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Sidus Space Reports 2022 Financial Results - Annual Revenue up 418% and Annual Gross Profit up 492% as Compared To 2021

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

  • Revenue increased to $7.3 million for the year ended December 31, 2022 from $1.4 million in the comparable period of 2021, an increase of 418%.
  • On a year-to-date basis, the Company has generated gross profit of 20% as compared to (26%) for the previous 2021 period.

Capital Structure

  • As of December 31, 2022, the Company had $2.3 million in cash. The Company has continued to invest in expanding operations and launch contracts as well as logistics and equipment related to the development of its satellite operations.
  • Subsequent to the end of the quarter, the Company closed on an underwritten public offering, generating gross proceeds of $5.2 million.

Operational Highlights

Since its last earnings update, the Company continues to take meaningful steps toward the launch of its LizzieSat Constellation:

  • As part of an effort to expand its reach into the international market, Sidus Space was awarded a $2.5 million agreement with The Netherlands Organization for Applied Scientific Research (TNO) to deploy and test TNO's laser communications technology aboard a Sidus' LizzieSat™ satellite. The Company also announced plans to increase its presence in Europe by opening a new office in the Netherlands.
  • The Company announced its partnership with Dutch industry leader GTM Advanced Structures (“GTM”) to integrate their space-proven solar panels into LizzieSat™..
  • The Company achieved key certification and licensing milestones including receiving its National Oceanographic and Atmospheric Administration (NOAA) Tier 1 License allowing Sidus to provide global data services from its upcoming LizzieSat-1 mission and its AS9100 Rev D Certification which enhances the current AS9100 certification manufacturing scope to include engineering. Key production milestones were also met including successful completion of the Critical Design Review for LizzieSat’s integrated system architecture of the satellite bus with payloads and sensors along with implementation of the Mission Control Center and launch systems required for mission success.
  • Key to accelerated expansion of Sidus’ commercial data distribution strategy and broadening of its customer base, the Company signed an agreement with SkyWatch, an industry leading satellite intelligence infrastructure firm, to utilize its TerraStream data management platform.
  • The Company executed an updated agreement with SpaceX that nearly doubled contracted launches with the launch provider, providing four additional Transporter missions in 2024 and 2025 to establish a regular launch cadence for Sidus and its customers. This agreement creates multiple manifest options to meet customer mission objectives while expanding the company’s space data and imagery platform.
  • The Company expanded its agreement with Exo-Space to integrate edge AI capabilities into its satellite constellation. 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, accelerating the speed at which end users can receive intelligent analytics after image capture.

The Company continues to build key relationships with customers in its mission-critical hardware manufacturing business with two particularly significant contracts:

  • The Company was selected by Bechtel Corporation to manufacture cables for the NASA Mobile Launcher 2 project.
  • As part of the US Navy’s Propulsion program, the Company was selected to manufacture, assemble, test, and deliver the Maneuvering Panel trainers for the manufacturing of 13 Propulsion Plant Team Trainer Maneuvering Area Panels for Bechtel Plant Machinery, Inc. (BPMI).

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,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

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

 

 

-

  

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

 

Preferred Stock: 5,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding

 

 

 

 

 

 

 

 

Common stock: 110,000,000 authorized; $0.0001 par value

 

 

 

 

 

 

 

 

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

 

 

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