One day after posting year-end results Spire Global (SPIR), a provider of data, asset tracking, and predictive analytics, says the results weren't actually audited.

The company admitted it included a PwC audit report in its latest annual report that had not been completed, signed by PwC, and omitted a going concern warning.

Likewise, Spire acknowledged PwC did not consent to the incorporation by reference of such audit report in certain registration statements and that:

“,,,the version of the audit report included in the Annual Report, which PwC did not sign, omitted a paragraph disclosing substantial doubt about the Company’s ability to continue as a going concern.”

The revelations were made in a Securities and Exchange (SEC) filing warning the company would file an amended annual report.

It came one day after Spire issued a news release announcing audited fourth quarter and full year results that had not actually been audited.

Spire provided no explanation for its behavior nor did it detail exactly how it learned of the string of mistakes just one day after making them.

It’s the latest in a string of accounting and governance issues.

In November 2024, Spire did not file its quarterly report on time after discovering it had been improperly recognizing revenue for years.

Notably, in March 2025 Spire privately issued the equivalent of five million shares— the equivalent of approximately 16.1% of shares outstanding— and agreed to file for a shelf registration on behalf of the new shareholder who can begin selling June 30, 2025.

With an Enterprise Value (EV) of approximately $291.2 million, Spire is priced as if it will grow annual sales to more than $2.4 billion, up from an estimated $119.9 million in 2025. To justify its current share price of $8.10 our Reverse DCF— which quantifies investor expectations embedded in the current share price— indicates Spire must:

—Grow sales 43% annually between 2027-2034, significantly faster than the company’s estimated 2025 and 2026 sales growth of 8.6% and 16%, respectively
—Increase NOPAT margin to 11.5%, higher than our 2024 estimate of (78.5%) and our 3-year average estimate of (67.7%)
—Increase Invested Capital (IC) Turns to 1.2, up from our 3-year average estimate of 0.64

Notably, the current share price also implies Spire increases Return on Invested Capital (ROIC) to 13.8% from our 2024 estimate of (73.8%) and 3-year average estimate of (44.6%):