Sidus Space Reports Second Quarter 2025 Financial Results and Provides Business Update
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, an...
CAPE CANAVERAL, Fla.: 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
Date: Thursday, August 14, 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=1729391&tp_key=88085fa059
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 https://investors.sidusspace.com/.
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: 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 June 30, 2025 and 2024:
Three Months Ended | ||||||||||||||||
June 30, | ||||||||||||||||
2025 | 2024 | Change | % | |||||||||||||
Net Income / (Loss) | $ | (5,625,070 | ) | $ | (4,136,084 | ) | $ | (1,488,986 | ) | 36 | % | |||||
Interest Expense (i) | 334,658 |
| 249,174 |
| 85,484 |
| 34 | % | ||||||||
Depreciation and Amortization (ii) | 1,132,294 |
| 605,003 |
| 527,291 |
| 87 | % | ||||||||
Severance Costs | 27,320 |
| 17,231 |
| 10,089 |
| 59 | % | ||||||||
Equity based compensation (iii) | 184,448 |
| 80,829 |
| 103,618 |
| 128 | % | ||||||||
Total Non-GAAP Adjustments | 1,678,720 |
| 952,237 |
| 726,483 |
| 76 | % | ||||||||
Adjusted EBITDA | (3,946,350 | ) | (3,183,847 | ) | (762,503 | ) | 24 | % | ||||||||
(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. | |||||||||||
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 |
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