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Sidus Space, Inc. Reports Q1 2023 Financial Results

Sidus Space Satellite Related Revenue for Q1 2023 Increases Over 100% from Q1 2022

Sidus Space, Inc. (NASDAQ:SIDU), a Space and Defense-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection, today announced financial results for the first quarter ending March 31, 2023 and provided a business update. Sidus will webcast a conference call to discuss the results on May 15, 2023 at 9:00 am Eastern Time. Participants can join the webcast by visiting this link or visiting the IR calendar on the Investors Relations site at https://investors.sidusspace.com. A replay of the call will be available on the site for three months.

“We are excited about the future of our company,” said Teresa Burchfield, Chief Financial Officer of Sidus Space. “Several successful initiatives position us well for long-term success. The capital raised recently allows us to secure multiple launches that rapidly expand our satellite constellation which is expected to drive revenue growth. We also purchased long lead time flight hardware that we believe will accelerate our satellite production rate to meet mission demands.”

"We have laid a strong foundation for the rest of the year, and remain on track to launch LizzieSat™, our hybrid 3D printed satellite, later this year. While the precise timeline is dependent on the small satellite launch industry, we have completed critical milestones including successful integrated testing of our onboard command and control system which drives the satellite on-orbit. Our confidence in our ability to execute our vision is based on over a decade of commercial, defense and government manufacturing experience combined with a proven track record of success, space qualification experience, existing customers and pipeline, and heritage hardware. With over 10 years of manufacturing experience and capabilities we are uniquely positioned to go beyond LEO and to support missions to MEO, GEO, the Moon, Mars and beyond. We continue to advance active discussions with numerous prospective customers, including U.S. and international government agencies, for payload hosting and data related to our planned satellite launches over the next 24 months," said Carol Craig, Founder and CEO of Sidus Space.

Financial Highlights for the quarter Ending March 31, 2023

  • Revenue increased to $2,263,627 for the quarter ended March 31, 2023, compared to $1,799,335 for the same period in 2022. Revenue growth of 26% is primarily attributable to more than doubling satellite revenue, as this segment of the business begins to mature.
  • Gross profit was $895,799, or 40%, for the quarter ended March 31, 2023, impacted by contract mix, increased materials purchases, and continued supply chain impacts.
  • Total Operating Expenses increased to $3,542,169 for the quarter ended March 31, 2023 from $3,242,783 for the quarter ended March 31, 2022 primarily as a result of increased headcount as we scale our business.

Capital Structure

  • As of March 31, 2023, the Company had $2.8 million in cash. Subsequent to the end of the quarter, the Company executed a common stock and warrant offering in which the Company sold an aggregate of approximately 8.6 million shares of Class A common Stock and pre-funded warrants to purchase up to an aggregate of approximately 21.7 million shares of Class A Common Stock along with warrants to purchase up to approximately 30.3 million shares of Class A Common Stock. In addition, the Company sold approximately 3.8 million shares of Class A Common Stock and approximately 3.8 million accompanying warrants to purchase shares of Class A Common Stock pursuant to a partial exercise of the underwriter’s over-allotment option. Gross proceeds from the offering were approximately $11.2 million.
  • The Company intends to use the net proceeds to execute its strategic plan which includes continued satellite production at an accelerated pace and fulfillment of a steady launch cadence.

Operational Highlights

We continue to take meaningful steps toward the launch of our LizzieSat™ constellation and we have accomplished additional key milestones and developments as we drive our mission of delivering Space and Defense-as-a-Service to both government and commercial customers worldwide. In the first quarter of 2023, we formed several new partnerships and announced new contract awards.

We implemented further steps toward the execution of the launch of our constellation:

  • Sidus Space and its partner, KSAT successfully tested the integrated command and control systems between Sidus Mission Control Center (MCC), Florida, KSAT Earth Stations around the world, and LizzieSat™’s onboard radios and command and control systems.
  • Sidus successfully tested the onboard Artificial Intelligence (AI) computing capability it intends to fly on every satellite to ensure every piece of data being downlinked from LizzieSat™ is high value and ready for immediate consumption by customers.
  • The Company executed an updated agreement with SpaceX that nearly doubled contracted launches with the launch provider, providing four additional Transporter missions in 2024 and 2025 to establish a regular launch cadence for Sidus and its customers.

The Company executed several satellite-related contracts:

We formed multiple key partnerships since the beginning of 2023:

  • In order to accelerate the expansion of Sidus’ commercial data distribution strategy and broadening of its customer base, the Company signed an agreement with SkyWatch for use of its TerraStream data-management platform.
  • The Company announced additional technology for integration into its satellite constellation including: an agreement with SatLab to implement its second-generation automated identification system (AIS) technology into the Company’s LizzieSat™ satellite constellation to power advanced solutions for the maritime industry and an MOU with SkyServe to integrate and deploy its edge computing software to provide on-orbit testing and establish integration processes for future missions as the companies plan to collaboratively develop services to support various customer segments.
  • In May, the Company signed an MOU with Lulav Space, an Israeli robotics company specializing in space applications, to cooperate in the US market by providing a complete guidance navigation and control (GN&C) solution for both lunar satellite and lunar lander missions.

The Company also continues to build key relationships with customers in its mission-critical hardware manufacturing business including selection for the manufacturing of 13 Propulsion Plant Team Trainer Maneuvering Area Panels for Bechtel Plant Machinery, Inc. (BPMI).

Another important highlight is Sidus’ Mentor/Protégé relationship with L3 Harris. Sidus announced it was selected as a Protégé with L3Harris Technologies for the Department of Defense Mentor-Protege Program, which helps businesses expand their footprint in the defense contracting space by partnering with larger companies. Designed to grow protege firms, program success is measured by the increase in dollar value of contract and subcontract awards, and revenue to protégé firms and an increase in the employment levels of protégé firms.

About Sidus Space

Sidus Space, located in Cape Canaveral, Florida, operates from a 35,000-square-foot manufacturing, assembly, integration, and testing facility focused on commercial satellite design, manufacture, launch, and data collection. The company’s rich heritage includes the design and manufacture of many flight and ground component parts and systems for various space-related customers and programs. Sidus Space has a broad range of Space-As-a-Service offerings including space-rated hardware manufacturing, design engineering, satellite manufacturing and platform development, launch and support services, data analytics services and satellite constellation management.

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)

 

 

 

March 31,

 

December 31,

 

 

2023

 

2022

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash

 

$

2,818,737

 

 

$

2,295,259

 

Accounts receivable

 

 

1,471,444

 

 

 

850,340

 

Accounts receivable - related parties

 

 

306,676

 

 

 

168,170

 

Inventory

 

 

806,289

 

 

 

583,437

 

Contract asset

 

 

60,932

 

 

 

60,932

 

Contract asset - related party

 

 

21,859

 

 

 

14,982

 

Prepaid and other current assets

 

 

4,597,651

 

 

 

3,476,748

 

Total current assets

 

 

10,083,588

 

 

 

7,449,868

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

3,699,040

 

 

 

2,554,992

 

Operating lease right-of-use assets

 

 

184,255

 

 

 

249,937

 

Other assets

 

 

44,275

 

 

 

42,778

 

Total Assets

 

$

14,011,158

 

 

$

10,297,575

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable and other current liabilities

 

$

4,750,568

 

 

$

3,415,845

 

Accounts payable - related party

 

 

541,991

 

 

 

566,636

 

Contract liability

 

 

60,932

 

 

 

60,932

 

Contract liability - related party

 

 

21,859

 

 

 

14,982

 

Asset-based loan liability

 

 

1,138,260

 

 

 

502,349

 

Notes payable

 

 

1,687,870

 

 

 

1,599,150

 

Operating lease liability

 

 

168,349

 

 

 

199,158

 

Total Current Liabilities

 

 

8,369,829

 

 

 

6,359,052

 

 

 

 

 

 

 

 

 

 

Operating lease liability - non-current

 

 

25,481

 

 

 

63,310

 

Total Liabilities

 

 

8,395,310

 

 

 

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: 110,000,000 authorized; $0.0001 par value

 

 

 

 

 

 

 

 

Class A common stock: 100,000,000 shares authorized; 25,272,736 and 8,022,736 shares issued and outstanding, respectively

 

 

2,527

 

 

 

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

 

 

37,309,226

 

 

 

32,129,257

 

Accumulated deficit

 

 

(31,696,905

)

 

 

(28,255,846

)

Total Stockholders’ Equity

 

 

5,615,848

 

 

 

3,875,213

 

Total Liabilities and Stockholders’ Equity

 

$

14,011,158

 

 

$

10,297,575

 

SIDUS SPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

2022

 

 

 

 

 

Revenue

 

$

1,914,724

 

 

$

1,360,388

 

Revenue - related parties

 

 

348,903

 

 

 

438,947

 

Total - revenue

 

 

2,263,627

 

 

 

1,799,335

 

Cost of revenue

 

 

1,367,828

 

 

 

820,998

 

Gross profit

 

 

895,799

 

 

 

978,337

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

Payroll expenses

 

 

1,716,543

 

 

 

751,198

 

Sales and marketing expenses

 

 

188,597

 

 

 

90,461

 

Lease expense

 

 

86,387

 

 

 

84,999

 

Professional fees

 

 

487,442

 

 

 

1,322,292

 

General and administrative expense

 

 

1,063,200

 

 

 

993,833

 

Total operating expenses

 

 

3,542,169

 

 

 

3,242,783

 

 

 

 

 

 

 

 

Net loss from operations

 

 

(2,646,370

)

 

 

(2,264,446

)

 

 

 

 

 

 

 

Other income (expenses)

 

 

 

 

 

 

Interest expense

 

 

(187,527

)

 

 

(65,908

)

Asset-based loan expense

 

 

(40,933

)

 

 

-

 

Finance expense

 

 

(566,229

)

 

 

-

 

Total other income (expenses)

 

 

(794,689

)

 

 

(65,908

)

 

 

 

 

 

 

 

Loss before income taxes

 

 

(3,441,059

)

 

 

(2,330,354

)

Provision for income taxes

 

 

-

 

 

 

-

 

Net loss

 

$

(3,441,059

)

 

$

(2,330,354

)

 

 

 

 

 

 

 

Basic and diluted loss per Common Share

 

$

(0.12

)

 

$

(0.14

)

 

 

 

 

 

 

 

Basic and diluted weighted average number of common shares outstanding

 

 

29,714,403

 

 

 

16,600,707

 

SIDUS SPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

2022

 

 

 

 

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

Net loss

 

$

(3,441,059

)

 

$

(2,330,354

)

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

 

 

 

 

 

 

Stock based compensation

 

 

566,229

 

 

 

1,209,000

 

Depreciation

 

 

3,361

 

 

 

105,211

 

Lease liability amortization

 

 

(2,956

)

 

 

(1,218

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(621,104

)

 

 

(694,170

)

Accounts receivable - related party

 

 

(138,506

)

 

 

(365,012

)

Inventory

 

 

(222,852

)

 

 

(31,272

)

Contract asset

 

 

-

 

 

 

(60,932

)

Contract asset - related party

 

 

(6,877

)

 

 

-

 

Prepaid expenses and other assets

 

 

(1,122,400

)

 

 

(420,502

)

Accounts payable and accrued liabilities

 

 

1,515,926

 

 

 

123,573

 

Accounts payable and accrued liabilities - related party

 

 

(24,645

)

 

 

15,362

 

Contract liability

 

 

-

 

 

 

60,932

 

Contract liability - related party

 

 

6,877

 

 

 

(63,411

)

Net Cash used in Operating Activities

 

 

(3,488,006

)

 

 

(2,452,793

)

 

 

 

 

 

 

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

Purchase of property and equipment

 

 

(1,147,409

)

 

 

(541,264

)

Net Cash used in Investing Activities

 

 

(1,147,409

)

 

 

(541,264

)

 

 

 

 

 

 

 

Cash Flows From Financing Activities:

 

 

 

 

 

 

Cash proceeds from issuance of common stock units

 

 

4,615,465

 

 

 

-

 

Proceeds from asset-based loan agreement

 

 

1,857,524

 

 

 

-

 

Repayment of asset-based loan agreement

 

 

(1,221,613

)

 

 

-

 

Repayment of notes payable

 

 

(92,483

)

 

 

(34,627

)

Payment of lease liabilities

 

 

-

 

 

 

(12,513

)

Repayment of notes payable - related party

 

 

-

 

 

 

(250,000

)

Net Cash provided by (used in) Financing Activities

 

 

5,158,893

 

 

 

(297,140

)

 

 

 

 

 

 

 

Net change in cash

 

 

523,478

 

 

 

(3,291,197

)

Cash, beginning of period

 

 

2,295,259

 

 

 

13,710,845

 

Cash, end of period

 

$

2,818,737

 

 

$

10,419,648

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

Cash paid for interest

 

$

48,402

 

 

$

1,949

 

Cash paid for taxes

 

$

-

 

 

$

-

 

 

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