Financial Analysis

10. Commitments and Contingencies L3Harris Commitment In conjunction with the Acquisition, the Company acquired the agreement (the L3Harris Agreement) with L3Harris to receive satellite automatic identification system (S-AIS) data from the L3Harris AppStar payloads on-board Iridium NEXT Constellation, Iridiums Real-Time, Second-Generation satellite constellation with 58 AppStar payloads. Under the A&R L3Harris Agreement, the Company incurs a fixed fee of $ 358 per month. The A&R L3Harris Agreement expires on August 7, 2031. Under the A&R L3Harris Agreement, the Company was required to pay a 30 % share of S-AIS data revenues for the portion of exactEarth annual S-AIS data revenue which is in excess of $ 16,000 . No revenue share was owed to L3Harris under the A&R L3Harris Agreement, with respect to AIS Analytics sales, as of or for the three and nine months ended September 30, 2025 and 2024. The Company recognized $ 0 and $ 1,627 in cost of revenue on the condensed consolidated statements of operations for costs incurred to acquire exclusive access rights to data generated from satellites for the three and nine months ended September 30, 2025 , respectively, and $ 1,239 and $ 3,722 for the three and nine months ended September 30, 2024, respectively. In connection with the closing of the Transactions, on April 25, 2025, the Company and L3Harris entered into the Settlement Agreement, pursuant to which, upon the closing of the Transactions, Buyer paid L3Harris $ …

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The following revenue disaggregated by geography, derived from billing addresses, was recognized: Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Americas (1) $ 7,806 62 % $ 33,970 61 % EMEA (2) 3,999 31 % 18,203 33 % Asia Pacific 865 7 % 3,555 6 % Total $ 12,670 100 % $ 55,728 100 % Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Americas (1) $ 14,304 50 % $ 50,864 57 % EMEA (2) 12,334 43 % 31,729 36 % Asia Pacific 1,930 7 % 6,199 7 % Total $ 28,568 100 % $ 88,792 100 % Revenue from individual geographic regions that represent less than 10 % of total revenue for the periods presented are not separately disclosed. (1) U.S. represent ed 52 % of total revenue for each of the three and nine months ended September 30, 2025 , and 44 % and 42 % of total revenue for the three and nine months ended September 30, 2024 , respectively. Canada represented 15 % of total revenue for the nine months ended September 30, 2024 . (2) United Kingdom represente d 11 % of t otal revenue for each of the nine months ended September 30, 2025 and 2024. Belgium represented 11 % of total revenue for the three months ended September 30, 2025. France represented 16 % of total revenue for the three months ended September 30, 2024.

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11. Stock-Based Compensation In connection with the Merger, the Company adopted the 2021 Equity Incentive Plan (the 2021 Plan) and the 2021 Employee Stock Purchase Plan (the 2021 ESPP). The number of shares available for issuance under the 2021 Plan is increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount as provided in the 2021 Plan. Pursuant to this automatic increase feature of the 2021 Plan, 1,285,558 shares were added as available for issuance thereunder on January 1, 2025. As of September 30, 2025 , 1,095,506 shares were available for issuance under the 2021 Plan. The number of shares available for issuance under the 2021 ESPP is increased on the first day of each fiscal year, beginning on January 1, 2022, in an amount as provided in the 2021 ESPP. Pursuant to this automatic increase feature of the 2021 ESPP, 257,111 shares were added as available for issuance thereunder on January 1, 2025. As of September 30, 2025, 803,675 shares were available for issuance under the 2021 ESPP. The following table summarizes stock option activity under our equity compensation plans: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value ('000) (in years) Options outstanding as of December 31, 2024 1,978,557 $ 16.72 4.5 Granted 21,650 $ 11.00 Exercised ( 241,132 ) $ 7.57 Forfeited, canceled, or expired ( 146,090 ) $ 18.96 Options outstanding as of September 30, 2025 1,612,985 $ 17.81 …

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9. Fair Value Measurement The Company follows the guidance in Accounting Standards Codification (ASC) 820, Fair Value Measurement for its assets and liabilities that are re-measured and reported at fair value at the end of each reporting period. The fair value of the Companys common stock warrant liabilities reflects managements estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Significant other observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3: Unobservable inputs reflecting managements assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. The Company classifies financial instruments in Level 3 of the fair value hierarchy when there is reliance on at least one sign …

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5. Goodwill and Intangible Assets The following table summarizes changes in goodwill balance: Balance at December 31, 2024 $ 14,735 Impact of foreign currency translation 487 Balance as of September 30, 2025 $ 15,222 Other intangible assets consisted of the following: September 30, 2025 Gross Carrying Amount Accumulated Amortization Developed technology $ 12,677 $ ( 4,050 ) Trade names 2,149 ( 1,647 ) Patents 393 ( 364 ) FCC licenses 480 ( 306 ) $ 15,699 $ ( 6,367 ) December 31, 2024 Gross Carrying Amount Accumulated Amortization Developed technology 12,270 ( 3,153 ) Trade names 2,080 ( 1,282 ) Patents 393 ( 345 ) FCC licenses 480 ( 282 ) $ 15,223 $ ( 5,062 ) As of September 30, 2025, the weighted-average amortization period for developed technology was 8.2 years, for trade names was 1.2 years, and for patents and FCC licenses was 5.1 years. Amortization expense related to intangible assets was $ 387 and $ 1,151 for the three and nine months ended September 30, 2025 , respectively, and $ 871 and $ 2,619 for the three and nine months ended September 30, 2024 , respectively. No impairment charges were recognized for the three and nine months ended September 30, 2025 and 2024. As of September 30, 2025, the expected future amortization expense of intangible assets is as follows: Fiscal year ending December 31, Future Amortization Expense Remainder of 2025 $ 385 2026 1,498 2027 1,095 2028 1,091 2029 1,089 Thereafter 4,174 $ 9,332

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8. Leases Operating lease expenses were $ 1,330 and $ 3,354 for the three and nine months ended September 30, 2025 , respectively, and were $ 1,118 and $ 3,443 for the three and nine months ended September 30, 2024, respectively. Aggregate variable lease expenses and short-term lease expenses were $ 407 and $ 1,129 for the three and nine months ended September 30, 2025 , respectively, and $ 322 and $ 923 for the three and nine months ended September 30, 2024, respectively. The following table provides the required information regarding the Companys leases for which the Company is the lessee: September 30, December 31, 2025 2024 Assets ROU assets $ 10,206 $ 11,074 Liabilities Current $ 4,179 $ 3,260 Non-current 8,354 9,598 Total lease liabilities $ 12,533 $ 12,858 Weighted-average remaining lease term (years) 4.5 4.8 Weighted-average discount rate 9 % 9 % Approximately 87 % of the Companys right-of-use (ROU) assets and lease liabilities relate to office facilities leases, with the remaining amounts representing primarily ground station leases. As of September 30, 2025, the maturity of operating lease liabilities are as follows: Fiscal year ending December 31, Remainder of 2025 $ 1,991 2026 4,018 2027 2,850 2028 2,052 2029 1,776 Thereafter 2,213 Total lease payments 14,900 Less: Interest on lease payments ( 2,367 ) Present value of lease liabilities $ 12,533 Operating cash payments included in the measurement of operating lease liabilities were $ 611 and $ 1,866 for the three a …

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7. Long-Term Debt As of September 30, 2025, the Company did not have any long-term debt, as the Transactions were completed on April 25, 2025. The Company recorded interest expense, including amortization of deferred issuance costs from long-term debt, of $ 0 a nd $ 7,410 and for the three and nine months ended September 30, 2025 , respectively, and $ 4,825 and $ 14,650 for the three and nine months ended September 30, 2024, respectively. Blue Torch Credit Agreement On June 13, 2022, the Company, as borrower, and Spire Global Subsidiary, Inc. and Austin Satellite Design, LLC, as guarantors, entered into a financing agreement (the Blue Torch Financing Agreement) with Blue Torch Finance LLC, a Delaware limited liability company (Blue Torch), as administrative agent and collateral agent, and certain lenders (the Lenders). The Blue Torch Financing Agreement provided for, among other things, a term loan facility in an aggregate principal amount of up to $ 120,000 (the Blue Torch Credit Facility). The $120,000 term loan was available and drawn at closing, of which $19,735 was placed in an escrow account by Blue Torch with such amount released upon the Company achieving certain metrics related to annualized recurring revenue and a total annualized recurring revenue leverage ratio. These metrics were achieved and the $19,735 was released from the escrow account and delivered to the Company in February 2023. The term loan accrued interest at a floating rate based, at the Companys elec …

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3. Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations The Company recognizes revenue for certain long-term contracts using the percentage-of-completion method, measured on a cost-to-cost basis. From time to time, the Company revises its estimates of total costs for these contracts. Changes in estimated total costs for contracts using the percentage-of-completion method resulted in revenue reductions of $ 553 and $ 1,417 for the three and nine month ended September 30, 2025, respectively. Disaggregation of Revenue Revenue from subscription-based contracts was $ 8,913 and $ 42,995 , or 70 % and 77 % of total revenue, for the three and nine months ended September 30, 2025, respectively, and was $ 20,200 and $ 57,959 , or 71 % and 65 % of total revenue, for the three and nine months ended September 30, 2024, respectively. Revenue from non-subscription-based contracts was $ 3,757 and $ 12,733 , or 30 % and 23 % of total revenue, for the three and nine months ended September 30, 2025, respectively, and was $ 8,368 and $ 30,833 , or 29 % and 35 % of total revenue, for the three and nine months ended September 30, 2024, respectively. The following revenue disaggregated by geography, derived from billing addresses, was recognized: Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Americas (1) $ 7,806 62 % $ 33,970 61 % EMEA (2) 3,999 31 % 18,203 33 % Asia Pacific 865 7 % 3,555 6 % Total $ 12,670 100 % $ 55,728 100 % Three Mont …

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14. Information on Segment Reporting The Company operates as one reportable and operating segment, which derives revenue from the sale of subscription-based data, insights, predictive analytics and related project-based services to global customers across a range of industries. All of the segments activities are interrelated, and each activity is dependent upon and supportive of the other. Accordingly, all significant operating decisions are based upon analysis of the Company at the consolidated level. The accounting policies of the segment are the same as those described in Note 2. The Companys chief operating decision maker (CODM), who is the Company's chief executive officer, regularly reviews consolidated net (loss) income as reported on the consolidated statements of operations, along with other financial information presented on a consolidated basis, for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM measures performance and how to allocate resources for the segment primarily based on net (loss) income, revenue, and gross margin. The CODM's objective is to make resource allocation decisions that optimize the Company's consolidated financial results by monitoring actual results compared to forecasted results. The measure of segment assets is reported as total assets on the condensed consolidated balance sheets and total capital expenditures for additions to long-lived assets, which were $ 8,388 and $ 20,895 , fo …

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2. Summary of Significant Accounting Policies Basis of Presentation The condensed consolidated financial statements and accompanying notes are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and regulations of the U.S. Securities and Exchange Commission (the SEC) for interim financial reporting. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations applicable to interim financial reporting. The unaudited condensed consolidated financial statements were prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, contain all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of its financial position, results of operations and cash flows for the periods indicated. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements included within the Companys Annual Report on Form 10-K/A for the year ended December 31, 2024. The information as of December 31, 2024, included on the condensed consolidated balance sheets was derived from the Companys audited consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. Results of operations for the three and nine …

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12. Equity Transactions On September 14, 2022, the Company entered into an Equity Distribution Agreement with Canaccord Genuity LLC, under which it could offer and sell up to $ 85,000 of the Company's Class A common stock pursuant to a registration statement on Form S-3, which became effective on September 26, 2022. In June 2023, approximately 2.2 million shares were sold through this arrangement, generating net proceeds of $ 7,988 . As of September 30, 2025 , approximately $ 76,765 of shares remained unsold; however, due to late filings of the Companys Quarterly Reports on Form 10-Q for the quarters ended June 30, 2024, September 30, 2024, and June 30, 2025, and this Quarterly Report on Form 10-Q, and the expiration of the applicable registration statement, no further sales can be made under the agreement. On February 4, 2024, the Company and Signal Ocean Ltd. entered into a securities purchase agreement for the issuance and sale of 833,333 shares of the Companys Class A common stock at a price of $ 12.00 per share, resulting in net proceeds of $ 9,825 , after deducting offering expenses. On March 21, 2024, the Company entered into a Securities Purchase Agreement with institutional investors and issued 2,142,858 shares of Class A common stock at an offering price of $ 14.00 per share, for aggregate net proceeds of $ 28,056 , after deducting offering expenses. The accompanying warrants to purchase 2,142,858 shares of Class A common stock had an exercise price of $ 14.50 per s …

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