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Sidus Space Reports Third Quarter 2023 Financial Results and Provides Business Update

CAPE CANAVERAL, Fla. / Nov 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 third quarter ending September 30, 2023.

“We continue to move towards the launch of LizzieSat™ in 2024, hitting critical key milestones, as well as signing key revenue-generating contracts with customers,” said Carol Craig, Founder and CEO of Sidus. “We have developed a strong customer base who are ready to start receiving our AI-enhanced space data, that we believe will be transformative for both Sidus and the industry more broadly. As we get closer to initiating these launches, we continue to develop our high-margin revenue streams that focus 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.”

Operational Highlights for the Quarter Ending September 30, 2023

  • Secured position on SpaceX Bandwagon mission, expected to launch in 2024.
  • Announced contract with HEO for Non-Earth imaging payload and data-services.
  • Acquired Exo-Space, a cutting-edge firm specializing in Edge Artificial Intelligence software and hardware for space applications.
  • Announced hosting of SOLAR MEMS star tracker on fourth planned LizzieSat mission.
  • Awarded subcontract to produce hardware in support of Parsons Corporation’s Launch Manifest Systems Integration (LMSI) contract.
  • Appointed Leonardo Riera to Board Chair, promoted Jared Novick to Chief Operating Officer, and appointed Jessica Curry as Senior Vice President of Supply Chain.

Subsequent Events

  • Successfully completed environmental testing of AI-enhanced LizzieSat satellite.
  • Announced commercial agreement to sell the data collected from LizzieSat satellites.
  • Awarded five-year, $10 million ceiling (IDIQ) commercial contract to support commercial Lunar transportation.

Financial Highlights for the Three Months and Nine Months Ending September 30, 2023

  • Revenue totaled $986,000 for the quarter ended September 30, 2023, compared to $1.32 million for the same period in 2022. While total revenue declined period-over-period, primarily due to timing of fixed price milestone contracts, higher margin satellite revenue continued to increase. For the nine months ended September 30, 2023 sales of $4.6 million were down approximately $344,000 versus prior year however, satellite related revenue increased 135% year-over-year.
  • Gross profit was a negative $96,281 or negative 10%, for the quarter ended September 30, 2023, compared to negative $85,623 or negative 7% for the third quarter of 2022. For the nine months ended September 30, 2023 gross margin was 28% versus 25% for the same period last year with 5% higher gross profit on 7% lower sales. This reflects the impact of the increase in our higher margin satellite revenue.
  • Post quarter end, on October 11, 2023, the Company executed a registered direct offering of Series A convertible preferred stock and a concurrent private placement of warrants. Gross proceeds from the offering were approximately $2 million.

Conference Call and Webcast

Event:

 

Sidus Space Third Quarter 2023 Earnings Call

Date:

 

Wednesday, November 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:

 

13742322

Webcast:

 

https://viavid.webcasts.com/starthere.jsp?ei=1640783&tp_key=0098c0fd79

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Tuesday, November 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: 13742322.

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..

For those who are unable to listen to the live event, an online archive of the webcast will be available for three months following the event at investors.sidusspace.com.

About Sidus Space

Sidus Space (NASDAQ: SIDU) is a multi-faceted Space and Data-as-a-Service 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 Space 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)
 
  September 30,  December 31,
  

2023

  

2022

Assets     
Current assets     
Cash$

1,597,331

 $

2,295,259

Accounts receivable 

628,616

  

850,340

Accounts receivable - related parties 

245,966

  

168,170

Inventory 

1,310,693

  

583,437

Contract asset 

77,124

  

60,932

Contract asset - related party 

30,938

  

14,982

Prepaid and other current assets 

5,972,020

  

3,476,748

Total current assets 

9,862,688

  

7,449,868

      
Property and equipment, net 

7,252,223

  

2,554,992

Operating lease right-of-use assets 

183,800

  

249,937

Intangible asset 

398,135

  

-

Other assets 

59,418

  

42,778

Total Assets$

17,756,264

 $

10,297,575

      
Liabilities and Stockholders' Equity     
Current liabilities     
Accounts payable and other current liabilities$

5,962,192

 $

3,415,845

Accounts payable and accrued interest - related party 

596,189

  

566,636

Contract liability 

77,124

  

60,932

Contract liability - related party 

30,938

  

14,982

Asset-based loan liability 

500,187

  

502,349

Notes payable 

1,916,278

  

1,599,150

Operating lease liability 

189,718

  

199,158

Total current liabilities 

9,272,626

  

6,359,052

      
Operating lease liability - non-current 

-

  

63,310

Total Liabilities 

9,272,626

  

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; 70,965,559 and 8,022,736 shares issued and outstanding, respectively 

7,096

  

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 

47,756,113

  

32,129,257

Accumulated deficit 

(39,280,571)

  

(28,255,846)

Total Stockholders' Equity 

8,483,638

  

3,875,213

Total Liabilities and Stockholders' Equity$

17,756,264

 $

10,297,575

      
SIDUS SPACE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
            
  Three Months Ended  Nine Months Ended
  September 30,  September 30,
  

2023

  

2022

  

2023

  

2022

            
Revenue$

762,231

 $

1,260,146

 $

3,852,571

 $

4,099,626

Revenue - related parties 

223,289

  

57,101

  

766,985

  

864,319

Total - revenue 

985,520

  

1,317,247

  

4,619,556

  

4,963,945

Cost of revenue 

1,081,801

  

1,402,870

  

3,312,261

  

3,724,467

Gross profit (loss) 

(96,281)

  

(85,623)

  

1,307,295

  

1,239,478

            
Operating expenses           
Selling, general and administrative expenses 

3,778,460

  

3,789,795

  

10,881,111

  

9,778,757

Total operating expenses 

3,778,460

  

3,789,795

  

10,881,111

  

9,778,757

            
Net loss from operations 

(3,874,741)

  

(3,875,418)

  

(9,573,816)

  

(8,539,279)

            
Other income (expense)           
Other income 

-

  

-

  

17,950

  

-

Interest expense 

(186,282)

  

(50,880)

  

(561,476)

  

(175,208)

Asset-based loan expense 

(21,062)

  

-

  

(100,629)

  

-

Finance expense 

-

  

-

  

(806,754)

  

-

Total other income (expense) 

(207,344)

  

(50,880)

  

(1,450,909)

  

(175,208)

            
Loss before income taxes 

(4,082,085)

  

(3,926,298)

  

(11,024,725)

  

(8,714,487)

Provision for income taxes 

-

  

-

  

-

  

-

Net loss$

(4,082,085)

 $

(3,926,298)

 $

(11,024,725)

 $

(8,714,487)

            
Basic and diluted loss per common share$

(0.05)

 $

(0.23)

 $

(0.21)

 $

(0.52)

Basic and diluted weighted average number of common shares outstanding 

74,304,946

  

17,178,648

  

51,880,279

  

16,886,582

            
SIDUS SPACE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
       
   Nine Months Ended
   September 30,
   

2023

  

2022

       
Cash Flows From Operating Activities:     
 Net loss$

(11,024,725)

 $

(8,714,487)

 Adjustments to reconcile net loss to net cash used in operating activities:     
 Stock based compensation 

845,029

  

1,209,000

 Depreciation and amortization 

148,166

  

238,859

 Bad debt 

15,000

  

-

 Changes in operating assets and liabilities:     
 Accounts receivable 

258,493

  

(787,318)

 Accounts receivable - related party 

(77,796)

  

437,471

 Inventory 

(717,645)

  

(269,633)

 Contract asset 

(16,192)

  

(60,932)

 Contract asset - related party 

(15,956)

  

-

 Prepaid expenses and other assets 

(2,511,912)

  

(1,585,247)

 Accounts payable and accrued liabilities 

3,087,470

  

(299,165)

 Accounts payable and accrued liabilities - related party 

29,553

  

10,939

 Contract liability 

16,192

  

(2,479)

 Contract liability - related party 

15,956

  

-

 Changes in operating lease assets and liabilities 

(6,613)

  

(4,756)

 Net Cash used in Operating Activities 

(9,954,980)

  

(9,827,748)

       
Cash Flows From Investing Activities:     
 Purchase of property and equipment 

(4,836,249)

  

(1,425,623)

 Cash paid for asset acquisition 

(468,663)

  

-

 Net Cash used in Investing Activities 

(5,304,912)

  

(1,425,623)

       
Cash Flows From Financing Activities:     
 Proceeds from issuance of common stock units 

14,788,121

  

3,060,809

 Proceeds from asset-based loan agreement 

3,487,982

  

-

 Repayment of asset-based loan agreement 

(3,490,144)

  

-

 Repayment of notes payable 

(223,995)

  

(213,708)

 Payment of lease liabilities 

-

  

(148,019)

 Repayment of notes payable - related party 

-

  

(797,505)

 Net Cash provided by Financing Activities 

14,561,964

  

1,901,577

       
Net change in cash 

(697,928)

  

(9,351,794)

Cash, beginning of period 

2,295,259

  

13,710,845

Cash, end of period$

1,597,331

 $

4,359,051

       
Supplemental cash flow information     
 Cash paid for interest$

20,353

 $

19,951

 Cash paid for taxes$

-

 $

-

       
Non-cash Investing and Financing transactions:     
 Debt forgiveness$

-

 $

1,624,755

 Class A common stock issued for cashless exercise of warrants$

1,160

   
 Modification of right-of-use asset and lease liability$

135,235

 $

-

       

 

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