Spire Global, Inc. reported a revenue of $25.4 million for the three months ended June 30, 2024, reflecting a 9% decrease from $28.1 million in the same period last year. For the six months ended June 30, 2024, revenue increased to $60.2 million, up 17% from $51.3 million in the prior year. The company recorded a net loss of $16.6 million for the quarter, compared to a loss of $18.4 million in the previous year, and a net loss of $42.1 million for the six-month period, up from $37.0 million in 2023. The increase in revenue for the six months was primarily attributed to growth in revenue recognized from Space Services Contracts, despite a decline in Weather and Climate data subscription contracts.
Operationally, Spire Global's Annual Recurring Revenue (ARR) Customers decreased to 663 as of June 30, 2024, down 16% from 785 a year earlier. The ARR Net Retention Rate also fell to 85% for the quarter, down from 112% in the previous year, largely due to a reduced value of NOAA's weather award. The company’s total headcount increased to 431 employees, up from 411 in the prior year, indicating ongoing investment in its workforce to support growth.
Strategically, Spire Global has entered into a Share Purchase Agreement to sell its maritime business to Kpler Holding SA for an enterprise value of $233.5 million, subject to certain adjustments. However, the closing of this transaction has faced delays, prompting the company to file a complaint in the Delaware Court of Chancery seeking specific performance from the buyer. The company also signed a Memorandum of Cooperation with Thales and the European Satellite Services Provider to develop a space-based air traffic surveillance service, and announced a contract with the Government of Canada for ship tracking data.
Looking ahead, Spire Global faces significant liquidity risks, as it has failed to meet certain financial covenants under its Blue Torch Financing Agreement. The company reported cash and cash equivalents of $23.5 million and marketable securities of $22.3 million as of June 30, 2024. Management has indicated that if the maritime business transaction does not close, it may not have sufficient liquidity to continue operations for the next twelve months. The company is actively seeking additional financing options to address its cash needs and ensure operational continuity.
About Spire Global, Inc.
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