Spire Global Announces Fourth Quarter and Full Year 2022 Results

  • Record quarterly revenue of $22.4M; 49% year-over-year (YOY) increase
  • Quarterly net cash used in operating activities of $5.1M; 72% YOY improvement
  • Free cash flow1 used in the quarter of $8.1M; 66% YOY improvement
  • Improved full year 2022 ARR net retention rate to 117%
  • Strong 2023 outlook which improves on 2022 results

Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”) a leading provider of space-based data, analytics and space services, today announced results for its quarter and fiscal year ended December 31, 2022. The company will hold a webcast at 5:00 pm ET today to discuss the results.

“As Spire completed its tenth year, we’re incredibly proud of the growth that we’ve experienced. Achieving nearly $100 million of ARR is an important milestone, yet we’re even more encouraged by the opportunities that are in front of us,” said Peter Platzer, Spire’s CEO. “With a total addressable market approaching $100 billion across our maritime, aviation, weather, and space services solutions, a subscription-based business model, and a focus towards profitability, we remain committed to driving the business growth towards near-term profitability and providing actionable insights to make the world a more sustainable, prosperous, and equitable place.”

“Spire had a great year as we captured top line growth from new and existing customers, improved margins with scale and leverage, significantly lowered the net cash burn quarter over quarter and improved the balance sheet with additional cash sources,” said Thomas Krywe, Spire’s CFO. “Our 2023 guidance reflects another year of focus and dedication to growing the business while taking further steps towards our path to profitability and being free cash flow positive in 12 to 18 months.”

Fourth Quarter and Full Year 2022 Highlights

Financial:

  • Fourth quarter 2022 revenue increased 49% year-over-year to a record $22.4 million. This was driven by new customer additions as well as increased adoption by existing customers.
  • As of December 31, 2022, annual recurring revenue (ARR) was $99.4 million, an increase of 41% year-over-year.
  • ARR net retention rate for full fiscal year 2022 was 117%, up from 110% for the full fiscal year 2021, indicating the continued success of our land and expand strategy.
  • Fourth quarter GAAP operating loss was $16.3 million, an improvement of $7.7 million year-over-year, and non-GAAP operating loss1 was $10.2 million as we continued to execute on our path to profitability.
  • Net cash used in operating activities in the fourth quarter was $5.1 million, a 72% year-over-year improvement, and free cash flow1 used in the quarter was $8.1M, a 66% year-over-year improvement. Improvements were driven by continued top line growth and our leveraged business model.

Business:

  • Spire unveiled a dark shipping detection solution to track vessels that manipulate their reported position in order to conceal nefarious activities. With the current state of global affairs, governments have started to pay closer attention to maritime domain awareness. There are approximately 60 countries with more than 1,000 km of coastline. Spire’s near real-time, global geolocation position validation service can uncover suspicious activity and pinpoint a vessel without the need for an approximate location. The applications are critical to governments, intelligence and security agencies, and nonprofit organizations’ efforts to identify and locate vessels.
  • Spire unveiled a next generation 16U satellite bus that offers the capabilities of a larger satellite, with up to double the payload capacity of conventional 16Us, while offering all the benefits of a nanosatellite. Increasingly customers’ missions require buses that offer the performance of a larger satellite with the agility of a nanosatellite. The satellite bus is tailored for customers with missions that require larger payloads and more power, volume, and data capabilities than a conventional 16U, such as Earth observation and space domain awareness missions.
  • Spire was awarded a contract by the Defense Advanced Research Projects Agency (DARPA) to deliver a preliminary design for a satellite that would carry an array of sensors to very low Earth orbit (VLEO) for in-situ ionosphere measurements. The award is part of a DARPA’s program, which aims to use sensors on satellites to provide new insights into high-frequency (HF) radio wave propagation in the ionosphere, the area spanning the upper edges of the Earth’s atmosphere to the lower regions of space.

_______________

1 Non-GAAP Financial Measure, please see section titled Non-GAAP Financial Measures for the definition of such measures and the reconciliation tables at the end of this release for reconciliation to the most directly comparable GAAP measure.

Financial Outlook

Spire is providing guidance for the first quarter and the full year ending December 31, 2023.

Q1 FY23

 

Full Year FY23

Guidance

 

Guidance

Revenue (millions)

$21.7 - $23.7

 

$104.0 - $109.0

Y/Y Growth

20% - 31%

 

30% - 36%

ARR (millions)

$104.0 - $106.0

 

$129.0 - $135.0

Y/Y Growth

27% - 30%

 

30% - 36%

ARR Solution Customers

750 - 760

 

835 - 885

Non-GAAP Operating Loss (millions)

($12.8) - ($10.8)

 

($34.0) - ($29.0)

Adjusted EBITDA (millions)

($9.6) - ($7.6)

 

($19.0) - ($14.0)

Non-GAAP Loss Per Share

($0.12) - ($0.11)

 

($0.36) - ($0.33)

Basic Weighted Average Shares (millions)

144.7

 

148.4

The non-U.S. generally accepted accounting principles (“GAAP”) operating loss, adjusted EBITDA and non-GAAP loss per share included in the table above are non-GAAP measures. Please see the section titled “Non-GAAP Financial Measures” for the definition of such measures. Spire has provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables included in this press release for its fourth quarter and full year 2021 and 2022 results, as well as its outlook for such measures for first quarter and full year 2023.

Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with GAAP, this press release and the accompanying tables contain, and the conference call will contain, non-GAAP financial measures, including free cash flow, non-GAAP gross profit, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative expenses, non-GAAP operating loss, EBITDA, Adjusted EBITDA, non-GAAP net loss, and non-GAAP net loss per share. Spire’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP financial measures, in evaluating its ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items Spire excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. In addition, other companies may utilize metrics that are not similar to Spire’s. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to be recorded in Spire’s financial statements. Investors should note that the excluded items may have had, and may in the future have, a material impact on our reported financial results. Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results. Management encourages investors and others to review Spire’s financial information in its entirety and not rely on a single financial measure.

Spire adjusts the following items from one or more of its non-GAAP financial measures:

Loss on satellite deorbit, launch failure and decommissioning. Spire excludes loss on satellite deorbit, launch failure and decommissioning because if there was no loss, the expense would be accounted for as depreciation and would also be excluded as part of its EBITDA calculation.

Change in fair value of warrant liabilities and contingent earnout liability. Spire excludes these items as they do not reflect the underlying cash flows or operational results of the business.

Other income (expense), net. Spire excludes other income (expense), net because it includes one-time and other items that do not reflect the underlying operational results of the business.

Stock-based compensation. Spire excludes stock-based compensation expenses primarily because they are non-cash expenses that it excludes from its internal management reporting processes. Spire also finds it useful to exclude these expenses when management assesses the appropriate level of various operating expenses and resource allocations when budgeting, planning, and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, Stock Compensation, Spire believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between its recurring core business operating results and those of other companies.

Amortization of purchased intangibles. Spire incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Spire excludes these expenses for its internal management reporting processes. Spire's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods.

Other acquisition accounting amortization. Spire incurs amortization expense for purchased data rights in connection with the acquisition of exactEarth and certain technologies. Amortization of this asset is a non-cash expense that can be significantly affected by the inherent subjective nature of the assigned value and useful life. Because this cost has already been incurred and cannot be recovered, and is a non-cash expense, Spire excludes this expense for its internal management reporting processes. Spire's management also finds it useful to exclude this charge when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods.

Mergers and acquisition related expenses. Spire excludes these expenses as they are transaction costs and expenses associated with the transaction that are generally one time in nature and not reflective of the underlying operational results of Spire’s business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance, and other employee costs.

Loss on extinguishment of debt. Spire excludes this as it does not reflect the underlying cash flows or operational results of the business.

Foreign exchange loss. Spire is exposed to foreign currency gains or losses on outstanding foreign currency denominated receivables and payables related to certain customer sales agreements, product costs and other operating expenses. As Spire does not actively hedge these currency exposures, changes in the underlying currency rates relative to the U.S. dollar may result in realized and unrealized foreign currency gains and losses between the time these receivables and payables arise and the time that they are settled in cash. Since such realized and unrealized foreign currency gains and losses are the result of macro-economic factors and can vary significantly from one period to the next, Spire believes that exclusion of such realized and unrealized gains and losses is useful to management and investors in evaluating the performance of its ongoing operations on a period-to-period basis.

Other unusual one-time costs. Spire excludes these as they are unusual items that do not reflect the on-going operational results of its business. Examples of these types of expenses include accounting, legal and other professional fees associated with the preparation and filing of Spire’s September 2022 Form S-3 shelf registration statement and “at-the-market” offering prospectus supplement, and the December 2022 warrant exchange.

Our additional non-GAAP measures include:

Free Cash Flow. Spire defines free cash flow as net cash used in operating activities reduced by purchases of property and equipment.

EBITDA. Spire defines EBITDA as net income (loss), plus depreciation and amortization expense, plus interest expense, and plus the provision for (or minus benefit from) income taxes.

Adjusted EBITDA. Spire defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted for loss on satellite deorbit and launch failure, change in fair value of warrant liabilities, change in fair value of contingent earned liability, other (expense) income, net, stock-based compensation, loss on extinguishment of debt, foreign exchange loss, other acquisition accounting amortization, mergers and acquisition related expenses, and other unusual one-time costs. Spire believes Adjusted EBITDA can be useful in providing an understanding of the underlying operating results and trends and an enhanced overall understanding of its financial performance and prospects for the future. While Adjusted EBITDA is not a recognized measure under GAAP, management uses this financial measure to evaluate and forecast business performance. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as capital expenditures and related depreciation, principal and interest payments, and tax payments. Adjusted EBITDA is not a presentation made in accordance with GAAP, and Spire’s use of the term Adjusted EBITDA may vary from the use of similarly titled measures by others in its industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation.

Other Definitions

Annual Recurring Revenue (ARR). We define ARR as our expected annualized revenue from customers that are under contracts with us at the end of the reporting period with a binding and renewable agreement for our subscription solution, or customers that are under a binding multi-year contract that can range from components of our Space Services solution to a project-based customer solution. Customers with project-based contracts are considered recurring when there is a multi-year binding agreement that has a renewable component in the contract. Customers are also considered recurring when they have multiple contracts over multiple years. Customer contracts for data trials and one-time transactions are excluded from the calculation of ARR.

ARR Customers. We define an ARR Customer as an entity that has a contract with us or through our reseller partners contracts, that is either a binding and renewable agreement for our subscription solutions, or a binding multi-year contract as of the measurement date independent of the number of solutions the entity has under contract. A single organization with separate subsidiaries, segments, or divisions may represent multiple customers, as we treat each entity that is invoiced separately as an individual customer. In cases where customers subscribe to our platform through our reseller partners, each end customer that meets the above definition is counted separately as an ARR Customer. All entities that have contracts for data trials and one-time transactions are excluded from the calculation of ARR Customers.

ARR Solution Customers. We define an ARR Solution Customer similarly to an ARR Customer, but we count every solution the customer has with us separately. As a result, the count of ARR Solution Customers exceeds the count of ARR Customers in each year as some customers contract with us for multiple solutions. Our multiple solutions customers are those customers that are under contract for at least two of our solutions: Maritime, Aviation, Weather, and Space Services. All entities that have contracts for data trials and one-time transactions are excluded from the calculation of ARR Solution Customers.

Conference Call

Spire will webcast a conference call to discuss the results at 5:00 p.m. Eastern Time today. The webcast will be available on Spire’s Investor Relations website at https://ir.spire.com. A replay of the call will be available on the site for three months.

Safe Harbor Statement

The forward-looking statements included in this press release and in the related conference call, including for example, the quotations of management, the statements under the heading “Financial Outlook” above, the information provided in the “GAAP to Non-GAAP Reconciliations – Q1 2023 and Full Year 2023 Financial Outlook” section of the tables below, statements regarding continued growth, statements regarding Spire’s expected timing to generate positive cash flow, statements regarding increasing its ARR, statements regarding profitability, and statements regarding the benefits of its solutions to its customers and generally, reflect management’s best judgment based on factors currently known and involve risks and uncertainties. These risks and uncertainties include, but are not limited to, potential disruption of customer purchase decisions resulting from global economic conditions including from an economic downturn or recession in the United States or in other countries around the world, relative growth of its ARR and revenue, the failure of the Spire and exactEarth businesses (including personnel) to be integrated successfully, the risk that revenue and adjusted EBITDA accretion or the expansion of Spire’s customer count, ARR, product offerings and solutions will not be realized or realized to the extent anticipated, the ability to maintain the listing of Spire’s securities on the New York Stock Exchange, the ability to address the market opportunity for Space-as-a-Service; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive space data analytics industries, developments in and the duration of the COVID-19 pandemic and the resulting impact on Spire’s business and operations, and the business of its customers and partners, including the economic impact of safety measures to mitigate the impacts of COVID-19, Spire’s potential inability to manage effectively any growth it experiences, Spire’s ability or inability to develop new products and services, and other risks detailed in periodic reports Spire has filed with the Securities and Exchange Commission, including Spire’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Significant variation from the assumptions underlying Spire’s forward-looking statements could cause its actual results to vary, and the impact could be significant. All forward-looking statements in this press release are based on information available to Spire as of the date hereof. Spire undertakes no obligation, and does not intend, to update the information contained in this press release or the accompanying conference call, except as required by law.

About Spire Global, Inc.

Spire (NYSE: SPIR) is a leading global provider of space-based data, analytics, and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, Boulder, Washington DC, Ontario, Glasgow, Oxfordshire, Luxembourg, and Singapore. To learn more, visit www.spire.com.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

Three Months End December 31,

 

Year Ended December 31,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

(In thousands, except share and per share amounts) (Unaudited) (Unaudited) (Unaudited) (Audited)
Revenue

$

22,385

 

$

14,985

 

$

80,268

 

$

43,375

 

Cost of revenue

 

10,710

 

 

6,327

 

 

40,327

 

 

18,720

 

Gross profit

 

11,675

 

 

8,658

 

 

39,941

 

 

24,655

 

Operating expenses:
Research and development

 

9,392

 

 

9,702

 

 

35,153

 

 

31,615

 

Sales and marketing

 

7,075

 

 

6,018

 

 

28,502

 

 

20,387

 

General and administrative

 

10,970

 

 

16,972

 

 

44,831

 

 

40,479

 

Loss on decommissioned satellites

 

549

 

 

 

 

549

 

 

 

Total operating expenses

 

27,986

 

 

32,692

 

 

109,035

 

 

92,481

 

Loss from operations

 

(16,311

)

 

(24,034

)

 

(69,094

)

 

(67,826

)

Other income (expense):
Interest income

 

492

 

 

17

 

 

948

 

 

23

 

Interest expense

 

(4,230

)

 

(3,150

)

 

(13,955

)

 

(11,417

)

Change in fair value of contingent earnout liability

 

80

 

 

70,390

 

 

9,677

 

 

48,248

 

Change in fair value of warrant liabilities

 

(2,257

)

 

21,929

 

 

8,757

 

 

(1,600

)

Gain (loss) on extinguishment of debt

 

 

 

1,699

 

 

(22,510

)

 

(3,255

)

Other income (expense), net

 

4,599

 

 

(2,745

)

 

(2,912

)

 

(1,766

)

Total other (expense) income, net

 

(1,316

)

 

88,140

 

 

(19,995

)

 

30,233

 

Loss before income taxes

 

(17,627

)

 

64,106

 

 

(89,089

)

 

(37,593

)

Income tax provision

 

(84

)

 

(472

)

 

322

 

 

497

 

Net loss

$

(17,543

)

$

64,578

 

$

(89,411

)

$

(38,090

)

Net income (loss) per share:
Basic

$

(0.12

)

$

0.48

 

$

(0.64

)

$

(0.61

)

Diluted

$

(0.12

)

$

0.41

 

$

(0.64

)

$

(0.61

)

Weighted-average number of shares:
Basic

 

140,577,594

 

 

135,574,466

 

 

139,879,423

 

 

62,137,434

 

Diluted

 

140,577,594

 

 

156,093,671

 

 

139,879,423

 

 

62,137,434

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

 

Three Months End December 31,

 

Year Ended December 31,

 

2022

 

 

 

2021

 

 

2022

 

 

 

2021

 

(In thousands) (Unaudited) (Unaudited) (Unaudited) (Audited)
Net loss

$

(17,543

)

$

64,578

$

(89,411

)

$

(38,090

)

Other comprehensive gain (loss):
Foreign currency translation adjustments

 

(2,374

)

 

923

 

(7,696

)

 

1,714

 

Net unrealized loss on investments (net of tax)

 

53

 

 

 

(33

)

 

 

Comprehensive loss

$

(19,864

)

$

65,501

$

(97,140

)

$

(36,376

)

 

CONSOLIDATED BALANCE SHEETS

 

December 31,

 

2022

 

 

 

2021

 

(In thousands) (Unaudited) (Audited)
Assets
Current assets
Cash and cash equivalents

$

47,196

 

$

109,256

 

Marketable securities

 

23,084

 

 

 

Accounts receivable, net (including allowance of $395 and $339 as of December 31, 2022 and 2021, respectively)

 

13,864

 

 

10,163

 

Contract assets

 

3,353

 

 

2,084

 

Other current assets

 

9,279

 

 

10,071

 

Total current assets

 

96,776

 

 

131,574

 

Property and equipment, net

 

53,752

 

 

48,704

 

Operating lease assets

 

11,687

 

 

 

Goodwill

 

49,954

 

 

53,627

 

Customer relationships

 

20,814

 

 

24,388

 

Other intangible assets

 

13,967

 

 

19,765

 

Other long-term assets, including restricted cash

 

9,562

 

 

12,136

 

Total assets

$

256,512

 

$

290,194

 

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable

$

4,800

 

$

5,824

 

Accrued wages and benefits

 

4,502

 

 

5,646

 

Contract liabilities, current portion

 

15,856

 

 

8,627

 

Other accrued expenses

 

8,210

 

 

4,823

 

Total current liabilities

 

33,368

 

 

24,920

 

Contract liabilities, non-current

 

 

 

 

Long-term debt

 

98,475

 

 

51,124

 

Contingent earnout liability

 

349

 

 

10,026

 

Deferred income tax liabilities

 

771

 

 

835

 

Warrant liability

 

1,831

 

 

11,482

 

Operating lease liabilities, net of current portion

 

10,815

 

 

 

Other long-term liabilities

 

780

 

 

1,600

 

Total liabilities

 

146,389

 

 

99,987

 

Commitments and contingencies
Stockholders’ equity
Common stock

 

16

 

 

15

 

Additional paid-in capital

 

455,751

 

 

438,696

 

Accumulated other comprehensive (loss) income

 

(6,997

)

 

732

 

Accumulated deficit

 

(338,647

)

 

(249,236

)

Total stockholders’ equity

 

110,123

 

 

190,207

 

Total liabilities and stockholders’ equity

$

256,512

 

$

290,194

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

Year Ended December 31,

 

2022

 

 

 

2021

 

(In thousands) (Unaudited) (Audited)
Cash flows from operating activities
Net loss

$

(89,411

)

$

(38,090

)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

 

18,341

 

 

8,509

 

Stock-based compensation

 

11,491

 

 

11,634

 

Amortization of operating lease assets

 

2,344

 

 

 

Accretion on carrying value of convertible notes

 

 

 

2,103

 

Amortization of debt issuance costs

 

3,781

 

 

3,876

 

Change in fair value of warrant liability

 

(8,757

)

 

1,600

 

Change in fair value of contingent earnout liability

 

(9,677

)

 

(48,248

)

Deferred income tax liabilities

 

23

 

 

497

 

Loss on impairment of assets and decommissioned satellites

 

784

 

 

91

 

Loss on extinguishment of debt

 

22,271

 

 

2,277

 

Other, net

 

(22

)

 

 

Changes in operating assets and liabilities:

 

0

 

 

 

Accounts receivable, net

 

(4,180

)

 

(5,010

)

Contract assets

 

(1,364

)

 

(1

)

Other current assets

 

324

 

 

(6,565

)

Other long-term assets

 

1,852

 

 

13

 

Accounts payable

 

(1,808

)

 

2,291

 

Accrued wages and benefits

 

(923

)

 

1,751

 

Contract liabilities

 

7,776

 

 

161

 

Other accrued expenses

 

1,012

 

 

2,917

 

Operating lease liabilities

 

(1,632

)

 

 

Other long-term liabilities

 

(45

)

 

2,208

 

Net cash used in operating activities

 

(47,820

)

 

(57,986

)

Cash flows from investing activities
Purchases of short-term investments

 

(40,213

)

 

 

Maturities of short-term investments

 

17,300

 

 

 

Purchase of property and equipment

 

(18,915

)

 

(15,421

)

Investment in intangible assets

 

 

 

(166

)

Payments made in connection with business acquisition, net

 

 

 

(103,892

)

Net cash used in investing activities

 

(41,828

)

 

(119,479

)

Cash flows from financing activities
Proceeds from reverse recapitalization and PIPE financing

 

 

 

264,823

 

Payments of transaction costs related to reverse recapitalization

 

 

 

(31,806

)

Proceeds from long-term debt

 

100,973

 

 

70,515

 

Payments on long-term debt

 

(71,512

)

 

(29,628

)

Proceeds from issuance of convertible notes payable

 

 

 

20,000

 

Payments on redemption of warrants

 

 

 

(19,942

)

Payments of debt issuance costs

 

(4,516

)

 

(4,717

)

Proceeds from exercise of stock options

 

806

 

 

1,289

 

Proceeds from employee stock purchase plan

 

622

 

 

 

Net cash provided by financing activities

 

26,373

 

 

270,534

 

Effect of foreign currency translation on cash, cash equivalent and restricted cash

 

1,199

 

 

590

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(62,076

)

 

93,659

 

Cash, cash equivalents and restricted cash
Beginning of year

 

109,645

 

 

15,986

 

End of year

$

47,569

 

$

109,645

 

 

GAAP to Non-GAAP Reconciliations

 

Three Months End December 31,

 

Year Ended December 31,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

(In thousands, except for share and per share amounts) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
 
Gross profit (GAAP)

$

11,675

 

$

8,658

 

$

39,941

 

$

24,655

 

Adjustments:
Exclude stock-based compensation

 

51

 

 

357

 

 

232

 

 

432

 

Exclude amortization of purchased intangibles

 

855

 

 

304

 

 

3,548

 

 

304

 

Exclude other acquisition accounting amortization

 

169

 

 

60

 

 

699

 

 

60

 

Exclude merger and acquisition related expenses

 

-

 

 

-

 

 

127

 

 

-

 

Gross profit (Non-GAAP)

$

12,750

 

$

9,379

 

$

44,547

 

$

25,451

 

 
Research and development (GAAP)

 

9,392

 

 

9,702

 

 

35,153

 

 

31,615

 

Adjustments:
Exclude stock-based compensation

 

(784

)

 

(1,016

)

 

(3,154

)

 

(2,859

)

Exclude merger and acquisition related expenses

 

-

 

 

-

 

 

(277

)

 

-

 

Research and development (Non-GAAP)

 

8,608

 

 

8,686

 

 

31,722

 

 

28,756

 

 
Sales and marketing (GAAP)

 

7,075

 

 

6,018

 

 

28,502

 

 

20,387

 

Adjustments:
Exclude stock-based compensation

 

(705

)

 

(1,029

)

 

(2,822

)

 

(2,307

)

Exclude amortization of purchased intangibles

 

(506

)

 

(269

)

 

(2,896

)

 

(269

)

Exclude merger and acquisition related expenses

 

-

 

 

-

 

 

(277

)

 

-

 

Sales and marketing (Non-GAAP)

 

5,864

 

 

4,720

 

 

22,507

 

 

17,811

 

 
General and administrative (GAAP)

 

10,970

 

 

16,972

 

 

44,831

 

 

40,479

 

Adjustments:
Exclude stock-based compensation

 

(1,627

)

 

(2,632

)

 

(5,283

)

 

(6,036

)

Exclude merger and acquisition related expenses

 

-

 

 

(5,474

)

 

(3,846

)

 

(9,718

)

Exclude other unusual one-time costs

 

(844

)

 

-

 

 

(844

)

 

(387

)

General and administrative (Non-GAAP)

 

8,499

 

 

8,866

 

 

34,858

 

 

24,338

 

 
Loss on decommissioned satellites (GAAP)

 

549

 

 

-

 

 

549

 

 

-

 

Adjustments:
Exclude loss on decommissioned satellites

 

(549

)

 

-

 

 

(549

)

 

-

 

Loss on decommissioned satellites (Non-GAAP)

 

-

 

 

-

 

 

-

 

 

-

 

 
Loss from operations (GAAP)

$

(16,311

)

$

(24,034

)

$

(69,094

)

$

(67,826

)

Adjustments:
Exclude stock-based compensation

 

3,167

 

 

5,034

 

 

11,491

 

 

11,634

 

Exclude merger and acquisition related expenses

 

-

 

 

5,474

 

 

4,527

 

 

9,718

 

Exclude amortization of purchased intangibles

 

1,361

 

 

573

 

 

6,444

 

 

573

 

Exclude other acquisition accounting amortization

 

169

 

 

60

 

 

699

 

 

60

 

Exclude loss on decommissioned satellites

 

549

 

 

-

 

 

549

 

 

-

 

Exclude other unusual one-time costs

 

844

 

 

-

 

 

844

 

 

387

 

Loss from operations (Non-GAAP)

$

(10,221

)

$

(12,893

)

$

(44,540

)

$

(45,454

)

 
Operating Margin (GAAP)

 

-73

%

 

-160

%

 

-86

%

 

-156

%

Adjustments:
Exclude stock-based compensation

 

14

%

 

34

%

 

14

%

 

27

%

Exclude merger and acquisition related expenses

 

0

%

 

37

%

 

6

%

 

22

%

Exclude amortization of purchased intangibles

 

6

%

 

4

%

 

8

%

 

1

%

Exclude other acquisition accounting amortization

 

1

%

 

0

%

 

1

%

 

0

%

Exclude loss on decommissioned satellites

 

2

%

 

0

%

 

1

%

 

0

%

Exclude other unusual one-time costs

 

4

%

 

0

%

 

1

%

 

1

%

Operating Margin (Non-GAAP)

 

-46

%

 

-86

%

 

-55

%

 

-105

%

 
Net loss (GAAP)

$

(17,543

)

$

64,578

 

$

(89,411

)

$

(38,090

)

Adjustments:
Exclude stock-based compensation

 

3,167

 

 

5,034

 

 

11,491

 

 

11,634

 

Exclude merger and acquisition related expenses

 

-

 

 

5,474

 

 

4,527

 

 

9,718

 

Exclude amortization of purchased intangibles

 

1,361

 

 

573

 

 

6,444

 

 

573

 

Exclude other acquisition accounting amortization

 

169

 

 

60

 

 

699

 

 

60

 

Exclude change in fair value of contingent earnout liability

 

(80

)

 

(70,390

)

 

(9,677

)

 

(48,248

)

Exclude change in fair value of warrant liabilities

 

2,257

 

 

(21,929

)

 

(8,757

)

 

1,600

 

Exclude gain (loss) on extinguishment of debt

 

-

 

 

(1,699

)

 

22,510

 

 

3,255

 

Exclude other income (expense), net

 

(4,599

)

 

2,745

 

 

2,912

 

 

1,766

 

Exclude loss on decommissioned satellites

 

549

 

 

-

 

 

549

 

 

-

 

Exclude other unusual one-time costs

 

844

 

 

-

 

 

844

 

 

387

 

Net loss (Non-GAAP)

$

(13,875

)

$

(15,554

)

$

(57,869

)

$

(57,345

)

 
Net loss per share (GAAP)

$

(0.12

)

$

0.41

 

$

(0.64

)

$

(0.61

)

Adjustments:
Exclude stock-based compensation

 

0.02

 

 

0.04

 

 

0.08

 

 

0.19

 

Exclude merger and acquisition related expenses and other unusual one-time costs

 

0.01

 

 

0.04

 

 

0.04

 

 

0.16

 

Exclude amortization of purchased intangibles and other acquisition accounting amortization

 

0.01

 

 

-

 

 

0.05

 

 

0.01

 

Exclude change in fair value of warrant liabilities and change in value of contingent earnout liability

 

0.01

 

 

(0.67

)

 

(0.13

)

 

(0.75

)

Exclude loss on extinguishment of debt

 

-

 

 

(0.01

)

 

0.16

 

 

0.05

 

Exclude loss on decommissioned satellites and other (expense) income, net

 

(0.03

)

 

0.02

 

 

0.03

 

 

0.03

 

Conversion from diluted to basic share count (weighted average)

 

-

 

 

0.06

 

 

-

 

 

-

 

Net loss per share (Non-GAAP)

$

(0.10

)

$

(0.11

)

 

(0.41

)

$

(0.92

)

 
Weighted-average shares used in computing basic net loss per share

 

140,577,594

 

 

135,574,466

 

 

139,879,423

 

 

62,137,434

 

Weighted-average shares used in computing diluted net income per share

 

140,577,594

 

 

156,093,671

 

 

139,879,423

 

 

62,137,434

 

 
Net loss (GAAP)

$

(17,543

)

$

64,578

 

$

(89,411

)

$

(38,090

)

Depreciation and amortization

 

4,285

 

 

2,894

 

 

18,341

 

 

8,509

 

Net Interest

 

3,738

 

 

3,133

 

 

13,007

 

 

11,394

 

Taxes

 

(84

)

 

(472

)

 

322

 

 

497

 

EBITDA

 

(9,604

)

 

70,133

 

 

(57,741

)

 

(17,690

)

Change in fair value of contingent earnout liability

 

(80

)

 

(70,390

)

 

(9,677

)

 

(48,248

)

Change in fair value of warrant liabilities

 

2,257

 

 

(21,929

)

 

(8,757

)

 

1,600

 

Loss on extinguishment of debt

 

-

 

 

(1,699

)

 

22,510

 

 

3,255

 

Stock-based compensation

 

3,167

 

 

5,034

 

 

11,491

 

 

11,634

 

Mergers and acquisition related expenses

 

-

 

 

5,474

 

 

4,527

 

 

9,718

 

Other unusual one-time costs

 

844

 

 

-

 

 

844

 

 

387

 

Other acquisition accounting amortization

 

169

 

 

60

 

 

699

 

 

60

 

Loss on decommissioned satellites

 

549

 

 

-

 

 

549

 

 

-

 

Other income (expense), net

 

(4,599

)

 

2,745

 

 

2,912

 

 

1,766

 

Adjusted EBITDA

$

(7,297

)

$

(10,572

)

$

(32,643

)

$

(37,518

)

 
Net cash used in operating activities

 

(5,111

)

 

(17,978

)

 

(47,820

)

 

(57,986

)

Purchase of property and equipment

 

(2,969

)

 

(6,112

)

 

(18,915

)

 

(15,421

)

Free Cash Flow

$

(8,080

)

$

(24,090

)

$

(66,735

)

$

(73,407

)

 

GAAP to Non-GAAP Reconciliations – Q1 2023 and Full Year 2023 Financial Outlook

 
(In thousands, except for share and per share amounts) Q1'23 Ranges
Low High
Revenue

$

21,700

 

$

23,700

 

Low High
Loss from operations (GAAP)

$

(17,054

)

$

(15,054

)

Adjustments:
Exclude stock-based compensation

 

3,215

 

 

3,215

 

Exclude amortization of purchased intangibles

 

871

 

 

871

 

Exclude other acquisition accounting amortization

 

168

 

 

168

 

Loss from operations (Non-GAAP)

$

(12,800

)

$

(10,800

)

 
Low High
Operating Margin (GAAP)

 

-79

%

 

-64

%

Adjustments:
Exclude stock-based compensation

 

15

%

 

14

%

Exclude amortization of purchased intangibles

 

4

%

 

3

%

Exclude other acquisition accounting amortization

 

1

%

 

1

%

Operating Margin (Non-GAAP)

 

-59

%

 

-46

%

 
Low High
Net loss per share (GAAP)

$

(0.1

)

$

(0.14

)

Adjustments:
Exclude stock-based compensation

 

0.02

 

 

0.02

 

Exclude purch intangibles and other purch acctg amortization

 

0.01

 

 

0.01

 

Net loss per share (Non-GAAP)

$

(0.12

)

$

(0.11

)

Weighted-average shares used in computing basic and diluted net loss per share

 

144,736,479

 

 

144,736,479

 

 
Low High
Net loss (GAAP)

$

(21,917

)

$

(19,917

)

Depreciation and amortization

 

4,104

 

 

4,104

 

Net Interest

 

4,505

 

 

4,505

 

Taxes

 

325

 

 

325

 

EBITDA

$

(12,983

)

$

(10,983

)

Stock-based compensation

 

3,215

 

 

3,215

 

Other acquisition accounting amortization

 

168

 

 

168

 

Adjusted EBITDA

$

(9,600

)

$

(7,600

)

 
(In thousands, except for share and per share amounts) FY 2023 Ranges
Low High
Revenue

 

104,000

 

 

109,000

 

 
Low High
Loss from operations (GAAP)

$

(53,522

)

$

(48,522

)

Adjustments:
Exclude stock-based compensation

 

13,152

 

 

13,152

 

Exclude merger and acquisition related expenses

 

2,200

 

 

2,200

 

Exclude amortization of purchased intangibles

 

3,487

 

 

3,487

 

Exclude other acquisition accounting amortization

 

683

 

 

683

 

Loss from operations (Non-GAAP)

$

(34,000

)

$

(29,000

)

 
Low High
Operating Margin (GAAP)

 

-51

%

 

-45

%

Adjustments:
Exclude stock-based compensation

 

13

%

 

12

%

Exclude merger and acquisition related expenses

 

2

%

 

2

%

Exclude amortization of purchased intangibles

 

3

%

 

3

%

Exclude other acquisition accounting amortization

 

1

%

 

1

%

Operating Margin (Non-GAAP)

 

-33

%

 

-27

%

 
Low High
Net loss per share (GAAP)

$

(0.49

)

$

(0.46

)

Adjustments:
Exclude stock-based compensation

 

0.09

 

 

0.09

 

Exclude merger and acquisition related expenses

 

0.01

 

 

0.01

 

Exclude purch intangibles and other acq acctg amortization

 

0.03

 

 

0.03

 

Net loss per share (Non-GAAP)

$

(0.36

)

$

(0.33

)

 
Weighted-average shares used in computing basic and diluted net loss per share

 

148,407,692

 

 

148,407,692

 

 
Low High
Net loss (GAAP)

$

(72,078

)

$

(67,078

)

Depreciation and amortization

 

18,082

 

 

18,082

 

Net Interest

 

18,499

 

 

18,499

 

Taxes

 

462

 

 

462

 

EBITDA

$

(35,035

)

$

(30,035

)

Stock-based compensation

 

13,152

 

 

13,152

 

Mergers and acquisition related expenses

 

2,200

 

 

2,200

 

Other acquisition accounting amortization

 

683

 

 

683

 

Adjusted EBITDA

$

(19,000

)

$

(14,000

)

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.