CAPE CANAVERAL, Fla – November 14, 2023 –Sidus Space, Inc. (NASDAQ:SIDU) (the “Company” or “Sidus”), a Space and Data-as-a-Service satellite company, announces its financial results and is providing a business update for the third quarter ending September 30, 2023.
“We continue to move towards the launch of LizzieSatTM in 2024, hitting critical key milestones, as well as signing key revenue-generating contracts with customers,” said Carol Craig, Founder and CEO of Sidus. “We have developed a strong customer base who are ready to start receiving our AI-enhanced space data, that we believe will be transformative for both Sidus and the industry more broadly. As we get closer to initiating these launches, we continue to develop our high-margin revenue streams that focus on the sale of both data and payloads on these missions. We believe this will drive both revenue and profit margin over time, as well as value for our shareholders.”
Operational Highlights for the Quarter Ending September 30, 2023
- Secured position on SpaceX Bandwagon mission, expected to launch in 2024.
- Announced contract with HEO for Non-Earth imaging payload and data-services.
- Acquired Exo-Space, a cutting-edge firm specializing in Edge Artificial Intelligence software and hardware for space applications.
- Announced hosting of SOLAR MEMS star tracker on fourth planned LizzieSat mission.
- Awarded subcontract to produce hardware in support of Parsons Corporation’s Launch Manifest Systems Integration (LMSI) contract.
- Appointed Leonardo Riera to Board Chair, promoted Jared Novick to Chief Operating Officer, and appointed Jessica Curry as Senior Vice President of Supply Chain.
- Successfully completed environmental testing of AI-enhanced LizzieSat satellite.
- Announced commercial agreement to sell the data collected from LizzieSat satellites.
- Awarded five-year, $10 million ceiling (IDIQ) commercial contract to support commercial Lunar transportation.
Financial Highlights for the Three Months and Nine Months Ending September 30, 2023
- Revenue totaled $986,000 for the quarter ended September 30, 2023, compared to $1.32 million for the same period in 2022. While total revenue declined period-over-period, primarily due to timing of fixed price milestone contracts, higher margin satellite revenue continued to increase. For the nine months ended September 30, 2023 sales of $4.6 million were down approximately $344,000 versus prior year however, satellite related revenue increased 135% year-over-year.
- Gross profit was a negative $96,281 or negative 10%, for the quarter ended September 30, 2023, compared to negative $85,623 or negative 7% for the third quarter of 2022. For the nine months ended September 30, 2023 gross margin was 28% versus 25% for the same period last year with 5% higher gross profit on 7% lower sales. This reflects the impact of the increase in our higher margin satellite revenue.
- Post quarter end, on October 11, 2023, the Company executed a registered direct offering of Series A convertible preferred stock and a concurrent private placement of warrants. Gross proceeds from the offering were approximately $2 million.
Conference Call and Webcast
|Event:||Sidus Space Third Quarter 2023 Earnings Call|
|Date:||Wednesday, November 15, 2023|
|Time:||9:00 a.m. Eastern Time|
|Live Call:||+ 1-877-269-7751 (U.S. Toll-Free) or +1-201-389-0908 (International)|
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Tuesday, November 29, 2023, at 11:59 PM ET and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13742322.
To submit a question for the Company to answer in the Q&A portion of the call, please email email@example.com.
For those who are unable to listen to the live event, 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 multi-faceted Space and Data-as-a-Service company focused on mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launch planning, mission operations; and in-orbit support. The Company is located in Cape Canaveral, Florida, where it operates from a 35,000-square-foot manufacturing, assembly, integration, and testing facility focused on vertically integrated Space-as-a-Service solutions including end-to-end satellite support.
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 Space 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.
Valter Pinto or Jack Perkins
KCSA Strategic Communications