Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | SPIRE GLOBAL, INC. | |
Entity File Number | 001-39493 | |
Entity Central Index Key | 0001816017 | |
Entity Tax Identification Number | 85-1276957 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 8000 Towers Crescent Drive | |
Entity Address, Address Line Two | Suite 1100 | |
Entity Address, City or Town | Vienna | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22182 | |
City Area Code | 202 | |
Local Phone Number | 301-5127 | |
Title of 12(b) Security | Class A common stock, par value of $0.0001 per share | |
Trading Symbol | SPIR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 146,063,378 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,058,614 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 46,952 | $ 47,196 |
Marketable securities | 25,660 | 23,084 |
Accounts receivable, net (including allowance of $944 and $395 as of March 31, 2023 and December 31, 2022, respectively) | 13,855 | 13,864 |
Contract assets | 4,213 | 3,353 |
Other current assets | 8,949 | 9,279 |
Total current assets | 99,629 | 96,776 |
Property and equipment, net | 58,147 | 53,752 |
Operating lease right-of-use assets | 12,549 | 11,687 |
Goodwill | 50,039 | 49,954 |
Customer relationships | 20,373 | 20,814 |
Other intangible assets | 13,590 | 13,967 |
Other long-term assets, including restricted cash | 9,175 | 9,562 |
Total assets | 263,502 | 256,512 |
Current liabilities | ||
Accounts payable | 6,517 | 4,800 |
Accrued wages and benefits | 4,861 | 4,502 |
Contract liabilities, current portion | 17,444 | 15,856 |
Other accrued expenses | 7,596 | 8,210 |
Total current liabilities | 36,418 | 33,368 |
Long-term debt | 119,035 | 98,475 |
Contingent earnout liability | 273 | 349 |
Deferred income tax liabilities | 794 | 771 |
Warrant liability | 1,066 | 1,831 |
Operating lease liabilities, net of current portion | 11,523 | 10,815 |
Other long-term liabilities | 556 | 780 |
Total liabilities | 169,665 | 146,389 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity | ||
Common stock, $0.0001 par value, 1,000,000,000 Class A and 15,000,000 Class B shares authorized, 146,046,442 Class A and 12,058,614 Class B shares issued and outstanding at March 31, 2023; 143,679,385 Class A and 12,058,614 Class B shares issued and outstanding at December 31, 2022 | 16 | 16 |
Additional paid-in capital | 458,683 | 455,751 |
Accumulated other comprehensive loss | (8,542) | (6,997) |
Accumulated deficit | (356,320) | (338,647) |
Total stockholders' equity | 93,837 | 110,123 |
Total liabilities and stockholders' equity | $ 263,502 | $ 256,512 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 944 | $ 395 |
Common stock per share | $ 0.0001 | $ 0.0001 |
Common Class A [Member] | ||
Common stock, authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, Issued | 146,046,442 | 143,679,385 |
Common stock, outstanding | 146,046,442 | 143,679,385 |
Common Class B | ||
Common stock, authorized | 15,000,000 | 15,000,000 |
Common stock, Issued | 12,058,614 | 12,058,614 |
Common stock, outstanding | 12,058,614 | 12,058,614 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Revenue | $ 24,168 | $ 18,070 |
Cost of revenue | 10,360 | 9,846 |
Gross profit | 13,808 | 8,224 |
Operating expenses: | ||
Research and development | 9,663 | 8,657 |
Sales and marketing | 6,850 | 6,905 |
General and administrative | 11,770 | 12,684 |
Total operating expenses | 28,283 | 28,246 |
Loss from operations | (14,475) | (20,022) |
Other income (expense): | ||
Interest income | 565 | 14 |
Interest expense | (4,578) | (3,043) |
Change in fair value of contingent earnout liability | 76 | 6,883 |
Change in fair value of warrant liabilities | 746 | 5,835 |
Foreign exchange | 1,024 | (935) |
Other expense, net | (762) | (234) |
Total other (expense) income, net | (2,929) | 8,520 |
Loss before income taxes | (17,404) | (11,502) |
Income tax provision | 269 | 290 |
Net loss | $ (17,673) | $ (11,792) |
Net loss per share, Basic | $ (0.12) | $ (0.08) |
Net loss per share, Diluted | $ (0.12) | $ (0.08) |
Weighted Average Number of Shares Outstanding, Basic | 144,770,908 | 139,274,538 |
Weighted Average Number of Shares Outstanding, Diluted | 144,770,908 | 139,274,538 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (17,673) | $ (11,792) |
Other comprehensive (loss) gain: | ||
Foreign currency translation adjustments | (1,589) | 1,859 |
Net unrealized gain on investments (net of tax) | 44 | 0 |
Comprehensive loss | $ (19,218) | $ (9,933) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Accumulated Deficit |
Beginning balance at Dec. 31, 2021 | $ 190,207 | $ 15 | $ 438,696 | $ 732 | $ (249,236) |
Beginning balance, shares at Dec. 31, 2021 | 151,154,614 | ||||
Exercise of stock options | 638 | 638 | |||
Exercise of stock options, shares | 492,064 | ||||
Release of Restricted Stock Units, shares | 4,014 | ||||
Stock compensation expense | 2,289 | 2,289 | |||
Net loss | (11,792) | (11,792) | |||
Foreign currency translation adjustments | 1,859 | 1,859 | |||
Net unrealized gain on investments (net of tax) | 0 | ||||
Ending balance at Mar. 31, 2022 | 183,201 | $ 15 | 441,623 | 2,591 | (261,028) |
Ending balance, shares at Mar. 31, 2022 | 151,650,692 | ||||
Beginning balance at Dec. 31, 2022 | $ 110,123 | $ 16 | 455,751 | (6,997) | (338,647) |
Beginning balance, shares at Dec. 31, 2022 | 155,737,999 | ||||
Exercise of stock options, shares | 0 | ||||
Release of Restricted Stock Units, shares | 2,089,229 | ||||
Stock compensation expense | $ 2,646 | 2,646 | |||
Conversion of warrants to common stock | 286 | 286 | |||
Conversion of warrants to common stock, shares | 277,828 | ||||
Net loss | (17,673) | (17,673) | |||
Foreign currency translation adjustments | (1,589) | (1,589) | |||
Net unrealized gain on investments (net of tax) | 44 | 44 | |||
Ending balance at Mar. 31, 2023 | $ 93,837 | $ 16 | $ 458,683 | $ (8,542) | $ (356,320) |
Ending balance, shares at Mar. 31, 2023 | 158,105,056 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (17,673) | $ (11,792) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3,916 | 4,834 |
Stock-based compensation | 2,646 | 2,289 |
Amortization of operating lease assets | 224 | 573 |
Amortization of debt issuance costs | 554 | 1,413 |
Change in fair value of warrant liability | (746) | (5,835) |
Change in fair value of contingent earnout liability | (76) | (6,883) |
Deferred income tax liabilities | 6 | 0 |
Other | (110) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 97 | 2,215 |
Contract assets | (855) | (1,531) |
Other current assets | 117 | 1,409 |
Other long-term assets | 410 | 469 |
Accounts payable | (604) | (828) |
Accrued wages and benefits | 323 | (1,051) |
Contract liabilities | 1,259 | (962) |
Other accrued expenses | (548) | 1,077 |
Operating lease liabilities | (230) | (342) |
Other long-term liabilities | 0 | (46) |
Net cash used in operating activities | (11,290) | (14,991) |
Cash flows from investing activities | ||
Purchases of short-term investments | (13,908) | 0 |
Maturities of short-term investments | 11,600 | 0 |
Purchase of property and equipment | (4,649) | (4,243) |
Investment in intangible assets | 0 | (19) |
Net cash used in investing activities | (6,957) | (4,262) |
Cash flows from financing activities | ||
Proceeds from long-term debt | 19,886 | 95 |
Proceeds from exercise of stock options | 0 | 638 |
Net cash provided by financing activities | 19,886 | 733 |
Effect of foreign currency translation on cash, cash equivalents and restricted cash | (1,846) | 850 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (207) | (17,670) |
Cash, cash equivalents and restricted cash | ||
Beginning balance | 47,569 | 109,645 |
Ending balance | 47,362 | 91,975 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 3,827 | 1,627 |
Income taxes paid | 451 | 0 |
Noncash Investing and financing activities | ||
Property and equipment purchased but not yet paid | 2,299 | 2,250 |
Issuance of stock warrants with long-term debt (Note 8) | $ 286 | $ 0 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business Spire Global, Inc. (“Spire” or the “Company”), founded in August 2012, is a global provider of space-based data and analytics that offers its customers unique datasets and insights about earth from the ultimate vantage point. The Company collects this space-based data through its proprietary constellation of multi-purpose nanosatellites. By designing, manufacturing, integrating and operating its own satellites and ground stations, the Company has unique end-to-end control and ownership over its entire system. The Company offers the following three data solutions to customers: Maritime, Aviation and Weather. As a fourth solution, the Company is providing “space-as-a-service” through its Space Services solution. The Company is headquartered in Vienna, Virginia and has several wholly owned operating subsidiaries in the United States, United Kingdom, Luxembourg, Singapore, Australia and Canada. On August 16, 2021, Spire Global Subsidiary, Inc. (formerly known as Spire Global, Inc.) (“Legacy Spire”) closed its previously announced merger with NavSight Holdings, Inc. (“NavSight”), a special purpose acquisition company, pursuant to the terms of the Business Combination Agreement, dated as of February 28, 2021, by and among Spire, NavSight, NavSight Merger Sub, Inc., a wholly owned subsidiary of NavSight (“NavSight Merger Sub”), and Peter Platzer, Theresa Condor, Jeroen Cappaert, and Joel Spark (collectively, the “Legacy Spire Founders,” and such agreement, the “Merger Agreement”). As a result, NavSight Merger Sub merged with and into Legacy Spire, the separate corporate existence of NavSight Merger Sub ceased, and Legacy Spire continued as the surviving corporation and a wholly owned subsidiary of NavSight (the “Merger,” and such consummation, the “Closing”). NavSight then changed its name to Spire Global, Inc. (together with its consolidated subsidiary, “New Spire” or “Spire”) and Legacy Spire changed its name to Spire Global Subsidiary, Inc. On September 14, 2022, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Canaccord Genuity LLC, as sales agent (the “Agent”). In accordance with the terms of the Equity Distribution Agreement, the Company may offer and sell its Class A common stock, having an aggregate offering price of up to $ 85,000 from time to time through the Agent pursuant to a registration statement on Form S-3, which became effective on September 26, 2022. There had been no sales under the Equity Distribution Agreement as of March 31, 2023. On March 24, 2023, the Company, was notified by the New York Stock Exchange (“NYSE”) that the Company is not in compliance with Rule 802.01C of the NYSE’s Listed Company Manual (“Rule 802.01C”) relating to the minimum average closing price of the Company’s Class A common stock, par value of $ 0.0001 per share, required over a consecutive 30 trading-day period. The notice does not result in the immediate delisting of the Company’s Class A common stock from the NYSE. The Company is considering available alternatives, including, but not limited to, a reverse stock split, subject to stockholder approval at the Company’s 2023 annual meeting of stockholders, to regain compliance. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 Company's Annual Report on Form 10-K for the year ended December 31, 2022. The information as of December 31, 2022 included on the condensed consolidated balance sheets was derived from the Company’s audited consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. Results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2023. Liquidity Risks and Uncertainties Since inception, the Company has been engaged in developing its product offerings, raising capital, and recruiting personnel. The Company’s operating plan may change as a result of many factors currently unknown and there can be no assurance that the current operating plan will be achieved in the time frame anticipated by the Company, and it may need to seek additional funds sooner than planned. If adequate funds are not available to the Company on a timely basis, it may be required to delay, limit, reduce, or terminate certain commercial efforts, or pursue merger or acquisition strategies, all of which could adversely affect the holdings or the rights of the Company’s stockholders. The Company has a history of operating losses and negative cash flows from operations since inception. During the three months ended March 31, 2023, net loss was $ 17,673 and cash used in operations was $ 11,290 . The Company held cash and cash equivalents of $ 46,952 , excluding restricted cash of $ 410 , and investment in short-term marketable securities of $ 25,660 as of March 31, 2023. The Company believes that it will have sufficient working capital to operate for a period of at least one year from the issuance of the March 31, 2023 condensed consolidated financial statements based on the Company's current cash and cash equivalents balance, which includes the borrowings under the Blue Torch Financing Agreement (as defined in Note 6). The Company’s assessment of the period of time through which its financial resources will be adequate to support its operations is a forward-looking statement and involves risks and uncertainties. The Company’s actual results could vary as a result of many factors, including its growth rate, subscription renewal activity, the timing and extent of spending to support its infrastructure and research and development efforts and the expansion of sales and marketing activities. The Company may in the future enter into arrangements to acquire or invest in complementary businesses, services, and technologies, including intellectual property rights. The Company has based its estimates on assumptions that may prove to be wrong, and it could use its available capital resources sooner than it currently expects. The Company may be required to seek additional equity or debt financing. Future liquidity and cash requirements will depend on numerous factors, including market penetration, the introduction of new products, and potential acquisitions of related businesses or technology. In the event that additional financing is required from outside sources, the Company may not be able to raise it on acceptable terms or at all. If the Company is unable to raise additional capital when desired, or if it cannot expand its operations or otherwise capitalize on its business opportunities because it lacks sufficient capital, its business, results of operations, and financial condition would be adversely affected. M acroeconomic and Geopolitical Impact Over the past two years, the Company has been impacted by the macroeconomic environment, such as fluctuations in foreign currencies, the COVID-19 pandemic, increasing interest rates and the Russian invasion of Ukraine. A stronger U.S. dollar relative to the Company's foreign subsidiaries' local functional currencies for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022 impacted the Company’s revenue, since approximately one-third of the Company’s sales are transacted in foreign currencies, though it positively impacted the Company’s expenses, since a majority of the Company’s employees reside in countries outside of the United States. The macroeconomic environment has caused existing or potential customers to re-evaluate their decision to purchase the Company's offerings, at times resulting in additional customer discounts, extended payment terms, longer sales cycles, and a few contract cancellations. Increasing interest rates in the three months ended March 31, 2023 resulted in higher interest expenses, as the Company’s 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 has delayed revenue recognition of certain sales contracts. If any of these factors continue or worsen, and/or if new macroeconomic or geopolitical issues arise, the Company's results and financial condition could be further negatively impacted. The Company cannot predict the timing, strength, or duration of any economic slowdown, downturn, instability, or recovery, generally or within any particular industry or geography. Any downturn of the general economy or industries in which the Company operates would adversely affect its business, financial condition, and results of operations. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Management’s significant estimates include assumptions in revenue recognition, allowance for credit losses, valuation of certain assets and liabilities acquired from the acquisition of exactEarth in November 2021 (the “Acquisition”), realizability of deferred income tax assets, and fair value of equity awards, contingent earnout liabilities and warrant liabilities. Actual results could differ from those estimates. Management assessed the impact of COVID-19 on the estimates and assumptions and determined there was no material impact in the reporting periods. Cash, Cash Equivalents, Marketable Securities and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash included in Other long-term assets, including restricted cash on the condensed consolidated balance sheets, represents amounts pledged as guarantees or collateral for financing arrangements and lease agreements, as contractually required. The Company invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Unrealized gains and losses on marketable debt securities classified as available-for-sale are recognized in Accumulated other comprehensive loss. Interest on securities classified as available-for-sale is included in Interest income on the condensed consolidated statements of operations. The following table shows components of cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets as of the dates indicated: March 31, December 31, 2023 2022 Cash and cash equivalents $ 46,952 $ 47,196 Restricted cash included in Other long-term assets 410 373 $ 47,362 $ 47,569 Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents and restricted cash, marketable securities, and accounts receivable. The Company typically has cash accounts in excess of Federal Deposit Insurance Corporation insurance coverage. The Company has not experienced any losses on such accounts, and management believes that the Company’s risk of loss is remote. The Company has a concentration of contractual revenue arrangements with various government agencies. The Company had the following customers whose revenue and accounts receivable balances individually represented 10% or more of the Company’s total revenue and/or accounts receivable: Three Months Ended March 31, March 31, 2023 December 31, 2023 2022 2023 2022 Revenue Revenue Accounts Accounts Customer A 11 % 13 % 17 % 16 % Customer B 29 % 17 % * * Customer C * * 16 % * * Revenue and/or accounts receivable from these customers were less than 10% of total revenue and/or accounts receivable during this period or at this date, as applicable. Related Parties In November 2021, in conjunction with the Acquisition, Myriota Pty Ltd ("Myriota"), a Spire customer, became a related party, as exactEarth has 14 % ownership of Myriota. As of March 31, 2023, $ 2,987 of investment in Myriota is included in Other long-term assets, including restricted cash on the condensed consolidated balance sheets. The Company accounts for this investment using the equity method of accounting. The Company's share of earnings or losses on the investment is recorded on a month lag, due to the timing of receiving financial statements from Myriota, as a component of other expense, net in the condensed consolidated statements of operations. The Company generat ed $ 203 and $ 527 in revenue for the three months ended March 31, 2023 and 2022, respectively, and had no outstanding acc ounts receivable as of March 31, 2023 and $ 170 of accounts receivable as of December 31, 2022, from Myriota. Accounting Pronouncements Recently Adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. The guidance is effective for annual reporting periods beginning after December 15, 2022, including interim periods within that reporting period and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The adoption of ASU 2021-08 as of January 1, 2023 did not impact the Company's condensed consolidated financial statements. In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50), guidance on modifying the disclosure requirements to enhance the transparency of supplier finance programs including disclosure of the key terms of the program, the amount outstanding that remains unpaid by the buyer as of the end of the annual period, a description of where those obligations are presented in the balance sheet, and a roll forward of those obligations during the annual period. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2022. The adoption of ASU 2022-04 as of January 1, 2023 did not impact the Company's condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In March 2023, the FASB issued ASU 2023-01, Leases – Common Control Arrangements (Topic 842), to improve the accounting for amortizing leasehold improvements associated with arrangements between entities under common control. The amendment requires that leasehold improvements be amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a lease. Additionally, leasehold improvements should be accounted for as a transfer between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2023, with early adoption permitted. The Company does not expect this ASU to have a material impact on its consolidated financial statements. |
Revenue, Contract Assets, Contr
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations | 3. Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations Disaggregation of Revenue Revenue from subscription-based contracts was $ 18,812 , or 78 % of total revenue, for the three months ended March 31, 2023 and was $ 12,336 , or 68 % of total revenue, for the three months ended March 31, 2022. Revenue from non-subscription-based contracts was $ 5,356 , or 22 % of total revenue, for the three months ended March 31, 2023 and was $ 5,735 , or 32 % of total revenue, for the three months ended March 31, 2022. The following revenue disaggregated by geography was recognized: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 EMEA (1) $ 8,703 36 % $ 7,935 44 % Americas (2) 12,807 53 % 7,614 42 % Asia Pacific 2,658 11 % 2,521 14 % Total $ 24,168 100 % $ 18,070 100 % (1) The United Kingdom represented 14 % and 16 % for the three months ended March 31, 2023 and 2022, respectively. (2) U.S. represented 50 % and 33 % for the three months ended March 31, 2023 and 2022, respectively. Contract Assets As of March 31, 2023, and December 31, 2022, contract assets were $ 4,213 and $ 3,353 , respectively, on the condensed consolidated balance sheets. Changes in contract assets for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, 2023 2022 Balance as of December 31 $ 3,353 $ 2,084 Contract assets recorded during the period 3,306 3,122 Reclassified to accounts receivable ( 2,451 ) ( 1,557 ) Other 5 ( 19 ) Balance as of March 31 $ 4,213 $ 3,630 Contract Liabilities As of March 31, 2023, contract liabilities were $ 17,991 , of which $ 17,444 i s reported in contract liabilities, current portion, and $ 547 is reported in other long-term liabilities on the Company’s condensed consolidated balance sheets. As of December 31, 2022, contract liabilities were $ 16,628 , of which $ 15,856 is reported in contract liabilities, current portion, and $ 772 is reported in other long-term liabilities on the Company’s condensed consolidated balance sheets. Changes in contract liabilities for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, 2023 2022 Balance as of December 31 $ 16,628 $ 9,255 Contract liabilities recorded during the period 7,978 3,563 Revenue recognized during the period ( 6,719 ) ( 4,514 ) Other 104 ( 68 ) Balance as of March 31 $ 17,991 $ 8,236 Remaining Performance Obligations The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized as revenue. These commitments for future services exclude (i) contracts with an original term of one year or less, and (ii) cancellable contracts. As of March 31, 2023, the amount not yet recognized as revenue from these commitments was $ 164,465 . The Company expects to recognize 35 % of these future commitments over the next 12 months and the remaining 65 % thereafter as revenue when the performance obligations are met. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Other current assets consisted of the following: March 31, 2023 December 31, 2023 2022 Technology and other prepaid contracts $ 4,905 $ 4,695 Prepaid insurance 1,742 2,594 Deferred contract costs 435 439 Other receivables 1,411 1,123 Other current assets 456 428 $ 8,949 $ 9,279 Property and equipment, net consisted of the following: March 31, December 31, 2023 2022 Satellites in-service $ 51,207 $ 49,889 Internally developed software 2,127 2,119 Ground stations in-service 3,370 3,369 Leasehold improvements 4,315 4,175 Machinery and equipment 3,987 3,585 Computer equipment 2,032 1,985 Computer software and website development 99 99 Furniture and fixtures 1,214 1,156 68,351 66,377 Less: Accumulated depreciation and amortization ( 32,309 ) ( 32,974 ) 36,042 33,403 Satellite, launch and ground station work in progress 19,088 15,364 Finished satellites not in-service 3,017 4,985 Property and equipment, net $ 58,147 $ 53,752 Depreciation and amortization expense related to property and equipment for the three months ended March 31, 2023 and 2022 was $ 3,037 and $ 4,834 , respectively. Other accrued expenses consisted of the following: March 31, 2023 December 31, 2023 2022 Professional services $ 915 $ 1,198 Operating lease liabilities, current 2,504 2,333 Third-party operating costs 990 1,541 Corporate and sales tax 770 542 Accrued interest 847 765 Software 480 580 Other 1,090 1,251 $ 7,596 $ 8,210 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets The following table summarizes changes in goodwill balance: Balance at December 31, 2022 $ 49,954 Impact of foreign currency translation 85 Balance at March 31, 2023 $ 50,039 Intangible assets consisted of the following: March 31, December 31, 2023 2022 Customer relationships $ 22,916 $ 22,877 Developed technology 13,023 13,001 Trade names 2,207 2,204 Backlog 3,049 3,043 Patents 419 419 FCC licenses 480 480 42,094 42,024 Less: Accumulated amortization ( 8,131 ) ( 7,243 ) $ 33,963 $ 34,781 As of March 31, 2023, the weighted-average amortization period for customer relationships and developed technology wa s 10.7 years, trade names was 3.7 years, and patents and FCC licenses w as 6.9 years. Amortization expense related to intangible assets for the three months ended March 31, 2023 and 2022 was $ 878 and $ 1,748 , respectively. No impairment charges were recognized for the three months ended March 31, 2023 and 2022. The patents asset balance as of each of March 31, 2023 and December 31, 2022 includ ed $ 57 of capitalized patent costs that will begin amortization upon the issuance of an official patent right to the Company. As of March 31, 2023, the expected future amortization expense of intangible assets is as follows: Years ending December 31, Remainder of 2023 $ 2,640 2024 3,496 2025 3,487 2026 3,441 2027 3,028 Thereafter 17,814 33,906 Capitalized patent costs, unissued 57 $ 33,963 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Long-term debt consisted of the following: March 31, December 31, 2023 2022 Blue Torch term loan $ 120,359 $ 100,511 Other 5,016 4,857 Total long-term debt 125,375 105,368 Less: Debt issuance costs ( 6,340 ) ( 6,893 ) Non-current portion of long-term debt $ 119,035 $ 98,475 The Company recorded interest expense from long-term debt of $ 4,008 and $ 1,627 and amortization of deferred issuance costs of $ 554 and $ 1,413 for the three months ended March 31, 2023 and 2022, 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 provides for, among other things, a term loan facility in an aggregate principal amount of up to $ 120,000 (the “Blue Torch Credit Facility”). A portion of the proceeds of the term loan was used to repay the Company’s then-existing $ 70,000 credit facility with FP Credit Partners, L.P., and the remainder of the proceeds of the term loan may be used for general corporate purposes. The Blue Torch Credit Facility is scheduled to mature on June 13, 2026. Subject to certain exceptions, prepayments of principal under the Blue Torch Credit Facility will be subject to early termination fees in the amount of 3.0%, 2.0% and 1.0% of the principal prepaid if prepayment occurs within the first, second and third years following the closing date, respectively, plus if prepayment occurs on or prior to the first anniversary of the closing date, a make-whole amount equal to the amount of interest that would have otherwise been payable through the maturity date of 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 to be 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 accrues interest at a floating rate, to be based, at the Company's election, on either a reference rate or a 3-month Term Secured Overnight Financing Rate ("SOFR") (subject to a 1.0% floor), plus an interest rate margin of 7.0% for reference rate borrowings and 8.0% for 3-month Term SOFR borrowings, plus an incremental Term SOFR margin of 0.26161% . The Company elected the Term SOFR rate which was 13.37 % as of March 31, 2023. Principal on the term loan is only payable at maturity and interest on the term loan is due and payable monthly for reference rate borrowings and quarterly for Term SOFR borrowings. The Company is also required to pay other customary fees and costs in connection with the Blue Torch Credit Facility, including a commitment fee in an amount equal to $ 2,400 on the closing date, a $ 250 agency fee annually and an exit fee in an amount equal to $ 1,800 upon termination of the Blue Torch Financing Agreement. The Blue Torch Financing Agreement contains customary affirmative covenants and customary negative covenants limiting the Company's ability and the ability of its subsidiaries to, among other things, dispose of assets, undergo a change in control, merge or consolidate, make acquisitions, incur debt, incur liens, pay dividends, repurchase stock and make investments, in each case subject to certain exceptions. The Company must also comply with a maximum debt to annualized recurring revenue leverage ratio financial covenant tested monthly during the first two years of the Blue Torch Financing Agreement, a maximum debt to EBITDA leverage ratio financial covenant tested monthly during the third and fourth years of the Blue Torch Financing Agreement and a minimum liquidity financial covenant tested at all times. Government Loan In November 2021, the Company completed the Acquisition and assumed an interest free loan agreement with the Strategic Innovation Fund ("SIF") which was recorded at an amount equal to the proceeds received. As of March 31, 2023 and December 31, 2022, $ 5,016 and $ 4,857 , respectively, was included in long-term debt, non-current on the condensed consolidated balance sheets related to the SIF loan agreement. Under this agreement and subsequent amendment, the Company is eligible to receive funding for certain expenditures incurred from February 13, 2018 to May 12, 2023 to a maximum of $ 5,701 . Any amount outstanding under this loan is repayable in 15 annual payments beginning February 28, 2026. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 7. Leases Lease expenses for the three months ended March 31, 2023 and 2022 were $ 930 and $ 870 , respectively. Aggregate variable lease expenses and short-term lease expenses were $ 120 and $ 90 fo r the three months ended March 31, 2023 and 2022, respectively. The following table provides the required information regarding the Company's leases for which the Company is the lessee: As of March 31, As of December 31, Assets ROU assets $ 12,549 $ 11,687 Total ROU assets $ 12,549 $ 11,687 Liabilities Current $ 2,504 $ 2,333 Non-current 11,523 10,815 Total lease liabilities $ 14,027 $ 13,148 Weighted-average remaining lease term (years) 5.3 5.7 Weighted-average discount rate 9 % 9 % The majority of the Company's right-of-use (“ROU”) assets and lease liabilities, approximately 80 %, relate to office facilities leases, with the remaining amounts representing primarily ground station leases. As of March 31, 2023, the maturity of operating leases are as follows: Years ending December 31, Remainder of 2023 $ 2,678 2024 3,566 2025 3,460 2026 3,142 2027 2,030 Thereafter 2,715 Total lease payments 17,591 Less: Interest on lease payments ( 3,564 ) Present value of lease liabilities $ 14,027 Operating cash flows paid included in the measurement of operating lease liabilities for the three months ended March 31, 2023 and 2022 was $ 230 and $ 342 , respectively, and was included in net cash used in operating activities in the condensed consolidated statements of cash flows. Amortization of ROU assets was $ 224 and $ 573 for the three months ended March 31, 2023 and 2022, respectively. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 8. Fair Value Measurement The Company follows the guidance in Accounting Standards Codification (“ASC”) 820, “Fair Value Measurement” for its liabilities that are re-measured and reported at fair value at the end of each reporting period. The fair value of the Company’s common and preferred stock warrant liabilities reflects management’s 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 management’s 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 significant unobservable input to the valuation model. In addition to these unobservable inputs, the valuation models for Level 3 financial instruments typically also rely on a number of inputs that are readily observable, either directly or indirectly. The Company’s assessment of a particular input to the fair value measurement requires management to make judgments and consider factors specific to the asset or liability. The fair value hierarchy requires the use of observable market data when available in determining fair value. The Company recognizes transfers between levels within the fair value hierarchy, if any, at the end of each period. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis. March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 10,066 $ — $ — $ 10,066 $ 10,066 $ — $ — $ 10,066 Marketable securities: Corporate securities $ — $ 5,195 $ — $ 5,195 Commercial paper — 2,575 — 2,575 U.S. government and agency securities — 17,890 — 17,890 $ — $ 25,660 $ — $ 25,660 Long-term liabilities: Credit Agreement Warrants $ — $ 1,066 $ — $ 1,066 Contingent earnout liability — — 273 273 $ — $ 1,066 $ 273 $ 1,339 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 5,180 $ — $ — $ 5,180 Commercial paper — 2,097 — 2,097 $ 5,180 $ 2,097 $ — $ 7,277 Marketable securities: U.S. treasury bills and bonds $ 1,494 $ — $ — $ 1,494 Corporate securities — 7,745 — 7,745 Commercial paper — 2,576 — 2,576 U.S. government and agency securities — 11,269 — 11,269 $ 1,494 $ 21,590 $ — $ 23,084 Liabilities: Current liabilities: Public Warrants $ 267 $ — $ — $ 267 Long-term liabilities: Credit Agreement Warrants $ — $ 1,831 $ — $ 1,831 Contingent earnout liability — — 349 349 $ — $ 1,831 $ 349 $ 2,180 Financial Assets The Company values its Level 1 assets, consisting of money market funds and U.S. treasury bills and bonds, using quoted prices in active markets for identical instruments. Financial assets whose fair values that are measured on a recurring basis using Level 2 inputs consist of commercial paper, corporate securities, and U.S. government and agency securities. The Company measures the fair values of these assets with the help of a pricing service that either provides quoted market prices in active markets for identical or similar securities or uses observable inputs for their pricing without applying significant adjustments. Public and Private Placement Warrants The Company assumed 11,499,992 publicly-traded warrants (“Public Warrants”) and 6,600,000 private placement warrants issued by NavSight (“Private Warrants” and, together with the Public Warrants, the “Warrants”) upon the Merger, all of which were issued in connection with NavSight’s initial public offering and entitled the holder to purchase one share of the Company’s Class A common stock at an exercise price of $ 11.50 per share. The fair value of the Public Warrants was based on the quoted market price and was classified as a Level 1 financial instrument. In November 2022, the Company announced the commencement of an exchange offer (the "Offer") and consent solicitation relating to all holders of the Warrants to receive 0.2 shares of Class A common stock in exchange for each outstanding Warrant tendered by the holder. On December 19, 2022, a total of 16,556,489 Warrants were tendered and exchanged for 3,311,286 shares of Class A common stock. Concurrently with the Offer, the Company also solicited consents from holders of the Public Warrants to amend the Warrant Agreement to permit the Company to require that each Warrant that is outstanding upon the closing of the Offer be exchanged for 0.18 shares of Class A common stock, which is a ratio 10 % less than the exchange ratio applicable to the Offer (such amendment, the “Warrant Amendment”). Because consents were received from holders of more than 65 % of the Company’s outstanding Public Warrants, the Warrant Amendment was approved. On December 19, 2022, the Company exercised its right to acquire and retire all remaining outstanding Public Warrants in exchange for shares of Class A common stock in accordance with the terms of the Warrant Amendment. The remaining 1,543,493 Public Warrants were exchanged on January 4, 2023 for 277,828 shares of the Company's Class A common stock. Following the exchange, none of the Warrants remain outstanding. Credit Agreement Warrants In connection with the Blue Torch Financing Agreement, the Company issued warrants to Blue Torch, which are exercisable for an aggregate of 3,496,205 shares of the Company’s Class A common stock with a per share exercise price of $ 2.01 (the “Blue Torch Warrants”). Additionally, in connection with the closing of the financing, the Company issued a warrant to Urgent Capital LLC for introducing the Company to the Lenders, which is exercisable for an aggregate of 198,675 shares of the Company's Class A common stock with a per share exercise price of $ 2.01 (together with the Blue Torch Warrants, the “Credit Agreement Warrants”). The fair value of the Credit Agreement Warrants is estimated using the Black-Scholes model with inputs that include the Company’s Class A common stock price in an actively traded market, making this fair value classified as a Level 2 financial instrument. The other significant assumptions used in the model are the exercise price, expected term, volatility, interest rate, and expected dividend yield. The table below quantifies the significant inputs used for the Credit Agreement Warrants: March 31, December 31, 2023 2022 Fair value of the Company’s Class A common stock $ 0.67 $ 0.96 Exercise price $ 2.01 $ 2.01 Risk-free interest rate 3.48 % 3.88 % Expected volatility factor 55.0 % 55.0 % Expected dividend yield — % — % Remaining contractual term (in years) 9.2 9.1 Contingent Earnout Liability In connection with the Merger, eligible Spire equity holders are entitled to receive additional shares of the Company's Class A common stock upon the achievement of certain earnout triggering events. The estimated fair value of the contingent earnout liability is determined using a Monte Carlo simulation using a distribution of potential outcomes on a monthly basis over the earnout period, which is a period up to five years post-closing of the Merger, prioritizing the most reliable information available, making this fair value classified as a Level 3 liability. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones, including the current price of the Company’s Class A common stock, expected volatility, risk-free interest rate, expected term and expected dividend yield. The table below quantifies the significant inputs used for the contingent earnout liability: March 31, December 31, 2023 2022 Fair value of the Company’s Class A common stock $ 0.67 $ 0.96 Risk-free interest rate 3.77 % 4.16 % Expected volatility factor 55.0 % 55.0 % Earnout expiration date August 16, 2026 August 16, 2026 The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis: Contingent Fair value as of December 31, 2022 349 Change in fair value of contingent earnout liability ( 76 ) Fair value as of March 31, 2023 $ 273 Cash and Cash Equivalents and Marketable Securities The following tables summarize the Company's cash, cash equivalents and available-for-sale securities by significant marketable securities category: March 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 36,886 $ — $ — $ 36,886 Cash equivalents: Money market funds 10,066 — — 10,066 $ 46,952 $ — $ — $ 46,952 Marketable Securities: Corporate securities $ 5,194 $ 1 $ — $ 5,195 Commercial paper 2,576 — ( 1 ) 2,575 U.S. government and agency securities 17,879 11 — 17,890 $ 25,649 $ 12 $ ( 1 ) $ 25,660 December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 39,919 $ — $ — $ 39,919 Cash equivalents: Money market funds 5,180 — — 5,180 Commercial paper 2,098 — ( 1 ) 2,097 $ 47,197 $ — $ ( 1 ) $ 47,196 Marketable Securities: U.S. treasury bills and bonds $ 1,495 $ — $ ( 1 ) $ 1,494 Corporate securities 7,771 — ( 26 ) 7,745 Commercial paper 2,578 — ( 2 ) 2,576 U.S. government and agency securities 11,272 — ( 3 ) 11,269 $ 23,116 $ — $ ( 32 ) $ 23,084 The following table represents amortized cost and estimated fair value of marketable securities, by contractual maturity: March 31, 2023 Amortized Cost Fair Value Due in one year or less $ 25,649 $ 25,660 In accordance with the Company's investment policy, investments are placed in investment grade securities with high credit quality issuers, and generally limit the amount of credit exposure to any one issuer. The Company evaluates securities for impairment at the end of each reporting period. The Company did not record any impairment charges related to its available-for-sale securities during the three months ended March 31, 2023 and 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies L3Harris Commitment In conjunction with the Acquisition, the Company acquired the agreement (the "L3Harris Agreement") with L3Harris Technologies, Inc. ("L3Harris") to receive satellite automatic identification system ("S-AIS") data from the L3Harris AppStar payloads on-board Iridium NEXT Constellation, Iridium's Real-Time Second-Generation satellite constellation with 58 AppStar payloads. Under the Amended and Restated L3Harris Agreement dated January 21, 2020 (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 will 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 months ended March 31, 2023 and 2022. For the three months ended March 31, 2023 and 2022, $ 1,253 and $ 1,252 , respectively, was recognized in cost of revenue on the condensed consolidated statements of operations for the initial costs incurred to acquire exclusive access rights to data generated from satellites. The following table summarizes the operational fees commitment under the A&R L3Harris Agreement, which includes the fixed payment obligations to L3Harris: Years ending December 31, Remainder of 2023 $ 3,225 2024 4,300 2025 4,300 2026 4,300 2027 4,300 Thereafter 15,548 $ 35,973 Litigation At times, the Company is party to various claims and legal actions arising in the normal course of business. Although the ultimate outcome of these matters is not presently determinable, management believes that the resolution of all such pending matters, based on an assessment of the current facts and circumstances, will not have a material adverse effect on the Company’s business, results of operations, financial condition or cash flows; however, there can be no assurance that the ultimate resolution of these matters will not have a material impact on the Company’s consolidated financial statements in any period. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation In connection with the Closing, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”) and the 2021 Employee Stock Purchase Plan (“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, 7,183,969 shares were added as available for issuance thereunder on January 1, 2023. As of March 31, 2023, 11,984,656 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, 1,436,793 shares were added as available for issuance thereunder on January 1, 2023. As of March 31, 2023, 5,495,955 shares were available for issuance under the 2021 ESPP. The following table summarizes stock option activity under our equity compensation plans : Number of Weighted- Weighted- (in years) Options outstanding as of December 31, 2022 19,119,405 $ 2.32 6.1 Granted — $ — Exercised — $ — Forfeited, canceled, or expired ( 366,423 ) $ 4.78 Options outstanding as of March 31, 2023 18,752,982 $ 2.27 5.8 Vested and expected to vest at March 31, 2023 18,752,982 $ 2.27 5.8 Exercisable at March 31, 2023 14,919,114 $ 2.12 5.3 The Company receive d no cash proceeds from options exercised during the three months ended March 31, 2023 and received $ 638 in cas h proceeds from options exercised during the three months ended March 31, 2022 . There were no options granted during the three months ended March 31, 2023 and 2022. The following table summarizes restricted stock unit ("RSU") activity under the 2021 Plan: Number of RSUs Weighted Average Grant Date Fair Value per Share Outstanding as of December 31, 2022 12,380,245 $ 2.46 RSUs granted 1,891,179 $ 1.05 RSUs vested ( 2,089,229 ) $ 2.85 RSUs forfeited ( 640,148 ) $ 2.68 Outstanding as of March 31, 2023 11,542,047 $ 2.14 For RSUs with service-based vesting conditions, the fair value is calculated based upon the Company’s closing stock price on the date of grant, and the stock-based compensation expense is recognized over the four-year vesting period. $ 28,107 of total unrecognized compensation expense related to options and RSUs expected to be recognized over a weighted average-period of 2.25 year s. The following table summarizes the components of total stock-based compensation expense based on roles and responsibilities of the employees within the condensed consolidated statements of operations: Three Months Ended March 31, 2023 2022 Cost of revenue $ 77 $ 77 Research and development 651 711 Sales and marketing 437 616 General and administrative 1,481 885 $ 2,646 $ 2,289 |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 11. Net Loss per Share The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended March 31, 2023 2022 Numerator: Net loss $ ( 17,673 ) $ ( 11,792 ) Denominator: Weighted-average shares used in computing basic and diluted net loss per share 144,770,908 139,274,538 Basic and diluted net loss per share $ ( 0.12 ) $ ( 0.08 ) The Company has two classes of common stock, Class A and Class B. Class B common stock has no economic rights, and therefore has been excluded from the computation of basic and diluted net loss per share. The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential shares of Class A common stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the three months ended March 31, 2023 and 2022, because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2023 2022 Stock options and 2021 ESPP to purchase Class A common stock 19,379,210 20,104,227 Public and Private Warrants — 18,099,992 RSUs 11,542,047 8,470,838 Credit Agreement Warrants 3,694,880 — 34,616,137 46,675,057 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 Company's Annual Report on Form 10-K for the year ended December 31, 2022. The information as of December 31, 2022 included on the condensed consolidated balance sheets was derived from the Company’s audited consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. Results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2023. |
Liquidity Risks and Uncertainties | Liquidity Risks and Uncertainties Since inception, the Company has been engaged in developing its product offerings, raising capital, and recruiting personnel. The Company’s operating plan may change as a result of many factors currently unknown and there can be no assurance that the current operating plan will be achieved in the time frame anticipated by the Company, and it may need to seek additional funds sooner than planned. If adequate funds are not available to the Company on a timely basis, it may be required to delay, limit, reduce, or terminate certain commercial efforts, or pursue merger or acquisition strategies, all of which could adversely affect the holdings or the rights of the Company’s stockholders. The Company has a history of operating losses and negative cash flows from operations since inception. During the three months ended March 31, 2023, net loss was $ 17,673 and cash used in operations was $ 11,290 . The Company held cash and cash equivalents of $ 46,952 , excluding restricted cash of $ 410 , and investment in short-term marketable securities of $ 25,660 as of March 31, 2023. The Company believes that it will have sufficient working capital to operate for a period of at least one year from the issuance of the March 31, 2023 condensed consolidated financial statements based on the Company's current cash and cash equivalents balance, which includes the borrowings under the Blue Torch Financing Agreement (as defined in Note 6). The Company’s assessment of the period of time through which its financial resources will be adequate to support its operations is a forward-looking statement and involves risks and uncertainties. The Company’s actual results could vary as a result of many factors, including its growth rate, subscription renewal activity, the timing and extent of spending to support its infrastructure and research and development efforts and the expansion of sales and marketing activities. The Company may in the future enter into arrangements to acquire or invest in complementary businesses, services, and technologies, including intellectual property rights. The Company has based its estimates on assumptions that may prove to be wrong, and it could use its available capital resources sooner than it currently expects. The Company may be required to seek additional equity or debt financing. Future liquidity and cash requirements will depend on numerous factors, including market penetration, the introduction of new products, and potential acquisitions of related businesses or technology. In the event that additional financing is required from outside sources, the Company may not be able to raise it on acceptable terms or at all. If the Company is unable to raise additional capital when desired, or if it cannot expand its operations or otherwise capitalize on its business opportunities because it lacks sufficient capital, its business, results of operations, and financial condition would be adversely affected. |
Macroeconomic and Geopolitical Impact | M acroeconomic and Geopolitical Impact Over the past two years, the Company has been impacted by the macroeconomic environment, such as fluctuations in foreign currencies, the COVID-19 pandemic, increasing interest rates and the Russian invasion of Ukraine. A stronger U.S. dollar relative to the Company's foreign subsidiaries' local functional currencies for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022 impacted the Company’s revenue, since approximately one-third of the Company’s sales are transacted in foreign currencies, though it positively impacted the Company’s expenses, since a majority of the Company’s employees reside in countries outside of the United States. The macroeconomic environment has caused existing or potential customers to re-evaluate their decision to purchase the Company's offerings, at times resulting in additional customer discounts, extended payment terms, longer sales cycles, and a few contract cancellations. Increasing interest rates in the three months ended March 31, 2023 resulted in higher interest expenses, as the Company’s 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 has delayed revenue recognition of certain sales contracts. If any of these factors continue or worsen, and/or if new macroeconomic or geopolitical issues arise, the Company's results and financial condition could be further negatively impacted. The Company cannot predict the timing, strength, or duration of any economic slowdown, downturn, instability, or recovery, generally or within any particular industry or geography. Any downturn of the general economy or industries in which the Company operates would adversely affect its business, financial condition, and results of operations. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Management’s significant estimates include assumptions in revenue recognition, allowance for credit losses, valuation of certain assets and liabilities acquired from the acquisition of exactEarth in November 2021 (the “Acquisition”), realizability of deferred income tax assets, and fair value of equity awards, contingent earnout liabilities and warrant liabilities. Actual results could differ from those estimates. Management assessed the impact of COVID-19 on the estimates and assumptions and determined there was no material impact in the reporting periods. |
Cash, Cash Equivalents, Marketable Securities and Restricted Cash | Cash, Cash Equivalents, Marketable Securities and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash included in Other long-term assets, including restricted cash on the condensed consolidated balance sheets, represents amounts pledged as guarantees or collateral for financing arrangements and lease agreements, as contractually required. The Company invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Unrealized gains and losses on marketable debt securities classified as available-for-sale are recognized in Accumulated other comprehensive loss. Interest on securities classified as available-for-sale is included in Interest income on the condensed consolidated statements of operations. The following table shows components of cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets as of the dates indicated: March 31, December 31, 2023 2022 Cash and cash equivalents $ 46,952 $ 47,196 Restricted cash included in Other long-term assets 410 373 $ 47,362 $ 47,569 |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents and restricted cash, marketable securities, and accounts receivable. The Company typically has cash accounts in excess of Federal Deposit Insurance Corporation insurance coverage. The Company has not experienced any losses on such accounts, and management believes that the Company’s risk of loss is remote. The Company has a concentration of contractual revenue arrangements with various government agencies. The Company had the following customers whose revenue and accounts receivable balances individually represented 10% or more of the Company’s total revenue and/or accounts receivable: Three Months Ended March 31, March 31, 2023 December 31, 2023 2022 2023 2022 Revenue Revenue Accounts Accounts Customer A 11 % 13 % 17 % 16 % Customer B 29 % 17 % * * Customer C * * 16 % * * Revenue and/or accounts receivable from these customers were less than 10% of total revenue and/or accounts receivable during this period or at this date, as applicable. |
Related Parties | Related Parties In November 2021, in conjunction with the Acquisition, Myriota Pty Ltd ("Myriota"), a Spire customer, became a related party, as exactEarth has 14 % ownership of Myriota. As of March 31, 2023, $ 2,987 of investment in Myriota is included in Other long-term assets, including restricted cash on the condensed consolidated balance sheets. The Company accounts for this investment using the equity method of accounting. The Company's share of earnings or losses on the investment is recorded on a month lag, due to the timing of receiving financial statements from Myriota, as a component of other expense, net in the condensed consolidated statements of operations. The Company generat ed $ 203 and $ 527 in revenue for the three months ended March 31, 2023 and 2022, respectively, and had no outstanding acc ounts receivable as of March 31, 2023 and $ 170 of accounts receivable as of December 31, 2022, from Myriota. |
Accounting Pronouncements Recently Adopted | Accounting Pronouncements Recently Adopted In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. The guidance is effective for annual reporting periods beginning after December 15, 2022, including interim periods within that reporting period and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The adoption of ASU 2021-08 as of January 1, 2023 did not impact the Company's condensed consolidated financial statements. In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50), guidance on modifying the disclosure requirements to enhance the transparency of supplier finance programs including disclosure of the key terms of the program, the amount outstanding that remains unpaid by the buyer as of the end of the annual period, a description of where those obligations are presented in the balance sheet, and a roll forward of those obligations during the annual period. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2022. The adoption of ASU 2022-04 as of January 1, 2023 did not impact the Company's condensed consolidated financial statements. |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In March 2023, the FASB issued ASU 2023-01, Leases – Common Control Arrangements (Topic 842), to improve the accounting for amortizing leasehold improvements associated with arrangements between entities under common control. The amendment requires that leasehold improvements be amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset through a lease. Additionally, leasehold improvements should be accounted for as a transfer between entities under common control through an adjustment to equity when the lessee no longer controls the use of the underlying asset. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2023, with early adoption permitted. The Company does not expect this ASU to have a material impact on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of cash, cash equivalents, and restricted cash | The following table shows components of cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets as of the dates indicated: March 31, December 31, 2023 2022 Cash and cash equivalents $ 46,952 $ 47,196 Restricted cash included in Other long-term assets 410 373 $ 47,362 $ 47,569 |
Summary of customers whose revenue and accounts receivable balances | Three Months Ended March 31, March 31, 2023 December 31, 2023 2022 2023 2022 Revenue Revenue Accounts Accounts Customer A 11 % 13 % 17 % 16 % Customer B 29 % 17 % * * Customer C * * 16 % * * Revenue and/or accounts receivable from these customers were less than 10% of total revenue and/or accounts receivable during this period or at this date, as applicable. |
Revenue, Contract Assets, Con_2
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Geography | The following revenue disaggregated by geography was recognized: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 EMEA (1) $ 8,703 36 % $ 7,935 44 % Americas (2) 12,807 53 % 7,614 42 % Asia Pacific 2,658 11 % 2,521 14 % Total $ 24,168 100 % $ 18,070 100 % (1) The United Kingdom represented 14 % and 16 % for the three months ended March 31, 2023 and 2022, respectively. (2) U.S. represented 50 % and 33 % for the three months ended March 31, 2023 and 2022, respectively. |
Schedule of Changes in Contract With Customer Asset | Changes in contract assets for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, 2023 2022 Balance as of December 31 $ 3,353 $ 2,084 Contract assets recorded during the period 3,306 3,122 Reclassified to accounts receivable ( 2,451 ) ( 1,557 ) Other 5 ( 19 ) Balance as of March 31 $ 4,213 $ 3,630 |
Schedule of Changes in Contract With Customer Liability | Changes in contract liabilities for the three months ended March 31, 2023 and 2022 were as follows: Three Months Ended March 31, 2023 2022 Balance as of December 31 $ 16,628 $ 9,255 Contract liabilities recorded during the period 7,978 3,563 Revenue recognized during the period ( 6,719 ) ( 4,514 ) Other 104 ( 68 ) Balance as of March 31 $ 17,991 $ 8,236 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Balance Sheet Components [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following: March 31, 2023 December 31, 2023 2022 Technology and other prepaid contracts $ 4,905 $ 4,695 Prepaid insurance 1,742 2,594 Deferred contract costs 435 439 Other receivables 1,411 1,123 Other current assets 456 428 $ 8,949 $ 9,279 |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: March 31, December 31, 2023 2022 Satellites in-service $ 51,207 $ 49,889 Internally developed software 2,127 2,119 Ground stations in-service 3,370 3,369 Leasehold improvements 4,315 4,175 Machinery and equipment 3,987 3,585 Computer equipment 2,032 1,985 Computer software and website development 99 99 Furniture and fixtures 1,214 1,156 68,351 66,377 Less: Accumulated depreciation and amortization ( 32,309 ) ( 32,974 ) 36,042 33,403 Satellite, launch and ground station work in progress 19,088 15,364 Finished satellites not in-service 3,017 4,985 Property and equipment, net $ 58,147 $ 53,752 |
Schedule of Other Accrued expenses | Other accrued expenses consisted of the following: March 31, 2023 December 31, 2023 2022 Professional services $ 915 $ 1,198 Operating lease liabilities, current 2,504 2,333 Third-party operating costs 990 1,541 Corporate and sales tax 770 542 Accrued interest 847 765 Software 480 580 Other 1,090 1,251 $ 7,596 $ 8,210 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill | The following table summarizes changes in goodwill balance: Balance at December 31, 2022 $ 49,954 Impact of foreign currency translation 85 Balance at March 31, 2023 $ 50,039 |
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following: March 31, December 31, 2023 2022 Customer relationships $ 22,916 $ 22,877 Developed technology 13,023 13,001 Trade names 2,207 2,204 Backlog 3,049 3,043 Patents 419 419 FCC licenses 480 480 42,094 42,024 Less: Accumulated amortization ( 8,131 ) ( 7,243 ) $ 33,963 $ 34,781 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of March 31, 2023, the expected future amortization expense of intangible assets is as follows: Years ending December 31, Remainder of 2023 $ 2,640 2024 3,496 2025 3,487 2026 3,441 2027 3,028 Thereafter 17,814 33,906 Capitalized patent costs, unissued 57 $ 33,963 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: March 31, December 31, 2023 2022 Satellites in-service $ 51,207 $ 49,889 Internally developed software 2,127 2,119 Ground stations in-service 3,370 3,369 Leasehold improvements 4,315 4,175 Machinery and equipment 3,987 3,585 Computer equipment 2,032 1,985 Computer software and website development 99 99 Furniture and fixtures 1,214 1,156 68,351 66,377 Less: Accumulated depreciation and amortization ( 32,309 ) ( 32,974 ) 36,042 33,403 Satellite, launch and ground station work in progress 19,088 15,364 Finished satellites not in-service 3,017 4,985 Property and equipment, net $ 58,147 $ 53,752 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following: March 31, December 31, 2023 2022 Customer relationships $ 22,916 $ 22,877 Developed technology 13,023 13,001 Trade names 2,207 2,204 Backlog 3,049 3,043 Patents 419 419 FCC licenses 480 480 42,094 42,024 Less: Accumulated amortization ( 8,131 ) ( 7,243 ) $ 33,963 $ 34,781 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of March 31, 2023, the expected future amortization expense of intangible assets is as follows: Years ending December 31, Remainder of 2023 $ 2,640 2024 3,496 2025 3,487 2026 3,441 2027 3,028 Thereafter 17,814 33,906 Capitalized patent costs, unissued 57 $ 33,963 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | Long-term debt consisted of the following: March 31, December 31, 2023 2022 Blue Torch term loan $ 120,359 $ 100,511 Other 5,016 4,857 Total long-term debt 125,375 105,368 Less: Debt issuance costs ( 6,340 ) ( 6,893 ) Non-current portion of long-term debt $ 119,035 $ 98,475 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The following table provides the required information regarding the Company's leases for which the Company is the lessee: As of March 31, As of December 31, Assets ROU assets $ 12,549 $ 11,687 Total ROU assets $ 12,549 $ 11,687 Liabilities Current $ 2,504 $ 2,333 Non-current 11,523 10,815 Total lease liabilities $ 14,027 $ 13,148 Weighted-average remaining lease term (years) 5.3 5.7 Weighted-average discount rate 9 % 9 % |
Schedule of Maturity of Operating Leases | As of March 31, 2023, the maturity of operating leases are as follows: Years ending December 31, Remainder of 2023 $ 2,678 2024 3,566 2025 3,460 2026 3,142 2027 2,030 Thereafter 2,715 Total lease payments 17,591 Less: Interest on lease payments ( 3,564 ) Present value of lease liabilities $ 14,027 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present the Company’s fair value hierarchy for its financial instruments that are measured at fair value on a recurring basis. March 31, 2023 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 10,066 $ — $ — $ 10,066 $ 10,066 $ — $ — $ 10,066 Marketable securities: Corporate securities $ — $ 5,195 $ — $ 5,195 Commercial paper — 2,575 — 2,575 U.S. government and agency securities — 17,890 — 17,890 $ — $ 25,660 $ — $ 25,660 Long-term liabilities: Credit Agreement Warrants $ — $ 1,066 $ — $ 1,066 Contingent earnout liability — — 273 273 $ — $ 1,066 $ 273 $ 1,339 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents: Money market funds $ 5,180 $ — $ — $ 5,180 Commercial paper — 2,097 — 2,097 $ 5,180 $ 2,097 $ — $ 7,277 Marketable securities: U.S. treasury bills and bonds $ 1,494 $ — $ — $ 1,494 Corporate securities — 7,745 — 7,745 Commercial paper — 2,576 — 2,576 U.S. government and agency securities — 11,269 — 11,269 $ 1,494 $ 21,590 $ — $ 23,084 Liabilities: Current liabilities: Public Warrants $ 267 $ — $ — $ 267 Long-term liabilities: Credit Agreement Warrants $ — $ 1,831 $ — $ 1,831 Contingent earnout liability — — 349 349 $ — $ 1,831 $ 349 $ 2,180 |
Summary of Change in Fair Value of Level 3 Financial Instruments | The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments that are measured at fair value on a recurring basis: Contingent Fair value as of December 31, 2022 349 Change in fair value of contingent earnout liability ( 76 ) Fair value as of March 31, 2023 $ 273 |
Schedule of Cash and Cash Equivalents and Investments | The following tables summarize the Company's cash, cash equivalents and available-for-sale securities by significant marketable securities category: March 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 36,886 $ — $ — $ 36,886 Cash equivalents: Money market funds 10,066 — — 10,066 $ 46,952 $ — $ — $ 46,952 Marketable Securities: Corporate securities $ 5,194 $ 1 $ — $ 5,195 Commercial paper 2,576 — ( 1 ) 2,575 U.S. government and agency securities 17,879 11 — 17,890 $ 25,649 $ 12 $ ( 1 ) $ 25,660 December 31, 2022 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash and cash equivalents: Cash $ 39,919 $ — $ — $ 39,919 Cash equivalents: Money market funds 5,180 — — 5,180 Commercial paper 2,098 — ( 1 ) 2,097 $ 47,197 $ — $ ( 1 ) $ 47,196 Marketable Securities: U.S. treasury bills and bonds $ 1,495 $ — $ ( 1 ) $ 1,494 Corporate securities 7,771 — ( 26 ) 7,745 Commercial paper 2,578 — ( 2 ) 2,576 U.S. government and agency securities 11,272 — ( 3 ) 11,269 $ 23,116 $ — $ ( 32 ) $ 23,084 |
Amortized Cost and Estimated Fair Value of Marketable Securities | The following table represents amortized cost and estimated fair value of marketable securities, by contractual maturity: March 31, 2023 Amortized Cost Fair Value Due in one year or less $ 25,649 $ 25,660 |
Contingent Earnout Liability | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Schedule of Quantitative Information Regarding Warrant Liability | The table below quantifies the significant inputs used for the contingent earnout liability: March 31, December 31, 2023 2022 Fair value of the Company’s Class A common stock $ 0.67 $ 0.96 Risk-free interest rate 3.77 % 4.16 % Expected volatility factor 55.0 % 55.0 % Earnout expiration date August 16, 2026 August 16, 2026 |
Credit Agreement Warrants | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Schedule of Quantitative Information Regarding Warrant Liability | The table below quantifies the significant inputs used for the Credit Agreement Warrants: March 31, December 31, 2023 2022 Fair value of the Company’s Class A common stock $ 0.67 $ 0.96 Exercise price $ 2.01 $ 2.01 Risk-free interest rate 3.48 % 3.88 % Expected volatility factor 55.0 % 55.0 % Expected dividend yield — % — % Remaining contractual term (in years) 9.2 9.1 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operational Fees Commitment includes Fixed Payments | The following table summarizes the operational fees commitment under the A&R L3Harris Agreement, which includes the fixed payment obligations to L3Harris: Years ending December 31, Remainder of 2023 $ 3,225 2024 4,300 2025 4,300 2026 4,300 2027 4,300 Thereafter 15,548 $ 35,973 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity | : Number of Weighted- Weighted- (in years) Options outstanding as of December 31, 2022 19,119,405 $ 2.32 6.1 Granted — $ — Exercised — $ — Forfeited, canceled, or expired ( 366,423 ) $ 4.78 Options outstanding as of March 31, 2023 18,752,982 $ 2.27 5.8 Vested and expected to vest at March 31, 2023 18,752,982 $ 2.27 5.8 Exercisable at March 31, 2023 14,919,114 $ 2.12 5.3 |
Summary of Restricted Stock Units Activity | The following table summarizes restricted stock unit ("RSU") activity under the 2021 Plan: Number of RSUs Weighted Average Grant Date Fair Value per Share Outstanding as of December 31, 2022 12,380,245 $ 2.46 RSUs granted 1,891,179 $ 1.05 RSUs vested ( 2,089,229 ) $ 2.85 RSUs forfeited ( 640,148 ) $ 2.68 Outstanding as of March 31, 2023 11,542,047 $ 2.14 |
Schedule of Stock Based Compensation Expense Based on Roles and Responsibilities of Employees | The following table summarizes the components of total stock-based compensation expense based on roles and responsibilities of the employees within the condensed consolidated statements of operations: Three Months Ended March 31, 2023 2022 Cost of revenue $ 77 $ 77 Research and development 651 711 Sales and marketing 437 616 General and administrative 1,481 885 $ 2,646 $ 2,289 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders: Three Months Ended March 31, 2023 2022 Numerator: Net loss $ ( 17,673 ) $ ( 11,792 ) Denominator: Weighted-average shares used in computing basic and diluted net loss per share 144,770,908 139,274,538 Basic and diluted net loss per share $ ( 0.12 ) $ ( 0.08 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company excluded the following potential shares of Class A common stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the three months ended March 31, 2023 and 2022, because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2023 2022 Stock options and 2021 ESPP to purchase Class A common stock 19,379,210 20,104,227 Public and Private Warrants — 18,099,992 RSUs 11,542,047 8,470,838 Credit Agreement Warrants 3,694,880 — 34,616,137 46,675,057 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - USD ($) | Sep. 14, 2022 | Mar. 31, 2023 | Mar. 24, 2023 | Dec. 31, 2022 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Common stock, par value per share | $ 0.0001 | $ 0.0001 | ||
Common Class A [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Common stock, par value per share | $ 0.0001 | |||
Common Class A [Member] | Canaccord Genuity LLC | Equity Distribution Agreement | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Aggregate offering price | $ 85,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Nov. 30, 2021 | |
Accounting Policies [Line Items] | ||||
Net loss | $ (17,673) | $ (11,792) | ||
Net Cash Provided by (Used in) Operating Activities | (11,290) | (14,991) | ||
Cash Equivalents, at Carrying Value | 46,952 | |||
Accounts Receivable, Allowance for Credit Loss, Current | 944 | $ 395 | ||
Restricted cash | 410 | 373 | ||
Investment in marketable securities | 25,660 | |||
ROU assets | 12,549 | 11,687 | ||
Non-current | 11,523 | 10,815 | ||
Present value of lease liabilities | 14,027 | 13,148 | ||
Myriota [Member] | ||||
Accounting Policies [Line Items] | ||||
Revenue from Related Parties | 203 | $ 527 | ||
Accounts Receivable, Related Parties | 0 | $ 170 | ||
Investment In Related Party | $ 2,987 | |||
Borrowed Convertible Notes Payable [Member] | Myriota [Member] | ||||
Accounting Policies [Line Items] | ||||
Equity method investment, Ownership percentage | 14% | |||
Maximum | ||||
Accounting Policies [Line Items] | ||||
Cash equivalents terms | 3 months |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Cash and cash equivalents | $ 46,952 | $ 47,196 |
Restricted cash included in Other long-term assets | 410 | 373 |
Cash, cash equivalents, restricted cash and short-term investments | $ 47,362 | $ 47,569 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Customers Whose Revenue and Accounts Receivable Balances (Detail) - Customer Concentration Risk | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue Benchmark | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 100% | 100% | |
Customer A | Revenue Benchmark | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 11% | 13% | |
Customer A | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 17% | 16% | |
Customer B | Revenue Benchmark | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 29% | 17% | |
Customer C | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 16% |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Customers Whose Revenue and Accounts Receivable Balances (Parenthetical) (Detail) - Customer Concentration Risk | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue Benchmark [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Customer Risk, Percentage | 100% | 100% | |
Customer A | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration Customer Risk, Percentage | 17% | 16% | |
Customer A | Revenue Benchmark [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Customer Risk, Percentage | 11% | 13% | |
Customer B | Revenue Benchmark [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Customer Risk, Percentage | 29% | 17% | |
Customer C | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration Customer Risk, Percentage | 16% |
Revenue, Contract Assets, Con_3
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue From Contract With Customer [Line Items] | ||||
Revenue | $ 24,168 | $ 18,070 | ||
Contract assets current and non current | 4,213 | 3,630 | $ 3,353 | $ 2,084 |
Contract with customer liability | 17,991 | 8,236 | 16,628 | $ 9,255 |
Contract liabilities, current portion | 17,444 | 15,856 | ||
Contract liabilities, noncurrent portion | 547 | $ 772 | ||
Revenue remaining performance obligation amount | $ 164,465 | |||
Revenue performance obligation expected timing of satisfaction explantion | expects to recognize 35% of these future commitments over the next 12 months and the remaining 65% thereafter as revenue when the performance obligations are met. | |||
Revenue Benchmark | ||||
Revenue From Contract With Customer [Line Items] | ||||
Revenue | $ 24,168 | $ 18,070 | ||
Revenue Benchmark | Customer Concentration Risk | ||||
Revenue From Contract With Customer [Line Items] | ||||
Concentration risk percentage | 100% | 100% | ||
Subscription Based Contracts | Revenue Benchmark | Customer Concentration Risk | ||||
Revenue From Contract With Customer [Line Items] | ||||
Revenue | $ 18,812 | $ 12,336 | ||
Concentration risk percentage | 78% | 68% | ||
Non Subscription Based Contracts | Revenue Benchmark | Customer Concentration Risk | ||||
Revenue From Contract With Customer [Line Items] | ||||
Revenue | $ 5,356 | $ 5,735 | ||
Concentration risk percentage | 22% | 32% | ||
Expected Time Of Satisfaction Over Next Twelve Months | ||||
Revenue From Contract With Customer [Line Items] | ||||
Revenue remaining performance obligation percentage | 35% | |||
Expected Time Of Satisfaction Thereafter | ||||
Revenue From Contract With Customer [Line Items] | ||||
Revenue remaining performance obligation percentage | 65% |
Revenue, Contract Assets, Con_4
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations - Schedule of Disaggregation of Revenue by Geography (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 24,168 | $ 18,070 | |
Revenue Benchmark | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 24,168 | $ 18,070 | |
Customer Concentration Risk | Revenue Benchmark | |||
Disaggregation Of Revenue [Line Items] | |||
Concentration risk percentage | 100% | 100% | |
EMEA | Customer Concentration Risk | Revenue Benchmark | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | [1] | $ 8,703 | $ 7,935 |
Concentration risk percentage | [1] | 36% | 44% |
Americas | Customer Concentration Risk | Revenue Benchmark | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | [2] | $ 12,807 | $ 7,614 |
Concentration risk percentage | [2] | 53% | 42% |
Asia Pacific | Customer Concentration Risk | Revenue Benchmark | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 2,658 | $ 2,521 | |
Concentration risk percentage | 11% | 14% | |
[1] The United Kingdom represented 14 % and 16 % for the three months ended March 31, 2023 and 2022, respectively. U.S. represented 50 % and 33 % for the three months ended March 31, 2023 and 2022, respectively. |
Revenue, Contract Assets, Con_5
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations - Schedule of Disaggregation of Revenue by Geography (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
UNITED KINGDOM | ||
Disaggregation Of Revenue [Line Items] | ||
Concentration Customer Risk, Percentage | 14% | 16% |
UNITED STATES | ||
Disaggregation Of Revenue [Line Items] | ||
Concentration Customer Risk, Percentage | 50% | 33% |
Customer Concentration Risk | Revenue Benchmark | ||
Disaggregation Of Revenue [Line Items] | ||
Concentration Customer Risk, Percentage | 100% | 100% |
Revenue, Contract Assets, Con_6
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations - Schedule of Changes in Contract Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Change in Contract with Customer, Asset [Abstract] | ||
Balance at the beginning of the year | $ 3,353 | $ 2,084 |
Contract assets recorded during the year | 3,306 | 3,122 |
Reclassified to accounts receivable | (2,451) | (1,557) |
Other | 5 | (19) |
Balance at the end of the year | $ 4,213 | $ 3,630 |
Revenue, Contract Assets, Con_7
Revenue, Contract Assets, Contract Liabilities and Remaining Performance Obligations - Schedule of Changes in Contract Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Change in Contract with Customer, Liability [Abstract] | ||
Balance at the beginning of the year | $ 16,628 | $ 9,255 |
Contract liabilities recorded during the year | 7,978 | 3,563 |
Revenue recognized during the year | (6,719) | (4,514) |
Other | 104 | (68) |
Balance at the end of the year | $ 17,991 | $ 8,236 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheet Components [Abstract] | ||
Technology and other prepaid contracts | $ 4,905 | $ 4,695 |
Prepaid insurance | 1,742 | 2,594 |
Deferred contract costs | 435 | 439 |
Other receivables | 1,411 | 1,123 |
Other current assets | 456 | 428 |
Other assets, current | $ 8,949 | $ 9,279 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross, total | $ 68,351 | $ 66,377 |
Less: Accumulated depreciation and amortization | (32,309) | (32,974) |
Total | 36,042 | 33,403 |
Property and equipment, net | 58,147 | 53,752 |
Satellite In Service | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross, total | 51,207 | 49,889 |
Internally Developed Software | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross, total | 2,127 | 2,119 |
Ground Stations In Service | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross, total | 3,370 | 3,369 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross, total | 4,315 | 4,175 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross, total | 3,987 | 3,585 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross, total | 2,032 | 1,985 |
Computer software and website development | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross, total | 99 | 99 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross, total | 1,214 | 1,156 |
Satellite Launch And Ground Station Work In Progress | ||
Property Plant And Equipment [Line Items] | ||
Total | 19,088 | 15,364 |
Finished Satellites Not In Service | ||
Property Plant And Equipment [Line Items] | ||
Total | $ 3,017 | $ 4,985 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Other Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Balance Sheet Components [Abstract] | ||
Professional services | $ 915 | $ 1,198 |
Current | $ 2,504 | $ 2,333 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Liabilities, Current | Liabilities, Current |
Third-party operating costs | $ 990 | $ 1,541 |
Corporate and sales tax | 770 | 542 |
Accrued interest | 847 | 765 |
Software | 480 | 580 |
Other | 1,090 | 1,251 |
Other accrued expenses | $ 7,596 | $ 8,210 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Impairment Effects on Earnings Per Share [Line Items] | ||
Depreciation and amortization | $ 3,916 | $ 4,834 |
Property Plant And Equipment Member | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Depreciation and amortization | $ 3,037 | $ 4,834 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Beginning Balance | $ 49,954 |
Impact of foreign currency translation | 85 |
Goodwill, Ending Balance | $ 50,039 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 42,094 | $ 42,024 |
Less: Accumulated amortization | (8,131) | (7,243) |
Intangible assets, net | 33,963 | 34,781 |
Trade Names [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 2,207 | 2,204 |
Patents [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 419 | 419 |
Customer Relationships [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 22,916 | 22,877 |
Developed Technology [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 13,023 | 13,001 |
Backlog [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 3,049 | 3,043 |
FCC Licenses [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 480 | $ 480 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Finite Lived Intangible Assets By Major Class [Line Items] | |||
Intangible assets recognized impairment charges | $ 0 | $ 0 | |
Capitalized patent costs, unissued | 57 | $ 57 | |
Amortization of Intangible Assets | $ 878 | $ 1,748 | |
Customer Relationships [Member] | |||
Finite Lived Intangible Assets By Major Class [Line Items] | |||
Weighted average amortization period | 10 years 8 months 12 days | ||
Developed Technology [Member] | |||
Finite Lived Intangible Assets By Major Class [Line Items] | |||
Weighted average amortization period | 10 years 8 months 12 days | ||
FCC Licenses [Member] | |||
Finite Lived Intangible Assets By Major Class [Line Items] | |||
Weighted average amortization period | 6 years 10 months 24 days | ||
Trade Names [Member] | |||
Finite Lived Intangible Assets By Major Class [Line Items] | |||
Weighted average amortization period | 3 years 8 months 12 days |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Annual Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 2,640 | |
2024 | 3,496 | |
2025 | 3,487 | |
2026 | 3,441 | |
2027 | 3,028 | |
Thereafter | 17,814 | |
Total | 33,906 | |
Capitalized patent costs, unissued | 57 | $ 57 |
Intangible assets, net | $ 33,963 | $ 34,781 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total long-term debt | $ 125,375 | $ 105,368 |
Less: Debt issuance costs | (6,340) | (6,893) |
Non-current portion of long-term debt | 119,035 | 98,475 |
Blue Torch term loan [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | 120,359 | 100,511 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 5,016 | $ 4,857 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jun. 13, 2022 USD ($) | Nov. 30, 2021 Installments | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||
Interest expense long term debt | $ 4,008 | $ 1,627 | |||
Debt issuance costs, net | 6,340 | $ 6,893 | |||
Long-term debt | 119,035 | 98,475 | |||
Eastward Loan Facility | 125,375 | 105,368 | |||
Number of Tranches | Installments | 15 | ||||
Amortization of deferred issuance costs | 554 | $ 1,413 | |||
Exact Earth Acquisition [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 5,016 | $ 4,857 | |||
Blue Torch Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 120,000 | ||||
Credit Agreement With Fp Credit Partners Lp | Blue Torch Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds term loan | $ 70,000 | ||||
Description of credit facility | Subject to certain exceptions, prepayments of principal under the Blue Torch Credit Facility will be subject to early termination fees in the amount of 3.0%, 2.0% and 1.0% of the principal prepaid if prepayment occurs within the first, second and third years following the closing date, respectively, plus if prepayment occurs on or prior to the first anniversary of the closing date, a make-whole amount equal to the amount of interest that would have otherwise been payable through the maturity date of the Blue Torch Credit Facility. | ||||
Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,701 | ||||
Line of Credit [Member] | Blue Torch Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Description | 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 to be 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 accrues interest at a floating rate, to be based, at the Company's election, on either a reference rate or a 3-month Term Secured Overnight Financing Rate ("SOFR") (subject to a 1.0% floor), plus an interest rate margin of 7.0% for reference rate borrowings and 8.0% for 3-month Term SOFR borrowings, plus an incremental Term SOFR margin of 0.26161% | ||||
Line of Credit [Member] | Blue Torch Term Loan Facility [Member] | SOFR | |||||
Debt Instrument [Line Items] | |||||
Long term debt interest rate | 13.37% | ||||
Line of Credit [Member] | Commitment Fee | Blue Torch Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Gross | $ 2,400 | ||||
Line of Credit [Member] | Agency Fee | Blue Torch Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Gross | 250 | ||||
Line of Credit [Member] | Exit Fee | Blue Torch Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Deferred Finance Costs Gross | $ 1,800 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
ROU assets | $ 12,549 | $ 11,687 |
Total ROU assets | 12,549 | 11,687 |
Liabilities | ||
Current | $ 2,504 | $ 2,333 |
Operating Lease Liability Current Statement Of Financial Position Extensible List | Current | Current |
Non-current | $ 11,523 | $ 10,815 |
Total lease liabilities | $ 14,027 | $ 13,148 |
Weighted-average remaining lease term (years) | 5 years 3 months 18 days | 5 years 8 months 12 days |
Weighted-average discount rate | 9% | 9% |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | |||
Percentage of majority of ROU assets and lease liabilities relate to office facilities leases | 80% | ||
Operating lease payments | $ 230 | $ 342 | |
Lease liabilities arising from obtaining right-of-use assets | $ 224 | 573 | |
Operating Lease Liability Current Statement Of Financial Position Extensible List | Current | Current | |
Short Term and Variable Lease Cost | $ 120 | 90 | |
Operating lease expense | $ 930 | $ 870 |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Remainder of 2023 | $ 2,678 | |
2024 | 3,566 | |
2025 | 3,460 | |
2026 | 3,142 | |
2027 | 2,030 | |
Thereafter | 2,715 | |
Total lease payments | 17,591 | |
Less: Interest on lease payments | (3,564) | |
Present value of lease liabilities | $ 14,027 | $ 13,148 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
U.S government and agency securities | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | $ 17,890 | $ 11,269 |
Commercial Paper | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 2,575 | 2,576 |
Corporate securities | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 5,195 | 7,745 |
Fair Value, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 10,066 | 7,277 |
Fair Value, Recurring | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 25,660 | 23,084 |
Fair Value, Recurring | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 1,339 | 2,180 |
Fair Value, Recurring | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 10,066 | 5,180 |
Fair Value, Recurring | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,097 | |
Fair Value, Recurring | Commercial Paper | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 2,575 | 2,576 |
Fair Value, Recurring | Corporate securities | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 5,195 | 7,745 |
Fair Value, Recurring | U.S. government and agency securities | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 17,890 | 11,269 |
Fair Value, Recurring | U.S. treasury bills and bonds | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 1,494 | |
Fair Value, Recurring | Public Warrants | Current Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 267 | |
Fair Value, Recurring | Credit Agreement Warrants | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 1,066 | 1,831 |
Fair Value, Recurring | Contingent Earnout Liability | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 273 | 349 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 10,066 | 5,180 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 0 | 1,494 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 10,066 | 5,180 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Commercial Paper | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Corporate securities | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | U.S. government and agency securities | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | U.S. treasury bills and bonds | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 1,494 | |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Public Warrants | Current Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 267 | |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Credit Agreement Warrants | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 1 | Contingent Earnout Liability | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 2,097 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 25,660 | 21,590 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 1,066 | 1,831 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 2,097 | |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Commercial Paper | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 2,575 | 2,576 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Corporate securities | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 5,195 | 7,745 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | U.S. government and agency securities | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 17,890 | 11,269 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | U.S. treasury bills and bonds | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 0 | |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Public Warrants | Current Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 0 | |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Credit Agreement Warrants | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 1,066 | 1,831 |
Fair Value, Recurring | Fair Value, Inputs, Level 2 | Contingent Earnout Liability | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 273 | 349 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Commercial Paper | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Corporate securities | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | U.S. government and agency securities | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | U.S. treasury bills and bonds | Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Marketable Securities, Fair Value Disclosure | 0 | |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Public Warrants | Current Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 0 | |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Credit Agreement Warrants | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring | Fair Value, Inputs, Level 3 | Contingent Earnout Liability | Long-term Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities, Fair Value Disclosure | $ 273 | $ 349 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||||
Dec. 19, 2022 USD ($) shares | Nov. 30, 2022 $ / shares | Dec. 31, 2021 $ / shares shares | Mar. 31, 2023 $ / shares shares | Mar. 24, 2023 $ / shares | Jan. 04, 2023 shares | Dec. 31, 2022 $ / shares | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Common stock per share | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Common Class A [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Common stock per share | $ / shares | $ 0.0001 | ||||||
Convertible Common Stock [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Class of Warrant or Right, Outstanding | shares | 1,543,493 | ||||||
Private Placement [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Class of warrants or right issued during the period | shares | 6,600,000 | ||||||
Public and Private Placement Warrants [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Warrants Sold | $ | $ 16,556,489 | ||||||
Public and Private Placement Warrants [Member] | Common Class A [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Warrant exercise price | $ / shares | $ 0.18 | ||||||
Share Price | $ / shares | $ 0.2 | ||||||
Shares, Issued | shares | 3,311,286 | ||||||
Public and Private Placement Warrants [Member] | Warrant Amendment Agreements [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Warrants exchange ratio | 0.10 | ||||||
Warrants outstanding | 65% | ||||||
Public Warrants [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Class of warrants or right issued during the period | shares | 11,499,992 | ||||||
Warrant exercise price | $ / shares | $ 11.50 | ||||||
Class of Warrant or Right, Outstanding | shares | 277,828 | ||||||
Blue Torch Warrants [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Warrant exercise price | $ / shares | $ 2.01 | ||||||
Class of Warrant or Right, Outstanding | shares | 3,496,205 | ||||||
Warrant to urgent capital llc [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Warrant exercise price | $ / shares | $ 2.01 | ||||||
Class of Warrant or Right, Outstanding | shares | 198,675 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Quantitative Information Regarding Warrant Liability (Detail) | Mar. 31, 2023 | Dec. 31, 2022 |
Credit Agreement Warrants | Measurement Input, Common Stock Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.67 | 0.96 |
Credit Agreement Warrants | Measurement Input, Exercise Price | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 2.01 | 2.01 |
Credit Agreement Warrants | Measurement Input, Risk Free Interest Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 3.48 | 3.88 |
Credit Agreement Warrants | Measurement Input, Price Volatility | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 55 | 55 |
Credit Agreement Warrants | Measurement Input, Expected Dividend Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 |
Credit Agreement Warrants | Measurement Input, Expected Term | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Remaining contractual term (in years) | 9 years 2 months 12 days | 9 years 1 month 6 days |
Contingent Earnout Liability | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Earnout expiration date | Aug. 16, 2026 | Aug. 16, 2026 |
Contingent Earnout Liability | Measurement Input, Common Stock Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 0.67 | 0.96 |
Contingent Earnout Liability | Measurement Input, Risk Free Interest Rate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 3.77 | 4.16 |
Contingent Earnout Liability | Measurement Input, Price Volatility | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants and Rights Outstanding, Measurement Input | 55 | 55 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Change in Fair Value of The Warrant Liabilities (Detail) - Fair Value, Inputs, Level 3 - Contingent Earnout Liability $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 349 |
Change in fair value of contingent earnout liability | (76) |
Ending balance | $ 273 |
Fair Value Measurement - Sche_2
Fair Value Measurement - Schedule of Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] | ||
Cash and Cash Equivalents at Carrying Value | $ 46,952 | |
Investments | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cash and Cash Equivalents at Carrying Value | 25,649 | $ 23,116 |
Cash and Cash Equivalents, Fair Value Disclosure | 25,660 | 23,084 |
Marketable Securities, Unrealized Gains | 12 | 0 |
Marketable Securities, Unrealized Losses | (1) | (32) |
Cash and Cash Equivalents | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cash and Cash Equivalents at Carrying Value | 46,952 | 47,197 |
Cash and Cash Equivalents, Fair Value Disclosure | 46,952 | 47,196 |
Marketable Securities, Unrealized Gains | 0 | 0 |
Marketable Securities, Unrealized Losses | 0 | (1) |
U.S. treasury bills and bonds | Investments | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cash and Cash Equivalents at Carrying Value | 1,495 | |
Cash and Cash Equivalents, Fair Value Disclosure | 1,494 | |
Marketable Securities, Unrealized Gains | 0 | |
Marketable Securities, Unrealized Losses | (1) | |
U.S government and agency securities | Investments | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Marketable Securities, Amortized Cost | 17,879 | 11,272 |
Marketable Securities, Unrealized Gains | 11 | 0 |
Marketable Securities, Unrealized Losses | 0 | (3) |
Marketable Securities, Fair Value Disclosure | 17,890 | 11,269 |
Cash | Cash and Cash Equivalents | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cash and Cash Equivalents at Carrying Value | 36,886 | 39,919 |
Cash and Cash Equivalents, Fair Value Disclosure | 36,886 | 39,919 |
Marketable Securities, Unrealized Gains | 0 | 0 |
Marketable Securities, Unrealized Losses | 0 | 0 |
Money Market Funds | Cash and Cash Equivalents | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cash and Cash Equivalents at Carrying Value | 10,066 | 5,180 |
Cash and Cash Equivalents, Fair Value Disclosure | 10,066 | 5,180 |
Marketable Securities, Unrealized Gains | 0 | 0 |
Marketable Securities, Unrealized Losses | 0 | 0 |
Corporate securities | Investments | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Marketable Securities, Amortized Cost | 5,194 | 7,771 |
Marketable Securities, Unrealized Gains | 1 | 0 |
Marketable Securities, Unrealized Losses | 0 | (26) |
Marketable Securities, Fair Value Disclosure | 5,195 | 7,745 |
Commercial Paper | Investments | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Marketable Securities, Amortized Cost | 2,576 | 2,578 |
Marketable Securities, Unrealized Gains | 0 | 0 |
Marketable Securities, Unrealized Losses | (1) | (2) |
Marketable Securities, Fair Value Disclosure | $ 2,575 | 2,576 |
Commercial Paper | Cash and Cash Equivalents | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Cash and Cash Equivalents at Carrying Value | 2,098 | |
Cash and Cash Equivalents, Fair Value Disclosure | 2,097 | |
Marketable Securities, Unrealized Gains | 0 | |
Marketable Securities, Unrealized Losses | $ (1) |
Fair Value Measurement - Amorti
Fair Value Measurement - Amortized Cost and Estimated Fair Value of Marketable Securities (Details) - Due in one year or less $ in Thousands | Mar. 31, 2023 USD ($) |
Debt Securities, Available-for-Sale [Line Items] | |
Amortized Cost | $ 25,649 |
Fair Value | $ 25,660 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cost of revenue | $ 10,360 | $ 9,846 |
A&R L3Harris Agreement [Member] | ||
Fixed fees | $ 358 | |
Percentage of share payable | 30% | |
Cost of revenue | $ 1,253 | $ 1,252 |
A&R L3Harris Agreement [Member] | Excess Revenue [Member] | ||
Revenue | $ 16,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Operational Fees Commitment includes Fixed Payments (Details) - A&R L3Harris Agreement [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Remainder of 2023 | $ 3,225 |
2024 | 4,300 |
2025 | 4,300 |
2026 | 4,300 |
2027 | 4,300 |
Thereafter | 15,548 |
Operating Fees Payments Due, Total | $ 35,973 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Jan. 01, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Proceeds from exercise of stock options | $ 0 | $ 638 | |
Number of options outstanding, Granted | 0 | 0 | |
Restricted Stock Units (RSUs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average grant-date fair value | $ 1.05 | ||
Unrecognized stock-based compensation expense | $ 28,107 | ||
Unrecognized stock-based compensation expense, weighted-average recognition period | 2 years 3 months | ||
2021 Equity Incentive Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of shares issued under share-based payment arrangement | 7,183,969 | 11,984,656 | |
2021 ESPP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of shares issued under share-based payment arrangement | 1,436,793 | 5,495,955 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||
Number of options outstanding, beginning balance | 19,119,405 | ||
Number of options outstanding, Granted | 0 | 0 | |
Number of options outstanding ,Exercised | 0 | ||
Number of options outstanding, Forfeited, canceled, or expired | (366,423) | ||
Number of options outstanding, ending balance | 18,752,982 | 19,119,405 | |
Number of options outstanding, vested and expected to vest | 18,752,982 | ||
Number of option outstanding Exercisable | 14,919,114 | ||
Weighted- Average Exercise Price, beginning balance | $ 2.32 | ||
Weighted- Average Exercise Price, Granted | 0 | ||
Weighted- Average Exercise Price, Exercised | 0 | ||
Weighted- Average Exercise Price, Forfeited, canceled, or expired | 4.78 | ||
Weighted- Average Exercise Price, ending balance | 2.27 | $ 2.32 | |
Weighted- Average Exercise Price, Vested and expected to vest | 2.27 | ||
Weighted- Average Exercise Price, Exercisable | $ 2.12 | ||
Weighted- Average Remaining Contractual Term (in years) | 5 years 9 months 18 days | 6 years 1 month 6 days | |
Vested and expected to vest weighted- average remaining contractual term (in years) | 5 years 9 months 18 days | ||
Exercisable weighted- average remaining contractual term (in years) | 5 years 3 months 18 days |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Beginning Balance | shares | 12,380,245 |
Number of Shares, granted | shares | 1,891,179 |
Number of Shares, vested | shares | (2,089,229) |
Number of Shares, forfeited | shares | (640,148) |
Number of Shares, Ending Balance | shares | 11,542,047 |
Weighted Average Grant Date Fair Value per Share, Beginning Balance | $ / shares | $ 2.46 |
Weighted Average Grant Date Fair Value per Share, granted | $ / shares | 1.05 |
Weighted Average Grant Date Fair Value per Share, vested | $ / shares | 2.85 |
Weighted Average Grant Date Fair Value per Share, forfeited | $ / shares | 2.68 |
Weighted Average Grant Date Fair Value per Share, Ending Balance | $ / shares | $ 2.14 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of the Stock Based Compensation Expense based on Roles and Responsibilities of the Employees (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 2,646 | $ 2,289 |
Cost of Revenue | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based Payment Arrangement, Expense | 77 | 77 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based Payment Arrangement, Expense | 651 | 711 |
Selling and Marketing | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based Payment Arrangement, Expense | 437 | 616 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 1,481 | $ 885 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Document Document And Entity Information [Line Items] | ||
Common stock per share | $ 0.0001 | $ 0.0001 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net loss | $ (17,673) | $ (11,792) |
Denominator: | ||
Weighted Average Number of Shares Outstanding, Basic | 144,770,908 | 139,274,538 |
Weighted Average Number of Shares Outstanding, Diluted | 144,770,908 | 139,274,538 |
Basic net income (loss) per share | $ (0.12) | $ (0.08) |
Diluted net income (loss) per share | $ (0.12) | $ (0.08) |
Net Loss per Share - Schedule_2
Net Loss per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 34,616,137 | 46,675,057 |
Stock Option And Employee Stock Purchase Plan [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 19,379,210 | 20,104,227 |
Public and private warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 18,099,992 |
RSUs [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 11,542,047 | 8,470,838 |
Credit Agreement Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 3,694,880 | 0 |