SPIR — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-14

• We are a global provider of space-based data, analytics, and space services, offering unique datasets and powerful insights about Earth so that organizations can make decisions with confidence in a rapidly changing world. We build, own, and operate a fully deployed constellation of multi-purpose nan…

• We operate in the “listening” (RF) satellite market. We do not operate in the “looking” (imagery) or “talking” (communications) satellite markets.

• Our proprietary constellation of Low Earth Multi-Use Receiver (“LEMUR”) satellites collects and transmits data to our proprietary global ground station network. The data is then autonomously moved from ground stations to proprietary data warehouses for cleansing, standardization, fusion and analysis…

• We monetize our proprietary solutions across a broad and growing range of current and target governments and industries including agriculture, logistics, financial services, insurance, aviation operations, energy, and academia, among others. The solutions we provide include space reconnaissance, avi…

• Space Reconnaissance: Mission critical satellite data supporting intelligence, and national security operations;

Text removed vs the prior filing · source: 10-Q · 2025-12-17

• Spire is a global provider of space-based data, analytics and space services, offering unique datasets and powerful insights about Earth so that organizations can make decisions with confidence in a rapidly changing world. Spire builds, owns, and operates a fully deployed satellite constellation. We…

• The data acquired by our multipurpose satellites provide global weather intelligence, ship and plane movements, and spoofing and jamming detection to better predict how their patterns impact economies, global security, business operations, and the environment. We also offer Space Services solutions …

• Spire also offers research and development services (“R&D Services”) to third parties, for the advancement of contracted satellite technologies. In addition to providing R&D Services, we grant the counterparty a license to the developed intellectual property.

• Our platform applies our value-add insights and predictive analytics to this proprietary data to create commercially valuable datasets. We offer four data solutions to our customers, which vary in complexity and price and can be delivered in near real-time via our API that can be easily integrated i…

• Aviation: Precise space-based aviation insights, analytics and flight tracking data to power applications, drive decision making, and improve cost efficiencies.

Text added vs the prior filing · source: 10-Q · 2026-05-14

• As of March 31, 2026, we had cash and cash equivalents of $16.0 million and short-term marketable securities of $33.4 million. The cash and cash equivalents and short-term marketable securities are held for working capital purposes or strategic investment purposes.

• We are exposed to inflation risk. Inflationary factors, such as increases in component parts, labor and other overhead expenses, could impair our operating results. Although there has been a significant increase in inflation in recent periods, it has not had a substantial impact on our results of op…

Text removed vs the prior filing · source: 10-Q · 2025-12-17

• currencies in which our revenue and expenses are denominated would have resulted in an increase or decrease in our pre-tax income of approximately $1.1 million for the nine months ended September 30, 2025.

• As of September 30, 2025, we had no outstanding debt and held only short-term marketable securities with minimal interest rate sensitivity. We do not consider our market risk exposures to be material.

• We are exposed to inflation risk. Inflationary factors, such as increases in component parts, labor and other overhead expenses, could impair our operating results. Although there has been an increase in inflation in recent periods, it has not had a substantial impact on our results of operations fo…

Text added vs the prior filing · source: 10-Q · 2026-05-14

• Notwithstanding the material weaknesses described below, we have concluded that our condensed consolidated financial statements for the periods covered by and included in this Quarterly Report on Form 10-Q are prepared in accordance with

• accounting principles generally accepted in the U.S. (“GAAP”) and fairly present, in all material respects, our financial position, results of operations and cash flows for each of the periods presented herein.

• Management is responsible for establishing and maintaining adequate internal control over financial reporting (as is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliabi…

• Management conducted an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of our internal control over financial reporting based on the framework set forth in Internal Control-Integrated Framework (20…

• Management has identified material weaknesses in the Company’s internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of th…

Text removed vs the prior filing · source: 10-Q · 2025-12-17

• Notwithstanding the material weaknesses described below, our management has concluded that our condensed consolidated financial statements for the periods covered by and included in this Quarterly Report are prepared in accordance with accounting principles generally accepted in the United States (“…

• We have identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or inter…

• We did not design and maintain an effective control environment commensurate with the financial reporting requirements of a public company. Specifically, we lacked a sufficient number of professionals with an appropriate level of internal controls and accounting knowledge, training, and experience t…

• insufficient segregation of duties in our finance and accounting functions. This material weakness contributed to the following additional material weaknesses.

• We did not design and maintain an effective risk assessment process at a precise enough level to identify new and evolving risks of material misstatement in our financial statements. Specifically, changes to existing controls or the implementation of new controls have not been sufficient to respond …

Text added vs the prior filing · source: 10-Q · 2026-05-14

• From time to time, we are involved in various legal proceedings arising from the normal course of business activities. Although the ultimate outcome of pending matters is not presently determinable, management believes that the resolution of all such pending matters, based on an assessment of the cu…

• On 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 S…

• Separately, on October 22, 2024, Legacy Spire filed a motion for summary judgment in the Supreme Court of the State of New York, 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 S…

• On February 24, 2025, the 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 us, which we deny in full.

• In January 2026, the arbitral tribunal held an evidentiary hearing, the outcome of which remains pending. The Company believes that it has strong factual and legal defenses to NorthStar’s claims and that damages sought by NorthStar are speculative, without evidentiary support, and contrary to the te…

Text removed vs the prior filing · source: 10-Q · 2025-12-17

• From time to time, we are involved in various legal proceedings arising from the normal course of business activities.

• On August 20, 2024, we and two of our executive officers were named as defendants in a purported federal securities law class action filed in the United States District Court for the Eastern District of Virginia, captioned Michal Bousso v. Spire Global, Inc. et al., Court File No. 1:24-cv-1458 (the …

• On September 5, 2024, a stockholder derivative lawsuit was filed in the United States District Court for the Eastern District of Virginia, purportedly on behalf of us against certain of our officers and directors and us (as a nominal defendant), captioned Lawrence Hollin v. Platzer et al., Court Fil…

• As previously disclosed, on November 13, 2024, we entered into a Share Purchase Agreement (the “Purchase Agreement”) with Kpler Holding SA, a Belgian corporation (“Buyer”), pursuant to which we agreed to sell our maritime business to Buyer and enter into certain ancillary agreements (the “Transactio…

• On February 10, 2025, we filed a complaint in the Delaware Court of Chancery against Buyer seeking a grant of specific performance ordering Buyer to satisfy its obligations under the Purchase Agreement and consummate the closing in accordance with the terms of the Purchase Agreement. In the complain…

Text added vs the prior filing · source: 10-Q · 2026-05-14

• On May 12, 2026, Gabriel Oehme entered into a new employment contract with Spire Global Germany GmbH (“Spire Germany”) establishing his compensation as Chief Technology Officer, effective retroactively as of September 1, 2025 (the “Employment Contract”). Pursuant to the Employment Contract, Mr. Oehm…

• he will be eligible to receive an annual cash bonus under the Company’s Executive Officer Short-Term Incentive Plan in a target amount equal to 75% of his annual base salary; and

• he will be eligible to receive equity award grants under the 2021 Plan.

• The Employment Contract provides for severance pay and benefits in the event Mr. Oehme’s employment is terminated by Spire Germany without Cause (as defined in the Employment Contract) or due to Mr. Oehme’s resignation for Good Reason (as defined in the Employment Contract), with such terminations r…

• The Employment Contract also provides that if Mr. Oehme’s employment is terminated as the result of a Qualifying Termination, and the termination date occurs before a Change in Control (as defined in the 2021 Plan) or after the period that begins on the date of a Change in Control during the term an…