Sidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection, announced yesterday financial results for the year ended December 31, 2022 and provided company business updates. Sidus will webcast a conference call to discuss the results today at 9:00 am Eastern Time. The webcast is available on Sidus’ Investor Relations website at https://investors.sidusspace.com. A replay of the call will be available on the site for three months.
“We delivered a strong year of revenue growth while making progress on strategic initiatives as we move to expand our offering into the growing small satellite and earth observation data market, which is expected to yield recurring revenue streams and stronger margins over time,” said Teresa Burchfield, Chief Financial Officer of Sidus Space. “In 2022, we laid a strong foundation for a milestone year ahead. Our team delivered results on multiple key initiatives and accelerated the implementation of our Space-as-a-Service strategy throughout the year as we continued to expand our products and services to customers globally. Our many accomplishments helped to drive year-over-year revenue growth by over 400% relative to 2021.”
“We are pleased to have expanded existing relationships and created new ones for our space and defense manufacturing business line while also advancing our progress toward launching LizzieSat™ . This included securing multiple launches with SpaceX, integrating propulsion technology from Dawn Aerospace to allow us to extend LizzieSat’s time in orbit, and implementing Artificial Intelligence (AI) solution strategies both in orbit and on the ground. Our efforts further support our expectations related to delivering on our future value proposition of providing space-based data to a multitude of industries. The combination of a rapid revisit rate satellite constellation and onboard high performance edge AI computing is expected to enable Sidus to offer industry leading data transmission speed,” said Carol Craig, Founder and CEO of Sidus Space. “More recently, we signed a multi-million dollar agreement with The Netherlands Organization to test their laser communication technology. This is yet another example of executing on accelerating a key customer base in smaller international agencies with more limited space experience. And as we look to capitalize on commercializing this offering, we are pleased to have brought on our new Chief Commercial Officer, Eric Gillenwater.”
“With multiple LizzieSat satellites expected to be in low earth orbit (LEO) by 2026, we believe our disruptive flexible SmallSat constellation infrastructure will make space-based data more accessible for everyone including non-traditional industries. LizzieSat is a multi-mission satellite platform that supports a suite of custom sensors and customer needs, leveraging space flight-proven communications, power, navigation and computing subsystems to provide domestic and international customers with valuable data from LEO. Our fleet of LizzieSat satellites will be capable of hosting a range of sensors for a variety of customer missions and collecting data and providing actionable intelligence for multiple industries. Our team continues to fire on all cylinders as we scale up to meet increasing demand while prioritizing progress toward profitability and creating long-term value for our shareholders.”
Financial Highlights for the Year-to-Date Period Ended December 31, 2022
Capital Structure
Operational Highlights
Since its last earnings update, the Company continues to take meaningful steps toward the launch of its LizzieSat™ Constellation:
The Company continues to build key relationships with customers in its mission-critical hardware manufacturing business with two particularly significant contracts:
About Sidus Space
Sidus Space, located in Cape Canaveral, Florida, operates from a 35,000-square-foot manufacturing, assembly, integration, and testing facility focused on commercial satellite design, manufacture, launch, and data collection. The company’s rich heritage includes the design and manufacture of many flight and ground component parts and systems for various space-related customers and programs. Sidus Space has a broad range of Space-As-a-Service offerings including space-rated hardware manufacturing, design engineering, satellite manufacturing and platform development, launch and support services, data analytics services and satellite constellation management.
Sidus Space has a mission of Bringing Space Down to Earth™ and a vision of enabling space flight heritage status for new technologies while delivering data and predictive analytics to domestic and global customers. Any corporation, industry, or vertical can start their journey off-planet with Sidus Space’s rapidly scalable, low-cost satellite services, space-based solutions, and testing alternatives. More than just a "Satellite-as-a-Service" provider, Sidus Space is a trusted Mission Partner–from concept to Low Earth Orbit and beyond. Sidus is ISO 9001:2015, AS9100 Rev. D certified, and ITAR registered.
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. 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 discussed in Sidus Space’s Annual Report on Form 10-K for the year ended December 31, 2022, 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.
SIDUS SPACE, INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
|
| December 31, |
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| December 31, |
| ||
|
| 2022 |
|
| 2021 |
| ||
Assets |
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|
|
|
|
|
|
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Current assets |
|
|
|
|
|
|
|
|
Cash |
| $ | 2,295,259 |
|
| $ | 13,710,845 |
|
Accounts receivable, net |
|
| 850,340 |
|
|
| 130,856 |
|
Accounts receivable - related parties |
|
| 168,170 |
|
|
| 443,282 |
|
Inventory |
|
| 583,437 |
|
|
| 127,502 |
|
Contract asset |
|
| 60,932 |
|
|
| - |
|
Contract asset - related party |
|
| 14,982 |
|
|
| - |
|
Prepaid and other current assets |
|
| 3,476,748 |
|
|
| 1,595,099 |
|
Total current assets |
|
| 7,449,868 |
|
|
| 16,007,584 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| 2,554,992 |
|
|
| 775,070 |
|
Operating lease right-of-use assets |
|
| 249,937 |
|
|
| 504,811 |
|
Other |
|
| 42,778 |
|
|
| 12,486 |
|
Total Assets |
| $ | 10,297,575 |
|
| $ | 17,299,951 |
|
|
|
|
|
|
|
|
|
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Liabilities and Stockholders’ Equity |
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|
|
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|
|
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Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and other current liabilities |
| $ | 3,415,845 |
|
| $ | 1,845,460 |
|
Accounts payable and accrued interest - related party |
|
| 566,636 |
|
|
| 588,797 |
|
Contract liability |
|
| 60,932 |
|
|
| - |
|
Contract liability - related party |
|
| 14,982 |
|
|
| 63,411 |
|
Factoring liability |
|
| 502,349 |
|
|
| - |
|
Note payable |
|
| 1,599,150 |
|
|
| - |
|
Notes payable - related party |
|
| - |
|
|
| 1,000,000 |
|
Operating lease liability |
|
| 199,158 |
|
|
| 261,674 |
|
Finance lease liability |
|
| - |
|
|
| 50,927 |
|
Total Current Liabilities |
|
| 6,359,052 |
|
|
| 3,810,269 |
|
|
|
|
|
|
|
|
|
|
Note payable - non-current |
|
| - |
|
|
| 1,120,051 |
|
Notes payable - related party - non-current |
|
| - |
|
|
| 1,350,000 |
|
Operating lease liability - non-current |
|
| 63,310 |
|
|
| 262,468 |
|
Finance lease liability - non-current |
|
| - |
|
|
| 97,092 |
|
Total Liabilities |
|
| 6,422,362 |
|
|
| 6,639,880 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
| - |
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| |||
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| |
Stockholders’ Equity |
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|
|
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|
|
| |
Preferred Stock: 5,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding |
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|
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| ||
Common stock: 110,000,000 authorized; $0.0001 par value |
|
|
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|
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|
|
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Class A common stock: 100,000,000 shares authorized; 8,022,736 and 6,574,040 shares issued and outstanding, respectively |
|
| 802 |
|
|
| 657 |
|
Class B common stock: 10,000,000 shares authorized; 10,000,000 shares issued and outstanding |
|
| 1,000 |
|
|
| 1,000 |
|
Common stock value | 1,000 | 1,000 | ||||||
Additional paid-in capital |
|
| 32,129,257 |
|
|
| 26,074,292 |
|
Accumulated deficit |
|
| (28,255,846 | ) |
|
| (15,415,878 | ) |
Total Stockholders’ Equity |
|
| 3,875,213 |
|
|
| 10,660,071 |
|
Total Liabilities and Stockholders’ Equity |
| $ | 10,297,575 |
|
| $ | 17,299,951 |
|
SIDUS SPACE, INC. | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
|
| Years Ended |
| |||||
|
| December 31, |
| |||||
|
| 2022 |
|
| 2021 |
| ||
|
|
|
|
|
|
| ||
Revenue |
| $ | 6,250,780 |
|
| $ | 789,400 |
|
Revenue - related parties |
|
| 1,042,628 |
|
|
| 619,324 |
|
Total - revenue |
|
| 7,293,408 |
|
|
| 1,408,724 |
|
Cost of revenue |
|
| 5,855,275 |
|
|
| 1,775,299 |
|
Gross profit (loss) |
|
| 1,438,133 |
|
|
| (366,575 | ) |
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Payroll expenses |
|
| 5,553,025 |
|
|
| 1,503,236 |
|
Sales and marketing expenses |
|
| 559,096 |
|
|
| 71,111 |
|
Lease expense |
|
| 338,389 |
|
|
| 253,311 |
|
Depreciation expense |
|
| 138,930 |
|
|
| 34,767 |
|
Professional fees |
|
| 2,461,077 |
|
|
| 335,604 |
|
General and administrative expense |
|
| 4,431,915 |
|
|
| 948,928 |
|
Total operating expenses |
|
| 13,482,432 |
|
|
| 3,146,957 |
|
|
|
|
|
|
|
|
|
|
Net loss from operations |
|
| (12,044,299 | ) |
|
| (3,513,532 | ) |
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
Other expense |
|
| - |
|
|
| (504 | ) |
Interest expense |
|
| (781,376 | ) |
|
| (42,882 | ) |
Interest expense - related party |
|
| - |
|
|
| (54,145 | ) |
Factoring expense |
|
| (14,293 | ) |
|
| - |
|
Gain on forgiveness of PPP loan |
|
| - |
|
|
| 633,830 |
|
Finance expense |
|
| - |
|
|
| (768,905 | ) |
Total other expense |
|
| (795,669 | ) |
|
| (232,606 | ) |
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
| (12,839,968 | ) |
|
| (3,746,138 | ) |
Provision for income taxes |
|
| - |
|
|
| - |
|
Net loss |
| $ | (12,839,968 | ) |
| $ | (3,746,138 | ) |
|
|
|
|
|
|
|
|
|
Basic and diluted loss per Common Share |
| $ | (0.75 | ) |
| $ | (0.34 | ) |
|
|
|
|
|
|
|
|
|
Basic and diluted weighted average number of common shares outstanding |
|
| 17,165,781 |
|
|
| 11,161,181 |
|
SIDUS SPACE, INC. | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
|
|
|
|
|
|
| ||
|
| Years Ended |
| |||||
|
| December 31, |
| |||||
|
| 2022 |
|
| 2021 |
| ||
|
|
|
|
|
|
| ||
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
Net loss |
| $ | (12,839,968 | ) |
| $ | (3,746,138 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Stock based compensation |
|
| 1,209,000 |
|
|
| 200,000 |
|
Finance Expense |
|
| - |
|
|
| 768,905 |
|
Depreciation and amortization |
|
| 319,936 |
|
|
| 394,968 |
|
Bad debt |
|
| 22,500 |
|
|
| 618 |
|
Lease liability amortization |
|
| (6,800 | ) |
|
| 10,063 |
|
Gain on forgiveness of PPP loan |
|
| - |
|
|
| (633,830 | ) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
| (741,984 | ) |
|
| 32,907 |
|
Accounts receivable - related party |
|
| 275,112 |
|
|
| (267,513 | ) |
Inventory |
|
| (455,935 | ) |
|
| 78,440 |
|
Contract asset |
|
| (60,932 | ) |
|
| - |
|
Contract asset - related party |
|
| (14,982 | ) |
|
| - |
|
Prepaid expenses and other assets |
|
| (1,911,941 | ) |
|
| (1,580,805 | ) |
Accounts payable and accrued liabilities |
|
| 2,049,484 |
|
|
| 1,605,399 |
|
Accounts payable and accrued liabilities - related party |
|
| 50,099 |
|
|
| 588,797 |
|
Contract liability |
|
| 60,932 |
|
|
| - |
|
Contract liability - related party |
|
| (48,429 | ) |
|
| 63,411 |
|
Net Cash used in Operating Activities |
|
| (12,093,908 | ) |
|
| (2,484,778 | ) |
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
| (2,099,858 | ) |
|
| (217,840 | ) |
Net Cash used in Investing Activities |
|
| (2,099,858 | ) |
|
| (217,840 | ) |
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance from common stock |
|
| 3,221,355 |
|
|
| 16,255,235 |
|
Due to shareholder |
|
| - |
|
|
| 171,272 |
|
Proceeds from factoring agreement |
|
| 502,349 |
|
|
| - |
|
Proceeds from notes payable |
|
| - |
|
|
| 307,610 |
|
Repayment of notes payable |
|
| - |
|
|
| (16,266 | ) |
Payment of lease liabilities |
|
| (148,019 | ) |
|
| (74,550 | ) |
Repayment of notes payable - related party |
|
| (797,505 | ) |
|
| (250,000 | ) |
Net Cash provided by Financing Activities |
|
| 2,778,180 |
|
|
| 16,393,301 |
|
|
|
|
|
|
|
|
|
|
Net change in cash |
|
| (11,415,586 | ) |
|
| 13,690,683 |
|
Cash, beginning of year |
|
| 13,710,845 |
|
|
| 20,162 |
|
Cash, end of year |
| $ | 2,295,259 |
|
| $ | 13,710,845 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information |
|
|
|
|
|
|
|
|
Cash paid for interest |
| $ | 284,178 |
|
| $ | 6,713 |
|
Cash paid for taxes |
| $ | - |
|
| $ | - |
|
|
|
|
|
|
|
|
|
|
Non-cash Investing and Financing transactions: |
|
|
|
|
|
|
|
|
Debt forgiveness – related party |
| $ | 1,624,755 |
|
| $ | 3,767,530 |
|
Note payable - related party issued exchange with due to shareholder |
| $ | - |
|
| $ | 4,000,000 |
|
Initial recognition of right-of-use asset |
| $ | - |
|
| $ | 399,372 |
|
Last Trade: | US$1.28 |
Daily Change: | 0.09 7.56 |
Daily Volume: | 1,160,528 |
Market Cap: | US$5.220M |
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