Spire Global, Inc.
For the period ended Sep 30, 2025. Filed Dec 17, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Dec 17, 2025
SPIR$8.65+12.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-11-04.
0001193125-25-262935
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-12-17.
0001193125-25-322735
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 188 previous paragraphs and 193 current paragraphs.
119 unchanged; 57 reworded; 15 added; 7 removed; 5 previous and 2 current paragraphs rearranged.
Tables are not compared: 17 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (15)
Current report
We announced the launch of aircraft exposure analytics for weather-related aircraft risk using real flight trajectories and global weather alerts.
Current report
We were awarded a $1.2 million two-month contract extension from the National Aeronautics and Space Administration (“NASA”) to continue participation in its Commercial Satellite Data Acquisition Program.
Current report
We announced the launch of our new space-based radio frequency intelligence capabilities for defense and security.
Current report
We were awarded a European Space Agency contract under the Third Party Mission programme to supply historical weather data.
Current report
We were awarded a $2.5 million nine-month National Oceanic and Atmospheric Administration (“NOAA”) contract for satellite weather data.
Current report
We were awarded an $11.2 million one-year NOAA contract for global navigation satellite system radio occultation (“RO”) data.
Current report
We were awarded a €3 million renewal contract from EUMETSAT for satellite weather data, covering a one-year term.
Current report
During the three and nine months ended September 30, 2025 and 2024, we have been impacted by the macroeconomic environment, including foreign currency fluctuations, elevated interest rates, geopolitical tensions in several parts of the world, and the recent government shutdown.
Current report
Research and development expenses increased $8.8 million, or 46%, primarily driven by an increase in personnel expenses of $8.4 million and equipment expenses of $1.0 million, partially offset by a $0.7 million decrease in professional services related to fewer customer projects compared to the prior year period. The increase in personnel costs was driven by lower R&D
Current report
Services contracts activity, which reduced the proportion of costs allocated to cost of revenue. The increase in equipment expenses was related to software and web hosting, which increased due to greater R&D platform development during the period.
Current report
General and administrative expenses increased $1.5 million, or 12%, primarily driven by an increase in bonus expenses of $0.4 million, an increase in facilities expenses of $0.4 million, and an increase in professional services fees of $0.3 million, partially offset by a decrease in business license expense of $0.3 million. The increase in bonus expense was related to executive bonus accrual, whereas accruals in the prior year period were immaterial. The increase in facilities expenses was primarily driven by fees incurred in connection with the early termination of a building lease. The increase in professional services fees was primarily driven by legal fees incurred in connection with our response to the SEC subpoena received in July 2025. The decrease in business license expense reflects the timing of a license regulatory fee that was fully recognized in the three months ended September 30, 2024.
Current report
We recognized $0 and less than $0.1 million of non-cash expense in the three months ended September 30, 2025 and 2024, respectively.
Current report
There was no gain on sale of a business for the three months ended September 30, 2025 and 2024.
Current report
There was no loss on extinguishment of debt for the three months ended September 30, 2025 and 2024.
Current report
We monitor our cash balances, anticipated revenues, operating expenses, and capital expenditures, and we prepare a going concern assessment to ensure we have sufficient resources for at least the next twelve months. Our key assumptions include timely customer collections, expected costs, and access to financing. Changes in these assumptions could materially affect our liquidity, and we will adjust our plans as needed. We believe our current cash balances and expected inflows are sufficient to meet our operational and capital needs for the next twelve months.
Removed paragraphs (7)
Previous report
We were awarded a Can$72 Million contract from the Canadian Space Agency to design WildFireSat mission.
Previous report
We announced the successful two-way laser communication between our satellites in space.
Previous report
We announced the launch of breakthrough AI weather models built on NVIDIA Omniverse Blueprint for Earth-2.
Previous report
We announced that Myriota expanded its agreement with us to scale its IoT constellation with 16 more satellites.
Previous report
We were selected as one of 12 vendors eligible to compete for task orders under the U.S. Space Force’s $237 million STEP 2.0 contract vehicle. The award reflects our positioning in the national security space market and has the potential to create a long-term pipeline for future defense-related opportunities.
Previous report
Over the past two years, we have been impacted by the macroeconomic environment, such as fluctuations in foreign currencies, elevated interest rates, and geopolitical conflicts like the Russian invasion of Ukraine, Israel's wars with Hamas and Iran, the increased tensions between China and the United States, and the increased tensions between Iran and the United States.
Previous report
Research and development expenses increased $5.3 million, or 39%, primarily driven by an increase in personnel expenses of $4.1 million, an increase in other miscellaneous operating expenses of $0.7 million, and an increase in severance expense of $0.5 million. The increase in personnel costs was driven by decreased work related to R&D Services contracts during the period, which caused a lower proportion of costs to be allocated to cost of revenue.
Reworded paragraphs (57)
Previous wording
Our reporting currency is the U.S. Dollar. The U.S. Dollar exhibited a decrease in strength against the local functional currencies of our foreign subsidiaries for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024. The U.S. Dollar's decrease had a positive impact on our revenue, as approximately one-third of our sales are conducted in foreign currencies. Conversely, the decrease in the value of the U.S. Dollar had an unfavorable impact on our expenses, given that a majority of our workforce resides in countries other than the United States. The financial statements of these subsidiaries are translated into U.S. dollars using exchange rates in effect at each balance sheet date for assets and liabilities and average exchange rates during the period for revenues and expenses. To the extent we experience significant currency fluctuations, our results of operations may be impacted.
Current wording
Our reporting currency is the U.S. Dollar. The U.S. Dollar exhibited a decrease in strength against the local functional currencies of our foreign subsidiaries for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024. The U.S. Dollar's decrease had a positive impact on our revenue, as approximately one-third of our sales are conducted in foreign currencies. Conversely, the decrease in the value of the U.S. Dollar had an unfavorable impact on our expenses, given that a majority of our workforce resides in countries other than the United States. The financial statements of these subsidiaries are translated into U.S. dollars using exchange rates in effect at each balance sheet date for assets and liabilities and average exchange rates during the period for revenues and expenses. To the extent we experience significant currency fluctuations, our results of operations may be impacted.
Previous wording
The macroeconomic environment has caused existing or potential customers to re-evaluate their decision to purchase our offerings, at times resulting in additional customer discounts, extended payment terms, and longer sales cycles. Particularly, government agency delays in approving appropriations bills negatively impacted the timeliness of some of our U.S. federal government orders. Additionally, recent changes to tariffs could cause interruptions in our supply chain and increase spending to meet our obligations. Tariff changes could also cause greater volatility in the Company’s cash flows, as the Company may have to cover expenses related to importing materials into the United States from other affiliated entities, even if it recovers some or all of those costs at a later date.
Current wording
The macroeconomic environment has caused existing or potential customers to re-evaluate their decision to purchase our offerings, at times resulting in additional customer discounts, extended payment terms, and longer sales cycles. Particularly, government agency delays in approving appropriations bills and the recent government shutdown negatively impacted the timeliness of some of our U.S. federal government orders. While recent changes to tariffs have not had a material impact on our business, they could create future supply-chain disruptions or cost pressures.
Previous wording
A strong solar cycle has the potential to impact some of our satellites, accelerating their deorbiting and shortening their useful lives. The solar cycle is the cycle that the sun’s magnetic field goes through approximately every 11 years. In 2019, the National Oceanic and Atmospheric Administration (“NOAA”), National Aeronautics and Space Administration, and the International Space Environment Services panel forecasted that Solar Cycle 25 (December 2019 to approximately 2030) would be relatively weak after a relatively weak Solar Cycle 24 (December 2008 to December 2019). Solar Cycle 25 has proven more intense and has progressed more rapidly than initially projected by NOAA in 2023. While the cycle was originally forecast to peak by late 2024, current data indicates the cycle is peaking around mid-2025, with sunspot activity exceeding that of Solar Cycle 24 and approaching the upper range of 125 smoothed sunspots from earlier predictions. This elevated solar activity has contributed to increased atmospheric drag in low-Earth orbit, leading to accelerated satellite deorbiting and unplanned impacts to orbital operations. Our ability to mitigate these solar cycle effects and maintain timely replenishment of our constellation may adversely affect our results of operations.
Current wording
A strong solar cycle has the potential to impact some of our satellites, accelerating their deorbiting and shortening their useful lives. The solar cycle is the cycle that the sun’s magnetic field goes through approximately every 11 years. In 2019, the NOAA, NASA, and the International Space Environment Services panel forecasted that Solar Cycle 25 (December 2019 to approximately 2030) would be relatively weak after a relatively weak Solar Cycle 24 (December 2008 to December 2019). However, Solar Cycle 25 has been more intense and has progressed more rapidly than initially forecast, with observed solar activity exceeding early projections and reaching elevated levels during the recent solar maximum period. This elevated solar activity has contributed to increased atmospheric drag in low-Earth orbit, leading to accelerated satellite deorbiting and unplanned impacts to orbital operations. Our ability to mitigate these solar cycle effects and maintain timely replenishment of our constellation may adversely affect our results of operations.
Previous wording
We continue investing in growing our business and capitalizing on our market opportunities while balancing the uncertainties from the macroeconomic environment and geopolitical factors. We intend to continue to add headcount to our global sales and marketing teams to acquire new customers and to increase sales to existing customers. We also intend to continue to add headcount as needed to our research and development teams and otherwise invest to improve and innovate our nanosatellite, ground station, and data analytics technologies. Our total headcount across all functions decreased to 370 employees as of June 30, 2025, from 431 employees as of June 30, 2024 primarily due to the sale of the maritime business. We expect headcount will grow, as stated above, from the new post-Transactions baseline. The costs of these investments may adversely affect our results of operations, but we believe that these investments will contribute to our long-term growth.
Current wording
We continue investing in growing our business and capitalizing on our market opportunities while balancing the uncertainties from the macroeconomic environment and geopolitical factors. We intend to continue to add headcount to our global sales and marketing teams to acquire new customers and to increase sales to existing customers. We also intend to continue to add headcount as needed to our research and development teams and otherwise invest to improve and innovate our nanosatellite, ground station, and data analytics technologies. Our total headcount across all functions decreased to 367 employees as of September 30, 2025, from 442 employees as of September 30, 2024 primarily due to the sale of the maritime business. We expect headcount will grow, as stated above, from the new post-Transactions baseline. The costs of these investments may adversely affect our results of operations, but we believe that these investments will contribute to our long-term growth.
Previous wording
The following table summarizes our ARR Net Retention Rate for the three and six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes our ARR Net Retention Rate for the three and nine months ended September 30, 2025 and 2024:
Previous wording
Our ARR Net Retention Rate can be impacted from period to period by large increases or decreases in customer contract value and large decreases in contract value from customers that have not renewed their contracts with us. An ARR Net Retention Rate greater than 100% is an indication that we are growing the value of the solutions our customers are purchasing from us at a fiscal period end versus the prior fiscal period end. An ARR Net Retention Rate less than 100% is an indication that the value of the solutions our customers are purchasing from us declined at a fiscal period end versus the prior fiscal period end. Our ARR Net Retention Rate decreased by 2% and 1% for the three and six months ended June 30, 2025, respectively, primarily driven by the decreased value of NOAA’s radio occultation technology (“RO”) weather award in the three and six months ended June 30, 2025, compared to the value of the corresponding award in the same periods in 2024.
Current wording
Our ARR Net Retention Rate can be impacted from period to period by large increases or decreases in customer contract value and large decreases in contract value from customers that have not renewed their contracts with us. An ARR Net Retention Rate greater than 100% is an indication that we are growing the value of the solutions our customers are purchasing from us at a fiscal period end versus the prior fiscal period end. An ARR Net Retention Rate less than 100% is an indication that the value of the solutions our customers are purchasing from us declined at a fiscal period end versus the prior fiscal period end. Our ARR Net Retention Rate decreased by 4% and 2% for the three and nine months ended September 30, 2025, respectively, primarily driven by the decreased value of NASA's earth observation weather data award in the three and nine months ended September 30, 2025, compared to the value of the corresponding award in the same periods in 2024.
Previous wording
Other Expense, Net. Other expense, net consists primarily of tax credits, grant income, share of equity investment loss, and write-off of certain prepaid assets.
Current wording
Other Expense, Net. Other expense, net consists primarily of tax credits, grant income, share of equity investment loss, and liquidated damages paid to investors in the 2025 Private Placement.
Previous wording
Three and Six Months Ended June 30, 2025, Compared to Three and Six Months Ended June 30, 2024
Current wording
Three and Nine Months Ended September 30, 2025, Compared to Three and Nine Months Ended September 30, 2024
Previous wording
Total revenue decreased $6.2 million, or 24%, for the three months ended June 30, 2025, primarily due to the sale of the maritime business which occurred on April 25, 2025. Additional drivers include a reduction in year-over-year RO-based revenue primarily from the reduced value of NOAA’s RO weather award during the three months ended June 30, 2025, as compared to the prior year period, partially offset by increased ARR from our existing customers and growth in revenue recognized for both Space Services contracts and R&D Services contracts. Our ARR Customers decreased to 160 as of June 30, 2025 down from 663 as of June 30, 2024, or 76%. The decrease in ARR Customers was primarily driven by the sale of the maritime business and our move to de-emphasize sales to customers with very low ARR or revenue. Our ARR Net Retention Rate was 83% and 85% for the three months ended June 30, 2025 and 2024, respectively. The decrease in ARR Net Retention Rate was driven primarily by the decreased value of NOAA’s radio occultation technology (“RO”) weather award, compared to the value of the corresponding award in the same period in 2024.
Current wording
Total revenue decreased $15.9 million, or 56%, for the three months ended September 30, 2025, primarily due to the sale of the maritime business which occurred on April 25, 2025. Additional drivers include a reduction in the value of NASA's earth observation weather data award during the three months ended September 30, 2025, as compared to the prior year period, partially offset by increased ARR from our existing customers and growth in revenue recognized for both Space Services contracts and R&D Services contracts. Our ARR Customers decreased to 162 as of September 30, 2025 down from 565 as of September 30, 2024, or 71%. The decrease in ARR Customers was primarily driven by the sale of the maritime business and our move to de-emphasize sales to customers with very low ARR or revenue. Our ARR Net Retention Rate was 86% and 90% for the three months ended September 30, 2025 and 2024, respectively. The decrease in ARR Net Retention Rate was driven primarily by the decreased value of NASA's earth observation weather data award during the three months ended September 30, 2025, as compared to the prior year period.
Previous wording
We derived 66% of our revenue from the Americas, 31% of our revenue from Europe, the Middle East and Africa (“EMEA”), and 3% of our revenue from Asia Pacific (“APAC”) for the three months ended June 30, 2025. We derived 55% of our revenue from the Americas, 37% of our revenue from EMEA, and 8% of our revenue from APAC for the three months ended June 30, 2024. We derived 76% of our revenue from subscription arrangements for the three months ended June 30, 2025, compared to 78% for the three months ended June 30, 2024. The distribution of our revenue can fluctuate significantly from period to period driven primarily by the timing of the non-subscription revenue recognition in our contracts. Revenue from subscription-based contracts was $14.6 million, or 76%, of total revenue, for the three months ended June 30, 2025, and was $19.7 million, or 78%, of total revenue, for the three months ended June 30, 2024. The proportional decrease in revenue from subscription arrangements was driven by the sale of the maritime business.
Current wording
We derived 62% of our revenue from the Americas, 31% of our revenue from Europe, the Middle East and Africa (“EMEA”), and 7% of our revenue from Asia Pacific (“APAC”) for the three months ended September 30, 2025. We derived 50% of our revenue from the Americas, 43% of our revenue from EMEA, and 7% of our revenue from APAC for the three months ended September 30, 2024. We derived 70% of our revenue from subscription arrangements for the three months ended September 30, 2025, compared to 71% for the three months September 30, 2024. The distribution of our revenue can fluctuate significantly from period to period driven primarily by the timing of the non-subscription revenue recognition in our contracts. Revenue from subscription-based contracts was $8.9 million, or 70%, of total revenue, for the three months ended September 30, 2025, and was $20.2 million, or 71%, of total revenue, for the three months September 30, 2024. The proportional decrease in revenue from subscription arrangements was driven by the sale of the maritime business.
Previous wording
Total revenue decreased $17.2 million, or 29%, for the six months ended June 30, 2025, primarily due to the sale of the maritime business which occurred on April 25, 2025. The decrease was also attributable to items that occurred in the six months ended June 30, 2024 that did not repeat in the six months ended June 30, 2025, including a one-time recognition of $9.6 million of revenue upon satisfaction of a performance obligation for a Space Services customer. Additional drivers include a reduction in year-over-year RO-based revenue primarily from the reduced value of NOAA’s RO weather award during the six months ended June 30, 2025 as compared to the prior year period, partially offset by increased ARR from our existing customers and growth in revenue recognized for both Space Services contracts, excluding the impact of the aforementioned 2024 performance obligation, and R&D Services contracts.
Current wording
Total revenue decreased $33.1 million, or 37%, for the nine months ended September 30, 2025, primarily due to the sale of the maritime business which occurred on April 25, 2025. The decrease was also attributable to items that occurred in the nine months ended September 30, 2024 that did not repeat in the nine months ended September 30, 2025, including a one-time recognition of $9.6 million of revenue upon satisfaction of a performance obligation for a Space Services customer. Additional drivers include a reduction in year-over-year RO-based revenue primarily from the reduced value of NOAA's RO weather data and NASA's earth observation weather data awards during the nine months ended September 30, 2025 as compared to the prior year period.
Previous wording
We derived 61% of our revenue from the Americas, 33% of our revenue from EMEA, and 6% of our revenue from APAC for the six months ended June 30, 2025. We derived 61% of our revenue from the Americas, 32% of our revenue from EMEA, and 7% of our revenue from APAC for the six months ended June 30, 2024. We derived 79% of our revenue from subscription arrangements for the six months ended June 30, 2025, compared to 63% for the six months ended June 30, 2024. The distribution of our revenue can fluctuate significantly from period to period driven primarily by the timing of the non-subscription revenue recognition in our contracts. Revenue from subscription-based contracts was $34.1 million, or 79%, of total revenue, for the six months ended June 30, 2025, and was $37.8 million, or 63%, of total revenue, for the six months ended June 30, 2024. The decrease in total subscription revenue was driven by the sale of the maritime business. The proportional increase in subscription revenue was primarily due to higher revenue from Space Services contracts in the prior-year period.
Current wording
We derived 61% of our revenue from the Americas, 33% of our revenue from EMEA, and 6% of our revenue from APAC for the nine months ended September 30, 2025. We derived 57% of our revenue from the Americas, 36% of our revenue from EMEA, and 7% of our revenue from APAC for the nine months ended September 30, 2024. We derived 77% of our revenue from subscription arrangements for the nine months ended September 30, 2025, compared to 65% for the nine months ended September 30, 2024. The distribution of our revenue can fluctuate significantly from period to period driven primarily by the timing of the non-subscription revenue recognition in our contracts. Revenue from subscription-based contracts was $43.0 million, or 77%, of total revenue, for the nine months ended September 30, 2025, and was $58.0 million, or 65%, of total revenue, for the nine months ended September 30, 2024. The decrease in total subscription revenue was driven by the sale of the maritime business. The increase in subscription revenue as a percentage of total revenue reflects a lower level of non-subscription revenue in the current period, as the prior-year period included elevated Space Services revenue.
Previous wording
Cost of revenue decreased $4.7 million, or 32%, primarily driven by a decrease in depreciation expense of $2.7 million, a decrease in personnel expenses of $1.9 million and a decrease in other miscellaneous expenses of $0.1 million. The decrease in depreciation expense was primarily driven by the acceleration of depreciation in the prior year period to account for the impact of increased solar activity related to the current solar cycle, which resulted in a number of satellites becoming fully depreciated. The decrease in personnel costs was driven by decreased work related to R&D Services contracts during the period, which resulted in a smaller proportion of costs being allocated to cost of revenue.
Current wording
Cost of revenue decreased $7.8 million, or 49%, primarily driven by a decrease in personnel expenses of $3.4 million, a decrease in equipment expenses of $3.0 million, and a decrease in depreciation expense of $0.9 million. The decrease in personnel costs was driven by decreased work related to R&D Services contracts during the period, which resulted in a smaller proportion of costs being allocated to cost of revenue. The decrease in equipment expense was primarily driven by the transfer of our maritime business to the Buyer in the Transactions, after which we no longer incurred the related data service costs. The decrease in depreciation expense was primarily driven by the acceleration of depreciation in the prior year period to account for the impact of increased solar activity related to the current solar cycle, which resulted in a number of satellites becoming fully depreciated.
Previous wording
Gross margin was 42% and 33% for the six months ended June 30, 2025 and 2024, respectively. The increase was driven primarily by the decrease in cost of revenue described above. Our gross margin can fluctuate significantly from period to period driven primarily by the timing of revenue recognition as well as the timing of our technology investments to support future growth.
Current wording
Gross margin was 37% and 45% for the three months ended September 30, 2025 and 2024, respectively. The decrease in gross margin was primarily driven by the lower revenue base, which led to reduced absorption of fixed cost of revenue, partially offset by the decrease in cost of revenue as described above. Our gross margin can fluctuate significantly from period to period driven primarily by the timing of revenue recognition as well as the timing of our technology investments to support future growth.
Previous wording
Cost of revenue decreased $15.1 million, or 38%, primarily driven by a decrease in satellite operation expense of $8.2 million, a decrease in depreciation expense of $4.5 million, a decrease in personnel expenses of $4.4 million, and a decrease in other miscellaneous expenses of $0.1 million, partially offset by an increase in downlink data service expenses of $2.1 million. The decrease in satellite operation expense was driven by the recognition of increased launch costs associated with a Space Services contract in the prior year period that did not recur during the three months ended June 30, 2025. The decrease in depreciation expense was primarily driven by the acceleration of depreciation in the prior year period to account for the impact of increased solar activity related to the current solar cycle, which resulted in a number of satellites becoming fully depreciated. The decrease in personnel costs was driven by decreased work related to R&D Services contracts during the period, which resulted in a smaller proportion of costs being allocated to cost of revenue. The increase in downlink data service expenses was primarily driven by the purchase of supplemental data to support a radio frequency geolocation contract.
Current wording
Cost of revenue decreased $22.9 million, or 41%, primarily driven by a decrease in satellite operation expense of $9.9 million, a decrease in personnel expenses of $6.8 million, and a decrease in depreciation expense of $5.5 million. The decrease in satellite operation expense was driven by the recognition of increased launch costs associated with a Space Services contract in the prior year period that did not recur during the nine months ended September 30, 2025. The decrease in depreciation expense was primarily driven by the acceleration of depreciation in the prior year period to account for the impact of increased solar activity related to the current solar cycle, which resulted in a number of satellites becoming fully depreciated. The decrease in personnel costs was driven by decreased work related to R&D Services contracts during the period, which resulted in a smaller proportion of costs being allocated to cost of revenue.
Previous wording
Gross margin was 49% and 43% for the three months ended June 30, 2025 and 2024, respectively. The increase was driven primarily by the decrease in cost of revenue described above. Our gross margin can fluctuate significantly from period to period driven primarily by the timing of revenue recognition as well as the timing of our technology investments to support future growth.
Current wording
Gross margin was 41% and 37% for the nine months ended September 30, 2025 and 2024, respectively. The increase was driven primarily by the decrease in cost of revenue described above. Our gross margin can fluctuate significantly from period to period driven primarily by the timing of revenue recognition as well as the timing of our technology investments to support future growth.
Previous wording
Research and development expenses increased $2.7 million, or 36%, primarily driven by an increase in personnel expenses of $1.9 million, an increase in severance expense of $0.4 million, and an increase in other miscellaneous operating expenses of $0.4 million. The increase in personnel costs was driven by decreased work related to R&D Services contracts during the period, which caused a lower proportion of costs to be allocated to cost of revenue.
Current wording
Research and development expenses increased $3.5 million, or 62%, primarily driven by an increase in personnel expenses due to decreased work related to R&D Services contracts during the period, which resulted in a lower proportion of costs to be allocated to cost of revenue.
Previous wording
Sales and marketing expenses decreased $0.8 million, or 15%, primarily driven by a decrease in personnel costs. The decrease in personnel costs was driven by an overall reduction in headcount.
Current wording
Sales and marketing expenses decreased $2.8 million, or 50%, primarily driven by a decrease in personnel costs. The decrease in personnel costs was driven by an overall reduction in headcount related to the closing of the Transactions.
Previous wording
Sales and marketing expenses decreased $0.3 million, or 3%, primarily driven by a $1.0 million reduction in personnel costs related to the sale of the Transactions, partially offset by higher bonus payouts related to the Transactions.
Current wording
Sales and marketing expenses decreased $3.2 million, or 20%, primarily driven by a $2.4 million reduction in personnel costs related to the closing of the Transactions, partially offset by higher bonus payouts related to the Transactions.
Previous wording
General and administrative expenses increased $15.0 million, or 75%, primarily driven by an increase in professional services expenses of $8.4 million, an increase in stock-based compensation expense of $2.9 million, an increase in bonus expenses of $2.0 million, an increase in severance expense of $0.9 million, and an increase in other miscellaneous operating expenses of $0.8 million. The increase in professional services fees was primarily driven by higher third-party accounting, legal and other consulting services relating to the restatement of our previously issued financial statements and the Transactions. The increase in stock-based compensation expense was driven by higher equity grants, which resulted in a higher total value of stock-based awards recognized in the current year period. The increase in bonus expenses was driven by bonus payouts related to the Transactions.
Current wording
$2.5 million, and an increase in severance expense of $1.0 million. The increase in professional services fees was primarily driven by higher third-party accounting, legal and other consulting services relating to the restatement of our previously issued financial statements, the Transactions, and our response to the SEC subpoena received in July 2025. The increase in stock-based compensation expense was driven by higher equity grants, which resulted in a higher total value of stock-based awards recognized in the current year period. The increase in bonus expenses was primarily driven by bonus payouts related to the Transactions.
Previous wording
We recognized a non-cash expense of $6.3 million and $0.7 million in the six months ended June 30, 2025 and 2024, respectively. The increase in loss on decommissioned satellites is a result of our decision during the current year period to stop supporting three underperforming satellites during the three months ended March 31, 2025 and the deorbiting of three satellites during the three months ended June 30, 2025.
Current wording
We recognized a non-cash expense of $6.3 million and $1.0 million in the nine months ended September 30, 2025 and 2024, respectively. The increase in loss on decommissioned satellites is a result of our decision during the current year period to stop supporting three underperforming satellites during the three months ended March 31, 2025 and the deorbiting of three satellites during the three months ended June 30, 2025.
Previous wording
Allowance for current expected credit loss on notes receivable decreased for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, due to the related note receivable that had been fully reserved as of December 31, 2024.
Current wording
Allowance for current expected credit loss on notes receivable decreased for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024, due to the related note receivable that had been fully reserved as of December 31, 2024.
Previous wording
Interest income increased by $0.1 million, or 13%, for the three months ended June 30, 2025, primarily due to higher average balances held in marketable securities as a result of the proceeds received via the close of the Transactions on April 25, 2025.
Current wording
Interest income increased by $0.6 million, or 149%, for the three months ended September 30, 2025, primarily due to higher average balances held in marketable securities as a result of the proceeds received via the closing of the Transactions on April 25, 2025.
Previous wording
Interest expense decreased by $3.1 million, or 65%, for the three months ended June 30, 2025, primarily due to the payoff of our Blue Torch loan on April 25, 2025.
Current wording
Interest expense decreased by $4.8 million, or 100%, for the three months ended September 30, 2025, primarily due to the payoff of our Blue Torch loan on April 25, 2025.
Previous wording
Change in fair value of contingent earnout liability was a loss of $0.2 million for the three months ended June 30, 2025, compared to a loss of $1.2 million for the three months ended June 30, 2024. The loss in the three months ended June 30, 2025, was primarily due to an increase in the fair value of the liability driven by an increase in the price for the underlying Class A common stock of the Company. For additional information, see Notes 2 and 9 to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Current wording
Change in fair value of contingent earnout liability was a gain of $0.6 million for the three months ended September 30, 2025, compared to a gain of $0.5 million for the three months ended September 30, 2024. The gain in each of the three months ended September 30, 2025 and 2024 was primarily due to a decrease in the fair value of the liability driven by a decrease in the price for our Class A common stock. For additional information, see Notes 2 and 9 to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Previous wording
Change in fair value of warrant liabilities was a loss of $2.8 million for the three months ended June 30, 2025, compared to a gain of $2.2 million for the three months ended June 30, 2024, a change of 225%. The $2.8 million loss for the three months ended June 30, 2025, was primarily due to an increase in the fair value of the warrant liabilities driven by an increase in the price for the Company's Class A common stock, a key input to the fair value estimation model. The $2.2 million gain for the three months ended June 30, 2024, was primarily due to a decline in the price for the Company's Class A common stock.
Current wording
Change in fair value of warrant liabilities was a gain of $0.1 million for the three months ended September 30, 2025, compared to a gain of $0.9 million for the three months ended September 30, 2024, a decrease of 94%. The gain in each of the three months ended September 30, 2025 and 2024 was primarily due to a decrease in the fair value of the warrant liabilities driven by a decrease in the price for our Class A common stock.
Previous wording
We recognized a foreign exchange gain of $10.8 million for the six months ended June 30, 2025, compared to a foreign exchange loss of $2.3 million for the six months ended June 30, 2024, a change of 569%. The $10.8 million gain for the six months ended June 30, 2025, was primarily due to the remeasurement of intercompany balances denominated in U.S. dollars held by our Luxembourg and U.K. entities and owed to our U.S. entity. The weakening of the U.S. Dollar for the period ended June 30, 2025, relative to the Euro and British Pound Sterling at December 31, 2024, triggered the remeasurement and unrealized gain. The loss of $2.3 million for the six months ended June 30, 2024, was primarily due to the remeasurement of intercompany balances denominated in U.S. dollars held by our Luxembourg entity and owed to our U.S. entity.
Current wording
We recognized an immaterial foreign exchange loss for the three months ended September 30, 2025, compared to a foreign exchange gain of $4.9 million for the three months ended September 30, 2024. The U.S. Dollar remained relatively flat against the Euro and the British Pound Sterling for the period ended September 30, 2025, compared to June 30, 2025. The $4.9 million gain for the three months ended September 30, 2024, was primarily attributable to the remeasurement of intercompany balances denominated in U.S. dollars between our Luxembourg and U.S. entities. The weakening of the U.S. Dollar against the Euro as of September 30, 2024, compared to June 30, 2024, resulted in the remeasurement and related unrealized gain.
Previous wording
Other expense, net was a loss of $0.3 million for the three months ended June 30, 2025, compared to a loss of $0.5 million for the same period in 2024, primarily due to losses on an equity investment for each of the three months ended June 30, 2025 and 2024.
Current wording
Other expense, net was a loss of $0.3 million for the three months ended September 30, 2025, compared to a loss of $0.5 million for the same period in 2024. The loss for the three months ended September 30, 2025 primarily reflected losses on an equity investment and liquidated damages paid to investors in the 2025 Private Placement, partially offset by income received from tax credits. By comparison, the loss for the three months ended September 30, 2024 primarily reflected losses on equity investments and losses on disposal of assets.
Previous wording
Interest income decreased by $0.4 million, or 35%, for the six months ended June 30, 2025, primarily due to a significantly lower average balance of marketable securities during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. We held no marketable securities for the duration of the six months ended June 30, 2025 prior to the closing of the Transactions on April 25, 2025 as compared to an average balance of $17.0 million of marketable securities for the six months ended June 30, 2024.
Current wording
Interest income increased by $0.2 million, or 17%, for the nine months ended September 30, 2025, primarily due to a significantly higher average balance of marketable securities during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. We held no marketable securities prior to the closing of the Transactions on April 25, 2025. The average balance of marketable securities was $44.0 million and $14.7 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Interest expense decreased by $2.4 million, or 25%, for the six months ended June 30, 2025, primarily due to the payoff of our Blue Torch loan on April 25, 2025.
Current wording
Interest expense decreased by $7.2 million, or 49%, for the nine months ended September 30, 2025, primarily due to the payoff of our Blue Torch loan on April 25, 2025.
Previous wording
Gain on sale of a business was $154.3 million for the three months ended June 30, 2025, with no comparable amount for the three months ended June 30, 2024. The gain was driven by the excess of proceeds from the sale of the maritime business over the net book value of the assets sold, net of transaction costs and other related adjustments.
Current wording
Gain on sale of a business was $154.3 million for the nine months ended September 30, 2025, with no comparable amount for the nine months ended September 30, 2024. The gain was driven by the excess of proceeds from the sale of the maritime business over the net book value of the assets sold, net of transaction costs and other related adjustments.
Previous wording
Loss on extinguishment of debt was $12.0 million for the three months ended June 30, 2025, with no comparable amount for the three months ended June 30, 2024. The loss was primarily related to the payoff of existing debts, most significantly our Blue Torch loan, and includes applicable premium, exit fees, legal fees, and other fees.
Current wording
Loss on extinguishment of debt was $12.0 million for the nine months ended September 30, 2025, with no comparable amount for the nine months ended September 30, 2024. The loss was primarily related to the payoff of existing debts, most significantly our Blue Torch loan, and includes applicable premium, exit fees, legal fees, and other fees.
Previous wording
Change in fair value of contingent earnout liability was a gain of $0.8 million for the six months ended June 30, 2025, compared to a loss of $1.2 million for the six months ended June 30, 2024, a change of 166%. The gain for the six months ended June 30, 2025, was primarily due to a decrease in the fair value of the liability driven by the decline of the price for the underlying Class A common stock of the Company. The loss for the six months ended June 30, 2024, was primarily driven by an increase in the fair value of the liability driven by an increase in the price of the underlying Class A common stock of the Company and a higher volatility rate of the Company's Class A common stock, each key inputs of the fair value estimation model for the period. For additional information, see Notes 2 and 9 to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Current wording
Change in fair value of contingent earnout liability was a gain of $1.4 million for the nine months ended September 30, 2025, compared to a loss of $0.7 million for the nine months ended September 30, 2024, a change of 299%. The gain for the nine months ended September 30, 2025, was primarily due to a decrease in the fair value of the liability driven by the decline of the price for the Company's Class A common stock. The loss for the nine months ended September 30, 2024, was primarily driven by an increase in the fair value of the liability driven by an increase in the price of the Company's Class A common stock and a higher volatility rate of the Company's Class A common stock, each key inputs of the fair value estimation model for the period. For additional information, see Notes 2 and 9 to our unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
Previous wording
Change in fair value of warrant liabilities was a gain of $3.0 million for the six months ended June 30, 2025, compared to a loss of $2.0 million for the six months ended June 30, 2024, a change of 255%. The $3.0 million gain for the six months ended June 30, 2025, was primarily due to a decrease in the fair value of the warrant liabilities driven by the decline of the underlying Class A common stock price. The $2.0 million loss for the six months ended June 30, 2024, was primarily due to the appreciation of the underlying Class A common stock valuation for the warrants issued to Blue Torch.
Current wording
Change in fair value of warrant liabilities resulted in a gain of $3.1 million for the nine months ended September 30, 2025, compared to a loss of $1.1 million for the nine months ended September 30, 2024, a change of 379%. The $3.1 million gain for the nine months ended September 30, 2025, was primarily driven by a decrease in the fair value of the warrant liabilities resulting from the decline of the Company's Class A common stock price. Additionally, all warrants except the Urgent Warrants were exercised on or before June 20, 2025; therefore, those exercised warrants no longer impact the changes in fair value of warrant liabilities after such date. The $1.1 million loss for the nine months ended September 30, 2024, was primarily due to the increase of the Company's Class A common stock valuation for the warrants issued to Blue Torch.
Previous wording
There was no issuance of stock warrant expense for the six months ended June 30, 2025. During the six months ended June 30, 2024, issuance of stock warrants was a net loss of $2.4 million, relating to a definitive Securities Purchase Agreement with institutional investors.
Current wording
There was no issuance of stock warrant expense for the nine months ended September 30, 2025. During the nine months ended September 30, 2024, issuance of stock warrants was a net loss of $2.4 million, relating to a definitive Securities Purchase Agreement with institutional investors.
Previous wording
We recognized a foreign exchange gain of $7.0 million for the three months ended June 30, 2025, compared to a foreign exchange loss of $0.5 million for the three months ended June 30, 2024. The $7.0 million gain for the three months ended June 30, 2025, was primarily due to the remeasurement of intercompany balances denominated in U.S. dollars held by our Luxembourg and U.K. entities and owed to our U.S. entity. The weakening of the U.S. Dollar for the period ended June 30, 2025, relative to the Euro and British Pound Sterling at March 31, 2025, triggered the remeasurement and unrealized gain. The loss of $0.5 million for the three months ended June 30, 2024, was primarily due to the remeasurement of intercompany balances denominated in U.S. dollars between our Luxembourg entity and our U.S. entity denominated in U.S. dollars. The strengthening of the U.S. Dollar for the period ended June 30, 2024, relative to the Euro at March 31, 2024, triggered the remeasurement and unrealized losses.
Current wording
We recognized a foreign exchange gain of $10.8 million for the nine months ended September 30, 2025, compared to a foreign exchange gain of $2.6 million for the nine months ended September 30, 2024, a change of 319%. The $10.8 million gain for the nine months ended September 30, 2025, was primarily due to the remeasurement of intercompany balances denominated in U.S. dollars held by our Luxembourg and U.K. entities and owed to our U.S. entity. The weakening of the U.S. Dollar for the period ended September 30, 2025, relative to the Euro and British Pound Sterling at December 31, 2024, triggered the remeasurement and unrealized gain. The gain of $2.6 million for the nine months ended September 30, 2024, was primarily due to the remeasurement of intercompany balances denominated in U.S. dollars held by our Luxembourg entity and owed to our U.S. entity. The weakening of the U.S. Dollar for the period ended September 30, 2024, relative to the Euro at December 31, 2023, triggered the remeasurement and unrealized gain.
Previous wording
Other expense, net was a loss of $0.5 million for the three months ended June 30, 2025, a decrease of 50% compared to a loss of $1.0 million for the six months ended June 30, 2024, primarily due to a higher value for disposed of assets in the six months ended June 30, 2024.
Current wording
Other expense, net was a loss of $0.8 million for the nine months ended September 30, 2025, a decrease of 48% compared to a loss of $1.5 million for the nine months ended September 30, 2024, primarily due to a higher value for disposed of assets in the nine months ended September 30, 2024.
Previous wording
The income tax provision increased for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024, due to taxable income recognized from the gain on the sale of the maritime business.
Current wording
Income tax provision decreased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to a change in the annualized effective tax rate, which was based on revised forecasts of annual income. Income tax provision increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to taxable income recognized from the gain on the sale of the maritime business.
Previous wording
On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing the impact of the OBBBA on our consolidated financial statements.
Current wording
On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We believe the tax changes included in the OBBBA will not materially impact our income tax provision.
Previous wording
We define EBITDA as net income (loss), plus depreciation and amortization expense, plus interest, net, and plus income tax provision.
Current wording
We define EBITDA as net (loss) income, plus depreciation and amortization expense, plus interest, net, and plus income tax provision.
Showing the first 40 of 57 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Three Months Ended September 30, 2025, Compared to Three Months Ended September 30, 2025
Current report — wording carried from elsewhere
General and administrative expenses increased $16.4 million, or 51%, primarily driven by an increase in professional services expenses of $8.6 million, an increase in stock-based compensation expense of $2.9 million, an increase in bonus expenses of
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
We completed the sale of our maritime business.
Previous report — wording carried elsewhere
General and administrative expenses increased $7.2 million, or 72%, primarily driven by an increase in stock-based compensation expense of $2.3 million, an increase in professional services expenses of $1.9 million, an increase in bonus expenses of $1.8 million, an increase in severance expense of $0.8 million, and an increase in other miscellaneous operating expenses of $0.4 million. The increase in stock-based compensation expense was driven by higher equity grants, which resulted in a higher total value of stock-based awards recognized in the current year period. The increase in professional services fees was primarily driven by higher third-party legal and accounting services relating to the Transactions. The increase in bonus expenses was driven by bonus payouts related to the Transactions.
Previous report — wording carried elsewhere
We recognized a non-cash expense of $1.1 million and $0.5 million in the three months ended June 30, 2025 and 2024, respectively. The increase in loss on decommissioned satellites is primarily a result of the deorbiting of three satellites during the three months ended June 30, 2025.
Previous report — wording carried elsewhere
Gain on sale of a business was $154.3 million for the six months ended June 30, 2025, with no comparable amount for the six months ended June 30, 2024. The gain was driven by the excess of proceeds from the sale of the maritime business over the net book value of the assets sold, net of transaction costs and other related adjustments.
Previous report — wording carried elsewhere
Loss on extinguishment of debt was $12.0 million for the six months ended June 30, 2025, with no comparable amount for the six months ended June 30, 2024. The loss was primarily related to the payoff of existing debts, most significantly our Blue Torch loan, and includes applicable premium, exit fees, legal fees, and other fees.