What changed in this filing

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Item 1. Business

2024-03-06 compared with 2023-03-15 · 70 added, 100 removed, 195 unchanged (47% of the section changed)

On August 16, 2021 (the “Closing Date”), Spire Global Subsidiary, Inc.

(formerly known as Spire Global, Inc.) (“Legacy Spire”) closed its Merger with NavSight Holdings, Inc.

(“NavSight”), a special purpose acquisition company, pursuant to the terms of the Business Combination Agreement, dated as of February 28, 2021, by and among Spire, NavSight, NavSight Merger Sub, Inc., a wholly owned subsidiary of NavSight (“NavSight Merger Sub”), and Peter Platzer, Theresa Condor, Jeroen Cappaert, and Joel Spark.

As a result, NavSight Merger Sub merged with and into Legacy Spire, the separate corporate existence of NavSight Merger Sub ceased, and Legacy Spire continued as the surviving corporation and a wholly owned subsidiary of NavSight (the “Merger,”

such consummation, the “Closing”).

Spire Global, Inc.

(“Spire” or the “Company”), founded in August 2012, is a global provider of space-based data and analytics that offers its customers unique datasets and insights about Earth from the ultimate vantage point.

The Company collects this space-based data through its proprietary constellation of multi-purpose nanosatellites.

By designing, manufacturing, integrating, and operating its own satellites and ground stations, the Company has unique end-to-end control and ownership over its entire system.

The Company offers the following three data solutions to customers:

Maritime, Aviation and Weather.

As a fourth solution, the Company is providing “space-as-a-service” through its Space Services solution.

The Company is headquartered in Vienna, Virginia and has several wholly owned operating subsidiaries in the United States, United Kingdom, Luxembourg, Singapore, Australia, Germany, and Canada.

On August 16, 2021, Spire Global Subsidiary, Inc.

(formerly known as Spire Global, Inc.) (“Legacy Spire”) closed its previously announced merger with NavSight Holdings, Inc.

(“NavSight”), a special purpose acquisition company.

As a result, Legacy Spire continued as the surviving corporation and a wholly owned subsidiary of NavSight (the “Merger,” and such consummation, the “Closing”).

NavSight then changed its name to Spire Global, Inc.

(together with its consolidated subsidiary, “New Spire”

or “Spire”) and Legacy Spire changed its name to Spire Global Subsidiary, Inc.

Prior to the Merger, NavSight’s shares and warrants were traded on the New York Stock Exchange (“NYSE”) under the ticker symbols “NSH”

and “NSH.WS”, respectively.

On the Closing Date, Spire’s Class A common stock and warrants began trading on the NYSE under the ticker symbols “SPIR”

and “SPIR.WS”, respectively.

Legacy Spire was incorporated in 2012 as a Delaware corporation under the name NanoSatisfi, Inc., which was changed to Spire Global, Inc.

NavSight Holdings, Inc.

was incorporated in May 2020 as a Delaware corporation and a special purpose acquisition company and, on September 9, 2020, completed its initial public offering.

and Legacy Spire changed its name to Spire Global Subsidiary, Inc.

Our principal executive office is located at 8000 Towers Crescent Drive, Suite 1100, Vienna, Virginia 22182, and our telephone number is (202) 301-5127.

In this Annual Report on Form 10-K, Spire Global, Inc.

(together with its subsidiaries) is referred to as “Spire,”

the “Company,”

“we,”

“us,”

or “our.”

We are a global provider of space-based data, analytics and Space Services, offering unique datasets and powerful insights about Earth from the ultimate vantage point—space—so that organizations can make decisions with confidence, accuracy and speed.

We own and operate one of the world’s largest multi-purpose satellite constellations in low earth orbit.

Our multi-receiver satellites obtain Automatic Identification Systems ("AIS") data from vessels, Automatic Dependent Surveillance–Broadcast (“ADS–B”) data from aircraft and radio occultation (“RO”) data utilizing Global Navigation Satellite Systems (“GNSS”) satellites.

Our fully deployed constellation consists of more than 100 satellites, and we believe it is also one of the world’s largest “listening”

constellations, observing the earth utilizing radio frequency sensors.

We enrich this hard-to-acquire, valuable data with analytics and predictive solutions, providing data as a subscription to organizations around the world so that they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage and mitigate risk.

In December 2022, our constellation covered the earth more than 200 times per day on average and our global ground station network performed thousands of contacts each day on average, reliably and resiliently collecting data with low latency.

Our cloud-based data infrastructure in aggregate processes three terabytes of data each day on average, in creating our proprietary data analytics solutions.

We provide customers these solutions through an application programming interface (“API”) infrastructure.

The global proprietary data that we collect includes data that can only be captured from space with no terrestrial alternatives.

We collect this data once and can then sell it an unlimited number of times across a broad and growing set of industries, including weather, aviation and maritime, with global coverage, real-time and near real-time data that can be easily integrated into our customers’

Our Space Services offering enables our customers, both commercial and government organizations, to go from idea to orbit simply, reliably, quickly and cost efficiently.

We launch software, payloads and dedicated satellite constellations for our customers that we own and manage on their behalf.

Just like our proprietary data and analytic solutions, our customers subscribe to the data that is collected through an API.

From our founding in 2012, we have set out to leverage data from space to solve problems on Earth.

We aim to help inspire, lead, and innovate the business of space-based data.

Today, our proprietary data and solutions are being used to help commercial and government organizations gain the advantage that they seek to innovate and solve some of the world’s greatest challenges, like climate change and global security.

We have experienced rapid growth in recent periods.

In November 2021, we acquired exactEarth Ltd.

("exactEarth"), a leading provider of global maritime vessel data for ship tracking and maritime situational awareness solutions in Canada.

(together with its subsidiaries) is referred to as “Spire,” the “Company,” “we,” “us,” or “our.”

Spire 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.

We believe it is one of the world’s largest “listening” constellations, observing the Earth in real time using radio frequency technology.

The data acquired by our multipurpose satellites provide 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.

We also offer Space as a Service solutions that empower customers to leverage our established infrastructure to put their business in space.

We provide customers these solutions through an application programming interface (“API”) infrastructure.

Our Data Solution Offerings

Our proprietary constellation of low Earth multi-use receiver (“LEMUR”) satellites collects and transmits data to our proprietary global ground station network.

Our proprietary constellation of Low Earth Multi-Use Receiver (“LEMUR”) satellites collects and transmits data to our proprietary global ground station network.

The data is then autonomously moved from ground stations to proprietary data warehouses for cleansing, standardization, fusion and analysis.

Via the SpireSight API, our customers receive proprietary data, analysis, and predictive solutions delivered seamlessly in real and near real-time.

Via the SpireSight API, our customers receive proprietary data, analysis, and predictive data and solutions delivered seamlessly in real and near real-time.

We collect data from space once and can sell it an unlimited number of times without added cost.

The four forms of data we sell to customers are:

• Clean data :

Clean and structured data directly from our proprietary satellites;

• Smart data :

Clean data fused with third-party datasets and proprietary analysis to enhance value and provide insights;

• Predictive data :

Big data, artificial intelligence (“AI”), and machine learning (“ML”) algorithms applied to fused data sets to create predictive analytics and insights;

• Solutions :

Data-driven actionable recommendations to solve specific business problems, utilizing the full spectrum of our data analytics suite.

Key elements of our data platform include:

Our data platform provides a unified view of robust, deep data sets that are accessed from multiple data sources, globally.

Through this single view, users are able to gain better insight and make informed decisions;

SaaS platform :

Our cloud-based platform allows users to ingest massive amounts of data from real-time to near real-time;

Cloud-based data analytics :

We have developed data processing and analytics systems which are used to process the data produced by its sensors, combine it with third-party data, and provide predictive analytics solutions for our customers.

We monetize our proprietary solutions across a broad and growing range of current and target industries including agriculture, logistics, financial services, insurance, aerospace, energy, fishing, academia and real estate, among others.

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We provide current and historical data, insights and predictive analytics for highly accurate ship monitoring, real-time and near real-time vessel updates, port operations, ship safety and route optimization.

We leverage the International Maritime Organization AIS standard, which is an automatic tracking system that uses transceivers on ships to provide geographic location data through historical or live satellite AIS (“S-AIS”) data as observed by our satellites and terrestrial AIS (“T-AIS”) data.

We leverage the International Maritime Organization automatic identification system (“AIS”) standard, which is an automatic tracking system that uses transceivers on ships to provide geographic location data through historical or live satellite AIS (S-AIS) data as observed by our satellites and terrestrial AIS (T-AIS) data.

Dynamic AIS (D-AIS) provides greater vessel tracking data in high traffic zones.

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• Monitoring illegal activities and compliances :

Real-time and dark vessel detection solutions help facilitate organizations to secure fishing territories, protect underwater infrastructure and analyze maritime incidents.

Real-time, position validation solutions help facilitate organizations to secure fishing territories, protect underwater infrastructure and analyze maritime incidents.

• Analyzing commodity trading :

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Our customers track the shipment of commodities by ship type and port calls to identify patterns and analyze global commodity flows.

In November 2021, we acquired (the “Acquisition”) exactEarth, a leading provider of global maritime vessel data for ship tracking and maritime situational awareness solutions that was mainly based out of Canada.

We provide global satellite-based aircraft tracking data to power applications, drive decision making and improve cost efficiencies.

We utilize International Civil Aviation Organization-backed ADS-B aircraft tracking data to provide a near real-time precision and situational awareness.

Using ADS-B, customers can track the overall operational status of aviation assets and relevant weather conditions along a given aircraft’s flight path or in particular areas of interest around the world.

Using ADS-B, customers can track the overall operational status of aviation assets and relevant weather conditions along a given aircraft’s flight

path or in particular areas of interest around the world.

Our versatile datasets include historical and near real-time aircraft position and status, aircraft type and airline data, and flight and airport information, delivered via our near real-time and historical data APIs.

Our satellites capture global aircraft movements from space using ADS-B signals, even when the aircraft is flying over oceans, deserts, mountains and regions without available ground-based tracking.

Key applications include:

• Flight tracking :

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We provide space-based data, AI-powered insights and predictive weather analytics to empower the world to optimize costs, increase safety, boost decarbonization and make optimal business decisions.

By utilizing radio occultation technology (“RO”), we are able to offer improved global weather observation capabilities, capturing detailed temperature, humidity, and pressure information across the entire planet.

Our extensive low-orbit satellite constellation collects near real-time data from every layer of the atmosphere, even at traditionally difficult high altitudes, polar areas, and

remote oceanic regions.

This data is used to power Spire's Global Weather forecast system, and to enable enhanced accuracy across the planet, especially improving the quality in areas that are traditionally under-observed.

By utilizing radio occultation technology (“RO”), we are able to offer improved global weather and Earth observation capabilities, capturing detailed temperature, humidity, and pressure information across the entire planet.

Our satellite constellation collects near real-time data from every layer of the atmosphere, even at traditionally difficult high altitudes, polar areas, and remote oceanic regions.

This data is used to power Spire's Global Weather forecast system and enable enhanced forecast accuracy across the planet, especially improving the quality in areas that are traditionally under-observed.

Through the use of Global Navigation Satellite System Reflectometry (“GNSS-R”), Spire captures information about precipitation, soil moisture and flooding, as well as ocean winds and wave roughness, and ice thickness, extent and age on the polar caps.

We also offer weather solutions including Deep Navigation Analytics, a weather intelligence platform for the maritime industry;

DeepVision, an advanced weather visualization dashboard for global supply chain management;

and High Resolution Weather Forecast, a regional high-resolution weather forecasting service designed to meet the critical demands of the energy and commodity markets.

These tools provide immense value to governments, commercial companies, and individuals across the world, including the following sample of applications:

• Weather forecasting:

Taking exact measurements around the world helps improve forecasts since weather systems connect globally and can provide emergency management professionals and search and rescue teams with highly detailed forecasting across their operational regions;

Space-based RO data offers global measurements to greatly enhance the accuracy of weather forecasts, providing industries such as agriculture, energy and utilities, and supply chain with highly detailed forecasting across their operational regions.

• Asset protection :

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• Crop yields :

Customers can use our solutions to help to optimize crop yields with optimal farm operations;

Customers can use our solutions to help optimize crop yields with optimal farm operations.

• Reducing losses and insurance:

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Space Services

We leverage our at-scale ground and cloud infrastructure, our proven, low-risk development lifecycle and proprietary infrastructure to provide our Space Services solution, which takes full advantage of our space heritage, vertically integrated capabilities and global ground station infrastructure to revolutionize how customers access space.

Akin to cloud-based services like Amazon Web Services (“AWS”), Microsoft Azure, and Google Cloud Platform, we provide customers fast, scalable and reliable access to space data at a fraction of the cost and time it historically took by leveraging the same operational infrastructure we use for our own data and analytics solutions across maritime, aviation and weather.

Built on 600+ years of space heritage, we offer Space as a Service solutions that empower our customers to leverage our established infrastructure to put their business in space.

Our Space Services solutions are built upon our vertically integrated capabilities, global ground station network and cloud infrastructure to revolutionize how customers access space.

In doing so, customers are able to convert high capital expenditures typically recognized at the outset into affordable and recurring operating expenditures through a flexible subscription-based pricing model.

Our consistent launch schedule and end-to-end LEMUR design and manufacturing process allow customer sensors to go from design to launch in a matter of months, as opposed to three to five years–common under legacy satellite development.

Our launch schedule and end-to-end LEMUR design and manufacturing process allow customer sensors to go from design to launch in a matter of months, as opposed to three to five years–common under legacy satellite development.

Our Space Services offering allows us to quickly and efficiently put a satellite into service for our customers while they focus on what they do best.

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Host customer payloads on trusted, fully integrated space, ground and web platform.

Solutions in Space:

• Solution in Space:

Customers partner with Spire to build a custom end-to-end solution from payload development to mission operations.

• Operation in Space:

Customers can access Spire’s ground infrastructure and API’s to operate their existing or future satellites.

Customers can access Spire’s ground infrastructure and APIs to operate their existing or future satellites.

Our Technology Platform

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We have developed a configurable nanosatellite platform called LEMUR, which is used to deploy data-generating sensors into space and provide all necessary resources for them to be operated efficiently, including power, pointing, data communications and onboard processing.

As of December 31, 2022, the LEMUR platform has accumulated over 500 years of space flight heritage, with more than 150 satellites deployed in over 30 unique configurations.

As of December 31, 2023, the LEMUR platform has accumulated over 600 years of space flight heritage, with more than 170 satellites deployed.

LEMUR is compatible with a significant number of available launch vehicles, having completed more than 35 launch campaigns on ten unique vehicles.

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• Ground station network :

We have deployed and operate a network of approximately 30 ground stations distributed around the globe.

We have deployed and operate a network of more than 30 ground stations distributed around the globe.

These ground stations allow seamless communications between LEMUR nanosatellite platforms (and their hosted sensors) and our cloud-based operations and data processing system.

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The pace has only quickened in recent years.

According to the National Oceanic and Atmospheric Administration and EM-DAT, the international disaster database, between 1980 and 1990 the world saw three mega disasters, each causing over $20 billion in damage.

In the 10 years from 2010 to 2020 that number increased nearly five times to 14.

Yet in 2022, in a single year, the world saw three mega disasters causing over $156 billion in damages.

In addition, there were 42 weather disasters in 2022 that caused over one-billion dollars in damages each.

The response to the world’s problem of global warming and climate change over the past several decades has been largely focused on efforts to reduce greenhouse gas emissions.

More recently, there has been a growing realization that the world lacks sufficient tools to anticipate and respond effectively to extreme weather events and climate change, and that more of our efforts and investment should be focused on how we can best protect vulnerable populations, infrastructure, land and the impact to the global economy.

According to the National Oceanic and Atmospheric Administration, 2023 set the record for the largest number of weather/climate disaster events with losses each exceeding $1 billion to affect the United States.

The response to the world’s problem of global warming and climate change over the past several decades has been largely focused on efforts to reduce greenhouse gas emissions.

We believe that more accurate weather data, prediction technologies and analytics will play an increasingly important role in helping to devise strategies to maintain water quality and availability, modify land use, protect and preserve coastal land and development, manage stormwater logistics, mitigate the spread of wildfires, repair and retrofit vulnerable facilities and maximize the use of green infrastructure.

Global security response

The events of February 24, 2022, when Russia invaded Ukraine, brought to the world’s attention the importance of global security.

Over the past two years, geopolitical conflicts have brought the importance of global security to the world’s attention.

In dynamic times, truth and transparency have never been more important.

Spire has approximately 40 geolocation-capable satellites in-orbit that can detect jamming, spoofing, or the locations of objects such as sanctioned vessels or aircraft, through the use of radio frequency.

Our satellites work day and night, in good weather or bad, and observe the entirety of the earth’s surface area, 200 times a day on average, providing valuable insights in a rapidly changing environment.

Our satellites work day and night, in good weather or bad, and observe the entirety of the Earth’s surface area, 200 times a day on average, providing valuable insights in a rapidly changing environment.

Given the investments and technological advancements the private sector has made over the last several years, there is a growing recognition of the necessity of public/private partnerships to tackle complex, global challenges.

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A diversified architecture encompassing both governmental and commercial satellites, in varying constellation sizes and orbits, provides resilience to the space-based ecosystem.

With over 100 satellites in space, Spire is a meaningful member of that ecosystem.

Spire has a fully deployed constellation with over 170 satellites launched and is a meaningful member of that ecosystem.

Advancements in on-board technologies

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Before space-based data, legacy solutions were often burdened with substantial shortcomings in terms of coverage and safety.

For instance, before the advent of Automatic Dependent Surveillance-Broadcast (“ADS-B”), aviation stakeholders were blind to the vast majority of global aerospace activity, as terrestrial-based solutions were unable to track aircraft over oceans.

This occasionally resulted in tragedies like that of Malaysia Airlines Flight 370, which disappeared in March 2014 while flying a routine route from Kuala Lumpur to Beijing.

As of December 2023, our sensors covered the entirety of the globe over 200 times per day on average, including remote areas where terrestrial AIS, ADS-B and atmospheric weather information are out of reach.

Our constellation already has radio frequency links (RF links) in-orbit and we have begun testing optical intersatellite links (“optical ISLs”).

Our constellation already has Radio Frequency links (RF links) in-orbit and we have successfully completed an in-orbit technology demonstration of Optical Intersatellite Links (“OISLs”).

An effective rollout of this technology throughout our constellation will create a mesh network in a similar way to how personal computers were linked with one another through the internet.

We believe optical ISLs will enable us to deliver more data faster and in an even more secure way to our customers.

We believe OISLs will enable us to deliver more data faster and with higher resiliency to interference, higher security, and higher efficiency.

Lastly, the computing power on-board satellites in-orbit continues to improve.

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We believe the enhancement of our solutions and the timely development of new services and features is essential to maintaining our competitive position, and we incorporate suggestions and feedback from our customers into our services.

Our research and development teams work closely with operations to monitor and maintain the high availability of all our services.

Our research and development teams work closely with operations to monitor and

maintain the high availability of all our services.

Additionally, the research and development team works closely with our sales team to collect market and customer feedback to enhance our portfolio.

Our research and development organization is distributed across the United States, Canada, Luxembourg, Scotland and Singapore, each of which we believe is a strategic advantage for us, allowing us to develop capabilities more efficiently.

Our research and development organization is distributed across the United States, Canada, Luxembourg, Germany, Scotland and Singapore, each of which we believe is a strategic advantage for us, allowing us to develop capabilities more efficiently.

The maritime, aviation and weather data industries are fragmented and highly competitive and characterized by rapid changes in technology, customer requirements and industry standards and frequent introductions of improvements to existing offerings.

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We also compete with global, national, regional and local firms and government entities specializing in our industries.

Some of our primary competitors include, in our maritime data vertical, Orbcomm Inc., in our aviation data vertical, Aireon LLC, and in our weather data vertical, GeoOptics, Inc.

with respect to our radio occultation data services.

Some of our primary competitors include, in our maritime data vertical, Orbcomm Inc., in our aviation data vertical, Aireon LLC, and in our weather data vertical, PlanetiQ with respect to our radio occultation data services.

Some of our primary competitors also include analytics companies such as AccuWeather, Inc., Weathernews Inc., MeteoGroup (acquired by DTN, LLC), Tomorrow.ai, Climavision and The Weather Company with respect to predictive analytics.

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speed, scale, reliability and relevance of API/user interface, ease of deployment and use, ability to ingest and manage a broad variety and large volume of data, ongoing innovation of services and customer support;

• Integration:

quality of training and consulting;

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However, we could face significant risks to our business, financial condition and results of operations as a result of competition.

For additional information, see the section titled “

Risk Factors—Risks Related to Our Industry and Business—We face intense competition and could face pricing pressure from, and lose market share to, our competitors, which would adversely affect our business, financial condition, and results of operations .”

In addition to the “listening”

(radio frequency) satellite market, there is a “looking”

(imagery) satellite market and a “talking”

(communications) satellite market shown in the image in Part I, Item 1.

Business under the “Overview”

We do not compete in the “looking”

or “talking”

satellite markets, nor do we see any significant competition across the “looking,”

“talking,”

or “listening”

satellite markets.

For additional information, see the section titled “ Risk Factors—Risks Related to Our Industry and Business—We face intense competition and could face pricing pressure from, and lose market share to, our competitors, which would adversely affect our business, financial condition, and results of operations .”

In addition to the “listening” (radio frequency) satellite market, there is a “looking” (imagery) satellite market, and a “talking” (communications) satellite market shown below.

We do not compete in the “looking” or “talking” satellite markets, nor do we see any significant competition across the “looking,” “talking,” or “listening” satellite markets.

Intellectual Property

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In addition to competitive base salaries and cash compensation, the principal purposes of our equity incentive plans are to attract, retain, and reward personnel through the granting of stock-based compensation awards, in order to increase stockholder value and the success of our company by motivating such individuals to perform to the best of their abilities, achieve our objectives and think like owners when making decisions.

As of December 31, 2022, we had 415 employees located in five countries, of which 411 were full-time employees.

As of December 31, 2023, we had 416 employees located in six countries, of which 407 were full-time employees.

In addition, we engage contractors and third-party service providers in connection with certain projects.

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Our business is subject to regulation by various federal, state, local and foreign governmental agencies, including agencies responsible for monitoring and enforcing laws and regulations related to the deployment and operation of satellites, ground stations, privacy and data protection, intellectual property, investment screening, labor and employment, worker classification, product safety, economic sanctions, anti-trust laws, anti-money laundering laws, anti-bribery laws, import and export controls, federal securities laws and tax laws and regulations.

Our business requires licenses and permits from the Federal Communications Commission (“FCC”) and review by other agencies of the U.S.

License approval can include an interagency review of safety, operational, radio frequency interference, national security, foreign policy and international obligations implications, as well as a review of foreign ownership.

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Our business is also dependent on the use of satellite signals and on terrestrial communication bands.

International allocations of radio frequency are made by the International Telecommunication Union (“ITU”).

Any ITU or local reallocation of radio frequency bands, including frequency band segmentation and sharing of spectrum, or other modifications of the permitted uses of relevant frequency bands, may materially and adversely affect the utility and reliability of our services and have significant negative impacts on our customers, both of which could reduce demand for our business.

In many cases, our data, services, and technology are or may in the future be subject to U.S.

export control laws and regulations including the Export Administration Regulations (“EAR”) and International Traffic In Arms (“ITAR”), and subject to trade and economic sanctions maintained by the Office of Foreign Assets Control (“OFAC”).

We are also subject to or may in the future be subject to export control and trade sanctions laws in other countries.

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The regulatory framework for privacy, data protection and data transfers worldwide is rapidly evolving and is likely to remain uncertain for the foreseeable future.

In some cases, data privacy laws and regulations, such as the European Union’s (“EU”) General Data Protection Regulation (“GDPR”), impose obligations on us and on many of our customers.

Our business is also subject to various laws and regulations relating to the protection of the environment and human health and safety, including those governing the management, storage and disposal of hazardous materials, such as fuels and batteries, which may contain hazardous materials.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business