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

Sidus Space Reports Third 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 third quarter ended September 30, 2025, and provided a business update. The Company is scheduled to host a conference call and webcast today, Friday, November 14, at 5:00 p.m. ET.

“Q3 was about executing on existing contracts and furthering our efforts to expand our vertically integrated product offerings. We continued laying the groundwork to convert our technology foundation into meaningful commercial opportunities. We advanced design and manufacturing across multiple LizzieSat® platforms, broadened our Fortis™ VPX and FeatherEdge™ product families with new designs, and continued to position Orlaith™ AI as a differentiator for multi-domain autonomy and analytics,” said Carol Craig, Sidus Chairwoman and CEO. “We remain focused on disciplined execution by aligning spend to near-term revenue milestones, identifying operational efficiencies in the form of expense reductions, strengthening our intellectual property, expanding our global partnerships, and accelerating our path to commercialization across space and defense markets as we close out the year.”

Operational Highlights for the Third Quarter Ending September 30, 2025:

  • Appointed Lawrence Hollister as Chief Business Officer to Drive Strategic Growth and Market Expansion

  • Completed delivery of additional hardware enclosures for the Mobile Launcher 2

  • Successfully executed two capital raises to fund key technology initiatives, including design and manufacture of the dual-use, all-domain Fortis™ VPX product line, to support 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

  • Commissioned the Automatic Identification System (AIS) sensor on LS3 and established communications with customer site

  • Strengthened intellectual property position through continued filings supporting modular satellite manufacturing, rugged compute architectures, and AI-enabled mission payloads.

Subsequent Operational Highlights:

  • Completed Design for FeatherEdge™ 248Vi: Advancing AI/ML Processing for Space and Defense Applications

  • Signed Contract to integrate the Lonestar Commercial Pathfinder Mission on LizzieSat®-5

  • Identified operational efficiencies to reduce selling, general & administrative expenses

Financial Highlights for the Third Quarter Ending September 30, 2025:

  • Revenue: $1.3 million, down 31% compared to $1.9 million in Q3 2024, reflecting a strategic pivot away from legacy services to new commercial models

  • Cost of Revenue: $2.6 million, up 42% from Q3 2024 due to increased satellite and software depreciation and an increase of material and labor costs

    • Cost of Revenue adjusted for non-cash satellite-related depreciation: $1.6 million, up 20% from Q3 2024

  • Gross Profit (Loss): ($1.3 million), compared to $38 thousand profit in Q3 2024 due to increased satellite depreciation and reduced contribution from legacy high-margin services as we transition to higher-value, recurring revenue lines

    • Gross Profit (Loss) adjusted for non-cash satellite-related depreciation: ($277 thousand), compared to $559 thousand profit in Q3 2024

  • SG&A Expenses: $4.3 million, up from $3.2 million in Q3 2024, driven by headcount growth, launch rescheduling, and operational scaling

  • Adjusted EBITDA: Loss of $4.0 million (non-GAAP), compared to a loss of $2.5 million in Q3 2024

  • Net Loss: $6.0 million, versus $3.9 million in Q3 2024

  • Cash Position: $12.7 million as of September 30, 2025, versus $15.7 million a year earlier

Conference Call and Webcast

Event: Sidus Space Third Quarter Financial Results Conference Call

Date: Friday, November 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=1742231&tp_key=afa35717c1

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Friday, November 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: 13757088.

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 September 30, 2025 and 2024:

Three Months Ended

September 30,

2025

 

2024

 

Change

%

Net Income / (Loss)

$

(6,033,599

)

$

(3,902,589

)

$

(2,131,010

)

55

%

Interest Income/Expense (i)

402,552

 

733,714

 

(331,162

)

(45

%)

Depreciation and Amortization (ii)

1,157,840

 

636,416

 

521,424

 

82

%

Fundraising expense (iii)

307,950

 

–

 

307,950

 

N/A

 

Severance Costs

 

 

–

 

 

3,192

 

 

 

 

(3,192

)

 

 

N/A

 

Equity based compensation (iv)

188,615

 

76,013

 

112,602

 

148

%

Total Non-GAAP Adjustments

2,056,957

 

1,449,335

 

607,622

 

42

%

Adjusted EBITDA

(3,976,642

)

(2,453,254

)

(1,523,388

)

(62

%)

(i)

Sidus Space incurred decreased interest income/expense due to decreased interest expense from a short-term note payable due in Q4 2024 and increased interest income, partially offset by increased interest expense related to an asset based loan.

(ii)

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

(iii)

Sidus Space incurred internal Fundraising expense related to multiple 2025 capital raises

(iv)

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

SIDUS SPACE, INC.

CONSOLIDATED BALANCE SHEETS
 

 

 

September 30,

December 31,

 

 

2025

 

2024

 

Assets

(Unaudited)

Current assets

 

 

Cash

$

12,734,087

 

$

15,703,579

 

Accounts receivable

825,607

 

827,886

 

Accounts receivable – related parties

1,402,774

 

641,376

 

Inventory

188,310

 

255,716

 

Contract asset

684,749

 

1,347,386

 

Contract asset – related party

448,717

 

46,953

 

Prepaid and other current assets

4,849,338

 

3,429,656

 

Total current assets

21,133,582

 

22,252,552

 
 

Property and equipment, net

17,456,972

 

14,891,976

 

Operating lease right-of-use assets

769,515

 

121,545

 

Intangible asset

398,135

 

398,135

 

Other assets

92,443

 

81,359

 

Total Assets

$

39,850,647

 

$

37,745,567

 

 

 

 

 

Liabilities and Stockholders’ Equity

Current liabilities

 

 

 

Accounts payable and other current liabilities

$

4,835,108

 

$

3,388,667

 

Accounts payable – related party

869,789

 

673,743

 

Contract liability

–

 

16,192

 

Contract liability – related party

267,380

 

46,953

 

Asset-based loan liability

9,124,612

 

6,902,636

 

Notes payable

–

 

3,059,767

 

Operating lease liability

266,879

 

121,544

 

Total current liabilities

15,363,768

 

14,209,502

 
 

Operating lease liability – non-current

505,718

 

–

 

Total Liabilities

15,869,486

 

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; 35,147,483 and 15,956,816 shares issued and outstanding, respectively

3,515

 

1,597

 

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

10

 

10

 

Additional paid-in capital

102,404,156

 

83,887,682

 

Accumulated deficit

(78,426,520

)

(60,353,224

)

Total Stockholders’ Equity

23,981,161

 

23,536,065

 

Total Liabilities and Stockholders’ Equity

$

39,850,647

 

$

37,745,567

 

SIDUS SPACE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)
 

Three Months Ended

Nine Months Ended

September 30,

September 30,

 

 

2025

 

2024

 

2025

 

2024

 
 

Revenue

$

559,105

 

$

1,757,251

 

$

1,410,879

 

$

3,437,160

 

Revenue – related parties

738,953

 

111,707

 

1,386,696

 

409,523

 

Total – revenue

1,298,058

 

1,868,958

 

2,797,575

 

3,846,683

 

Cost of revenue

2,597,023

 

1,830,787

 

6,752,160

 

4,565,549

 

Gross profit (loss)

(1,298,965

)

38,171

 

(3,954,585

)

(718,866

)
 

Operating expenses

Selling, general and administrative expense

4,332,441

 

3,210,069

 

13,040,152

 

9,912,466

 

Total operating expenses

4,332,441

 

3,210,069

 

13,040,152

 

9,912,466

 
 

Net loss from operations

(5,631,406

)

(3,171,898

)

(16,994,737

)

(10,631,332

)
 

Other income (expense)

Other income

358

 

3,000

 

358

 

4,613

 

Interest expense

(1,088

)

(642,355

)

20,959

 

(982,056

)

Interest income

31,144

 

23

 

125,468

 

12,336

 

Asset-based loan expense

(432,607

)

(91,359

)

(1,225,344

)

(252,734

)

Total other expense

(402,193

)

(730,691

)

(1,078,559

)

(1,217,841

)
 

Loss before income taxes

(6,033,599

)

(3,902,589

)

(18,073,296

)

(11,849,173

)

Provision for income taxes

–

 

–

 

–

 

–

 

Net loss

(6,033,599

)

(3,902,589

)

(18,073,296

)

(11,849,173

)
 

Dividend on Series A preferred Stock

–

 

–

 

–

 

(42,375

)

Net loss attributed to stockholders

$

(6,033,599

)

$

(3,902,589

)

$

(18,073,296

)

$

(11,891,548

)
 

Basic and diluted loss per common share

$

(0.24

)

$

(0.93

)

$

(0.88

)

$

(3.22

)

Basic and diluted weighted average number of common shares outstanding

24,903,577

 

4,181,344

 

20,508,465

 

3,695,944

 

SIDUS SPACE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)
 

Nine Months Ended

September 30,

2025

 

2024

 
 

Cash Flows From Operating Activities:

 

Net loss

$

(18,073,296

)

$

(11,849,173

)

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

Stock based compensation

625,307

 

236,040

 

Depreciation and amortization

3,224,809

 

1,494,449

 

Changes in operating assets and liabilities:

Accounts receivable

2,279

 

(320,263

)

Accounts receivable – related party

(761,398

)

(202,510

)

Inventory

67,406

 

(482,685

)

Contract asset

662,637

 

–

 

Contract asset – related party

(401,764

)

(7,031

)

Prepaid expenses and other assets

(1,430,766

)

987,099

 

Accounts payable and accrued liabilities

1,616,311

 

(495,734

)

Accounts payable and accrued liabilities – related party

196,046

 

348,249

 

Contract liability

(16,192

)

–

 

Contract liability – related party

220,427

 

7,031

 

Changes in operating lease assets and liabilities

3,083

 

(3,700

)

Net Cash used in Operating Activities

(14,065,111

)

(10,288,228

)
 

Cash Flows From Investing Activities:

Purchase of property and equipment

(5,789,805

)

(5,102,661

)

Net Cash used in Investing Activities

(5,789,805

)

(5,102,661

)
 

Cash Flows From Financing Activities:

Proceeds from issuance of common stock units

15,511,838

 

13,742,311

 

Proceeds from exercise of warrants

2,381,247

 

–

 

Proceeds from asset-based loan agreement

6,413,239

 

3,990,957

 

Repayment of asset-based loan agreement

(4,361,133

)

(2,177,085

)

Repayment of notes payable

(3,059,767

)

(150,000

)

Net Cash provided by Financing Activities

16,885,424

 

15,406,183

 
 

Net change in cash

(2,969,492

)

15,294

 

Cash, beginning of period

15,703,579

 

1,216,107

 

Cash, end of period

$

12,734,087

 

$

1,231,401

 
 

Supplemental cash flow information

Cash paid for interest

$

1,064,570

 

$

524,015

 

Cash paid for taxes

$

–

 

$

–

 
 

Non-cash Investing and Financing transactions:

Conversion of 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

[email protected]

Media Inquiries

[email protected]

KEYWORDS: Florida New York United States North America

INDUSTRY KEYWORDS: Technology Mobile/Wireless Engineering Satellite Telecommunications Aerospace Manufacturing Internet Data Management

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