CAPE CANAVERAL, Fla.–(BUSINESS WIRE)– Sidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection, announced yesterday financial results for the year ended December 31, 2022 and provided company business updates. Sidus will webcast a conference call to discuss the results today at 9:00 am Eastern Time. The webcast is available on Sidus’ Investor Relations website at https://investors.sidusspace.com. A replay of the call will be available on the site for three months.
“We delivered a strong year of revenue growth while making progress on strategic initiatives as we move to expand our offering into the growing small satellite and earth observation data market, which is expected to yield recurring revenue streams and stronger margins over time,” said Teresa Burchfield, Chief Financial Officer of Sidus Space. “In 2022, we laid a strong foundation for a milestone year ahead. Our team delivered results on multiple key initiatives and accelerated the implementation of our Space-as-a-Service strategy throughout the year as we continued to expand our products and services to customers globally. Our many accomplishments helped to drive year-over-year revenue growth by over 400% relative to 2021.”
“We are pleased to have expanded existing relationships and created new ones for our space and defense manufacturing business line while also advancing our progress toward launching LizzieSat™ . This included securing multiple launches with SpaceX, integrating propulsion technology from Dawn Aerospace to allow us to extend LizzieSat’s time in orbit, and implementing Artificial Intelligence (AI) solution strategies both in orbit and on the ground. Our efforts further support our expectations related to delivering on our future value proposition of providing space-based data to a multitude of industries. The combination of a rapid revisit rate satellite constellation and onboard high performance edge AI computing is expected to enable Sidus to offer industry leading data transmission speed,” said Carol Craig, Founder and CEO of Sidus Space. “More recently, we signed a multi-million dollar agreement with The Netherlands Organization to test their laser communication technology. This is yet another example of executing on accelerating a key customer base in smaller international agencies with more limited space experience. And as we look to capitalize on commercializing this offering, we are pleased to have brought on our new Chief Commercial Officer, Eric Gillenwater.”
“With multiple LizzieSat satellites expected to be in low earth orbit (LEO) by 2026, we believe our disruptive flexible SmallSat constellation infrastructure will make space-based data more accessible for everyone including non-traditional industries. LizzieSat is a multi-mission satellite platform that supports a suite of custom sensors and customer needs, leveraging space flight-proven communications, power, navigation and computing subsystems to provide domestic and international customers with valuable data from LEO. Our fleet of LizzieSat satellites will be capable of hosting a range of sensors for a variety of customer missions and collecting data and providing actionable intelligence for multiple industries. Our team continues to fire on all cylinders as we scale up to meet increasing demand while prioritizing progress toward profitability and creating long-term value for our shareholders.”
Financial Highlights for the Year-to-Date Period Ended December 31, 2022
- Revenue increased to $7.3 million for the year ended December 31, 2022 from $1.4 million in the comparable period of 2021, an increase of 418%.
- On a year-to-date basis, the Company has generated gross profit of 20% as compared to (26%) for the previous 2021 period.
- As of December 31, 2022, the Company had $2.3 million in cash. The Company has continued to invest in expanding operations and launch contracts as well as logistics and equipment related to the development of its satellite operations.
- Subsequent to the end of the quarter, the Company closed on an underwritten public offering, generating gross proceeds of $5.2 million.
Since its last earnings update, the Company continues to take meaningful steps toward the launch of its LizzieSat™ Constellation:
- As part of an effort to expand its reach into the international market, Sidus Space was awarded a $2.5 million agreement with The Netherlands Organization for Applied Scientific Research (TNO) to deploy and test TNO’s laser communications technology aboard a Sidus’ LizzieSat™ satellite. The Company also announced plans to increase its presence in Europe by opening a new office in the Netherlands.
- The Company announced its partnership with Dutch industry leader GTM Advanced Structures (“GTM”) to integrate their space-proven solar panels into LizzieSat™..
- The Company achieved key certification and licensing milestones including receiving its National Oceanographic and Atmospheric Administration (NOAA) Tier 1 License allowing Sidus to provide global data services from its upcoming LizzieSat-1 mission and its AS9100 Rev D Certification which enhances the current AS9100 certification manufacturing scope to include engineering. Key production milestones were also met including successful completion of the Critical Design Review for LizzieSat’s integrated system architecture of the satellite bus with payloads and sensors along with implementation of the Mission Control Center and launch systems required for mission success.
- Key to accelerated expansion of Sidus’ commercial data distribution strategy and broadening of its customer base, the Company signed an agreement with SkyWatch, an industry leading satellite intelligence infrastructure firm, to utilize its TerraStream data management platform.
- The Company executed an updated agreement with SpaceX that nearly doubled contracted launches with the launch provider, providing four additional Transporter missions in 2024 and 2025 to establish a regular launch cadence for Sidus and its customers. This agreement creates multiple manifest options to meet customer mission objectives while expanding the company’s space data and imagery platform.
- The Company expanded its agreement with Exo-Space to integrate edge AI capabilities into its satellite constellation. The combination of a rapid revisit rate satellite constellation and onboard high performance edge AI computing is expected to enable Sidus to offer industry leading data transmission speed, accelerating the speed at which end users can receive intelligent analytics after image capture.
The Company continues to build key relationships with customers in its mission-critical hardware manufacturing business with two particularly significant contracts:
- The Company was selected by Bechtel Corporation to manufacture cables for the NASA Mobile Launcher 2 project.
- As part of the US Navy’s Propulsion program, the Company was selected to manufacture, assemble, test, and deliver the Maneuvering Panel trainers for the manufacturing of 13 Propulsion Plant Team Trainer Maneuvering Area Panels for Bechtel Plant Machinery, Inc. (BPMI).
About Sidus Space
Sidus Space, 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.
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. 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 discussed in Sidus Space’s Annual Report on Form 10-K for the year ended December 31, 2022, 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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Released March 16, 2023