SPIRE GLOBAL, INC.
Climate Impact & Sustainability Data (2022, 2023)
Reporting Period: 2022
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Strong U.S. dollar relative to foreign subsidiaries' local functional currency negatively impacted revenue.
- COVID-19 pandemic caused customers to re-evaluate purchases, leading to discounts, extended payment terms, longer sales cycles, and cancellations.
- Pandemic reduced travel, shifted to hybrid work, and impacted hiring and attrition.
- Rising interest rates in 2022 increased interest expenses.
- Russian invasion of Ukraine caused sanctions, scheduling shifts, and launch cancellations, delaying revenue recognition.
Mitigation Strategies
- Closed a $120 million credit facility with Blue Torch Finance LLC to improve balance sheet and liquidity.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2023
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- The macroeconomic environment has caused existing or potential customers to re-evaluate their decision to purchase our offerings, at times resulting in additional customer discounts, extended payment terms, longer sales cycles, and a few contract cancellations.
- Increasing interest rates in the fiscal year ended December 31, 2023 resulted in higher interest expenses, as our credit facility is based on a floating interest rate.
- The Russian invasion of Ukraine and the continued conflict created additional global sanctions, which at times caused scheduling shifts or launch cancellations by third-party satellite launch providers, which delayed revenue recognition of certain sales contracts.