**申報類型**: 10-Q（季度報告）

10-Q
 
 
 
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 

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
(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, 2026
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
incorporation or organization)

 (I.R.S. Employer
Identification No.)

 

 
 8000 Towers Crescent Drive
Suite 1100
Vienna, Virginia 22182

 

 
 (Address of principal executive offices) (Zip Code)

 

 (202) 301-5127
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act: 
 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading
Symbol(s)

  

 Name of each exchange on which registered

 

 
 Class A common stock, par value of $0.0001 per share

  

 SPIR

  

 New York Stock Exchange

 

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

 

 ☐

 

 Accelerated filer

 

 ☐

 

 
 Non-accelerated filer

 

 ☒

 

 Smaller reporting company

 

 ☐

 

 
 Emerging growth company

  

 ☐

  

  

  

  

 

  

  

 
  

  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
 
 
The registrant had outstanding 38,711,549 shares of Class A common stock and 1,507,325 shares of Class B common stock as of May 11, 2026.

  

 
  

 Table of Contents

 
 
 
 
 
 

 
  

  

 Page

 

 
  

  

  

 

 
 PART I.

 FINANCIAL INFORMATION

 5

 

 
  

  

  

 

 
 Item 1.

 Unaudited Condensed Consolidated Financial Statements

 5

 

 
  

 Condensed Consolidated Balance Sheets

 5

 

 
  

 Condensed Consolidated Statements of Operations 

 6

 

 
  

 Condensed Consolidated Statements of Comprehensive Loss 

 7

 

 
  

 Condensed Consolidated Statements of Changes in Stockholders’ Equity

 8

 

 
  

 Condensed Consolidated Statements of Cash Flows 

 9

 

 
  

 Notes to Unaudited Condensed Consolidated Financial Statements 

 10

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 31

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 44

 

 
 Item 4.

 Controls and Procedures

 44

 

 
  

  

  

 

 
 PART II.

 OTHER INFORMATION

 49

 

 
  

  

  

 

 
 Item 1.

 Legal Proceedings

 49

 

 
 Item 1A.

 Risk Factors

 49

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 50

 

 
 Item 3.

 Defaults Upon Senior Securities

 50

 

 
 Item 4.

 Mine Safety Disclosures

 50

 

 
 Item 5.

 Other Information

 50

 

 
 Item 6.

 Exhibits

 51

 

 
 Signatures

 52

 

  

  
2

 
  

 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:
•significant political, trade, regulatory developments, and other circumstances beyond our control, including as a result of geopolitical uncertainty and instability and tariffs, which could have a material adverse effect on our financial condition or results of operations;

•global and domestic economic conditions, including currency exchange rate fluctuations, inflation, interest rates and their impact on demand and pricing for our offerings in affected markets;

•changes in our growth, strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, and plans; 

•our ability to remedy identified material weaknesses;

•the ability to develop new offerings, services, solutions and features and bring them to market in a timely manner and make enhancements to our business;

•the quality and effectiveness of and advancements in our technology and our ability to accurately and effectively use data and engage in predictive analytics;

•overall level of customer demand for our products and services;

•expectations and timing related to product launches;

•the expected timing of revenue recognition, especially in connection with milestone-based services;

•expectations of achieving and maintaining profitability;

•expectations regarding future solar cycles and the anticipated impact on our satellites;

•projections of total addressable markets, market opportunity, and market share;

•our expectations concerning relationships with third parties;

•our ability to acquire or develop products or technologies we believe could complement or expand our platform or to expand our products and services internationally;

•our ability to obtain and protect patents, trademarks, licenses and other intellectual property rights;

•our ability to utilize potential net operating loss carryforwards;

•developments and projections relating to our competitors and industries, such as the projected growth in demand for data solutions;

•our ability to acquire new customers and partners or obtain renewals, upgrades, or expansions from our existing customers, including government customers;

•our ability to compete with existing and new competitors in existing and new markets and offerings;

•our ability to retain or recruit officers, key employees or directors;

•our potential need for additional capital to support business growth or operations, which might not be available on company favorable terms, if at all;

•our expectations regarding regulatory approvals and authorizations; and

•the expectations regarding the effects of existing and developing laws and regulations, including with respect to regulations around satellites, intellectual property law, and privacy and data protection.

  
3

 
  

 We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. 
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in Part I, Item 1A “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2025 and in Part II, Item 1A “Risk Factors” of this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.
Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this Quarterly Report on Form 10-Q relate only to expectations as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

  
4

 
  

 PART I—FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements
Spire Global, Inc. 
Condensed Consolidated Balance Sheets 
(In thousands, except share and per share amounts) 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 March 31,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 

  

 (unaudited)

  

  

  

  

 

 
 Assets

  

  

  

  

  

  

 

 
 Current assets

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 16,048

  

  

 $

 24,813

  

 

 
 Marketable securities

  

  

 33,409

  

  

  

 56,969

  

 

 
 Accounts receivable, net (including allowance of $231 and $169 as of 
March 31, 2026 and December 31, 2025, respectively)

  

  

 7,040

  

  

  

 4,178

  

 

 
 Contract assets

  

  

 1,929

  

  

  

 1,778

  

 

 
 Other current assets

  

  

 6,003

  

  

  

 6,036

  

 

 
 Total current assets

  

  

 64,429

  

  

  

 93,774

  

 

 
 Property and equipment, net

  

  

 83,969

  

  

  

 80,806

  

 

 
 Operating lease right-of-use assets

  

  

 9,740

  

  

  

 10,798

  

 

 
 Goodwill

  

  

 15,193

  

  

  

 15,450

  

 

 
 Intangible assets, net

  

  

 8,547

  

  

  

 9,079

  

 

 
 Other long-term assets, including restricted cash

  

  

 978

  

  

  

 1,085

  

 

 
 Total assets

  

 $

 182,856

  

  

 $

 210,992

  

 

 
 Liabilities and Stockholders’ Equity

  

  

  

  

  

  

 

 
 Current liabilities

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 15,967

  

  

 $

 14,866

  

 

 
 Contract liabilities, current portion

  

  

 35,992

  

  

  

 35,160

  

 

 
 Other accrued expenses

  

  

 16,562

  

  

  

 22,266

  

 

 
 Total current liabilities

  

  

 68,521

  

  

  

 72,292

  

 

 
 Contract liabilities, non-current

  

  

 12,435

  

  

  

 14,207

  

 

 
 Warrant liability

  

  

 226

  

  

  

 106

  

 

 
 Operating lease liabilities, net of current portion

  

  

 7,834

  

  

  

 8,755

  

 

 
 Other long-term liabilities

  

  

 2,634

  

  

  

 2,704

  

 

 
 Total liabilities

  

  

 91,650

  

  

  

 98,064

  

 

 
 Commitments and contingencies (Note 9)

  

  

  

  

  

  

 

 
 Stockholders’ equity

  

  

  

  

  

  

 

 
 Common stock, $0.0001 par value, 1,000,000,000 Class A and 15,000,000 Class B 
    shares authorized, 33,529,765 Class A and 1,507,325 Class B shares issued
    and outstanding at March 31, 2026; 33,107,807 Class A and 1,507,325 Class B
    shares issued and outstanding at December 31, 2025

  

  

 4

  

  

  

 3

  

 

 
 Additional paid-in capital

  

  

 609,684

  

  

  

 605,700

  

 

 
 Accumulated other comprehensive loss

  

  

 (5,299

 )

  

  

 (5,435

 )

 

 
 Accumulated deficit

  

  

 (513,183

 )

  

  

 (487,340

 )

 

 
 Total stockholders’ equity

  

  

 91,206

  

  

  

 112,928

  

 

 
 Total liabilities and stockholders’ equity

  

 $

 182,856

  

  

 $

 210,992

  

 

 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

  
5

 
  

 Spire Global, Inc. 
Condensed Consolidated Statements of Operations 
(In thousands, except share and per share amounts) 
(Unaudited) 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended March 31,

  

 

 
 

  

 2026

  

  

 2025

  

 

 
 Revenue

  

 $

 15,834

  

  

 $

 23,876

  

 

 
 Cost of revenue

  

  

 9,529

  

  

  

 15,164

  

 

 
 Gross profit

  

  

 6,305

  

  

  

 8,712

  

 

 
 Operating expenses:

  

  

  

  

  

  

 

 
 Research and development

  

  

 8,699

  

  

  

 8,659

  

 

 
 Sales and marketing

  

  

 3,146

  

  

  

 5,531

  

 

 
 General and administrative

  

  

 18,126

  

  

  

 17,650

  

 

 
 Loss on decommissioned satellites and other assets write-offs

  

  

 909

  

  

  

 5,160

  

 

 
 Total operating expenses

  

  

 30,880

  

  

  

 37,000

  

 

 
 Loss from operations

  

  

 (24,575

 )

  

  

 (28,288

 )

 

 
 Other (expense) income:

  

  

  

  

  

  

 

 
 Interest income

  

  

 474

  

  

  

 20

  

 

 
 Interest expense

  

  

 —

  

  

  

 (5,730

 )

 

 
 Change in fair value of contingent earnout liability

  

  

 —

  

  

  

 1,038

  

 

 
 Change in fair value of warrant liabilities

  

  

 (120

 )

  

  

 5,837

  

 

 
 Foreign exchange (loss) gain

  

  

 (1,628

 )

  

  

 3,826

  

 

 
 Other income (expense), net

  

  

 61

  

  

  

 (224

 )

 

 
 Total other (expense) income, net

  

  

 (1,213

 )

  

  

 4,767

  

 

 
 Loss before income taxes

  

  

 (25,788

 )

  

  

 (23,521

 )

 

 
 Income tax provision (benefit)

  

  

 55

  

  

  

 (6

 )

 

 
 Net loss

  

 $

 (25,843

 )

  

 $

 (23,515

 )

 

 
 Basic and diluted net loss per share

  

 $

 (0.78

 )

  

 $

 (0.88

 )

 

 
 Weighted-average shares used in computing basic and diluted net loss per share

  

  

 33,269,650

  

  

  

 26,787,097

  

 

 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

  
6

 
  

 Spire Global, Inc. 
Condensed Consolidated Statements of Comprehensive Loss
(In thousands) 
(Unaudited) 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended March 31,

  

 

 
 

  

 2026

  

  

 2025

  

 

 
 Net loss

  

 $

 (25,843

 )

  

 $

 (23,515

 )

 

 
 Other comprehensive loss:

  

  

  

  

  

  

 

 
 Foreign currency translation adjustments, net of tax

  

  

 166

  

  

  

 (2,675

 )

 

 
 Net unrealized loss on investments, net of tax

  

  

 (30

 )

  

  

 —

  

 

 
 Comprehensive loss

  

 $

 (25,707

 )

  

 $

 (26,190

 )

 

 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

  
7

 
  

 Spire Global, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(In thousands, except share amounts) 
(Unaudited) 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

 Common Stock

  

  

 Additional
Paid in

  

  

 Accumulated
Other
Comprehensive

  

  

 Accumulated

  

  

 Total
Stockholders'

  

 

 
  

  

  

 Shares

  

  

 Par Value

  

  

 Capital

  

  

 Loss

  

  

 Deficit

  

  

 Equity

  

 

 
 Balance, December 31, 2025

  

  

  

 34,615,132

  

  

 $

 3

  

  

 $

 605,700

  

  

 $

 (5,435

 )

  

 $

 (487,340

 )

  

 $

 112,928

  

 

 
 Release of Restricted Stock Units
   and Performance Stock Units

  

  

  

 419,079

  

  

  

 1

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 1

  

 

 
 Exercise of stock options

  

  

  

 2,879

  

  

  

 —

  

  

  

 21

  

  

  

 —

  

  

  

 —

  

  

  

 21

  

 

 
 Stock-based compensation

  

  

  

  

  

  

 —

  

  

  

 3,963

  

  

  

 —

  

  

  

 —

  

  

  

 3,963

  

 

 
 Net loss

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (25,843

 )

  

  

 (25,843

 )

 

 
 Foreign currency translation
   adjustments

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 166

  

  

  

 —

  

  

  

 166

  

 

 
 Net unrealized loss on
   investments (net of tax)

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (30

 )

  

  

 —

  

  

  

 (30

 )

 

 
 Balance, March 31, 2026

  

  

  

 35,037,090

  

  

 $

 4

  

  

 $

 609,684

  

  

 $

 (5,299

 )

  

 $

 (513,183

 )

  

 $

 91,206

  

 

  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

  

 Common Stock

  

  

 Additional
Paid in

  

  

 Accumulated
Other
Comprehensive

  

  

 Accumulated

  

  

 Total
Stockholders'

  

 

 
  

  

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Loss

  

  

 Deficit

  

  

 Equity

  

 

 
 Balance, December 31, 2024

  

  

  

 27,218,490

  

  

 $

 3

  

  

 $

 536,725

  

  

 $

 (9,770

 )

  

 $

 (538,645

 )

  

 $

 (11,687

 )

 

 
 Release of Restricted Stock Units
   and Performance Stock Units

  

  

  

 339,059

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Exercise of stock options

  

  

  

 73,140

  

  

  

 —

  

  

  

 640

  

  

  

 —

  

  

  

 —

  

  

  

 640

  

 

 
 Stock compensation expense

  

  

  

 —

  

  

  

 —

  

  

  

 4,905

  

  

  

 —

  

  

  

 —

  

  

  

 4,905

  

 

 
 Issuance of common stock under
    Securities Purchase Agreements, 
    net

  

  

  

 4,843,750

  

  

  

 —

  

  

  

 36,047

  

  

  

 —

  

  

  

 —

  

  

  

 36,047

  

 

 
 Net loss

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (23,515

 )

  

  

 (23,515

 )

 

 
 Foreign currency translation
   adjustments

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (2,675

 )

  

  

 —

  

  

  

 (2,675

 )

 

 
 Balance, March 31, 2025

  

  

  

 32,474,439

  

  

 $

 3

  

  

 $

 578,317

  

  

 $

 (12,445

 )

  

 $

 (562,160

 )

  

 $

 3,715

  

 

 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements. 

  
8

 
  
 

 Spire Global, Inc. 
Condensed Consolidated Statements of Cash Flows 
(In thousands) 
(Unaudited) 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended March 31,

  

 

 
 

  

 2026

  

  

 2025

  

 

 
 Cash flows from operating activities

  

  

  

  

  

  

 

 
 Net loss

  

 $

 (25,843

 )

  

 $

 (23,515

 )

 

 
 Adjustments to reconcile net loss to net cash used in operating activities:

  

  

  

  

  

  

 

 
 Depreciation and amortization

  

  

 3,018

  

  

  

 4,413

  

 

 
 Stock-based compensation

  

  

 3,963

  

  

  

 4,905

  

 

 
 Amortization of operating lease right-of-use assets

  

  

 799

  

  

  

 746

  

 

 
 Change in fair value of warrant liabilities

  

  

 120

  

  

  

 (5,837

 )

 

 
 Change in fair value of contingent earnout liability

  

  

 —

  

  

  

 (1,038

 )

 

 
 Loss on decommissioned satellites and disposal of assets

  

  

 909

  

  

  

 5,160

  

 

 
 Other, net

  

  

 (521

 )

  

  

 1,629

  

 

 
 Changes in operating assets and liabilities:

  

  

  

  

  

  

 

 
 Accounts receivable, net

  

  

 (2,916

 )

  

  

 2,584

  

 

 
 Contract assets

  

  

 (258

 )

  

  

 (1,619

 )

 

 
 Other current assets

  

  

 66

  

  

  

 (188

 )

 

 
 Other long-term assets

  

  

 103

  

  

  

 451

  

 

 
 Accounts payable

  

  

 1,203

  

  

  

 (3,819

 )

 

 
 Contract liabilities

  

  

 (628

 )

  

  

 1,958

  

 

 
 Other accrued expenses

  

  

 (4,885

 )

  

  

 6,328

  

 

 
 Operating lease liabilities

  

  

 (1,341

 )

  

  

 (579

 )

 

 
 Other long-term liabilities

  

  

 —

  

  

  

 (8

 )

 

 
 Net cash used in operating activities

  

  

 (26,211