Spire Global Announces Select Preliminary Fourth Quarter and Full Year 2021 Financial Results; Issues Select Preliminary Fiscal Year 2022 Guidance
Spire Global (NYSE: SPIR) reported strong preliminary financial results for Q4 and FY 2021, with Q4 revenue expected to be
- Q4 2021 revenue of
$15.3 million , up 111% YoY. - Full year 2021 revenue of
$43.7 million , up 53%. - ARR as of December 31, 2021, approximately
$70.8 million , up 96% YoY. - Successful acquisition of exactEarth enhancing maritime data analytics.
- Full Year 2021 ARR Net Retention Rate at approximately 104%.
- None.
Full Year Revenue at the top end of guidance range
Strong 2022 Outlook based on
Select Preliminary Unaudited Fourth Quarter and Full Year 2021 Results
-
Fourth quarter 2021 revenue is expected to be
, an increase of$15.3 million 111% versus that of the prior year period. Excluding the of revenue recognized from exactEarth during the fourth quarter of 2021, revenue for the fourth quarter would have been$1.8 million , an increase of$13.5 million 86% versus that of the prior year period. -
Full year 2021 revenue is expected to be
, an increase of$43.7 million 53% versus that of the prior fiscal year. Excluding the of revenue recognized from exactEarth during the fourth quarter and fiscal year ending$1.8 million December 31, 2021 , full year 2021 revenue would have been , an increase of$41.9 million 47% versus that of the prior fiscal year. -
As of
December 31, 2021 , annual recurring revenue (ARR) is expected to be approximately , an increase of approximately$70.8 million 96% versus that as ofDecember 31, 2020 . Excluding the of ARR contributed by the acquisition of exactEarth, Spire’s$18.5 million December 31, 2021 ARR was , an increase of$52.3 million 44% versus that as ofDecember 31, 2020 . Spire’s ARR as of$52.3 million December 31, 2021 was an increase of versus that as of$7.0 million September 30, 2021 , representing a sequential quarterly increase of16% . -
Full Year 2021 ARR Net Retention Rate is approximately
104% , in-line with the company’s previously issued guidance.
Fourth Quarter 2021 Business Updates
-
On
November 30, 2021 , Spire completed its acquisition of exactEarth, a leading provider of global maritime data. With this acquisition, Spire strengthened its leadership in the maritime data and analytics segment and plans to deliver enhanced products to customers. -
Spire expanded its relationship with OroraTech, a
Munich -based satellite wildfire monitoring specialist. Spire is supporting their launch of a data and analytics service based on their proprietary thermal infrared cameras that leverages Spire’s Space Services solution with the aim to accelerate the detection of wildfires and mitigate the impacts of climate change. -
Spire started delivering satellite Automatic Identification System (AIS) data services to the
Indian Navy in the fourth quarter. Under this contract, Spire is tracking maritime activity and offshore resources across more than 7,500 km of coastline which is paramount to maintaining India’s security and economic activity.
“2021 was a banner year for Spire as we increased our ARR customer count to over 500, we completed the acquisition of exactEarth strengthening our position in maritime, and we exited the year with over
Select Preliminary 2022 Guidance
Spire expects full year 2022 revenue to be in the range of
The financial results presented above for the fourth quarter and fiscal year ended
Definitions
Annual Recurring Revenue (ARR). We define ARR as our expected annualized revenue from customers that are under contract with us at the end of the reporting period with a binding and renewable agreement for our subscription solutions, or customers that have binding multi-year contracts that can range from components of our Space Services solution to a bespoke customer solution. These customers are considered recurring when they have signed a multi-year binding agreement that has a renewable component in the contract or a customer that has multiple contracts that we continue to have under contract over multiple years.
ARR Customers. We define an ARR Customer as an entity that has a contract with us, that is either a binding and renewable agreement for our subscription solutions, or a binding multi-year contract as of the measurement date independent of the number of solutions the entity has under contract. All entities that have customer contracts for data trials are excluded from the calculation of ARR Customers. A single organization with separate subsidiaries, segments, or divisions may represent multiple customers, as we treat each entity that is invoiced separately as an individual customer. In cases where customers subscribe to our platform through our reseller partners, each end customer is counted separately as an ARR Customer.
Safe Harbor Statement
The forward-looking statements included in this press release, including for example, the quotations of management, the statements under the headings “Select Preliminary Unaudited Fourth Quarter and Full Year 2021 Results” and “Select Preliminary 2022 Guidance” above, statements about the expected benefits of the acquisition of exactEarth, statements about Spire’s strengthening market leadership, expectations of growth of the market for space-based data and the market opportunity for maritime data, preliminary estimates of revenue, ARR, ARR customers and ARR Net Retention Rate, including the preliminary estimates of revenue and ARR of exactEarth, and preliminary guidance for Spire’s full year 2022 revenue and ARR, reflect management’s best judgment based on factors currently known and involve risks and uncertainties. These risks and uncertainties include, but are not limited to, potential disruption of customer purchase decisions resulting from global economic conditions including from an economic downturn or recession in
Spire is in the process of finalizing its financial and operating results for the fourth quarter 2021, and therefore Spire's finalized and audited results and final analysis of those results are not yet available. The preliminary expectations reflected in Spire's 2021 guidance are the responsibility of management, are subject to management’s review and actual results could differ from management’s expectations. Investors are cautioned not to place undue reliance on these preliminary and unaudited estimates in the event of material changes.
About
Spire is a leading global provider of space-based data, analytics, and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in
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Head of Communications
Hillary.Yaffe@spire.com
Eileen@nmnadvisors.com
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