CAPE CANAVERAL, Fla. / Aug 14, 2023 / Business Wire / Sidus Space, Inc. (NASDAQ:SIDU) (the “Company” or “Sidus”), a Space and Data-as-a-Service satellite company, announces its financial results and is providing a business update for the second quarter ending June 30, 2023.
“During the second quarter of 2023 we achieved several key milestones, including significantly expanding our margins period-over-period, as we continue to take meaningful steps toward the launch of our AI driven LizzieSatTM constellation. The increase in gross margin was the result of an increase in our satellite revenue. For the six months ended June 30, 2023 our satellite revenue was over 100% higher than full year 2022,” said Carol Craig, Founder and CEO of Sidus. “We are developing an advanced hybrid 3D printed satellite constellation with a focus on building a multi-mission space infrastructure for a diverse customer base in advance of our ten LizzeSat launches scheduled over the next two years with SpaceX. As we get closer to initiating these launches, we continue to develop new, high-margin revenue streams focusing on the sale of both data and payloads on these missions. We believe this will drive both revenue and profit margin over time, as well as value for our shareholders. A key factor to achieving this growth is the in-house development of our 3D-printed satellites, LizzieSat.”
“In addition, several partnerships with new and existing customers were executed during the quarter - a testament to our reputation, expertise and quality of work in the space community where we play a vital role as a mission critical manufacturing partner. These projects further validate Sidus’ ability to deliver mission critical hardware to key partners and vendors. Our ability to provide space infrastructure, as well as critical data, creates a high-margin, rapidly-scalable, recurring-revenue business model,” continued Craig.
Financial Highlights for the Quarter Ending June 30, 2023
Operational Highlights for the Quarter Ending June 30, 2023
Conference Call and Webcast | ||
Event: | Sidus Space Second Quarter 2023 Earnings Call | |
Date: | Tuesday, August 15, 2023 | |
Time: | 9:00 a.m. Eastern Time | |
Live Call: | + 1-877-269-7751 (U.S. Toll-Free) or +1-201-389-0908 (International) | |
Meeting Number: | 13740440 | |
Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1627435&tp_key=6a74af554c |
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Tuesday, August 29, 2023, at 11:59 PM 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: 13740440.
To submit a question for the Company to answer in the Q&A portion of the call, please email This email address is being protected from spambots. You need JavaScript enabled to view it..
About Sidus Space
Sidus Space (NASDAQ: SIDU) is a Space Data-as-a-Service and Defense-as-a-Service satellite company focused on mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launch planning, mission operations; and in-orbit support. The Company is located in Cape Canaveral, Florida, where it operates from a 35,000-square-foot manufacturing, assembly, integration, and testing facility focused on vertically integrated Space-as-a-Service solutions including end-to-end satellite support.
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) | ||||||
|
| June 30, | December 31, | |||
|
| 2023 | 2022 | |||
Assets |
| |||||
Current assets |
|
| ||||
Cash |
| $ | 7,863,849 | $ | 2,295,259 | |
Accounts receivable |
| 694,210 | 850,340 | |||
Accounts receivable - related parties |
| 113,474 | 168,170 | |||
Inventory |
| 1,120,960 | 583,437 | |||
Contract asset |
| 60,932 | 60,932 | |||
Contract asset - related party |
| 30,938 | 14,982 | |||
Prepaid and other current assets |
| 4,949,324 | 3,476,748 | |||
Total current assets |
| 14,833,687 | 7,449,868 | |||
Property and equipment, net |
| 5,089,776 | 2,554,992 | |||
Operating lease right-of-use assets, net |
| 251,201 | 249,937 | |||
Other assets |
| 54,120 | 42,778 | |||
Total Assets |
| $ | 20,228,784 | $ | 10,297,575 | |
|
| |||||
Liabilities and Stockholders' Equity |
| |||||
Current Liabilities |
| |||||
Accounts payable and other current liabilities |
| $ | 4,786,656 | $ | 3,415,845 | |
Accounts payable and accrued interest - related party |
| 566,171 | 566,636 | |||
Contract liability |
| 60,932 | 60,932 | |||
Contract liability - related party |
| 30,938 | 14,982 | |||
Asset-based loan liability |
| 216,382 | 502,349 | |||
Notes payable |
| 1,781,529 | 1,599,150 | |||
Operating lease liabilities |
| 259,338 | 199,158 | |||
Total current liabilities |
| 7,701,946 | 6,359,052 | |||
Operating lease liabilities - non-current |
| - | 63,310 | |||
Total Liabilities |
| 7,701,946 | 6,422,362 | |||
Commitments and contingencies |
| |||||
Stockholders' Equity |
| |||||
Preferred Stock: 5,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding |
| - | - | |||
Common stock: 210,000,000 authorized; $0.0001 par value |
| |||||
Class A common stock: 200,000,000 shares authorized; 59,795,054 as of June 30, 2023 and 8,022,736 shares as of December 31, 2022 issued and outstanding, respectively |
| 5,979 | 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 |
| 47,718,345 | 32,129,257 | |||
Accumulated deficit |
| (35,198,486) | (28,255,846) | |||
Total Stockholders' Equity |
| 12,526,838 | 3,875,213 | |||
Total Liabilities and Stockholders' Equity |
| $ | 20,228,784 | $ | 10,297,575 |
SIDUS SPACE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
|
| 2023 | 2022 | 2023 | 2022 | |||||||
Revenue |
| $ | 1,175,616 | $ | 1,479,092 | $ | 3,090,340 | $ | 2,839,480 | |||
Revenue - related parties |
| 194,793 | 368,271 | 543,696 | 807,218 | |||||||
Total - revenue |
| 1,370,409 | 1,847,363 | 3,634,036 | 3,646,698 | |||||||
Cost of revenue |
| 862,632 | 1,500,599 | 2,230,460 | 2,321,597 | |||||||
Gross profit |
| 507,777 | 346,764 | 1,403,576 | 1,325,101 | |||||||
Operating expenses |
| |||||||||||
Payroll expenses |
| 1,861,016 | 1,391,451 | 3,577,559 | 2,142,649 | |||||||
Sales and marketing expenses |
| 165,928 | 112,153 | 354,525 | 202,614 | |||||||
Lease expense |
| 88,668 | 86,352 | 175,055 | 171,351 | |||||||
Professional fees |
| 382,817 | 131,922 | 870,259 | 1,454,214 | |||||||
General and administrative expense |
| 1,062,053 | 1,024,301 | 2,125,253 | 2,018,134 | |||||||
Total operating expenses |
| 3,560,482 | 2,746,179 | 7,102,651 | 5,988,962 | |||||||
Net loss from operations |
| (3,052,705) | (2,399,415) | (5,699,075) | (4,663,861) | |||||||
Other income (expense) |
| |||||||||||
Other income |
| 17,950 | - | 17,950 | - | |||||||
Interest expense |
| (187,667) | (58,420) | (375,194) | (124,328) | |||||||
Asset-based loan expense |
| (38,634) | - | (79,567) | - | |||||||
Finance expense |
| (240,525) | - | (806,754) | - | |||||||
Total other expense |
| (448,876) | (58,420) | (1,243,565) | (124,328) | |||||||
Loss before income taxes |
| (3,501,581) | (2,457,835) | (6,942,640) | (4,788,189) | |||||||
Provision for income taxes |
| - | - | - | - | |||||||
Net loss |
| $ | (3,501,581) | $ | (2,457,835) | $ | (6,942,640) | $ | (4,788,189) | |||
Basic and diluted loss per Common Share |
| $ | (0.07) | $ | (0.23) | $ | (0.17) | $ | (0.29) | |||
Basic and diluted weighted average number of common shares outstanding |
| 51,131,482 | 10,836,332 | 40,482,106 | 16,600,707 |
SIDUS SPACE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||
Six Months Ended | ||||||
June 30, | ||||||
2023 | 2022 | |||||
Cash Flows From Operating Activities: | ||||||
Net loss | $ | (6,942,640) | $ | (4,788,189) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Stock based compensation | 806,754 | 1,209,000 | ||||
Depreciation | 79,385 | 171,117 | ||||
Lease liability amortization | (4,394) | (2,710) | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | 156,130 | (1,017,206) | ||||
Accounts receivable - related party | 54,696 | 77,044 | ||||
Inventory | (537,523) | (156,883) | ||||
Contract asset | - | (60,933) | ||||
Contract asset - related party | (15,956) | - | ||||
Prepaid expenses and other assets | (1,483,918) | (705,423) | ||||
Accounts payable and accrued liabilities | 1,732,714 | 239,545 | ||||
Accounts payable and accrued liabilities - related party | (465) | 32,634 | ||||
Contract liability | - | 60,932 | ||||
Contract liability - related party | 15,956 | (63,411) | ||||
Net Cash used in Operating Activities | (6,139,261) | (5,004,483) | ||||
Cash Flows From Investing Activities: | ||||||
Purchase of property and equipment | (2,614,169) | (858,520) | ||||
Net Cash used in Investing Activities | (2,614,169) | (858,520) | ||||
Cash Flows From Financing Activities: | ||||||
Proceeds from issuance of common stock units | 14,787,511 | - | ||||
Proceeds from asset-based loan agreement | 2,881,228 | - | ||||
Repayment of asset-based loan agreement | (3,167,195) | - | ||||
Repayment of notes payable | (179,524) | (134,000) | ||||
Payment of lease liabilities | - | (148,019) | ||||
Repayment of notes payable - related party | - | (797,505) | ||||
Net Cash provided by (used in) Financing Activities | 14,322,020 | (1,079,524) | ||||
Net change in cash | 5,568,590 | (6,942,527) | ||||
Cash, beginning of period | 2,295,259 | 13,710,845 | ||||
Cash, end of period | $ | 7,863,849 | $ | 6,768,318 | ||
Supplemental cash flow information | ||||||
Cash paid for interest | $ | 155,365 | $ | 105,767 | ||
Cash paid for taxes | $ | - | $ | - | ||
Non-cash Investing and Financing transactions: | ||||||
Debt forgiveness | $ | - | $ | 1,624,755 | ||
Modification of right-of-use asset and lease liability | $ | 135,235 | $ | - |
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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