Department of Defense Extends Sidus Space and L3Harris’ Mentor-Protégé Program for a Second Year

Rhea-AI Summary

Sidus Space (NASDAQ: SIDU), a satellite and data service company, announced the extension of its Department of Defense (DoD) Mentor-Protégé Program with L3Harris Technologies (NYSE:LHX) for a second year. This program, which aims to foster partnerships between established defense contractors and smaller emerging businesses, will now continue until March 31, 2025. Carol Craig, Founder and CEO of Sidus Space, expressed enthusiasm about deepening the relationship with L3Harris, particularly in supporting government customers. Both companies are located on Florida’s Space Coast, a location seen as beneficial for strengthening their partnership.

Positive

• DoD Mentor-Protégé Program extension improves Sidus Space's credibility and alignment with established defense contractors.
• Extended partnership with L3Harris Technologies until March 31, 2025, providing long-term collaboration and stability.
• Enhanced opportunities to support government customers, potentially increasing revenue streams.
• Both companies are strategically located on Florida’s Space Coast, facilitating close collaboration.

Negative

• No new financial figures or projections were provided, leaving uncertainty about the immediate financial impact.
• Dependence on the DoD program and L3Harris may pose risks if the program's dynamics or partnership terms change adversely.

CAPE CANAVERAL, Fla.--(BUSINESS WIRE)-- Sidus Space, Inc. (NASDAQ: SIDU) (the “Company” or “Sidus”), a multi-faceted Space and Data-as-a-Service satellite company, today announced its Department of Defense (DoD) Mentor-Protégé Program (MPP) relationship with L3Harris Technologies (NYSE:LHX) is extended for an additional year.

The DoD Mentor-Protégé Program was designed to foster partnerships between established defense contractors and smaller, emerging businesses, to help them expand their footprint in the defense industry.

"We had a successful year in the program with L3Harris, and are eager to deepen our partnership, focused on supporting government customers,” said Carol Craig, Founder and CEO of Sidus Space. “The L3Harris Space and Airborne Systems segment and Sidus Space are both located on Florida’s Space Coast which we see as advantageous for further strengthening our relationship.”

The Sidus-L3Harris MPP agreement was extended through March 31, 2025.

About Sidus Space

Sidus Space (NASDAQ: SIDU) is a multi-faceted Space and Data-as-a-Service satellite 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 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. More than just a “Satellite-as-a-Service” provider, Sidus Space’s products and services are offered through its four business units: Space and Defense Hardware Manufacturing, Satellite Manufacturing and Payload Integration, Space-Based Data Solutions, and AI/ML Products and Services to support customers 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. 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, 2023, 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.

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Source: Sidus Space, Inc.

FAQ

What is the latest announcement from Sidus Space (NASDAQ: SIDU)?

Sidus Space announced the extension of their DoD Mentor-Protégé Program with L3Harris Technologies for an additional year, now continuing through March 31, 2025.

What does the DoD Mentor-Protégé Program involve for Sidus Space?

The program fosters partnerships between established defense contractors like L3Harris and smaller businesses like Sidus Space to help them expand their footprint in the defense industry.

What are the benefits of Sidus Space's partnership with L3Harris Technologies?

The partnership enhances Sidus Space's credibility, offers long-term collaboration stability, and provides opportunities to support government customers.

How long has the DoD extended the Sidus Space and L3Harris Mentor-Protégé Program?

The program has been extended until March 31, 2025.

Where are Sidus Space and L3Harris Technologies located?

Both companies are located on Florida’s Space Coast, which is seen as advantageous for strengthening their partnership.