Spire Global, Inc.

Greetings and welcome to SPIRE Global first quarter 2022 conference call. At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Ben Hackman, Head of Investor Relations. Please go ahead, sir.

Thank you. Hello, everyone, and thanks for joining us on our first quarter 2022 earnings conference call. Our results, press release, and SEC filings can be found on our IR website at ir.spire.com. A replay of today's call will also be made available. With me on the call today is Peter Platzer, CEO, and Tom Crywee, CFO. As a reminder, our commentary today will include non-GAAP items. Reconciliations between our GAAP and non-GAAP results as well as our guidance can be found in our earnings press release. Some of our comments today may contain forward-looking statements that are subject to risks, uncertainties, and assumptions. In particular, our expectations around integration of our acquisition, results of operations, and financial conditions are uncertain and subject to change. Should any of these fail to materialize or should our assumptions prove to be incorrect, actual company results could differ materially from those forward-looking statements. A description of these risks, uncertainties, and assumptions and other factors that could affect our financial results is included in our SEC filings. With that, let me hand the call over to Peter.

Thank you, Ben. SPIRE posted first-quarter results that beat our Q1 guidance on the top and bottom lines. As market volatility, inflationary pressures, and supply chain constraints continue to make headlines, SPIRE is bringing insights to help our customers drive stability and operational efficiencies during these dynamic times. Tracking of high-value assets and locations and geolocating targets have demonstrated the power of space-based data and insights. Customers recognize that value of SPIRE data and we have seen them expand across our data products and up the value chain. We look for continued growth as more use cases for Spires data become apparent. Tom will get into the details in a bit, but as a result of our Q1 performance, we are raising the low end of our full-year guidance range of AR as our pipeline of new business opportunities continues to grow. We now see full-year AR in the range of 101 to 105 million. On the bottom line, we are continuing our relentless pursuit of profitability and our goal of being cash flow positive in 22 to 28 months. Aspire's first quarter results are a reflection of the strong talent and immense effort put forth by everyone at the company. We are privileged to have a world-class team of professionals that redefine what is possible every day. With an air of humble, calm, and collected confidence, we are continuing to push the limits of technology and enable solutions that benefit humanity. Our team of about 400 global employees stand proud as we watch our Lima satellites being propelled into orbit from which they serve our customers with mission-critical information day in and day out. What was once thought impossible now seems like an everyday occurrence at Spire. Without the dedication, professionalism, and creativity of our engineers, our sales leaders, our teammates building and operating our satellites, our genial data analysts, our collaborative customer success professionals, and all those that keep our business running reliably and smoothly, we would not be here today. And for that, I want to say a heartfelt thank you. During Q1, our team successfully launched six satellites with two different launch providers. The general launch included our 150th satellite, which boasts 100 times the processing power of our first-generation spacecraft, a great reflection of Spire's rapid innovation capability. These satellites support a diverse array of customer use cases, including the Austrian Space Forum study of the space debris environment in low Earth orbit, and Aurora Tech's identification and monitoring of wildfire risk areas, along with early hotspot detection. The team showcased our values of speed, reliability, and collaboration as we worked to change launch providers shortly before a scheduled launch to ensure mission success for our customers, despite some problems that a particular launch provider had. Being launch provider agnostic, we were able to go from initial call to onsite satellite integration in just 21 days. As launch provider options continue to expand, Spire stands ready to seek the best value of reliability, schedule, and cost to support our customers' needs. While Spire has just recently become a public company, We've been building, launching, and operating satellites for nearly a decade. We have always been vertically integrated, building our own satellites in our state-of-the-art manufacturing and testing facility. Spira has the fourth largest satellite constellation overall and the largest multipurpose constellation on orbit. We have spent years building out our large global ground station network and obtaining licensees from numerous jurisdictions. We excel in data that is only available from space. As 95% of humanity lives on only about 3% of the world's footprint, there are large areas of the planet where data collection via terrestrial means is impractical or simply impossible. Our 100-plus satellite constellation allows us to track ships and airplanes as they traverse the oceans and poles. And we have the ability to collect weather data anywhere be that Mount Everest or the middle of the Amazon, the Saharan Desert or the Arctic, long before that weather hits near your home, or geolocate RF signals in access-denied areas to support national and global security. Spire's proprietary radio frequency technology was built on the premise of being software-defined, which means we can upgrade it while operating in space. Our fully deployed constellation continues to be enhanced through these software updates, as well as deployment of refreshed hardware capabilities that are continuing to improve at a rate of about 10x every five years, faster than Moore's law. These updates allow for the continued expansion of the size, power, capacity, data processing, and data volume available to our customers. We capture data once and sell it many times, creating operational leverage and driving margin expansion. Our subscription-based model for our data and analytic solutions creates a low friction pathway to capture incremental value as we offer and provide enhanced services to our customers. Every day, we collect hundreds of millions of new data points and process terabytes of data. Day or night, rain or shine, SPIRE satellites collect data covering all of Earth about every 15 minutes or about 100 times every day. This massive data hall augments our large data vault of unique, proprietary data from space that we have been building for almost a decade and recently augmented further through the acquisition of ExactEarth. With these valuable data sets, Our teams utilize both machine learning and AI to create products that solve customer problems. We offer different levels of data and analytics depending on our customers' needs. From clean data to smart data to predictive analytics and full-fledged solutions, we help our customers answer, what is happening, what will happen, and what should I do? There are four core strategies that we continue to execute against, to drive our business growth. These four growth pillars are, number one, invest in sales, marketing, and product. Number two, expand into new geographies and use cases. Number three, expand the capabilities of our data and our analytics. And number four, execute strategic acquisitions to strengthen our market position. Regarding the first of our growth pillars, invest in sales, marketing, and product. Spire was designed from the very beginning to be a global company with world-class facilities and offices in the US, UK, Singapore, Luxembourg, and Canada. The dedicated professionals at Spire are literally working around the clock for our customers. This global footprint allows us to attract the best talent from a global pool. As we continue to build out our sales and marketing team, We look for individuals that have experience listening to customers to solve their specific problems. For example, we are targeting individuals with domain experience related to certain industry verticals like maritime, financial services, supply chain, aviation, or renewable energy. Likewise, we look for individuals with specific geographic experience who know how to best navigate the nuances of selling in a specific cultural and economic context. We also attract individuals from the global pool of professionals with deep experience in enterprise subscription services. At Spire, we offer our teammates the opportunity to work with space data and analytic solutions that make a true difference in the world, enabling our customers to grow their business more sustainably, faster, and more profitably. Our sales and marketing hires this quarter have enabled us to expand our geographic reach and begin focusing on sales in Central America and the Middle East. Not only does this fit with our first pillar of investing in sales and marketing, but it also touches on our second pillar of expanding into new geographies. And beyond expanding into new geographies, we have also focused on expanding our use cases. To share just a few examples of new use cases, earlier this year we announced a deal with Northstar. This is a new space as a service relationship to deliver and operate a constellation of satellites focused on space situational awareness and debris monitoring. The initial award spanning four years is for three satellites with pre-agreed options to expand both the time and value of the contract as North Star scales to a full constellation of dozens of satellites. With this advanced constellation, North Star will be able to monitor space from space, delivering timely and precise orbit determination, collision avoidance, navigation services, and proximity warnings to the global satellite community. During the quarter, we also announced the expansion of an existing partnership with Slingshot Aerospace, in which we will provide GPS telemetry data that will help with identifying and mitigating ground-based radio frequency and GPS interferences. This is one of the increasing number of examples where SPIRE is supporting the United States Department of Defense. Approximately $21 trillion of global trade is expected to occur this year, and the ports through which it passes have different restrictions due to COVID. As some areas are opening up, others are closing down. As the world economy continues to deal with supply chain challenges, we are providing data and insights to intelligence companies like FreightWaves in Tennessee to help them optimize their solutions for the cargo industry. Weather data provided to Zeus Agrotech in Brazil allows them to better process and analyze agroclimatological and water data, and in turn, help its customers make better decisions with respect to their agricultural activities. And our ability to provide hyperlocal weather data enables our race car customers to be more competitive in the Formula One. These are just a few of the variety of ways in which our data is used every day to provide truth, transparency, and insights on a truly global basis. We thank our over 600 customers for putting their trust in us to deliver results that enhance their business and missions. We look forward to working with many more from our estimated 200,000 customer total addressable market. All our investments to date, technology, people, Licensees and data means that we are in a position to scale the company and grow from 1 million of annual recurring revenue in 2016 to approximately 100 million of ARR in 2022 in just six years. And we're looking forward to our continued momentum along this growth path. And with that, I'll turn it over to Tom.