Spire Global Provides Update On New Contracts And Revenue Recognition Review Of Certain Prior Contracts; Spire Has Been Awarded A $14M Contract By The Air Force Research Laboratory; £3.5Mmillion Grant By The UK Space Agency; Awarded A $6.7M, 12-Month Contract Renewal From Nasa Under The Commercial Smallsat Data Acquisition Program; ReceivedNYSE Notice Regarding Late Form 10-Q Filing

Author: Benzinga Newsdesk | August 27, 2024 04:13pm

Spire announces multi-million-dollar contracts with U.S. Air Force, UK Space Agency and NASA

The Company expects to report second quarter results and restate impacted historical financials within six-month period

Spire Global, Inc. (NYSE:SPIR) ("Spire" or the "Company") announces new multi-million-dollar contracts, the receipt of an NYSE notice regarding its late Form 10-Q filing and the Company's decision to restate certain historical financials following its review of the technical revenue recognition accounting for certain contracts.

Underscoring Spire's mission to improve life on Earth with data from space, the Company has been awarded new contracts focused on improving national security, weather forecasting and climate research:

• $14M Air Force contract: Spire has been awarded a $14 million contract by the Air Force Research Laboratory (AFRL) under the SBIR Phase II STRATFI program. Over the next 48 months, Spire agreed to develop and deploy a cluster of satellites designed to detect and track moving objects on Earth with the goal of enhancing situational awareness for U.S. defense operations. This project is expected to leverage advanced sensing technologies, including radio frequency, electro optical infrared, and multi-spectral imagery sensors, to deliver cutting-edge space-based Surveillance, Reconnaissance, and Tracking capabilities.
• £3.5M UK Space Agency grant: The Company has been awarded a £3.5 million grant by the UK Space Agency (UKSA) to develop and demonstrate hyperspectral microwave sensing technology in orbit. Over the three-year project period, Spire expects to collaborate with the Met Office, STFC RAL Space, and STAR-Dundee to enhance global weather forecasting. This initiative will deploy a small satellite equipped with advanced microwave sounders, which is expected to offer high-quality vertical resolution and data accuracy, ultimately improving weather prediction and climate understanding.
• $6.7M NASA contract renewal: Spire has been awarded a $6.7 million, 12-month contract renewal from NASA under the Commercial Smallsat Data Acquisition (CSDA) Program. This marks the second consecutive year of increased contract value, allowing Spire to continue delivering its comprehensive Earth observation data, including GNSS radio occultation, GNSS Reflectometry, and space weather measurements. Spire's data will support U.S. government-funded research with the objective of enhancing global weather forecasting, atmospheric profiling, and climate research.

On August 21, 2024, the Company received notice from the New York Stock Exchange (the "NYSE") that the Company is not in compliance with the NYSE's continued listing standards as set forth in Section 802.01E of the NYSE Listed Company Manual due to the Company's failure to timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the "Form 10-Q") with the Securities and Exchange Commission (the "SEC"). Under the NYSE's rules, the Company can regain compliance with this NYSE listing standard by filing the Form 10-Q with the SEC before February 19, 2025.

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