Spire Global, Inc. (NYSE:SPIR) Q3 2023 Earnings Call Transcript

Peter Platzer: It is a change in strategy, right? But I mean, Spire has one of its six values to be collaborative. And that is not just how we operate internally with each other, but that is how we operate with all of our stakeholders. And first and foremost, top of the stack with our customers. So, of course, we will never let the customers in the dark, right? We’re not a bully. But we do have to look at like, okay, what is efficient for us, right? And, do we maybe have to create different mechanisms for customers? maybe make them completely self-serve and we have nothing to do with that, right? It’s just, we do have to take care of a customer that writes me a check for $250,000 different than for a customer that writes me a check for, $2,500, right?

I think that’s very understandable for everyone. And I think we also like taking over a large number of customers throughout the prior company that we incorporated a couple of years ago, where they probably got away with paying a rock bottom price for very, very high value, right? And that’s a prerogative. That’s what those customers do. They find diamonds and pay for them as if it were, like a crystal, right? I think we just need to have like, in some of those instances, a bit more of a fair relationship between the value of our data and the value that the customers provide to us. Honestly, I think that’s just par for a business growing and getting better. We have added a large number of customers over a short period of time. And so now you go back and you just, you structure it a little bit better, a little bit more profitable so that you can match the service that you provide to the customer and the value that you provide to every single customer with the value that the customer provides back to you.

I think that’s totally fair. We’re not going to leave anyone, in the lurch, but we need to like, maybe restructure things here, there a little bit to make them more fair, which I think in the end of the day will create better value for our customers. It will allow us to have together with and through our customers a larger positive impact on planet Earth. And I think it will please our shareholders as well as we continue to drive profitability.

Operator: At this time, there are no further questions. This concludes today’s Spire Global third quarter 2023 conference call. Thank you for attending and have a wonderful rest of your day.