As previously disclosed, on September 20, 2024, NorthStar Earth & Space, Inc. ("NorthStar"), a Space Services customer, initiated arbitration before the International Court of Arbitration of the International Chamber of Commerce against Spire Global Subsidiary, Inc. (formerly known as Spire Global, Inc.) ("Legacy Spire"), seeking damages for alleged breaches of a Space Services contract entered into on March 1, 2022 (the "Framework Agreement"). NorthStar’s claims, as most recently amended, sought damages of $45.9 million based on allegations of breach of contract, willful misconduct, and fraudulent misrepresentation. Legacy Spire denied all claims and asserted counterclaims, including for amounts due under a promissory note issued by NorthStar in the principal amount of $4.5 million, for costs incurred in connection with an interlocutory injunction obtained by NorthStar in the Superior Court of Justice of Ontario, and for costs of the arbitration.

 

On July 31, 2026, the arbitral tribunal issued a Final Award in the amount of approximately $12.4 million in favor of Spire Global, Inc. (the "Company"). The Company is evaluating the Final Award and its implications. Among other things, the tribunal:

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dismissed all of NorthStar’s claims, including its claims that the Framework Agreement was induced by fraudulent misrepresentation and that Legacy Spire breached the Space Services contract;

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granted Legacy Spire’s counterclaim on the promissory note; and

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granted Legacy Spire’s counterclaims for costs incurred as a result of the interlocutory injunction and for costs of the arbitration.

The Final Award is final and binding on the parties under the arbitration agreement and the rules under which the arbitration was conducted. The total payment of approximately $12.4 million owed by NorthStar is immediately due and payable.

The Company cannot at this time predict the timing or amount of any recovery or other impacts of the Final Award.