Sidus Space Satellite Related Revenue for Q1 2023 Increases Over 100% from Q1 2022
CAPE CANAVERAL, Fla. / May 15, 2023 / Business Wire / Sidus Space, Inc. (NASDAQ:SIDU), a Space and Defense-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection, today announced financial results for the first quarter ending March 31, 2023 and provided a business update. Sidus will webcast a conference call to discuss the results on May 15, 2023 at 9:00 am Eastern Time. Participants can join the webcast by visiting this link or visiting the IR calendar on the Investors Relations site at https://investors.sidusspace.com. A replay of the call will be available on the site for three months.
“We are excited about the future of our company,” said Teresa Burchfield, Chief Financial Officer of Sidus Space. “Several successful initiatives position us well for long-term success. The capital raised recently allows us to secure multiple launches that rapidly expand our satellite constellation which is expected to drive revenue growth. We also purchased long lead time flight hardware that we believe will accelerate our satellite production rate to meet mission demands.”
"We have laid a strong foundation for the rest of the year, and remain on track to launch LizzieSat™, our hybrid 3D printed satellite, later this year. While the precise timeline is dependent on the small satellite launch industry, we have completed critical milestones including successful integrated testing of our onboard command and control system which drives the satellite on-orbit. Our confidence in our ability to execute our vision is based on over a decade of commercial, defense and government manufacturing experience combined with a proven track record of success, space qualification experience, existing customers and pipeline, and heritage hardware. With over 10 years of manufacturing experience and capabilities we are uniquely positioned to go beyond LEO and to support missions to MEO, GEO, the Moon, Mars and beyond. We continue to advance active discussions with numerous prospective customers, including U.S. and international government agencies, for payload hosting and data related to our planned satellite launches over the next 24 months," said Carol Craig, Founder and CEO of Sidus Space.
Financial Highlights for the quarter Ending March 31, 2023
Capital Structure
Operational Highlights
We continue to take meaningful steps toward the launch of our LizzieSat™ constellation and we have accomplished additional key milestones and developments as we drive our mission of delivering Space and Defense-as-a-Service to both government and commercial customers worldwide. In the first quarter of 2023, we formed several new partnerships and announced new contract awards.
We implemented further steps toward the execution of the launch of our constellation:
The Company executed several satellite-related contracts:
We formed multiple key partnerships since the beginning of 2023:
The Company also continues to build key relationships with customers in its mission-critical hardware manufacturing business including selection for the manufacturing of 13 Propulsion Plant Team Trainer Maneuvering Area Panels for Bechtel Plant Machinery, Inc. (BPMI).
Another important highlight is Sidus’ Mentor/Protégé relationship with L3 Harris. Sidus announced it was selected as a Protégé with L3Harris Technologies for the Department of Defense Mentor-Protege Program, which helps businesses expand their footprint in the defense contracting space by partnering with larger companies. Designed to grow protege firms, program success is measured by the increase in dollar value of contract and subcontract awards, and revenue to protégé firms and an increase in the employment levels of protégé firms.
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. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
|
| March 31, |
| December 31, | ||||
|
| 2023 |
| 2022 | ||||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash |
| $ | 2,818,737 |
|
| $ | 2,295,259 |
|
Accounts receivable |
|
| 1,471,444 |
|
|
| 850,340 |
|
Accounts receivable - related parties |
|
| 306,676 |
|
|
| 168,170 |
|
Inventory |
|
| 806,289 |
|
|
| 583,437 |
|
Contract asset |
|
| 60,932 |
|
|
| 60,932 |
|
Contract asset - related party |
|
| 21,859 |
|
|
| 14,982 |
|
Prepaid and other current assets |
|
| 4,597,651 |
|
|
| 3,476,748 |
|
Total current assets |
|
| 10,083,588 |
|
|
| 7,449,868 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| 3,699,040 |
|
|
| 2,554,992 |
|
Operating lease right-of-use assets |
|
| 184,255 |
|
|
| 249,937 |
|
Other assets |
|
| 44,275 |
|
|
| 42,778 |
|
Total Assets |
| $ | 14,011,158 |
|
| $ | 10,297,575 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and other current liabilities |
| $ | 4,750,568 |
|
| $ | 3,415,845 |
|
Accounts payable - related party |
|
| 541,991 |
|
|
| 566,636 |
|
Contract liability |
|
| 60,932 |
|
|
| 60,932 |
|
Contract liability - related party |
|
| 21,859 |
|
|
| 14,982 |
|
Asset-based loan liability |
|
| 1,138,260 |
|
|
| 502,349 |
|
Notes payable |
|
| 1,687,870 |
|
|
| 1,599,150 |
|
Operating lease liability |
|
| 168,349 |
|
|
| 199,158 |
|
Total Current Liabilities |
|
| 8,369,829 |
|
|
| 6,359,052 |
|
|
|
|
|
|
|
|
|
|
Operating lease liability - non-current |
|
| 25,481 |
|
|
| 63,310 |
|
Total Liabilities |
|
| 8,395,310 |
|
|
| 6,422,362 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
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| ||
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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; 25,272,736 and 8,022,736 shares issued and outstanding, respectively |
|
| 2,527 |
|
|
| 802 |
|
Class B common stock: 10,000,000 shares authorized; 10,000,000 shares issued and outstanding |
|
| 1,000 |
|
|
| 1,000 |
|
Additional paid-in capital |
|
| 37,309,226 |
|
|
| 32,129,257 |
|
Accumulated deficit |
|
| (31,696,905 | ) |
|
| (28,255,846 | ) |
Total Stockholders’ Equity |
|
| 5,615,848 |
|
|
| 3,875,213 |
|
Total Liabilities and Stockholders’ Equity |
| $ | 14,011,158 |
|
| $ | 10,297,575 |
|
SIDUS SPACE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||
| ||||||||
|
| Three Months Ended | ||||||
|
| March 31, | ||||||
|
| 2023 |
| 2022 | ||||
|
|
|
|
| ||||
Revenue |
| $ | 1,914,724 |
|
| $ | 1,360,388 |
|
Revenue - related parties |
|
| 348,903 |
|
|
| 438,947 |
|
Total - revenue |
|
| 2,263,627 |
|
|
| 1,799,335 |
|
Cost of revenue |
|
| 1,367,828 |
|
|
| 820,998 |
|
Gross profit |
|
| 895,799 |
|
|
| 978,337 |
|
|
|
|
|
|
|
| ||
Operating expenses |
|
|
|
|
|
| ||
Payroll expenses |
|
| 1,716,543 |
|
|
| 751,198 |
|
Sales and marketing expenses |
|
| 188,597 |
|
|
| 90,461 |
|
Lease expense |
|
| 86,387 |
|
|
| 84,999 |
|
Professional fees |
|
| 487,442 |
|
|
| 1,322,292 |
|
General and administrative expense |
|
| 1,063,200 |
|
|
| 993,833 |
|
Total operating expenses |
|
| 3,542,169 |
|
|
| 3,242,783 |
|
|
|
|
|
|
|
| ||
Net loss from operations |
|
| (2,646,370 | ) |
|
| (2,264,446 | ) |
|
|
|
|
|
|
| ||
Other income (expenses) |
|
|
|
|
|
| ||
Interest expense |
|
| (187,527 | ) |
|
| (65,908 | ) |
Asset-based loan expense |
|
| (40,933 | ) |
|
| - |
|
Finance expense |
|
| (566,229 | ) |
|
| - |
|
Total other income (expenses) |
|
| (794,689 | ) |
|
| (65,908 | ) |
|
|
|
|
|
|
| ||
Loss before income taxes |
|
| (3,441,059 | ) |
|
| (2,330,354 | ) |
Provision for income taxes |
|
| - |
|
|
| - |
|
Net loss |
| $ | (3,441,059 | ) |
| $ | (2,330,354 | ) |
|
|
|
|
|
|
| ||
Basic and diluted loss per Common Share |
| $ | (0.12 | ) |
| $ | (0.14 | ) |
|
|
|
|
|
|
| ||
Basic and diluted weighted average number of common shares outstanding |
|
| 29,714,403 |
|
|
| 16,600,707 |
|
SIDUS SPACE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
|
|
| ||||||
|
| Three Months Ended | ||||||
|
| March 31, | ||||||
|
| 2023 |
| 2022 | ||||
|
|
|
|
| ||||
Cash Flows From Operating Activities: |
|
|
|
|
|
| ||
Net loss |
| $ | (3,441,059 | ) |
| $ | (2,330,354 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
| ||
Stock based compensation |
|
| 566,229 |
|
|
| 1,209,000 |
|
Depreciation |
|
| 3,361 |
|
|
| 105,211 |
|
Lease liability amortization |
|
| (2,956 | ) |
|
| (1,218 | ) |
Changes in operating assets and liabilities: |
|
|
|
|
|
| ||
Accounts receivable |
|
| (621,104 | ) |
|
| (694,170 | ) |
Accounts receivable - related party |
|
| (138,506 | ) |
|
| (365,012 | ) |
Inventory |
|
| (222,852 | ) |
|
| (31,272 | ) |
Contract asset |
|
| - |
|
|
| (60,932 | ) |
Contract asset - related party |
|
| (6,877 | ) |
|
| - |
|
Prepaid expenses and other assets |
|
| (1,122,400 | ) |
|
| (420,502 | ) |
Accounts payable and accrued liabilities |
|
| 1,515,926 |
|
|
| 123,573 |
|
Accounts payable and accrued liabilities - related party |
|
| (24,645 | ) |
|
| 15,362 |
|
Contract liability |
|
| - |
|
|
| 60,932 |
|
Contract liability - related party |
|
| 6,877 |
|
|
| (63,411 | ) |
Net Cash used in Operating Activities |
|
| (3,488,006 | ) |
|
| (2,452,793 | ) |
|
|
|
|
|
|
| ||
Cash Flows From Investing Activities: |
|
|
|
|
|
| ||
Purchase of property and equipment |
|
| (1,147,409 | ) |
|
| (541,264 | ) |
Net Cash used in Investing Activities |
|
| (1,147,409 | ) |
|
| (541,264 | ) |
|
|
|
|
|
|
| ||
Cash Flows From Financing Activities: |
|
|
|
|
|
| ||
Cash proceeds from issuance of common stock units |
|
| 4,615,465 |
|
|
| - |
|
Proceeds from asset-based loan agreement |
|
| 1,857,524 |
|
|
| - |
|
Repayment of asset-based loan agreement |
|
| (1,221,613 | ) |
|
| - |
|
Repayment of notes payable |
|
| (92,483 | ) |
|
| (34,627 | ) |
Payment of lease liabilities |
|
| - |
|
|
| (12,513 | ) |
Repayment of notes payable - related party |
|
| - |
|
|
| (250,000 | ) |
Net Cash provided by (used in) Financing Activities |
|
| 5,158,893 |
|
|
| (297,140 | ) |
|
|
|
|
|
|
| ||
Net change in cash |
|
| 523,478 |
|
|
| (3,291,197 | ) |
Cash, beginning of period |
|
| 2,295,259 |
|
|
| 13,710,845 |
|
Cash, end of period |
| $ | 2,818,737 |
|
| $ | 10,419,648 |
|
|
|
|
|
|
|
| ||
Supplemental cash flow information |
|
|
|
|
|
| ||
Cash paid for interest |
| $ | 48,402 |
|
| $ | 1,949 |
|
Cash paid for taxes |
| $ | - |
|
| $ | - |
|
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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