# Spire Global, Inc. (SPIR) Informational only - not investment advice. CIK: 0001816017 SIC: 4899 Communications Services, NEC SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Communications](/major-group/48/) > [SIC 4899 Communications Services, NEC](/industry/4899/) Latest 10-K filed: 2026-03-19 SEC page: https://www.sec.gov/edgar/browse/?CIK=1816017 Filing source: https://www.sec.gov/Archives/edgar/data/1816017/000119312526116169/spir-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-19 · accession 0001193125-26-116169 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001816017.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 71,553,000 USD | 2025 | verified | | Net income | 51,305,000 USD | 2025 | verified | | Assets | 210,992,000 USD | 2025 | verified | | Free cash flow | -92,605,000 USD | 2025 | computed | | Net margin | 71.70% | 2025 | computed | | Operating margin | -134.14% | 2025 | computed | | Revenue YoY | -35.22% | 2025 | computed | | ROE | 45.43% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | SPIR | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 71.7% | 0.3% | 100 | 8 | | Operating margin | -134.1% | 2.2% | 0 | 8 | | Revenue growth | -35.2% | 4.9% | 0 | 9 | | ROE | 45.4% | -0.7% | 100 | 9 | | ROA | 24.3% | -0.2% | 100 | 9 | | Liabilities / equity | 0.87 | 4.47 | 12 | 9 | | Current ratio | 1.30 | 2.41 | 12 | 9 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4899 Communications Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 71553000 | USD | 2025 | 2026-03-19 | | Net income | 51305000 | USD | 2025 | 2026-03-19 | | Assets | 210992000 | USD | 2025 | 2026-03-19 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001816017.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 28,490,000 | 43,375,000 | 70,767,000 | 97,612,000 | 110,451,000 | 71,553,000 | | Net income | | -32,504,000 | -38,090,000 | -99,012,000 | -77,558,000 | -103,359,000 | 51,305,000 | | Operating income | | -26,011,000 | -67,826,000 | -78,875,000 | -58,780,000 | -69,275,000 | -95,981,000 | | Gross profit | | 18,205,000 | 24,655,000 | 17,141,000 | 38,588,000 | 39,875,000 | 29,163,000 | | Diluted EPS | | -1.85 | -0.61 | -5.66 | -3.96 | -4.28 | 1.49 | | Operating cash flow | | -14,773,000 | -57,986,000 | -45,741,000 | -36,307,000 | -18,453,000 | -59,829,000 | | Capital expenditures | | 10,314,000 | 15,421,000 | 20,994,000 | 17,352,000 | 26,581,000 | 32,776,000 | | Assets | | 44,422,000 | 290,194,000 | 255,985,000 | 239,264,000 | 193,575,000 | 210,992,000 | | Liabilities | | 93,158,000 | 99,987,000 | 164,854,000 | 201,480,000 | 205,262,000 | 98,064,000 | | Stockholders' equity | -18,655,000 | -48,736,000 | 190,207,000 | 91,131,000 | 37,784,000 | -11,687,000 | 112,928,000 | | Cash and cash equivalents | | 15,571,000 | 109,256,000 | 47,196,000 | 29,136,000 | 19,206,000 | 24,813,000 | | Free cash flow | | -25,087,000 | -73,407,000 | -66,735,000 | -53,659,000 | -45,034,000 | -92,605,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | -114.09% | -87.82% | -139.91% | -79.46% | -93.58% | 71.70% | | Operating margin | | -91.30% | | -111.46% | -60.22% | -62.72% | -134.14% | | Return on equity | | | -20.03% | -108.65% | -205.27% | | 45.43% | | Return on assets | | -73.17% | -13.13% | -38.68% | -32.42% | -53.39% | 24.32% | | Liabilities / equity | | | 0.53 | 1.81 | 5.33 | | 0.87 | | Current ratio | | 1.68 | 5.28 | 2.46 | 1.47 | 0.61 | 1.30 | ## As-reported value updates 24 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/SPIR/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001816017.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | -0.27 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | -0.16 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | -17,673,000 | -0.12 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 26,493,000 | -16,266,000 | -0.11 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 27,317,000 | -17,795,000 | -0.86 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 27,725,000 | -12,222,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 25,688,000 | -25,256,000 | -1.16 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 28,568,000 | -12,473,000 | -0.50 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 21,659,000 | -48,242,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 23,876,000 | -20,657,000 | -0.77 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 19,182,000 | 119,160,000 | 3.72 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 12,670,000 | -19,676,000 | -0.61 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 15,825,000 | -24,980,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 15,834,000 | | -0.78 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 18,048,000 | -19,969,000 | -0.52 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from SPIR's latest 10-K: [/company/SPIR/business/](/company/SPIR/business/). ## Risk Factors Verbatim Item 1A Risk Factors from SPIR's latest 10-K: [/company/SPIR/risk-factors/](/company/SPIR/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1816017/000119312526347865/spir-20260630.htm Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub. Confidence: high Filing date: 2026-08-13 Report date: 2026-06-30 Overview We are 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. We build, own, and operate a fully deployed constellation of multi-purpose nanosatellites that observe the Earth in real time using radio frequency (“RF”) technology. The data acquired by our satellites provide global weather intelligence, aircraft and ship movements, and spoofing and jamming detection to help predict how these patterns affect economies, global security, business operations, and the environment. Additionally, we deliver space-based intelligence through a mission-ready satellite network and military-grade analytics. Our platform supports persistent signal monitoring, source detection, and asset tasking across any global region of interest. We also offer Space Services solutions that enable our customers to deploy and scale their own constellation, by leveraging our proven space platform, global ground station network, end-to-end manufacturing facility, and extensive launch partnership network. We operate in the “listening” (RF) satellite market. We do not operate in the “looking” (imagery) or “talking” (communications) satellite markets. 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. The data is then autonomously moved from ground stations to proprietary data warehouses for cleansing, standardization, fusion and analysis. Our customers receive proprietary data, analysis, and predictive data and solutions delivered seamlessly in real and near real-time. For each data solution, we have the capability to offer customers a variety of features and additional value. The four forms of data we monetize 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; and • Data Solutions: Data-driven actionable recommendations to solve specific business problems, utilizing the full spectrum of our data analytics suite. We monetize our proprietary solutions across a broad and growing range of current and target governments and industries including agriculture, logistics, financial services, insurance, aviation operations, energy, and academia, among others. The solutions we provide include space reconnaissance, aviation, weather and climate, and space services. 34 • Space Reconnaissance: Mission critical satellite data supporting intelligence, and national security operations; • Aviation: Insights for highly accurate aircraft monitoring, safety and route optimization; • Weather and Climate: Data, insights, and predictive AI analytics for advanced weather forecasts that power high impact decisions: • Space Services: Low risk, quick delivery development life cycle and proprietary infrastructure providing space-as-a-service; and • Maritime: Precise space-based data used for highly accurate ship monitoring, ship safety, and route optimization, the majority of which was sold in the Maritime Transaction. We also offer research and development services (“R&D Services”) to third parties for the advancement of contracted satellite technologies. In addition to providing R&D Services, we grant the counterparty a license to the developed intellectual property. Recent Developments On April 8, 2026, we entered into the 2026 Securities Purchase Agreement with the purchasers named therein for the 2026 Private Placement of 5,000,000 shares of our Class A common stock at a purchase price of $14.00 per share. The aggregate net proceeds from the 2026 Private Placement were approximately $65.4 million, and the 2026 Private Placement closed on April 10, 2026. Highlights from the Six Months Ended June 30, 2026 • We successfully received the first data from our Hyperspectral Sounder demonstrator satellite. • We successfully launched our seventh Optical Inter-Satellite Link satellite, marking a further development in our capabilities for direct optical communication between satellites. In July, Spire achieved a milestone in its Optical Inter-Satellite Link program, successfully establishing a cross-plane laser connection between two O-ISL equipped satellites. • We successfully demonstrated single-satellite RFGL techniques on orbit, including the detection and geolocation of S-band and X-band radio frequency signals. • We successfully established a satellite manufacturing facility in Munich to support sovereign space-based intelligence capabilities. • We signed a Memorandum of Understanding (MoU) with Schaeffler AG, with the intent to build a sovereign European space hardware and mission business before the end of this decade. • We signed a Memorandum of Understanding (MoU) with Diehl Defence, a leading German systems integrator for air defense and guided missile systems, to advance space-based early warning and reconnaissance capabilities. • We successfully shipped 10 satellites to Vandenberg Space Force Base in June for a subsequent launch in early July. As of July, we have launched 29 satellites across three missions in 2026. Key Factors Affecting Our Performance We believe that our current and future performance depends on many factors, including, but not limited to, those described below. While these areas present significant opportunity, they also present risks that we must manage to achieve successful results. For additional information about these risks, see the section titled “Risk Factors” in Part I, Item 1A of our 2025 Form 10-K. If we are unable to address these risks, our business and results of operations could be adversely affected. Expansion of and Further Penetration of Our Customer Base We employ a “land and expand” business model that focuses on efficiently acquiring new customers (“land”) and then growing our relationships with these customers over time (“expand”). We have the ability to offer customers additional data sets and a variety of enhanced features that potentially grow the value of the services for which our customers contract with us. Our future revenue growth and profitability are dependent upon our ability to continue to land new customers and then expand adoption of our solutions within their organizations. 35 Expansion into New Industries and Geographies As our solutions grow, we continue to focus on further penetration of current and target governments and industries including agriculture, logistics, financial services, insurance, aviation operations, energy and academia, among others. We are also investing sales and marketing resources into additional geographies. Our revenue growth is dependent upon our ability to continue to expand into new industries and geographies. The costs associated with these expansions may adversely affect our results of operations. Investment in Growth 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 add headcount as needed to our research and development teams to increase satellite design, manufacturing and checkout speed as well as improve latency, reliability and satellite life. 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. Impact of Foreign Exchange Rates Our reporting currency is the U.S. Dollar. The functional currencies of our foreign operating subsidiaries is the local currency in which each subsidiary operates, including the Euro, the British Pound Sterling, the Singapore Dollar and the Canadian Dollar. The U.S. Dollar weakened against these local functional currencies for the three and six months ended June 30, 2026 compared with the three and six months ended June 30, 2025. Approximately one-third of our sales are denominated in foreign currencies, so a weaker U.S. Dollar generally has a positive effect on revenue. Conversely, operating expenses are primarily incurred outside the U.S., so a weaker U.S. Dollar increases expenses. For additional information, see Note 2 to our consolidated financial statements included in Part II, Item 8 of the 2025 Form 10-K. 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 revenue and expenses. To the extent we experience significant currency fluctuations, our results of operations may be impacted. Macroeconomic and Geopolitical Impact The macroeconomic environment may cause 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. In particular, delays in approving appropriations bills and recent government funding disruptions have and may continue to negatively affect the timing of certain U.S. federal government orders. Negative macroeconomic conditions, including elevated inflation, interest rate volatility, credit market disruptions, trade restrictions and tariffs, and geopolitical tensions, civil unrest, or armed conflicts, have and may continue to affect customer purchasing patterns, occasionally resulting in selective project delays or extended sales cycles. Although imposition of tariffs or other trade restrictions have not had a material impact on our business, they could create future supply-chain disruptions or cost pressures. For additional information, see “Risk Factors—Risks Related to Our Industry and Business—Uncertain macroeconomic and geopolitical conditions have negatively impacted, and may continue to impact, our business, financial condition, and results of operations.” in Part I, Item 1A of the 2025 Form 10-K. 36 Key Business Metrics We primarily use remaining performance obligations (“RPO”) and Adjusted EBITDA to help us evaluate our business, identify trends, and make strategic decisions. For further information regarding Adjusted EBITDA, see “Non-GAAP Financial Measures” below. Remaining Performance Obligations RPO represents the total amount of contracted revenue that has not yet been recognized, which includes contract liabilities and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. As of June 30, 2026, we expect to recognize our RPO over the following future periods (in thousands): [[GREPCENT_TABLE]] [["","","June 30, 2026"],["1 to 12 months","","$","51,390","","","","38","%"],["13 to 24 months","","","41,433","","","","31","%"],["25 to 36 months","","","27,005","","","","20","%"],["37 to 48 months","","","11,022","","","","8","%"],["Remaining","","","3,617","","","","3","%"],["Total","","$","134,467","","","","100","%"]] [[/GREPCENT_TABLE]] Components of Results of Operations Revenue We derive revenue from providing data, insights and access to our cloud-based technology platform sold on a subscription basis. Some of our customer arrangements include additional performance obligations that encompass the delivery of specific goods, services or intellectual property apart from the ongoing services provided on a subscription basis, which may impact the timing of revenue recognition. Additionally, some of our customer arrangements include material rights to receive discounted sub [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1816017/000119312526116169/spir-20251231.htm Complete FY 2025 MD&A: /company/SPIR/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2026-03-19 Report date: 2025-12-31 Overview We are 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. We build, own, and operate a fully deployed constellation of multi-purpose nanosatellites that observe the Earth in real time using RF technology. The data acquired by our satellites provide global weather intelligence, aircraft and ship movements, and spoofing and jamming 32 detection to help predict how these patterns affect economies, global security, business operations, and the environment. Additionally, we deliver space-based intelligence through a mission-ready satellite network and military-grade analytics. Our platform supports persistent signal monitoring, source detection, and asset tasking across any global region of interest. We also offer Space Services solutions that enable our customers to deploy and scale their own constellation, by leveraging our proven space platform, global ground station network, end-to-end manufacturing facility, and extensive launch partnership network. We operate in the “listening” (radio frequency) satellite market. We do not operate in the “looking” (imagery) or “talking” (communications) satellite markets. 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. The data is then autonomously moved from ground stations to proprietary data warehouses for cleansing, standardization, fusion and analysis. Our customers receive proprietary data, analysis, and predictive data and solutions delivered seamlessly in real and near real-time. For each data solution, we have the capability to offer customers a variety of features and additional value. The four forms of data we monetize 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; and • Data Solutions: Data-driven actionable recommendations to solve specific business problems, utilizing the full spectrum of our data analytics suite. We monetize our proprietary solutions across a broad and growing range of current and target governments and industries including agriculture, logistics, financial services, insurance, aviation operations, energy, and academia, among others. The solutions we provide include space reconnaissance, aviation, weather and climate, and space services. • Space Reconnaissance: Mission critical satellite data supporting intelligence, and national security operations; • Aviation: Insights for highly accurate aircraft monitoring, safety and route optimization; • Weather and Climate: Data, insights, and predictive AI analytics for advanced weather forecasts that power high impact decisions: • Space Services: Low risk, quick delivery development life cycle and proprietary infrastructure providing space-as-a-service; and • Maritime: Precise space-based data used for highly accurate ship monitoring, ship safety, and route optimization, the majority of which was sold in the Maritime Transaction. We also offer research and development services (“R&D Services”) to third parties, for the advancement of contracted satellite technologies. In addition to providing R&D Services, we grant the counterparty a license to the developed intellectual property. Highlights for the Year Ended December 31, 2025 • We announced the successful two-way laser communication between our satellites in space. • We announced the launch of AI weather models built on NVIDIA Omniverse Blueprint for Earth-2. • We completed the sale of our maritime business and eliminated all debt for the company. • We announced that Myriota Pty Ltd expanded its agreement with us to scale its Internet of Things constellation with 16 more satellites. • We announced the launch of our new space-based radio frequency intelligence capabilities for defense and security. 33 • We were awarded a $2.5 million nine-month National Oceanic and Atmospheric Administration (“NOAA”) contract for satellite weather data. • We were awarded an $11.2 million one-year NOAA contract for global navigation satellite system RO data. • We were awarded a €3 million renewal contract from European Organisation for the Exploitation of Meteorological Satellites for satellite weather data, covering a one-year term. • We were awarded a contract by Deloitte to deliver advanced satellite capabilities, expanding their on-orbit cyber and data operations, • We were selected by the Missile Defense Agency for a scalable homeland innovative enterprise layered defense indefinite delivery, indefinite quantity contract. Recent Developments Sale of Maritime Business On April 25, 2025, we completed the sale of our maritime business to Kpler Holding SA for approximately $238.9 million. The sale did not include any portion of our satellite network or operations. As part of the transaction, a portion of the proceeds was used to settle a prior dispute with L3Harris pursuant to a settlement agreement providing for the full and complete resolution and release of all disputes asserted in connection with the A&R L3 Harris Agreement between exactEarth and L3 Harris, and to repay all outstanding obligations under our financing agreements, including the Blue Torch and SIF loan facilities. For additional information, see Note 6 and Note 7 to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. Key Factors Affecting Our Financial Performance We believe that our current and future performance depends on many factors, including, but not limited to, those described below. While these areas present significant opportunity, they also present risks that we must manage to achieve successful results. For additional information, see “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K. If we are unable to address these risks, our business and results of operations could be adversely affected. Expansion of and Further Penetration of Our Customer Base We employ a “land and expand” business model that focuses on efficiently acquiring new customers (“land”) and then growing our relationships with these customers over time (“expand”). We have the ability to offer customers additional data sets and a variety of enhanced features that potentially grow the value of the services for which our customers contract with us. Our future revenue growth and profitability are dependent upon our ability to continue to land new customers and then expand adoption of our solutions within their organizations. Expansion into New Industries and Geographies As our solutions grow, we continue to focus on further penetration of current and target governments and industries including agriculture, logistics, financial services, insurance, aviation operations, energy and academia, among others. We are also investing sales and marketing resources into additional geographies. Our revenue growth is dependent upon our ability to continue to expand into new industries and geographies. The costs associated with these expansions may adversely affect our results of operations. Investment in Growth We continue investing in growing our business and capitalizing on our market opportunities while balancing the uncertainties from the macro-economic 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 add headcount as needed to our research and development teams to increase satellite design, manufacturing and checkout speed as well as improve latency, reliability and satellite life. 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. 34 Impact of Foreign Exchange Rates Our reporting currency is the U.S. Dollar. The functional currencies of our foreign operating subsidiaries is the local currency in which each subsidiary operates, including the Euro, the British Pound, the Singapore Dollar and the Canadian Dollar. The U.S. Dollar weakened against these local functional currencies for the year ended December 31, 2025 compared with the year ended December 31, 2024. Approximately one-third of our sales are denominated in foreign currencies, so a weaker U.S. Dollar generally has a positive effect on revenue. Conversely, operating expenses are primarily incurred outside the U.S., so a weaker U.S. Dollar increases expenses. For additional information, see Note 2 to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. 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 revenue and expenses. To the extent we experience significant currency fluctuations, our results of operations may be impacted. Macroeconomic and Geopolitical Impact The macroeconomic environment may cause 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. In particular, delays in approving appropriations bills and recent government funding disruptions have and may continue to negatively affect the timing of certain U.S. federal government orders. Negative macroeconomic conditions, including elevated inflation, interest rate volatility, credit market disruptions, trade restrictions and tariffs, and geopolitical tensions, civil unrest, or armed conflicts, have and may continue to affect customer purchasing patterns, occasionally resulting in selective project delays or extended sales cycles. Although imposition of tariffs or other trade restrictions have not had a material impact on our business, they could create future supply-chain disruptions or cost pressures. For additional information, see “Risk Factors—Risks Related to Our Industry and Business—Uncertain macroeconomic and geopolitical conditions have negatively impacted, and may continue to impact, our business, financial condition, and results of operations.” in Part I, Item 1A of this Annual Report on Form 10-K. 35 Key Business Metrics We primarily use remaining performance obligations (“RPO”) and Adjusted EBITDA to help us evaluate our business, identify trends, and make strategic decisions. For further information regarding Adjusted EBITDA, see “Non-GAAP Financial Measures” below. Remaining Performance Obligations RPO represents the total amount of contracted revenue that has not yet been recognized, which includes contract liabilities and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. As of December 31, 2025, we expect to recognize our RPO over the following future periods (in thousands): [[GREPCENT_TABLE]] [["","","December 31, 2025"],["1 to 12 months(1)","","$","75,573","","","","37","%"],["13 to 24 months","","","60,219","","","","30","%"],["25 to 36 months","","","43,792","","","","22","%"],["37 to 48 months","","","13,908","","","","7","%"],["Remaining","","","8,267","","","","4","%"],["Total","","$","201,759","","","","100","%"]] [[/GREPCENT_TABLE]] (1) In March 2026, we received notice from our customer to suspend work under a contract. The contract has not been terminated, and our customer has until August 29, 2026 to either cancel the suspension or terminate t [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/SPIR/mda/fy2025/ All MD&A years: /company/SPIR/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/SPIR/mda/fy2024/): filed 2025-03-31; accession 0000950170-25-047695 (https://www.sec.gov/Archives/edgar/data/1816017/000095017025047695/spir-20241231.htm) - [FY 2023 MD&A](/company/SPIR/mda/fy2023/): filed 2024-03-06; accession 0000950170-24-027164 (https://www.sec.gov/Archives/edgar/data/1816017/000095017024027164/spir-20231231.htm) - [FY 2022 MD&A](/company/SPIR/mda/fy2022/): filed 2023-03-15; accession 0000950170-23-008177 (https://www.sec.gov/Archives/edgar/data/1816017/000095017023008177/spir-20221231.htm) - [FY 2021 MD&A](/company/SPIR/mda/fy2021/): filed 2022-03-30; accession 0000950170-22-005052 (https://www.sec.gov/Archives/edgar/data/1816017/000095017022005052/spir-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4899 Communications Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [M2SL](/indicator/M2SL/): M2 Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/SPIR.md · JSON record: /company/SPIR.json · verified financials: /company/SPIR/financials.json / /company/SPIR/financials.csv · machine TOC for the whole site: /llms.txt