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Sidus Space Reports Second Quarter 2025 Financial Results and Provides Business Update

Sidus Space Reports Second Quarter 2025 Financial Results and Provides Business Update

CAPE CANAVERAL, Fla.–(BUSINESS WIRE)–
Sidus Space (NASDAQ: SIDU), (the “Company” or “Sidus”), an innovative space and defense technology company, today announced its financial results for the second quarter ended June 30, 2025, and provided a business update. The Company is scheduled to host a conference call and webcast today, Thursday, August 14, at 5:00 p.m. ET.

“Q2 was about disciplined execution and building durable technology assets. We advanced LizzieSat®‑3 commissioning, fully staffed our 24/7 Mission Operations Center, and expanded our proprietary platform with the Fortis™ VPX Command and Data Handling system and Orlaith™ AI Ecosystem, built to move data and insights seamlessly across space, air, land, and sea,” said Carol Craig, Sidus Chairwoman and CEO. “We invested ahead of revenue to build core IP and capability. As we enter the second half of the year, we’re prioritizing commercialization, aligning spend to milestones, and pursuing capital‑efficient ways to turn our technology into revenue.”

Operational Highlights for the Quarter Ending June 30, 2025:

  • Completed commissioning of the ADCS system on LizzieSat®-3 with cutting-edge Autonomous, Machine-Learning-Powered on-board GNC software

  • Fully staffed our in-house Mission Operations Center, enabling 24/7 spacecraft monitoring

  • Received Notice of Allowance for our Modular Satellite Platform—a patent that safeguards the intellectual property behind our adaptable and scalable satellite architecture

  • Deployed Orlaith™ AI system in Asia strengthening global AI and analytics offerings

  • Amended and extended the lunar satellite manufacturing contract with Lonestar Holdings, bringing the total potential value to $120 million

  • Continued building and delivering space and defense hardware for commercial and government customers

Subsequent Operational Highlights:

  • Designed LizzieLunar™ to address the Moon’s unique operational challenges

  • Successfully executed a capital raise to fund key technology initiatives, including dual-use, multi-domain Fortis™ VPX product line, which supports applications across air, land, sea and space

  • Appointed Tiffany Norwood, Founder and CEO of Tribetan and a globally recognized serial entrepreneur and technology pioneer, to the Board of Directors

Financial Highlights for the Second Quarter Ending June 30, 2025:

  • Revenue: $1.3 million, up 36% compared to $928,000 in Q2 2024, reflecting a strategic pivot away from legacy services to new commercial models

  • Cost of Revenue: $2.3 million, up 29% from Q2 2024 due to increased satellite and software depreciation and an increase of material and labor costs

  • Gross Profit (Loss): $(1.0) million, compared to $(841,000) loss in Q2 2024 due to reduced contribution from legacy high-margin services as we transition to higher-value, recurring revenue lines

  • SG&A Expenses: $4.3 million, up from $3.1 million in Q2 2024, driven by headcount growth, launch rescheduling, and operational scaling

  • Adjusted EBITDA: Loss of $3.9 million (non-GAAP), compared to a $3.2 million loss in Q2 2024

  • Net Loss: $5.6 million, versus $4.1 million in Q2 2024, driven by strategic investment and depreciation

  • Cash Position: $3.6 million as of June 30, 2025, versus $1.4 million a year earlier

Conference Call and Webcast

Event: Sidus Space Second Quarter Financial Results Conference Call

Date: Thursday, August 14, 2025

Time: 5:00 p.m. Eastern Time

Live Call: + 1-877-269-7751 (U.S. Toll-Free) or +1-201-389-0908 (International)

Webcast:https://viavid.webcasts.com/starthere.jsp?ei=1729391&tp_key=88085fa059

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Thursday, August 28, 2025, at 11:59 P.M. 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: 13755242.

An online archive of the webcast will be available for three months following the event at https://investors.sidusspace.com/.

About Sidus Space

Sidus Space (NASDAQ: SIDU) is an innovative space and defense technology company offering flexible, cost-effective solutions, including satellite manufacturing and technology integration, AI-driven space-based data solutions, mission planning and management operations, AI/ML products and services, and space and defense hardware manufacturing. With its mission of Space Access Reimagined®, Sidus Space is committed to rapid innovation, adaptable and cost-effective solutions, and the optimization of space system and data collection performance. With demonstrated space heritage, including manufacturing and operating its own satellite and sensor system, LizzieSat®, Sidus Space serves government, defense, intelligence, and commercial companies around the globe. Strategically headquartered on Florida’s Space Coast, Sidus Space operates a 35,000-square-foot space manufacturing, assembly, integration, and testing facility and provides easy access to nearby launch facilities. For more information, visit: www.sidusspace.com.

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. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. 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 described more fully in the section entitled ‘Risk Factors’ in Sidus Space’s Annual Report on Form 10-K for the year ended December 31, 2024, 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.

Non-GAAP Measures

To provide investors with additional information in connection with our results as determined in accordance with GAAP, we use non-GAAP measures of adjusted EBITDA. We use adjusted EBITDA in order to evaluate our operating performance and make strategic decisions regarding future direction of the company since it provides a meaningful comparison to our peers using similar measures. We define adjusted EBITDA as net income (as determined by U.S. GAAP) adjusted for interest expense, depreciation and amortization expense, acquisition deal costs, severance costs, capital market and advisory fees, equity-based compensation and warrant costs. These non-GAAP measures may be different from non-GAAP measures made by other companies since not all companies will use the same measures. Therefore, these non-GAAP measures should not be considered in isolation or as a substitute for relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis.

The following table reconciles adjusted EBITDA to net loss (the most comparable GAAP measure) for the three months ended June 30, 2025 and 2024:

Three Months Ended

June 30,

2025

2024

Change

%

Net Income / (Loss)

$

(5,625,070

)

$

(4,136,084

)

$

(1,488,986

)

36

%

Interest Expense (i)

334,658

 

249,174

 

85,484

 

34

%

Depreciation and Amortization (ii)

1,132,294

 

605,003

 

527,291

 

87

%

Severance Costs

27,320

 

17,231

 

10,089

 

59

%

Equity based compensation (iii)

184,448

 

80,829

 

103,618

 

128

%

Total Non-GAAP Adjustments

1,678,720

 

952,237

 

726,483

 

76

%

Adjusted EBITDA

(3,946,350

)

(3,183,847

)

(762,503

)

24

%

(i)

Sidus Space incurred increased interest expense due to short-term note payable due in Q4 2024 and interest expense related to an asset based loan.

(ii)

Sidus Space incurred increased depreciation expense 2025 and 2024 with launch and deployment of satellite fixed asset and related satellite software, as well as new ERP software capitalization.

(iii)

Sidus Space incurred increased equity based compensation expense due to incentive programs implemented by the Board in 2025.

SIDUS SPACE, INC.

CONSOLIDATED BALANCE SHEETS
 

 

June 30,

December 31,

 

 

2025

 

 

2024

 

Assets

(Unaudited)

Current assets

 

Cash

$

3,634,693

 

 

$

15,703,579

 
Accounts receivable

 

873,557

 

 

 

827,886

 
Accounts receivable – related parties

 

1,037,606

 

 

 

641,376

 
Inventory

 

370,067

 

 

 

255,716

 
Contract asset

 

993,504

 

 

 

1,347,386

 
Contract asset – related party

 

107,013

 

 

 

46,953

 
Prepaid and other current assets

 

4,155,398

 

 

 

3,429,656

 

Total current assets

 

11,171,838

 

 

 

22,252,552

 

 

 

 
Property and equipment, net

 

17,179,137

 

 

 

14,891,976

 
Operating lease right-of-use assets

 

835,140

 

 

 

121,545

 
Intangible asset

 

398,135

 

 

 

398,135

 
Other assets

 

85,173

 

 

 

81,359

 

Total Assets

$

29,669,423

 

 

$

37,745,567

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable and other current liabilities

$

5,755,965

 

 

$

3,388,667

 
Accounts payable and accrued interest – related party

 

774,600

 

 

 

673,743

 
Contract liability

 

–

 

 

 

16,192

 
Contract liability – related party

 

107,013

 

 

 

46,953

 
Asset-based loan liability

 

7,881,629

 

 

 

6,902,636

 
Notes payable

 

–

 

 

 

3,059,767

 
Operating lease liability

 

260,311

 

 

 

121,544

 

Total current liabilities

 

14,779,518

 

 

 

14,209,502

 

 

 

 
Operating lease liability – non-current

 

575,598

 

 

 

–

 

Total Liabilities

 

15,355,116

 

 

 

14,209,502

 

 

 

 

Commitments and contingencies

 

–

 

 

 

–

 

 

 

 

Stockholders’ Equity

 

 

 

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

 

 

 
Series A convertible preferred stock: 2,000 shares authorized; 0 shares issued and outstanding

 

–

 

 

 

–

 

Common stock: 210,000,000 authorized; $0.0001 par value

 

 

 

Class A common stock: 200,000,000 shares authorized; 18,204,483 and 15,956,816 shares issued and outstanding, respectively

 

1,821

 

 

 

1,597

 

Class B common stock: 10,000,000 shares authorized; 100,000 shares issued and outstanding

 

10

 

 

 

10

 

Additional paid-in capital

 

86,705,397

 

 

 

83,887,682

 

Accumulated deficit

 

(72,392,921

)

 

 

(60,353,224

)

Total Stockholders’ Equity

 

14,314,307

 

 

 

23,536,065

 

Total Liabilities and Stockholders’ Equity

$

29,669,423

 

 

$

37,745,567

 

SIDUS SPACE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)
 

Three Months Ended

Six Months Ended

 

June 30,

June 30,

 

 

2025

 

 

 

2024

 

 

2025

 

 

 

2024

 

 

 

 

 

 

Revenue

$

691,070

 

$

834,798

 

$

851,774

 

 

$

1,679,909

 

Revenue – related parties

 

569,953

 

 

92,772

 

 

647,743

 

 

 

297,816

 

Total – revenue

 

1,261,023

 

 

927,570

 

 

1,499,517

 

 

 

1,977,725

 

Cost of revenue

 

2,288,165

 

 

1,768,671

 

 

4,155,137

 

 

 

2,734,762

 
Gross profit (loss)

 

(1,027,142

)

 

(841,101

)

 

(2,655,620

)

 

 

(757,037

)

 

 

 

 

 

Operating expenses

 

 

 

 

 
Selling, general and administrative expense

 

4,263,269

 

 

3,056,814

 

 

8,707,711

 

 

 

6,702,397

 
Total operating expenses

 

4,263,269

 

 

3,056,814

 

 

8,707,711

 

 

 

6,702,397

 

 

 

 

 

 

Net loss from operations

 

(5,290,411

)

 

(3,897,915

)

 

(11,363,331

)

 

 

(7,459,434

)

 

 

 

 

 

Other income (expense)

 

 

 

 

 
Other income

 

–

 

 

1,613

 

 

–

 

 

 

1,613

 
Interest expense

 

(2,546

)

 

(186,175

)

 

22,047

 

 

 

(339,701

)
Interest income

 

27,979

 

 

12,313

 

 

94,324

 

 

 

12,313

 
Asset-based loan expense

 

(360,092

)

 

(65,920

)

 

(792,737

)

 

 

(161,375

)
Total other income (expense)

 

(334,659

)

 

(238,169

)

 

(676,366

)

 

 

(487,150

)

 

 

 

 

 

Loss before income taxes

 

(5,625,070

)

 

(4,136,084

)

 

(12,039,697

)

 

 

(7,946,584

)
Provision for income taxes

 

–

 

 

–

 

 

–

 

 

 

–

 

Net loss

 

(5,625,070

)

 

(4,136,084

)

 

(12,039,697

)

 

 

(7,946,584

)

 

 

 

 

 

Dividend on Series A preferred Stock

 

–

 

 

–

 

 

–

 

 

 

(42,375

)

Net loss attributed to stockholders

$

(5,625,070

)

$

(4,136,084

)

$

(12,039,697

)

 

$

(7,988,959

)

 

 

 

 

 

Basic and diluted loss per common share

$

(0.31

)

$

(0.99

)

$

(0.66

)

 

$

(2.32

)

Basic and diluted weighted average number of common shares outstanding

 

18,320,025

 

 

4,181,344

 

 

18,274,485

 

 

 

3,450,577

 

SIDUS SPACE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)
 

Six Months Ended

June 30,

 

2025

 

 

2024

 

Cash Flows From Operating Activities:

Net loss

$

(12,039,697

)

 

$

(7,946,584

)
Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 
Stock based compensation

 

436,692

 

 

 

160,028

 
Depreciation and amortization

 

2,066,969

 

 

 

858,033

 
Non-cash fees on asset-based loan

 

 

 

–

 
Bad debt

 

–

 

 

 

–

 
Changes in operating assets and liabilities:

 

 

 
Accounts receivable

 

(45,671

)

 

 

553,764

 
Accounts receivable – related party

 

(396,230

)

 

 

(197,355

)
Inventory

 

(114,351

)

 

 

(182,757

)
Contract asset

 

353,882

 

 

 

–

 
Contract asset – related party

 

(60,060

)

 

 

(2,827

)
Prepaid expenses and other assets

 

(729,556

)

 

 

946,246

 
 
Accounts payable and accrued liabilities

 

2,537,168

 

 

 

(1,968,107

)
Accounts payable and accrued liabilities – related party

 

100,857

 

 

 

210,363

 
Contract liability

 

(16,192

)

 

 

–

 
Contract liability – related party

 

60,060

 

 

 

2,827

 
Changes in operating lease assets and liabilities

 

770

 

 

 

(3,699

)
Net Cash provided by (used in) Operating Activities

 

(7,845,359

)

 

 

(7,570,068

)

 

 

 

Cash Flows From Investing Activities:

 

 

 
Purchase of property and equipment

 

(4,354,130

)

 

 

(4,067,741

)
Cash paid for asset acquisition

 

–

 

 

 

–

 
Net Cash used in Investing Activities

 

(4,354,130

)

 

 

(4,067,741

)

 

 

 

Cash Flows From Financing Activities:

 

 

 
Proceeds from issuance of common stock units

 

–

 

 

 

13,742,311

 
Proceeds from exercise of warrants

 

2,381,247

 

 

 

–

 
Proceeds from asset-based loan agreement

 

4,413,239

 

 

 

46,133

 
Repayment of asset-based loan agreement

 

(3,604,116

)

 

 

(1,772,373

)
Repayment of notes payable

 

(3,059,767

)

 

 

(150,000

)
Net Cash provided by (used in) Financing Activities

 

130,603

 

 

 

11,866,071

 

 

 

 

Net change in cash

 

(12,068,886

)

 

 

228,262

 

Cash, beginning of period

 

15,703,579

 

 

 

1,216,107

 

Cash, end of period

 

$

3,634,693

 

 

$

1,444,369

 

 

 

 

Supplemental cash flow information

 

 

 
Cash paid for interest

$

630,874

 

 

$

338,116

 
Cash paid for taxes

$

–

 

 

$

–

 

 

 

 

Non-cash Investing and Financing transactions:

 

 

 
Conversion interest and fees of asset based loan

$

169,870

 

 

$

–

 
Class A common stock issued for conversion of Series A convertible preferred stock

$

–

 

 

$

16,566

 
Recognition of right-of-use asset and lease liability

$

856,787

 

 

$

284,861

 

 

Investor Relations

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KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Technology Other Communications Engineering Satellite Government Technology Other Defense Aerospace Telecommunications Communications Manufacturing Software Defense Internet Mobile/Wireless Hardware Data Management Artificial Intelligence

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