Spire Global posts record $40M Q3 bookings; restates revenue recognition for Space Services contracts

Spire Global, Inc.

Record Q3 contract bookings of $40.0M; cash and marketable securities ended Q3 at $36.6M (from $45.8M start).
Made $10.0M debt prepayment to Blue Torch; Q3 10-Q filing delayed, expects waiver discussions.
Restating revenue: Space Services contracts now recognize revenue over data provision period, not pre-space milestones. No cash impact.
Research & development contracts: revenue recognition changed to percentage-of-completion; costs reclassified to cost of revenue.
NYSE cure period ends Feb 19, 2025; company expects to file restated statements and Q2/Q3 10-Qs by then.

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