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Spire Global Announces Strong Fourth Quarter and Full Year 2023 Results; Achieves Positive Cash Flow from Operations

  • Tenth consecutive quarter of record revenue; fourth quarter revenue of $27.7M; full year 2023 revenue growth of 32%
  • Improved GAAP operating loss in fourth quarter to ($8.2M), 50% year-over-year (“YOY”) improvement, and lowered Non-GAAP operating loss1 to ($3.6M), 65% YOY improvement
  • Improved net loss in fourth quarter to ($12.2M); 30% YOY improvement, and achieved positive adjusted EBITDA1 of $2.1M
  • Achieved positive cash flow from operations of $4.1M and free cash flow1 of ($2.2M) during the fourth quarter

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 and year ended December 31, 2023. The Company will hold a webcast at 5:00 pm ET today to discuss the results.

"Over the past quarter and throughout 2023, we continually demonstrated our ability to achieve our business objectives, fueling results that met or surpassed our expectations,” said Peter Platzer, Spire CEO. “The continued growth we see is driven by issues that impact all of humanity, such as climate change and global security. We are honored, and encouraged, to see businesses and organizations increasingly relying on our differentiated, highly valuable data to gain meaningful insights that help create a safer, more prosperous, and sustainable future on Earth."

“Spire achieved a strong finish to 2023 with positive cash flow from operations and positive adjusted EBITDA,” said Leo Basola, Spire CFO. “With a $9.2 million sequential improvement in cash flow from operations, and non-GAAP operating loss and adjusted EBITDA each exceeding the high end of our guidance range, the results for the quarter surpassed our expectations. As we focus on 2024, we expect to deliver positive free cash flow in the summer of 2024 and make progress towards refinancing our existing debt.”

Fourth Quarter and Full Year 2023 Highlights

Financial:

  • Fourth quarter 2023 revenue was $27.7 million, representing the 10th consecutive quarter of record revenue. Full year 2023 revenue was $105.7 million, representing 32% year-over-year growth, and meeting our objective of over 30% annual revenue growth.
  • Fourth quarter 2023 U.S. generally accepted accounting principles (“GAAP”) operating loss was $8.2 million, a 50% improvement year-over-year, and full year 2023 GAAP operating loss was $44.6 million, a 35% improvement. Fourth quarter 2023 non-GAAP operating loss was $3.6 million, a 65% improvement year-over-year and above the high end of our guidance range. Full year 2023 non-GAAP operating loss was $25.8 million, a 42% improvement year-over-year. We believe these results reflect strong execution on our path to profitability.
  • Fourth quarter 2023 net loss was $12.2 million, a $5.3 million year-over-year improvement. Adjusted EBITDA for the fourth quarter 2023 was positive $2.1 million, a $9.4 million improvement year-over-year and over $1 million above the high end of our guidance range.
  • Fourth quarter 2023 cash flow from operations was positive $4.1 million, a sequential quarter-over-quarter improvement of $9.2 million. Fourth quarter 2023 free cash flow was ($2.2) million, reflecting a $13.9 million sequential improvement quarter-over-quarter.

1 Non-GAAP Financial Measure, please see section titled Non-GAAP Financial Measures for the definition of such measures and the reconciliation tables at the end of this release for reconciliation to the most directly comparable GAAP measure.

Business:

  • In early January 2024, Spire was awarded $9.4 million by the National Oceanic and Atmospheric Administration (NOAA) to provide radio occultation (RO) data for an eight-month period. The near-real-time RO data provided by Spire will be used for NOAA’s operational weather forecasts, space weather models and climate research, among other applications. The Company’s RO data consists of vertical profiles of atmospheric measurements, including pressure, humidity and temperature across all points of the globe, including in the most remote regions and open oceans.
  • During the fourth quarter, Spire announced it was awarded a Space Services contract by Lacuna Space, a leading satellite IoT connectivity provider. Under the agreement, Spire will initially build and launch six satellites carrying Lacuna Space’s payload and antenna, with the opportunity to scale the constellation to dozens of satellites.
  • In December, Spire announced it was awarded a multi-million euro contract by EUMETSAT, Europe’s meteorological satellite agency, to provide RO data. The contract is for an initial period of two years, from 2024-2026, with three optional, one-year extensions. The award follows a successful pilot program, which demonstrated the benefits of Spire's RO data for weather forecasting accuracy and value.
  • During the fourth quarter, Spire announced the launch of its High-Resolution Weather Forecast model, a differentiated regional high-resolution weather forecasting service. The solution provides precise and customizable weather forecasts extending up to six days, with the capability to be run at resolutions as fine as one kilometer, covering any point on the globe. Built upon seven years of research and development by Spire’s team of scientists and engineers, the High-Resolution Weather Forecast is powered by the Company’s proprietary RO technology, ocean wind and soil moisture data.

Financial Outlook

Spire is providing the following guidance for the first quarter 2024 and for the full year ending December 31, 2024:

Q1'24 Ranges FY'24 Ranges
Low High Low High
Revenue (millions)

$

27.0

 

$

29.0

 

$

138.0

 

$

148.0

 

Y/Y Growth

 

12

%

 

20

%

 

31

%

 

40

%

Non-GAAP Operating Loss (millions)

$

(8.0

)

$

(6.0

)

$

(5.5

)

$

2.5

 

Adjusted EBITDA (millions)

$

(2.0

)

$

0.0

 

$

13.0

 

$

19.0

 

Non-GAAP (Loss) Income Per Share

$

(0.36

)

$

(0.27

)

$

(0.24

)

$

0.11

 

Basic Weighted Average Shares (millions)

 

22.0

 

 

22.0

 

 

22.5

 

 

22.5

 

The non-GAAP operating loss/income, adjusted EBITDA and non-GAAP loss/income per share included in the table above are non-GAAP measures. Please see the section titled “Non-GAAP Financial Measures” for the definition of such measures. Spire has provided a reconciliation of GAAP to non-GAAP financial measures in the tables included in this press release for its fourth quarter and full year 2022 and 2023 results, as well as its outlook for such measures for the first quarter and full year 2024.

Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with GAAP, this press release and the accompanying tables contain, and the conference call will contain, non-GAAP financial measures, including free cash flow, non-GAAP gross profit, non-GAAP gross margins, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative expenses, non-GAAP operating loss/income, EBITDA, Adjusted EBITDA, non-GAAP net loss/income, and non-GAAP net loss/income 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. Investors should note that the excluded items may have had, and may in the future have, a material impact on our reported financial results. 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, launch failure and decommissioning. Spire excludes loss on satellite deorbit, launch failure and decommissioning 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 and contingent earnout liability. Spire excludes these items as they do not reflect the underlying cash flows or operational results of the business.

Other (expense) income, net. Spire excludes other (expense) income, net because it includes unusual items that do not reflect the underlying operational results of its business. Examples of such expenses include prepayment penalties on outstanding debt and vendor dispute legal settlements.

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.

Amortization of purchased intangibles. Spire incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Spire excludes these expenses for its internal management reporting processes. Spire's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. It is important to note that while this amortization expense is excluded for purposes of non-GAAP presentation, the revenue of the acquired businesses is reflected in the non-GAAP measures and that the assets contribute to revenue generation.

Other acquisition accounting amortization. Spire incurs amortization expense for purchased data rights in connection with the acquisition of exactEarth and certain technologies. Amortization of this asset is a non-cash expense that can be significantly affected by the inherent subjective nature of the assigned value and useful life. Because this cost has already been incurred and cannot be recovered, and is a non-cash expense, Spire excludes this expense for its internal management reporting processes. Spire's management also finds it useful to exclude this charge when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. It is important to note that while this expense is excluded for purposes of non-GAAP presentation, the revenue of the acquired companies is reflected in the non-GAAP measures and that the assets contribute to revenue generation.

Mergers and acquisition related expenses. Spire excludes these expenses as they are transaction costs and expenses associated with the transaction that are generally infrequent in nature and not reflective of the underlying operational results of Spire’s business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance, and other employee costs.

Loss on extinguishment of debt. Spire excludes this as it does not reflect the underlying cash flows or operational results of the business.

Foreign exchange gain/loss. Spire is exposed to foreign currency gains or losses on outstanding foreign currency denominated receivables and payables related to certain customer sales agreements, product costs and other operating expenses. As Spire does not actively hedge these currency exposures, changes in the underlying currency rates relative to the U.S. dollar may result in realized and unrealized foreign currency gains and losses between the time these receivables and payables arise and the time that they are settled in cash. Since such realized and unrealized foreign currency gains and losses are the result of macro-economic factors and can vary significantly from one period to the next, Spire believes that exclusion of such realized and unrealized gains and losses is useful to management and investors in evaluating the performance of its ongoing operations on a period-to-period basis.

Other unusual and infrequent costs. Spire excludes these as they are unusual items that do not reflect the ongoing operational results of its business. Examples of these types of expenses include accounting, legal and other professional fees associated with the preparation and filing of Spire’s September 2022 Form S-3 shelf registration statement and “at-the-market” offering prospectus supplement, and the December 2022 warrant exchange.

Our additional non-GAAP measures include:

Free Cash Flow. Spire defines free cash flow as net cash provided by/used in operating activities less purchases of property and equipment.

EBITDA. Spire defines 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. Spire defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted for loss on satellite deorbit, launch failure and decommissioning, change in fair value of warrant liabilities, change in fair value of contingent earnout liability, other (expense) income, net, stock-based compensation, loss on extinguishment of debt, foreign exchange gain/loss, other acquisition accounting amortization, mergers and acquisition related expenses, and other unusual costs. Spire believes Adjusted EBITDA can be useful in providing an understanding of the underlying results of operations and trends and an enhanced overall understanding of its 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/loss 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 Spire’s use of the term Adjusted EBITDA may vary from the use of similarly titled measures by others in its industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation.

Conference Call

Spire will webcast a conference call to discuss the results at 5:00 p.m. Eastern Time today. The webcast will be available on Spire’s Investor Relations website at ir.spire.com. A replay of the call will be available on the site for three months.

Safe Harbor Statement

This press release contains forward-looking statements, including information about management's view of Spire’s future expectations, plans and prospects, including our views regarding future execution within our business, and the opportunity we see in our industry, within the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of Spire to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents Spire files with the Securities and Exchange Commission, including but not limited to, Spire’s Annual Report on Form 10-K for the year ended December 31, 2022, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on Spire’s future results. The forward-looking statements included in this presentation are made only as of the date hereof. Spire cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Spire expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

About Spire Global, Inc.

Spire (NYSE: SPIR) is a global provider of space-based data, analytics and space services, offering unique datasets and powerful insights about Earth so that organizations can make decisions with confidence in a rapidly changing world. Spire builds, owns, and operates a fully deployed satellite constellation that observes the Earth in real time using radio frequency technology. The data acquired by Spire’s satellites provides global weather intelligence, ship and plane movements, and spoofing and jamming detection to better predict how their patterns impact economies, global security, business operations and the environment. Spire also offers Space as a Service solutions that empower customers to leverage its established infrastructure to put their business in space. Spire has nine offices across the U.S., Canada, UK, Luxembourg, Germany and Singapore. To learn more, visit spire.com.

CONSOLIDATED STATEMENTS OF OPERATIONS

 
Three Months Ended December 31, Years Ended December 31,
(In thousands, except share and per share amounts)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

(Unaudited) (Unaudited) (Audited) (Audited)
Revenue

$

27,725

 

$

22,385

 

$

105,703

 

$

80,268

 

Cost of revenue

 

12,886

 

 

10,710

 

 

42,434

 

 

40,327

 

Gross profit

 

14,839

 

 

11,675

 

 

63,269

 

 

39,941

 

Operating expenses:
Research and development

 

8,970

 

 

9,392

 

 

38,923

 

 

35,153

 

Sales and marketing

 

5,182

 

 

7,075

 

 

25,754

 

 

28,502

 

General and administrative

 

8,776

 

 

10,970

 

 

42,494

 

 

44,831

 

Loss on decommissioned satellites

 

119

 

 

549

 

 

747

 

 

549

 

Total operating expenses

 

23,047

 

 

27,986

 

 

107,918

 

 

109,035

 

Loss from operations

 

(8,208

)

 

(16,311

)

 

(44,649

)

 

(69,094

)

Other income (expense):
Interest income

 

591

 

 

492

 

 

2,332

 

 

948

 

Interest expense

 

(5,021

)

 

(4,230

)

 

(19,036

)

 

(13,955

)

Change in fair value of contingent earnout liability

 

(88

)

 

80

 

 

129

 

 

9,677

 

Change in fair value of warrant liabilities

 

(2,581

)

 

(2,257

)

 

(1,597

)

 

8,757

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

(22,510

)

Other expense, net

 

2,597

 

 

4,599

 

 

(1,063

)

 

(2,912

)

Total other expense, net

 

(4,502

)

 

(1,316

)

 

(19,235

)

 

(19,995

)

Loss before income taxes

 

(12,710

)

 

(17,627

)

 

(63,884

)

 

(89,089

)

Income tax provision

 

(488

)

 

(84

)

 

72

 

 

322

 

Net loss

$

(12,222

)

$

(17,543

)

$

(63,956

)

$

(89,411

)

Basic and diluted net loss per share(1)

$

(0.58

)

$

(1.00

)

$

(3.27

)

$

(5.11

)

Weighted-average shares used in computing basic and diluted net loss per share(1)

 

20,953,695

 

 

17,572,199

 

 

19,580,006

 

 

17,484,927

 

(1)

The shares of the Company's common stock and the per share amounts have been retroactively adjusted to reflect the 1-for-8 reverse stock split

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

 
Three Months Ended December 31, Years Ended December 31,
(In thousands)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

(Unaudited) (Unaudited) (Audited) (Audited)
Net loss

$

(12,222

)

$

(17,543

)

$

(63,956

)

$

(89,411

)

Other comprehensive gain (loss):
Foreign currency translation adjustments

 

1,505

 

 

(2,374

)

 

2,478

 

 

(7,696

)

Net unrealized gain (loss) on investments

(net of tax)

 

(1

)

 

53

 

 

34

 

 

(33

)

Comprehensive loss

$

(10,718

)

$

(19,864

)

$

(61,444

)

$

(97,140

)

CONSOLIDATED BALANCE SHEETS

(Audited)

 
December 31, December 31,
(In thousands)

 

2023

 

 

2022

 

Assets
Current assets
Cash and cash equivalents

$

29,144

 

$

47,196

 

Marketable securities

 

11,726

 

 

23,084

 

Accounts receivable, net (including allowance of $586 and $395 as of

December 31, 2023 and 2022, respectively)

 

9,911

 

 

13,864

 

Contract assets

 

6,215

 

 

3,353

 

Other current assets

 

12,340

 

 

9,279

 

Total current assets

 

69,336

 

 

96,776

 

Property and equipment, net

 

71,209

 

 

53,752

 

Operating lease right-of-use assets

 

14,921

 

 

11,687

 

Goodwill

 

51,155

 

 

49,954

 

Customer relationships

 

19,363

 

 

20,814

 

Other intangible assets

 

12,660

 

 

13,967

 

Other long-term assets, including restricted cash

 

8,181

 

 

9,562

 

Total assets

$

246,825

 

$

256,512

 

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable

$

8,012

 

$

4,800

 

Accrued wages and benefits

 

1,829

 

 

4,502

 

Contract liabilities, current portion

 

23,165

 

 

15,856

 

Other accrued expenses

 

8,540

 

 

8,210

 

Total current liabilities

 

41,546

 

 

33,368

 

Long-term debt

 

114,113

 

 

98,475

 

Contingent earnout liability

 

220

 

 

349

 

Deferred income tax liabilities

 

1,069

 

 

771

 

Warrant liability

 

5,988

 

 

1,831

 

Operating lease liabilities, net of current portion

 

13,079

 

 

10,815

 

Other long-term liabilities

 

272

 

 

780

 

Total liabilities

 

176,287

 

 

146,389

 

Commitments and contingencies
Stockholders’ equity
Common stock

 

2

 

 

2

 

Additional paid-in capital

 

477,624

 

 

455,765

 

Accumulated other comprehensive loss

 

(4,485

)

 

(6,997

)

Accumulated deficit

 

(402,603

)

 

(338,647

)

Total stockholders’ equity

 

70,538

 

 

110,123

 

Total liabilities and stockholders’ equity

$

246,825

 

$

256,512

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Audited)

 
Years Ended December 31,
(In thousands)

 

2023

 

 

2022

 

Cash flows from operating activities
Net loss

$

(63,956

)

$

(89,411

)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

 

18,228

 

 

18,341

 

Stock-based compensation

 

12,978

 

 

11,491

 

Amortization of operating lease right-of-use assets

 

2,928

 

 

2,344

 

Amortization of debt issuance costs

 

2,337

 

 

3,781

 

Change in fair value of warrant liabilities

 

1,597

 

 

(8,757

)

Change in fair value of contingent earnout liability

 

(129

)

 

(9,677

)

Deferred income tax liabilities

 

 

 

 

Loss on decommissioned satellites and impairment of assets

 

1,024

 

 

784

 

Loss on extinguishment of debt

 

 

 

22,271

 

Other, net

 

(290

)

 

1

 

Changes in operating assets and liabilities:
Accounts receivable, net

 

4,144

 

 

(4,180

)

Contract assets

 

(2,463

)

 

(1,364

)

Other current assets

 

(3,246

)

 

324

 

Other long-term assets

 

1,680

 

 

1,852

 

Accounts payable

 

1,371

 

 

(1,808

)

Accrued wages and benefits

 

(2,747

)

 

(923

)

Contract liabilities

 

6,352

 

 

7,776

 

Other accrued expenses

 

(648

)

 

1,012

 

Operating lease liabilities

 

(2,782

)

 

(1,632

)

Other long-term liabilities

 

 

 

(45

)

Net cash used in operating activities

 

(23,622

)

 

(47,820

)

Cash flows from investing activities
Purchases of short-term investments

 

(40,116

)

 

(40,213

)

Maturities of short-term investments

 

52,500

 

 

17,300

 

Purchase of property and equipment

 

(30,037

)

 

(18,915

)

Investment in intangible assets

 

 

 

 

Net cash used in investing activities

 

(17,653

)

 

(41,828

)

Cash flows from financing activities
Proceeds from long-term debt

 

19,886

 

 

100,973

 

Proceeds from issuance of common stock under the Equity Distribution Agreement, net

 

7,866

 

 

 

Payments on long-term debt

 

(4,500

)

 

(71,512

)

Proceeds from issuance of convertible notes payable
Payments on redemption of warrants
Payments of debt issuance costs

 

(75

)

 

(4,516

)

Proceeds from exercise of stock options

 

3

 

 

806

 

Proceeds from employee stock purchase plan

 

727

 

 

622

 

Net cash provided by financing activities

 

23,907

 

 

26,373

 

Effect of foreign currency translation on cash, cash equivalents and restricted cash

 

(560

)

 

1,199

 

Net decrease in cash, cash equivalents and restricted cash

 

(17,928

)

 

(62,076

)

Cash, cash equivalents and restricted cash
Beginning balance

 

47,569

 

 

109,645

 

Ending balance

$

29,641

 

$

47,569

 

GAAP to Non-GAAP Reconciliations

(Unaudited)

 
Three Months Ended December 31, Years Ended December 31,
(In thousands, except for share and per share amounts)

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 
Gross profit (GAAP)

$

14,839

 

$

11,675

 

$

63,269

 

$

39,941

 

Adjustments:
Exclude stock-based compensation

 

24

 

 

51

 

 

197

 

 

232

 

Exclude amortization of purchased intangibles

 

873

 

 

855

 

 

3,479

 

 

3,548

 

Exclude other acquisition accounting amortization

 

172

 

 

169

 

 

680

 

 

699

 

Exclude merger and acquisition related expenses

 

-

 

 

-

 

 

-

 

 

127

 

Gross profit (Non-GAAP)

$

15,908

 

$

12,750

 

$

67,625

 

$

44,547

 

 
Research and development (GAAP)

 

8,970

 

 

9,392

 

 

38,923

 

 

35,153

 

Adjustments:
Exclude stock-based compensation

 

(964

)

 

(784

)

 

(3,474

)

 

(3,154

)

Exclude merger and acquisition related expenses

 

-

 

 

-

 

 

-

 

 

(277

)

Research and development (Non-GAAP)

 

8,006

 

 

8,608

 

 

35,449

 

 

31,722

 

 
Sales and marketing (GAAP)

 

5,182

 

 

7,075

 

 

25,754

 

 

28,502

 

Adjustments:
Exclude stock-based compensation

 

(978

)

 

(705

)

 

(2,707

)

 

(2,822

)

Exclude amortization of purchased intangibles

 

-

 

 

(506

)

 

-

 

 

(2,896

)

Exclude merger and acquisition related expenses

 

-

 

 

-

 

 

-

 

 

(277

)

Sales and marketing (Non-GAAP)

 

4,204

 

 

5,864

 

 

23,047

 

 

22,507

 

 
General and administrative (GAAP)

 

8,776

 

 

10,970

 

 

42,494

 

 

44,831

 

Adjustments:
Exclude stock-based compensation

 

(1,496

)

 

(1,627

)

 

(6,600

)

 

(5,283

)

Exclude merger and acquisition related expenses

 

-

 

 

-

 

 

(1,015

)

 

(4,690

)

General and administrative (Non-GAAP)

 

7,280

 

 

8,499

 

 

34,879

 

 

34,858

 

 
Loss on decommissioned satellites (GAAP)

 

119

 

 

549

 

 

747

 

 

549

 

Adjustments:
Exclude loss on decommissioned satellites

 

(119

)

 

(549

)

 

(747

)

 

(549

)

General and administrative (Non-GAAP)

 

-

 

 

-

 

 

-

 

 

-

 

 
Loss from operations (GAAP)

$

(8,208

)

$

(16,311

)

$

(44,649

)

$

(69,094

)

Adjustments:
Exclude stock-based compensation

 

3,462

 

 

3,167

 

 

12,978

 

 

11,491

 

Exclude merger and acquisition related expenses

 

-

 

 

-

 

 

1,015

 

 

5,371

 

Exclude amortization of purchased intangibles

 

873

 

 

1,361

 

 

3,479

 

 

6,444

 

Exclude other acquisition accounting amortization

 

172

 

 

169

 

 

680

 

 

699

 

Exclude loss on decommissioned satellites

 

119

 

 

549

 

 

747

 

 

549

 

Loss from operations (Non-GAAP)

$

(3,582

)

$

(10,221

)

$

(25,750

)

$

(44,540

)

 
Gross Margin (GAAP)

 

54

%

 

52

%

 

60

%

 

50

%

Adjustments:
Exclude amortization of purchased intangibles

 

2

%

 

4

%

 

3

%

 

4

%

Exclude other acquisition accounting amortization

 

1

%

 

1

%

 

1

%

 

1

%

Gross Margin (Non-GAAP)

 

57

%

 

57

%

 

64

%

 

55

%

 
Operating Margin (GAAP)

 

-30

%

 

-73

%

 

-42

%

 

-86

%

Adjustments:
Exclude stock-based compensation

 

13

%

 

14

%

 

12

%

 

14

%

Exclude merger and acquisition related expenses

 

0

%

 

0

%

 

1

%

 

7

%

Exclude amortization of purchased intangibles

 

3

%

 

6

%

 

3

%

 

8

%

Exclude other acquisition accounting amortization

 

1

%

 

1

%

 

1

%

 

1

%

Exclude loss on decommissioned satellites

 

0

%

 

2

%

 

1

%

 

1

%

Operating Margin (Non-GAAP)

 

-13

%

 

-46

%

 

-24

%

 

-55

%

 
Net loss (GAAP)

$

(12,222

)

$

(17,543

)

$

(63,956

)

$

(89,411

)

Adjustments:
Exclude stock-based compensation

 

3,462

 

 

3,167

 

 

12,978

 

 

11,491

 

Exclude merger and acquisition related expenses

 

-

 

 

-

 

 

1,015

 

 

5,371

 

Exclude amortization of purchased intangibles

 

873

 

 

1,361

 

 

3,479

 

 

6,444

 

Exclude other acquisition accounting amortization

 

172

 

 

169

 

 

680

 

 

699

 

Exclude change in fair value of contingent earnout liability

 

88

 

 

(80

)

 

(129

)

 

(9,677

)

Exclude change in fair value of warrant liabilities

 

2,581

 

 

2,257

 

 

1,597

 

 

(8,757

)

Exclude loss on extinguishment of debt

 

-

 

 

-

 

 

-

 

 

22,510

 

Exclude other expense, net

 

(2,597

)

 

(4,599

)

 

1,063

 

 

2,912

 

Exclude loss on decommissioned satellites

 

119

 

 

549

 

 

747

 

 

549

 

Exclude other unusual one-time costs

 

-

 

 

844

 

 

-

 

 

-

 

Net loss (Non-GAAP)

$

(7,524

)

$

(13,875

)

$

(42,526

)

$

(57,869

)

 
Net loss per share (GAAP)

$

(0.58

)

$

(1.00

)

$

(3.27

)

$

(5.11

)

Adjustments:
Exclude stock-based compensation

$

0.17

 

 

0.18

 

 

0.66

 

 

0.66

 

Exclude merger and acquisition related expenses, purchased intangibles and other acquisition accounting amortization

$

0.05

 

 

0.09

 

 

0.25

 

 

0.72

 

Exclude change in fair value of warrant liabilities and change in value of contingent earnout liability

$

0.13

 

 

0.12

 

 

0.07

 

 

(1.05

)

Exclude foreign exchange

$

(0.01

)

 

-

 

 

(0.01

)

 

-

 

Exclude loss on extinguishment of debt

$

-

 

 

-

 

 

-

 

 

1.29

 

Exclude other expense, net

$

(0.12

)

 

(0.26

)

 

0.05

 

 

0.17

 

Exclude loss on decommissioned satellites

$

0.01

 

 

0.03

 

 

0.04

 

 

0.03

 

Net loss per share (Non-GAAP)

$

(0.35

)

$

(0.84

)

 

(2.21

)

$

(3.29

)

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

 

20,953,695

 

 

17,572,199

 

 

19,580,006

 

 

17,484,927

 

Weighted-average shares used in computing diluted net income per share

 

20,953,695

 

 

17,572,199

 

 

19,580,006

 

 

17,484,927

 

 
Net loss (GAAP)

$

(12,222

)

$

(17,543

)

$

(63,956

)

$

(89,411

)

Depreciation and amortization

 

6,586

 

 

4,285

 

 

18,228

 

 

18,341

 

Net Interest

 

4,430

 

 

3,738

 

 

16,704

 

 

13,007

 

Taxes

 

(488

)

 

(84

)

 

72

 

 

322

 

EBITDA

 

(1,694

)

 

(9,604

)

 

(28,952

)

 

(57,741

)

Change in fair value of contingent earnout liability

 

88

 

 

(80

)

 

(129

)

 

(9,677

)

Change in fair value of warrant liabilities

 

2,581

 

 

2,257

 

 

1,597

 

 

(8,757

)

Loss on extinguishment of debt

 

-

 

 

-

 

 

-

 

 

22,510

 

Stock-based compensation

 

3,462

 

 

3,167

 

 

12,978

 

 

11,491

 

Mergers and acquisition related expenses

 

-

 

 

-

 

 

1,015

 

 

5,371

 

Other acquisition accounting amortization

 

172

 

 

169

 

 

680

 

 

699

 

Loss on decommissioned satellites

 

119

 

 

549

 

 

747

 

 

549

 

Other expense, net

 

(2,597

)

 

(4,599

)

 

1,063

 

 

2,912

 

Adjusted EBITDA

$

2,131

 

$

(7,297

)

$

(11,001

)

$

(32,643

)

 
Net cash used in operating activities

 

4,111

 

 

(5,111

)

 

(23,622

)

 

(47,820

)

Purchase of property and equipment

 

(6,343

)

 

(2,969

)

 

(30,037

)

 

(18,915

)

Free Cash Flow

$

(2,232

)

$

(8,080

)

$

(53,659

)

$

(66,735

)

GAAP to Non-GAAP Reconciliations – Q1 2024 and Full Year 2024 Financial Outlook

(Unaudited)

(In thousands, except for share and per share amounts) Q1'24 Ranges
Low High
Revenue

$

27,000

 

$

29,000

 

Low High
Loss from operations (GAAP)

$

(12,600

)

$

(10,600

)

Adjustments:
Exclude stock-based compensation

$

3,500

 

$

3,500

 

Exclude amortization of purchased intangibles

$

900

 

$

900

 

Exclude other acquisition accounting amortization

$

200

 

$

200

 

Loss from operations (Non-GAAP)

$

(8,000

)

$

(6,000

)

 
Low High
Operating Margin (GAAP)

 

-47

%

 

-37

%

Adjustments:
Exclude stock-based compensation

 

13

%

 

13

%

Exclude amortization of purchased intangibles

 

3

%

 

3

%

Exclude other acquisition accounting amortization

 

1

%

 

1

%

Operating Margin (Non-GAAP)

 

-30

%

 

-21

%

 
Low High
Net loss per share (GAAP)

$

(0.58

)

$

(0.49

)

Adjustments:
Exclude stock-based compensation

 

0.16

 

 

0.16

 

Exclude purch intangibles and other purch acctg amortization

 

0.05

 

 

0.05

 

Exclude other expense, net

 

0.01

 

 

0.01

 

Net loss per share (Non-GAAP)

$

(0.36

)

$

(0.27

)

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

 

22,000,000

 

 

22,000,000

 

 
Low High
Net loss (GAAP)

$

(17,700

)

$

(15,700

)

Depreciation and amortization

 

7,000

 

 

7,000

 

Net Interest

 

4,800

 

 

4,800

 

Taxes

 

100

 

 

100

 

EBITDA

$

(5,800

)

$

(3,800

)

Stock-based compensation

 

3,500

 

 

3,500

 

Other expense, net

 

100

 

 

100

 

Other acquisition accounting amortization

 

200

 

 

200

 

Adjusted EBITDA

$

(2,000

)

$

-

 

 
(In thousands, except for share and per share amounts) FY 2024 Ranges
Low High
Revenue

 

138,000

 

 

148,000

 

 
Low High
Loss from operations (GAAP)

$

(23,900

)

$

(15,900

)

Adjustments:
Exclude stock-based compensation

 

14,200

 

 

14,200

 

Exclude amortization of purchased intangibles

 

3,500

 

 

3,500

 

Exclude other acquisition accounting amortization

 

700

 

 

700

 

(Loss) income from operations (Non-GAAP)

$

(5,500

)

$

2,500

 

 
Low High
Net loss per share (GAAP)

$

(1.08

)

$

(0.73

)

Adjustments:
Exclude stock-based compensation

$

0.63

 

$

0.63

 

Exclude purch intangibles and other acq acctg amortization

$

0.19

 

$

0.19

 

Exclude other expense, net

$

0.02

 

$

0.02

 

Net (loss) income per share (Non-GAAP)

$

(0.24

)

$

0.11

 

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

 

22,500,000

 

 

22,500,000

 

 
Low High
Net loss (GAAP)

$

(42,800

)

$

(36,800

)

Depreciation and amortization

 

21,800

 

 

21,800

 

Net Interest

 

18,200

 

 

18,200

 

Taxes

 

400

 

 

400

 

EBITDA

$

(2,400

)

$

3,600

 

Other expense, net

 

500

 

 

500

 

Stock-based compensation

 

14,200

 

 

14,200

 

Other acquisition accounting amortization

 

700

 

 

700

 

Adjusted EBITDA

$

13,000

 

$

19,000

 

 

Spire achieved a strong finish to 2023 with positive cash flow from operations and positive adjusted EBITDA

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