- Spire Global (NYSE:SPIR) on Tuesday announced new multi-million-dollar contracts and the receipt of an NYSE notice regarding its late Form 10-Q filing.
- The company said it has been awarded a $14M Air Force contract, a £3.5M UK Space Agency grant and a $6.7M NASA contract renewal.
- Separately, the company has determined that it’s accounting for these contracts, including primarily revenue and cost recognition timing for pre-space mission activities, need to be revised.
- While the company’s review is ongoing, the types of contracts that the company has identified for re-evaluation and restatement resulted in recognized revenue currently estimated to be $10 to $15 million on an annual basis.
- Depending on the results of the review, additional financial measures such as gross profit could also be impacted. However, the company believes that the restatement of its revenue recognition for these Contracts will not impact its overall cash flows for any period.
- Source: Press Release
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