Core Insights - Spirit Blockchain Capital Inc. reported key milestones and unaudited financial results for Q1 2025, highlighting progress in financing, product launches, and operational capabilities [1][3] Financial Performance - The company completed a CAD $2.11 million Listed Issuer Financing Exemption Offering in February 2025 to strengthen its balance sheet [6] - Cash and cash equivalents at the end of the quarter were CAD $1,118,585, an increase from CAD $929,194 at year-end 2024, with a working capital surplus of CAD $729,781 [6] - The entire EOS-tranche of convertible debentures amounting to CAD $1,105,024 was converted into equity, eliminating related interest and derivative liabilities [6] Product Development - On March 27, 2025, Spirit Digital AG launched the Spirit Ethereum Yield+ ETP and Spirit Solana Yield+ ETP on SIX Swiss Exchange and Deutsche Börse, providing regulated, exchange-listed vehicles for ETH and SOL staking strategies [6] Market Positioning - The company upgraded to the OTCQB® Venture Market under the ticker "SBLCF" on April 22, 2025, enhancing access for U.S. investors [6] - Inder Saini was appointed as CFO to strengthen financial controls, and a strategic partnership was formed with Astralane to develop a Staked SOL Index [6] Company Overview - Spirit Blockchain Capital Inc. focuses on blockchain infrastructure and digital asset yield opportunities through three verticals: infrastructure yield, blockchain investments, and regulated exchange-listed products [3]

Financial Performance & Guidance - Q1 2024 revenue reached $25.7 million, a 6% increase year-over-year[18] - Remaining Performance Obligations (RPO) for Q1 2024 were $195.7 million, up 19% from Q1 2023[18] - Annual Recurring Revenue (ARR) for Q1 2024 was $120.9 million, a 15% increase year-over-year[18] - The company anticipates Q2 2024 revenue between $29.0 million and $33.0 million and full year 2024 revenue between $122.0 million and $132.0 million, representing a 20% improvement over 2023 at the midpoint[11, 27] - The company anticipates a Non-GAAP operating loss between ($3.0) million and $1.0 million for Q2 2024 and between ($11.0) million and ($1.0) million for full year 2024, a $19.8 million improvement at the midpoint[11, 27] - The company anticipates adjusted EBITDA between $2.0 million and $5.0 million for Q2 2024 and between $7.0 million and $15.0 million for full year 2024, a $22.0 million improvement at the midpoint[11, 27] Operational Highlights - Spire operates the largest multi-purpose constellation[9] - The company processes over 10 terabytes of data per day to feed AI/ML models[10] - The company raised $40 million gross proceeds at an average price of $13.44 per share in Q1[11] Market Trends & Opportunities - Climate change and global security challenges are driving demand for the company's business[6] - Underwriters have raised premiums for ships transiting the Red Sea by as high as 50% for U S, British, and Israeli firms[12]

Financial Data and Key Metrics Changes - GAAP revenue for Q1 2025 was $23.9 million, reflecting a sequential growth of $2.2 million or 10% from Q4 2024, but a decline from $34.8 million in Q1 2024 [22][23] - Non-GAAP operating loss was negative $11.5 million for Q1 2025 compared to negative $7.1 million in Q1 2024, while adjusted EBITDA was negative $7.9 million for Q1 2025 compared to negative $1.2 million in Q1 2024 [23] - The company ended Q1 2025 with $35.9 million in cash and cash equivalents, and as of April, had approximately $136 million in cash and no debt [24][15] Business Line Data and Key Metrics Changes - The company secured a significant CAD 72 million contract from the Canadian Space Agency for a dedicated satellite constellation for wildfire monitoring, marking a key achievement in technical recognition and environmental contribution [11] - Approximately 20 satellites were launched in Q1 2025, with half supporting space services customers and the other half enhancing weather data capabilities [27] Market Data and Key Metrics Changes - The U.S. has over 200 operational surveillance satellites, while Europe has fewer than 20, indicating a significant market opportunity for the company [11] - The U.S. Administration's proposed budget for fiscal year 2026 includes a 13% increase in defense spending, creating new opportunities for the company [8] Company Strategy and Development Direction - The company aims for 20% revenue growth targets in the medium to long term, focusing on achieving profitability and operational efficiency [17][20] - Strategic investments are being made in manufacturing capabilities in Boulder and Munich to support U.S. Government and European customers [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential in the second half of the year, driven by government demand and increasing defense budgets [36] - The company expects to achieve breakeven to positive operating cash flow in the second half of the year, with a focus on reducing non-GAAP operating loss and adjusted EBITDA loss [31][30] Other Important Information - The company completed the strategic sale of its maritime business, eliminating its entire debt burden and strengthening its balance sheet by over $100 million [15] - The company is streamlining its office footprint, closing offices in San Francisco and Singapore to better support evolving business needs [19] Q&A Session Summary Question: Guidance for the year and sequential growth rates - Management indicated strong growth expected in the second half of the year, with growth rates in the midpoint of 12% to 17% range [34][37] Question: Adjusted EBITDA expectations - Management expects to reach breakeven in adjusted EBITDA going into 2026, with improvements in the second half of the year [39] Question: Confidence in NOAA contract awards - Management expressed confidence in regaining performance requirements and increasing budgets for NOAA, particularly for radio occultation data [40][41] Question: Updates on the Talos opportunity - Management confirmed ongoing collaboration with Thales and progress on the Uriallo project [43][44] Question: Revenue mix and growth areas - Management stated that all areas, including space services, weather, and aviation, are important growth areas, with strong representation in the U.S. and Europe [48] Question: Pipeline and contract pricing - Management noted strong demand across all products and services, particularly in government contracts, but did not provide specific pipeline numbers [74][75] Question: NOAA contract renewal - Management clarified that the NOAA contract will be renegotiated, affecting both price and number of soundings [82] Question: High-definition weather forecast demand - Management indicated there is demand for high-definition weather forecasts on both commercial and government sides [83] Question: Growth drivers for 2026 - Management confirmed that a 20% top-line growth assumption for 2026 remains reasonable [84] Question: Space services business and capital investment - Management emphasized a focus on organic growth and efficiency without pursuing vertical integration at this time [96]

Financial Data and Key Metrics Changes - GAAP revenue for Q1 2025 was $23.9 million, reflecting a sequential growth of $2.2 million or 10% from Q4 2024 [22] - Revenue in Q1 2025 decreased compared to $34.8 million in Q1 2024, which included $9.6 million from a single performance obligation [22] - Non-GAAP operating loss was negative $11.5 million for Q1 2025, compared to negative $7.1 million in Q1 2024 [23] - Adjusted EBITDA was negative $7.9 million for Q1 2025, compared to negative $1.2 million in Q1 2024 [23] - The company ended Q1 2025 with $35.9 million in cash and cash equivalents, with a cash balance of approximately $136 million and zero debt as of April [24][15] Business Line Data and Key Metrics Changes - The company secured a significant CAD72 million contract from the Canadian Space Agency for wildfire monitoring, marking a key achievement in technical recognition [11] - Approximately 20 satellites were launched in Q1 2025, with half containing payloads for space services customers, indicating a revenue ramp-up in the second half of the year [26] - The company expects revenue for Q2 2025 to range between $18 million to $20 million, including $3 million from the Maritime business sold [28] Market Data and Key Metrics Changes - The U.S. has over 200 operational surveillance satellites, while Europe has fewer than 20, highlighting a significant market opportunity for the company [10] - The U.S. Administration's proposed budget for fiscal year 2026 includes a 13% increase in defense spending, creating new opportunities for the company [7] Company Strategy and Development Direction - The company aims for 20% revenue growth targets in the medium to long term, focusing on achieving profitability [16] - The company is streamlining operations by closing offices and reducing headcount, with plans to achieve breakeven to positive operating cash flow in the second half of the year [20][18] - The company is expanding manufacturing capabilities in Boulder and Munich to support U.S. Government and European customers [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential driven by government demand and increasing defense budgets [34] - Despite challenges, the company remains focused on rebuilding its trajectory and achieving profitability [16] - Management expects NOAA to increase its procurement of radio occultation data, which is critical for improving forecasting accuracy [39] Other Important Information - The company completed the strategic sale of its maritime business, eliminating its debt burden and strengthening its balance sheet by over $100 million [15] - The company is committed to maintaining its satellite network and infrastructure to meet growing demand [63] Q&A Session Summary Question: Guidance for revenue growth in the second half of the year - Management expects growth rates in the second half to be in the midpoint of 12% to 17% range, driven by government demand and satellite launches [35] Question: Potential for positive adjusted EBITDA by year-end - Management indicated that breakeven is expected going into 2026, with improvements in adjusted EBITDA anticipated in the second half of the year [38] Question: Confidence in NOAA contract awards - Management expressed confidence in regaining performance requirements with NOAA, expecting increased budgets for radio occultation data [39] Question: Updates on the Uriallo project - The Uriallo project is progressing well, with critical design reviews completed and further phases planned [66] Question: Pipeline growth and demand - Management noted strong demand across all products and services, particularly in government contracts [73] Question: Revenue relationship with NOAA's radio occultation soundings - Revenue is based on a price per sounding, with expectations for increased procurement from NOAA [75] Question: Revenue guidance variability - Variability in revenue guidance is due to uncertainties in the market and new accounting policies for revenue recognition [64] Question: Future growth drivers - Management expects growth to come from all areas of the business, particularly from government sales and space reconnaissance [92] Question: Vertical integration considerations - Management is focused on organic growth and efficiency rather than pursuing vertical integration at this time [95]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ 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) WASHINGTON, DC 20549 FORM 10-Q (Registrant's telephone number, inclu ...

Revenue Performance - First quarter 2025 revenue was $23.9 million, a decrease from $34.8 million in the first quarter of 2024, which included a one-time performance obligation of $9.6 million[5][6] - Revenue distribution for Q1 2025: 57% from the Americas, 34% from Europe, Middle East, Africa, and 9% from Asia Pacific[5] - Revenue for Q1 2025 was $23.876 million, a decrease of 31.5% compared to $34.825 million in Q1 2024[27] - For Q2 2025, Spire expects revenue to range between $18.0 million and $20.0 million, and for the full year 2025, revenue guidance is set between $85.0 million and $95.0 million[8] - Full Year 2025 revenue is forecasted to be between $85,000,000 and $95,000,000, with a GAAP loss from operations estimated between $(76,000,000) and $(68,000,000)[35] Financial Metrics - Cash flows used in operations for Q1 2025 were $8.4 million, reflecting a 5% improvement year-over-year[5][6] - Net loss for Q1 2025 was $20.657 million, an improvement from a net loss of $25.544 million in Q1 2024, resulting in a basic and diluted net loss per share of $0.77[27][30] - The company reported a comprehensive loss of $23.332 million for Q1 2025, compared to a comprehensive loss of $27.106 million in Q1 2024[28] - Non-GAAP operating loss for Q2 2025 is expected to be between $(13.0) million and $(11.0) million, with a full year guidance of $(43.0) million to $(35.0) million[8] - Net loss per share (GAAP) for Q2 2025 is projected to be between $(0.96) and $(0.90), while Non-GAAP Net loss per share is expected to range from $(0.49) to $(0.42)[34] Expenses and Liabilities - Total operating expenses increased to $34.214 million in Q1 2025, up from $21.217 million in Q1 2024, primarily due to higher research and development costs[27] - Research and development expenses rose to $8.509 million in Q1 2025, compared to $6.037 million in Q1 2024, indicating a focus on innovation[31] - The total liabilities decreased to $203.291 million as of March 31, 2025, from $205.262 million at the end of 2024[29] Cash and Assets - As of April 2025, Spire eliminated all debt and reported cash, cash equivalents, and marketable securities of $136 million, expecting to finish the year with over $100 million[5] - Cash and cash equivalents increased to $35.931 million as of March 31, 2025, compared to $19.206 million at the end of 2024[29] - Total assets grew to $208.846 million as of March 31, 2025, up from $193.575 million at the end of 2024[29] Contracts and Innovations - Spire was awarded its largest contract to date, a Can$72 million contract from the Government of Canada to develop a satellite constellation for wildfire monitoring[6] - The company launched two advanced AI weather models, AI-WX and AI-S2S, providing probabilistic forecasts based on extensive satellite data[7] - Spire plans to launch an additional satellite with optical inter-satellite link technology by the end of 2025, enhancing data transmission capabilities[6] - The company continues to see demand for space reconnaissance insights, securing a contract for daily radio frequency collection and geolocation of signals[6] Stock and Share Information - Weighted-average shares used in computing basic and diluted net loss per share increased to 31,199,436 in Q2 2025 from 26,787,097 in Q1 2024[34] - The company reported a significant increase in stock-based compensation, totaling $3,887,000 in Q1 2024, up from $3,628,000 in Q1 2023[32]

Financial Data and Key Metrics Changes - GAAP revenue for fiscal year 2024 was $110.5 million, increasing 13% year-over-year [28] - Annual recurring revenue (ARR) at quarter end was $112.2 million, up 5% year-over-year [29] - Non-GAAP operating loss improved 21% to negative $30.4 million for fiscal year 2024 [30] - Adjusted EBITDA improved 36% to negative $16.1 million for fiscal year 2024 [30] - Free cash flow utilization for 2024 was $45 million, a 16% year-over-year improvement [31] Business Line Data and Key Metrics Changes - The growth in revenue was primarily driven by increased annual recurring revenue and revenue recognized from space services contracts [28] - The company expects further opportunities for government data purchases in the weather and climate segment [9] - The U.S. Space Force's acquisition strategy is shifting towards purchasing commercial weather data, which may benefit the company [10] Market Data and Key Metrics Changes - The company anticipates increased defense and intelligence spending to drive revenue growth in the coming years [17] - The UK plans to increase defense spending from 2.3% of GDP to 2.6% by 2028, which may create opportunities for the company [16] - The European Union has proposed an $840 billion plan to increase defense spending, indicating a growing market for the company's services [16] Company Strategy and Development Direction - The company is focusing on solutions that address severe weather and global security challenges, positioning itself for growth in the expanding space economy [8] - A dedicated space reconnaissance business unit has been established to drive solutions and growth in the emerging global market [19] - The company is enhancing operational efficiency and productivity through a dedicated program management office [20] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong demand for the company's products and technology solutions, particularly in the context of extreme weather events and global security threats [7][8] - The company expects revenue growth to be stronger in the second half of 2025, driven by increased budgets and contracts in defense and intelligence sectors [62] - Management noted that disruptions from the restatement and maritime business sale have impacted early 2025, but they expect a return to focus on execution and revenue growth [93] Other Important Information - The company raised $40 million in gross proceeds during the first quarter of 2025 to bolster its cash position [32] - The company is pursuing a dual track process to close the sale of the maritime business, with expectations for closure in the next two to four weeks [24] - A new permanent CFO has been appointed to support the company's financial strategy [22] Q&A Session Summary Question: What degree of revenue growth should be expected in the second half due to government budget issues? - Management indicated that much of the growth in the second half is due to committed revenue already on the books, with $68 million expected to flow out [42][43] Question: Should customers using new AI weather models expect higher subscription fees? - Management stated that gross margins may not dramatically differ, but overall gross margins are expected to trend upward as the company monetizes its AI models [46][48] Question: Can you provide more details on the maritime sale timeline? - Management confirmed regular communication with the buyer and reiterated confidence in closing the transaction within the two to four-week timeline [54][55] Question: What gives confidence in the projected growth rates for 2025? - Management highlighted $216 million in committed customer revenue, with $68 million expected to flow into 2025, and noted the impact of recent satellite launches on future revenue [58][60] Question: How does the company view free cash flow moving forward? - Management indicated that while Q1 may see unusual expenses, the trajectory towards free cash flow positivity remains intact due to a diversified revenue model [66][69] Question: What is the status of the eight satellites launched for Aurora Tech? - Management reported that the satellites are undergoing the normal checkout and commissioning process [103] Question: How is the space reconnaissance business unit evolving? - Management explained that the unit has transitioned from an R&D initiative to a scalable commercial offering, responding to increased demand for data collection capabilities [119][120]

Financial Performance - Third quarter 2024 revenue reached $28.6 million, reflecting 29% year-over-year growth[5] - For the nine months ended September 30, 2024, revenue was $88.8 million, reflecting 21% year-over-year growth[6] - Preliminary full year 2024 revenue is expected to be between $108.0 million and $110.0 million, with year-over-year growth of 11% to 13%[10] - Revenue for Q3 2024 was $28.568 million, representing an increase of 29.5% compared to $22.126 million in Q3 2023[31] - Gross profit for Q3 2024 was $12.725 million, up from $9.486 million in Q3 2023, indicating a gross margin improvement[31] - Gross profit (Non-GAAP) for Q3 2024 was $13,814, a 30% increase from $10,579 in Q3 2023[35] - Gross margin (Non-GAAP) remained stable at 48% for both Q3 2024 and Q3 2023[36] Cash Flow and Expenses - Achieved positive cash flow from operations of $14.0 million and positive free cash flow of $5.1 million in the third quarter 2024[5] - The company reported a net cash provided by operating activities of $0.749 million for the nine months ended September 30, 2024, compared to a net cash used of $39.486 million in the same period of 2023[34] - Free cash flow for the nine months ended September 30, 2024, was $5,082, compared to -$16,152 in the same period of 2023[37] - Operating expenses totaled $26.444 million in Q3 2024, slightly higher than $26.303 million in Q3 2023[31] - Research and development expenses decreased to $5.631 million in Q3 2024 from $7.931 million in Q3 2023, reflecting a focus on cost management[31] - Research and development expenses (Non-GAAP) decreased to $4,441 in Q3 2024 from $6,974 in Q3 2023, representing a 36% reduction[35] - Sales and marketing expenses (Non-GAAP) were $4,571 in Q3 2024, down 27% from $6,320 in Q3 2023[35] Losses and Improvements - Third quarter 2024 GAAP operating loss was $13.7 million, an 18% year-over-year improvement[6] - Third quarter 2024 net loss was $12.5 million, reflecting a 47% year-over-year improvement[9] - Adjusted EBITDA for the third quarter 2024 was negative $3.1 million, showing a 66% year-over-year improvement[9] - Net loss for Q3 2024 was $12.473 million, compared to a net loss of $23.337 million in Q3 2023, showing a significant reduction in losses[31] - Basic and diluted net loss per share improved to $0.50 in Q3 2024 from $1.12 in Q3 2023[31] - Net loss (GAAP) narrowed to $12,473 in Q3 2024 compared to $23,337 in Q3 2023, a 47% improvement[36] - Adjusted EBITDA for Q3 2024 was -$3,120, an improvement from -$9,200 in Q3 2023[37] Future Projections - GAAP loss from operations is expected to range from $(73.4) million to $(71.4) million[38] - Non-GAAP loss from operations is projected to be between $(38.2) million and $(36.2) million[38] - GAAP net loss per share is estimated to be between $(4.47) and $(4.38)[38] - Non-GAAP net loss per share is expected to range from $(2.39) to $(2.31)[38] - Total net loss (GAAP) is projected to be between $(107.2) million and $(105.2) million[38] - Adjusted EBITDA is expected to range from $(20.9) million to $(18.9) million[38] - Stock-based compensation is anticipated to be $20.2 million[38] - The company will exclude $7.4 million in other unusual and infrequent costs from its financials[38] Operational Highlights - Awarded $40.0 million of annual contract value in the third quarter 2024, marking the largest value of bookings received in a quarter[5] - Spire was awarded $6.7 million by NASA to deliver Earth observation data for enhancing global weather forecasting[9] - Successfully launched seven satellites on the SpaceX Transporter-11 mission, bringing the total number of Spire satellites launched to 186[9] - The company has nine offices globally, indicating a strong market presence and potential for expansion[30] Assets and Cash Position - Total assets decreased to $224.191 million as of September 30, 2024, down from $239.264 million at the end of 2023[33] - Cash and cash equivalents were $29.061 million as of September 30, 2024, compared to $29.136 million at the end of 2023[33]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ 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 i ...

Financial Data and Key Metrics Changes - GAAP revenue for Q3 2024 was $28.6 million, reflecting a 29% year-over-year growth, attributed to increased annual recurring revenue and growth in space services and R&D service contracts [44] - Operating loss for Q3 was negative $6.1 million, showing a 49% improvement year-over-year, with an operating margin of negative 21%, a 34-point improvement [46] - Adjusted EBITDA for Q3 was negative $3.1 million, reflecting a 66% year-over-year improvement [46] - Free cash flow was positive at $5.1 million for Q3, including $14 million of positive operating cash netted by approximately $8.9 million of CapEx [48] Business Line Data and Key Metrics Changes - The maritime business was sold for $241 million, valued at nearly six times its trailing twelve-month revenue, enhancing shareholder value and eliminating debt [10][11] - The company set a record for annual contract value bookings in Q3, with notable contracts from NASA and NOAA [13] Market Data and Key Metrics Changes - Severe weather events in the U.S. continued to drive demand, with 27 events in 2024 causing losses exceeding $1 billion each [14] - The space economy is projected to reach nearly $2 trillion by the mid-2030s, indicating significant growth potential for space-based solutions [21] Company Strategy and Development Direction - The company aims to tackle global security challenges and climate change with data and analytics from space, focusing on innovative data products and space services [8] - The transition to a new CEO, Theresa Condor, is expected to streamline operations and enhance financial responsibility [34][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complexities of the restatement process but expressed confidence in future growth opportunities, particularly in weather, RF geolocation, and space services [27][110] - The outlook for Q4 is less favorable due to increased expenses from the restatement and lower revenue from certain contracts, but management expects recovery in 2025 [50][66] Other Important Information - The restatement process incurred costs between $10 million and $15 million, with most costs recorded in Q4 2024 and Q1 2025 [7] - The company achieved positive free cash flow for the first time, a significant milestone [32] Q&A Session Summary Question: CapEx spend for 2025 - Expected CapEx for replacement satellites is projected to be $5 million to $7 million, similar to past years, with future satellites being more capable [55][56] Question: Q4 performance and bookings - Q4 is expected to be weaker due to delays from the restatement and transaction processes, but bookings remain strong [60][66] Question: Impact of presidential administration change - The new administration is expected to support privatization in space solutions, which could lead to increased demand for commercial space services [74][78] Question: Confidence in closing the maritime transaction - Confidence stems from a strong contract and effective partnership, with expectations to close the transaction in six to eight weeks [90][92] Question: Canadian wildfire contract details - The contract involves a phased approach with Aurora Tech as a subcontractor, and cash flow remains neutral during the build phase [115][120]