Spire Global Announces Third Quarter 2024 Results and Completion of Restatement
Spire Global (NYSE: SPIR) reported strong Q3 2024 results with revenue reaching $28.6 million, marking a 29% year-over-year growth. The company achieved positive cash flow from operations of $14.0 million and positive free cash flow of $5.1 million.
Key highlights include:
- Record quarterly bookings with $40.0 million in annual contract value
- Revenue of $88.8 million for the first nine months of 2024, up 21% year-over-year
- Q3 GAAP operating loss of $13.7 million, improved 18% year-over-year
- Net loss of $12.5 million, showing 47% year-over-year improvement
The company secured significant contracts, including $6.7 million from NASA for Earth observation data and $3.8 million from NOAA for radio occultation data. Spire successfully launched seven satellites during Q3 2024, bringing their total launched satellites to 186.
Spire Global (NYSE: SPIR) ha riportato risultati solidi per il terzo trimestre del 2024, con ricavi che hanno raggiunto 28,6 milioni di dollari, segnando una crescita del 29% rispetto all’anno precedente. L’azienda ha ottenuto un flusso di cassa operativo positivo di 14,0 milioni di dollari e un flusso di cassa libero positivo di 5,1 milioni di dollari.
I punti salienti includono:
- Ordini trimestrali record con un valore contrattuale annuale di 40,0 milioni di dollari
- Ricavi di 88,8 milioni di dollari per i primi nove mesi del 2024, in aumento del 21% rispetto all’anno precedente
- Perdita operativa GAAP del terzo trimestre di 13,7 milioni di dollari, migliorata del 18% rispetto all’anno precedente
- Perdita netta di 12,5 milioni di dollari, con un miglioramento del 47% rispetto all’anno precedente
L’azienda ha ottenuto contratti significativi, tra cui 6,7 milioni di dollari da NASA per dati di osservazione della Terra e 3,8 milioni di dollari da NOAA per dati di occultazione radio. Spire ha lanciato con successo sette satelliti durante il terzo trimestre del 2024, portando il totale dei satelliti lanciati a 186.
Spire Global (NYSE: SPIR) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos que alcanzaron 28.6 millones de dólares, marcando un crecimiento del 29% en comparación con el año anterior. La compañía logró un flujo de caja operativo positivo de 14.0 millones de dólares y un flujo de caja libre positivo de 5.1 millones de dólares.
Los aspectos destacados incluyen:
- Reservas trimestrales récord con un valor de contrato anual de 40.0 millones de dólares
- Ingresos de 88.8 millones de dólares en los primeros nueve meses de 2024, un aumento del 21% en comparación con el año anterior
- Pérdida operativa GAAP del tercer trimestre de 13.7 millones de dólares, mejorada en un 18% en comparación con el año anterior
- Pérdida neta de 12.5 millones de dólares, mostrando una mejora del 47% en comparación con el año anterior
La compañía aseguró contratos significativos, incluyendo 6.7 millones de dólares de NASA para datos de observación de la Tierra y 3.8 millones de dólares de NOAA para datos de ocultación de radio. Spire lanzó con éxito siete satélites durante el tercer trimestre de 2024, llevando su total de satélites lanzados a 186.
Spire Global (NYSE: SPIR)는 2024년 3분기 강력한 실적을 보고했으며, 수익은 2860만 달러에 달하고, 이는 전년 대비 29% 증가한 수치입니다. 회사는 운영에서 긍정적인 현금 흐름 1400만 달러와 긍정적인 자유 현금 흐름 510만 달러를 달성했습니다.
주요 하이라이트는 다음과 같습니다:
- 연간 계약 가치가 4000만 달러에 달하는 분기별 기록 예약
- 2024년 첫 9개월 동안의 수익은 8880만 달러로, 전년 대비 21% 증가
- 3분기 GAAP 운영 손실은 1370만 달러로, 전년 대비 18% 개선됨
- 순손실은 1250만 달러로, 전년 대비 47% 개선됨
회사는 NASA로부터 670만 달러의 지구 관측 데이터 계약과 NOAA로부터 380만 달러의 라디오 교란 데이터 계약을 포함하여 중요한 계약을 확보했습니다. Spire는 2024년 3분기 동안 7개의 위성을 성공적으로 발사하여 총 발사된 위성 수를 186개로 늘렸습니다.
Spire Global (NYSE: SPIR) a annoncé de solides résultats pour le troisième trimestre 2024, avec des revenus atteignant 28,6 millions de dollars, marquant une croissance de 29 % par rapport à l'année précédente. L'entreprise a réalisé un flux de trésorerie opérationnel positif de 14,0 millions de dollars et un flux de trésorerie libre positif de 5,1 millions de dollars.
Les points forts incluent :
- Des réservations trimestrielles record avec une valeur de contrat annuel de 40,0 millions de dollars
- Des revenus de 88,8 millions de dollars pour les neuf premiers mois de 2024, en hausse de 21 % par rapport à l'année précédente
- Une perte opérationnelle GAAP de 13,7 millions de dollars au troisième trimestre, améliorée de 18 % par rapport à l'année précédente
- Une perte nette de 12,5 millions de dollars, montrant une amélioration de 47 % par rapport à l'année précédente
L'entreprise a sécurisé des contrats significatifs, y compris 6,7 millions de dollars de la NASA pour des données d'observation de la Terre et 3,8 millions de dollars de la NOAA pour des données d'occultation radio. Spire a réussi à lancer sept satellites au cours du troisième trimestre 2024, portant le total des satellites lancés à 186.
Spire Global (NYSE: SPIR) hat im dritten Quartal 2024 starke Ergebnisse gemeldet, mit einem Umsatz von 28,6 Millionen Dollar, was einem Wachstum von 29% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen positiven operativen Cashflow von 14,0 Millionen Dollar und einen positiven freien Cashflow von 5,1 Millionen Dollar.
Wichtige Highlights sind:
- Rekordbuchungen im Quartal mit einem jährlichen Vertragswert von 40,0 Millionen Dollar
- Umsatz von 88,8 Millionen Dollar in den ersten neun Monaten des Jahres 2024, ein Anstieg von 21% im Vergleich zum Vorjahr
- GAAP-Betriebsverlust im dritten Quartal von 13,7 Millionen Dollar, eine Verbesserung von 18% im Vergleich zum Vorjahr
- Nettoverlust von 12,5 Millionen Dollar, was eine Verbesserung von 47% im Vergleich zum Vorjahr zeigt
Das Unternehmen sicherte sich bedeutende Verträge, darunter 6,7 Millionen Dollar von NASA für Daten zur Erdbeobachtung und 3,8 Millionen Dollar von NOAA für Daten zur Radiookklusion. Spire hat im dritten Quartal 2024 erfolgreich sieben Satelliten gestartet und damit die Gesamtzahl der gestarteten Satelliten auf 186 erhöht.
- 29% YoY revenue growth to $28.6M in Q3
- Record $40M quarterly bookings in annual contract value
- Positive cash flow from operations of $14M
- 47% YoY improvement in net loss
- Secured $10.5M in new government contracts (NASA + NOAA)
- Successfully launched 7 new satellites
- Q3 GAAP operating loss of $13.7M
- Net loss of $12.5M despite improvements
- Required financial restatement of prior periods
Insights
Spire Global's Q3 2024 results showcase significant financial momentum with
The
The completion of their financial restatement process removes a significant overhang that had created uncertainty. While GAAP operating loss stands at
The successful deployment of seven additional satellites expands their constellation capabilities while supporting both proprietary data collection and Space Services customer missions – reinforcing their vertically integrated business model that combines data, analytics, and space services.
Spire's latest results validate their satellite-as-a-service business model, with the company successfully integrating three key revenue streams: data subscriptions, analytics, and space services. Their constellation approach – now at 186 satellites after their SpaceX Transporter-11 mission – provides continuous technological refresh without massive capital expenditures.
The NASA and NOAA contracts represent more than just revenue – they're endorsements of Spire's data quality for critical weather forecasting, climate research, and maritime tracking applications. The
Their varying satellite form factors (3U to 16U) demonstrate technical flexibility to address diverse customer requirements from a common architecture – a competitive advantage against more rigid satellite operators. This scalable approach allows Spire to deploy purpose-built capabilities while maintaining economies of scale.
The quarterly record in bookings (
-
Third quarter 2024 revenue reached
$28.6 million 29% year-over-year growth -
Achieved positive cash flow from operations of
$14.0 million $5.1 million -
Awarded
$40.0 million
"Today marks an inflection point in our journey as a company. We have filed restated financial statements, completing the review of our accounting practices as previously disclosed, and have filed our second and third quarter 2024 Form 10-Qs," said Theresa Condor, Spire CEO. "We are now entering a new chapter with a focus on reliable execution and operational efficiency."
“As I look back on the third quarter, I’m proud of the milestones we reached, despite unexpected complexities we had to navigate," said Peter Platzer, Spire Executive Chairman. "We achieved long-forecasted objectives and set a new quarterly booking record."
“Over the last three years, we have converted demand into an improving top and bottom line as we drive towards profitability,” said Leo Basola, Spire CFO. “With the restatement now complete, Spire is refocusing on the future and opportunities ahead.”
Third Quarter 2024 Highlights
Financial:
-
Third quarter 2024 revenue was
$28.6 million 29% year-over-year growth. This growth was primarily driven by increased annual recurring revenue with our existing customers and growth in revenue recognized for both Space Services Contracts and R&D Services Contracts. For the nine months ended September 30, 2024, revenue was$88.8 million 21% year-over-year growth. This growth was primarily due to increased annual recurring revenue with our existing customers and growth in revenue recognized for both Space Services Contracts and R&D Services Contracts. -
Third quarter 2024 U.S. generally accepted accounting principles (“GAAP”) operating loss was
$13.7 million $6.1 million 18% year-over-year improvement on a GAAP basis and a49% year-over-year improvement on a non-GAAP basis. For the nine months ended September 30, 2024, GAAP operating loss was$38.1 million $19.2 million 17% year-over-year improvement on a GAAP basis and a39% year-over-year improvement on a non-GAAP basis. -
Third quarter 2024 net loss was
$12.5 million $3.1 million 47% year-over-year improvement to net loss and a66% year-over-year improvement to adjusted EBITDA. For the nine months ended September 30, 2024, net loss was$54.6 million $5.5 million 10% year-over-year improvement to net loss and a75% year-over-year improvement to adjusted EBITDA. -
Third quarter 2024 cash flow from operations was positive
$14.0 million $5.1 million $700 thousand
1 Non-GAAP Financial Measure, please see section titled Non-GAAP Financial Measures for the definition of such measures and the reconciliation tables at the end of this release for reconciliation to the most directly comparable GAAP measure. |
Business:
-
Spire was awarded
$6.7 million -
Spire was awarded
$3.8 million - During the third quarter of 2024, Spire successfully launched seven satellites on the SpaceX Transporter-11 mission. This marked Spire’s third launch of 2024 and the 41st in the company's history, bringing the total number of Spire satellites launched to 186. These newly launched LEMUR satellites, ranging from 3U- to 16U-sized satellite buses, are designed for a wide range of applications that include data to improve weather forecasting, global soil moisture analysis and maritime ship tracking. The satellites will also serve missions for Space Services customers.
Preliminary Full Year 2024 Financial Results
Spire is providing the following range of preliminary results for the full year ended December 31, 2024:
| FY'24 Ranges | ||||
| Low | High | |||
| Revenue (millions) | $ |
108.0 |
$ |
110.0 |
| Y/Y Growth |
|
|
|
|
| GAAP Operating Loss (millions) | $ |
(73.4) |
$ |
(71.4) |
| Non-GAAP Operating Loss (millions) | $ |
(38.2) |
$ |
(36.2) |
| GAAP Net Loss (millions) | $ |
(107.2) |
$ |
(105.2) |
| Adjusted EBITDA (millions) | $ |
(20.9) |
$ |
(18.9) |
| GAAP Loss Per Share | $ |
(4.47) |
$ |
(4.38) |
| Non-GAAP Loss Per Share | $ |
(2.39) |
$ |
(2.31) |
| Basic Weighted Average Shares (millions) |
|
24.0 |
|
24.0 |
These financial results are preliminary, unaudited and represent the most recent current information available to Spire’s management. Spire’s actual results may differ from these estimated financial results, including due to the completion of year-end financial reporting processes and audit. The Company expects to issue full financial results for the fourth quarter and full year 2024 later this month.
Non-GAAP operating loss, adjusted EBITDA and non-GAAP loss per share included in the table above are non-GAAP measures. Please see the section titled “Non-GAAP Financial Measures” for the definition of such measures. Spire has provided a reconciliation of GAAP to non-GAAP financial measures in the tables included in this press release for the three and nine months ended September 30, 2023 and 2024, as well as the preliminary results for such measures for the full year 2024.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with GAAP, this press release and the accompanying tables contain, and the conference call will contain, non-GAAP financial measures, including free cash flow, non-GAAP gross profit, non-GAAP gross margins, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative expenses, non-GAAP operating loss/income, non-GAAP operating margin, EBITDA, Adjusted EBITDA, non-GAAP net loss/income, and non-GAAP net loss/income per share. Spire’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP financial measures, in evaluating its ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items Spire excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. In addition, other companies may utilize metrics that are not similar to Spire’s. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to be recorded in Spire’s financial statements. Investors should note that the excluded items may have had, and may in the future have, a material impact on our reported financial results. Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results. Management encourages investors and others to review Spire’s financial information in its entirety and not rely on a single financial measure.
Spire adjusts the following items from one or more of its non-GAAP financial measures:
Loss on decommissioned satellites. Spire excludes loss on decommissioned satellites because if there was no loss, the expense would be accounted for as depreciation and would also be excluded as part of its EBITDA calculation.
Change in fair value of warrant liabilities and contingent earnout liabilities. Spire excludes these items as they do not reflect the underlying cash flows or operational results of the business.
Issuance of stock warrants. Spire excludes this as it does not reflect the underlying cash flows or operational results of the business.
Other (expense) income, net. Spire excludes other (expense) income, net because it includes unusual items that do not reflect the underlying operational results of its business. Examples of such expenses include prepayment penalties on outstanding debt and vendor dispute legal settlements.
Stock-based compensation. Spire excludes stock-based compensation expenses primarily because they are non-cash expenses that it excludes from its internal management reporting processes. Spire also finds it useful to exclude these expenses when management assesses the appropriate level of various operating expenses and resource allocations when budgeting, planning, and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, Stock Compensation, Spire believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between its recurring core business operating results and those of other companies.
Amortization of purchased intangibles. Spire incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Spire excludes these expenses for its internal management reporting processes. Spire's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. It is important to note that while this amortization expense is excluded for purposes of non-GAAP presentation, the revenue of the acquired businesses is reflected in the non-GAAP measures and that the assets contribute to revenue generation.
Other acquisition accounting amortization. Spire incurs amortization expense for purchased data rights in connection with the acquisition of exactEarth and certain technologies. Amortization of this asset is a non-cash expense that can be significantly affected by the inherent subjective nature of the assigned value and useful life. Because this cost has already been incurred and cannot be recovered, and is a non-cash expense, Spire excludes this expense for its internal management reporting processes. Spire's management also finds it useful to exclude this charge when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. It is important to note that while this expense is excluded for purposes of non-GAAP presentation, the revenue of the acquired companies is reflected in the non-GAAP measures and that the assets contribute to revenue generation.
Mergers and acquisition related expenses. Spire excludes these expenses as they are transaction costs and expenses associated with the transaction that are generally infrequent in nature and not reflective of the underlying operational results of Spire’s business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance, and other employee costs.
Loss on extinguishment of debt. Spire excludes this as it does not reflect the underlying cash flows or operational results of the business.
Foreign exchange gain/loss. Spire is exposed to foreign currency gains or losses on outstanding foreign currency denominated receivables and payables related to certain customer sales agreements, product costs and other operating expenses. As Spire does not actively hedge these currency exposures, changes in the underlying currency rates relative to the
Other unusual and infrequent costs. Spire excludes these as they are unusual items that do not reflect the ongoing operational results of its business. Examples of these types of expenses include accounting, legal and other professional fees associated with the financial restatement, the proposed sale of its maritime business to Kpler Holding SA, and customer contract enforcement.
Our additional non-GAAP measures include:
Free Cash Flow. Spire defines free cash flow as net cash provided by/used in operating activities less purchases of property and equipment.
EBITDA. Spire defines EBITDA as net income (loss), plus depreciation and amortization expense, plus interest expense, and plus the provision for (or minus benefit from) income taxes.
Adjusted EBITDA. Spire defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted for any loss on decommissioned satellites, launch failure and decommissioning, change in fair value of warrant liabilities, change in fair value of contingent earnout liability, issuances of stock warrants, other (expense) income, net, stock-based compensation, foreign exchange gain/loss, other acquisition accounting amortization, mergers and acquisition related expenses, and other unusual costs. Spire believes Adjusted EBITDA can be useful in providing an understanding of the underlying results of operations and trends and an enhanced overall understanding of its financial performance and prospects for the future. While Adjusted EBITDA is not a recognized measure under GAAP, management uses this financial measure to evaluate and forecast business performance. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income/loss as it does not take into account certain requirements, such as capital expenditures and related depreciation, principal and interest payments, and tax payments. Adjusted EBITDA is not a presentation made in accordance with GAAP, and Spire’s use of the term Adjusted EBITDA may vary from the use of similarly titled measures by others in its industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation.
Conference Call
Spire will webcast a conference call to discuss the results at 8:30 a.m. Eastern Time tomorrow. The webcast will be available on Spire’s Investor Relations website at ir.spire.com. A replay of the call will be available on the site for six months.
Safe Harbor Statement
This press release contains forward-looking statements, including information about management's view of Spire’s future expectations, plans and prospects, including our views regarding future execution within our business, and the opportunity we see in our industry, within the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Spire to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents Spire files with the Securities and Exchange Commission, including but not limited to, Spire’s Annual Report on Form 10-K/A for the year ended December 31, 2023, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on Spire’s future results. The forward-looking statements included in this presentation are made only as of the date hereof. Spire cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Spire expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
About Spire Global, Inc.
Spire (NYSE: SPIR) 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 that observes the Earth in real time using radio frequency technology. The data acquired by Spire’s satellites provides 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. Spire also offers Space as a Service solutions that empower customers to leverage its established infrastructure to put their business in space. Spire has nine offices across the
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (In thousands, except share and per share amounts) | 2024 |
2023 |
2024 |
2023 |
||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Revenue | $ |
28,568 |
|
$ |
22,126 |
|
$ |
88,792 |
|
$ |
73,408 |
|
||||
| Cost of revenue |
|
15,843 |
|
|
12,640 |
|
|
55,927 |
|
|
41,254 |
|
||||
| Gross profit |
|
12,725 |
|
|
9,486 |
|
|
32,865 |
|
|
32,154 |
|
||||
| Operating expenses: | ||||||||||||||||
| Research and development |
|
5,631 |
|
|
7,931 |
|
|
19,185 |
|
|
22,904 |
|
||||
| Sales and marketing |
|
5,655 |
|
|
6,993 |
|
|
15,941 |
|
|
20,572 |
|
||||
| General and administrative |
|
12,303 |
|
|
11,223 |
|
|
32,156 |
|
|
33,764 |
|
||||
| Loss on decommissioned satellites |
|
246 |
|
|
156 |
|
|
953 |
|
|
628 |
|
||||
| Allowance for current expected credit loss on notes receivable |
|
2,609 |
|
|
— |
|
|
2,689 |
|
|
— |
|
||||
| Total operating expenses |
|
26,444 |
|
|
26,303 |
|
|
70,924 |
|
|
77,868 |
|
||||
| Loss from operations |
|
(13,719 |
) |
|
(16,817 |
) |
|
(38,059 |
) |
|
(45,714 |
) |
||||
| Other income (expense): | ||||||||||||||||
| Interest income |
|
407 |
|
|
540 |
|
|
1,432 |
|
|
1,741 |
|
||||
| Interest expense |
|
(4,828 |
) |
|
(4,728 |
) |
|
(14,654 |
) |
|
(14,015 |
) |
||||
| Change in fair value of contingent earnout liability |
|
515 |
|
|
13 |
|
|
(717 |
) |
|
217 |
|
||||
| Change in fair value of warrant liabilities |
|
854 |
|
|
(119 |
) |
|
(1,109 |
) |
|
984 |
|
||||
| Issuance of stock warrants |
|
— |
|
|
— |
|
|
(2,399 |
) |
|
— |
|
||||
| Foreign exchange (loss) gain |
|
4,872 |
|
|
(1,840 |
) |
|
2,573 |
|
|
(1,313 |
) |
||||
| Other expense, net |
|
(530 |
) |
|
(387 |
) |
|
(1,541 |
) |
|
(1,828 |
) |
||||
| Total other expense, net |
|
1,290 |
|
|
(6,521 |
) |
|
(16,415 |
) |
|
(14,214 |
) |
||||
| Loss before income taxes |
|
(12,429 |
) |
|
(23,338 |
) |
|
(54,474 |
) |
|
(59,928 |
) |
||||
| Income tax provision |
|
44 |
|
|
(1 |
) |
|
102 |
|
|
436 |
|
||||
| Net loss | $ |
(12,473 |
) |
$ |
(23,337 |
) |
$ |
(54,576 |
) |
$ |
(60,364 |
) |
||||
| Basic and diluted net loss per share | $ |
(0.50 |
) |
$ |
(1.12 |
) |
$ |
(2.30 |
) |
$ |
(3.16 |
) |
||||
| Weighted-average shares used in computing basic and diluted net loss per share |
|
24,921,585 |
|
|
20,756,394 |
|
|
23,745,015 |
|
|
19,117,078 |
|
||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (In thousands) | 2024 |
2023 |
2024 |
2023 |
||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Net loss | $ |
(12,473 |
) |
$ |
(23,337 |
) |
$ |
(54,576 |
) |
$ |
(60,364 |
) |
||||
| Other comprehensive (loss) gain: | ||||||||||||||||
| Foreign currency translation adjustments |
|
(1,986 |
) |
|
(1,575 |
) |
|
(4,275 |
) |
|
1,168 |
|
||||
| Net unrealized (loss) gain on investments (net of tax) |
|
4 |
|
|
(2 |
) |
|
2 |
|
|
35 |
|
||||
| Comprehensive loss | $ |
(14,455 |
) |
$ |
(24,914 |
) |
$ |
(58,849 |
) |
$ |
(59,161 |
) |
||||
CONSOLIDATED BALANCE SHEETS |
||||||||
| September 30, | December 31, | |||||||
| (In thousands) | 2024 |
2023 |
||||||
| (Unaudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ |
29,061 |
|
$ |
29,136 |
|
||
| Marketable securities |
|
7,574 |
|
|
11,726 |
|
||
| Accounts receivable, net |
|
9,163 |
|
|
9,911 |
|
||
| Contract assets |
|
4,148 |
|
|
4,718 |
|
||
| Other current assets |
|
8,255 |
|
|
16,848 |
|
||
| Total current assets |
|
58,201 |
|
|
72,339 |
|
||
| Property and equipment, net |
|
68,335 |
|
|
60,446 |
|
||
| Operating lease right-of-use assets |
|
12,267 |
|
|
14,921 |
|
||
| Goodwill |
|
50,126 |
|
|
51,155 |
|
||
| Customer relationships |
|
17,538 |
|
|
19,363 |
|
||
| Other intangible assets |
|
11,215 |
|
|
12,660 |
|
||
| Other long-term assets, including restricted cash |
|
6,509 |
|
|
8,380 |
|
||
| Total assets | $ |
224,191 |
|
$ |
239,264 |
|
||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ |
10,794 |
|
$ |
8,012 |
|
||
| Accrued wages and benefits |
|
2,562 |
|
|
1,829 |
|
||
| Long-term debt, current portion |
|
92,225 |
|
|
— |
|
||
| Contract liabilities, current portion |
|
27,214 |
|
|
31,178 |
|
||
| Other accrued expenses |
|
11,004 |
|
|
8,326 |
|
||
| Total current liabilities |
|
143,799 |
|
|
49,345 |
|
||
| Long-term debt |
|
4,910 |
|
|
114,113 |
|
||
| Contract liabilities, non-current |
|
22,566 |
|
|
17,923 |
|
||
| Contingent earnout liability |
|
937 |
|
|
220 |
|
||
| Deferred income tax liabilities |
|
830 |
|
|
804 |
|
||
| Warrant liability |
|
9,495 |
|
|
5,988 |
|
||
| Operating lease liabilities, net of current portion |
|
10,808 |
|
|
13,079 |
|
||
| Other long-term liabilities |
|
8 |
|
|
8 |
|
||
| Total liabilities |
|
193,353 |
|
|
201,480 |
|
||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock |
|
3 |
|
|
2 |
|
||
| Additional paid-in capital |
|
529,526 |
|
|
477,624 |
|
||
| Accumulated other comprehensive loss |
|
(8,829 |
) |
|
(4,556 |
) |
||
| Accumulated deficit |
|
(489,862 |
) |
|
(435,286 |
) |
||
| Total stockholders’ equity |
|
30,838 |
|
|
37,784 |
|
||
| Total liabilities and stockholders’ equity | $ |
224,191 |
|
$ |
239,264 |
|
||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
| Nine Months Ended September 30, | ||||||||
| (In thousands) | 2024 |
2023 |
||||||
| (Unaudited) | (Unaudited) | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ |
(54,576 |
) |
$ |
(60,364 |
) |
||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization |
|
16,351 |
|
|
11,642 |
|
||
| Stock-based compensation |
|
13,382 |
|
|
9,516 |
|
||
| Amortization of operating lease right-of-use assets |
|
4,104 |
|
|
2,185 |
|
||
| Amortization of debt issuance costs |
|
2,901 |
|
|
1,595 |
|
||
| Change in fair value of warrant liabilities |
|
1,109 |
|
|
(984 |
) |
||
| Change in fair value of contingent earnout liability |
|
717 |
|
|
(217 |
) |
||
| Issuance of stock warrants |
|
2,399 |
|
|
— |
|
||
| Loss on decommissioned satellites and impairment of assets |
|
1,474 |
|
|
630 |
|
||
| Other, net |
|
(232 |
) |
|
(578 |
) |
||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net |
|
741 |
|
|
(4,834 |
) |
||
| Contract assets |
|
812 |
|
|
(345 |
) |
||
| Other current assets |
|
8,660 |
|
|
(7,396 |
) |
||
| Other long-term assets |
|
1,544 |
|
|
1,261 |
|
||
| Accounts payable |
|
1,478 |
|
|
(767 |
) |
||
| Accrued wages and benefits |
|
675 |
|
|
1,249 |
|
||
| Contract liabilities |
|
452 |
|
|
10,991 |
|
||
| Other accrued expenses |
|
2,892 |
|
|
(1,125 |
) |
||
| Operating lease liabilities |
|
(4,134 |
) |
|
(1,945 |
) |
||
| Net cash provided by (used in) operating activities |
|
749 |
|
|
(39,486 |
) |
||
| Cash flows from investing activities | ||||||||
| Purchases of short-term investments |
|
(30,147 |
) |
|
(37,752 |
) |
||
| Maturities of short-term investments |
|
34,897 |
|
|
41,500 |
|
||
| Purchase of property and equipment |
|
(21,491 |
) |
|
(11,993 |
) |
||
| Net cash used in investing activities |
|
(16,741 |
) |
|
(8,245 |
) |
||
| Cash flows from financing activities | ||||||||
| Proceeds from Securities Purchase Agreements, net |
|
37,881 |
|
|
— |
|
||
| Proceeds from long-term debt |
|
— |
|
|
19,886 |
|
||
| Proceeds from issuance of common stock under the Equity Distribution Agreement, net |
|
— |
|
|
7,866 |
|
||
| Payments on long-term debt |
|
(20,113 |
) |
|
— |
|
||
| Proceeds from exercise of stock options |
|
269 |
|
|
— |
|
||
| Proceeds from employee stock purchase plan |
|
370 |
|
|
422 |
|
||
| Net cash provided by financing activities |
|
18,407 |
|
|
28,174 |
|
||
| Effect of foreign currency translation on cash, cash equivalents and restricted cash |
|
(2,486 |
) |
|
2,343 |
|
||
| Net decrease in cash, cash equivalents and restricted cash |
|
(71 |
) |
|
(17,214 |
) |
||
| Cash, cash equivalents and restricted cash | ||||||||
| Beginning balance |
|
29,641 |
|
|
47,569 |
|
||
| Ending balance | $ |
29,570 |
|
$ |
30,355 |
|
||
GAAP to Non-GAAP Reconciliations |
||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (In thousands, except for share and per share amounts) | 2024 |
2023 |
2024 |
2023 |
||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Gross profit (GAAP) | $ |
12,725 |
|
$ |
9,486 |
|
$ |
32,865 |
|
$ |
32,154 |
|
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
58 |
|
|
48 |
|
|
182 |
|
|
173 |
|
||||
| Exclude amortization of purchased intangibles |
|
862 |
|
|
873 |
|
|
2,608 |
|
|
2,606 |
|
||||
| Gross profit (Non-GAAP) | $ |
13,814 |
|
$ |
10,579 |
|
$ |
36,161 |
|
$ |
35,440 |
|
||||
| Research and development (GAAP) |
|
5,631 |
|
|
7,931 |
|
$ |
19,185 |
|
$ |
22,904 |
|
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
(1,180 |
) |
|
(957 |
) |
|
(3,408 |
) |
|
(2,510 |
) |
||||
| Research and development (Non-GAAP) | $ |
4,441 |
|
$ |
6,974 |
|
$ |
15,767 |
|
$ |
20,394 |
|
||||
| Sales and marketing (GAAP) |
|
5,655 |
|
|
6,993 |
|
$ |
15,941 |
|
$ |
20,572 |
|
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
(893 |
) |
|
(673 |
) |
|
(2,512 |
) |
|
(1,729 |
) |
||||
| Sales and marketing (Non-GAAP) | $ |
4,571 |
|
$ |
6,320 |
|
$ |
13,238 |
|
$ |
18,843 |
|
||||
| General and administrative (GAAP) |
|
12,303 |
|
|
11,223 |
|
$ |
32,156 |
|
$ |
33,764 |
|
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
(2,828 |
) |
|
(1,852 |
) |
|
(7,280 |
) |
|
(5,104 |
) |
||||
| Exclude other unusual and infrequent costs |
|
(1,162 |
) |
|
- |
|
|
(1,162 |
) |
|
- |
|
||||
| Exclude merger and acquisition related expenses |
|
- |
|
|
- |
|
|
- |
|
|
(1,015 |
) |
||||
| General and administrative (Non-GAAP) |
|
8,313 |
|
|
9,371 |
|
$ |
23,714 |
|
$ |
27,645 |
|
||||
| Loss from operations (GAAP) | $ |
(13,719 |
) |
$ |
(16,817 |
) |
$ |
(38,059 |
) |
$ |
(45,714 |
) |
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
4,959 |
|
|
3,530 |
|
|
13,382 |
|
|
9,516 |
|
||||
| Exclude other unusual and infrequent costs |
|
1,364 |
|
|
- |
|
|
1,364 |
|
|
- |
|
||||
| Exclude merger and acquisition related expenses |
|
- |
|
|
- |
|
|
- |
|
|
1,015 |
|
||||
| Exclude amortization of purchased intangibles |
|
862 |
|
|
873 |
|
|
2,608 |
|
|
2,606 |
|
||||
| Exclude other acquisition accounting amortization |
|
168 |
|
|
172 |
|
|
506 |
|
|
507 |
|
||||
| Exclude loss on decommissioned satellites |
|
246 |
|
|
156 |
|
|
953 |
|
|
628 |
|
||||
| Loss from operations (Non-GAAP) | $ |
(6,119 |
) |
$ |
(12,086 |
) |
$ |
(19,246 |
) |
$ |
(31,442 |
) |
||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (In thousands, except for share and per share amounts) | 2024 |
2023 |
2024 |
2023 |
||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Gross Margin (GAAP) |
|
45 |
% |
|
43 |
% |
|
37 |
% |
|
43 |
% |
||||
| Adjustments: | ||||||||||||||||
| Exclude amortization of purchased intangibles |
|
2 |
% |
|
4 |
% |
|
3 |
% |
|
4 |
% |
||||
| Exclude other acquisition accounting amortization |
|
1 |
% |
|
1 |
% |
|
1 |
% |
|
1 |
% |
||||
| Gross Margin (Non-GAAP) |
|
48 |
% |
|
48 |
% |
|
41 |
% |
|
48 |
% |
||||
| Operating Margin (GAAP) |
|
-48 |
% |
|
-77 |
% |
|
-44 |
% |
|
-63 |
% |
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
17 |
% |
|
16 |
% |
|
15 |
% |
|
13 |
% |
||||
| Exclude other unusual and infrequent costs |
|
5 |
% |
|
0 |
% |
|
2 |
% |
|
0 |
% |
||||
| Exclude merger and acquisition related expenses |
|
0 |
% |
|
0 |
% |
|
0 |
% |
|
1 |
% |
||||
| Exclude amortization of purchased intangibles |
|
3 |
% |
|
4 |
% |
|
3 |
% |
|
4 |
% |
||||
| Exclude other acquisition accounting amortization |
|
1 |
% |
|
1 |
% |
|
1 |
% |
|
1 |
% |
||||
| Exclude loss on decommissioned satellites |
|
1 |
% |
|
1 |
% |
|
1 |
% |
|
1 |
% |
||||
| Operating Margin (Non-GAAP) |
|
-21 |
% |
|
-55 |
% |
|
-22 |
% |
|
-43 |
% |
||||
| Net loss (GAAP) | $ |
(12,473 |
) |
$ |
(23,337 |
) |
$ |
(54,576 |
) |
$ |
(60,364 |
) |
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
4,959 |
|
|
3,530 |
|
|
13,382 |
|
|
9,516 |
|
||||
| Exclude other unusual and infrequent costs |
|
1,364 |
|
|
- |
|
|
1,364 |
|
|
- |
|
||||
| Exclude merger and acquisition related expenses |
|
- |
|
|
- |
|
|
- |
|
|
1,015 |
|
||||
| Exclude amortization of purchased intangibles |
|
862 |
|
|
873 |
|
|
2,608 |
|
|
2,606 |
|
||||
| Exclude other acquisition accounting amortization |
|
168 |
|
|
172 |
|
|
506 |
|
|
507 |
|
||||
| Exclude change in fair value of contingent earnout liability |
|
(515 |
) |
|
(13 |
) |
|
717 |
|
|
(217 |
) |
||||
| Exclude change in fair value of warrant liabilities |
|
(854 |
) |
|
119 |
|
|
1,109 |
|
|
(984 |
) |
||||
| Exclude issuance of stock warrants |
|
- |
|
|
- |
|
|
2,399 |
|
|
- |
|
||||
| Exclude foreign exchange |
|
(4,872 |
) |
|
1,840 |
|
|
(2,573 |
) |
|
1,313 |
|
||||
| Exclude other expense, net |
|
530 |
|
|
387 |
|
|
1,541 |
|
|
1,828 |
|
||||
| Exclude loss on decommissioned satellites |
|
246 |
|
|
156 |
|
|
953 |
|
|
628 |
|
||||
| Net loss (Non-GAAP) | $ |
(10,584 |
) |
$ |
(16,273 |
) |
$ |
(32,570 |
) |
$ |
(44,152 |
) |
||||
| Net loss per share (GAAP) | $ |
(0.50 |
) |
$ |
(1.12 |
) |
$ |
(2.30 |
) |
$ |
(3.16 |
) |
||||
| Adjustments: | ||||||||||||||||
| Exclude stock-based compensation |
|
0.20 |
|
|
0.17 |
|
|
0.56 |
|
|
0.50 |
|
||||
| Exclude other unusual and infrequent costs |
|
0.05 |
|
|
- |
|
|
0.06 |
|
|
- |
|
||||
| Exclude merger and acquisition related expenses |
|
- |
|
|
- |
|
|
- |
|
|
0.05 |
|
||||
| Exclude amortization of purchased intangibles |
|
0.03 |
|
|
0.04 |
|
|
0.11 |
|
|
0.14 |
|
||||
| Exclude other acquisition accounting amortization |
|
0.01 |
|
|
0.01 |
|
|
0.02 |
|
|
0.03 |
|
||||
| Exclude change in fair value of warrant liabilities and change in value of contingent earnout liability |
|
(0.05 |
) |
|
0.01 |
|
|
0.08 |
|
|
(0.06 |
) |
||||
| Exclude issuance of stock warrants |
|
- |
|
|
- |
|
|
0.10 |
|
|
- |
|
||||
| Exclude foreign exchange |
|
(0.20 |
) |
|
0.09 |
|
|
(0.11 |
) |
|
0.07 |
|
||||
| Exclude other expense, net |
|
0.02 |
|
|
0.02 |
|
|
0.06 |
|
|
0.10 |
|
||||
| Exclude loss on decommissioned satellites |
|
0.01 |
|
|
0.01 |
|
|
0.04 |
|
|
0.03 |
|
||||
| Net loss per share (Non-GAAP) | $ |
(0.43 |
) |
$ |
(0.77 |
) |
$ |
(1.38 |
) |
$ |
(2.30 |
) |
||||
| Weighted-average shares used in computing basic net loss per share |
|
24,921,585 |
|
|
20,756,394 |
|
|
23,745,015 |
|
|
19,117,078 |
|
||||
| Weighted-average shares used in computing diluted net income per share |
|
24,921,585 |
|
|
20,756,394 |
|
|
23,745,015 |
|
|
19,117,078 |
|
||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (In thousands, except for share and per share amounts) | 2024 |
2023 |
2024 |
2023 |
||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Net loss (GAAP) | $ |
(12,473 |
) |
$ |
(23,337 |
) |
$ |
(54,576 |
) |
$ |
(60,364 |
) |
||||
| Depreciation and amortization |
|
3,862 |
|
|
3,759 |
|
|
16,351 |
|
|
11,642 |
|
||||
| Interest, net |
|
4,421 |
|
|
4,188 |
|
|
13,222 |
|
|
12,274 |
|
||||
| Taxes |
|
44 |
|
|
(1 |
) |
|
102 |
|
|
436 |
|
||||
| EBITDA |
|
(4,146 |
) |
|
(15,391 |
) |
|
(24,901 |
) |
|
(36,012 |
) |
||||
| Change in fair value of contingent earnout liability |
|
(515 |
) |
|
(13 |
) |
|
717 |
|
|
(217 |
) |
||||
| Change in fair value of warrant liabilities |
|
(854 |
) |
|
119 |
|
|
1,109 |
|
|
(984 |
) |
||||
| Issuance of stock warrants |
|
- |
|
|
- |
|
|
2,399 |
|
|
- |
|
||||
| Foreign exchange (gain) loss |
|
(4,872 |
) |
|
1,840 |
|
|
(2,573 |
) |
|
1,313 |
|
||||
| Stock-based compensation |
|
4,959 |
|
|
3,530 |
|
|
13,382 |
|
|
9,516 |
|
||||
| Exclude other unusual and infrequent costs |
|
1,364 |
|
|
- |
|
|
1,364 |
|
|
- |
|
||||
| Mergers and acquisition related expenses |
|
- |
|
|
- |
|
|
- |
|
|
1,015 |
|
||||
| Other acquisition accounting amortization |
|
168 |
|
|
172 |
|
|
506 |
|
|
507 |
|
||||
| Loss on decommissioned satellites |
|
246 |
|
|
156 |
|
|
953 |
|
|
628 |
|
||||
| Other expense, net |
|
530 |
|
|
387 |
|
|
1,541 |
|
|
1,828 |
|
||||
| Adjusted EBITDA | $ |
(3,120 |
) |
$ |
(9,200 |
) |
$ |
(5,503 |
) |
$ |
(22,406 |
) |
||||
| Net cash used in operating activities |
|
13,988 |
|
|
(10,812 |
) |
$ |
749 |
|
$ |
(39,486 |
) |
||||
| Purchase of property and equipment |
|
(8,906 |
) |
|
(5,340 |
) |
|
(21,491 |
) |
|
(12,677 |
) |
||||
| Free Cash Flow | $ |
5,082 |
|
$ |
(16,152 |
) |
$ |
(20,742 |
) |
$ |
(52,163 |
) |
||||
GAAP to Non-GAAP Reconciliations – Preliminary Full Year 2024 Results |
||||||||
(Unaudited) |
||||||||
| (In thousands, except for share and per share amounts) | FY 2024 Ranges | |||||||
Low |
High |
|||||||
| Revenue |
|
108,000 |
|
|
110,000 |
|
||
Low |
High |
|||||||
| Loss from operations (GAAP) | $ |
(73,400 |
) |
$ |
(71,400 |
) |
||
| Adjustments: | ||||||||
| Exclude stock-based compensation |
|
20,200 |
|
|
20,200 |
|
||
| Exclude other unusual and infrequent costs |
|
7,400 |
|
|
7,400 |
|
||
| Exclude amortization of purchased intangibles |
|
3,500 |
|
|
3,500 |
|
||
| Exclude other acquisition accounting amortization |
|
700 |
|
|
700 |
|
||
| Exclude loss on decommissioned satellites |
|
3,400 |
|
|
3,400 |
|
||
| Loss from operations (Non-GAAP) | $ |
(38,200 |
) |
$ |
(36,200 |
) |
||
Low |
High |
|||||||
| Net loss per share (GAAP) | $ |
(4.47 |
) |
$ |
(4.38 |
) |
||
| Adjustments: | ||||||||
| Exclude stock-based compensation | $ |
0.82 |
|
$ |
0.81 |
|
||
| Exclude other unusual and infrequent costs | $ |
0.31 |
|
$ |
0.31 |
|
||
| Exclude amortization of purchased intangibles | $ |
0.15 |
|
$ |
0.15 |
|
||
| Exclude other acquisition accounting amortization | $ |
0.03 |
|
$ |
0.03 |
|
||
| Exclude change in fair value of contingent earnout liability | $ |
0.05 |
|
$ |
0.05 |
|
||
| Exclude change in fair value of warrant liabilities | $ |
0.32 |
|
$ |
0.32 |
|
||
| Exclude foreign exchange (gain) loss | $ |
0.18 |
|
$ |
0.18 |
|
||
| Exclude other expense, net | $ |
0.08 |
|
$ |
0.08 |
|
||
| Exclude loss on decommissioned satellites | $ |
0.14 |
|
$ |
0.14 |
|
||
| Net loss per share (Non-GAAP) | $ |
(2.39 |
) |
$ |
(2.31 |
) |
||
| Weighted-average shares used in computing basic and diluted net loss per share |
|
24,000,000 |
|
|
24,000,000 |
|
||
Low |
High |
|||||||
| Net loss (GAAP) | $ |
(107,200 |
) |
$ |
(105,200 |
) |
||
| Depreciation and amortization |
|
20,800 |
|
|
20,800 |
|
||
| Interest, net |
|
18,600 |
|
|
18,600 |
|
||
| Taxes |
|
100 |
|
|
100 |
|
||
| EBITDA | $ |
(67,700 |
) |
$ |
(65,700 |
) |
||
| Change in fair value of contingent earnout liability | $ |
1,200 |
|
$ |
1,200 |
|
||
| Change in fair value of warrant liabilities |
|
7,700 |
|
|
7,700 |
|
||
| Foreign exchange (gain) loss |
|
4,300 |
|
|
4,300 |
|
||
| Other expense, net |
|
1,900 |
|
|
1,900 |
|
||
| Stock-based compensation |
|
20,200 |
|
|
20,200 |
|
||
| Exclude other unusual and infrequent costs |
|
7,400 |
|
|
7,400 |
|
||
| Other acquisition accounting amortization |
|
700 |
|
|
700 |
|
||
| Loss on decommissioned satellites |
|
3,400 |
|
|
3,400 |
|
||
| Adjusted EBITDA | $ |
(20,900 |
) |
$ |
(18,900 |
) |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250303152329/en/
For Media:
Kristina Spychalski
Head of Communications
Kristina.Spychalski@spire.com
For Investors:
Benjamin Hackman
Head of Investor Relations
Benjamin.Hackman@spire.com
Source: Spire Global, Inc.
FAQ
What was Spire Global's (SPIR) revenue growth in Q3 2024?
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