Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations

3 Months Ended

Mar. 31, 2026

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 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.

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

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.

- 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

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Spire Global, Inc. 10-Q