Spire Global Reports $102.8 Million Net Loss and $110.5 Million Revenue for Fiscal Year 2024

Spire Global, Inc. reported a net loss of $102.8 million for the fiscal year ended December 31, 2024, compared to a net loss of $77.6 million in fiscal year 2023. Revenue for fiscal year 2024 reached $110.5 million, a 13% increase from the $97.6 million reported in fiscal year 2023. This increase was primarily driven by growth in recurring revenue from existing customers and increased revenue from Space Services contracts. The company's gross profit margin decreased to 36% in fiscal year 2024 from 40% in fiscal year 2023, primarily due to increased costs of revenue.

Significant changes compared to the previous fiscal year include a 20% increase in cost of revenue, driven by higher satellite operation expenses, depreciation, personnel expenses, and downlink data service expenses. Operating expenses increased by $11.3 million, primarily due to increases in general and administrative expenses, partially offset by a decrease in sales and marketing expenses. The company also reported a non-cash loss of $3.4 million on decommissioned satellites in fiscal year 2024, compared to $0.7 million in fiscal year 2023. The company's Adjusted EBITDA was a loss of $16.1 million in fiscal year 2024, compared to a loss of $25.1 million in fiscal year 2023.

Spire Global entered into a Share Purchase Agreement to sell its maritime business for an enterprise value of $233.5 million, plus a $7.5 million transition service agreement. However, the buyer failed to consummate the closing, leading to litigation. To address liquidity concerns, the company completed a private placement of Class A common stock and pre-funded warrants, raising $40 million in gross proceeds. The company also amended its Blue Torch Financing Agreement to waive certain events of default and modify financial covenants.

Key operational developments included a decrease in the number of ARR Solution Customers to 621 from 745 in the prior year, and an ARR Net Retention Rate of 93% in fiscal year 2024, down from 98% in fiscal year 2023. The company launched seven LEMUR satellites and secured several new contracts with government and commercial customers. The company's employee headcount was 447 as of December 31, 2024, with 434 full-time employees.

The company's 10-K filing also highlighted several risk factors, including the uncertainty surrounding the completion of the maritime business sale, the company's history of net losses, and material weaknesses in its internal control over financial reporting. The company stated that there is substantial doubt about its ability to continue as a going concern for at least 12 months from the date of issuance of the consolidated financial statements unless the sale of the maritime business is completed. The company is taking steps to remediate these material weaknesses.