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 ~~September~~March 3031, ~~2025~~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 ☐

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 3338,~~100~~711,~~260~~549 shares of Class A common stock and 1,507,325 shares of Class B common stock as of ~~December~~May 311, ~~2025~~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) Income	7
	Condensed Consolidated Statements of Comprehensive Loss	7
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	8
	Condensed Consolidated Statements of Cash Flows	109
	Notes to Unaudited Condensed Consolidated Financial Statements	1110
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5244
Item 4.	Controls and Procedures	5344
PART II.	OTHER INFORMATION	5749
Item 1.	Legal Proceedings	5749
Item 1A.	Risk Factors	5849
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6050
Item 3.	Defaults Upon Senior Securities	6050
Item 4.	Mine Safety Disclosures	6050
Item 5.	Other Information	6050
Item 6.	Exhibits	6051
Signatures		6152

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 ~~recently~~geopolitical ~~announced~~uncertainty and instability and tariffs, which could have a material adverse effect on our financial condition or results of operations;

•

~~changes~~global inand ~~our~~domestic ~~growth,~~economic ~~strategy~~conditions, ~~future~~including ~~operations,~~currency ~~financial~~exchange ~~position~~rate fluctuations, ~~requirements~~inflation, ~~for~~interest ~~additional~~rates ~~capital,~~and ~~estimated~~their ~~revenues~~impact on demand and ~~losses,~~pricing ~~projected~~for ~~costs,~~our ~~prospects,~~offerings ~~and~~in ~~plans;~~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 ability to acquire data sets, software, equipment, satellite components, and regulatory approvals from third parties;

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 ~~space-based~~ 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, ~~expansion~~which ~~plans~~might not be available on company favorable terms, ~~and~~if ~~opportunities~~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~~; and~~.

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

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~~We ~~events~~caution ~~and~~you ~~trends~~ that ~~we believe may affect our business, financial condition, results of operations, and prospects. The outcome of~~ the ~~events~~foregoing ~~described~~list inmay these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K/A for the year ended December 31, 2024 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~~contain ~~for us to predict~~ all ~~risks~~of ~~and uncertainties that could have an impact on~~ the forward-looking statements ~~contained~~made 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.

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)

(Unaudited)


	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

	September 30,			December 31,
	2025			2024
Assets
Current assets
Cash and cash equivalents	$	20,312		$	19,206
Marketable securities		76,438			—
Accounts receivable, net (including allowance of $243 and $148 as of September 30, 2025 and December 31, 2024, respectively)		5,808			11,926
Contract assets		3,950			785
Other current assets		6,524			3,278
Assets classified as held for sale		—			56,963
Total current assets		113,032			92,158
Property and equipment, net		75,261			63,338
Operating lease right-of-use assets		10,206			11,074
Goodwill		15,222			14,735
Other intangible assets		9,332			10,161
Other long-term assets		1,204			2,109
Total assets	$	224,257		$	193,575
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	11,368		$	11,592
Long-term debt, current portion		—			93,936
Contract liabilities, current portion		28,006			22,037
Other accrued expenses		20,020			16,361
Liabilities associated with assets classified as held for sale		—			7,667
Total current liabilities		59,394			151,593
Contract liabilities, non-current		21,640			23,489
Warrant liability		201			13,641
Operating lease liabilities, net of current portion		8,354			9,598
Other long-term liabilities		1,539			6,941
Total liabilities		91,128			205,262
Commitments and contingencies (Note 10)
Stockholders’ equity
Common stock, $0.0001 par value, 1,000,000,000 Class A and 15,000,000 Class B shares authorized, 32,714,550 Class A and 1,507,325 Class B shares issued and outstanding at September 30, 2025; 25,711,165 Class A and 1,507,325 Class B shares issued and outstanding at December 31, 2024		3			3
Additional paid-in capital		601,588			536,725
Accumulated other comprehensive loss		(6,216	)		(9,770	)
Accumulated deficit		(462,246	)		(538,645	)
Total stockholders’ equity (deficit)		133,129			(11,687	)
Total liabilities and stockholders’ equity	$	224,257		$	193,575

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 September 30,						Nine Months Ended September 30,
	Three Months Ended March 31,
	2025			2024			2025			2024
	2026			2025
Revenue	$	1215,~~670~~834		$	2823,~~568~~876		$	~~55,728~~		$	~~88,792~~
Cost of revenue		89,~~027~~529			15,~~843~~164			~~32,997~~			~~55,927~~
Gross profit		46,~~643~~305			128,~~725~~712			~~22,731~~			~~32,865~~
Operating expenses:
Research and development		98,~~116~~699			58,~~631~~659			~~27,970~~			~~19,185~~
Sales and marketing		23,~~816~~146			5,~~655~~531			~~12,759~~			~~15,941~~
General and administrative		1318,~~762~~126			1217,~~303~~650			~~48,598~~			~~32,156~~
Loss on decommissioned satellites		—			246			6,270			953
Loss on decommissioned satellites and other assets write-offs		909			5,160
Allowance for current expected credit loss on notes receivable		—			2,609			—			2,689
Total operating expenses		30,880			37,000
Total operating expenses		25,694			26,444			95,597			70,924
Loss from operations		(24,575	)		(28,288	)
Loss from operations		(21,051	)		(13,719	)		(72,866	)		(38,059	)
Other (expense) income:
Other income (expense):
Interest income		474			20
Interest income		1,015			407			1,681			1,432
Interest expense		—			(5,730	)
Interest expense		(2	)		(4,828	)		(7,418	)		(14,654	)
Change in fair value of contingent earnout liability		—			1,038
Gain on sale of a business		—			—			154,305			—
Change in fair value of warrant liabilities		(120	)		5,837
Loss on extinguishment of debt		—			—			(12,008	)		—
Foreign exchange (loss) gain		(1,628	)		3,826
Change in fair value of contingent earnout liability		617			515			1,428			(717	)
Other income (expense), net		61			(224	)
Change in fair value of warrant liabilities		51			854			3,098			(1,109	)
Total other (expense) income, net		(1,213	)		4,767
Issuance of stock warrants		—			—			—			(2,399	)
Loss before income taxes		(25,788	)		(23,521	)
Foreign exchange (loss) gain		(17	)		4,872			10,774			2,573
Income tax provision (benefit)		55			(6	)
Other expense, net		(291	)		(530	)		(802	)		(1,541	)
Net loss	$	(25,843	)	$	(23,515	)
Total other income (expense), net		1,373			1,290			151,058			(16,415	)
Basic and diluted net loss per share	$	(0.78	)	$	(0.88	)
(Loss) income before income taxes		(19,678	)		(12,429	)		78,192			(54,474	)
Weighted-average shares used in computing basic and diluted net loss per share		33,269,650			26,787,097
Income tax (benefit) provision		(2	)		44			1,793			102
Net (loss) income	$	(19,676	)	$	(12,473	)	$	76,399		$	(54,576	)
(Loss) income per share:
Basic	$	(0.61	)	$	(0.50	)	$	2.52		$	(2.30	)
Diluted	$	(0.61	)	$	(0.50	)	$	2.31		$	(2.30	)
Shares used in computing (loss) income per share:
Basic		32,501,417			24,921,585			30,249,828			23,745,015
Diluted		32,501,417			24,921,585			31,410,136			23,745,015

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

Spire Global, Inc.

Condensed Consolidated Statements of Comprehensive (Loss~~) Income~~

(In thousands)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	Three Months Ended March 31,
	2025			2024			2025		2024
	2026			2025
Net (loss) income	$	(19,676	)	$	(12,473	)	$	76,399	$	(54,576	)
Net loss	$	(25,843	)	$	(23,515	)
Other comprehensive (loss) income:
Other comprehensive loss:
Foreign currency translation adjustments		(1,244	)		(1,986	)		3,526		(4,275	)
Foreign currency translation adjustments, net of tax		166			(2,675	)
Net unrealized loss on investments (net of tax)		31			4			28		2
Net unrealized loss on investments, net of tax		(30	)		—
Comprehensive (loss) income	$	(20,889	)	$	(14,455	)	$	79,953	$	(58,849	)
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				AdditionalPaid in		AccumulatedOtherComprehensive			Accumulated			TotalStockholders'
	Shares		~~Amount~~Par Value		Capital		Loss			Deficit			Equity
Balance, June 30, 2025		33,743,329	$	3	$	596,804	$	(5,003	)	$	(442,570	)	$	149,234
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		~~342~~419,~~955~~079		—1		—		—			—			—1
Issuance of common stock under Employee Stock Purchase Plan		—		—		—		—			—			—
Exercise of stock options		2,879		—		21		—			—			21
Exercise of stock options		135,591		—		954		—			—			954
Stock-based compensation				—		3,963		—			—			3,963
Stock compensation expense		—		—		3,830		—			—			3,830
Net loss		—		—		—		—			(25,843	)		(25,843	)
Exercise of warrants		—		—		—		—			—			—
Foreign currency translation adjustments		—		—		—		166			—			166
Net loss		—		—		—		—			(19,676	)		(19,676	)
Net unrealized loss on investments (net of tax)		—		—		—		(30	)		—			(30	)
Foreign currency translation adjustments		—		—		—		(1,244	)		—			(1,244	)
Balance, March 31, 2026		35,037,090	$	4	$	609,684	$	(5,299	)	$	(513,183	)	$	91,206
Net unrealized loss on investments (net of tax)		—		—		—		31			—			31
Balance, September 30, 2025		34,221,875	$	3	$	601,588	$	(6,216	)	$	(462,246	)	$	133,129
	Common Stock				AdditionalPaid in		AccumulatedOtherComprehensive			Accumulated			TotalStockholders'
	Shares		Amount		Capital		Loss			Deficit			(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		1,195,091		—		—		—			—			—
Issuance of common stock under Employee Stock Purchase Plan		50,266		—		443		—			—			443
Exercise of stock options		241,132		—		1,824		—			—			1,824
Stock compensation expense		—		—		14,957		—			—			14,957
Issuance of common stock under the Securities Purchase Agreements, net		4,843,750		—		36,047		—			—			36,047
Exercise of warrants		673,146		—		11,592		—			—			11,592
Net income		—		—		—		—			76,399			76,399
Foreign currency translation adjustments		—		—		—		3,526			—			3,526
Net unrealized loss on investments (net of tax)		—		—		—		28			—			28
Balance, September 30, 2025		34,221,875	$	3	$	601,588	$	(6,216	)	$	(462,246	)	$	133,129


	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

	Common Stock				AdditionalPaid in		AccumulatedOtherComprehensive			Accumulated			TotalStockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance, June 30, 2024		26,283,274	$	3	$	524,567	$	(6,847	)	$	(477,389	)	$	40,334
Release of Restricted Stock Units		322,436		—		—		—			—			—
Stock compensation expense		—		—		4,959		—			—			4,959
Net loss		—		—		—		—			(12,473	)		(12,473	)
Foreign currency translation adjustments		—		—		—		(1,986	)		—			(1,986	)
Net unrealized gain on investments (net of tax)		—		—		—		4			—			4
Balance, September 30, 2024		26,605,710	$	3	$	529,526	$	(8,829	)	$	(489,862	)	$	30,838
	Common Stock				AdditionalPaid in		AccumulatedOtherComprehensive			Accumulated			TotalStockholders'
	Shares		Amount		Capital		Loss			Deficit			Equity
Balance, December 31, 2023		22,604,676	$	2	$	477,624	$	(4,556	)	$	(435,286	)	$	37,784
Release of Restricted Stock Units and Performance Stock Units		907,182		—		—		—			—			—
Issuance of common stock under Employee Stock Purchase Plan		79,903		—		370		—			—			370
Exercise of stock options		37,758		—		269		—			—			269
Stock compensation expense		—		—		13,382		—			—			13,382
Issuance of common stock under Securities Purchase Agreements, net		2,976,191		1		37,881		—			—			37,882
Net loss		—		—		—		—			(54,576	)		(54,576	)
Foreign currency translation adjustments		—		—		—		(4,275	)		—			(4,275	)
Net unrealized loss on investments (net of tax)		—		—		—		2			—			2
Balance, September 30, 2024		26,605,710	$	3	$	529,526	$	(8,829	)	$	(489,862	)	$	30,838

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)

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2025			2024
	2026			2025
Cash flows from operating activities
Net income (loss)	$	76,399		$	(54,576	)
Net loss	$	(25,843	)	$	(23,515	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		93,~~494~~018			164,~~351~~413
Stock-based compensation		143,~~957~~963			134,~~382~~905
Amortization of operating lease right-of-use assets		~~2,307~~799			~~4,104~~746
Change in fair value of warrant liabilities		~~(3,098~~120	)		1(5,~~109~~837	)
Change in fair value of contingent earnout liability		~~(1,428~~—	)		~~717~~(1,038	)
Issuance of stock warrants		—			2,399
Loss on decommissioned satellites and disposal of assets		909			5,160
Loss on decommissioned satellites and disposal of assets		6,270			1,474
Other, net		(521	)		1,629
Loss on extinguishment of debt		12,008			—
Gain on sale of a business		(154,305	)		—
Transaction costs on sale of a business		(23,744	)		—
Other, net		1,817			2,669
Changes in operating assets and liabilities:
Accounts receivable, net		7(2,~~315~~916	)		~~741~~2,584
Contract assets		(~~2,975~~258	)		~~812~~(1,619	)
Other current assets		~~(3,431~~66	)		~~8,660~~(188	)
Other long-term assets		~~1,250~~103			~~1,544~~451
Accounts payable		(31,~~076~~203	)		1(3,~~478~~819	)
Accrued wages and benefits		2,504			675
Contract liabilities		(628	)		1,958
Contract liabilities		3,231			452
Other accrued expenses		(4,885	)		6,328
Other accrued expenses		827			2,892
Operating lease liabilities		(1,341	)		(579	)
Operating lease liabilities		(1,866	)		(4,134	)
Other long-term liabilities		—			(8	)
Other long-term liabilities		(8	)		—
Net cash used in operating activities		(26,211	)		(8,429	)
Net cash (used in) provided by operating activities		(55,552	)		749
Cash flows from investing activities
Purchases of short-term investments		(97,730	)		(30,147	)
Maturities of short-term investments		23,972			—
Maturities of short-term investments		22,600			34,897
Purchase of property and equipment		(7,972	)		(8,901	)
Purchase of property and equipment		(20,895	)		(21,491	)
Net cash provided by (used in) investing activities		16,000			(8,901	)
Proceeds from sale of a business, net of cash		238,948			—
Net cash provided by (used in) investing activities		142,923			(16,741	)
Cash flows from financing activities
Proceeds from Securities Purchase Agreements, net		~~37,297~~—			37,~~881~~297
Payments on long-term debt		(105,742	)		(20,113	)
Proceeds from exercise of stock options		21			640
Payments on long-term debt closing fees		(9,091	)		—
Net cash provided by financing activities		21			37,937
Proceeds from exercise of stock options		1,824			269
Effect of foreign currency translation on cash, cash equivalents and restricted cash		1,412			(3,828	)
Proceeds from employee stock purchase plan		443			370
Net (decrease) increase in cash, cash equivalents and restricted cash		(8,778	)		16,779
Net cash (used in) provided by financing activities		(75,269	)		18,407
Effect of foreign currency translation on cash, cash equivalents and restricted cash		(10,896	)		(2,486	)
Net increase (decrease) in cash, cash equivalents and restricted cash		1,206			(71	)
Cash, cash equivalents and restricted cash
Beginning balance		1925,~~684~~392			2919,~~641~~684
Ending balance	$	2016,~~890~~614		$	2936,~~570~~463
Supplemental disclosure of cash flow information
Cash paid for interest	$	~~6,919~~—		$	103,~~964~~862
Income taxes paid	$	—1,219		$	46—
Noncash operating, investing and financing activities
Non-cash operating, investing and financing activities
Property and equipment purchased but not yet paid	$	24,~~264~~041		$	~~2,009~~964
Right-of-use assets obtained in exchange for lease liabilities	$	1,~~136~~194		$	~~490~~378

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

109

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands, except shares and per share data, unless otherwise noted)

(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 ~~and~~that ~~space~~offers ~~services,~~its ~~offering~~customers unique datasets and ~~powerful~~ insights about Earth from ~~space~~the ultimate vantage point. The Company collects this space-based data through its proprietary constellation of multi-purpose nanosatellites. The Company ~~builds~~designs, ~~owns~~manufactures, integrates, and operates aits ~~fully~~own ~~deployed satellite constellation that observes the Earth in real time using radio frequency technology. The data acquired by Spire’s~~ satellites ~~provide global weather intelligence, ship~~ and ~~plane~~ground ~~movements,~~stations ~~and spoofing and jamming detection~~ to ~~better~~deliver ~~predict~~unique ~~how their patterns impact economies, global security, business operations, and the environment. The Company also offers Space Services solutions that empower customers~~ end-to-end ~~leverage~~comprehensive ~~Spire's established infrastructure to put their business in space~~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”) ~~merged~~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 ~~November~~April 1325, ~~2024~~2025, the Company ~~entered~~completed ~~into a Share Purchase Agreement (~~the ~~“Purchase~~sale ~~Agreement”)~~of ~~with Kpler Holding SA, a Belgian corporation (“Buyer”), pursuant to which the Company agreed to sell~~ its maritime business to ~~Buyer~~Kpler ~~and~~Holding ~~enter~~SA ~~into~~for ~~certain~~approximately ~~ancillary~~$238.9 ~~agreements~~million (the “~~Transactions~~Maritime Transaction”). The ~~maritime~~sale ~~business sold pursuant to the Transactions~~ did not include any ~~part~~portion of ~~the~~its ~~Company’s~~ satellite network or operations. OnAs ~~April~~part ~~25,~~of ~~2025,~~ the ~~Company and L3Harris Technologies~~transaction, ~~Inc.~~a ~~(“L3Harris”),~~portion ~~entered~~of ~~into~~ the ~~Confidential~~proceeds ~~Settlement~~was ~~Agreement~~used ~~and~~to ~~Mutual~~settle ~~Release~~a ~~(the~~prior ~~“Settlement~~dispute ~~Agreement”)~~with ~~among~~L3Harris ~~the Company~~Technologies, ~~exactEarth Ltd~~Inc. (“~~exactEarth~~L3Harris”) ~~and L3Harris,~~ pursuant to ~~which,~~a ~~upon~~settlement ~~the~~agreement ~~closing~~providing offor the ~~Transactions, Buyer paid L3Harris $17,000 (the “Settlement”) for~~ 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 ~~the~~exactEarth ~~Company and L3Harris~~Ltd. ~~The~~(“exactEarth”) ~~Company~~ and ~~Buyer~~L3Harris ~~further~~Technologies, ~~agreed~~Inc. ~~that~~(“L3Harris”), ~~the~~and ~~Company~~to ~~would~~repay ~~contribute~~all ~~$7,000~~outstanding ~~toward~~obligations ~~the~~under ~~Settlement in~~ the ~~form~~Company's offinancing aagreements, ~~reduction~~including to the ~~cash~~Blue ~~paid~~Torch byFinance ~~Buyer~~LLC to(“Blue ~~the~~Torch”) ~~Company~~and atStrategic ~~the~~Innovation ~~closing~~Fund of(“SIF”) ~~the~~loan ~~Transactions~~facilities.

On April 25, 2025, the Company completed the sale of its maritime business to Buyer for approximately $238,948, which reflects an increase to the original purchase price to account for funds contributed by the Buyer toward the Settlement.

On March 12, 2025, the Company entered into a Securities Purchase Agreement (the “2025 Securities Purchase Agreement”) with the purchasers named therein for the private placement (the “2025 Private Placement”) of (i) 4,843,750 shares of Class A common stock at a purchase price of $8.00 per share and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase 156,250 shares of Class A common stock at a purchase price of $7.9999 per Pre-Funded Warrant. The Pre-Funded Warrants had an exercise price of $0.0001 per share of Class A common stock, were exercisable immediately, and remained outstanding until fully exercised. The aggregate net proceeds for the 2025 Private Placement were $37,297, after deducting offering expenses. As of September 30, 2025, all Pre-Funded Warrants had been exercised on a cashless basis.

The Registration Rights Agreement entered into by the Company and the purchasers in the 2025 Private Placement provides for liquidated damages if the Company fails to satisfy certain obligations under the agreement, including as a result of failing to timely file a Quarterly Report on Form 10-Q. During each of the three and nine months ended September 30, 2025, the Company incurred approximately $506 of liquidated damages under this provision, which were recognized in other expense, net.

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands, except shares and per share data, unless otherwise noted)

(Unaudited)

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 ~~United~~U.S. ~~States of America~~ (“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/A for the year ended December 31, ~~2024~~2025.

~~The~~Results ~~information~~of asoperations offor ~~December~~the three months ended March 31, ~~2024~~2026, ~~included~~are onnot ~~the~~necessarily ~~condensed~~indicative ~~consolidated~~of ~~balance~~the ~~sheets~~results ~~was~~that ~~derived~~may ~~from~~be ~~the~~expected ~~Company’s~~for ~~audited~~any ~~consolidated~~other ~~financial~~interim ~~statements.~~period ~~All~~or ~~intercompany~~for ~~accounts~~the ~~and~~year ~~transactions~~ending ~~have~~December ~~been~~31, ~~eliminated in consolidation~~2026.

Results of operations for the three and nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2025.10

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Revision of Previously Issued Financial Statements

As previously disclosed in Note 2 to the condensed consolidated financial statements included in the QuarterlyAnnual Report on Form 10-QK for the quarteryear ended JuneDecember 3031, 2025, the Company identified certain immaterial revisions to previously issued financial statements for the three months ended December 31, 2024 and March 31, 2025. The comparative financial information presented herein reflects these adjustments. The revisions did not impact the Company’s overall financial position, condensed consolidated statements of stockholders’ equity, statements of comprehensive loss, or statements of cash flows for the three months ended December 31, 2024, and March 31, 2025, other than the impact to net loss for those periods, as previously disclosed. Additional detail regarding the nature of these revisions is disclosed in Note 2 to the condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 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) income.

Liquidity Risks and Uncertainties

The Company has a history of operating losses and negative cash flows from operations since inception. During the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, the Company used $~~55,552~~26.2 million in cash for operating activities ~~and fully repaid its outstanding long-term debt~~. In ~~connection~~April ~~with~~2026, the ~~closing~~Company ofclosed the ~~Transactions,~~2026 ~~the~~Private ~~Company~~Placement ~~received~~(as ~~net~~defined ~~cash~~in ~~proceeds~~Note of14). ~~$109,450~~The ~~and~~aggregate ~~an additional $37,297,~~ net ofproceeds ~~offering~~for ~~expenses, from~~ the ~~2025~~2026 Private Placement were approximately $65.5 million. These proceeds enhanced the Company'’s cash position and are expected to support its liquidity needs.

On April 25, 2025, the Company completed the sale of its maritime business to Buyer for approximately $238,948, which reflected an increase to the original purchase price to account for funds contributed by the Buyer toward the Settlement. On April 25, 2025, the Company repaid, with a portion of the proceeds of the Transactions, all obligations and all amounts borrowed, and all obligations terminated, under the Blue Torch Financing Agreement (as defined below) and SIF (as defined below) loan agreement.

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands, except shares and per share data, unless otherwise noted)

(Unaudited)

The Company previously disclosed substantial doubt about its ability to continue as a going concern in its Annual Report on Form 10-K/A for the year ended December 31, 2024; however, the Company has concluded that it has sufficient liquidity to continue as a going concern for at least twelve months from the issuance date of these condensed consolidated financial statements. As of September 30, 2025, the Company had cash and cash equivalents of $20,312 and investments in short-term marketable securities of $76,438, which, together with its expected future financial results, are anticipated to provide sufficient working capital to support ongoing operations over that period. Although the Company continues to incur operating losses, excluding the gain on the Transaction, and negative cash flows, management's evaluation of these conditions supports its conclusion that current liquidity is sufficient for ongoing operations.

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 ~~revenues~~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; ~~and~~ fair value of equity awards, ~~contingent earnout liabilities,~~ 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 onin the condensed consolidated balance sheets, represents amounts pledged as guarantees or collateral for financing arrangements and lease agreements, as contractually required.

The Company invests in highly rated, investment-grade securities with the objective of minimizing the principal 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. As of September 30, 2025, substantially all of the Company's marketable securities and certain cash equivalents, totaling $83,922, 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 this cash and these 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. 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 onin 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:

	September 30,		December 31,
	March 31,		December 31,
	2025		2024
	2026		2025
Cash and cash equivalents	$	2016,~~312~~048	$	1924,~~206~~813
Restricted cash included in other long-term assets		~~578~~566		~~478~~579
	$	2016,~~890~~614	$	1925,~~684~~392

ConcentrationsConcentration of Credit Risk and Geographic Concentrations

~~Financial~~Credit 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 typically has cash accounts in excess of Federal Deposit Insurance Corporation insurance coverage limits. The Company has a $4,500 note receivable and a $744 accrued interest balance outstanding relating to one customer. Both the note and the accrued interest are on nonaccrual status as of September 30, 2025 and December 31, 2024. The Company has an allowance for current expected credit loss on the Risk

13Financial 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.

~~Spire~~The ~~Global,~~Company ~~Inc~~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

~~Notes to Condensed Consolidated Financial Statements~~12

~~(In~~Spire ~~thousands~~Global, ~~except shares and per share data, unless otherwise noted)~~Inc.

~~(Unaudited)~~Notes to Condensed Consolidated Financial Statements

~~note receivable and accrued interest balance for the full amount as of each of September 30, 2025 and December 31, 2024~~ (~~see Note 10~~Unaudited).

~~The~~loss ~~Company~~and ~~also~~limiting ~~operates~~credit ~~globally,~~exposure ~~and~~to aany ~~substantial~~single ~~portion~~issuer. ofThe ~~its~~Company’s ~~assets~~investment ~~are~~policy ~~located~~requires insecurities ~~certain~~to ~~geographic~~be ~~regions.~~investment Asgrade ofand ~~September~~limits ~~30, 2025,~~ the ~~allocation~~amount of ~~the~~credit ~~Company's~~exposure ~~assets~~to byany ~~region~~one ~~was as follows:~~issuer.

	September 30, 2025			December 31, 2024
EMEA(1)		76	%		62	%
Americas		24	%		38	%
Total		100	%		100	%

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.

~~United~~Geographic Kingdom represented 47% and 43% as of September 30, 2025 and December 31, 2024, respectively. Germany represented 17% as of September 30, 2025. Luxembourg represented 12% and 10% as of September 30, 2025 and December 31, 2024, respectively.Risk

The Company ~~has~~also aoperates ~~concentration~~globally, ofand ~~vendor purchases. The Company believes its reliance on its vendors could be shifted over~~ a ~~period~~substantial portion of ~~time to alternative vendors should such a change be necessary. If the Company were to be unable to obtain alternative vendors due to factors beyond~~ its ~~control,~~assets ~~operations~~are ~~would~~located bein ~~disrupted~~certain ~~until~~geographic ~~alternative vendors were secured~~regions. The ~~Company~~allocation ~~had one vendor from whom purchases~~ of ~~equipment, components and services individually represented 10% or more of~~ the Company’s ~~total~~assets ~~purchases~~by ~~for~~region ~~each~~was ofas ~~the nine months ended September 30, 2025 and 2024.~~follows:

The Company’s policy is to place receivables on nonaccrual status when collection of principal or interest is no longer reasonably assured, typically when amounts are more than 90 days past due or earlier if indicators of credit deterioration exist. Interest income is not recognized on nonaccrual assets. A receivable is returned to accrual status only when all past-due amounts are repaid and future collectability is reasonably assured.


	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	%

The Company has a concentration of contractual revenue arrangements with various government agencies. The following customers represented 10% or more of the Company’s total revenue and total accounts receivable for each of the following periods:13

	Three Months Ended September 30,						Nine Months Ended September 30,
Revenue:	2025			2024			2025			2024
Customer A (1)		35	%		20	%		21	%		22	%
Customer B		13	%		12	%		10	%	*
Customer C	*			*				10	%	*
Customer D	*			*			*				11	%

Spire Global, Inc.

*Notes ~~Revenue~~to ~~from~~Condensed ~~customer~~Consolidated ~~was~~Financial ~~less than 10% of total revenue during the applicable period.~~Statements

(1Unaudited) ~~Consists of multiple U.S. government agencies, of which one government agency represented greater than 10% of total revenue for the three months ended September 30, 2024.~~

Accounts Receivable:	September 30, 2025			December 31, 2024
Customer B		23	%	*
Customer C	*				13	%
Customer E	*				13	%

Customer Risk

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

Related Parties


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

In conjunction with the Company’s acquisition of exactEarth (the “Acquisition”) in November 2021, Myriota Pty Ltd. (“Myriota”), an existing Spire customer, became a related party as a result of exactEarth’s approximately 13% ownership of Myriota at the time of acquisition. As of September 30, 2025, the Company had 7.7% ownership of Myriota. The investment in Myriota of $50 and $858 was included in other long-term assets, including restricted cash on the condensed consolidated balance sheets as of September 30, 2025, and December 31, 2024, respectively. The Company accounts for this investment using the equity method of accounting due to its representation on Myriota’s board of directors. The Company’s share of earnings or losses on the investment is recorded on a one month lag, due to the timing of receiving financial statements from Myriota and is presented as a component of other expense, net in the condensed consolidated statements of operations. The Company generated immaterial revenue from Myriota for the three and nine months ended September 30, 2025


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

14(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.

~~Spire~~* ~~Global,~~Revenue ~~Inc~~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.

~~Notes~~Vendor ~~to Condensed Consolidated Financial Statements~~Risk

~~(In~~The ~~thousands~~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, ~~except~~its ~~shares~~operations could be disrupted until alternative vendors were secured. The Company had one vendor from whom purchases of equipment, components and ~~per~~services ~~share~~individually ~~data~~represented 10% or more of the Company’s total purchases for the three months ended March 31, ~~unless~~2026. ~~otherwise~~No ~~noted)~~individual vendor accounted for more than 10% of total purchases for the three months ended March 31, 2025.

~~(Unaudited)~~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 andPronouncements hadRecently $281 of accounts receivable from Myriota as of September 30, 2025. The Company generated $115 and $558 in revenue from Myriota for the three and nine months ended September 30, 2024, respectively, and had $52 of accounts receivable from Myriota as of December 31, 2024.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 ~~December~~November ~~2023~~2024, the ~~Financial~~FASB ~~Accounting~~issued ~~Standards~~ASU ~~Board~~2024-03, Income Statement-Reporting Comprehensive Income—Expense Disaggregation Disclosures (~~“FASB”~~Subtopic 220-40). Additionally, in January 2025, the FASB issued ~~Accounting~~ASU ~~Standards~~2025-01 ~~Updated~~to (“clarify the effective date of ASU”) ~~2023~~2024-~~09,~~03. ~~Income~~The ~~Taxes~~standard ~~(Topic~~provides ~~740)—Improvements~~guidance to ~~Income~~expand ~~Tax~~disclosures ~~Disclosures,~~related ~~which~~to ~~includes~~the ~~amendments~~disaggregation ~~that~~of ~~further~~income ~~enhance~~statement ~~income~~expenses. ~~tax~~The ~~disclosures~~standard requires, ~~primarily~~in ~~through~~the ~~standardization~~notes to the financial statements, disclosure of specified information about certain costs and ~~disaggregation~~expenses, which includes purchases of ~~rate~~inventory, ~~reconciliation~~employee ~~categories~~compensation, depreciation and ~~income~~intangible ~~taxes~~asset ~~paid~~amortization byincluded ~~jurisdiction~~in each relevant expense caption. ~~The~~This guidance is effective for ~~annual~~fiscal ~~reporting~~years ~~periods~~ beginning after December 15, ~~2024~~2026, ~~with~~and ~~early~~interim ~~adoption~~periods ~~permitted,~~within ~~and~~annual ~~should~~reporting beperiods ~~applied~~beginning ~~prospectively~~after orDecember ~~retrospectively.~~15, ~~The~~2027, ~~Company~~on isa ~~currently~~retrospective ~~evaluating~~or ~~the~~prospective ~~impact~~basis, ~~that~~with ~~the~~early adoption ofpermitted. ~~ASU~~The ~~2023-09~~Company ~~will~~is ~~have~~currently onassessing ~~its~~the ~~consolidated~~guidance, ~~financial~~noting ~~statements~~the ~~and~~adoption impacts disclosures only.

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 assessing the guidance, noting the adoption impacts disclosure only.

In July 2025, the FASB issued 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 years beginning after December 15, 2025, with early adoption permitted. The Company does not expect this ASU to have a material impact on its consolidated financial statements.

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 ~~revenue~~a ~~reductions~~reduction ofin ~~$553~~revenue ~~and~~of $~~1,417~~0.3 million for the three ~~and~~months ~~nine month~~ ended ~~September~~March 3031, ~~2025, respectively~~2026.

Disaggregation of Revenue

RevenueSubscription fromrevenue subscription-basedconsists of recurring fees earned under customer contracts wasthat $8,913provide andongoing $42access to the Company’s data products,995, orsoftware 70%platforms, and 77%the operational phase of totalSpace revenue,Services forcontracts. Revenue is generally recognized ratably over the threecontractual andservice nineperiod. monthsNon-subscription endedrevenue Septemberconsists 30,of 2025,non-recurring respectively,services and wasdeliverable-based $20arrangements,200 including funded research and $57development projects,959 project-based services, orhistorical 71%data sales, and 65%professional ofservices. totalRevenue revenue,is forrecognized theeither threeover andtime nineor monthsat endeda Septemberpoint 30,in 2024time, respectively.depending Revenueon fromthe non-subscription-basednature contractsof wasthe $3,757performance and obligation.

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(~~In thousands, except shares and per share data, unless otherwise noted~~Unaudited)

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

$12,733, or 30% and 23% of total revenue, for the three and nine months ended September 30, 2025, respectively, and was $8,368 and $30,833, or 29% and 35% of total revenue, for the three and nine months ended September 30, 2024, respectively.


	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, ~~derived~~was ~~from~~recognized ~~billing~~(dollars ~~addresses,~~in ~~was recognized~~thousands):

	Three Months Ended September 30, 2025				Nine Months Ended September 30, 2025
	Three Months Ended March 31,
Americas (1)	$	7,806	62	%	$	33,970	61	%
	2026				2025
EMEA(2)		3,999	31	%		18,203	33	%
Americas
Asia Pacific		865	7	%		3,555	6	%
U.S.	$	8,638	55	%	$	11,985	50	%
Total	$	12,670	100	%	$	55,728	100	%
Canada		1,596	10	%		—	0	%
	Three Months Ended September 30, 2024				Nine Months Ended September 30, 2024
Other(1)		49	0	%		1,595	7	%
Americas (1)	$	14,304	50	%	$	50,864	57	%
Total Americas		10,283	65	%		13,580	57	%
EMEA(2)		12,334	43	%		31,729	36	%
EMEA
Asia Pacific		1,930	7	%		6,199	7	%
United Kingdom		923	5	%		3,273	14	%
Total	$	28,568	100	%	$	88,792	100	%
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.

U.S. represented 52% of total revenue for each of the three and nine months ended September 30, 2025, and 44% and 42% of total revenue for the three and nine months ended September 30, 2024, respectively. Canada represented 15% of total revenue for the nine months ended September 30, 2024.

United Kingdom represented 11% of total revenue for each of the nine months ended September 30, 2025 and 2024. Belgium represented 11% of total revenue for the three months ended September 30, 2025. France represented 16% of total revenue for the three months ended September 30, 2024.

Contract Assets

AsContract ofassets ~~September~~reported ~~30,~~on ~~2025 and December 31, 2024,~~ the Company's ~~reported~~condensed ~~contract~~consolidated ~~assets~~balance sheets were $~~3,950~~1.9 million and $~~785,~~1.8 ~~respectively,~~million ~~which were reported~~ as ~~contract~~of ~~assets~~March on31, ~~the~~2026 ~~condensed~~and ~~consolidated~~December ~~balance~~31, ~~sheets~~2025, respectively.

Changes in contract assets ~~for the nine months ended September 30, 2025 and 2024~~ were as follows (in thousands):

	2025			2024
	2026			2025
Balance as of January 1	$	785		$	4,917
Balance as of January 1,	$	1,778		$	785
Contract assets recorded during the period		41,~~667~~235			32,~~967~~126
Reclassified to accounts receivable		(1,~~573~~062	)		(~~4,724~~710	)
Other		71(22	)		~~(12~~20	)
Balance as of September 30	$	3,950		$	4,148
Balance as of March 31,	$	1,929		$	2,221

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Contract Liabilities

AsContract ofliabilities ~~September~~were ~~30, 2025, the Company~~ reported ~~total contract liabilities of $49,646, consisting of $28,006 classified as the current portion of contract liabilities and $21,640 included in other long-term liabilities~~ on the Company's condensed consolidated balance sheets. ~~As of December 31, 2024, total contract liabilities were $45,526, of which $22,037 was classified~~ as ~~the~~follows ~~current portion of contract liabilities and $23,489 was included~~ (in ~~other long-term liabilities on the condensed consolidated balance sheets.~~thousands):

Changes in contract liabilities for the nine months ended September 30, 2025 and 2024 were as follows:


	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

	2025			2024
Balance as of January 1	$	45,526		$	49,101
Contract liabilities recorded during the period		21,508			33,650
Revenue recognized during the period		(18,398	)		(33,202	)
Other		1,010			231
Balance as of September 30	$	49,646		$	49,780

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

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands, except shares and per share data, unless otherwise noted)

(Unaudited)

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. ~~These~~Revenue ~~commitments~~from ~~for~~subscription-based ~~future~~services is recognized over time, generally on a straight-line basis over the subscription period, while revenue from milestone-based services ~~exclude~~is ~~(i)~~recognized ~~contracts~~at ~~with~~the anpoint ~~original~~in ~~term~~time when control of ~~one~~the ~~year~~deliverable ortransfers ~~less~~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, ~~and~~management ~~(ii)~~allocates the transaction price to each obligation based on its relative standalone selling price. These commitments for future services exclude cancellable contracts. As of ~~September~~March 3031, ~~2025~~2026, the amount not yet recognized as revenue from these commitments was $~~223,113~~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 ~~September~~March 3031, ~~2025~~2026, over the following periods (dollars in thousands):

	September 30, 2025
	March 31, 2026
1 to 12 months	$	76,585	34	%
1 to 12 months(1)	$	62,315	34	%
13 to 24 months		58,255	26	%
13 to 24 months(1)		58,547	32	%
25 to 36 months		36,714	17	%
25 to 36 months(1)		46,754	25	%
37 to 48 months		2211,~~142~~681	106	%
Remaining		295,~~417~~513	133	%
Total	$	~~223~~184,~~113~~810	100	%

~~Balance~~(1) ~~Sheet~~On ~~Components~~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.

Other current assets consisted of the following:

	September 30,		December 31,
	2025		2024
Technology and other prepaid contracts	$	2,705	$	838
Other receivables		1,953		648
Prepaid insurance		1,219		1,076
Deferred contract costs		140		297
Other		507		419
Other current assets	$	6,524	$	3,278

Property and equipment, net consisted of the following:

	September 30,			December 31,
	2025			2024
Satellites in-service	$	25,672		$	32,768
Internally developed software		2,377			1,760
Ground stations in-service		4,988			4,978
Leasehold improvements		6,084			5,707
Machinery and equipment		6,545			5,479
Computer equipment		1,485			1,327
Computer software and website development		99			99
Furniture and fixtures		1,528			1,335
		48,778			53,453
Less: Accumulated depreciation and amortization		(21,637	)		(25,748	)
		27,141			27,705
Satellite, launch, and ground station work in progress		37,322			27,624
Finished satellites not yet placed in-service		10,798			8,009
Property and equipment, net	$	75,261		$	63,338

Depreciation and amortization expense related to property and equipment was $2,170 and $8,343 for the three and nine months ended September 30, 2025, respectively. Depreciation and amortization expense related to property and equipment was $2,328 and $13,733 for the three and nine months ended September 30, 2024, respectively.

The Company recorded losses of $0 and $6,270 on decommissioned satellites for the three and nine months ended September 30, 2025, respectively, and $246 and $953 on decommissioned satellites for the three and nine months ended September 30, 2024, respectively. These losses are recorded in a separate line item within operating expenses on the condensed consolidated

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands, except shares and per share data, unless otherwise noted)

(Unaudited)

~~statement~~Other ofBalance ~~operations.~~Sheet ~~The~~Components loss on decommissioned satellites during the nine months ended September 30, 2025 was primarily due to the Company’s decision to stop supporting three underperforming satellites and the deorbiting of an additional three satellites. The loss on decommissioned satellites during the three and nine months ended September 30, 2024 was primarily due to failure to establish communications with multiple satellites. These satellites were written off at their net book value as no recoverable value was expected upon disposal.

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

	September 30,		December 31,
	March 31,		December 31,
	2025		2024
	2026		2025
Operating lease liabilities, current	$	4,179	$	3,260
Technology and other prepaid contracts	$	1,141	$	1,618
Professional services		3,688		2,622
Other receivables		3,411		2,554
Accrued operating costs		1,877		1,829
Prepaid insurance		529		872
Accrued wages and benefits		5,426		3,335
Deferred contract costs		112		121
Accrued interest		—		1,709
Other		810		871
Legal matters		—		1,479
Other current assets	$	6,003	$	6,036
Software		898		792
Corporate and sales tax		969		120
Other		2,983		1,215
Other accrued expenses	$	20,020	$	16,361

~~Accumulated~~Property ~~other~~and ~~comprehensive~~equipment, ~~(loss)~~net ~~income~~ consisted of the following (in thousands):

	Three Months Ended September 30, 2025									Nine Months Ended September 30, 2025
	March 31,			December 31,
	Foreign Currency Translation Adjustment			Unrealized (Losses) Gains on Available-for-sale Debt Securities, net			Total			Foreign Currency Translation Adjustment			Unrealized Gains (Losses) on Available-for-sale Debt Securities, net		Total
	2026			2025
Beginning balance	$	(5,000	)	$	(3	)	$	(5,003	)	$	(9,770	)	$	—	$	(9,770	)
Satellites in-service	$	32,466		$	29,009
Other comprehensive (loss) income before reclassifications		(1,244	)		31			(1,213	)		(5,921	)		28		(5,893	)
Internally developed software		2,377			2,377
Less: Amount of loss reclassified from AOCI		—			—			—			9,447			—		9,447
Ground stations in-service		5,505			5,372
Net current period other comprehensive (loss) income		(1,244	)		31			(1,213	)		3,526			28		3,554
Leasehold improvements		6,629			6,077
Ending balance	$	(6,244	)	$	28		$	(6,216	)	$	(6,244	)	$	28	$	(6,216	)
Machinery and equipment		8,787			7,841
	Three Months Ended September 30, 2024									Nine Months Ended September 30, 2024
Computer equipment		1,432			1,411
	Foreign Currency Translation Adjustment			Unrealized (Losses) Gains on Available-for-sale Debt Securities, net			Total			Foreign Currency Translation Adjustment			Unrealized Gains (Losses) on Available-for-sale Debt Securities, net		Total
Computer software and website development		99			99
Beginning balance	$	(6,846	)	$	(1	)	$	(6,847	)	$	(4,557	)	$	1	$	(4,556	)
Furniture and fixtures		1,574			1,542
Other comprehensive (loss) income before reclassifications		(1,986	)		4			(1,982	)		(4,275	)		2		(4,273	)
		58,869			53,728
Less: Amount of gain (loss) reclassified from AOCI		—			—			—			—			—		—
Less: Accumulated depreciation and amortization		(26,517	)		(24,290	)
Net current period other comprehensive (loss) income		(1,986	)		4			(1,982	)		(4,275	)		2		(4,273	)
		32,352			29,438
Ending balance	$	(8,832	)	$	3		$	(8,829	)	$	(8,832	)	$	3	$	(8,829	)
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 ~~components~~Company recorded $0.9 million and $5.2 million of ~~accumulated~~losses on decommissioned satellites and other ~~comprehensive~~assets ~~loss~~write-offs for the three months ended March 31, ~~which~~2026 and 2025, respectively. These losses are ~~included~~recorded in ~~stockholders'~~a ~~equity,~~separate ~~consist~~line item within operating expenses on the condensed consolidated statement of ~~foreign~~operations. ~~currency~~The ~~translation~~loss ~~adjustments~~recorded ~~and~~during ~~unrealized~~the ~~gains~~three onmonths ~~available-for-sale~~ended ~~securities~~March 31, 2026 was primarily due to the deorbiting of one satellite. ~~During~~The loss recorded during the ~~nine~~three months ended ~~September~~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

(In thousands, except shares and per share data, unless otherwise noted)

(Unaudited)

~~30,~~Accumulated ~~2025, the Company reclassified $9,447 out of accumulated~~ other comprehensive loss, ~~with~~consisted ~~the entire amount recorded in gain on the sale~~ of ~~business within~~ the ~~condensed~~following ~~consolidated~~(in ~~statements of operations.~~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, 2024	$	14,735
Balance at December 31, 2025	$	15,450
Impact of foreign currency translation		~~487~~(257	)
Balance as of September 30, 2025	$	15,222
Balance at March 31, 2026	$	15,193

~~Other~~Intangible ~~intangible~~ assets consisted of the following (in thousands):

	September 30, 2025
	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Developed technology	$	12,~~677~~652	$	(4,~~050~~569	)	$	8,083
Trade names		2,~~149~~145		(1,~~647~~859	)		286
Patents		393		(~~364~~373	)		20
FCC licenses		480		(306	)
FCC licenses(1)		480		(322	)		158
	$	15,~~699~~670	$	(67,~~367~~123	)	$	8,547
	December 31, 2024
	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Developed technology	$	12,~~270~~867	$	(34,~~153~~378	)	$	8,489
Trade names		2,~~080~~181		(1,~~282~~781	)		400
Patents		393		(~~345~~369	)		24
FCC licenses		480		(282	)
FCC licenses(1)		480		(314	)		166
	$	15,~~223~~921	$	(56,~~062~~842	)	$	9,079

As(1) ofThe ~~September~~Company’s ~~30,~~Federal ~~2025,~~Communications ~~the~~Commission ~~weighted-average~~(“FCC”) ~~amortization~~licenses ~~period~~are ~~for~~recognized ~~developed~~as ~~technology~~finite-lived ~~was~~intangible ~~8.2~~assets ~~years, for trade names was 1.2 years,~~ and ~~for~~are ~~patents~~amortized ~~and~~over ~~FCC~~their ~~licenses~~estimated ~~was~~useful 5lives.1 ~~years.~~The ~~Amortization~~licenses ~~expense~~are ~~related~~subject to ~~intangible~~annual ~~assets~~renewal ~~was~~upon ~~$387~~expiration and ~~$1,151~~require ~~for~~approval by the ~~three~~FCC. ~~and~~The ~~nine~~Company ~~months~~intends ~~ended~~to ~~September~~renew ~~30,~~these ~~2025~~licenses, ~~respectively,~~ and ~~$871~~the ~~and~~expected ~~$2,619~~future ~~for~~cash flows associated with the ~~three~~licenses ~~and~~assume ~~nine~~renewal ~~months~~upon ~~ended~~expiration. ~~September~~Management ~~30,~~does ~~2024,~~not ~~respectively.~~believe Nothat ~~impairment~~renewal ~~charges~~uncertainty ~~were~~will ~~recognized~~materially ~~for~~limit the ~~three~~Company’s ~~and~~ability ~~nine~~to ~~months~~generate ~~ended~~cash ~~September~~flows ~~30,~~from ~~2025~~its satellite and ~~2024.~~ground station operations.

As of September 30, 2025, the expected future amortization expense of intangible assets is as follows:

Fiscal year ending December 31,	Future Amortization Expense
Remainder of 2025	$	385
2026		1,498
2027		1,095
2028		1,091
2029		1,089
Thereafter		4,174
	$	9,332

Assets Held for Sale

On November 13, 2024, the Company entered into the Purchase Agreement to sell its maritime business to Buyer. On April 25, 2025, the Company completed the sale of its maritime business to Buyer for approximately $238,948, which reflected an increase to the original purchase price to account for funds contributed by the Buyer toward the Settlement. The Company recognized a gain of $154,305 on the sale, which is included in gain on sale of a business in the condensed consolidated statement of operations for the three and nine months ended September 30, 2025.

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands, except shares and per share data, unless otherwise noted)

(Unaudited)

~~The~~As ~~maritime~~of ~~business~~March ~~generated~~31, ~~income~~2026, ~~before~~the ~~income~~weighted-average ~~taxes~~amortization ofperiod ~~approximately~~for ~~$283~~remaining ~~and~~developed $4technology was 7.7 years,~~187~~ for ~~the~~trade ~~three~~names was 0.7 years, and ~~nine~~for ~~months~~patents ~~ended~~and ~~September~~FCC ~~30,~~licenses ~~2025,~~was ~~respectively,~~4.7 ~~and~~years. Amortization expense related to intangible assets was $~~6,867~~0.4 million and $~~13,062~~0.4 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2026 and 2025, respectively.

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

As of September 30, 2025, the Company did not have any long-term debt, as the Transactions were completed on April 25, 2025.


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

~~The~~Maritime Company recorded interest expense, including amortization of deferred issuance costs from long-term debt, of $0 and $7,410 and for the three and nine months ended September 30, 2025, respectively, and $4,825 and $14,650 for the three and nine months ended September 30, 2024, respectively.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

OnThe ~~June 13, 2022, the~~ Company, asused ~~borrower,~~a ~~and~~portion ~~Spire~~of ~~Global~~the ~~Subsidiary,~~proceeds ~~Inc.~~from ~~and~~the ~~Austin~~Maritime ~~Satellite~~Transaction ~~Design,~~to ~~LLC,~~pay asin ~~guarantors,~~full ~~entered~~all ~~into~~outstanding aobligations ~~financing~~under ~~agreement (~~the “Blue Torch Financing Agreement”) ~~with Blue Torch Finance LLC, a Delaware limited liability company~~ (~~“Blue~~as ~~Torch”~~defined below), aswhich ~~administrative~~was ~~agent~~terminated ~~and~~in ~~collateral~~connection ~~agent,~~with ~~and certain lenders (~~the ~~“Lenders”)~~payment. The ~~Blue~~total ~~Torch~~amount ~~Financing~~paid ~~Agreement~~to ~~provided~~Blue ~~for~~Torch, ~~among~~including ~~other~~outstanding ~~things~~principal, aexit ~~term~~fees, ~~loan~~termination ~~facility~~penalties, inapplicable anpremiums, ~~aggregate~~and ~~principal~~accrued ~~amount~~interest ofwas upapproximately to $~~120,000~~108.6 ~~(the “Blue Torch Credit Facility”)~~million.

~~The~~On ~~$120,000~~June ~~term loan was available and drawn at closing~~13, ~~of which $19~~2022,~~735~~ ~~was placed in an escrow account by Blue Torch with such amount released upon~~ the Company, ~~achieving~~as ~~certain~~borrower, ~~metrics related to annualized recurring revenue~~ and aSpire ~~total~~Global ~~annualized~~Subsidiary, ~~recurring revenue leverage ratio~~Inc. ~~These~~and ~~metrics~~Austin ~~were~~Satellite ~~achieved~~Design, ~~and~~LLC, ~~the~~as ~~$19~~guarantors,~~735~~ ~~was~~entered ~~released~~into ~~from~~a ~~the~~financing ~~escrow~~agreement ~~account and delivered to~~ (the ~~Company~~“Blue inTorch ~~February~~Financing ~~2023.~~Agreement”) ~~The~~with ~~term~~Blue ~~loan~~Torch ~~accrued~~Finance ~~interest~~LLC, at a ~~floating~~Delaware ~~rate~~limited ~~based,~~liability atcompany ~~the~~(“Blue ~~Company’s election~~Torch”), onas ~~either~~administrative aagent ~~reference~~and ~~rate~~collateral oragent, aand ~~3-month~~certain ~~Term~~lenders ~~Secured Overnight Financing Rate~~ (the “~~SOFR~~Lenders”) ~~(subject to a 1~~.0% ~~floor),~~The ~~plus~~Blue anTorch ~~interest~~Financing ~~rate~~Agreement ~~margin~~provided ~~of 7.0%~~ for, ~~reference~~among ~~rate~~other ~~borrowings~~things, ~~and~~a ~~8.0%~~term ~~for~~loan ~~3-month~~facility ~~Term~~in ~~SOFR borrowings, plus~~ an ~~incremental~~aggregate ~~Term~~principal ~~SOFR~~amount ~~margin~~ of ~~0.26161%.~~up ~~The~~to ~~Company elected the Term SOFR rate~~$120.0 ~~Principal~~million on (the ~~term~~“Blue ~~loan~~Torch ~~was~~Credit ~~only payable at maturity and interest on the term loan was due and payable quarterly for Term SOFR borrowings~~Facility”).

OnThe ~~April~~$120.0 ~~25,~~million ~~2025,~~term ~~the~~loan ~~Company~~was ~~repaid~~available and drawn at closing, of which $19.7 million was placed in an escrow account by Blue Torch with asuch ~~portion~~amount ofreleased upon the ~~proceeds~~Company ofachieving ~~the~~certain ~~Transactions,~~metrics ~~all~~related ~~obligations~~to annualized recurring revenue and ~~all~~a ~~amounts~~total ~~borrowed,~~annualized recurring revenue leverage ratio. These metrics were achieved and ~~all~~the ~~obligations~~$19.7 ~~terminated,~~million ~~under~~was released from the ~~Blue~~escrow ~~Torch~~account ~~Financing~~and ~~Agreement~~delivered to the Company in February 2023. The ~~outstanding~~term ~~principal,~~loan ~~exit~~accrued ~~fees,~~interest ~~termination~~at ~~penalties~~a floating rate based, ~~applicable~~at ~~premium~~the ~~and~~Company’s ~~accrued~~election, ~~interest~~on ~~under~~either ~~the~~a ~~Blue~~reference ~~Torch~~rate ~~Financing~~or ~~Agreement~~a ~~that~~3-month ~~the~~Term ~~Company~~Secured ~~paid~~Overnight toFinancing ~~Blue~~Rate ~~Torch~~(“SOFR”) ~~amounted~~(subject to, ina ~~the~~1.0% ~~aggregate~~floor), ~~approximately~~plus ~~$108,557~~an interest rate margin of 7.0% ~~The~~for ~~Company~~reference ~~recognized~~rate ~~$10~~borrowings and 8.0% for 3-month Term SOFR borrowings,~~541~~ asplus aan ~~loss~~incremental onTerm ~~extinguishment~~SOFR margin of ~~debt~~0.26161%. onThe ~~the~~Company ~~condensed~~elected ~~consolidated~~the ~~statements~~Term ofSOFR ~~operations~~rate. ~~during~~Principal on the ~~nine~~term ~~months~~loan ~~ended~~was ~~September~~only ~~30,~~payable ~~2025~~at ~~upon~~maturity ~~the~~and ~~repayment~~interest ofon the ~~Blue~~term ~~Torch~~loan ~~Credit~~was ~~Facility~~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 ~~Strategic Innovation Fund (“~~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 beginning February 28, 2026, and would have had a stated interest rate of zero. On April 25, 2025, the Company repaid all obligations under the SIF loan agreement. The Company recognized $1,467 as a loss on extinguishment of debt on the condensed consolidated statements of operations during the nine months ended September 30, 2025 upon the repayment of the SIF loan. The SIF loan agreement balance was $0 and $4,618, which was included in other long-term liabilities on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.

Leases

Operating lease expenses were $1,330 and $3,354 for the three and nine months ended September 30, 2025, respectively, and were $1,118 and $3,443 for the three and nine months ended September 30, 2024, respectively. Aggregate variable lease expenses and short-term lease expenses were $407 and $1,129 for the three and nine months ended September 30, 2025, respectively, and $322 and $923 for the three and nine months ended September 30, 2024, respectively.

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands, except shares and per share data, unless otherwise noted)

(Unaudited)

~~The~~beginning ~~following~~February ~~table~~28, ~~provides~~2026, ~~the~~and ~~required~~would ~~information~~have ~~regarding~~had a stated interest rate of zero. On April 25, 2025, the Company’s ~~leases~~used ~~for~~a ~~which~~portion of the ~~Company~~proceeds isfrom the ~~lessee:~~Maritime Transaction to repay all obligations under the SIF loan agreement.

	September 30,			December 31,
	2025			2024
Assets
ROU assets	$	10,206		$	11,074
Liabilities
Current	$	4,179		$	3,260
Non-current		8,354			9,598
Total lease liabilities	$	12,533		$	12,858
Weighted-average remaining lease term (years)		4.5			4.8
Weighted-average discount rate		9	%		9	%

Leases

Approximately 8790% of the Company’s ~~right-of-use (“~~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.

AsOperating oflease ~~September~~expenses 30were $1.1 million and $1.0 million for the three months ended March 31, 2026 and 2025, ~~the~~respectively. ~~maturity~~Aggregate ofvariable ~~operating~~lease expenses and short-term lease ~~liabilities~~expenses ~~are~~were as$0.5 ~~follows:~~million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.

Fiscal year ending December 31,
Remainder of 2025	$	1,991
2026		4,018
2027		2,850
2028		2,052
2029		1,776
Thereafter		2,213
Total lease payments		14,900
Less: Interest on lease payments		(2,367	)
Present value of lease liabilities	$	12,533

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

Operating cash payments included in the measurement of operating lease liabilities were $611 and $1,866 for the three and nine months ended September 30, 2025, respectively, and were $898 and $4,134 for the three and nine months ended September 30, 2024, respectively, all of which were included in net cash used in operating activities in the condensed consolidated statements of cash flows. Amortization of ROU assets was $788 and $2,307 for the three and nine months ended September 30, 2025, respectively, and $801 and $4,104 for the three and nine months ended September 30, 2024, respectively.


	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	%

~~Fair~~As ~~Value~~of ~~Measurement~~March 31, 2026, the maturity of operating lease liabilities are as follows (in thousands):

The Company follows the guidance in Accounting Standards Codification (“ASC”) 820, “Fair Value Measurement” for its assets and liabilities that are re-measured and reported at fair value at the end of each reporting period.


Year ending December 31,
Remainder of 2026	$	3,711
2027		3,061
2028		2,567
2029		2,309
2030		2,108
Thereafter		1,004
Total lease payments		14,760
Less: Interest on lease payments		(2,994	)
Present value of lease liabilities	$	11,766

The ~~fair~~lease ~~value~~obligations ofare secured by the ~~Company’s~~underlying ~~common~~leased ~~stock~~assets ~~warrant~~and, ~~liabilities~~in ~~reflects~~the ~~management~~event of default, the lessor’s ~~estimate~~claim ofis ~~amounts~~limited ~~that~~to ~~the~~those ~~Company~~assets. ~~would~~Operating ~~have~~cash ~~received~~payments included in ~~connection with~~ the ~~sale~~measurement of ~~the~~operating ~~assets~~lease orliabilities ~~paid~~were in$1.3 ~~connection~~million ~~with~~and ~~the~~$0.6 ~~transfer~~million offor the ~~liabilities~~three inmonths anended ~~orderly~~March ~~transaction~~31, ~~between~~2026 ~~market~~and ~~participants~~2025, atrespectively, ~~the~~all ~~measurement~~of ~~date.~~which ~~The~~were ~~following~~included ~~fair~~in ~~value~~net ~~hierarchy~~cash is used toin ~~classify~~operating ~~assets~~activities ~~and~~in ~~liabilities~~the ~~based~~condensed onconsolidated ~~the~~statements ~~observable~~of ~~inputs~~cash ~~and~~flows. ~~unobservable~~Amortization ~~inputs~~of ~~used~~ROU inassets ~~order~~was to$0.8 ~~value~~million and $0.7 million for the ~~assets~~three months ended March 31, 2026 and ~~liabilities:~~2025, respectively.

Level 1:	Quoted prices in active markets for identical assets or liabilities.
Level 2:	Significant other observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands, except shares and per share data, unless otherwise noted)

(Unaudited)

~~Level~~Fair 3:Value ~~Unobservable inputs reflecting management’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.~~Measurement

The Company classifies financial instruments in Level 3 of the fair value hierarchy when there is reliance on at least one significant unobservable input to the valuation model. In addition to these unobservable inputs, the valuation models for Level 3 financial instruments typically also rely on a number of inputs that are readily observable, either directly or indirectly. The Company’s assessment of a particular input to the fair value measurement requires management to make judgments and consider factors specific to the asset or liability. The fair value hierarchy requires the use of observable market data when available in determining fair value. The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each period.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis. (in thousands):

	September 30, 2025
	March 31, 2026
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	~~6,984~~337	$	—	$	—	$	~~6,984~~337
U.S. treasury bills and bonds		500		—		—		500
	$	337	$	—	$	—	$	337
	$	7,484	$	—	$	—	$	7,484
Marketable securities:
Commercial paper	$	—	$	6221,~~610~~874	$	—	$	6221,~~610~~874
U.S. treasury bills and bonds		1311,~~828~~535		—		—		1311,~~828~~535
	$	1311,~~828~~535	$	6221,~~610~~874	$	—	$	7633,~~438~~409
Liabilities:
Long-term liabilities:
Credit Agreement Warrants	$	—	$	~~201~~226	$	—	$	~~201~~226
Contingent earnout liability		—		—		27		27
	$	—	$	226	$	—	$	226
	$	—	$	201	$	27	$	228
	December 31, 2025
	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Money market funds	$	36,~~157~~360	$	—	$	—	$	36,~~157~~360
	$	36,~~157~~360	$	—	$	—	$	36,~~157~~360
Marketable securities:
Commercial paper	$	—	$	44,543	$	—	$	44,543
U.S. treasury bills and bonds		12,426		—		—		12,426
	$	12,426	$	44,543	$	—	$	56,969
Liabilities:
Long-term liabilities:
Credit Agreement Warrants	$	—	$	~~13,641~~106	$	—	$	~~13,641~~106
Contingent earnout liability		—		—		1,455		1,455
	$	—	$	106	$	—	$	106
	$	—	$	13,641	$	1,455	$	15,096

~~Financial~~The ~~Assets~~Company recognizes transfers between levels of the fair value hierarchy as of the date of the event or change in circumstances that cause the transfer. There were no transfers between levels during the periods presented.

TheCash Company values its Level 1 assets, consisting of money market funds and U.S.Cash treasuryEquivalents bills and bondsMarketable using quoted prices in active markets for identical instruments.Securities

~~Financial~~The ~~assets~~Company’s ~~whose~~marketable ~~fair~~securities ~~values~~consist of debt securities that are ~~measured~~classified onas aavailable-for ~~recurring~~sale ~~basis~~and ~~using~~are ~~Level~~reported 2at ~~inputs~~fair ~~consist~~value ofin ~~commercial~~the ~~paper.~~condensed ~~The~~consolidated ~~Company~~balance ~~measures~~sheets. ~~the~~Unrealized ~~fair~~gains ~~values~~and oflosses on these ~~assets~~securities, ~~with~~which ~~the~~arise ~~help~~from ofchanges ain ~~pricing~~fair ~~service~~value, ~~that~~are ~~either~~recorded ~~provides~~in ~~quoted~~accumulated ~~market~~other ~~prices~~comprehensive inloss, net of applicable income taxes.

22The Company values its Level 1 assets, consisting of money market funds and U.S. treasury bills and bonds, using quoted prices in active markets for identical instruments.

~~Spire~~Financial ~~Global,~~assets ~~Inc~~whose fair values are measured on a recurring basis using Level 2 inputs consist of commercial paper. The Company measures the fair values of these assets with the help of a pricing service that either provides quoted market prices in active markets for identical or similar securities or uses observable inputs for their pricing without applying significant adjustments.

~~Notes to Condensed Consolidated Financial Statements~~22

~~(In~~Spire ~~thousands~~Global, ~~except shares and per share data, unless otherwise noted)~~Inc.

~~(Unaudited)~~Notes to Condensed Consolidated Financial Statements

~~active markets for identical or similar securities or uses observable inputs for their pricing without applying significant adjustments.~~ (Unaudited)

The following tables summarize the Company’s cash, cash equivalents, and marketable securities by significant category (in thousands):


	March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents:
Cash	$	15,711	$	—	$	—		$	15,711
Cash equivalents:
Money market funds		337		—		—			337
U.S. treasury bills and bonds		—		—		—			—
	$	16,048	$	—	$	—		$	16,048
Marketable Securities:
Commercial paper	$	21,874	$	2	$	(2	)	$	21,874
U.S. treasury bills and bonds		11,537		—		(2	)		11,535
	$	33,411	$	2	$	(4	)	$	33,409

	December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash and cash equivalents:
Cash	$	18,453	$	—	$	—		$	18,453
Cash equivalents:
Money market funds		6,360		—		—			6,360
U.S. treasury bills and bonds		—		—		—			-
	$	24,813	$	—	$	—		$	24,813
Marketable Securities:
Commercial paper	$	44,514	$	29	$	—		$	44,543
U.S. treasury bills and bonds		12,423		3		—			12,426
	$	56,937	$	32	$	—		$	56,969

The following table represents amortized cost and estimated fair value of marketable securities, by contractual maturity (in thousands):


	March 31, 2026
	Amortized Cost		Fair Value
Due in one year or less	$	33,411	$	33,409

The Company did not record any impairment charges related to its available-for-sale securities during the three months ended March 31, 2026 and 2025. The Company has concluded that no allowance for credit losses is necessary for these unrealized losses based on the credit quality of the securities and the liquidity and maturity considerations.

Credit Agreement Warrants

On June 13, 2022, in connection with the Blue Torch Financing Agreement, the Company issued warrants to Blue Torch, which were exercisable for an aggregate of 437,024 shares of the Company’s Class A common stock with a per share exercise price of $16.08 (the “2022 Blue Torch Warrants”). In addition, in connection with the closing of the financing, the Company paid Urgent Capital LLC, a Delaware limited liability company, $~~600~~0.6 million in cash and issued awarrants ~~warrant~~ to purchase 24,834 shares of the Company’s Class A common stock with a per share exercise price of $16.08 (the “Urgent Warrants”).

On September 27, 2023, in connection with the Waiver and Amendment No. 2 to Financing Agreement, which amended the Blue Torch Financing Agreement, the Company and certain affiliates of Blue Torch amended and restated the 2022 Blue Torch Warrants to reduce the per share exercise price from $16.08 to $5.44. The Company also concurrently issued new warrants to certain Blue Torch affiliates that were exercisable for an additional 597,082 shares of the Company’s Class A common stock at a per share exercise price of $5.44 (the “2023 Blue Torch Warrants” and together with the 2022 Blue Torch Warrants and the Urgent Warrants, the “Credit Agreement Warrants”). 23

OnSpire ~~May 30~~Global, ~~2025, Blue Torch exercised 825,623 warrants to purchase shares of the Company’s Class A common stock on a cashless basis, in accordance with the applicable warrant agreement~~Inc. Based on the exercise price of $5.44 and the Company’s Class A common stock price of $10.66 on the date of exercise, the Company issued 404,286 shares of Class A common stock. On June 11, 2025, Blue Torch exercised its remaining 208,483 warrants, excluding the Urgent Warrants, also on a cashless basis. Using the exercise price of $5.44 and the Company’s Class A common stock price of $11.83 on the date of exercise, the Company issued 112,611 shares of Class A common stock. No cash was received in connection with either exercise.

AsNotes ofto ~~September~~Condensed ~~30,~~Consolidated ~~2025,~~Financial ~~Urgent Warrants exercisable for 24,834 shares of Class A common stock remained outstanding.~~Statements

The fair value of the Credit Agreement Warrants is estimated using the Black-Scholes model with inputs that include the Company’s Class A common stock price in an actively traded market, making this fair value classified as a Level 2 financial instrument. The other significant assumptions used in the model are the exercise price, expected term, volatility, interest rate, and expected dividend yield. (Unaudited)

On September 27, 2023, in connection with the Waiver and Amendment No. 2 to Financing Agreement, which amended the Blue Torch Financing Agreement, the Company and certain affiliates of Blue Torch amended and restated the 2022 Blue Torch Warrants to reduce the per share exercise price from $16.08 to $5.44; the exercise price of the Urgent Warrants remained unchanged at $16.08. The Company also concurrently issued new warrants to certain Blue Torch affiliates that were exercisable for an additional 597,082 shares of the Company’s Class A common stock at a per share exercise price of $5.44 (the “2023 Blue Torch Warrants” and together with the 2022 Blue Torch Warrants and the Urgent Warrants, the “Credit Agreement Warrants”).

On May 30, 2025, Blue Torch exercised 825,623 warrants to purchase shares of the Company’s Class A common stock on a cashless basis, in accordance with the applicable warrant agreement. Based on the exercise price of $5.44 and the Company’s Class A common stock price of $10.66 on the date of exercise, the Company issued 404,286 shares of Class A common stock.

On June 11, 2025, Blue Torch exercised its remaining 208,483 warrants, excluding the Urgent Warrants, also on a cashless basis. Using the exercise price of $5.44 and the Company’s Class A common stock price of $11.83 on the date of exercise, the Company issued 112,611 shares of Class A common stock. No cash was received in connection with either exercise. As of March 31, 2026, Urgent Warrants representing the right to purchase 24,834 shares of the Company’s Class A common stock remained outstanding and exercisable.

The Company evaluated the Credit Agreement Warrants and concluded that they do not meet the criteria to be classified within stockholders’ equity. As a result, the Credit Agreement Warrants are classified as liabilities and recorded at fair value on the consolidated balance sheets. The fair value of the Credit Agreement Warrants is estimated using the Black-Scholes model with inputs that include the Company’s Class A common stock price in an actively traded market, making this fair value classified as a Level 2 financial instrument. The other significant assumptions used in the model are the exercise price, expected term, volatility, interest rate, and expected dividend yield. The Credit Agreement Warrants may be exercised on a cashless basis, allowing the holder to receive shares instead of paying cash. The holder of the Urgent Warrants controls whether and when to exercise the Urgent Warrants, and chooses the method of settlement as permitted under the Urgent Warrant agreements; the Company is obligated to issue shares if the Urgent Warrants are exercised in accordance with these terms.

The Company recognized a loss of $0.1 million and a gain of $5.8 million in the condensed consolidated statement of operations for changes in the fair value of the Credit Agreement Warrants during the three months ended March 31, 2026 and 2025, respectively.

The table below quantifies the significant inputs used for the Credit Agreement Warrants:

		September 30,				December 31,
		March 31,				December 31,
		2025				2024
		2026				2025
Fair value of the Company’s Class A common stock	$		1012.9958		$		147.0750
Exercise price	$	16.08			$	~~5.44 -~~ 16.08
Risk-free interest rate			34.9311	%			43.4894	%
Expected volatility factor			8987.0	%			9675.0	%
Expected dividend yield			—	%			—	%
Remaining contractual term (in years)			6.72			~~7.4 - 8.7~~	6.5

Securities Purchase Agreement Warrants

On March 12, 2025, the Company entered into a Securities Purchase Agreement (the “2025 Securities Purchase Agreement”) with the purchasers named therein for the private placement (the “2025 Private Placement”) of (i) 4,843,750 shares of Class A common stock at a purchase price of $8.00 per share and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase 156,250 shares of Class A common stock at a purchase price of $7.9999 per Pre-Funded Warrant. The Pre-Funded Warrants had an exercise price of $0.0001 per share of Class A common stock, were exercisable immediately and remained outstanding until fully exercised. The Pre-Funded Warrants were initially recorded at fair value aton the issuance date, which equalequaled to the proceeds received on March 14, 2025. The Pre-Funded Warrants were classified as liabilities because they containcontained provisions that could require settlement in cash settlement under certain circumstances and, resultingaccordingly, inwere thenot instrumentsconsidered notindexed beingto consideredthe Company’s own

2324

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(~~In thousands, except shares and per share data, unless otherwise noted~~Unaudited)

(Unaudited)stock. As liability classified instruments, the Pre-Funded Warrants were measured at fair value at each reporting date, with changes in fair value recognized in the condensed consolidated statements of operations.

~~indexed~~On toJune ~~the~~10, ~~Company’s~~2025, ~~own~~all ~~stock.~~156,250 ~~These~~ Pre-Funded Warrants were ~~measured~~exercised aton ~~fair~~a ~~value~~cashless atbasis, ~~each~~in ~~reporting~~accordance ~~date,~~ with ~~changes~~the inPre-Funded ~~fair~~Warrant ~~value~~agreement. ~~recognized~~As ina result, the ~~condensed~~Company ~~consolidated~~issued ~~statements~~156,249 shares of ~~operations~~Class A common stock, reflecting the $0.0001 per share exercise price.

OnCommitments ~~June~~and 10, 2025, 156,250 Pre-Funded Warrants were exercised to purchase shares of the Company’s Class A common stock on a cashless basis, in accordance with the Pre-Funded Warrant agreement. Based on the exercise price of $0.0001 per share, the Company issued 156,249 shares of Class A common stock.Contingencies

~~Contingent~~At ~~Earnout~~times, ~~Liability~~the Company is party to various claims and legal actions arising in the normal course of business. Although the ultimate outcome of these matters is not presently determinable, management believes that the resolution of all such pending matters, based on an assessment of the current facts and circumstances, will not have a material adverse effect on the Company’s business, results of operations, financial condition or cash flows; however, there can be no assurance that the ultimate resolution of these matters will not have a material impact on the Company’s consolidated financial statements in any period.

In connection with the Merger, eligible Spire Global Subsidiary, Inc. equity holders are entitled to receive additional shares of the Company’s Class A common stock upon the achievement of certain earnout triggering events. The estimated fair value of the contingent earnout liability is determined using a Monte Carlo simulation that models a distribution of potential outcomes on a monthly basis over the earnout period, which is a period up to five years post-closing of the Merger, prioritizing the most reliable information available, making this fair value classified as a Level 3 liability. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones, including the current price of the Company’s Class A common stock, expected volatility, risk-free interest rate, expected term and expected dividend yield. Because the valuation relies on significant unobservable inputs, the fair value measurement is subject to inherent uncertainty. Reasonably possible changes in these inputs, such as expected volatility, timing of milestone achievement, or other key assumptions, could materially increase or decrease the fair value of the contingent earnout liability.

The Company’s policy is to recognize transfers between levels of the fair value hierarchy as of the date of the event or change in circumstances that caused the transfer. There were no transfers between levels during the periods presented.

The table below quantifies the significant inputs used for the contingent earnout liability:

	September 30,			December 31,
	2025			2024
Fair value of the Company’s Class A common stock	$	10.99		$	14.07
Risk-free interest rate		3.72	%		4.22	%
Expected volatility factor		89.0	%		96.0	%
Earnout expiration date	August 16, 2026			August 16, 2026

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis:

	Contingent Earnout Liability
Fair value as of December 31, 2024	$	1,455
Change in fair value of contingent earnout liability		(1,428	)
Fair value as of September 30, 2025	$	27

Spire Global, Inc.

Notes to Condensed Consolidated Financial Statements

(In thousands, except shares and per share data, unless otherwise noted)

(Unaudited)

Cash, Cash Equivalents, and Marketable Securities

The following tables summarize the Company’s cash, cash equivalents, and marketable securities by significant category:

	September 30, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	12,828	$	—	$	—	$	12,828
Cash equivalents:
Money market funds		6,984		—		—		6,984
U.S. treasury bills and bonds		500		—		—		500
	$	20,312	$	—	$	—	$	20,312
Marketable Securities:
Commercial paper	$	62,585	$	—	$	25	$	62,610
U.S. treasury bills and bonds		13,825		—		3		13,828
	$	76,410	$	—	$	28	$	76,438
	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash and cash equivalents:
Cash	$	16,049	$	—	$	—	$	16,049
Cash equivalents:
Money market funds		3,157		—		—		3,157
	$	19,206	$	—	$	—	$	19,206

The following table represents amortized cost and estimated fair value of marketable securities, by contractual maturity:

	September 30, 2025
	Amortized Cost		Fair Value
Due in one year or less	$	76,410	$	76,438

In accordance with the Company's investment policy, investments are placed in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. The Company evaluates securities for impairment at the end of each reporting period. The Company evaluates securities for impairment and credit risk at the end of each reporting period.

The Company did not record any impairment charges related to its available-for-sale securities during the three and nine months ended September 30, 2025 and 2024. The Company has concluded that no allowance for credit losses is necessary for these unrealized losses based on the credit quality of the securities and the liquidity and maturity considerations.

Commitments and Contingencies

L3Harris Commitment

In conjunction with the Acquisition, the Company acquired the agreement (the “L3Harris Agreement”) with L3Harris to receive satellite automatic identification system (“S-AIS”) data from the L3Harris AppStar payloads on-board Iridium NEXT Constellation, Iridium’s Real-Time, Second-Generation satellite constellation with 58 AppStar payloads. Under the A&R L3Harris Agreement, the Company incurred a fixed fee of $0.4 million per month. The A&R L3Harris Agreement expires on August 7, 2031.

25Under the A&R L3Harris Agreement, the Company was required to pay a 30% share of S-AIS data revenue for the portion of exactEarth annual S-AIS data revenue which was in excess of $16.0 million. No revenue share was owed to L3Harris under the A&R L3Harris Agreement, with respect to AIS Analytics sales, for each of the three months ended March 31, 2026 and 2025. The Company recognized $0 and $1.2 million in cost of revenue in the condensed consolidated statements of operations for costs incurred to acquire exclusive access rights to data generated from satellites for the three months ended March 31, 2026 and 2025, respectively.

~~Spire~~In ~~Global~~connection with the closing of the Maritime Transaction, ~~Inc~~on April 25, 2025, the Company and L3Harris entered into the Settlement Agreement, pursuant to which, upon the closing of the Maritime Transaction, Buyer paid L3Harris $17.0 million for full and complete resolution and release of all disputes asserted in connection with the A&R L3Harris Agreement between exactEarth and L3Harris. The Company and Buyer further agreed that the Company would contribute $7.0 million toward the Settlement in the form of a reduction to the cash paid by Buyer to the Company at the closing of the Maritime Transaction.

Notes to Condensed Consolidated Financial Statements

(In thousands, except shares and per share data, unless otherwise noted)

(Unaudited)

L3Harris Agreement, the Company incurs a fixed fee of $358 per month. The A&R L3Harris Agreement expires on August 7, 2031.

Under the A&R L3Harris Agreement, the Company was required to pay a 30% share of S-AIS data revenues for the portion of exactEarth annual S-AIS data revenue which is in excess of $16,000. No revenue share was owed to L3Harris under the A&R L3Harris Agreement, with respect to AIS Analytics sales, as of or for the three and nine months ended September 30, 2025 and 2024. The Company recognized $0 and $1,627 in cost of revenue on the condensed consolidated statements of operations for costs incurred to acquire exclusive access rights to data generated from satellites for the three and nine months ended September 30, 2025, respectively, and $1,239 and $3,722 for the three and nine months ended September 30, 2024, respectively.

In connection with the closing of the Transactions, on April 25, 2025, the Company and L3Harris entered into the Settlement Agreement, pursuant to which, upon the closing of the Transactions, Buyer paid L3Harris $17,000 for full and complete resolution and release of all disputes asserted in connection with the A&R L3Harris Agreement between exactEarth and L3Harris. The Company and Buyer further agreed that the Company would contribute $7,000 toward the Settlement in the form of a reduction to the cash paid by Buyer to the Company at the closing of the Transactions.

Litigation

In July 2025, the Company received a subpoena from the SEC seeking records relating to, among other matters, (i) the restatement of its consolidated financial statements as of and for the ~~fiscal~~ years ended December 31, 2023 and ~~December 31,~~ 2022, the unaudited condensed consolidated financial information as of the quarter ends and for the interim periods in the ~~fiscal~~ years ended December 31, 2023 and 2022, and the unaudited condensed consolidated financial statements as of and for the quarter ended March 31, 2024; (ii) its historical accounting policies and practices; (iii) its internal control over ~~financing~~financial reporting, disclosure controls and procedures, and material weaknesses therein; and (iv) the premature filing of its Annual Report on Form 10-K for the year ended December 31, 2024. The Company is in the process of producing records responsive to the subpoena and intends to continue cooperating with the SEC’s investigation; however, it cannot predict the ultimate outcome or timing of the investigation. Legal costs related to this matter are expensed as incurred.

From time to time, the Company is party to various claims and legal actions arising in the normal course of business. Although the ultimate outcome of these matters is not presently determinable, management believes that the resolution of all such pending matters, based on an assessment of the current facts and circumstances, will not have a material adverse effect on the Company’s business, results of operations, financial condition or cash flows; however, there can be no assurance that the ultimate resolution of these matters will not have a material impact on the Company’s condensed consolidated financial statements in any period.25

~~Note~~Spire ~~Receivable~~Global, Inc.

~~The~~Notes ~~Company has outstanding a $4,500 note receivable plus accrued interest of $744 issued~~ to aCondensed ~~Space~~Consolidated ~~Services~~Financial customer as of September 30, 2025. The note and accrued interest were due in October 2024. The Company is aware that the customer has been using cash in its operations and its available cash is low. The customer did not pay the note and accrued interest when it was due. Due to the customer's nonpayment and financial condition, the Company ceased accruing additional interest on the note as of November 1, 2024. The Company has an allowance for current expected credit loss on the note receivable and accrued interest balance for the full amount of $5,244 as of September 30, 2025.Statements

~~Stock-Based Compensation~~ (Unaudited)

InSpace ~~connection~~Services ~~with~~Customer the Merger, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) and the 2021 Employee Stock Purchase Plan (the “2021 ESPP”). The number of shares available for issuance under the 2021 Plan is increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount as provided in the 2021 Plan. Pursuant to this automatic Dispute

26On September 20, 2024, NorthStar Earth & Space, Inc., a Space Services customer, initiated arbitration before the Court of International Arbitration of the International Chamber of Commerce (“ICC”) against Legacy Spire, seeking approximately $15.0 million in damages for alleged breaches of a Space Services contract entered into on March 1, 2022, to build a constellation of satellites focused on space-situational awareness and debris monitoring. On October 30, 2024, Legacy Spire denied all claims and asserted a counterclaim seeking approximately $5.0 million in damages.

Separately, on October 22, 2024, Legacy Spire ~~Global~~filed a motion for summary judgment in the Supreme Court of the State of New York, ~~Inc~~New York County, seeking to enforce the customer’s payment obligations under a promissory note, which became due on October 20, 2024, issued in connection with the Space Services contract. Legacy Spire sought payment of approximately $5.1 million, consisting of $4.5 million in principal, $0.6 million in interest, along with 14% interest per annum. The customer subsequently removed the action to the U.S. District Court for the Southern District of New York, and filed a motion to compel arbitration of the claim and stay the case pending the outcome of the arbitration. On February 24, 2025, the court granted the customer’s motion, compelling arbitration of all disputes arising from the note and staying the court proceedings pending the outcome of the arbitration.

~~Notes~~On toFebruary ~~Condensed~~24, ~~Consolidated~~2025, ~~Financial~~the ~~Statements~~customer filed a Revised Request for Arbitration, seeking damages in the sum of $45.9 million, alleging additional breach of contract, willful misconduct and fraudulent misrepresentation claims against the Company, which the Company denies in full.

(In thousandsJanuary 2026, exceptthe sharesarbitral tribunal held an evidentiary hearing, the outcome of which remains pending. The Company believes that it has strong factual and perlegal sharedefenses datato NorthStar’s claims and that the damages by NorthStar are speculative, unlesswithout otherwiseevidentiary noted)support, and contrary to the terms of the Space Services contract. At this time, the Company cannot predict the ultimate outcome of this matter.

10.

~~(Unaudited)~~Stock-Based Compensation

~~increase~~The ~~feature~~Company ofhas outstanding equity awards issued under its 2021 Equity Incentive Plan (the “2021 Plan,”) ~~1,285,558~~and ~~shares~~the ~~were~~2021 ~~added~~Employee asStock Purchase Plan (the “2021 ESPP”). The number of shares available for issuance ~~thereunder~~under the 2021 Plan is increased on ~~January~~the 1,first ~~2025.~~day Asof each year in an amount equal to the lesser of ~~September~~(i) 302,994,000 ~~2025~~shares of Class A common stock, 1(ii) a number of shares of Class A common stock equal to 5% of the total number of shares of all of Class A common stock outstanding as of the last day of the immediately preceding year,~~095,506~~ or (iii) such number of shares ~~were~~of ~~available~~Class ~~for~~A ~~issuance~~common ~~under~~stock as the ~~2021~~Company’s ~~Plan~~board of directors or its designated committee may determine no later than the last day of the immediately preceding year.

The ~~number~~2021 ofPlan ~~shares~~permits ~~available~~the ~~for~~grant ~~issuance~~of ~~under~~incentive ~~the~~stock ~~2021~~options, ~~ESPP~~nonstatutory isstock ~~increased~~options, onstock ~~the~~appreciation ~~first~~rights, ~~day~~restricted ofstock, ~~each~~restricted ~~fiscal~~stock ~~year~~units, ~~beginning~~and onperformance ~~January~~awards 1to employees, ~~2022~~directors, inor anconsultants. ~~amount~~Stock asoptions ~~provided~~granted inunder the 2021 ~~ESPP.~~Plan ~~Pursuant~~generally tovest ~~this~~over ~~automatic~~a ~~increase~~four-year ~~feature~~period and have a maximum contractual term of 10 years. Under the 2021 ESPP, ~~257,111~~the Company can make shares ~~were~~of ~~added~~its asClass A common stock available for ~~issuance~~purchase ~~thereunder~~by employees at a purchase price equal to 85% of the lower of (i) the fair market value of Class A common stock on ~~January~~the 1,first ~~2025.~~trading Asday of ~~September~~the ~~30,~~offering ~~2025,~~period ~~803,675~~or ~~shares~~(ii) ~~were~~the ~~available~~fair ~~for~~market ~~issuance~~value ~~under~~of Class A common stock on the ~~2021~~exercise ~~ESPP~~date.

~~The~~As ~~following~~of ~~table~~March ~~summarizes~~31, 2026, 1,228,437 and 1,082,514 shares of Class A common stock ~~option~~were ~~activity~~available for issuance under ~~our~~the ~~equity~~2021 ~~compensation~~Plan ~~plans:~~and 2021 ESPP, respectively.

	Number ofOptions			Weighted-AverageExercisePrice		Weighted-AverageRemainingContractualTerm		Aggregate Intrinsic Value ('000)
						(in years)
Options outstanding as of December 31, 2024		1,978,557		$	16.72		4.5
Granted		21,650		$	11.00
Exercised		(241,132	)	$	7.57
Forfeited, canceled, or expired		(146,090	)	$	18.96
Options outstanding as of September 30, 2025		1,612,985		$	17.81		4.3	$	561
Vested and expected to vest at September 30, 2025		1,612,985		$	17.81		4.3	$	561
Exercisable at September 30, 2025		1,591,335		$	17.91		4.2	$	561

~~The~~Spire ~~aggregate intrinsic value of options exercised was $696 and $1~~Global,~~189~~ ~~during the three and nine months ended September 30, 2025, respectively, and was $0 and $189 during the three and nine months ended September 30, 2024, respectively~~Inc. The cash proceeds from the options exercised was $954 and $1,824 during the three and nine months ended September 30, 2025, respectively, and $0 and $269 during the three and nine months ended September 30, 2024, respectively. The aggregate fair value of options vested was $29 and $400 during the three and nine months ended September 30, 2025, respectively, and $749 and $2,435 during the three and nine months ended September 30, 2024, respectively. There were 21,650 and 33,901 options granted during the three and nine months ended September 30, 2025 and 2024, respectively.

~~The~~Notes ~~following~~to ~~table~~Condensed ~~summarizes~~Consolidated ~~restricted~~Financial ~~stock unit (“RSU”) activity under the 2021 Plan:~~Statements

	Number of RSUs			Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2024		2,777,156		$	10.32
RSUs granted		1,470,585		$	11.68
RSUs and PSUs vested		(1,195,091	)	$	11.49
RSUs forfeited		(584,055	)	$	9.97
Outstanding as of September 30, 2025		2,468,595		$	10.65

(Unaudited)

~~For~~The ~~RSUs~~following ~~with~~table ~~service-based~~summarizes ~~vesting~~stock ~~conditions,~~option ~~the~~activity ~~fair~~under ~~value is calculated based upon~~ the Company’s ~~closing~~equity ~~stock price on the date of grant, and the stock-based~~ compensation ~~expense~~plans ~~is recognized over the applicable grant vesting term, generally three to four years. For performance stock units~~ (~~“PSUs”),~~dollars ~~the~~in ~~awards vest based on the achievement of certain performance goals over a specified period~~thousands, ~~generally~~except ~~ranging~~for ~~from~~per ~~four~~share to five years. The fair value of PSUs is calculated based on the Company’s closing stock price on the grant date. Stock-based compensation expense is recognized over the applicable vesting period based on the number of units expected to vest. The aggregate fair value of RSUs and PSUs vested was $2,984 and $11,889 during the three and nine months ended September 30, 2025, respectively, and $1,471 and 5,814 during the three and nine months ended September 30, 2024, respectively.amounts):

In connection with the sale of the Company’s maritime business, certain employees affected by the transaction had their outstanding RSUs accelerated. This acceleration resulted in incremental stock‑based compensation expense of $0 and $1,517 for the three and nine months ended September 30, 2025, respectively. The accelerated RSUs retained their original grant terms.


	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Options outstanding as of December 31, 2025		1,605,798		$	17.82		4.0
Granted		—
Exercised		(2,879	)	$	7.45
Forfeited, canceled, or expired		(6,602	)	$	12.52
Options outstanding as of March 31, 2026		1,596,317
Vested and expected to vest at March 31, 2026		1,596,317		$	17.86		3.7	$	794
Exercisable at March 31, 2026		1,574,667		$	17.96		3.7	$	760

27The aggregate intrinsic value of options exercised was less than $0.1 million and $0.3 million during the three months ended March 31, 2026 and 2025, respectively. The cash proceeds from the options exercised were less than $0.1 million and $0.6 million during the three months ended March 31, 2026 and 2025, respectively. The aggregate grant date fair value of options vested was $0.1 million and $0.1 million during the three months ended March 31, 2026 and 2025, respectively.

~~Spire~~The ~~Global,~~following ~~Inc.~~table summarizes restricted stock unit (“RSU”) activity under the 2021 Plan:

Notes to Condensed Consolidated Financial Statements


	Number of RSUs			Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2025		2,622,092		$	10.19
RSUs granted		1,218,366
RSUs and PSUs vested		(419,079	)
RSUs forfeited		(176,633	)
Outstanding as of March 31, 2026		3,244,746		$	10.38

~~(In~~For ~~thousands~~RSUs with service-based vesting conditions, ~~except~~the ~~shares~~fair value is calculated based upon the Company’s closing stock price on the date of grant, and ~~per~~the ~~share~~stock-based ~~data~~compensation expense is recognized over the applicable grant vesting term, ~~unless~~generally ~~otherwise~~three ~~noted~~to four years. For performance stock units (“PSUs”), the fair value is determined based upon the Company’s closing stock price on the date of grant, and compensation expense is recognized over the applicable performance period when achievement of the performance condition is considered probable. The fair value of PSUs is calculated based on the Company’s closing stock price on the grant date. Stock-based compensation expense is recognized over the applicable vesting period based on the number of units expected to vest. The aggregate fair value of RSUs and PSUs vested was $12.0 million and $3.7 million during the three months ended March 31, 2026 and 2025, respectively.

~~(Unaudited)~~In connection with the Maritime Transaction, certain affected employees had 197,604 outstanding options and RSUs accelerated. This acceleration resulted in incremental stock-based compensation expense of $1.2 million for the three months ended March 31, 2025. The accelerated options and RSUs retained their original grant terms.

As of ~~September~~March 3031, ~~2025~~2026, there was $~~20,655~~29.3 million of total unrecognized compensation expense related to options, RSUs, and PSUs expected to be recognized over a weighted average period of 2.389 years.

~~The following table summarizes the components of total stock-based compensation expense based on roles and responsibilities of the employees within the condensed consolidated statements of operations:~~27

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of revenue	$	62	$	58	$	254	$	182
Research and development		747		1,180		2,409		3,408
Sales and marketing		219		893		2,187		2,512
General and administrative		2,802		2,828		10,107		7,280
	$	3,830	$	4,959	$	14,957	$	13,382

Spire Global, Inc.

~~Equity~~Notes ~~Transactions~~to Condensed Consolidated Financial Statements

On September 14, 2022, the Company entered into an Equity Distribution Agreement with Canaccord Genuity LLC, under which it could offer and sell up to $85,000 of the Company's Class A common stock pursuant to a registration statement on Form S-3, which became effective on September 26, 2022. In June 2023, approximately 2.2 million shares were sold through this arrangement, generating net proceeds of $7,988. As of September 30, 2025, approximately $76,765 of shares remained unsold; however, due to late filings of the Company’s Quarterly Reports on Form 10-Q for the quarters ended June 30, 2024, September 30, 2024, and June 30, 2025, and this Quarterly Report on Form 10-Q, and the expiration of the applicable registration statement, no further sales can be made under the agreement.(Unaudited)

OnThe ~~February~~following 4,table ~~2024,~~summarizes the ~~Company~~components ~~and~~of ~~Signal~~total ~~Ocean~~stock-based ~~Ltd.~~compensation ~~entered~~expense ~~into~~based aon ~~securities~~roles ~~purchase agreement for the issuance~~ and ~~sale~~responsibilities of ~~833,333~~the ~~shares~~employees ofwithin the ~~Company’s~~condensed ~~Class~~consolidated Astatements ~~common stock at a price~~ of ~~$12.00~~operations ~~per share, resulting~~ (in ~~net proceeds of $9,825, after deducting offering expenses.~~thousands):

On March 21, 2024, the Company entered into a Securities Purchase Agreement with institutional investors and issued 2,142,858 shares of Class A common stock at an offering price of $14.00 per share, for aggregate net proceeds of $28,056, after deducting offering expenses. The accompanying warrants to purchase 2,142,858 shares of Class A common stock had an exercise price of $14.50 per share, were exercisable from March 25, 2024 to July 3, 2024, and expired unexercised.


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	116	$	113
Research and development		1,268		825
Sales and marketing		321		1,478
General and administrative		2,258		2,489
	$	3,963	$	4,905

11.

~~The~~Equity Company engaged Alliance Global Partners as placement agent in connection with the offering under the Securities Purchase Agreement, paid them $1,800, and agreed to pay additional fees on any warrant exercises, which did not occur prior to the expiration of the warrants.Transactions

On March 12, 2025, the Company entered into the 2025 Securities Purchase Agreement with the purchasers named therein for the 2025 Private Placement of (i) 4,843,750 shares of Class A common stock at a purchase price of $8.00 per share and ~~156,250~~(ii) Pre-Funded Warrants to purchase 156,250 shares of Class A common stock at a purchase price of $7.9999 per Pre-Funded Warrant. The Pre-Funded Warrants ~~were~~had ~~exercisable immediately at~~ an exercise price of $0.0001 per share of Class A common stock, were exercisable immediately, and remained outstanding until fully exercised. The aggregate net proceeds from the 2025 Private Placement were $37.3 million,~~297,~~ after deducting offering expenses. ~~The~~During 2025, ~~Private~~all ~~Placement~~Pre-Funded ~~closed~~Warrants were exercised on ~~March~~a ~~14,~~cashless ~~2025~~basis.

12.

Net (Loss) ~~Income~~ per Share

The Company has two classes of common stock, Class A and Class B. Class B common stock has no economic rights, and therefore, has been excluded from the computation of basic and diluted net ~~earnings (~~loss) per share. ~~The~~Potentially ~~Pre-Funded~~dilutive ~~Warrants~~securities ~~are~~have ~~participating~~been ~~securities~~excluded ~~because~~from ~~they~~the ~~are~~computation ~~entitled~~of todiluted ~~participate~~net inloss ~~dividends~~per ~~with~~share ~~Class~~as Athe ~~common~~effect ~~stock.~~would Asreduce anet ~~result~~loss per share. Therefore, athe ~~portion~~weighted-average number of ~~net~~common ~~income~~shares isoutstanding ~~allocated~~used to ~~these~~calculate ~~warrants~~both inbasic ~~the~~and ~~computation~~diluted ofnet ~~basic~~loss ~~earnings~~ per share, inis ~~accordance with~~ the ~~two-class method~~same.

28The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share amounts):

Spire Global, Inc.


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(25,843	)	$	(23,515	)
Denominator:
Weighted-average shares used in computing basic and diluted net loss per share		33,269,650			26,787,097
Basic and diluted net loss per share	$	(0.78	)	$	(0.88	)

~~Notes~~The tofollowing ~~Condensed~~securities ~~Consolidated~~were ~~Financial~~not ~~Statements~~included in the computation of diluted net loss per share because their effect would be anti-dilutive or the issuance of such shares is contingent upon the satisfaction of certain conditions that were not met by the end of the period:

(In thousands, except shares and per share data, unless otherwise noted)


	Three Months Ended March 31,
	2026		2025
Stock options		1,596,317		1,905,395
RSUs, PSUs, and Potential ESPP Shares		3,285,524		2,432,277
Credit Agreement Warrants		24,834		1,058,940
Contingent Earnout Shares		912,600		912,600
		5,819,275		6,309,212

~~(Unaudited)~~28

~~The~~Spire ~~computation~~Global, ~~of net (loss) income per share and weighted average Class A common stock outstanding for the period presented is as follows:~~Inc.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Numerator:
Net (loss) income	$	(19,676	)	$	(12,473	)	$	76,399		$	(54,576	)
Income allocated to participating Securities Purchase Agreement Warrants		—			—			(225	)		—
Basic net (loss) income attributable to common stockholders		(19,676	)		(12,473	)		76,174			(54,576	)
Removal of mark-to-market adjustment for 2022 Blue Torch Warrants		—			—			(1,472	)		—
Removal of mark-to-market adjustment for 2023 Blue Torch Warrants		—			—			(2,136	)		—
Adjustment to income allocated to participating Securities Purchase Agreement Warrants		—			—			49			—
Dilutive net (loss) income attributable to common stockholders	$	(19,676	)	$	(12,473	)	$	72,615		$	(54,576	)
Denominator:
Weighted-average Class A common stock outstanding - basic		32,501,417			24,921,585			30,249,828			23,745,015
Effect of dilutive securities:
Stock Options		—			—			104,837			—
RSUs		—			—			745,212			—
2022 Blue Torch Warrants		—			—			131,119			—
2023 Blue Torch Warrants		—			—			179,140			—
Weighted-average Class A common stock outstanding - diluted		32,501,417			24,921,585			31,410,136			23,745,015
Class A common stock:
Net (loss) income per share - basic	$	(0.61	)	$	(0.50	)	$	2.52		$	(2.30	)
Net (loss) income per share - diluted	$	(0.61	)	$	(0.50	)	$	2.31		$	(2.30	)

Notes to Condensed Consolidated Financial Statements

The Company applies the treasury stock method to stock options, RSUs, and shares issuable under the 2021 ESPP. Shares subject to contingent issuance, such as contingent earnout shares and PSUs, are included in the calculation of diluted earnings per share only when the relevant performance or market conditions are met, assuming the end of the reporting period coincides with the end of the measurement period. The Company applies the more dilutive method between the two-class method and the treasury stock method when calculating diluted income per share. For periods in which the Company reports a net loss, potentially dilutive securities are excluded from the calculation, as including them would be anti-dilutive. (Unaudited)

13.

~~The~~Information ~~following~~on ~~securities~~Segment were not included in the computation of diluted net (loss) income per share because their effect would be anti-dilutive or the issuance of such shares is contingent upon the satisfaction of certain conditions that were not met by the end of the period:Reporting

	2025		2024
Stock options		1,612,985		2,001,787
RSUs, PSUs, and Potential ESPP Shares		2,502,966		2,889,872
Credit Agreement Warrants		24,834		1,058,940
Contingent Earnout Shares		912,600		—
		5,053,385		5,950,599

The Company operates as one reportable and operating segment, which derives revenue from the sale of subscription-based data, insights, predictive analytics and related project-based services to global customers across a range of industries. All of the segment’s activities are interrelated, and each activity is dependent upon and supportive of the other. Accordingly, all significant operating decisions are based upon analysis of the Company at the consolidated level.

29The Company’s chief operating decision maker (“CODM”), who is the Company’s chief executive officer, regularly reviews consolidated net (loss) income as reported in the condensed consolidated statements of operations, along with other financial information presented on a consolidated basis, for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM measures performance and how to allocate resources for the segment primarily based on net (loss) income, revenue, and gross margin. The CODM’s objective is to make resource allocation decisions that optimize the Company’s consolidated financial results by monitoring actual results compared to forecasted results.

~~Information~~The measure of segment assets is reported as total assets on ~~Segment~~the ~~Reporting~~condensed consolidated balance sheets and total capital expenditures for additions to long-lived assets, which were $8.0 million and $8.9 million, for the three months ended March 31, 2026 and 2025, respectively.

The ~~Company~~following ~~operates~~table asincludes ~~one reportable and operating~~ segment, ~~which derives~~ revenue ~~from the sale of subscription-based data, insights, predictive analytics~~ and related project-based services to global customers across a range of industries. All of the segment’s activities are interrelated, and each activity is dependent upon and supportive of the other. Accordingly, all significant ~~operating decisions are based upon analysis of the Company at the consolidated level. The accounting policies of the~~ segment ~~are the same as those described in Note 2.~~ expenses:

The Company’s chief operating decision maker (“CODM”), who is the Company's chief executive officer, regularly reviews consolidated net (loss) income as reported on the consolidated statements of operations, along with other financial information presented on a consolidated basis, for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM measures performance and how to allocate resources for the segment primarily based on net (loss) income, revenue, and gross margin. The CODM's objective is to make resource allocation decisions that optimize the Company's consolidated financial results by monitoring actual results compared to forecasted results.


	Three Months Ended March 31,
	2026		2025
Revenue	$	15,834	$	23,876
Less:
Employee expense (a)		18,929		20,296
Equipment and software expenses (b)		4,906

Filing Compare · Spire Global, Inc.