Sidus Space Reports Third 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 third quarter ended September 30, 2025...
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 third quarter ended September 30, 2025, and provided a business update. The Company is scheduled to host a conference call and webcast today, Friday, November 14, at 5:00 p.m. ET.
“Q3 was about executing on existing contracts and furthering our efforts to expand our vertically integrated product offerings. We continued laying the groundwork to convert our technology foundation into meaningful commercial opportunities. We advanced design and manufacturing across multiple LizzieSat® platforms, broadened our Fortis™ VPX and FeatherEdge™ product families with new designs, and continued to position Orlaith™ AI as a differentiator for multi-domain autonomy and analytics,” said Carol Craig, Sidus Chairwoman and CEO. “We remain focused on disciplined execution by aligning spend to near-term revenue milestones, identifying operational efficiencies in the form of expense reductions, strengthening our intellectual property, expanding our global partnerships, and accelerating our path to commercialization across space and defense markets as we close out the year.”
Operational Highlights for the Third Quarter Ending September 30, 2025:
- Appointed Lawrence Hollister as Chief Business Officer to Drive Strategic Growth and Market Expansion
- Completed delivery of additional hardware enclosures for the Mobile Launcher 2
- Successfully executed two capital raises to fund key technology initiatives, including design and manufacture of the dual-use, all-domain Fortis™ VPX product line, to support 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
- Commissioned the Automatic Identification System (AIS) sensor on LS3 and established communications with customer site
- Strengthened intellectual property position through continued filings supporting modular satellite manufacturing, rugged compute architectures, and AI-enabled mission payloads.
Subsequent Operational Highlights:
- Completed Design for FeatherEdge™ 248Vi: Advancing AI/ML Processing for Space and Defense Applications
- Signed Contract to integrate the Lonestar Commercial Pathfinder Mission on LizzieSat®-5
- Identified operational efficiencies to reduce selling, general & administrative expenses
Financial Highlights for the Third Quarter Ending September 30, 2025:
- Revenue: $1.3 million, down 31% compared to $1.9 million in Q3 2024, reflecting a strategic pivot away from legacy services to new commercial models
- Cost of Revenue: $2.6 million, up 42% from Q3 2024 due to increased satellite and software depreciation and an increase of material and labor costs
- Cost of Revenue adjusted for non-cash satellite-related depreciation: $1.6 million, up 20% from Q3 2024
- Gross Profit (Loss): ($1.3 million), compared to $38 thousand profit in Q3 2024 due to increased satellite depreciation and reduced contribution from legacy high-margin services as we transition to higher-value, recurring revenue lines
- Gross Profit (Loss) adjusted for non-cash satellite-related depreciation: ($277 thousand), compared to $559 thousand profit in Q3 2024
- SG&A Expenses: $4.3 million, up from $3.2 million in Q3 2024, driven by headcount growth, launch rescheduling, and operational scaling
- Adjusted EBITDA: Loss of $4.0 million (non-GAAP), compared to a loss of $2.5 million in Q3 2024
- Net Loss: $6.0 million, versus $3.9 million in Q3 2024
- Cash Position: $12.7 million as of September 30, 2025, versus $15.7 million a year earlier
Conference Call and Webcast
Event: Sidus Space Third Quarter Financial Results Conference Call
Date: Friday, November 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=1742231&tp_key=afa35717c1
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Friday, November 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: 13757088.
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 September 30, 2025 and 2024:
Three Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2025 |
| 2024 |
| Change | % | |||||||||||
Net Income / (Loss) | $ | (6,033,599 | ) | $ | (3,902,589 | ) | $ | (2,131,010 | ) | 55 | % | |||||
Interest Income/Expense (i) | 402,552 |
| 733,714 |
| (331,162 | ) | (45 | %) | ||||||||
Depreciation and Amortization (ii) | 1,157,840 |
| 636,416 |
| 521,424 |
| 82 | % | ||||||||
Fundraising expense (iii) | 307,950 |
| - |
| 307,950 |
| N/A |
| ||||||||
Severance Costs |
|
| - |
|
| 3,192 |
|
|
|
| (3,192 | ) |
|
| N/A |
|
Equity based compensation (iv) | 188,615 |
| 76,013 |
| 112,602 |
| 148 | % | ||||||||
Total Non-GAAP Adjustments | 2,056,957 |
| 1,449,335 |
| 607,622 |
| 42 | % | ||||||||
Adjusted EBITDA | (3,976,642 | ) | (2,453,254 | ) | (1,523,388 | ) | (62 | %) | ||||||||
(i) | Sidus Space incurred decreased interest income/expense due to decreased interest expense from a short-term note payable due in Q4 2024 and increased interest income, partially offset by increased interest expense related to an asset based loan. |
(ii) | Sidus Space incurred increased depreciation expense in 2025 with the launch and deployment of satellite fixed assets and related satellite software, as well as new ERP software capitalization. |
(iii) | Sidus Space incurred internal Fundraising expense related to multiple 2025 capital raises |
(iv) | Sidus Space incurred increased equity based compensation expense due to incentive programs implemented by the Board in 2025. |
SIDUS SPACE, INC. CONSOLIDATED BALANCE SHEETS | ||||||||
|
| September 30, | December 31, | |||||
|
| 2025 |
| 2024 |
| |||
Assets | (Unaudited) | |||||||
Current assets |
| |||||||
| Cash | $ | 12,734,087 |
| $ | 15,703,579 |
| |
Accounts receivable | 825,607 |
| 827,886 |
| ||||
Accounts receivable - related parties | 1,402,774 |
| 641,376 |
| ||||
Inventory | 188,310 |
| 255,716 |
| ||||
Contract asset | 684,749 |
| 1,347,386 |
| ||||
Contract asset - related party | 448,717 |
| 46,953 |
| ||||
Prepaid and other current assets | 4,849,338 |
| 3,429,656 |
| ||||
Total current assets | 21,133,582 |
| 22,252,552 |
| ||||
Property and equipment, net | 17,456,972 |
| 14,891,976 |
| ||||
Operating lease right-of-use assets | 769,515 |
| 121,545 |
| ||||
Intangible asset | 398,135 |
| 398,135 |
| ||||
Other assets | 92,443 |
| 81,359 |
| ||||
Total Assets | $ | 39,850,647 |
| $ | 37,745,567 |
| ||
|
|
|
| |||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities |
|
| ||||||
| Accounts payable and other current liabilities | $ | 4,835,108 |
| $ | 3,388,667 |
| |
Accounts payable - related party | 869,789 |
| 673,743 |
| ||||
Contract liability | - |
| 16,192 |
| ||||
Contract liability - related party | 267,380 |
| 46,953 |
| ||||
Asset-based loan liability | 9,124,612 |
| 6,902,636 |
| ||||
Notes payable | - |
| 3,059,767 |
| ||||
Operating lease liability | 266,879 |
| 121,544 |
| ||||
Total current liabilities | 15,363,768 |
| 14,209,502 |
| ||||
Operating lease liability - non-current | 505,718 |
| - |
| ||||
Total Liabilities | 15,869,486 |
| 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; 35,147,483 and 15,956,816 shares issued and outstanding, respectively | 3,515 |
| 1,597 |
| ||||
Class B common stock: 10,000,000 shares authorized; 100,000 shares issued and outstanding | 10 |
| 10 |
| ||||
Additional paid-in capital | 102,404,156 |
| 83,887,682 |
| ||||
Accumulated deficit | (78,426,520 | ) | (60,353,224 | ) | ||||
Total Stockholders' Equity | 23,981,161 |
| 23,536,065 |
| ||||
Total Liabilities and Stockholders' Equity | $ | 39,850,647 |
| $ | 37,745,567 |
| ||
SIDUS SPACE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
|
| 2025 |
|
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