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Business Wire
2 hours ago
- Business
- Business Wire
Sidus Space Reports Second Quarter 2025 Financial Results and Provides Business Update
CAPE CANAVERAL, Fla.--(BUSINESS WIRE)--Sidus Space (NASDAQ: SIDU), (the 'Company' or 'Sidus'), an innovative space and defense technology company, today announced its financial results for the second quarter ended June 30, 2025, and provided a business update. The Company is scheduled to host a conference call and webcast today, Thursday, August 14, at 5:00 p.m. ET. 'Q2 was about disciplined execution and building durable technology assets. We advanced LizzieSat®‑3 commissioning, fully staffed our 24/7 Mission Operations Center, and expanded our proprietary platform with the Fortis™ VPX Command and Data Handling system and Orlaith™ AI Ecosystem, built to move data and insights seamlessly across space, air, land, and sea,' said Carol Craig, Sidus Chairwoman and CEO. 'We invested ahead of revenue to build core IP and capability. As we enter the second half of the year, we're prioritizing commercialization, aligning spend to milestones, and pursuing capital‑efficient ways to turn our technology into revenue.' Operational Highlights for the Quarter Ending June 30, 2025: Completed commissioning of the ADCS system on LizzieSat®-3 with cutting-edge Autonomous, Machine-Learning-Powered on-board GNC software Fully staffed our in-house Mission Operations Center, enabling 24/7 spacecraft monitoring Received Notice of Allowance for our Modular Satellite Platform—a patent that safeguards the intellectual property behind our adaptable and scalable satellite architecture Deployed Orlaith™ AI system in Asia strengthening global AI and analytics offerings Amended and extended the lunar satellite manufacturing contract with Lonestar Holdings, bringing the total potential value to $120 million Continued building and delivering space and defense hardware for commercial and government customers Subsequent Operational Highlights: Designed LizzieLunar™ to address the Moon's unique operational challenges Successfully executed a capital raise to fund key technology initiatives, including dual-use, multi-domain Fortis™ VPX product line, which supports applications across air, land, sea and space Appointed Tiffany Norwood, Founder and CEO of Tribetan and a globally recognized serial entrepreneur and technology pioneer, to the Board of Directors Financial Highlights for the Second Quarter Ending June 30, 2025: Revenue: $1.3 million, up 36% compared to $928,000 in Q2 2024, reflecting a strategic pivot away from legacy services to new commercial models Cost of Revenue: $2.3 million, up 29% from Q2 2024 due to increased satellite and software depreciation and an increase of material and labor costs Gross Profit (Loss): $(1.0) million, compared to $(841,000) loss in Q2 2024 due to reduced contribution from legacy high-margin services as we transition to higher-value, recurring revenue lines SG&A Expenses: $4.3 million, up from $3.1 million in Q2 2024, driven by headcount growth, launch rescheduling, and operational scaling Adjusted EBITDA: Loss of $3.9 million (non-GAAP), compared to a $3.2 million loss in Q2 2024 Net Loss: $5.6 million, versus $4.1 million in Q2 2024, driven by strategic investment and depreciation Cash Position: $3.6 million as of June 30, 2025, versus $1.4 million a year earlier Conference Call and Webcast Event: Sidus Space Second Quarter Financial Results Conference Call Time: 5:00 p.m. Eastern Time Live Call: + 1-877-269-7751 (U.S. Toll-Free) or +1-201-389-0908 (International) Webcast: For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Thursday, August 28, 2025, at 11:59 P.M. ET and can be accessed by dialing +1-844-512-2921 (U.S. Toll-Free) or +1-412-317-6671 (International) and entering replay pin number: 13755242. An online archive of the webcast will be available for three months following the event at About Sidus Space Sidus Space (NASDAQ: SIDU) is an innovative space and defense technology company offering flexible, cost-effective solutions, including satellite manufacturing and technology integration, AI-driven space-based data solutions, mission planning and management operations, AI/ML products and services, and space and defense hardware manufacturing. With its mission of Space Access Reimagined®, Sidus Space is committed to rapid innovation, adaptable and cost-effective solutions, and the optimization of space system and data collection performance. With demonstrated space heritage, including manufacturing and operating its own satellite and sensor system, LizzieSat®, Sidus Space serves government, defense, intelligence, and commercial companies around the globe. Strategically headquartered on Florida's Space Coast, Sidus Space operates a 35,000-square-foot space manufacturing, assembly, integration, and testing facility and provides easy access to nearby launch facilities. For more information, visit: Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute 'forward-looking statements' within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will,' 'would' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled 'Risk Factors' in Sidus Space's Annual Report on Form 10-K for the year ended December 31, 2024, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Sidus Space, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Non-GAAP Measures To provide investors with additional information in connection with our results as determined in accordance with GAAP, we use non-GAAP measures of adjusted EBITDA. We use adjusted EBITDA in order to evaluate our operating performance and make strategic decisions regarding future direction of the company since it provides a meaningful comparison to our peers using similar measures. We define adjusted EBITDA as net income (as determined by U.S. GAAP) adjusted for interest expense, depreciation and amortization expense, acquisition deal costs, severance costs, capital market and advisory fees, equity-based compensation and warrant costs. These non-GAAP measures may be different from non-GAAP measures made by other companies since not all companies will use the same measures. Therefore, these non-GAAP measures should not be considered in isolation or as a substitute for relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. The following table reconciles adjusted EBITDA to net loss (the most comparable GAAP measure) for the three months ended June 30, 2025 and 2024: (i) Sidus Space incurred increased interest expense due to short-term note payable due in Q4 2024 and interest expense related to an asset based loan. (ii) Sidus Space incurred increased depreciation expense 2025 and 2024 with launch and deployment of satellite fixed asset and related satellite software, as well as new ERP software capitalization. (iii) Sidus Space incurred increased equity based compensation expense due to incentive programs implemented by the Board in 2025. Expand SIDUS SPACE, INC. CONSOLIDATED BALANCE SHEETS June 30, December 31, 2025 2024 Assets (Unaudited) Current assets Cash $ 3,634,693 $ 15,703,579 Accounts receivable 873,557 827,886 Accounts receivable - related parties 1,037,606 641,376 Inventory 370,067 255,716 Contract asset 993,504 1,347,386 Contract asset - related party 107,013 46,953 Prepaid and other current assets 4,155,398 3,429,656 Total current assets 11,171,838 22,252,552 Property and equipment, net 17,179,137 14,891,976 Operating lease right-of-use assets 835,140 121,545 Intangible asset 398,135 398,135 Other assets 85,173 81,359 Total Assets $ 29,669,423 $ 37,745,567 Liabilities and Stockholders' Equity Current liabilities Accounts payable and other current liabilities $ 5,755,965 $ 3,388,667 Accounts payable and accrued interest - related party 774,600 673,743 Contract liability - 16,192 Contract liability - related party 107,013 46,953 Asset-based loan liability 7,881,629 6,902,636 Notes payable - 3,059,767 Operating lease liability 260,311 121,544 Total current liabilities 14,779,518 14,209,502 Operating lease liability - non-current 575,598 - Total Liabilities 15,355,116 14,209,502 Commitments and contingencies - - Stockholders' Equity Preferred Stock: 5,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding Series A convertible preferred stock: 2,000 shares authorized; 0 shares issued and outstanding - - Common stock: 210,000,000 authorized; $0.0001 par value Class A common stock: 200,000,000 shares authorized; 18,204,483 and 15,956,816 shares issued and outstanding, respectively 1,821 1,597 Class B common stock: 10,000,000 shares authorized; 100,000 shares issued and outstanding 10 10 Additional paid-in capital 86,705,397 83,887,682 Accumulated deficit (72,392,921 ) (60,353,224 ) Total Stockholders' Equity 14,314,307 23,536,065 Total Liabilities and Stockholders' Equity $ 29,669,423 $ 37,745,567 Expand SIDUS SPACE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenue $ 691,070 $ 834,798 $ 851,774 $ 1,679,909 Revenue - related parties 569,953 92,772 647,743 297,816 Total - revenue 1,261,023 927,570 1,499,517 1,977,725 Cost of revenue 2,288,165 1,768,671 4,155,137 2,734,762 Gross profit (loss) (1,027,142 ) (841,101 ) (2,655,620 ) (757,037 ) Operating expenses Selling, general and administrative expense 4,263,269 3,056,814 8,707,711 6,702,397 Total operating expenses 4,263,269 3,056,814 8,707,711 6,702,397 Net loss from operations (5,290,411 ) (3,897,915 ) (11,363,331 ) (7,459,434 ) Other income (expense) Other income - 1,613 - 1,613 Interest expense (2,546 ) (186,175 ) 22,047 (339,701 ) Interest income 27,979 12,313 94,324 12,313 Asset-based loan expense (360,092 ) (65,920 ) (792,737 ) (161,375 ) Total other income (expense) (334,659 ) (238,169 ) (676,366 ) (487,150 ) Loss before income taxes (5,625,070 ) (4,136,084 ) (12,039,697 ) (7,946,584 ) Provision for income taxes - - - - Net loss (5,625,070 ) (4,136,084 ) (12,039,697 ) (7,946,584 ) Dividend on Series A preferred Stock - - - (42,375 ) Net loss attributed to stockholders $ (5,625,070 ) $ (4,136,084 ) $ (12,039,697 ) $ (7,988,959 ) Basic and diluted loss per common share $ (0.31 ) $ (0.99 ) $ (0.66 ) $ (2.32 ) Basic and diluted weighted average number of common shares outstanding 18,320,025 4,181,344 18,274,485 3,450,577 Expand Six Months Ended June 30, 2025 2024 Cash Flows From Operating Activities: Net loss $ (12,039,697 ) $ (7,946,584 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock based compensation 436,692 160,028 Depreciation and amortization 2,066,969 858,033 Non-cash fees on asset-based loan - Bad debt - - Changes in operating assets and liabilities: Accounts receivable (45,671 ) 553,764 Accounts receivable - related party (396,230 ) (197,355 ) Inventory (114,351 ) (182,757 ) Contract asset 353,882 - Contract asset - related party (60,060 ) (2,827 ) Prepaid expenses and other assets (729,556 ) 946,246 Accounts payable and accrued liabilities 2,537,168 (1,968,107 ) Accounts payable and accrued liabilities - related party 100,857 210,363 Contract liability (16,192 ) - Contract liability - related party 60,060 2,827 Changes in operating lease assets and liabilities 770 (3,699 ) Net Cash provided by (used in) Operating Activities (7,845,359 ) (7,570,068 ) Cash Flows From Investing Activities: Purchase of property and equipment (4,354,130 ) (4,067,741 ) Cash paid for asset acquisition - - Net Cash used in Investing Activities (4,354,130 ) (4,067,741 ) Cash Flows From Financing Activities: Proceeds from issuance of common stock units - 13,742,311 Proceeds from exercise of warrants 2,381,247 - Proceeds from asset-based loan agreement 4,413,239 46,133 Repayment of asset-based loan agreement (3,604,116 ) (1,772,373 ) Repayment of notes payable (3,059,767 ) (150,000 ) Net Cash provided by (used in) Financing Activities 130,603 11,866,071 Net change in cash (12,068,886 ) 228,262 Cash, beginning of period 15,703,579 1,216,107 Cash, end of period $ 3,634,693 $ 1,444,369 Supplemental cash flow information Cash paid for interest $ 630,874 $ 338,116 Cash paid for taxes $ - $ - Non-cash Investing and Financing transactions: Conversion interest and fees of asset based loan $ 169,870 $ - Class A common stock issued for conversion of Series A convertible preferred stock $ - $ 16,566 Recognition of right-of-use asset and lease liability $ 856,787 $ 284,861 Expand
Business Wire
04-08-2025
- Business
- Business Wire
Sidus Space Successfully Deploys Advanced SpacePilot Software for Autonomous Operations; Commissions LizzieSat ® -3 Attitude Determination and Control System
CAPE CANAVERAL, Fla.--(BUSINESS WIRE)--Sidus Space (NASDAQ: SIDU), (the Company or 'Sidus'), an innovative space and defense technology company, today announced the successful deployment of its new autonomous guidance, navigation, and control (GNC) software, SpacePilot and commissioning of the Attitude Determination and Control System (ADCS) on LizzieSat ® -3 (LS3). 'Activating SpacePilot and commissioning the ADCS marks a critical milestone for LS3's mission,' said Carol Craig, Founder and CEO of Sidus Space. Designed for next-generation satellite operations, SpacePilot integrates real-time star tracker, sun sensor, magnetometer, gyroscope, and GPS data onboard LS3 to enable high-precision orbital control with minimal ground intervention. Key features include: Attitude Determination: Real-time estimation of spacecraft orientation for mission-critical accuracy Attitude Control: Stabilization and mission-aligned adjustments to support payload operations Optimal Trajectory: Fuel-efficient, time-optimized flight paths for extended mission life Autonomous Guidance: Precise rendezvous and proximity operations (RPO) with minimal operator input Adaptive Autonomy: Dynamic response to changing orbital conditions and fault scenarios Lightweight Design: Optimized for resource-constrained small satellite platforms 'Activating SpacePilot and commissioning the ADCS marks a critical milestone for LS3's mission,' said Carol Craig, Founder and CEO of Sidus Space. 'This software enables a higher level of autonomy, ensuring greater efficiency and mission resilience while reducing reliance on ground resources.' The successful commissioning of the ADCS marks a critical step toward LS3's full mission readiness. With the deployment of autonomous SpacePilot, the satellite can achieve accurate sun-pointing for maximum power generation, stabilize payload orientation for improved data collection, and maintain antenna alignment for reliable communications. This milestone also paves the way for more rapid commissioning of the remaining onboard technologies, including Sidus's proprietary sensor suite. LS3's successful commissioning and SpacePilot deployment reinforce Sidus Space's commitment to advancing autonomous satellite technologies as part of its growing LizzieSat ® constellation. About Sidus Space Sidus Space (NASDAQ: SIDU) is an innovative space and defense technology company offering flexible, cost-effective solutions, including satellite manufacturing and technology integration, AI-driven space-based data solutions, mission planning and management operations, AI/ML products and services, and space and defense hardware manufacturing. With its mission of Space Access Reimagined ®, Sidus Space is committed to rapid innovation, adaptable and cost-effective solutions, and the optimization of space system and data collection performance. With demonstrated space heritage, including manufacturing and operating its own satellite and sensor system, LizzieSat ®, Sidus Space serves government, defense, intelligence, and commercial companies around the globe. Strategically headquartered on Florida's Space Coast, Sidus Space operates a 35,000-square-foot space manufacturing, assembly, integration, and testing facility and provides easy access to nearby launch facilities. For more information, visit: Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute 'forward-looking statements' within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will,' 'would' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled 'Risk Factors' in Sidus Space's Annual Report on Form 10-K for the year ended December 31, 2024, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Sidus Space, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
