Welcome to our dedicated page for Spire Global news (Ticker: SPIR), a resource for investors and traders seeking the latest updates and insights on Spire Global stock.
Spire Global, Inc. (SPIR) is a leading data and analytics company, leveraging space technology to solve real-world problems. By collecting data from space, Spire can identify, track, and predict the movement of the world's resources and weather systems, providing critical insights for businesses and governments to make informed decisions. Founded with the vision of using space to address Earth's challenges, Spire offers four core solutions: Maritime, Aviation, Weather, and Space Services.
Under the Maritime solution, Spire provides precise space-based data for accurate ship monitoring, safety, and route optimization. The Aviation solution focuses on aircraft monitoring, safety, and route optimization. Its Weather solution delivers accurate space-based weather forecasting, aiding in disaster preparedness and resource management. Lastly, Spire's Space Services offer tailored datasets and insights from space to meet specific industry needs.
Spire's innovative approach has positioned it at the forefront of space-based analytics, earning it partnerships with leading organizations worldwide. The company's financial health is reflected in its diverse revenue streams from its core solutions, allowing continuous investment in technology and talent.
The fast-growing team at Spire is dedicated to pushing the boundaries of space technology to deliver actionable insights. With the world facing rapid changes, Spire's ability to provide timely, accurate data is more critical than ever. For more information, visit www.spire.com.
Stay updated with the latest developments and career opportunities at Spire by visiting Spire Careers.
Spire Global (NYSE: SPIR) and OroraTech have been awarded a NASA contract to develop space-based capabilities for wildfire early detection and monitoring. The partnership will create a low-cost orbital solution for monitoring wildfire-prone areas in the United States. The project combines Spire's space and ground systems expertise with OroraTech's thermal infrared sensing technology. By 2025, the companies plan to launch eight wildfire-detecting satellites (OTC-P1), creating the largest constellation dedicated to wildfire monitoring. This initiative addresses the projected 30% increase in extreme wildfires by 2050, according to UN reports.
Spire Global and Mission Control have announced a collaborative mission at the International Aeronautical Congress (IAC) to explore the power of artificial intelligence (AI) in space. The Persistence Mission aims to demonstrate how AI can be reliably used onboard satellites for long periods to generate real-time actionable insights.
Spire will build and operate the LEMUR 6, a 6U satellite with an optical payload for Earth imaging. Mission Control will showcase its SpacefarerAI™ platform, designed to streamline AI model deployment and updates for spaceflight applications. The mission, supported by the Canadian Space Agency, is scheduled for launch no earlier than 2025.
This collaboration aims to advance on-orbit AI processing, potentially revolutionizing Earth observation and space exploration by moving intelligence to the edge, directly onboard spacecraft.
Spire Global, Inc. (NYSE: SPIR) has been awarded a $3,832,500 contract by the National Oceanic and Atmospheric Administration (NOAA) to provide radio occultation (RO) data for one year, from September 18, 2024, to September 18, 2025. This data, consisting of vertical profiles of atmospheric measurements, will be used for NOAA's operational weather forecasts, space weather models, and climate research. The contract is part of an Indefinite Delivery Indefinite Quantity (IDIQ) agreement with a $59 million ceiling for NOAA's Commercial Weather Data Program's Radio Occultation Data Buy II.
Spire Global (NYSE: SPIR), a leading provider of space-based data, analytics, and space services, has announced its participation in the upcoming H.C. Wainwright 26th Annual Global Investment Conference. The event is scheduled for September 9, 2024, with Spire's presentation set for 11:00 a.m. ET.
Peter Platzer, Spire's CEO, will be presenting at the conference. Investors and interested parties can access the presentation through a webcast link provided by the company. This event offers an opportunity for Spire to showcase its capabilities and engage with the investment community, potentially impacting its market position and investor relations.
Spire Global (NYSE: SPIR) has entered into a waiver and amendment with Blue Torch Capital on August 27, 2024, addressing financial covenant issues. The agreement waives events of default related to the debt-to-EBITDA ratio and delayed financial statements for Q2 2024. It also amends financial covenants, providing immediate relief from leverage ratios. An amendment fee of 3.5% of the outstanding term loan principal will be added to the loan balance. The company must make a $10 million principal payment by August 31, 2024. As of June 30, 2024, Spire had approximately $46 million in cash and equivalents. The company is currently reviewing its accounting practices for revenue recognition in its 'Space as a Service' business and potential embedded leases in certain contracts.
Spire Global (NYSE: SPIR) announces new multi-million-dollar contracts and provides an update on its financial reporting status. The company has secured contracts worth $14 million from the U.S. Air Force, £3.5 million from the UK Space Agency, and a $6.7 million renewal from NASA. These contracts focus on enhancing national security, weather forecasting, and climate research.
However, Spire has received a notice from the NYSE regarding its late Form 10-Q filing for Q2 2024. The company is reviewing its revenue recognition practices for certain contracts and will restate financial statements for 2022, 2023, and Q1 2024. The restatement is estimated to impact $10 to $15 million in annual revenue. Spire expects to file the Form 10-Q and complete the restatements within six months.
Spire Global (NYSE: SPIR) successfully launched seven LEMUR satellites on SpaceX's Transporter-11 mission from Vandenberg Space Force Base on August 16, 2024. This marks Spire's third launch of 2024 and 41st overall, bringing their total satellite count to 196. The new satellites, ranging from 3U to 16U in size, will enhance weather forecasting, global soil moisture analysis, and maritime ship tracking.
Spire is advancing its capabilities by combining radio occultation and reflectometry technologies on a single platform, allowing for comprehensive Earth state measurements from atmosphere to ground. The company recently expanded its Weather & Climate product suite with advanced Soil Moisture Insights, utilizing proprietary reflectometry measurements, open-source data, and AI to provide important information for agricultural planning, water resource management, and climate change efforts.
Spire Global, Inc. (NYSE: SPIR) has filed a Form 12b-25 with the SEC, notifying a delay in filing its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. The company is actively working to finalize its financial statements and plans to file the report as soon as possible. As a result of this delay, Spire has postponed its second quarter 2024 results conference call. The new date for the call will be announced once the Form 10-Q filing date is confirmed. Investors can access the 12b-25 filing on Spire's investor relations website at ir.spire.com.
Spire Global (NYSE: SPIR) has scheduled a conference call to discuss its second quarter 2024 financial results on August 14, 2024, at 5:00 p.m. ET. A news release detailing the results will be published after market close on the same day. Investors and analysts can access the live webcast on Spire Global's Investor Relations website. For those preferring an audio call, the toll-free dial-in number is 888-437-3179, with an international number at +1 862-298-0702 and conference ID 13748069. A replay will be available on the company's Investor Relations website.
Spire Global has been awarded a CA $1.41 million contract by the Government of Canada to provide global automatic identification system (AIS) ship tracking data. This one-year contract includes options for two additional years, potentially increasing the total contract value to CA $4.23 million. Spire will supply real-time and historical AIS data, providing extensive visibility in both open oceans and high-traffic zones. The data will be utilized by various Canadian government agencies, such as the Canadian Space Agency and the Department of National Defense. This collaboration underscores the trust in Spire's technology for delivering reliable, near real-time maritime data.
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