Spire Global says the type of contracts that the company has identified for re-evaluation and restatement resulted in recognized revenue currently estimated to be $10M to $15M 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,” it said in a statement. Spire is working to complete its review and these restatements as “soon as practicable.”
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