- Revenue Increased 164% in quarter ended September 30, 2022 compared to quarter ended September 30, 2021
- Revenue increased 461% on a year-to-date basis for the period ended September 30, 2022 compared to 2021
- Gross profit increased 821% on a year-to-date basis for the period ended September 30, 2022 compared to 2021
- $30 Million Equity Line facility secured for future growth
CAPE CANAVERAL, Fla., Nov. 14, 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 financial results for the third quarter ended September 30, 2022 and provided company business updates. Sidus will webcast a conference call to discuss the results 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.
“Sidus once again grew revenue during the quarter as compared to the previous year, and we continue to make solid progress on our fiscal 2022 plan as well as a number of our strategic initiatives. With revenue growth of over 450% as compared to the same year-to-date 2021 period, we are pleased with our progress in the third quarter. We signed several new and significant contracts and partnerships, and we expect these agreements to generate future revenue streams driving increased annual recurring revenue,” said Teresa Burchfield, Sidus’ CFO.
“We saw significant progress implementing our Space-as-a-Service strategy including launch agreements for our proprietary LizzieSatTM with SpaceX, securing propulsion technology from Dawn Aerospace that will allow for more precise missions and additional time in orbit, and enabling critical space weather data collection in partnership with Mission Space. Our manufacturing division continues to expand relationships throughout the industry as represented by our continued momentum with large purchase orders,” said Carol Craig, Founder and CEO of Sidus Space. “We are excited to execute on the massive opportunity offered by the emerging space economy and are confident our vertically-integrated offerings position us well to capture significant market share. As we near our one year anniversary as a public company, I am thrilled with the acknowledgment our team is receiving as they continue to scale up to meet increasing demand for our products and services, as we prioritize progress toward profitability and creating value for our shareholders.”
Financial Highlights for the Quarter and Year-to-Date Period Ended September 30, 2022
- Revenue increased to $1.32 million for the three months ended September 30, 2022 from $500,000 in the comparable period of 2021, an increase of 164%.
- On a year-to-date basis, the Company has generated gross profit of 25% as compared to (19%) for the previous 2021 period.
- On a year-to-date basis, the Company’s cost of revenue has benefited from variation in types and lengths of contracts and an increase in its higher margin Satellite-as-a-Service business line.
- As of September 30, 2022, the Company had $4.4 million in cash. The Company has continued to invest in expanding operations and in equipment related to the satellite side of its business.
- On August 10, 2022, to further improve the Company’s balance sheet and enable the Company’s growth, the Company entered into a Common Stock Purchase Agreement that enables the Company to raise up to $30 million of additional equity as funding needs arise.
- During the quarter, the Company raised $3.54 million through the issuance of shares under the Common Stock Purchase Agreement.
The Company continues to take meaningful steps toward the inaugural launch of its LizzieSatTM Constellation:
- The Company signed a memorandum of understanding (“MOU”) with Exo-Space to integrate Exo-Space’s FeatherEdge Data Processing Platform into its hybrid 3D printed satellite, LizzieSat™. Sidus was also awarded a contract for integration and launch of Exo-Space’s artificial intelligence software technology on Earth observation satellites.
- A multi-launch agreement was signed with SpaceX for five LizzieSat rideshare missions. These 5 satellite missions will support previously announced customers that Sidus continues to layer into its pipeline.
- The Company signed an MOU with Momentus Inc. to explore launching its LizzieSat™ satellites utilizing Momentus’ Vigoride Orbital Service Vehicle (“OSV”). The MOU also seeks to foster collaboration between the two companies to use their joint capabilities to seek new opportunities together, expanding both firms’ reach.
- The Company signed a memorandum of understanding with Mission Space for a partnership for space weather intelligence data collection, which is expected to create an incremental revenue stream through the sale of this data in addition to using it for its own internal purposes.
- An agreement with Dawn Aerospace was signed to implement its green, chemical propulsion technology into LizzieSat™ to provide precision pointing and maneuvering otherwise not available to smaller cubesats. Propulsion also provides a longer life on orbit which means continued data transfer and revenue opportunity.
The Company continues to build key relationships with customers in its mission-critical hardware manufacturing business:
- The Company reported that over $1.9 million in new purchase orders were received during the quarter for space and defense hardware and services indicating sustained growth in this revenue stream.
- Sidus announced that it will continue producing hardware to support Parsons Corporation’s Tranche 1 (T1) launch. As part of this arrangement, Sidus Space will fabricate flight cables for Parsons evolved secondary payload adapter (ESPA) ring on T1.
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.