Company Reaffirms Revenue, ARR Guidance for
2021
Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”) a
leading provider of space-based data, analytics and space services,
today announced results for its quarter ended September 30,
2021.
“Spire performed well during the quarter, as we continued to
make solid progress on our fiscal 2021 plan and a number of our
strategic initiatives,” said Peter Platzer, Spire’s CEO. “We
reached a new record for the number of ARR customers under
contract, we signed several new and significant Weather contracts,
and we further advanced our technology with the launch of two new
optical ISL satellites that will enhance our offering.
Additionally, we signed a definitive agreement to acquire
exactEarth, a leader in maritime data with a team that has deep
domain expertise. We expect the transaction would bring quite
meaningful ARR as well as 150 new customers to whom we can offer
additional Spire products and services.”
“We continue to deliver solid growth in revenue, ARR and ARR
Solutions Customers by relentlessly executing on our four growth
pillars. Our technology leadership delivers innovative solutions
that position us well for continued capture of market share,” said
Thomas Krywe, Spire’s CFO.
Today, Spire already serves over 200 ARR customers with its
fully deployed constellation of low earth multi-use receiver
(LEMUR) nanosatellites and 31 ground stations positioned around the
globe, processing, and shipping to customers terabytes of data,
every single day.
Third Quarter 2021
Highlights
Financial:
- Revenue was $9.6 million during the three months ended
September 30, 2021, an increase of 33% from the three months ended
September 30, 2020
- ARR grew 51% year-over-year to $45.2 million
- Spire had 225 ARR Solution Customers under contract, a 69%
increase year-over-year
Business:
- Spire completed the merger with NavSight Holdings on August 16,
2021 and received $237 million in net proceeds.
- Spire signed a definitive agreement to acquire exactEarth, a
leading provider of global maritime data. With this acquisition,
Spire would strengthen its leadership in the Maritime data and
analytics segment, adding up to 150 new customers and meaningful
ARR.
- Signed a number of significant new contracts for its Weather
solution, including with EUMETSAT (European Organization for the
Exploitation of Meteorological Satellites) and NOAA (National
Oceanic and Atmospheric Administration). This data improves our
customers’ weather prediction products that serve almost a billion
people in countries that represent nearly half of the world’s
GDP.
- Achieved ARR growth across each of Spire’s four solutions –
Maritime, Aviation, Weather and Space Services – with the highest
growth coming from Weather and Space Services.
Technology:
- Spire launched two LEMUR nanosatellites with new optical ISL
(inter-satellite links) capabilities. We successfully completed the
first stage of our testing program and look forward to rolling out
the technology in 2022 and 2023. Optical Intersatellite Links are a
cutting-edge technology, creating a mesh-like network of
satellites, delivering lower latency and more secure data to
customers.
- Spire’s constellation increased its data production by around
66% for Weather Data, producing over 20,000 RO profiles per day,
more than all other major satellites of the world combined.
Financial Outlook
Spire is providing guidance for its fiscal fourth quarter ending
December 31, 2021, as follows:
- Revenue between $11.6 million and $13.6 million
- Non-GAAP gross profit between $6.8 million and $8.8
million
- Non-GAAP operating loss between $15.9 million and $11.8
million
- EBITDA between negative $15.4 million and negative $12.4
million
- Adjusted EBITDA between negative $13.3 million and $10.3
million
- Non-GAAP loss per share between negative $0.14 and $0.11 based
on basic weighted average shares of approximately 133.7
million
Spire is reiterating its fiscal year ending December 31, 2021
guidance for revenue, non-GAAP operating loss, ARR, and ARR
Solutions customers. As a consequence of higher than anticipated
expenses associated with the NavSight merger, public company costs
and the decision to accelerate certain investments into technology
and business growth, we are lowering guidance for non-GAAP gross
profit, EBITDA and adjusted EBITDA.
Spire is providing guidance for its fiscal year ending December
31, 2021, as follows:
- Revenue between $40.0 million and $42.0 million
- ARR between $48.4 million and $52.0 million
- ARR Solution Customers to range between 240 to 252
- Non-GAAP gross profit between $22.9 million and $24.9
million
- Non-GAAP operating loss between $48.5 million and $44.4
million
- EBITDA between negative $79.8 million and negative $76.8
million
- Adjusted EBITDA between negative $40.3 million and $37.3
million
- Non-GAAP loss per share between negative $0.99 and $0.92 based
on basic weighted average shares of approximately 61.7 million
The numbers above exclude any potential impact from the
exactEarth transaction that is expected to close late in Q4 or
early in Q1 2022. As mentioned in exactEarth’s 3Q 2021 earnings
release, their LTM revenue was $18.2 million as of July 31. 2021,
and their fiscal YTD year-over-year growth rate was 30.0%.
All forward-looking financial measures contained in this section
contain non-GAAP measures. Please see Non-GAAP Financial Measures
for definitions. Spire has provided a reconciliation of GAAP to
non-GAAP financial measures in the financial statement tables
included in this press release for its third quarter of 2020 and
2021.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
U.S. generally accepted accounting principles (“GAAP”), this press
release and the accompanying tables contain, and the conference
call will contain, non-GAAP financial measures, including non-GAAP
gross profit, non-GAAP operating loss, EBITDA, Adjusted EBITDA and
non-GAAP loss 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. 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 satellite deorbit and launch failure. Spire excludes
loss on satellite deorbit and launch failure 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. Spire excludes this
as it does not reflect the underlying cash flows or operational
results of the business.
Other expense, net. Spire excludes other expense, net because it
includes one-time and other items that do not reflect the
underlying operational results of the business.
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.
Mergers and acquisition related expenses. Spire excludes these
expenses as these are associated with transaction costs that are
generally one time in nature and not reflective of the underlying
operational results of its business.
Other unusual one-time costs. Spire excludes these as these are
generally non-recurring items that do not reflect the on-going
operational results of its business.
Our non-GAAP measures include:
EBITDA. We define 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. We define Adjusted EBITDA as earnings before
interest, taxes, depreciation and amortization, further adjusted
for loss on satellite deorbit and launch failure, change in fair
value of warrant liabilities, other income (expense), net, stock-
based compensation, mergers and acquisition- related costs and
expenses, and other unusual one-time costs. We believe Adjusted
EBITDA can be useful in providing an understanding of the
underlying operating results and trends and an enhanced overall
understanding of our 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 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 our use of the term Adjusted EBITDA may vary from the use of
similarly titled measures by others in our industry due to the
potential inconsistencies in the method of calculation and
differences due to items subject to interpretation.
Other 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 a customer that has a
binding multi-year contract 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 that meets the
above definition is counted separately as an ARR Customer.
ARR Solution Customers. We define an ARR Solution Customer
similarly to an ARR Customer, but we count every solution the
customer has with us separately. As a result, the count of ARR
Solution Customers exceeds the count of ARR Customers in each year
as some customers contract with us for multiple solutions. Our
multiple solutions customers are those customers that are under
contract for at least two of our solutions: Maritime, Aviation,
Weather, and Space Services.
Conference Call
Spire will webcast a conference call to discuss the results at
5:00 p.m. Eastern Time today. The webcast is available on Spire’s
Investor Relations website at https://ir.spire.com. A replay of the
call will be available on the site for three months.
Safe Harbor Statement
The forward-looking statements included in this press release
and in the accompanying conference call, including for example, the
quotations of management, the statements under the heading
“Financial Outlook” above, the information provided in the
“Financial Outlook” section of the tables below, statements about
the closing and 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, estimates of future revenues
and ARR, including the revenue and ARR of exactEarth, and
statements regarding the benefit of ISL technology, 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 the United
States or in other countries around the world, relative growth of
its ARR and revenue, the risk that the acquisition of exactEarth
does not close, the failure of the Spire and exactEarth businesses
(including personnel) to be integrated successfully after closing,
the risk that revenue and adjusted EBITDA accretion or the
expansion of Spire’s customer count, ARR, product offerings and
solutions will not be realized or realized to the extent
anticipated, the ability to maintain the listing of Spire’s
securities on the New York Stock Exchange, the ability to address
the market opportunity for Space-as-a-Service; the ability to
implement business plans, forecasts, and other expectations, and
identify and realize additional opportunities, the risk of
downturns, new entrants and a changing regulatory landscape in the
highly competitive space data analytics industries, developments in
and the duration of the COVID-19 pandemic and the resulting impact
on Spire’s business and operations, and the business of its
customers and partners, including the economic impact of safety
measures to mitigate the impacts of COVID-19, Spire’s potential
inability to manage effectively any growth it experiences, Spire’s
ability or inability to develop new products and services, and
other risks detailed in periodic reports Spire has filed with the
Securities and Exchange Commission, including Spire’s Proxy
Statement/Prospectus/Information Statement, which was filed with
the Securities and Exchange Commission on July 22, 2021 and Spire’s
Current Report on Form 8-K, which was filed with the SEC on August
20, 2021. Significant variation from the assumptions underlying
Spire’s forward-looking statements could cause its actual results
to vary, and the impact could be significant. All forward-looking
statements in this press release are based on information available
to Spire as of the date hereof. Spire undertakes no obligation, and
do not intend, to update the information contained in this press
release or the accompanying conference call, except as required by
law.
About Spire Global, Inc.
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 San Francisco, Boulder, Washington DC,
Glasgow, Luxembourg, and Singapore. To learn more, visit
spire.com.
Financial Results
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Revenue
$
9,561
$
7,184
$
28,390
$
21,221
Cost of revenue
5,338
2,426
12,393
7,821
Gross profit
4,223
4,758
15,997
13,400
Operating expenses Research and development
7,804
5,231
21,913
14,585
Sales and marketing
5,574
2,294
14,369
7,082
General and administrative
8,217
3,110
23,507
8,854
Loss on satellite deorbit and launch failure
-
666
-
666
Total operating expenses
21,595
11,301
59,789
31,187
Loss from operations
(17,372
)
(6,543
)
(43,792
)
(17,787
)
Other income (expense) Interest income
4
-
6
45
Interest expense
(2,392
)
(1,522
)
(8,267
)
(4,479
)
Change in fair value of warrant liabilities
(13,353
)
-
(23,529
)
-
Other income (expense), net
681
636
(2,710
)
181
Total other expense, net
(15,060
)
(886
)
(34,500
)
(4,253
)
Loss before income taxes
(32,432
)
(7,429
)
(78,292
)
(22,040
)
Income tax provision
269
195
969
300
Net loss
$
(32,701
)
$
(7,624
)
$
(79,261
)
$
(22,340
)
Basic and diluted net loss per share
$
(0.49
)
$
(0.43
)
$
(2.12
)
$
(1.27
)
Weighted-average shares used in computing basic and diluted
net loss per share
67,348,269
17,605,469
37,389,424
17,603,874
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Net loss
(32,701
)
(7,624
)
(79,261
)
(22,340
)
Other comprehensive loss: Foreign currency translation adjustments
324
(94
)
791
30
Comprehensive loss
$
(32,377
)
$
(7,718
)
$
(78,470
)
$
(22,310
)
September 30,
December 31,
2021
2020
Assets Current assets Cash and cash equivalents
$
245,770
$
15,571
Accounts receivable, net (including allowance for doubtful accounts
of $389 and $174 as of September 30, 2021, and December 31, 2020,
respectively)
6,456
3,738
Contract assets
1,089
853
Restricted cash, current
12,801
Other current assets
10,227
2,112
Total current assets
276,343
22,274
Property and equipment, net
25,855
20,458
Intangible assets, net
-
-
Restricted cash, long-term
-
Other long-term assets
1,365
1,690
Total assets
$
303,563
$
44,422
Liabilities and Stockholders’ Deficit Current liabilities
Accounts payable
$
4,738
$
1,775
Accrued wages and benefits
1,865
1,590
Contract liabilities, current portion
10,331
8,110
Warrant liability, current portion
22,582
-
Other accrued expenses
5,967
1,813
Total current liabilities
45,483
13,288
Long-term debt, non-current
45,221
26,645
Earnout consideration
77,131
-
Convertible notes payable, net (including related parties of $0 and
$7,498as of September 30, 2021 and December 31, 2020, respectively)
-
48,631
Deferred income tax liabilities
287
338
Warrant liability
30,770
4,007
Other long-term liabilities
1,382
249
Total liabilities
$
200,274
$
93,158
Commitments and contingencies (Note 10) Stockholders’ Deficit
Series A preferred stock
$
-
$
52,809
Series B preferred stock
-
35,228
Series C preferred stock
-
65,222
Common stock
15
2
Additional paid-in capital
393,872
10,131
Accumulated other comprehensive loss
(191
)
(982
)
Accumulated deficit
(290,407
)
(211,146
)
Total stockholders’ deficit
103,289
(48,736
)
Total liabilities and stockholders’ deficit
$
303,563
$
44,422
Nine Months Ended September
30,
2021
2020
Cash flows from operating activities Net loss
$
(79,261
)
$
(22,340
)
Adjustments to reconcile net loss to net cash used in operating
activities Depreciation and amortization
5,615
3,861
Stock-based compensation
6,600
1,451
Accretion on carrying value of convertible notes
2,103
3,333
Amortization of debt issuance costs
2,617
158
Change in fair value of warrant liability
23,529
-
Change in fair value of contingent earnout liability
(1,265
)
-
Deferred income tax liabilities
(47
)
193
Loss on extinguishment of debt
2,277
-
Loss on impairment of intangible assets
91
-
Changes in operating assets and liabilities: Accounts receivable
(2,905
)
534
Contract assets
(250
)
(575
)
Other current assets
(7,381
)
(492
)
Other long-term assets
213
(152
)
Accounts payable
1,118
1,182
Accrued wages and benefits
302
734
Contract liabilities
2,416
3,369
Other accrued expenses
1,536
833
Other long-term liabilities
2,684
(509
)
Net cash used in operating activities
(40,008
)
(8,420
)
Cash flows from investing activities Purchase of property
and equipment
(9,309
)
(8,240
)
Investment in intangible assets
(140
)
(67
)
Net cash flows from investing activities
(9,449
)
(8,307
)
Cash flows from financing activities Proceeds from reverse
recapitalization and PIPE financing
264,823
-
Payments of merger costs related to reverse recapitalization
(30,600
)
-
Proceeds from long term debt
70,000
7,592
Proceeds from issuance of convertible notes payable
20,000
250
Payments on redemption of long-term debt
(29,628
)
(4,500
)
Payments of debt issuance costs
(4,293
)
(183
)
Proceeds from exercise of stock options
1,065
6
Net cash provided by financing activities
291,367
3,165
Effect of foreign currency translation on cash, cash equivalents
and restricted cash
1,071
236
Net increase (decrease) in cash, cash equivalents and restricted
cash
242,981
(13,325
)
Cash, cash equivalents and restricted cash
Beginning of
period
15,986
24,531
End of period
$
258,967
$
11,205
GAAP to Non-GAAP
Reconciliations
Three Months Ended September
30,
Nine Months Ended September
30,
2021
2020
2021
2020
Gross Profit (GAAP)
4,223
4,758
15,997
13,400
Adjustments: Exclude stock based compensation
31
9
75
26
Gross Profit (Non-GAAP)
4,254
4,767
16,072
13,426
Research and development (GAAP)
7,804
5,231
21,913
14,585
Adjustments: Exclude stock based compensation
(590
)
(225
)
(1,843
)
(668
)
Research and development (Non-GAAP)
7,214
5,006
20,070
13,917
Sales and marketing (GAAP)
5,574
2,294
14,369
7,082
Adjustments: Exclude stock based compensation
(550
)
(74
)
(1,278
)
(219
)
Research and development (Non-GAAP)
5,024
2,220
13,091
6,863
General and administrative (GAAP)
8,217
3,110
23,507
8,854
Adjustments: Exclude stock based compensation
(928
)
(223
)
(3,404
)
(538
)
Exclude merger and acquisition related expenses
(1,660
)
-
(4,244
)
-
Exclude other unusual one-time costs
-
-
(387
)
-
General and administrative (Non-GAAP)
5,629
2,887
15,472
8,316
Loss on satellite deorbit and launch failure (GAAP)
-
666
-
666
Adjustments: Exclude loss on satellite deorbit and launch failure
-
(666
)
-
(666
)
Loss on satellite deorbit and launch failure (Non-GAAP)
-
-
-
-
Loss from operations (GAAP)
(17,372
)
(6,543
)
(43,792
)
(17,787
)
Adjustments: Exclude stock based compensation
2,099
531
6,600
1,451
Exclude merger and acquisition related expenses
1,660
-
4,244
-
Exclude other unusual one-time costs
-
-
387
-
Exclude loss on satellite deorbit and launch failure
-
666
-
666
Loss from operations (Non-GAAP)
(13,613
)
(5,346
)
(32,561
)
(15,670
)
Net Loss (GAAP)
(32,701
)
(7,624
)
(79,261
)
(22,340
)
Adjustments: Exclude stock based compensation
2,099
531
6,600
1,451
Exclude merger and acquisition related expenses
1,660
-
4,244
-
Exclude other unusual one-time costs
-
-
387
-
Exclude loss on satellite deorbit and launch failure
-
666
-
666
Exclude change in fair value of warrant liabilities
13,353
-
23,529
-
Exclude other income (expense), net
(681
)
(636
)
2,710
(181
)
Net Loss (Non-GAAP)
(16,270
)
(7,063
)
(41,791
)
(20,404
)
EPS (Non-GAAP)
$
(0.24
)
$
(0.40
)
$
(1.12
)
$
(1.16
)
Net Loss
$
(32,701
)
$
(7,624
)
$
(79,261
)
$
(22,340
)
Depreciation and amortization
2,075
1,265
5,615
3,861
Net Interest
2,388
1,522
8,261
4,434
Taxes
269
195
969
300
EBITDA
(27,969
)
(4,642
)
(64,416
)
(13,745
)
Loss on satellite deorbit and launch failure
-
666
-
666
Change in fair value of warrant liabilities
13,353
-
23,529
-
Other expense, net(1)
(681
)
(636
)
2,710
(181
)
Stock-based compensation(2)
2,099
531
6,600
1,451
Mergers and acquisition related expenses(3)
1,660
-
4,244
-
Other unusual one-time costs(4)
-
-
387
-
Adjusted EBITDA
$
(11,538
)
$
(4,081
)
$
(26,946
)
$
(11,809
)
GAAP to Non-GAAP
Reconciliations – Q4 2021 and Fiscal Year 2021 Guidance
Q4'21 Ranges Low High
Revenue
$
11,568
$
13,568
Low High Gross Profit (GAAP)
$
6,797
$
8,797
Adjustments: Exclude stock based compensation
31
31
Gross Profit (Non-GAAP)
$
6,828
$
8,828
Low High Loss from operations
(GAAP)
$
(18,059
)
$
(13,959
)
Adjustments: Exclude stock based compensation
2,120
2,120
Exclude merger and acquisition related expenses
-
-
Exclude other unusual one-time costs
-
-
Exclude loss on satellite deorbit and launch failure
-
-
Loss from operations (Non-GAAP)
$
(15,939
)
$
(11,839
)
Low High EPS (GAAP)
$
(0.16
)
$
(0.12
)
Adjustments: Exclude stock based compensation
$
0.02
$
0.02
Exclude merger and acquisition related expenses
$
-
$
-
Exclude other unusual one-time costs
$
-
$
-
Exclude loss on satellite deorbit and launch failure
$
-
$
-
Exclude change in fair value of warrant liabilities
$
-
$
-
Exclude other expense, net
$
-
$
-
EPS (Non-GAAP)
$
(0.14
)
$
(0.11
)
Low High Net Loss (GAAP)
$
(21,090
)
$
(17,090
)
Depreciation and amortization
2,523
1,523
Net Interest
3,033
3,033
Taxes
150
150
EBITDA
$
(15,384
)
$
(12,384
)
Loss on satellite deorbit and launch failure
-
-
Change in fair value of warrant liabilities
-
-
Other expense, net(1)
(47
)
(47
)
Stock-based compensation(2)
2,120
2,120
Mergers and acquisition related expenses(3)
-
-
Other unusual one-time costs(4)
-
-
Adjusted EBITDA
$
(13,311
)
$
(10,311
)
FY 2021 Ranges Low High
Revenue
39,958
41,958
Low High Gross Profit (GAAP)
$
22,794
$
24,794
Adjustments: Exclude stock based compensation
106
106
Gross Profit (Non-GAAP)
$
22,900
$
24,900
Low High Loss from operations
(GAAP)
$
(61,851
)
$
(57,751
)
Adjustments: Exclude stock based compensation
8,720
8,720
Exclude merger and acquisition related expenses
4,244
4,244
Exclude other unusual one-time costs
387
387
Exclude loss on satellite deorbit and launch failure
-
-
Loss from operations (Non-GAAP)
$
(48,500
)
$
(44,400
)
Low High EPS (GAAP)
$
(1.63
)
$
(1.56
)
Adjustments: Exclude stock based compensation
$
0.14
$
0.14
Exclude merger and acquisition related expenses
$
0.07
$
0.07
Exclude other unusual one-time costs
$
0.01
$
0.01
Exclude loss on satellite deorbit and launch failure
$
-
$
-
Exclude change in fair value of warrant liabilities
$
0.38
$
0.38
Exclude other expense, net
$
0.04
$
0.04
EPS (Non-GAAP)
$
(0.99
)
$
(0.92
)
Low High Net Loss (GAAP)
$
(100,351
)
$
(96,351
)
Depreciation and amortization
8,137
7,137
Net Interest
11,295
11,295
Taxes
1,119
1,119
EBITDA
$
(79,800
)
$
(76,800
)
Loss on satellite deorbit and launch failure
-
-
Change in fair value of warrant liabilities
23,529
23,529
Other expense, net(1)
2,662
2,662
Stock-based compensation(2)
8,720
8,720
Mergers and acquisition related expenses(3)
4,244
4,244
Other unusual one-time costs(4)
387
387
Adjusted EBITDA
$
(40,258
)
$
(37,258
)
(1) Consists primarily of tax credits, grant income, the impact of
foreign exchange gains and losses, debt extinguishment net
expenses, earnout consideration mark to market adjustments, and
sales and local taxes. (2) Represents non-cash expenses related to
our incentive compensation program. (3) Includes merger and
acquisition-related costs associated with the Business Combination.
(4) Includes other IPO market assessment expenses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211110006303/en/
Hillary Yaffe Head of Communications Hillary.Yaffe@spire.com
Eileen Askew NMN Advisors – Investor Relations
Eileen@nmnadvisors.com
Spire Global (NYSE:SPIR)
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