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2024-08-15 20:51
Spire Global (NYSE:SPIR) -26.3% pre-market Thursday after announcing a delay in filing its Q2 financial report for the period ending June 30, saying it needs more time to finalize its financial statements.
Spire Global (SPIR) said it is reviewing its accounting practices and procedures with respect to revenue recognition related to certain contracts in its "Space as a Service" business.
"The re-evaluation relates to the potential existence of embedded leases of identifiable assets in the contracts and the related recognition of revenue for pre-space mission activities," the company said, adding that it is considering any related internal control matters associated with the contracts.
Spire Global (SPIR) said it may not be in compliance with the maximum debt to EBITDA leverage ratio financial covenant under its financing agreement with Blue Torch Finance, and is discussing potential waivers or amendments to the agreement.
Contracts identified for re-evaluation resulted in $10M-$15M of recognized annual revenue, but the company believes the re-evaluation will not impact its statements of cash flows for any period.