CAPE CANAVERAL, Fla., May 13, 2022–(BUSINESS WIRE)–Sidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection, today announced recent company highlights and financial results for the first quarter ended March 31, 2022.
Q1 2022 Financial Highlights:
- Revenue increased to $1,799,335 for the three months ended March 31, 2022 from $153,136 in the comparable period of 2021, an increase of 1075%. This was driven by growth in number of customers and significant growth in the size of contracts.
- Gross Profit increased to $978,337 for the three months ended March 31, 2022 from a loss of $134,540 in the comparable period of 2021. This was primarily attributable to the increase in revenue and decrease in labor intensive contracts and an increase in our higher margin Satellite-as-a-Service business line.
- Operating Expenses increased to $3,242,783 for the three months ended March 31, 2022 compared to $385,174 for the three months ended March 31, 2021. This was primarily the result of the expansion of staff, the leasing of more space for expansion and a one-time non-cash expense of $1.2M.
- As of March 31, 2022, the Company had $10.4 million in cash.
March 31, 2022 Operational Highlights and Recent Developments
- We announced the upcoming launch of the LizzieSat™ aboard a NASA Commercial Resupply Services (CRS) rocket (wherein SpaceX and Northrop Grumman are contracted to launch to the orbiting laboratory). LizzieSat™ is scheduled and expected to be delivered to the International Space Station (ISS) later this year.
- We announced the successful completion of the LizzieSat™ (LS) Preliminary Design Review (PDR). A PDR ensures the design and basic system architecture are complete and that there is technical confidence the capability need can be satisfied within cost and schedule goals. A successful PDR means that a satellite is on track and development is progressing as planned.
- Over the last three months we rounded out our executive leadership team with the hiring of three key individuals with highly relevant industry experience including positions with Lockheed Martin, NASA, Blue Origin and others. These individuals include John Curry as Chief Mission Operations Officer, Teresa Burchfield as Chief Financial Officer and Gerry Schaafsma as Chief Sales and Revenue Officer.
- We continue to manufacture and deliver hardware to a broad range of customers including the Department of State, the Department of Defense, Northrop Grumman, Leidos, Aegis, Teledyne Marine, Bechtel, and L3Harris in areas that include launch vehicles, satellite hardware, and autonomous underwater vehicles.
“As we delivered on previously announced contracts, our revenues increased dramatically. We believe that we are well-positioned to compete with legacy space-based data providers and other emergent providers due to our vertical integration strategy that combines rapid production with flexible technology insertion points. While readying for launching numerous satellites over the next 12-24 months, we anticipate our backlog to continue to increase. The company, built on years of experience manufacturing for commercial, military and government customers, has positioned itself to become one of the leading companies in the low earth orbit (LEO) satellite industry. We believe the LizzieSat constellation of satellites will level the playing field by bringing space down to earth for everyone and making access easier for all consumers,” commented Carol Craig, Founder and CEO of Sidus Space.
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, 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.
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