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Spire Global Inc. Class A (SPIR0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $110.5 million for 2024, a 13% increase from the previous year. This growth was primarily driven by increased annual recurring revenue (ARR) business and growth in Space Services Contracts.
Cost of revenue increased by 20% to $70.6 million, primarily due to higher satellite operation expenses, increased depreciation, and personnel costs.
Operating expenses rose to $108.6 million, up from $97.4 million in 2023. This increase was driven by higher general and administrative expenses, which grew by 18% due to increased professional services fees and stock-based compensation.
Spire reported a net loss of $102.8 million for 2024, compared to a net loss of $77.6 million in 2023. The increase in net loss was influenced by higher operating expenses and other expenses such as changes in fair value of warrant liabilities.
The company highlighted several key developments, including a $9.4 million contract with NOAA for satellite weather and climate data and a collaboration with Signal Ocean, which included a $10 million strategic investment.
Spire also entered into a Share Purchase Agreement with Kpler Holding SA to sell its maritime business for $233.5 million. However, the closing of this transaction is currently pending due to legal proceedings.
The company continues to face challenges from macroeconomic and geopolitical factors, including currency fluctuations, rising interest rates, and geopolitical tensions, which have impacted customer purchasing decisions and increased operational costs.
Spire's liquidity and capital resources are supported by cash and cash equivalents totaling $19.2 million as of December 31, 2024, alongside proceeds from recent securities purchase agreements.
The company remains focused on expanding its customer base and penetrating new industries and geographies, while also managing the risks associated with the solar cycle's impact on its satellite assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Spire Global Inc. Class A annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.