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 sidus@kcsa.com.
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
$
-
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231114659215/en/
Investor Relations Valter Pinto or Jack Perkins KCSA
Strategic Communications sidus@kcsa.com (212) 896-1254
Media Pam Davis Sidus Space mediateam@sidusspace.com
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