PR Newswire
Demonstrates On-Orbit Execution, Improves Financial Performance, and Advances Flight Ready Technology Portfolio
CAPE CANAVERAL, Fla., May 14, 2026 /PRNewswire/ — Sidus Space, Inc. (NASDAQ: SIDU), (the “Company” or “Sidus”), an innovative space and defense technology company, today announced its financial results for the first quarter ended March 31, 2026, and provided a business update highlighting continued on-orbit execution, progress across customer payloads and disciplined financial management.
The Company will host a conference call and webcast today, Thursday, May 14, at 5:00 p.m. Eastern Time.
“During the first quarter, we continued to execute our technical roadmap while maintaining disciplined cost control,” said Carol Craig, Founder and Chief Executive Officer of Sidus Space. “We delivered high-resolution imagery from LizzieSat-3, advanced customer payload commissioning, and finalized flight ready configurations for next generation systems planned for LizzieSat-4 and LizzieSat-5. These milestones strengthen our on-orbit heritage and position Sidus to support future missions while remaining focused on responsible capital allocation and operational execution.”
Operational Highlights for the Quarter Ending March 31, 2026:
- Delivered initial imagery from HEO USA’s non-Earth imaging camera aboard LizzieSat-3, including sub 5-meter resolution imagery, as part of ongoing payload commissioning and an important step along the path toward initiating subscription-based data service delivery following completion of commissioning
- Expanded agreement with Lonestar Data Holdings to build an additional StarVault orbital data storage payload
- Achieved integration milestone with Maris-Tech Ltd. (NASDAQ: MTEK) on its AI-based edge computing payload, scheduled to launch aboard LizzieSat -4
- Signed a Memorandum of Understanding (MOU) with Simera Sense to advance AI-enabled hyperspectral imaging capabilities
- Finalized the Fortis VPX Command and Data Handling platform for integration on to LizzieSat-4 and LizzieSat-5, establishing on-orbit heritage for the Company’s next generation spacecraft computing architecture
- Appointed Kelle Wendling, a senior aerospace and defense executive, to the Board of Directors
Subsequent Operational Highlights:
- Completed best-efforts registered direct offering on April 21, 2026, generating gross proceeds of $58.5 million, further strengthening the Company’s liquidity position
- Announced planned Chief Financial Officer (CFO) transition subsequent to quarter end: current CFO expected to depart effective June 1, 2026, with John Burke appointed Interim Chief Financial Officer effective the same date while the Company conducts a comprehensive search for a permanent CFO.
Financial Highlights for the First Quarter Ending March 31, 2026:
- Revenue: $359,000, an increase of 51% compared to $238,000 in Q1 2025, driven by new customer contracts including Lonestar Data Holdings and Teledyne Marine
- Cost of Revenue: $1.4 million, a 25% decrease compared to $1.9 million in Q1 2025, reflecting lower depreciation and improved manufacturing cost discipline
- Gross Profit (Loss): Gross loss of $1.1 million, a 36% improvement from a gross loss of $1.6 million in Q1 2025
- Selling, General and Administrative Expenses (SG&A) Expenses: $4.4 million, consistent with $4.4 million in Q1 2025
- Adjusted EBITDA (Non-GAAP): Loss of $4.6 million, as compared to a $4.7million loss in Q1 2025
- Net Loss: $5.2 million, an improvement of $1.2 million, or 19%, as compared to Q1 2025 Cash Position: $27.3 million as of March 31, 2026, with no outstanding term debt
Conference Call and Webcast
Event: Sidus Space First Quarter Financial Results Conference Call
Date: Thursday, May 14, 2026
Time: 5:00 p.m. Eastern Time
Live Call: + 1-866-652-5200 (U.S. Toll-Free) or +1-412-317-6060 (International)
Webcast:
https://app.webinar.net/3lBO1a4r6ZQ
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Thursday, May 21, 2026, at 11:59 P.M. ET and can be accessed by dialing +1-855-669-9658 (U.S. Toll-Free) or +1-412-317-0088 (International) and entering replay pin number: 3323981. An online archive of the webcast will be available for one year following the event at https://investors.sidusspace.com/.
About Sidus Space
Sidus Space, Inc. (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: https://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, 2025, 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, capital raise expense, severance costs, equity-based compensation and impairment loss. 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 March 31, 2026 and 2025:
|
Three Months Ended |
||||||||||||||||
|
March 31, |
||||||||||||||||
|
2026 |
2025 |
Change |
% |
|||||||||||||
|
Net Income / (Loss) |
$ |
(5,211,607) |
$ |
(6,414,627) |
$ |
1,203,020 |
(19) |
% |
||||||||
|
Interest Income/Expense (i) |
(258,102) |
341,707 |
(599,809) |
(176) |
% |
|||||||||||
|
Depreciation & Amortization(ii) |
611,606 |
934,674 |
(323,068) |
(35) |
% |
|||||||||||
|
Capital Raise expense (iii) |
– |
5,480 |
(5,480) |
(100) |
% |
|||||||||||
|
Severance Costs |
16,042 |
206,100 |
(190,058) |
(92) |
% |
|||||||||||
|
Equity based compensation (iv) |
215,127 |
252,243 |
(37,116) |
(15) |
% |
|||||||||||
|
Total Non-GAAP Adjustments |
584,673 |
1,740,204 |
(1,155,531) |
(66) |
% |
|||||||||||
|
Adjusted EBITDA |
(4,626,934) |
(4,674,423) |
47,488 |
(1) |
% |
|||||||||||
|
(i) |
Sidus Space incurred lower net interest expense following the repayment of the asset-based loan in January 2026 and increased interest income from cash holdings. |
|
(ii) |
Sidus Space incurred lower depreciation expense following the satellite impairment write-off in Q4 2025. |
|
(iii) |
Sidus Space did not incur internal fundraising expense related to capital raises. |
|
(iv) |
Sidus Space issued stock-based compensation for employee and Board services rendered. |
|
|
|||||
|
|
|
||||
|
|
|
||||
|
|
|||||
|
Current assets |
|||||
|
Cash |
$ |
27,349,756 |
$ |
43,175,996 |
|
|
Accounts receivable |
215,916 |
272,831 |
|||
|
Accounts receivable – related parties |
1,254,447 |
1,727,939 |
|||
|
Contract asset |
81,241 |
322,773 |
|||
|
Contract asset – related party |
119,306 |
209,673 |
|||
|
Prepaid and other current assets |
4,137,358 |
4,979,378 |
|||
|
Total current assets |
33,158,024 |
50,688,590 |
|||
|
Property and equipment, net |
17,260,377 |
14,184,379 |
|||
|
Operating lease right-of-use assets |
635,143 |
702,856 |
|||
|
Intangible asset |
398,135 |
398,135 |
|||
|
Other assets |
141,366 |
116,751 |
|||
|
|
$ |
51,593,045 |
$ |
66,090,711 |
|
|
|
|||||
|
Current liabilities |
|||||
|
Accounts payable and other current liabilities |
$ |
3,352,995 |
$ |
5,472,464 |
|
|
Accounts payable and accrued interest – related party |
50,240 |
876,007 |
|||
|
Contract liability |
161,299 |
186,537 |
|||
|
Contract liability – related party |
28,292 |
– |
|||
|
Asset-based loan liability |
– |
8,212,186 |
|||
|
Operating lease liability |
280,324 |
273,545 |
|||
|
Total current liabilities |
3,873,150 |
15,020,739 |
|||
|
Operating lease liability – non-current |
362,510 |
434,695 |
|||
|
Total Liabilities |
4,235,660 |
15,455,434 |
|||
|
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; 66,419,851 and 65,324,055 shares issued and outstanding, respectively |
6,642 |
6,532 |
|||
|
Class B common stock: 10,000,000 shares authorized; 100,000 shares issued and outstanding |
10 |
10 |
|||
|
Additional paid-in capital |
142,389,868 |
140,456,263 |
|||
|
Accumulated deficit |
(95,039,135) |
(89,827,528) |
|||
|
Total Stockholders’ Equity |
47,357,385 |
50,635,277 |
|||
|
|
$ |
51,593,045 |
$ |
66,090,711 |
|
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|
||||
|
Revenue |
$ |
250,155 |
$ |
160,704 |
|
|
Revenue – related parties |
109,217 |
77,790 |
|||
|
Total – revenue |
359,372 |
238,494 |
|||
|
Cost of revenue |
1,409,445 |
1,866,972 |
|||
|
|
(1,050,073) |
(1,628,478) |
|||
|
|
|||||
|
Selling, general and administrative |
4,419,637 |
4,444,442 |
|||
|
|
4,419,637 |
4,444,442 |
|||
|
Net loss from operations |
(5,469,710) |
(6,072,920) |
|||
|
|
|||||
|
Other income |
81,846 |
100,000 |
|||
|
Interest expense |
(879) |
(75,407) |
|||
|
Interest income |
195,613 |
66,345 |
|||
|
Asset-based loan expense |
(18,477) |
(432,645) |
|||
|
Total other income (expense) |
258,103 |
(341,707) |
|||
|
|
(5,211,607) |
(6,414,627) |
|||
|
Provision for income taxes |
– |
– |
|||
|
|
|
|
|||
|
Dividend on Series A preferred Stock |
– |
|
|||
|
Net loss attributed to stockholders |
$ |
|
$ |
|
|
|
Basic and diluted loss per common share |
$ |
(0.08) |
$ |
(0.35) |
|
|
Basic and diluted weighted average number of common shares outstanding |
66,583,190 |
18,228,267 |
|||
|
|
||||||||
|
|
||||||||
|
|
||||||||
|
|
|
|||||||
|
|
||||||||
|
Net loss |
$ |
(5,211,607) |
$ |
(6,414,627) |
||||
|
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
|
Stock based compensation |
215,127 |
252,244 |
||||||
|
Depreciation and amortization |
611,606 |
934,673 |
||||||
|
Non-cash fees on asset-based loan |
– |
20,243 |
||||||
|
Changes in operating assets and liabilities: |
||||||||
|
Accounts receivable |
56,915 |
366,047 |
||||||
|
Accounts receivable – related party |
473,492 |
(6,566) |
||||||
|
Inventory |
– |
112,744 |
||||||
|
Contract asset |
241,532 |
9,332 |
||||||
|
Contract asset – related party |
90,367 |
– |
||||||
|
Prepaid expenses and other assets |
817,405 |
1,258,675 |
||||||
|
Accounts payable and accrued liabilities |
(2,119,469) |
255,041 |
||||||
|
Accounts payable and accrued liabilities – related party |
(825,767) |
21,172 |
||||||
|
Contract liability |
(25,238) |
(16,192) |
||||||
|
Contract liability – related party |
28,292 |
– |
||||||
|
Changes in operating lease assets and liabilities |
2,307 |
1 |
||||||
|
Net Cash used in Operating Activities |
(5,645,038) |
(3,207,213) |
||||||
|
|
||||||||
|
Purchase of property and equipment |
(3,687,604) |
(2,978,308) |
||||||
|
Net Cash used in Investing Activities |
(3,687,604) |
(2,978,308) |
||||||
|
|
||||||||
|
Proceeds from issuance of common stock units |
– |
2,381,247 |
||||||
|
Proceeds from exercise of warrants |
1,718,588 |
– |
||||||
|
Proceeds from asset-based loan agreement |
– |
3,289,744 |
||||||
|
Repayment of asset-based loan agreement |
(8,212,186) |
(417,981) |
||||||
|
Repayment of notes payable |
– |
(3,059,767) |
||||||
|
Net Cash provided by (used in) Financing Activities |
(6,493,598) |
2,193,243 |
||||||
|
Net change in cash |
(15,826,240) |
(3,992,278) |
||||||
|
Cash, beginning of period |
43,175,996 |
15,703,579 |
||||||
|
Cash, end of period |
$ |
27,349,756 |
$ |
11,711,301 |
||||
|
Supplemental cash flow information |
||||||||
|
Cash paid for interest |
$ |
28,626 |
$ |
5,462 |
||||
|
Cash paid for taxes |
$ |
– |
$ |
– |
||||
Contacts:
Investor Relations
[email protected]
Media Inquiries
[email protected]
View original content to download multimedia:https://www.prnewswire.com/news-releases/sidus-space-reports-first-quarter-2026-financial-results-with-q1-year-over-year-improvement-in-revenue-and-gross-margin-302772921.html
SOURCE Sidus Space, Inc.
