Sidus Space Reports Full-Year 2024 Financial Results and Provides Business Updates
“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
Highlights:
-
Raised
of funding$37 million -
Ended 2024 with a cash balance of
positioning Sidus for growth and optimal servicing of space-related backlog and pipeline$15.7 million
-
Ended 2024 with a cash balance of
- 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 and45% less than LizzieSat™-1 - Each satellite included greater capabilities and improved performance over prior satellite
-
LizzieSat™-2 total cost
- 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
Cost of revenue increased
Gross profit for the twelve months ended December 31, 2024, decreased
Selling, general, and administrative expenses for the twelve months ended December 31, 2024, totaled approximately
Adjusted EBITDA loss, a non-GAAP measure, for the twelve months ended December 31, 2024, totaled
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
Balance Sheet:
As of December 31, 2024, the Company had
Current assets increased by approximately
Current liabilities increased by approximately
Conference Call and Webcast
Event: |
Sidus Space Fourth Quarter and Full-Year 2024 Financial Results Conference Call |
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Date: |
Monday, March 31, 2025 |
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Time: |
5:00 p.m. Eastern Time |
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Live Call: |
+ 1-877-269-7751 ( |
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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 (
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
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 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250331657671/en/
Investor Relations
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Source: Sidus Space