,730		$	1,840		$	163,570
Total liabilities	$	203,291		$	1,840		$	205,131
Additional paid-in capital	$	576,758		$	1,559		$	578,317
Accumulated deficit	$	(558,761	)	$	(3,399	)	$	(562,160	)
Total stockholders’ equity	$	5,555		$	(1,840	)	$	3,715
Total liabilities and stockholders’ equity	$	208,846		$	—		$	208,846


	Three Months Ended March 31, 2025
Unaudited Condensed Consolidated Statements of Operations	As Previously Reported			Adjustments			Revised
Cost of revenue	$	15,092		$	72		$	15,164
Gross profit	$	8,784		$	(72	)	$	8,712
Research and development	$	8,509		$	150		$	8,659
Sales and marketing	$	4,735		$	796		$	5,531
General and administrative	$	15,810		$	1,840		$	17,650
Total operating expenses	$	34,214		$	2,786		$	37,000
Loss from operations	$	(25,430	)	$	(2,858	)	$	(28,288	)
Loss before income taxes	$	(20,663	)	$	(2,858	)	$	(23,521	)
Net loss	$	(20,657	)	$	(2,858	)	$	(23,515	)
Loss per share:
Basic	$	(0.77	)	$	(0.11	)	$	(0.88	)
Diluted	$	(0.77	)	$	(0.11	)	$	(0.88	)

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Reclassifications

Certain prior year periods amounts have been reclassified to conform with the current year period’s presentation. These reclassifications had no impact on previously reported net loss.

Liquidity Risks and Uncertainties

The Company has a history of operating losses and negative cash flows from operations since inception. During the three months ended March 31, 2026, the Company used $26.2 million in cash for operating activities. In April 2026, the Company closed the 2026 Private Placement (as defined in Note 14). The aggregate net proceeds for the 2026 Private Placement were approximately $65.5 million. These proceeds enhanced the Company’s cash position and are expected to support its liquidity needs.

Use of Estimates

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, disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Management’s significant estimates include assumptions for revenue recognition, which requires estimates of total costs used in measuring the progress of completion for the cost-based input method; allowance for current expected credit losses; realizability of deferred income tax assets; fair value of equity awards and warrant liabilities; the useful lives of property and equipment; and the Company's incremental borrowing rate used in accounting for operating leases. Actual results could differ from those estimates.

Cash, Cash Equivalents, Marketable Securities, and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash included in other long-term assets, including restricted cash in the condensed consolidated balance sheets, represents amounts pledged as guarantees or collateral for financing arrangements and lease agreements, as contractually required.

Marketable debt securities are classified as available-for-sale and as short-term or long-term based on contractual maturity. Unrealized gains and losses on marketable debt securities are recognized in accumulated other comprehensive loss, and interest is included in interest income in the condensed consolidated statements of operations.

The following table shows components of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets and in the condensed consolidated statements of cash flows as of the dates indicated:


	March 31,		December 31,
	2026		2025
Cash and cash equivalents	$	16,048	$	24,813
Restricted cash included in other long-term assets		566		579
	$	16,614	$	25,392

Concentration Risk

Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents and restricted cash, marketable securities, notes receivable, and accounts receivable. The Company has not experienced any losses on such accounts, and management believes that the Company’s risk of loss is remote.

The Company typically has cash accounts in excess of Federal Deposit Insurance Corporation insurance coverage limits. Additionally, the Company invests in highly rated, investment-grade securities with the objective of minimizing the principal

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

loss and limiting credit exposure to any single issuer. The Company’s investment policy requires securities to be investment grade and limits the amount of credit exposure to any one issuer.

Substantially all of the Company’s marketable securities and certain cash equivalents, totaling $33.7 million and $65.1 million as of March 31, 2026 and December 31, 2025, respectively, are held with a single banking institution, representing a concentration of credit risk. The maximum exposure to loss is limited to the carrying amount of cash and marketable securities. The Company monitors the financial condition of the institution and believes the risk of loss is mitigated by its financial strength and the liquidity of the investments.

Geographic Risk

The Company also operates globally, and a substantial portion of its assets are located in certain geographic regions. The allocation of the Company’s assets by region was as follows:


	March 31,			December 31,
	2026			2025
EMEA
United Kingdom		35	%		33	%
Germany		23	%		23	%
Luxembourg		15	%		17	%
		73	%		73	%
Americas
U.S.		26	%		27	%
Canada		1	%		0	%
		27	%		27	%
Total		100	%		100	%

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Customer Risk

The Company has a concentration of contractual revenue arrangements with various government agencies. Government agencies under common control are reported as a single customer. The following customers represented 10% or more of the Company’s total revenue and total accounts receivable for each of the following periods:


	Three Months Ended March 31,
Revenue:	2026			2025
Customer A (1)		30	%		15	%
Customer B		13	%	*
Customer C		10	%	*
Customer D	*				10	%


	March 31,			December 31,
Accounts Receivable:	2026			2025
Customer C		19	%		34	%
Customer E		14	%	*
Customer F		12	%	*
Customer G	*				11	%

(1) Consists of multiple U.S. government agencies, of which one government agency represented greater than 10% of total revenue for the three months ended March 31, 2026. No government agency represented greater than 10% of total revenue for the three months ended March 31, 2025.

* Revenue from customer was less than 10% of total revenue during the applicable period or accounts receivable from customer were less than 10% of total accounts receivable as of the applicable period.

Vendor Risk

The Company relies on certain vendors for specific 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 unable to obtain alternative vendors due to factors beyond its control, its operations could be disrupted until alternative vendors were secured. The Company had one vendor from whom purchases of equipment, components and services individually represented 10% or more of the Company’s total purchases for the three months ended March 31, 2026. No individual vendor accounted for more than 10% of total purchases for the three months ended March 31, 2025.

The Company is also dependent on third parties to launch its satellites into space. Any launch delay, malfunction, or failure could adversely impact revenue and the Company's ability to satisfy 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 materially harm its business and results of operations.

Accounting Pronouncements Recently Adopted

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets to simplify how entities estimate expected credit losses on current accounts receivable and current contract assets. The ASU provides a practical expedient for all entities to assume that current economic conditions will not change for the remaining life of these assets when forecasting credit losses. The guidance is effective for annual and interim reporting periods within fiscal

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

years beginning after December 15, 2025. The Company adopted the standard in the first quarter of 2026. The adoption of the ASU did not have a material impact on the Company’s consolidated financial statements.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses, which includes purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is currently assessing the guidance, noting the adoption impacts disclosures only.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software by removing prescriptive development stages and clarifying the capitalization threshold. It also clarifies that capitalized internal-use software costs are subject to the disclosure requirements of Topic 360, Property, Plant, and Equipment, and are not required to follow the disclosures for other intangible assets. The guidance is effective for annual and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact that the adoption of ASU 2025-06 will have on its consolidated financial statements and disclosures.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. The guidance is effective for annual and interim reporting periods within fiscal years beginning after December 15, 2028, with early adoption permitted. The Company does not expect this ASU to have a material impact on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The guidance is effective for annual and interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11.

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 a reduction in revenue of $0.3 million for the three months ended March 31, 2026.

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.

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

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


	Three Months Ended March 31,
	2026				2025
Subscription revenue	$	13,221	83	%	$	19,510	82	%
Non-subscription revenue		2,613	17	%		4,366	18	%
	$	15,834	100	%	$	23,876	100	%

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


	Three Months Ended March 31,
	2026				2025
Americas
U.S.	$	8,638	55	%	$	11,985	50	%
Canada		1,596	10	%		—	0	%
Other(1)		49	0	%		1,595	7	%
Total Americas		10,283	65	%		13,580	57	%
EMEA
United Kingdom		923	5	%		3,273	14	%
Belgium		1,690	11	%		16	0	%
Germany		1,582	10	%		1,289	5	%
Other(1)		937	6	%		3,639	15	%
Total EMEA		5,132	32	%		8,217	34	%
Asia Pacific
Other(1)		419	3	%		2,079	9	%
		419	3	%		2,079	9	%
Total	$	15,834	100	%	$	23,876	100	%

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

Contract Assets

Contract assets reported on the Company's condensed consolidated balance sheets were $1.9 million and $1.8 million as of March 31, 2026 and December 31, 2025, respectively.

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


	2026			2025
Balance as of January 1,	$	1,778		$	785
Contract assets recorded during the period		1,235			2,126
Reclassified to accounts receivable		(1,062	)		(710	)
Other		(22	)		20
Balance as of March 31,	$	1,929		$	2,221

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Contract Liabilities

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


	March 31,		December 31,
	2026		2025
Contract liabilities, current portion	$	35,992	$	35,160
Contract liabilities, non-current		12,435		14,207
Contract liabilities	$	48,427	$	49,367

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


	2026			2025
Balance as of January 1,	$	49,367		$	45,526
Contract liabilities recorded during the period		10,218			11,635
Revenue recognized during the period		(10,828	)		(9,908	)
Other		(330	)		433
Balance as of March 31,	$	48,427		$	47,686

Remaining Performance Obligations

The Company has performance obligations associated with commitments in 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 March 31, 2026, the amount not yet recognized as revenue from these commitments was $184.8 million. There were no significant changes in these judgments during the three months ended March 31, 2026.

The Company expects to recognize its remaining performance obligations as of March 31, 2026, over the following periods (dollars in thousands):


	March 31, 2026
1 to 12 months(1)	$	62,315	34	%
13 to 24 months(1)		58,547	32	%
25 to 36 months(1)		46,754	25	%
37 to 48 months		11,681	6	%
Remaining		5,513	3	%
Total	$	184,810	100	%

(1) On April 23, 2026, a customer provided the Company with written notice of a contract termination, effective immediately. See Note 14 for further information. As of March 31, 2026, contracted future revenue related to this contract is included in the remaining performance obligations, as disclosed above. Approximately $8.1 million, $19.7 million, and $14.5 million of revenue previously expected to be recognized within the next 12 months, 13 to 24 months, and 25 to 36 months, respectively, will not be recognized as a result of this termination.

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Other Balance Sheet Components

Other current assets consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Technology and other prepaid contracts	$	1,141	$	1,618
Other receivables		3,411		2,554
Prepaid insurance		529		872
Deferred contract costs		112		121
Other		810		871
Other current assets	$	6,003	$	6,036

Property and equipment, net consisted of the following (in thousands):


	March 31,			December 31,
	2026			2025
Satellites in-service	$	32,466		$	29,009
Internally developed software		2,377			2,377
Ground stations in-service		5,505			5,372
Leasehold improvements		6,629			6,077
Machinery and equipment		8,787			7,841
Computer equipment		1,432			1,411
Computer software and website development		99			99
Furniture and fixtures		1,574			1,542
		58,869			53,728
Less: Accumulated depreciation and amortization		(26,517	)		(24,290	)
		32,352			29,438
Satellite, launch, and ground station work in progress		34,183			30,692
Finished satellites not yet placed in-service		17,434			20,676
Property and equipment, net	$	83,969		$	80,806

Depreciation and amortization expense related to property and equipment was $2.6 million and $4.0 million for the three months ended March 31, 2026 and 2025, respectively. The Company recorded $0.9 million and $5.2 million of losses on decommissioned satellites and other assets write-offs for the three months ended March 31, 2026 and 2025, respectively. These losses are recorded in a separate line item within operating expenses on the condensed consolidated statement of operations. The loss recorded during the three months ended March 31, 2026 was primarily due to the deorbiting of one satellite. The loss recorded during the three months ended March 31, 2025 was primarily due to the Company’s decision to stop supporting three underperforming satellites. These satellites were written off at their net book value as no recoverable value was expected upon disposal.

Other accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025
Operating lease liabilities, current	$	3,932	$	4,642
Professional services		3,161		4,394
Accrued operating costs		193		967
Accrued wages and benefits		6,006		4,556
Software		792		791
Corporate and sales tax		83		1,281
Termination fees		—		3,335
Other		2,395		2,300
Other accrued expenses	$	16,562	$	22,266

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Accumulated other comprehensive loss consisted of the following (in thousands):


	Three Months Ended March 31, 2026
	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) on Available-for-sale Debt Securities, net			Total
Beginning balance	$	(5,467	)	$	32		$	(5,435	)
Other comprehensive income (loss) before reclassifications		166			(30	)		136
Ending balance	$	(5,301	)	$	2		$	(5,299	)

	Three Months Ended March 31, 2025
	Foreign Currency Translation Adjustment			Unrealized Gains (Losses) on Available-for-sale Debt Securities, net			Total
Beginning balance	$	(9,770	)	$	—		$	(9,770	)
Other comprehensive loss before reclassifications		(2,675	)		—			(2,675	)
Ending balance	$	(12,445	)	$	—		$	(12,445	)

The components of accumulated other comprehensive loss, which are included in stockholders' equity, consist of foreign currency translation adjustments and unrealized gains (losses) on available-for-sale securities.

Goodwill and Intangible Assets

The following table summarizes changes in goodwill balance (in thousands):


Balance at December 31, 2025	$	15,450
Impact of foreign currency translation		(257	)
Balance at March 31, 2026	$	15,193

Intangible assets consisted of the following (in thousands):


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Developed technology	$	12,652	$	(4,569	)	$	8,083
Trade names		2,145		(1,859	)		286
Patents		393		(373	)		20
FCC licenses(1)		480		(322	)		158
	$	15,670	$	(7,123	)	$	8,547

	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Developed technology	$	12,867	$	(4,378	)	$	8,489
Trade names		2,181		(1,781	)		400
Patents		393		(369	)		24
FCC licenses(1)		480		(314	)		166
	$	15,921	$	(6,842	)	$	9,079

(1) The Company’s Federal Communications Commission (“FCC”) licenses are recognized as finite-lived intangible assets and are amortized over their estimated useful lives. The licenses are subject to annual renewal upon expiration and require approval by the FCC. The Company intends to renew these licenses, and the expected future cash flows associated with the licenses assume renewal upon expiration. Management does not believe that renewal uncertainty will materially limit the Company’s ability to generate cash flows from its satellite and ground station operations.

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

As of March 31, 2026, the weighted-average amortization period for remaining developed technology was 7.7 years, for trade names was 0.7 years, and for patents and FCC licenses was 4.7 years. Amortization expense related to intangible assets was $0.4 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the expected future amortization expense of intangible assets is as follows (in thousands):


Year ending December 31,	Future Amortization Expense
Remainder of 2026	$	1,111
2027		1,094
2028		1,089
2029		1,086
2030		1,084
Thereafter		3,083
	$	8,547

Maritime Transaction

On April 25, 2025, the Company completed the sale of its maritime business to Kpler Holding SA, a Belgian corporation (“Buyer”), for approximately $238.9 million. The Company recognized a gain of $154.3 million on the sale. The maritime business generated income before income taxes of approximately $3.2 million for the three months ended March 31, 2025.

Termination of Financing Agreements

Blue Torch Credit Agreement

The Company used a portion of the proceeds from the Maritime Transaction to pay in full all outstanding obligations under the Blue Torch Financing Agreement (as defined below), which was terminated in connection with the payment. The total amount paid to Blue Torch, including outstanding principal, exit fees, termination penalties, applicable premiums, and accrued interest was approximately $108.6 million.

On June 13, 2022, the Company, as borrower, and Spire Global Subsidiary, Inc. and Austin Satellite Design, LLC, as guarantors, entered into a financing agreement (the “Blue Torch Financing Agreement”) with Blue Torch Finance LLC, a Delaware limited liability company (“Blue Torch”), as administrative agent and collateral agent, and certain lenders (the “Lenders”). The Blue Torch Financing Agreement provided for, among other things, a term loan facility in an aggregate principal amount of up to $120.0 million (the “Blue Torch Credit Facility”).

The $120.0 million term loan was available and drawn at closing, of which $19.7 million was placed in an escrow account by Blue Torch with such amount released upon the Company achieving certain metrics related to annualized recurring revenue and a total annualized recurring revenue leverage ratio. These metrics were achieved and the $19.7 million was released from the escrow account and delivered to the Company in February 2023. The term loan accrued interest at a floating rate based, at the Company’s election, on either a reference rate or a 3-month Term Secured Overnight Financing Rate (“SOFR”) (subject to a 1.0% floor), plus an interest rate margin of 7.0% for reference rate borrowings and 8.0% for 3-month Term SOFR borrowings, plus an incremental Term SOFR margin of 0.26161%. The Company elected the Term SOFR rate. Principal on the term loan was only payable at maturity and interest on the term loan was due and payable quarterly for Term SOFR borrowings.

The Company recorded interest expense, including amortization of deferred issuance costs from long-term debt, of $5.7 million for the three months ended March 31, 2025.

Government Loan

The Company assumed an interest free loan agreement with the SIF upon the Acquisition which was recorded at an amount equal to the proceeds received. Any amount outstanding under this loan would have been repayable in 15 annual payments

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

beginning February 28, 2026, and would have had a stated interest rate of zero. On April 25, 2025, the Company used a portion of the proceeds from the Maritime Transaction to repay all obligations under the SIF loan agreement.

Leases

Approximately 90% of the Company’s ROU assets and lease liabilities relate to office facilities leases, with the remaining amounts representing primarily ground station leases. The leases have various expiration dates through 2031. Certain of the Company’s lease agreements include escalating lease payments.

Operating lease expenses were $1.1 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. Aggregate variable lease expenses and short-term lease expenses were $0.5 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.

The following table provides the required information regarding the Company’s leases for which the Company is the lessee (dollars in thousands):


	March 31,			December 31,
	2026			2025
Assets
ROU assets	$	9,740		$	10,798
Liabilities
Current	$	3,932		$	4,642
Non-current		7,834			8,755
Total lease liabilities	$	11,766		$	13,397
Weighted-average remaining lease term (years)		4.3			4.5
Weighted-average discount rate		11	%		10

Spire Global, Inc. 10-Q