▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | Italian Channel Awards | Italian Project Awards | Italian Security Awards | ...
InnovationOpenLab

Sidus Space Reports First Quarter 2025 Financial Results and Provides Business Update

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 provide...

Business Wire

CAPE CANAVERAL, Fla.: 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: https://viavid.webcasts.com/starthere.jsp?ei=1718772&tp_key=60eb853909

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 https://investors.sidusspace.com/.

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: www.sidusspace.com.

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

 

 

 

 

 

 

 

 

 

 

If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter.

Related news

Last News

RSA at Cybertech Europe 2024

Alaa Abdul Nabi, Vice President, Sales International at RSA presents the innovations the vendor brings to Cybertech as part of a passwordless vision for…

Italian Security Awards 2024: G11 Media honours the best of Italian cybersecurity

G11 Media's SecurityOpenLab magazine rewards excellence in cybersecurity: the best vendors based on user votes

How Austria is making its AI ecosystem grow

Always keeping an European perspective, Austria has developed a thriving AI ecosystem that now can attract talents and companies from other countries

Sparkle and Telsy test Quantum Key Distribution in practice

Successfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing…

Most read

Ionic Digital Issues Open Letter to Stockholders to Deliver Essential…

Ionic Digital Inc., (the “Company” or “Ionic”), an emerging innovator in digital infrastructure and bitcoin mining, today issued an open letter to stockholders…

University of Phoenix Leadership Presents at 1EdTech

University of Phoenix is pleased to announce that Vice President of Accessibility and Student Affairs Kelly Hermann co-presented at the 2025 1EdTech Learning…

EDO and TelevisaUnivision Expand Partnership to Unlock Cross-Platform…

EDO, the TV outcomes company, and TelevisaUnivision, the world’s leading Spanish-language media company, have expanded their partnership to measure the…

Tapcheck Named Workday Innovation Partner

#EWA--Tapcheck , today announced that it has achieved Workday Certified Integration status. As a Workday Innovation Partner, Tapcheck offers customers…