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Sidus Space Reports Full-Year 2024 Financial Results and Provides Business Updates

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Sidus Space (NASDAQ: SIDU) reported its full-year 2024 financial results, marking a transition from space manufacturing to a space technology and AI company. The company now has three LizzieSat satellites in orbit, with LizzieSat-3 launched in March 2025 at 45% lower cost than the initial satellite.

Key financial metrics for 2024:

  • Revenue decreased 22% to $4.7 million
  • Gross profit declined to a loss of $1.5 million
  • Net loss increased to $17.5 million
  • Cash balance improved to $15.7 million

Notable achievements include raising $37 million in funding, receiving FCC approval for a micro constellation in LEO, completing critical design review for LizzieSat NL, and launching the Sidus Orlaith™ AI ecosystem capable of 100 Trillion Operations per Second. The company also established strategic partnerships and expanded its physical presence with a West Coast office.

Sidus Space (NASDAQ: SIDU) ha riportato i risultati finanziari dell'anno intero 2024, segnando una transizione da produttore di spazio a azienda di tecnologia spaziale e intelligenza artificiale. L'azienda ha ora tre satelliti LizzieSat in orbita, con il LizzieSat-3 lanciato a marzo 2025 a un costo inferiore del 45% rispetto al satellite iniziale.

Metriche finanziarie chiave per il 2024:

  • I ricavi sono diminuiti del 22% a $4,7 milioni
  • Il profitto lordo è sceso a una perdita di $1,5 milioni
  • La perdita netta è aumentata a $17,5 milioni
  • Il saldo di cassa è migliorato a $15,7 milioni

Tra i risultati notevoli ci sono stati il reperimento di $37 milioni in finanziamenti, l'approvazione della FCC per una micro costellazione in LEO, il completamento della revisione critica del design per LizzieSat NL e il lancio dell'ecosistema AI Sidus Orlaith™ capace di 100 trilioni di operazioni al secondo. L'azienda ha anche stabilito partnership strategiche ed espanso la sua presenza fisica con un ufficio sulla costa occidentale.

Sidus Space (NASDAQ: SIDU) informó sobre sus resultados financieros de todo el año 2024, marcando una transición de la fabricación espacial a una empresa de tecnología espacial e inteligencia artificial. La compañía ahora tiene tres satélites LizzieSat en órbita, con el LizzieSat-3 lanzado en marzo de 2025 a un costo un 45% inferior al del satélite inicial.

Métricas financieras clave para 2024:

  • Los ingresos disminuyeron un 22% a $4.7 millones
  • El beneficio bruto cayó a una pérdida de $1.5 millones
  • La pérdida neta aumentó a $17.5 millones
  • El saldo en efectivo mejoró a $15.7 millones

Logros notables incluyen la recaudación de $37 millones en financiamiento, la aprobación de la FCC para una microconstelación en LEO, la finalización de la revisión crítica del diseño para LizzieSat NL y el lanzamiento del ecosistema AI Sidus Orlaith™ capaz de 100 billones de operaciones por segundo. La empresa también estableció asociaciones estratégicas y amplió su presencia física con una oficina en la costa oeste.

Sidus Space (NASDAQ: SIDU)는 2024년 전체 재무 결과를 보고하며 우주 제조업체에서 우주 기술 및 인공지능 회사로의 전환을 알렸습니다. 현재 회사는 궤도에 3개의 LizzieSat 위성이 있으며, LizzieSat-3는 초기 위성보다 45% 낮은 비용으로 2025년 3월에 발사되었습니다.

2024년 주요 재무 지표:

  • 수익이 22% 감소하여 470만 달러에 달함
  • 총 이익이 150만 달러의 손실로 감소함
  • 순손실이 1750만 달러로 증가함
  • 현금 잔고가 1570만 달러로 개선됨

주요 성과로는 3700만 달러의 자금 조달, LEO의 마이크로 별자리에 대한 FCC 승인, LizzieSat NL의 중요한 설계 검토 완료, 초당 100조 번의 작업이 가능한 Sidus Orlaith™ AI 생태계의 출시가 포함됩니다. 또한 회사는 전략적 파트너십을 구축하고 서부 해안에 사무소를 확장했습니다.

Sidus Space (NASDAQ: SIDU) a annoncé ses résultats financiers pour l'année complète 2024, marquant une transition d'une entreprise de fabrication spatiale à une entreprise de technologie spatiale et d'intelligence artificielle. La société dispose maintenant de trois satellites LizzieSat en orbite, le LizzieSat-3 ayant été lancé en mars 2025 à un coût inférieur de 45% par rapport au satellite initial.

Principales mesures financières pour 2024 :

  • Les revenus ont diminué de 22% pour atteindre 4,7 millions de dollars
  • Le bénéfice brut a chuté à une perte de 1,5 million de dollars
  • La perte nette a augmenté à 17,5 millions de dollars
  • Le solde de trésorerie s'est amélioré à 15,7 millions de dollars

Parmi les réalisations notables, on trouve la levée de 37 millions de dollars de fonds, l'approbation de la FCC pour une micro-constellation en LEO, l'achèvement de l'examen critique de conception pour LizzieSat NL et le lancement de l'écosystème AI Sidus Orlaith™ capable de 100 trillions d'opérations par seconde. L'entreprise a également établi des partenariats stratégiques et élargi sa présence physique avec un bureau sur la côte ouest.

Sidus Space (NASDAQ: SIDU) hat seine Finanzzahlen für das gesamte Jahr 2024 veröffentlicht und damit den Übergang von einem Raumfahrtproduzenten zu einem Unternehmen für Raumfahrttechnologie und KI markiert. Das Unternehmen hat jetzt drei LizzieSat-Satelliten im Orbit, wobei LizzieSat-3 im März 2025 zu 45% niedrigeren Kosten als der ursprüngliche Satellit gestartet wurde.

Wichtige Finanzkennzahlen für 2024:

  • Der Umsatz fiel um 22% auf 4,7 Millionen US-Dollar
  • Der Bruttogewinn sank auf einen Verlust von 1,5 Millionen US-Dollar
  • Der Nettoverlust stieg auf 17,5 Millionen US-Dollar
  • Der Kassenbestand verbesserte sich auf 15,7 Millionen US-Dollar

Bemerkenswerte Erfolge umfassen die Beschaffung von 37 Millionen US-Dollar an Finanzmitteln, die Genehmigung der FCC für eine Mikro-Konstellation in LEO, den Abschluss der kritischen Entwurfsüberprüfung für LizzieSat NL und den Start des Sidus Orlaith™ KI-Ökosystems, das in der Lage ist, 100 Billionen Operationen pro Sekunde durchzuführen. Das Unternehmen hat auch strategische Partnerschaften aufgebaut und seine physische Präsenz mit einem Büro an der Westküste ausgeweitet.

Positive
  • Raised $37 million in funding, strengthening cash position to $15.7 million
  • Successfully launched three LizzieSat satellites with 45% cost reduction for latest launch
  • Received FCC approval for micro constellation and space-to-space data relay capability
  • Launched advanced Orlaith AI ecosystem for space-rated processing
  • Demonstrated significant cost efficiency improvements in satellite manufacturing
Negative
  • Revenue decreased 22% to $4.7 million in 2024
  • Gross profit turned negative to -$1.5 million loss
  • Net loss increased to $17.5 million from $14.3 million
  • Cost of revenue increased 42% to $6.1 million
  • Adjusted EBITDA loss widened to $12.9 million

Insights

Sidus Space's 2024 results reveal a company in strategic transition with mixed financial performance. Revenue declined 22% to $4.7 million, while cost of revenue increased 42%, resulting in a gross loss of $1.5 million compared to a $1.6 million profit in 2023. The negative 31% gross margin reflects the company's deliberate pivot from component manufacturing to higher-margin satellite and data businesses.

The $17.5 million net loss (up from $14.3 million) warrants scrutiny, but Sidus significantly strengthened its financial position by raising $37 million and ending 2024 with $15.7 million cash (versus $1.2 million YoY). This provides substantial runway for their strategic transformation.

Most encouraging is Sidus' demonstrated operational progress and cost optimization. They've built and launched three satellites in 12 months, with each iteration showing marked cost improvements - LizzieSat-3 costs 45% less than the first satellite. The FCC approvals for their constellation and data relay capabilities, alongside strategic partnerships like Lonestar Data Holdings, validate their technology approach.

Their shift to higher-margin data and satellite manufacturing represents a more focused business model. The transition currently impacts financials negatively but positions the company for potential margin expansion if they can successfully scale their proprietary satellite constellation and AI-powered data services.

CAPE CANAVERAL, Fla.--(BUSINESS WIRE)-- Sidus Space (NASDAQ: SIDU) (the “Company” or “Sidus”), an innovative, agile space mission enabler, announced its financial results for the fourth quarter and full-year ended December 31, 2024, and provided a business update. The Company is scheduled to host a conference call and webcast today, Monday, March 31, at 5:00 p.m. ET.

“2024 was a defining year for Sidus - a year in which we validated our technology, expanded our constellation, grew our customer base, and secured key strategic contracts and partnerships that position us for growth and long-term success,” said Carol Craig, Sidus Chairwoman and CEO. “In the past twelve months, Sidus has evolved from a space manufacturing and services company into a full-fledged space technology and AI company, focused on delivering mission-critical, AI-powered space data solutions with three LizzieSat satellites, designed and manufactured by Sidus, now in orbit.”

Sidus’ LizzieSat®-3 (“LS-3”), launched in March of 2025, was designed, developed, manufactured and launched at a 45% lower cost than the cost of the initial satellite launched just over twelve months prior, demonstrating Sidus’ ability to continue to achieve capital efficiency. In less than two hours from deployment of LS-3, communication and control of the spacecraft was established demonstrating the benefits of Sidus’ rich space heritage and expertise.

Highlights:

  • Raised $37 million of funding
    • Ended 2024 with a cash balance of $15.7 million positioning Sidus for growth and optimal servicing of space-related backlog and pipeline
  • Selected to exclusively design and build the first-generation lunar fleet of Data Storage Spacecraft for Lonestar Data Holdings, including digital technology
  • Launched LizzieSat® 1 and 2, followed by LizzieSat-3 in March 2025, completing three launches in just over one year
  • Granted approval by FCC for operation of a micro constellation of remote sensing, multi-mission satellites in Low Earth Orbit (LEO) (LizzieSat®-2-5)
  • Completed the critical design review for LizzieSat® NL, a laser communication satellite contracted by The Netherlands Organization
  • 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
  • Implemented SAP for manufacturing in 2024 with full integration across the organization expected in 2025
  • Expanded our physical presence with the opening of a West Coast office in El Segundo, California, so Sidus is now located in close proximity to both Eastern and Western launch sites

Subsequent Operational Highlights:

  • Received FCC approval for space-to-space data relay capability for LizzieSat® platform, which enables the ability to provide rapid direct-to-user data transfer capability and significantly reduce data latency rapid-delivery data service. Capability will be incorporated into LizzieSat®-3 and future satellites
  • Launched LizzieSat™-3 on March 15, 2025 and established communication and control of the spacecraft in less than 2 hours\
  • Announced next-generation on-orbit AI with the launch of the Sidus Orlaith™ AI ecosystem, an advanced space-rated AI processing system optimized for delivering high-performance, near real-time data analytics directly from space and is capable of 100 Trillion Operations per Second (TOPS)
  • Improved capital efficiency paving the way for margin expansion and sustained profitability
    • LizzieSat™-2 total cost 27% less than LizzieSat™-1
    • LizzieSat™-3 total cost 25% less than LizzieSat™-2 and 45% less than LizzieSat™-1
    • Each satellite included greater capabilities and improved performance over prior satellite
  • Appointed Adarsh Parekh as New Chief Financial Officer (CFO) to spearhead strategic financial initiatives

Financial Highlights for the Full Year Ending December 31, 2024:

Total revenue for the twelve months ending December 31, 2024, was approximately $4.7 million, a decrease of $1.3 million or 22% compared to total revenue for the twelve months ended December 31, 2023. This decrease highlights Sidus’ deliberate strategic shift from miscellaneous component manufacturing to higher-margin business lines of data, technology and satellite manufacturing for Sidus as well external customers.

Cost of revenue increased 42% for the twelve months ended December 31, 2024, to approximately $6.1 million as compared to approximately $4.3 million for the twelve months ended December 31, 2023. The increase was primarily driven by higher depreciation costs associated with the first satellite asset deployed in March 2024, the mix of varying contracts with higher material and labor expenses, shifts in milestone payments for our higher margin satellite related business and continued increased supply chain-related costs. Although depreciation will continue to impact cost of revenue, it should be significantly offset as we grow our high-margin satellite and data-related revenue.

Gross profit for the twelve months ended December 31, 2024, decreased 31% to a loss of approximately $1.5 million compared to a profit of approximately $1.6 million for the twelve months ended December 31, 2023. Gross profit margin was negative 31% for the full year 2024 as compared to 28% for the full year of 2023. The change was mainly driven by higher depreciation costs associated with our first satellite asset deployed in March 2024, our mix of varying contracts with higher material and labor expenses and shifts in milestone payments for our higher margin satellite related business.

Selling, general, and administrative expenses for the twelve months ended December 31, 2024, totaled approximately $14.2 million, approximately in line with the same period in the prior year. Increases to consulting services for business development, mission control expenses, fundraising expenses and board related compensation were offset by reductions in D&O insurance expense, professional fees, R&D costs and investor/public relations expenses as a result of bringing more of these functions in house.

Adjusted EBITDA loss, a non-GAAP measure, for the twelve months ended December 31, 2024, totaled $12.9 million as compared to an Adjusted EBITDA loss of $10.9 million for the same period the prior year, which represents a 19 percent reduction in our EBITDA.

Total non-GAAP adjustments for interest expense, depreciation and amortization, acquisition deal costs, severance costs, capital markets and advisory fees, equity-based compensation and warrant costs are provided in the reconciliation table below.

Net loss for the twelve months ended December 31, 2024, was $17.5 million, compared to a net loss of $14.3 million in the period of 2023.

Balance Sheet:

As of December 31, 2024, the Company had $15.7 million of cash as compared to $1.2 million on December 31, 2023, which represents an increase of $14.5 million. The increased cash balance puts Sidus in an excellent position to transition towards its core, higher-margin businesses of space manufacturing and space technology.

Current assets increased by approximately $13.0 million, or 142%, to $22.3 million as of December 31, 2024, from approximately $9.2 million as of December 31, 2023. The increase is primarily attributable to our increased cash balance.

Current liabilities increased by approximately $2.0 million, or 16%, to approximately $14.2 million as of December 31, 2024, from approximately $12.2 million as of December 31, 2023. The increase was attributable to an increase in the asset-based loan liability partially offset by a decrease in accounts payable and other current liabilities.

Conference Call and Webcast

Event:

 

Sidus Space Fourth Quarter and Full-Year 2024 Financial Results Conference Call

Date:

 

Monday, March 31, 2025

Time:

 

5:00 p.m. Eastern Time

Live Call:

 

+ 1-877-269-7751 (U.S. Toll-Free) or +1-201-389-0908 (International)

Webcast:

 

https://viavid.webcasts.com/starthere.jsp?ei=1713157&tp_key=bb48ee1294

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Monday, April 15, 2025, at 11:59 P.M. ET and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay access ID: 13752638. 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 space mission enabler providing flexible, cost-effective solutions, including custom satellite design, payload hosting, mission management, AI-enhanced space-based sensor data-as-a-service and space manufacturing. 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.

For more information, visit: https://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.

NON-GAAP MEASURES

To provide investors with additional information in connection with our results as determined in accordance with GAAP, we use non-GAAP measures of adjusted EBITDA. We use adjusted EBITDA in order to evaluate our operating performance and make strategic decisions regarding future direction of the company since it provides a meaningful comparison to our peers using similar measures. We define adjusted EBITDA as net income (as determined by U.S. GAAP) adjusted for interest expense, depreciation and amortization expense, acquisition deal costs, severance costs, capital market and advisory fees, equity-based compensation and warrant costs. These non-GAAP measures may be different from non-GAAP measures made by other companies since not all companies will use the same measures. Therefore, these non-GAAP measures should not be considered in isolation or as a substitute for relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis.

SUMMARY FINANCIAL RESULTS

The following table provides certain selected financial information for the full year ended December 31, 2024 and 2023:

 

 

Twelve Months Ended

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2024

 

2023

 

Change

 

%

Revenue

 

$

4,672,646

 

 

$

5,962,785

 

 

$

(1,290,139

)

 

 

(22

)%

Cost of revenue

 

 

6,141,657

 

 

 

4,321,482

 

 

 

1,820,175

 

 

 

42

%

Gross Profit (Loss)

 

 

(1,469,011

)

 

 

1,641,303

 

 

 

(3,110,314

)

 

 

(190

)%

Gross Profit Percentage

 

 

(31

)%

 

 

28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general & administrative expense

 

 

14,249,870

 

 

 

14,166,617

 

 

 

83,253

 

 

 

1

%

Other expense

 

 

(1,805,175

)

 

 

(1,803,034

)

 

 

(2,141

)

 

 

0

%

Net loss

 

$

(17,524,056

)

 

$

(14,328,348

)

 

$

(3,195,708

)

 

 

22

%

The following table reconciles adjusted EBITDA to net loss (the most comparable GAAP measure) for the full year ended December 31, 2024 and 2023:

 

 

Twelve Months Ended

 

 

 

 

 

 

December 31,

 

 

 

 

 

 

2024

 

2023

 

Change

 

%

Net Income / (Loss)

 

$

(17,524,056

)

 

$

(14,328,348

)

 

$

(3,195,708

)

 

 

22

%

Interest Expense (i)

 

 

1,306,252

 

 

 

903,136

 

 

 

403,116

 

 

 

45

%

Depreciation and Amortization (ii)

 

 

2,171,873

 

 

 

217,107

 

 

 

1,954,766

 

 

 

900

%

Acquisition Deal Costs (iii)

 

 

-

 

 

 

220,632

 

 

 

(220,632

)

 

 

-100

%

Capital raise expense (iv)

 

 

805,322

 

 

 

927,875

 

 

 

(122,553

)

 

 

-13

%

Warrant costs underwriter (v)

 

 

-

 

 

 

917,848

 

 

 

(917,848

)

 

 

-100

%

Severance Costs

 

 

22,201

 

 

 

147,222

 

 

 

(125,021

)

 

 

-85

%

Equity based compensation (vi)

 

 

309,736

 

 

 

104,038

 

 

 

205,698

 

 

 

198

%

Total Non-GAAP Adjustments

 

 

4,615,384

 

 

 

3,437,858

 

 

 

1,177,526

 

 

 

34

%

Adjusted EBITDA

 

 

(12,908,672

)

 

 

(10,890,490

)

 

 

(2,018,182

)

 

 

19

%

The following table provides selected financial data about Sidus’ Liquidity and Capital Resources as of December 31, 2024, and December 31, 2023:

 

 

December 31,

 

December 31,

 

 

 

 

 

 

2024

 

2023

 

Change

 

%

Current assets

 

$

22,252,552

 

 

$

9,202,310

 

 

$

13,050,242

 

 

 

142

%

Current liabilities

 

$

14,209,502

 

 

$

12,219,356

 

 

$

1,990,146

 

 

 

16

%

Working capital (deficiency)

 

$

8,043,050

 

 

$

(3,017,046

)

 

$

11,060,096

 

 

 

(367

)%

 
 

 

Investor Relations

investorrelations@sidusspace.com

Media Inquiries

press@sidusspace.com

Source: Sidus Space

FAQ

What was Sidus Space (SIDU) revenue and net loss for full-year 2024?

SIDU reported revenue of $4.7 million (22% decrease) and a net loss of $17.5 million for full-year 2024.

How much did SIDU reduce costs for LizzieSat-3 compared to previous satellites?

LizzieSat-3 was manufactured at 45% lower cost than the initial satellite, with LizzieSat-2 costing 27% less than LizzieSat-1.

What is the cash position of Sidus Space (SIDU) as of December 31, 2024?

SIDU ended 2024 with a cash balance of $15.7 million, up from $1.2 million in 2023.

What are the capabilities of SIDU's new Orlaith AI ecosystem?

The Orlaith AI ecosystem is a space-rated AI processing system capable of 100 Trillion Operations per Second, delivering near real-time data analytics from space.

How many LizzieSat satellites does SIDU currently have in orbit?

SIDU has three LizzieSat satellites in orbit, with LizzieSat-3 launched in March 2025.
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