Sidus Space Reflects on a Transformative 2024 and Prepares for Continued Growth in 2025

Rhea-AI Summary

Sidus Space (NASDAQ: SIDU) reported significant achievements in 2024, including successful launches of LizzieSat™-1 in March and LizzieSat™-2 in December. The company secured notable contracts, including a $2 million deal with Craig Technologies and a subcontract on a $30M NASA Lunar Terrain Vehicle Services project. Key developments include being selected to build lunar fleet spacecraft for Lonestar Data Holdings and obtaining FCC approval for operating a micro-constellation in Low Earth Orbit.

The company strengthened its position through strategic partnerships, including establishing 'Sidus Arabia' and collaborating with Reflex Aerospace. Sidus secured $37 million in funding and expanded its intellectual property portfolio to 11 granted patents. Looking ahead to 2025, the company plans to launch LizzieSat™-3 in Q1 and continue developing new products, including a VPX On-Board Computer.

Positive

• Successfully launched two satellites (LizzieSat™-1 and LizzieSat™-2) in 2024
• Secured $37 million in funding over 12 months
• Won $2 million contract from Craig Technologies
• Obtained FCC approval for LEO satellite constellation operation
• Expanded patent portfolio to 11 granted patents and 10 pending applications
• Secured subcontract on $30M NASA Lunar Terrain Vehicle Services project

Negative

• None.

Insights

Financial Analyst

Sidus Space's 2024 performance demonstrates mixed operational progress but concerning financial metrics. While securing $37 million in funding and a $2 million Navy contract shows capital access, the micro-cap valuation of $43.7 million suggests significant market skepticism. The successful launches of LizzieSat™-1 and 2 represent technical achievements, but revenue generation and profitability metrics remain critical concerns.

The Lonestar Data Holdings exclusive contract and FCC approval for additional satellites (LizzieSat™2-5) provide future revenue potential. However, the company's ability to scale while managing cash burn requires careful monitoring. The strategic partnerships, especially in Saudi Arabia and Europe, could unlock new market opportunities but execution risks remain high in the competitive space sector.

Space Technology Expert

The technical achievements in 2024 are noteworthy, particularly the successful deployment of two LizzieSat™ platforms and the demonstration of on-orbit AI processing capabilities through FeatherEdge™. The integration of Iridium-enabled technology and development of LVDS switch card shows strategic technical evolution. The intellectual property portfolio expansion to 11 granted patents and 10 pending applications strengthens their competitive moat.

The NASA Artemis Campaign involvement through the Moon RACER team subcontract and the Netherlands Organization's laser communication satellite project demonstrate technical credibility. However, the space industry's high failure rates and intense competition from well-funded competitors pose significant challenges for small-cap players like Sidus.

Market Research Analyst

The space industry market dynamics present both opportunities and challenges for Sidus. The company's pivot toward data services and hosted payloads aligns with growing market demand, particularly in remote sensing and space-based data storage. The strategic positioning in Saudi Arabia through "Sidus Arabia" could tap into the emerging Middle Eastern space market.

However, the company faces intense competition from established players and well-funded startups. The Q1 2025 planned launch of LizzieSat™-3 will be important for demonstrating consistent execution capability. While the diversification across commercial, government and defense sectors reduces market risk, the company needs to show clear path to sustainable revenue growth to justify investment at current valuations.

Major milestones, successful launches and expanding on-orbit capabilities highlight a successful year for the innovative space mission enabler

CAPE CANAVERAL, Fla.--(BUSINESS WIRE)-- Sidus Space (NASDAQ: SIDU), an innovative and agile space mission enabler, today announced a year of significant achievements in 2024, marking a period of transformative growth and strategic milestones. With key launches, groundbreaking partnerships and expanding customer relationships, we believe Sidus is well-positioned to continue delivering innovative solutions and scalable data services in 2025.

Key Highlights from 2024:

• Successfully launched LizzieSat™-1 in March and LizzieSat™-2 in December, establishing Sidus’ micro-constellation for hosted payloads and delivering near real-time solutions for our customers’ mission critical needs.
• Selected to exclusively design and build the first-generation lunar fleet of Data Storage Spacecraft for Lonestar Data Holdings, a provider of premium data storage and Resiliency-as-a-Service (RAAS), which reinforces the adaptability of the LizzieSat™ platform.
• Obtained FCC approval to operate a micro constellation of remote sensing, multi-mission satellites in Low Earth Orbit (LEO) (LizzieSat™2-5), positioning the company for continued growth.

In addition, Sidus made significant progress on its strategic initiatives including growing its customer base, expanding key partnerships, delivering performance excellence, driving innovation and strengthening its capital position, board and leadership team.

Growing Customer Base Across Multiple Business Areas

• Integrated HEO Holmes Imager aboard LizzieSat™-2 and secured follow-on agreement for payload hosting and data services for LizzieSat™-3.
• Secured contract with Xiomas Technologies to supply FeatherEdge™ computing system for fire detection via high-altitude infrared imaging.
• Awarded $2 million contract from Craig Technologies to manufacture two fleet interactive display equipment (FIDE) pre-production unit main panels for U.S. Navy Propulsion systems.
• Awarded subcontract on the $30M Intuitive Machines-led Moon RACER team for the NASA Lunar Terrain Vehicle Services (LTVS) contract in support of the Agency’s Artemis Campaign.

Expanding Key Partnerships

• Signed an MOU with NamaSys Bahrain to establish “Sidus Arabia,” a Joint Venture headquartered in Saudi Arabia, to develop a satellite manufacturing facility and pursue joint initiatives.
• Enhanced Sidus’ sales reach by executing a partnership agreement with Orbital Transports for global market expansion.
• Extended partnership as protégé with L3Harris under Department of Defense Mentor-Protégé Program.
• Signed agreement with Neuraspace to provide space traffic management and LEOP (Launch and Early Operations) support services, enhancing Sidus’ constellation operation capabilities.
• Announced strategic partnership with Reflex Aerospace, a cutting-edge European satellite manufacturing startup, to deliver flexible, cost-effective, and high-performance solutions to meet diverse customer needs while strengthening the presence in global markets.

Delivering Performance Excellence

• Successfully achieved the primary objectives of the Autonomous Satellite Technology for Resilient Application (ASTRA) historic in-space payload mission with NASA Stennis Space Center and secured follow-on contract for additional ASTRA support.
• Capitalizing on LizzieSat™-1 on-orbit processing capabilities, successfully demonstrated an AI enhanced, thermal sensing, firefighting software solution
• Completed the critical design review for LizzieSat™ NL, a laser communication satellite contracted by The Netherlands Organization.
• Demonstrated manufacturing excellence by producing and delivering thousands of unique parts to 14 customers across commercial, government and defense sectors, reinforcing Sidus’ role as a trusted provider of mission-critical hardware.

Driving Innovation

• Successfully demonstrated FeatherEdge™ AI solution on LizzieSat™-1, showcasing the ability to process large sets of raw data directly on orbit, delivering only relevant information to end users. This achievement significantly reduces downlink costs and enhances response times critical to customer applications.
• Announced upgrade to LizzieSat™ communication system to integrate Iridium-enabled technology into future satellites.
• Strengthened intellectual property portfolio with the approval of new patents and the publication of a patent application protecting enhanced functionality of the LizzieSat™ Modular Satellite Platform System. Sidus now holds 11 granted patents and 10 pending applications.
• Developed the Sidus low voltage differential signaling (LVDS) switch card, which extends the capabilities of the payload processor, enabling communication with multiple optical sensors through high speed LVDS data connections.

Strengthening Capital Position

• Secured $37 million in funding in the last 12 months.

Looking Ahead to 2025

Building on the momentum achieved in 2024, Sidus is strategically positioned to expand its customer base while consistently delivering excellence in performance and fostering innovation.

Sidus is set to launch LizzieSat™-3 no earlier than Q1 2025, a move that will significantly enhance the company's data capabilities and support a variety of applications across government, defense, intelligence and commercial sectors. Furthermore, the company expects to continue rolling out new products, including a VPX On-Board Computer (OBC), leveraging its manufacturing and technology expertise to address critical space supply chain challenges. These initiatives will further Sidus’ mission of Space Access Reimagined™, providing flexible and cost-effective solutions to an expanding global customer base.

“Our accomplishments in 2024 represent the foundation of a bright future for Sidus Space,” said Carol Craig, CEO of Sidus. “We’ve demonstrated the adaptability and scalability of our solutions, expanded our constellation and strengthened key partnerships. As we transition into 2025, we remain committed to pushing the boundaries of what’s possible in space while delivering innovative, real-time data services to our customers.”

About Sidus Space

Sidus Space (NASDAQ: SIDU) is a space mission enabler providing flexible, cost-effective solutions including custom satellite design, payload hosting, mission management, space manufacturing, and AI-enhanced space-based sensor data-as-a-service. 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, 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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Sidus Investor Relations

investorrelations@sidusspace.com

Sidus Media Inquiries

press@sidusspace.com

Source: Sidus Space

FAQ

What major satellite launches did Sidus Space (SIDU) achieve in 2024?

Sidus Space successfully launched LizzieSat™-1 in March 2024 and LizzieSat™-2 in December 2024, establishing their micro-constellation for hosted payloads.

How much funding did Sidus Space (SIDU) secure in 2024?

Sidus Space secured $37 million in funding over the last 12 months of 2024.

When is Sidus Space (SIDU) planning to launch LizzieSat™-3?

Sidus Space plans to launch LizzieSat™-3 no earlier than Q1 2025.

What is the value of the Craig Technologies contract awarded to Sidus Space (SIDU)?

Sidus Space was awarded a $2 million contract from Craig Technologies to manufacture two fleet interactive display equipment pre-production unit main panels for U.S. Navy Propulsion systems.

How many patents does Sidus Space (SIDU) currently hold?

Sidus Space holds 11 granted patents and has 10 pending patent applications.

What is the Sidus Arabia joint venture announced by SIDU in 2024?

Sidus Arabia is a joint venture with NamaSys Bahrain, headquartered in Saudi Arabia, established to develop a satellite manufacturing facility and pursue joint initiatives.