Latest news with #Sidus
Yahoo
22-05-2025
- Business
- Yahoo
Sidus Space Launches Fortis™ VPX: A Ruggedized, AI-Powered 3U OpenVPX Module Supporting Complex Missions from Sea to Space
Modular computing system unlocks new market opportunities across space, defense, and maritime sectors CAPE CANAVERAL, Fla., May 22, 2025--(BUSINESS WIRE)--Sidus Space (NASDAQ: SIDU), (the "Company" or "Sidus"), an innovative space and defense technology provider, today announced the launch of Fortis™ VPX, a ruggedized, modular, SOSA™ aligned computing system engineered for high-reliability command and data handling (C&DH), advanced artificial intelligence/machine learning (AI/ML) processing, and precision navigation in extreme environments. The Fortis™ line of products establishes a new cornerstone in Sidus' expanding portfolio of space-qualified and defense-grade technologies, designed to support the increasing demand for edge computing across commercial and government sectors. Fortis™ VPX provides the scalable digital backbone needed to accelerate mission development timelines, reduce integration complexity, and support software-defined operations. Leveraging an open architecture and industry-standard 3U VPX form factor, Fortis™ is built for rapid integration into a range of applications across maritime, land, space, and airborne domains. "Fortis™ VPX is a force multiplier for AI-driven mission systems," said Carol Craig, CEO of Sidus Space. "Its modularity, computing power, and SOSA™ aligned compatibility enables customers to quickly adapt to evolving mission requirements while reducing total lifecycle costs." Strategic Alignment & Market Relevance With integrated AI/ML processing, secure navigation, and robust C&DH capabilities, Fortis™ VPX is positioned at the intersection of defense modernization, commercial space infrastructure, and autonomous systems development. The systems' modularity and dual-use applicability support a broad spectrum of use cases across satellite constellations, tactical ground systems, unmanned aerial vehicles (UAV), and intelligence, surveillance, and reconnaissance (ISR) platforms. Alignment with the SOSA™ Technical Standard and Sidus' proprietary IP supports recurring revenue opportunities through both system sales and service-based contracts across defense, aerospace, maritime, and commercial end uses. Why Fortis™ VPX Is Like No Other Proven AI in Space Since 2023: Sidus Space leads the edge-computing revolution in orbit, with operational AI deployment in 2023, positioning Sidus as one of the earliest entrants with heritage in space-qualified AI/Edge platforms Capturing VPX Market Momentum: Fortis™ VPX targets the rapidly growing market and expanding requirements for autonomous, edge-deployed intelligence in defense and aerospace sectors Strategic Focus on Edge AI Capabilities: Engineered to enable autonomous, low-latency AI processing at the edge, Fortis™ VPX meets the surging demand for near real-time intelligence across multiple domains Smart, Software-Defined Payload Architecture: Fortis™ combines VPX single board computers (SBC) with FeatherEdge™ AI to enable dynamic, software-defined payloads capable of adapting to changing mission parameters across domains Multi-Domain, Modular Platform: Designed for seamless deployment across all operational domains: Air: Tactical UAV systems Sea: Underwater autonomous vehicles Land: ISR ground systems and mobile C2 nodes Space: Radiation-hardened VPX AI payloads Spaceflight Heritage: Our FeatherEdge™ AI system, now integrated with Fortis™, has achieved Technology Readiness with LizzieSat™-3, demonstrating full mission qualification in orbit Scalable, Agile Manufacturing: Sidus combines vertical integration with rapid manufacturing processes to deliver Fortis™ VPX at scale "The recent launch of China's first AI-focused satellite, part of a planned 2,800-satellite constellation, signals a global acceleration in edge AI computing," said Val Ojdanic, Chief Technology Officer at Sidus Space. "Fortis™ VPX is built to meet this demand with the scalability, ruggedization, and AI readiness required to power next-generation infrastructure across domains." About Sidus Space Sidus Space (NASDAQ: SIDU) is a space mission enabler providing 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. View source version on Contacts Investor Relations investorrelations@ Media Inquiries press@ Sign in to access your portfolio
Business Wire
22-05-2025
- Business
- Business Wire
Sidus Space Launches Fortis™ VPX: A Ruggedized, AI-Powered 3U OpenVPX Module Supporting Complex Missions from Sea to Space
CAPE CANAVERAL, Fla.--(BUSINESS WIRE)--Sidus Space (NASDAQ: SIDU), (the 'Company' or 'Sidus'), an innovative space and defense technology provider, today announced the launch of Fortis™ VPX, a ruggedized, modular, SOSA™ aligned computing system engineered for high-reliability command and data handling (C&DH), advanced artificial intelligence/machine learning (AI/ML) processing, and precision navigation in extreme environments. The Fortis™ line of products establishes a new cornerstone in Sidus' expanding portfolio of space-qualified and defense-grade technologies, designed to support the increasing demand for edge computing across commercial and government sectors. Fortis™ VPX provides the scalable digital backbone needed to accelerate mission development timelines, reduce integration complexity, and support software-defined operations. Share Fortis™ VPX provides the scalable digital backbone needed to accelerate mission development timelines, reduce integration complexity, and support software-defined operations. Leveraging an open architecture and industry-standard 3U VPX form factor, Fortis™ is built for rapid integration into a range of applications across maritime, land, space, and airborne domains. 'Fortis™ VPX is a force multiplier for AI-driven mission systems,' said Carol Craig, CEO of Sidus Space. 'Its modularity, computing power, and SOSA™ aligned compatibility enables customers to quickly adapt to evolving mission requirements while reducing total lifecycle costs.' Strategic Alignment & Market Relevance With integrated AI/ML processing, secure navigation, and robust C&DH capabilities, Fortis™ VPX is positioned at the intersection of defense modernization, commercial space infrastructure, and autonomous systems development. The systems' modularity and dual-use applicability support a broad spectrum of use cases across satellite constellations, tactical ground systems, unmanned aerial vehicles (UAV), and intelligence, surveillance, and reconnaissance (ISR) platforms. Alignment with the SOSA™ Technical Standard and Sidus' proprietary IP supports recurring revenue opportunities through both system sales and service-based contracts across defense, aerospace, maritime, and commercial end uses. Why Fortis™ VPX Is Like No Other Proven AI in Space Since 2023: Sidus Space leads the edge-computing revolution in orbit, with operational AI deployment in 2023, positioning Sidus as one of the earliest entrants with heritage in space-qualified AI/Edge platforms Capturing VPX Market Momentum: Fortis™ VPX targets the rapidly growing market and expanding requirements for autonomous, edge-deployed intelligence in defense and aerospace sectors Strategic Focus on Edge AI Capabilities: Engineered to enable autonomous, low-latency AI processing at the edge, Fortis™ VPX meets the surging demand for near real-time intelligence across multiple domains Smart, Software-Defined Payload Architecture: Fortis™ combines VPX single board computers (SBC) with FeatherEdge™ AI to enable dynamic, software-defined payloads capable of adapting to changing mission parameters across domains Multi-Domain, Modular Platform: Designed for seamless deployment across all operational domains: Air: Tactical UAV systems Sea: Underwater autonomous vehicles Land: ISR ground systems and mobile C2 nodes Space: Radiation-hardened VPX AI payloads Spaceflight Heritage: Our FeatherEdge™ AI system, now integrated with Fortis™, has achieved Technology Readiness with LizzieSat™-3, demonstrating full mission qualification in orbit Scalable, Agile Manufacturing: Sidus combines vertical integration with rapid manufacturing processes to deliver Fortis™ VPX at scale 'The recent launch of China's first AI-focused satellite, part of a planned 2,800-satellite constellation, signals a global acceleration in edge AI computing,' said Val Ojdanic, Chief Technology Officer at Sidus Space. 'Fortis™ VPX is built to meet this demand with the scalability, ruggedization, and AI readiness required to power next-generation infrastructure across domains.' About Sidus Space Sidus Space (NASDAQ: SIDU) is a space mission enabler providing 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.
Yahoo
16-05-2025
- Business
- Yahoo
Sidus Space Announces Successful On-Orbit Operation of FeatherEdge™ Gen-2 Aboard LizzieSat®-3
Commercial Availability and Third-Party AI Integration Unlock New Revenue Streams Across Multiple Markets CAPE CANAVERAL, Fla., May 16, 2025--(BUSINESS WIRE)--Sidus Space (NASDAQ: SIDU), (the "Company" or "Sidus"), an innovative, agile space mission enabler, today announced the successful on-orbit operation of its advanced onboard edge computer, FeatherEdge™ GEN-2, integrated into the ongoing commissioning of LizzieSat®-3 (LS-3). FeatherEdge™ GEN-2 is now flight-proven and commercially available, offering 100 trillion operations per second (TOPS) of AI processing power in a space-hardened, compact format. By leveraging NVIDIA's Jetson Orin™ NX module, this advanced onboard computer is built to perform in harsh radiation environments—making it ideal for sustained low Earth orbit missions. After successful on-orbit validation, FeatherEdge™ GEN-2 is now commercially available for customers seeking compact, high-performance AI processing solutions. "We are excited to share that FeatherEdge™ GEN-2 is fully operational onboard LizzieSat®-3," said Carol Craig, CEO of Sidus Space. "What sets this technology apart is its broad market applicability. While designed for space, FeatherEdge™ GEN-2 has the potential to drive revenue across multiple domains—including defense, intelligence, maritime, aviation, and terrestrial remote sensing—by enabling near real-time data processing at the edge." In addition, Sidus is now enabling third-party algorithm integration aboard LizzieSat®-3, allowing government and commercial space domain customers to test and deploy proprietary AI solutions in orbit without building their own satellite infrastructure. As LizzieSat®-3 continues to perform successfully through its commissioning phase, we believe the platform is demonstrating its potential to become a flexible, revenue-generating asset with dual-use applicability far beyond space. FeatherEdge™ GEN-2 opens up high-value opportunities for recurring revenue through hardware sales, data processing services, and technology integration—positioning Sidus to capitalize on future growth across both government and commercial sectors. About Sidus Space Sidus Space (NASDAQ: SIDU) is a space mission enabler providing 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. View source version on Contacts Investor Relations investorrelations@ Media Inquiries press@
Business Wire
16-05-2025
- Business
- Business Wire
Sidus Space Announces Successful On-Orbit Operation of FeatherEdge™ Gen-2 Aboard LizzieSat ® -3
CAPE CANAVERAL, Fla.--(BUSINESS WIRE)--Sidus Space (NASDAQ: SIDU), (the 'Company' or 'Sidus'), an innovative, agile space mission enabler, today announced the successful on-orbit operation of its advanced onboard edge computer, FeatherEdge™ GEN-2, integrated into the ongoing commissioning of LizzieSat ® -3 (LS-3). FeatherEdge™ GEN-2 is now flight-proven and commercially available, offering 100 trillion operations per second (TOPS) of AI processing power in a space-hardened, compact format. By leveraging NVIDIA's Jetson Orin™ NX module, this advanced onboard computer is built to perform in harsh radiation environments—making it ideal for sustained low Earth orbit missions. After successful on-orbit validation, FeatherEdge™ GEN-2 is now commercially available for customers seeking compact, high-performance AI processing solutions. 'We are excited to share that FeatherEdge™ GEN-2 is fully operational onboard LizzieSat ® -3,' said Carol Craig, CEO of Sidus Space. 'What sets this technology apart is its broad market applicability. While designed for space, FeatherEdge™ GEN-2 has the potential to drive revenue across multiple domains—including defense, intelligence, maritime, aviation, and terrestrial remote sensing—by enabling near real-time data processing at the edge.' In addition, Sidus is now enabling third-party algorithm integration aboard LizzieSat ® -3, allowing government and commercial space domain customers to test and deploy proprietary AI solutions in orbit without building their own satellite infrastructure. As LizzieSat ® -3 continues to perform successfully through its commissioning phase, we believe the platform is demonstrating its potential to become a flexible, revenue-generating asset with dual-use applicability far beyond space. FeatherEdge™ GEN-2 opens up high-value opportunities for recurring revenue through hardware sales, data processing services, and technology integration—positioning Sidus to capitalize on future growth across both government and commercial sectors. About Sidus Space Sidus Space (NASDAQ: SIDU) is a space mission enabler providing 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.
Yahoo
15-05-2025
- Business
- Yahoo
Sidus Space Reports First Quarter 2025 Financial Results and Provides Business Update
CAPE CANAVERAL, Fla., May 15, 2025--(BUSINESS WIRE)--Sidus Space (NASDAQ: SIDU) (the "Company" or "Sidus"), an innovative, agile space mission enabler, today announced its financial results for the first quarter ended March 31, 2025, and provided a business update. The Company is scheduled to host a conference call and webcast today, Thursday, May 15, at 5:00 p.m. ET. "Q1 was a pivotal quarter for Sidus as we launched LizzieSat®-3 (LS-3) and advanced a major technology rollout, laying the foundation for future revenue growth. We remain committed to delivering integrated, AI-driven solutions across space, air, land, and sea and are confident in our long-term trajectory," said Carol Craig, Sidus Chairwoman and CEO. "With growing commercial and defense interest in our products and the commissioning of LS-3 underway, we believe Sidus is well-positioned to generate meaningful returns on our investments in innovation, infrastructure, and talent. We have strengthened our balance sheet, launched high-potential, new platforms including our Orlaith™ AI Ecosystem and are poised to generate revenue from diversified initiatives in the second half of the year." Operational Highlights for the Quarter Ending March 31, 2025: Successfully launched LizzieSat®-3 on March 14, 2025, aboard SpaceX Transporter-13—the third satellite in our growing micro-constellation Completed initial commissioning of FeatherEdge™ GEN-2, the next-generation advanced onboard edge computer Established communications with customer payload onboard LS-3 Launched Sidus Orlaith™ AI Ecosystem, combining FeatherEdge™ hardware and Cielo™ software Introduced VPX technology, including the Sidus Single Board Computer (SSBC) - a SOSA™-Aligned, OpenVPX-based computer Along with SSBC, Sidus debuted the Position, Navigation and Timing Card (PNT) module addressing operational challenges in GPS-denied or contested environments Initiated early-stage customer demos and trials in defense and commercial space domain sectors Subsequent Operational Highlights: Amended and extended the lunar satellite manufacturing contract with Lonestar Holdings, bringing the total potential value to $120 million Deployed Orlaith™ AI system in Asia strengthening global AI and analytics offerings Executed an MOU with Reflex Aerospace to explore joint constellation services Expanded partnership with Little Place Labs for near real-time maritime intelligence with LizzieSat® powered vessel detection solution Received Notice of Allowance for our Modular Satellite Platform—a patent that safeguards the intellectual property behind our adaptable and scalable satellite architecture Expanded pipeline of initial product orders for dual-use, SOSA™-aligned hardware Financial Highlights for the First Quarter Ending March 31, 2025: Revenue: $238,000, compared to $1.05 million in Q1 2024, reflecting a strategic pivot away from legacy services to new commercial models Cost of Revenue: $1.9 million, up 93% from Q1 2024 due to increased satellite and software depreciation and an increase of material and labor costs Gross Profit (Loss): $(1.6) million, compared to $84,000 profit in Q1 2024 due to reduced contribution from legacy high-margin services as we transition to higher-value, recurring revenue lines SG&A Expenses: $4.4 million, up from $3.6 million in Q1 2024, driven by headcount growth, launch rescheduling, and operational scaling Adjusted EBITDA: Loss of $4.7 million (non-GAAP), compared to a $2.7 million loss in Q1 2024 Net Loss: $6.4 million, versus $3.8 million in Q1 2024, driven by strategic investment and depreciation Cash Position: $11.7 million as of March 31, 2025, versus $6.2 million a year earlier Debt: Fully repaid Decathlon loan, improving capital efficiency Conference Call and Webcast Event: Sidus Space First Quarter Financial Results Conference Call Date: Thursday, May 15, 2025 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, May 29, 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: 13753732. An online archive of the webcast will be available for three months following the event at About Sidus Space Sidus Space (NASDAQ: SIDU) is a space mission enabler providing 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 March 31, 2025 and 2024: Three Months Ended March 31, 2025 2024 Change % Net Income / (Loss) $ (6,414,627 ) $ (3,810,500 ) $ (2,604,127 ) 68 % Interest Income/Expense (i) 341,707 248,981 92,726 37 % Depreciation & Amortization(ii) 934,674 253,030 681,644 269 % Fundraising expense (iii) 5,480 560,322 (554,842 ) -99 % Severance expense 206,100 (9,722 ) 215,822 2220 % Equity based compensation 252,243 79,198 172,045 218 % Total Non-GAAP Adjustments 1,740,204 1,131,809 608,395 54 % Adjusted EBITDA (4,674,423 ) (2,678,691 ) (1,995,732 ) 75 % (i) Sidus Space incurred increased interest expense related to an asset-based loan slightly offset by interest income. (ii) Sidus Space incurred increased depreciation expense 2025 with launch and deployment of multiple satellite fixed assets and related satellite software as well as new ERP software capitalization. (iii) Sidus Space did not raise capital during Q1 2025, which resulted in decreased fundraising expense during Q1 2025. SIDUS SPACE, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, December 31, 2025 2024 Assets Current assets Cash $ 11,711,301 $ 15,703,579 Accounts receivable 461,839 827,886 Accounts receivable - related parties 647,942 641,376 Inventory 142,972 255,716 Contract asset 1,338,054 1,347,386 Contract asset - related party 46,953 46,953 Prepaid and other current assets 2,167,868 3,429,656 Total current assets 16,516,929 22,252,552 Property and equipment, net 16,935,611 14,891,976 Operating lease right-of-use assets 49,118 121,545 Intangible asset 398,135 398,135 Other assets 84,472 81,359 Total Assets $ 33,984,265 $ 37,745,567 Liabilities and Stockholders' Equity Current liabilities Accounts payable and other current liabilities $ 3,643,708 $ 3,388,667 Accounts payable and accrued interest - related party 694,915 673,743 Contract liability - 16,192 Contract liability - related party 46,953 46,953 Asset-based loan liability 9,794,642 6,902,636 Notes payable - 3,059,767 Operating lease liability 49,118 121,544 Total current liabilities 14,229,336 14,209,502 Total Liabilities 14,229,336 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 86,520,949 83,887,682 Accumulated deficit (66,767,851 ) (60,353,224 ) Total Stockholders' Equity 19,754,929 23,536,065 Total Liabilities and Stockholders' Equity $ 33,984,265 $ 37,745,567 SIDUS SPACE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 2025 2024 Revenue $ 160,704 $ 845,111 Revenue - related parties 77,790 205,044 Total - revenue 238,494 1,050,155 Cost of revenue 1,866,972 966,091 Gross profit (loss) (1,628,478 ) 84,064 Operating expenses Selling, general and administrative expense 4,444,442 3,645,583 Total operating expenses 4,444,442 3,645,583 Net loss from operations (6,072,920 ) (3,561,519 ) Other income (expense) Interest expense 24,593 (153,526 ) Interest income 66,345 - Asset-based loan expense (432,645 ) (95,455 ) Total other income (expense) (341,707 ) (248,981 ) Loss before income taxes (6,414,627 ) (3,810,500 ) Provision for income taxes - - Net loss $ (6,414,627 ) $ (3,810,500 ) Dividend on Series A preferred Stock - (42,375 ) Net loss attributed to stockholders (6,414,627 ) (3,852,875 ) Basic and diluted loss per common share $ (0.35 ) $ (1.42 ) Basic and diluted weighted average number of common shares outstanding 18,228,267 2,719,812 SIDUS SPACE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended March 31, 2025 2024 Cash Flows From Operating Activities: Net loss $ (6,414,627 ) $ (3,810,500 ) Adjustments to reconcile net loss to net cash used in operating activities: Stock based compensation 252,244 79,198 Depreciation and amortization 934,673 253,030 Non-cash fees on asset-based loan 20,243 Changes in operating assets and liabilities: Accounts receivable 366,047 524,314 Accounts receivable - related party (6,566 ) (104,583 ) Inventory 112,744 (205,659 ) Contract asset 9,332 - Prepaid expenses and other assets 1,258,675 629,973 Accounts payable and accrued liabilities 255,041 (2,991,139 ) Accounts payable and accrued liabilities - related party 21,172 209,292 Contract liability (16,192 ) - Changes in operating lease assets and liabilities 1 (2,220 ) Net Cash used in Operating Activities (3,207,213 ) (5,418,294 ) Cash Flows From Investing Activities: Purchase of property and equipment (2,978,308 ) (2,230,118 ) Net Cash used in Investing Activities (2,978,308 ) (2,230,118 ) 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 3,289,744 46,133 Repayment of asset-based loan agreement (417,981 ) (1,034,380 ) Repayment of notes payable (3,059,767 ) (150,000 ) Net Cash provided by Financing Activities 2,193,243 12,604,064 Net change in cash (3,992,278 ) 4,955,652 Cash, beginning of period 15,703,579 1,216,107 Cash, end of period $ 11,711,301 $ 6,171,759 Supplemental cash flow information Cash paid for interest $ 5,462 $ 152,066 Cash paid for taxes $ - $ - Non-cash Investing and Financing transactions: Class A common stock issued for conversion of Series A convertible preferred stock $ - $ 16,566 View source version on Contacts Investor Relations investorrelations@ Media Inquiries press@
