Spire Global Inc - SPIR STOCK NEWS

Spire Global (NYSE: SPIR) announced a planned leadership transition, with COO Theresa Condor appointed as CEO effective January 1, 2025, while current CEO Peter Platzer will become Executive Chairman. The company also appointed two aerospace veterans: Celia Pelaz as COO and Gabriel Oehme as Chief Transformation Officer, both starting January 6, 2025. The transition follows Spire's recent agreement to sell its maritime business for $241 million, which will be used to retire debt and invest in growth. Additionally, CFO Leo Basola will step down following completion of accounting review and restatement, with former CFO Thomas Krywe serving interim.

Spire Global (NYSE: SPIR) has been selected by LatConnect60 to provide GNSS-R data and Soil Moisture Insights for improving sustainable agriculture practices. LatConnect60 will integrate Spire's data into its web-based platforms to deliver actionable intelligence for water management and crop monitoring across Southeast Asia and Australia. The partnership combines LatConnect60's satellite fleet capabilities with Spire's GNSS-R technology to provide daily soil moisture readings at 500-meter and six-kilometer resolutions, even in challenging conditions like heavy cloud cover and dense canopy environments.

Spire Global (NYSE: SPIR) has announced an agreement to sell its maritime business to Kpler for approximately $241 million, comprising $233.5 million purchase price and $7.5 million for services. The purchase price values the portfolio at ~5.8x trailing twelve months revenue. Spire will retain its satellite network and continue serving aviation, weather, space services, and U.S. government maritime customers. The company plans to use proceeds to retire all outstanding debt and invest in growth opportunities, focusing on climate change and global security challenges. The transaction is expected to close by Q1 2025.

Spire Global (NYSE: SPIR) reported its highest quarterly bookings of $40.0 million in Q3 2024. The company's cash position decreased from $45.8M to $36.6M after making a $10.0M loan payment to Blue Torch Finance. Spire is conducting an accounting review focusing on revenue recognition practices for Space Services and R&D contracts. The company will restate previous financial statements, recognizing Space Services revenue over the data delivery period rather than pre-space activities. Most satellites don't qualify for embedded lease treatment. R&D contract revenue will shift to a percentage-of-completion methodology. The company expects to file restated financials and Q2/Q3 2024 reports by February 19, 2025.

Spire Global (NYSE: SPIR) and OroraTech have been awarded a NASA contract to develop space-based capabilities for wildfire early detection and monitoring. The partnership will create a low-cost orbital solution for monitoring wildfire-prone areas in the United States. The project combines Spire's space and ground systems expertise with OroraTech's thermal infrared sensing technology. By 2025, the companies plan to launch eight wildfire-detecting satellites (OTC-P1), creating the largest constellation dedicated to wildfire monitoring. This initiative addresses the projected 30% increase in extreme wildfires by 2050, according to UN reports.

Spire Global and Mission Control have announced a collaborative mission at the International Aeronautical Congress (IAC) to explore the power of artificial intelligence (AI) in space. The Persistence Mission aims to demonstrate how AI can be reliably used onboard satellites for long periods to generate real-time actionable insights.

Spire will build and operate the LEMUR 6, a 6U satellite with an optical payload for Earth imaging. Mission Control will showcase its SpacefarerAI™ platform, designed to streamline AI model deployment and updates for spaceflight applications. The mission, supported by the Canadian Space Agency, is scheduled for launch no earlier than 2025.

This collaboration aims to advance on-orbit AI processing, potentially revolutionizing Earth observation and space exploration by moving intelligence to the edge, directly onboard spacecraft.

Spire Global, Inc. (NYSE: SPIR) has been awarded a $3,832,500 contract by the National Oceanic and Atmospheric Administration (NOAA) to provide radio occultation (RO) data for one year, from September 18, 2024, to September 18, 2025. This data, consisting of vertical profiles of atmospheric measurements, will be used for NOAA's operational weather forecasts, space weather models, and climate research. The contract is part of an Indefinite Delivery Indefinite Quantity (IDIQ) agreement with a $59 million ceiling for NOAA's Commercial Weather Data Program's Radio Occultation Data Buy II.

Spire Global (NYSE: SPIR), a leading provider of space-based data, analytics, and space services, has announced its participation in the upcoming H.C. Wainwright 26th Annual Global Investment Conference. The event is scheduled for September 9, 2024, with Spire's presentation set for 11:00 a.m. ET.

Peter Platzer, Spire's CEO, will be presenting at the conference. Investors and interested parties can access the presentation through a webcast link provided by the company. This event offers an opportunity for Spire to showcase its capabilities and engage with the investment community, potentially impacting its market position and investor relations.

Spire Global (NYSE: SPIR) has entered into a waiver and amendment with Blue Torch Capital on August 27, 2024, addressing financial covenant issues. The agreement waives events of default related to the debt-to-EBITDA ratio and delayed financial statements for Q2 2024. It also amends financial covenants, providing immediate relief from leverage ratios. An amendment fee of 3.5% of the outstanding term loan principal will be added to the loan balance. The company must make a $10 million principal payment by August 31, 2024. As of June 30, 2024, Spire had approximately $46 million in cash and equivalents. The company is currently reviewing its accounting practices for revenue recognition in its 'Space as a Service' business and potential embedded leases in certain contracts.