Preheat the oven to 350 degrees F. Spread the almonds out on a rimmed baking sheet and toast until light brown and fragrant, about 8 minutes. Set aside.
Cook the bacon in a large skillet over medium heat until brown and crispy, about 5 minutes. Remove the skillet from the heat and transfer the cooked bacon with a slotted spoon to a small bowl, leaving the drippings in the skillet.
Return the skillet to medium heat, add the shallots and 1 tablespoon water and cook, stirring, until soft, about 3 minutes. Add the vinegar and cook until it is reduced and the shallots are glazed, about 3 minutes more. Add the spinach in batches, stirring to wilt before adding more. When all the spinach has been added, raise the heat to high, add the paprika, red pepper flakes, 1/4 teaspoon salt and a few grinds of pepper and cook, covered, for 2 minutes. Remove the lid, stir in the raisins, toasted almonds, reserved bacon and butter and serve.
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