Sidus Space Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
SIDU$0.99+6.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001641172-25-024043
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001493152-25-023543
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 161 previous paragraphs and 158 current paragraphs.
134 unchanged; 22 reworded; 1 added; 4 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 31 previous and 31 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Nine Months ended September 30, 2025 and 2024
Removed paragraphs (4)
Previous report
Our vertically integrated model with complementary lines of business enables us to unlock new potential revenue generating opportunities while maintaining diversity of revenue. We are not dependent on a single line of business or customer, which provides us the “optionality” to scale where market needs demand. This diversity mitigates risks associated with external factors such as macroeconomic shifts or technological disruptions. Our flexibility allows us to adapt swiftly to market changes, supporting growth across all our business lines.
Previous report
July 2025 Public Offering
Previous report
On July 29, 2025, we completed an underwritten public offering of 7,143,000 shares of our Class A common stock at a public offering price of $1.05 per share, for which we received approximately $6.7 million of net proceeds.
Previous report
Six Months ended June 30, 2025 and 2024
Reworded paragraphs (22)
Previous wording
Founded in 2012, we are an innovative, space and defense technology provider offering flexible, cost-effective solutions, including satellite manufacturing and technology integration, AI-driven space-based data solutions, mission planning and management operations, AI/ML products and services, and space and defense hardware manufacturing. With its mission of Space Access Reimagined®, we are committed to rapid innovation, adaptable and cost-effective solutions, and the optimization of space system and data collection performance.
Current wording
Founded in 2012, we are an innovative, space mission enabler providing flexible, cost-effective solutions to government, defense, intelligence and commercial companies around the globe. Our products and services include satellite manufacturing and technology integration, AI-driven space-based data solutions, mission planning and management operations, AI/ML products and services, and space and defense hardware manufacturing. With our mission of Space Access Reimagined®, we are committed to rapid innovation, adaptable and cost-effective solutions, and the optimization of space system and data collection performance.
Previous wording
Total revenue for the three months ended June 30, 2025 increased approximately $333,000 compared to the three months ended June 30, 2024. Non-related party revenue decreased by approximately 17% for the three months ended June 30, 2025, to approximately $691,000 as compared to approximately $835,000 for the three months ended June 30, 2024. This was primarily driven by the timing of fixed price milestone contracts revenue. Related party revenue increased 514% to approximately $570,000 for the three months ended June 30, 2025 versus approximately $93,000 for the three months ended June 30, 2024. This was influenced by the timing of fixed-price milestone contracts.
Current wording
Total revenue for the three months ended September 30, 2025 decreased $570,900 compared to the three months ended September 30, 2024. Non-related party revenue decreased by approximately 68% for the three months ended September 30, 2025, to approximately $559,000 as compared to approximately $1.8 million for the three months ended September 30, 2024. This was primarily driven by the timing of fixed price milestone contracts revenue. Related party revenue increased 562% to approximately $739,000 for the three months ended September 30, 2025 versus approximately $112,000 for the three months ended September 30, 2024. This was influenced by the timing of fixed-price milestone contracts.
Previous wording
Cost of revenue increased 29% for the three months ended June 30, 2025 to approximately $2.3 million as compared to approximately $1.8 million for the three months ended June 30, 2024 and included approximately $318,000 related party cost of sales as of June 30, 2025 and approximately $47,000 as of June 30, 2024. The overall increase in cost of revenue was primarily driven by a mix of contracts of varying types, satellite and related software depreciation expense increase of approximately $486,000 versus 2024 and continued increased supply chain related costs in the manufacturing side of our business.
Current wording
Cost of revenue increased 42% for the three months ended September 30, 2025 to approximately $2.6 million as compared to approximately $1.8 million for the three months ended September 30, 2024 and included approximately $654,000 related party cost of sales as of September 30, 2025 and approximately $58,000 as of September 30, 2024. The overall increase in cost of revenue was primarily driven by a mix of contracts of varying types, satellite and related software depreciation expense increase of approximately $500,000 versus 2024, and approximately $250,000 increased direct labor costs due to the contracts processed in the quarter were more labor intensive.
Previous wording
The 22% decrease in our gross profit for the three months ended June 30, 2025 to a loss of approximately $1.0 million as compared to a loss of approximately $841,000 for the three months ended June 30, 2024, was driven primarily by higher satellite and related depreciation costs, our mix of varying types of contracts with higher material and labor expenses and a decrease in our higher margin business.
Current wording
The 3503% decrease in our gross profit for the three months ended September 30, 2025 to a loss of approximately $1.3 million as compared to a profit of approximately $38,000 for the three months ended September 30, 2024, was driven primarily by higher satellite and related depreciation costs, our mix of varying types of contracts with higher labor expenses and a decrease in our higher margin business.
Previous wording
Selling, general, and administrative expenses increased approximately $1.2 million when compared with the same period in 2024. This was primarily due to the following:
Current wording
Selling, general, and administrative expenses increased approximately $1.1 million when compared with the same period in 2024. This was primarily due to the following:
Previous wording
Other income and (expenses) showed an increase of other expenses of $189,216 to $676,366 compared to $487,150 in 2024 primarily due to an increase in interest expense related to our asset-based loan, partially offset by a decrease in interest expense related to the Note Payable, which was paid off in January 2025.
Current wording
Other income and (expenses) showed a decrease of $328,498 to $402,193 compared to $730,691 in 2024 primarily due to a decrease in interest expense related to the Note Payable which was paid off in January 2025, and an increase in interest income. This was partially offset by an increase in interest expense related our asset-based loan.
Previous wording
Six Months Ended June 30, 2025 compared to the Six Months Ended June 30, 2024
Current wording
Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024
Previous wording
Total revenue for the six months ended June 30, 2025 decreased approximately $478,000 compared to the six months ended June 30, 2024. Non-related party revenue decreased by approximately 49% for the six months ended June 30, 2025, to approximately $852,000 as compared to approximately $1.7 million for the six months ended June 30, 2024. This was primarily driven by the timing of fixed price milestone contracts revenue. Related party revenue increased 117% to approximately $648,000 for the six months ended June 30, 2025 versus approximately $298,000 for the six months ended June 30, 2024. This was influenced by the timing of fixed-price milestone contracts.
Current wording
Total revenue for the nine months ended September 30, 2025 decreased approximately $1.0 million compared to the nine months ended September 30, 2024. Non-related party revenue decreased by approximately 59% for the nine months ended September 30, 2025, to approximately $1.4 million as compared to approximately $3.4 million for the nine months ended September 30, 2024. This was primarily driven by the timing of fixed price milestone contracts revenue. Related party revenue increased 239% to approximately $1.4 million for the nine months ended September 30, 2025 versus approximately $410,000 for the nine months ended September 30, 2024. This was influenced by the timing of fixed-price milestone contracts and an increased number of contracts our related party entered into with its customers, requiring increased outsourcing of its work to us.
Previous wording
Cost of revenue increased 52% for the six months ended June 30, 2025 to approximately $4.2 million as compared to approximately $2.7 million for the six months ended June 30, 2024 and included approximately $356,000 related party cost of sales as of June 30, 2025 and approximately $214,000 as of June 30, 2024. The overall increase in cost of revenue was primarily driven by a mix of contracts of varying types, satellite and related software depreciation expense increase of approximately $1.1 million versus 2024 and continued increased supply chain related costs in the manufacturing side of our business.
Current wording
Cost of revenue increased 48% for the nine months ended September 30, 2025 to approximately $6.8 million as compared to approximately $4.6 million for the nine months ended September 30, 2024 and included approximately $1.1 million related party cost of sales as of September 30, 2025 and approximately $272,000 as of September 30, 2024. The overall increase in cost of revenue was primarily driven by a mix of contracts of varying types, satellite and related software depreciation expense increase of approximately $1.6 million versus 2024 and higher labor costs associated with more labor-intensive contracts processed in 2025.related to the manufacturing side of our business.
Previous wording
The 251% decrease in our gross profit for the six months ended June 30, 2025 to a loss of approximately $2.66 million as compared to a loss of approximately $757,000 for the six months ended June 30, 2024, was driven primarily by higher satellite and related depreciation costs, our mix of varying types of contracts with higher material and labor expenses and a decrease in our higher margin business.
Current wording
The 450% decrease in our gross profit for the nine months ended September 30, 2025 to a loss of approximately $3.9 million as compared to a loss of approximately $719,000 for the nine months ended September 30, 2024, was driven primarily by higher satellite and related depreciation costs, our mix of varying types of contracts with higher labor expenses and a decrease in our higher margin business.
Previous wording
Selling, general, and administrative expenses increased approximately $2.0 million when compared with the same period in 2024. This was primarily due to the following:
Current wording
Selling, general, and administrative expenses increased approximately $3.1 million when compared with the same period in 2024. This was primarily due to the following:
Previous wording
Other income and (expenses) showed an increase of other expenses of $96,490 to $334,659 compared to $238,169 in 2024 primarily due to an increase in interest expense related to our asset-based loan, partially offset by a decrease in interest expense to the Note Payable which was paid off in January 2025.
Current wording
Other income and (expenses) showed a net decrease of $139,282 to $1,078,559 compared to $1,217,841 in 2024 primarily due to a decrease in interest expense related to the Note Payable which was paid off in January 2025 and an increase in interest income. This was partially offset by increase in interest expense related to our asset-based loan.
Previous wording
We had an accumulated deficit of approximately $72.4 million and working capital deficit of approximately $3.6 million as of June 30, 2025 compared to accumulated deficit of approximately $60.3 million and working capital of approximately $8.0 million as of December 31, 2024. As of June 30, 2025, we had approximately $3.6 million of cash as compared to approximately $15.7 million as of December 31, 2024.
Current wording
We had an accumulated deficit of approximately $78.4 million and working capital of approximately $5.8 million as of September 30, 2025 compared to accumulated deficit of approximately $60.3 million and working capital of approximately $8.0 million as of December 31, 2024. As of September 30, 2025, we had approximately $12.7 million of cash as compared to approximately $15.7 million as of December 31, 2024.
Previous wording
As of June 30, 2025 the working capital deficit is primarily due to the build out of our LizzieSat satellites in anticipation of additional upcoming launches. As of December 31, 2024, our working capital surplus was primarily due to funds raised in our capital raises completed Q4 2024.
Current wording
As of September 30, 2025 working capital is primarily due to funds raised in our September capital raise partially offset by the build out of our LizzieSat satellites in anticipation of additional upcoming launches. As of December 31, 2024, our working capital was primarily due to funds raised in our capital raises completed Q4 2024.
Previous wording
Current assets decreased by approximately $11.1 million to approximately $11.2 million as of June 30, 2025 from approximately $22.2 million as of December 31, 2024. The decrease is primarily attributable to a decrease in cash partially offset by an increase in related party accounts receivable.
Current wording
Current assets decreased by approximately $1.1 million to approximately $21.1 million as of September 30, 2025 from approximately $22.2 million as of December 31, 2024. The decrease is primarily attributable to a decrease in cash partially offset by an increase in related party accounts receivable and an increase in prepayments primarily related to satellite components.
Previous wording
Current liabilities are slightly higher at $14.8 million as of June 30, 2025 versus $14.2 million December 31, 2024 primarily related to an increase in our Asset-based loan liability.
Current wording
Current liabilities are $1.1 million higher at $15.4 million as of September 30, 2025 versus $14.2 million December 31, 2024 primarily related to an increase in our Asset-based loan liability.
Previous wording
For the six months ended June 30, 2025, net cash flows used in operating activities was approximately $7.80 million compared to approximately $7.6 million during the six months ended June 30, 2024.
Current wording
For the nine months ended September 30, 2025, net cash flows used in operating activities was approximately $14.1 million compared to approximately $10.3 million during the nine months ended September 30, 2024.
Previous wording
Cash flows used in operating activities for the six months ended June 30, 2025 of approximately $7.8 million is comprised of a net loss of approximately $12.0 million, which was reduced by non-cash expenses of approximately $437,000 for stock-based compensation, approximately $2.1 million for depreciation, and a decrease in working capital of approximately $1.5 million.
Current wording
Cash flows used in operating activities for the nine months ended September 30, 2025 of approximately $14.1 million is comprised of a net loss of approximately $18.1 million, which was reduced by non-cash expenses of approximately $625,000 for stock-based compensation, approximately $3.2 million for depreciation, and a decrease in working capital of approximately $158,000.
Previous wording
Cash flows used in operating activities for the six months ended June 30, 2024 of approximately $7.6 million is comprised of a net loss of approximately $7.9 million, which was reduced by non-cash expenses of $160,028 for stock-based compensation and $858,033 for depreciation, and an increase in working capital of approximately $642,000.
Current wording
Cash flows used in operating activities for the nine months ended September 30, 2024 of approximately $10.3 million is comprised of a net loss of approximately $11.8 million, which was reduced by non-cash expenses of $236,040 for stock-based compensation and approximately $1.5 million for depreciation, and an increase in working capital of approximately $170,000.
Previous wording
During the six months ended June 30, 2025 and 2024, we invested approximately $4.4 million and $4.1 million respectively in property and equipment primarily related to purchasing satellite related components and software.
Current wording
During the nine months ended September 30, 2025 and 2024, we invested approximately $5.8 million and $5.1 million respectively in property and equipment primarily related to purchasing satellite related components and software.
Previous wording
During the six months ended June 30, 2025, net cash provided in financing activities of $130,603 included proceeds from the exercise of warrants from our December 2024 capital raise of approximately $2.4 million and net proceeds of approximately $809,000 from an asset-based loan and repayment of notes payable of approximately $3.1 million.
Current wording
During the nine months ended September 30, 2025, net cash provided in financing activities of $16.9 million included proceeds from multiple capital raises of approximately $15.5 million, proceeds from the exercise of warrants from our December 2024 capital raise of approximately $2.4 million and net proceeds of approximately $2.1 million from an asset-based loan and repayment of a note payable approximately $3.1 million.
Previous wording
During the six months ended June 30, 2024, net cash provided in financing activities of approximately $11.9 million included a January 2024 capital raise of approximately $5.6 million and a February 2024 capital raise of approximately $7.9 million partially offset by repayment of an asset-based loan of approximately $1.7 million net and repayment of notes payable of $150,000.
Current wording
During the nine months ended September 30, 2024, net cash provided in financing activities of approximately $15.4 million included multiple capital raises of approximately $13.7 million net proceeds from an asset-based loan of approximately $1.8 million and repayment of a note payable of $150,000.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
As a forward-thinking mission partner, we excel at responding swiftly to change. We work closely with global clients to co-develop mission solutions tailored to both technical requirements and budget constraints. Our Cielo™ AI data processing algorithms can be updated while in orbit, which provides additional mission flexibility. By leveraging our vertically integrated in-house capabilities, engineering, manufacturing, and mission management, we are able to rapidly pivot and deliver at the pace of innovation.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Our products and services are offered through several verticals: Satellite Design and Manufacturing; Technology Design and Integration; AI-driven Space-based Data Solutions; Mission Planning Operations; AI/ML Products and Services; and Space and Defense Manufacturing.