Spire Global, Inc. · NYSE:SPIR
Spire Global — SPAC Merger (March 2021)
20 slides from Spire Global's SPAC merger presentation, Mar 2, 2021
Slide 1: Investor Presentation March 2021
INVESTOR PRESENTATION March 2021
Slide 2: Presenters
PRESENTERS Peter Platzer Spire Chief Executive Officer Tom Krywe Spire Chief Financial Officer Bob Coleman NavSight Chairman and Chief Executive Officer Jack Pearlstein NavSight Chief Financial Officer
Slide 3: Spire Key Investment Highlights
DISCLAIMER SPIRE KEY AND INVESTMENT FORWARD HIGHLIGHTS LOOKING High Growth SaaS Company, Powered by Proprietary, Space-based Data and Analytics Platform Massive, Rapidly Growing Total Addressable Market Recurring Revenue Model for Predictive Analytics and Data with Exceptional SaaS KPIs Constellatio
Slide 4: Transaction Summary
DISCLAIMER TRANSACTION AND SUMMARY FORWARD Transaction Structure Business combination between Spire Global, Inc. (the “Company” or “Spire”) and NavSight, a NYSE listed SPAC Transaction expected to close in Q2 2021 Post closing, the Company will maintain the Spire Global name and will be listed on th
Slide 5: Space-Based Data, Analytics and Insights Is the Next Great Frontier
SPACE-BASED DATA, ANALYTICS AND INSIGHTS IS THE NEXT GREAT FRONTIER Inspire, Lead and Create the Business of Space-based Data Pioneer the Space-as-a-Service Model He Se Se f Eah G eae Chae ge $52 billion(1) Space-based Data and Analytics TAM (2025E) $39 billion(1) Orbital Services TAM (2025E) 180-30
Slide 6: How Spire Is Different: Modern SaaS Platform Enabled by Proprietary Space Technology
DISCLAIMER HOW SPIRE AND IS DIFFERENT FORWARD LOOKING – MODERN STATEMENTS SaaS PLATFORM ENABLED BY PROPRIETARY SPACE TECHNOLOGY Companies Subscription-Based Revenue Software-Driven Business Model Vertically Integrated Products and Solutions Multi-Purpose Constellation Capacity Constrained? Launch Se
Slide 7: Spire at a Glance
DISCLAIMER SPIRE AT A AND GLANCE FORWARD Spire collects spaced-based data using a proprietary constellation of multi-purpose LEMUR(1) nanosatellites SpireSight software analytics delivers proprietary data, insights and predictive analytics to customers as a subscription Vertically integrated with di
Slide 8: Spire Transforms Proprietary Data into Value-Added Insights and Predictive Analytics
SPIRE TRANSFORMS PROPRIETARY DATA INTO VALUE-ADDED INSIGHTS AND PREDICTIVE ANALYTICS Clean and structured data directly off Spire s proprietary nanosats Clean data fused with 3rd party datasets and proprietary analysis to enhance value and provide insights Apply algorithms to fused data sets to crea
Slide 9: Spire Monetizes Proprietary Products Across a Broad and Growing Range of Industries
SPIRE MONETIZES PROPRIETARY PRODUCTS ACROSS A BROAD AND GROWING RANGE OF INDUSTRIES MARITIME Precise space-based data, insights and predictive analytics used for highly accurate ship monitoring, ship safety and route optimization AVIATION Precise space-based data, insights and predictive analytics u
Slide 10: Spire's Proprietary Technology Stack Is Proven, at Scale, and Fully Operational
SPIRES PROPRIETARY TECHNOLOGY STACK IS PROVEN, AT SCALE, AND FULLY OPERATIONAL Spire LEMUR Constellation Spire Data Platform SpireSight Software Analytics Dedicated VPN AUTOMATED DATA SECURE DATA PROCESSING REPOSITORY FANS API Weather API Aviation API SpireSight Maritime API Orbital Services API Spi
Slide 11: Spire's Fully Integrated Model Drives Meaningful Competitive Advantages
SPIRES FULLY INTEGRATED MODEL DRIVES MEANINGFUL COMPETITIVE ADVANTAGES LEMUR Nanosatellite Design & Assembly Software-defined Satellite Architecture SpireSight Software Analytics On-Orbit Edge Processing Proprietary Ground Station Network Global Licenses 100% in-house to improve quality and rapidly
Slide 12: Spire's Multi-Product Offering Positions It to Cross-Sell to Customers
SPIRES MULTI-PRODUCT OFFERING POSITIONS IT TO CROSS-SELL TO CUSTOMERS Satellite AIS Data Satellite ADS-B RO Weather Data Use Case Examples Tracking vessels around the globe Optimizing fuel efficiencies Monitoring illegal activities and compliances Analyzing commodity trading Regulatory compliance Fl
Slide 13: Spire Orbital Services Is Pioneering the Space-as-a-Service Model
SPIRE ORBITAL SERVICES IS PIONEERING THE “SPACE-AS-A-SERVICE” MODEL Spire is Disrupting the Satellite Value Chain with a Differentiated Customer Value Proposition Development Cycle Resilience Use of Modern Tech. Mission Flexibility Cost Legacy Satellite Development 3—5 Years Low Low Low ~$10M+ 6 ² 1
Slide 14: Recent Wins Demonstrate Differentiated Value Proposition
RECENT WINS DEMONSTRATE DIFFERENTIATED VALUE PROPOSITION MARITIME AVIATION WEATHER ORBITAL SERVICES Customers Customer Requirements Improve Time Charter Equivalent and reduce emissions according to IMO rules Manage real-time ship and cargo capacity Manage risks and logistics of re-opening air travel
Slide 15: Spire's Rapid Growth Rate Is Driven by Considerable Upsell
SPIRES RAPID GROWTH RATE IS DRIVEN BY CONSIDERABLE UPSELL Blue Chip Customer Base 150+ / ~30(1) Product Customers / Countries Best-in-Class SaaS Metrics 104% ARR Growth (2020P) 145%+ Customer Net Retention Rate (2020P) <7 Months Time to Payback Customer Acquisition Cost (2020P) Average ARR per Produ
Slide 16: Spire Has a Multi-Pronged Growth Strategy
SPIRE HAS A MULTI-PRONGED GROWTH STRATEGY Accelerate Market Capture with Investment in Sales, Marketing and Product Development Hire Additional Sales Personnel, Increase External Marketing and Drive Product Development for Further Upsell Expand Into New Geographies and Verticals Establish Presence i
Slide 17: Expanding Spire's Proprietary Data Sets Will Help Drive Better Insights
EXPANDING SPIRES PROPRIETARY DATA SETS WILL HELP DRIVE BETTER INSIGHTS, COMPETITIVE ADVANTAGE AND ADDITIONAL REVENUE OPPORTUNITIES Current Future Automation Identification System (AIS) Soil Moisture Ionosphere Microwave EO / SAR RF Signal Spectrum Sounding Data Fusion Geolocation Monitoring Signific
Slide 18: Spire's ARR Growth Compares Favorably with Best-in-Class SaaS Companies
SPIRES ARR GROWTH COMPARES FAVORABLY WITH BEST-IN-CLASS SaaS COMPANIES Annual Recurring Revenue Evolution ($ in millions) $36 $30 $27 $21 $18 $13 $14 $12 $8 $4 $5 $3 $0 $1 $1 $2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1P Q2P Q3P Q4P 2021E 2017 2018 2019 2020 Years from $1 million to $100 million ARR(1)
Slide 19: Peer Group Valuation Benchmarking
PEER GROUP VALUATION BENCHMARKING 34 10.8x 31.9x 25.3x 24.3x 23.5x 14.8x 50.9x 35.8x 30.6x 30.3x 18.4x 15.0x 11.9x 8.8x 68.8x 22.8x NM EV / Revenue (CYô,·22E) EV / Revenue (CYô,·23E) Peer average: 23.9x Peer average: 25.2x Peer median: 24.3x Peer median: 24.4x Vertical SaaS High Growth Data and Pred
Slide 20: Transaction Priced at a Deep Discount to Peer Multiples
Applies a range of multiples to Spireô,·s 2022E and 2023E management forecasted revenue to arrive at an implied enterprise value ô,ƒ The applied range of multiples is centered around the EV / sales multiples of Vertical SaaS and High Growth Data and Predictive Analytics peers, with sensitivity built