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Get filing alertsCritical incident detected
Fraud / investigation
Time-sensitive event — see the red-flag panel below for the source-quoted detail.
Red Flags Detected
- Sec Investigation (new) — SEC subpoenaed records in July 2025 covering restatements, accounting policies, internal controls, and premature 10-K filing; company cooperating but cannot predict outcome.
- Material Weakness (worsened) — Revenue-related material weakness now encompasses broader deficiencies (transaction price allocation, uninstalled materials, credit losses) and triggered restatements of FY2023, FY2022, and Q1 2024 beyond those disclosed in baseline.
- Restatement (worsened) — Company restated FY2023, FY2022, and Q1 2024 financials due to revenue recognition deficiencies not disclosed in baseline filing.
- Auditor Change (new) — KPMG replaced PwC as auditor for FY2025; PwC audited through FY2024 and resigned in 2025.
- Going Concern (removed) — Baseline disclosed substantial doubt about going concern; current filing states sufficient liquidity for 12 months following Maritime Transaction closing and debt repayment.
- Debt Default (removed) — Baseline disclosed Blue Torch debt obligations and liquidity constraints; current filing reports full debt repayment from Maritime Transaction proceeds.
Spire sells maritime unit for $238.9M, repays all debt, but operating loss widens 40%
Filed March 19, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~2 min read
Key Changes
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high
Maritime business sold for $238.9M; proceeds repaid all debt (Blue Torch, SIF facilities) and settled L3Harris dispute, leaving company debt-free with $81.8M liquidity (cash + marketable securities).
Business: Maritime Transaction verify on EDGAR → -
high
Operating loss widened 39.6% to $96.0M despite maritime sale; net income of $51.3M driven entirely by $154.3M gain on sale and $184.8M non-operating/other swing (primarily FX remeasurement), offset by $3.5M tax drag — the net-income improvement did not come from operations.
MD&A: Operating Results verify on EDGAR → -
high
Revenue fell 35% to $71.6M, driven by maritime sale ($24.6M), non-recurring Space Services performance obligation in prior year ($9.6M), and lower NASA weather data activity ($2.7M); WildFireSat contract suspended March 2026, putting $15.3M of near-term revenue at risk.
MD&A: Revenue verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify