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Sidus Space Enters Pivotal Year Building on a Strong Foundation of Achievements in 2022
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Sidus Space, Inc. (NASDAQ:SIDU) has released a letter from CEO Carol Craig, reflecting on the company's first year as a publicly traded entity. The company reported remarkable year-over-year growth, with revenue increasing over 450% and gross profit up 821% in the first nine months of 2022 compared to 2021. Key achievements include new contracts, a pivotal launch preparation for LizzieSat-1, and international expansion, positioning Sidus for a transformational 2023. The focus remains on profitability while scaling operations to meet increasing demand.
Positive
Year-over-year revenue growth of over 450% and gross profit increase of 821% in the first nine months of 2022 compared to 2021.
Secured new purchase orders worth $4.27 million in the manufacturing segment during 2022.
Selected as a subcontractor by Collins Aerospace for a part of the $3.5 billion xEVAS contract.
Preparation for the pivotal LizzieSat-1 launch with executed agreements for key systems.
Negative
None.
CAPE CANAVERAL, Fla.--(BUSINESS WIRE)--
Sidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service company focused on mission-critical hardware manufacturing combined with commercial satellite design, manufacture, launch, and data collection, is pleased to release a letter to shareholders from its Founder and Chief Executive Officer, Carol Craig, reflecting on its first year as a publicly traded company.
Strengthening its position as an end-to-end full stack solutions provider for the $1 trillion space economy, while accelerating the implementation of its Space-as-a-Service strategy throughout the year, Sidus continued to expand products and services to customers globally. Year-over-year revenue growth and gross profit in the first nine months of 2022 was more than 450% and 821%, respectively, as compared to the first nine months of 2021.
The Company’s many achievements lay the groundwork for a transformational 2023. Among its accomplishments were:
Expanding Mission-Critical Hardware Manufacturing Business including being selected as a subcontractor to Collins Aerospace in its award of part of the $3.5 billion Exploration Extravehicular Activity (xEVAS) contract, expanding our relationship with Parsons and Teledyne Marine, and more.
Our manufacturing segment generated $4.27 million in new purchase orders during 2022. Sidus began its business in the manufacturing segment and, today, it remains an important revenue stream that defines our Space-as-a-Service offering, rounding out our vertically integrated capabilities.
New Contracts, Partnerships, and MOUs Propel Space-as-a-Service Offerings including integration of technologies and payloads onto LizzieSat™.
Preparation for Pivotal LizzieSat-1 Launch including executing on agreements for key systems launch agreements and in-orbit technologies in pursuit of developing a consistent launch cadence moving forward that enables us to meet the robust demand for our services.
Accelerating International Expansion including announcing plans to open a new office in the Netherlands and partnerships with GTM Advanced Structures and Dawn Aerospace, along with sharing capabilities and hosting international delegations to highlight our emerging capabilities.
“The foundational progress made in 2022 is aligned with our strategic roadmap for growth and, building on these powerful achievements, I believe our team has positioned Sidus Space for a transformational 2023,” said Carol Craig, Founder and CEO of Sidus Space. “We remain committed to prioritizing progress toward profitability and creating value for our shareholders as we continue to scale up to meet increasing demand.”
About Sidus Space
Sidus Space (NASDAQ: SIDU), 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. 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, 2021, 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.
