Sidus Space Inc.

Previous wording

Founded in 2012, Sidus Space is an innovative, agile 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 manufacturing. With our mission of Space Access Reimagined®, Sidus is 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 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.

Previous wording

We offer customers a variety of mission options whether the ability to host a technology, procure a satellite bus, or simply purchase data as a service. Our flight proven modular satellite, LizzieSat® is a 3D printed, multi-sensor, multi-mission satellite, which is the first of its kind, offering a flexible, cost-effective platform that can be easily adapted to integrate new technologies or customized and scaled to create a new satellite design to meet mission requirements.

Current wording

We offer customers a variety of mission options whether the ability to host a technology, procure a satellite bus, or simply purchase data as a service. Our flight proven modular satellite, LizzieSat® is a hybrid 3D printed, multi-sensor, multi-mission satellite, which is the first of its kind, offering a flexible, cost-effective platform that can be easily adapted to integrate new technologies or customized and scaled to create a new satellite design to meet mission requirements.

Previous wording

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 like macroeconomic shifts or technological disruptions. Our flexibility allows us to adapt swiftly to market changes, supporting growth across all our business lines.

Current wording

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 wording

Through our Sidus Orlaith™ AI ecosystem, we enable near real-time on-orbit data processing, enhancing the speed and efficiency of data delivery from LizzieSat® sensors. Orlaith™ offers high-performance on-orbit edge computing and data processing from diverse sensor sets leveraging Sidus’ proprietary FeatherEdge™ hardware and Cielo™ software. Orlaith’s systemic capabilities provide industry-leading and differentiated data delivery for a wide range of end uses including methane detection, AIS tracking, border security, and technology characterization. Orlaith’s data processing can also be seamlessly customized for new and/or esoteric missions.

Current wording

Through our Sidus Orlaith™ AI ecosystem, we enable near real-time on-orbit & terrestrial data processing, enhancing the speed and efficiency of data delivery from sensors. Orlaith™ offers high-performance on-orbit edge computing and data processing from diverse sensor sets leveraging Sidus’ proprietary FeatherEdge™ hardware and Cielo™ software. Orlaith’s systemic capabilities provide industry-leading and differentiated data delivery for a wide range of end uses. Orlaith’s data processing can also be seamlessly customized for new and/or esoteric missions.

Previous wording

As a forward-thinking mission partner, Sidus excels 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.

Current wording

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.

Previous wording

Sidus has demonstrated proven space heritage, successfully launching three hybrid, additively manufactured LizzieSat® satellites equipped with advanced AI edge-computing capabilities in just over 12 months. This achievement underscores our position as a leader in space technology, artificial intelligence, and innovation. This success is built on more than a decade of experience delivering flight-proven systems, platforms, devices, and hardware for customers such as NASA, the Department of Defense (DoD), SpaceX, and Blue Origin. We are strategically headquartered on Florida’s Space Coast, which provides easy access to nearby launch facilities, and we operate a 35,000-square-foot manufacturing, assembly, integration, and testing facility which reduces production time. We have an experienced team with expertise in multi-disciplinary engineering, mission-critical hardware manufacturing, satellite design, production, launch planning, mission operations, and in-orbit support.

Current wording

We have demonstrated proven space heritage, successfully launching three hybrid, additively manufactured LizzieSat® satellites equipped with advanced AI edge-computing capabilities in just over 12 months. This achievement underscores our position as a leader in space technology, artificial intelligence, and innovation. This success is built on more than a decade of experience delivering flight-proven systems, platforms, devices, and hardware for customers such as NASA, the Department of Defense (DoD), SpaceX, and Blue Origin. We are strategically headquartered on Florida’s Space Coast, which provides easy access to nearby launch facilities, and we operate a 35,000-square-foot manufacturing, assembly, integration, and testing facility which reduces production time. We have an experienced team with expertise in multi-disciplinary engineering, mission-critical hardware manufacturing, satellite design, production, launch planning, mission operations, and in-orbit support.

Previous wording

**Custom satellite design and manufacturing:**Sidus provides custom satellite design services, working closely with clients to develop satellite solutions aligned with specific mission objectives. Using the modular LizzieSat® platform, which can be adapted for various technologies and mission requirements, Sidus supports the design and integration process from concept to completion. This flexible approach is intended to deliver tailored satellite designs that can meet a broad range of operational and data collection needs. We currently have three variations of our LizzieSat® platform:

Current wording

Custom satellite design and manufacturing: We provide custom satellite design services, working closely with clients to develop satellite solutions aligned with specific mission objectives. Using the modular LizzieSat® platform, which can be adapted for various technologies and mission requirements, we support the design and integration process from concept to completion. This flexible approach is intended to deliver tailored satellite designs that can meet a broad range of operational and data collection needs. We currently have three variations of our LizzieSat® platform:

Previous wording

Sidus also offers fully customized satellite design services for any mission in Leo, Geo, Cislunar or Lunar.

Current wording

We also offer fully customized satellite design services for any mission in Leo, Geo, Cislunar or Lunar.

Previous wording

**Technology hosting and mission management:**Sidus offers technology hosting and mission management services designed to simplify clients’ path to space and enable clients to focus on their mission goals without the complexities of satellite operation. Sidus provides integration for a variety of payloads using our LizzieSat® platform. While on-orbit, we provide 24/7/365 real-time routine and non-real-time mission operations, including satellite monitoring, control, and data management. Our support includes:

Current wording

Technology hosting and mission management: We offer technology hosting and mission management services designed to simplify clients’ path to space and enable clients to focus on their mission goals without the complexities of satellite operation. We provide integration for a variety of payloads using our LizzieSat® platform. While on-orbit, we provide 24/7/365 real-time routine and non-real-time mission operations, including satellite monitoring, control, and data management. Our support includes:

Previous wording

**AI enhanced space-based sensor Data-as-a-Service:**Sidus offers AI-enhanced Data-as-a-Service, utilizing the Orlaithtm AI ecosystem, which includes our FeatherEdge™ AI processor and Cielo™ AI solutions from space, on the LizzieSat® platform to deliver timely data insights from space. The LizzieSat® design enables simultaneous on-orbit data collection from multiple sensors, with the flexibility to combine data streams in unique ways to support diverse applications and missions from the same platform.

Current wording

AI enhanced space-based sensor Data-as-a-Service: We offer AI-enhanced Data-as-a-Service, utilizing the Orlaithtm AI ecosystem, which includes our FeatherEdge™ AI processor and Cielo™ AI solutions from space, on the LizzieSat® platform to deliver timely data insights from space. The LizzieSat® design enables simultaneous on-orbit data collection from multiple sensors, with the flexibility to combine data streams in unique ways to support diverse applications and missions from the same platform.

Previous wording

**Space and Defense Manufacturing:**Sidus provides a range of space products and manufacturing services, including mission-critical components and systems engineered for space environments. Our 35,000-square-foot ISO 9001:2015, AS9100 Rev. D certified facility supports the manufacturing, testing, and assembly of space-grade hardware. Sidus works to deliver high-quality, reliable space products for government, defense, and commercial clients by leveraging its expertise in engineering and mission-critical manufacturing. Our space offerings include:

Current wording

Space and Defense Manufacturing: We provide a range of space products and manufacturing services, including mission-critical components and systems engineered for space environments. Our 35,000-square-foot ISO 9001:2015, AS9100 Rev. D certified facility supports the manufacturing, testing, and assembly of space-grade hardware. We work to deliver high-quality, reliable space products for government, defense, and commercial clients by leveraging its expertise in engineering and mission-critical manufacturing. Our space offerings include:

Previous wording

From early-stage product development to functional finished parts, Sidus offers commercial and industrial-grade additive manufacturing solutions. Our 3D printers enable us to provide rapid manufacturing with industrial micron-level laser scanning accuracy and 50 µm repeatability. Using Continuous Fiber Fabrication technology, we can produce parts at an enhanced schedule that are stronger than 6061 Aluminum and 40% lighter. Sidus provides internal engineering support to optimize the functional performance, product life cycle, and accuracy of its customers’ specific 3D printed technology to ensure repeatability and consistency across prints. Our 3D printing capabilities include:

Current wording

From early-stage product development to functional finished parts, we offer commercial and industrial-grade additive manufacturing solutions. Our 3D printers enable us to provide rapid manufacturing with industrial micron-level laser scanning accuracy and 50 µm repeatability. Using Continuous Fiber Fabrication technology, we can produce parts at an enhanced schedule that are stronger than 6061 Aluminum and 40% lighter. We provide internal engineering support to optimize the functional performance, product life cycle, and accuracy of its customers’ specific 3D printed technology to ensure repeatability and consistency across prints. Our 3D printing capabilities include:

Previous wording

**Technology Design and Integration:**Sidus leverages its manufacturing and technology expertise to address critical space supply chain challenges with initiatives that are expected to further Sidus’ mission of Space Access Reimagined®, providing flexible and cost-effective solutions to an expanding global customer base.

Current wording

Technology Design and Integration: We leverage our manufacturing and technology expertise to address critical space supply chain challenges with initiatives that are expected to further our mission of Space Access Reimagined®, providing flexible and cost-effective solutions to an expanding global customer base.

Previous wording

Total revenue for the three months ended March 31, 2025 decreased approximately $811,000 compared to the three months ended March 31, 2024. Non-related party revenue decreased by approximately 81% for the three months ended March 31, 2025, to approximately $161,000 as compared to approximately $845,000 for the three months ended March 31, 2024. This was primarily driven by the timing of fixed price milestone contracts revenue. Related party revenue decreased 62% to approximately $78,000 for the three months ended March 31, 2025 versus approximately $205,000 for the three months ended March 31, 2024. This was influenced by the timing of fixed-price milestone contracts and a reduction in the number of contracts our related party secured with its customers, leading to decreased outsourcing of work to us.

Current 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.

Previous wording

Cost of revenue increased 93% for the three months ended March 31, 2025 to approximately $1.9 million as compared to approximately $966,000 for the three months ended March 31, 2024 and included approximately $38,000 related party cost of sales as of March 31, 2025 and approximately $167,000 as of March 31, 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 $611,000 versus 2024 and continued increased supply chain related costs in the manufacturing side of our business.

Current 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.

Previous wording

The 2037% decrease in our gross margin for the three months ended March 31, 2025 to a loss of approximately $1.6 million as compared to a profit of approximately $84,000 for the three months ended March 31, 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 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.

Previous wording

Selling, general, and administrative expenses increased approximately $800,000 when compared with the same period in 2024. This was primarily due to the following:

Current wording

Selling, general, and administrative expenses increased approximately $1.2 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 $92,726 to $341,707 compared to $248,981 in 2024 primarily due to an increase in interest expense related to our asset-based loan.

Current 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.

Previous wording

We had an accumulated deficit of approximately $66.8 million and working capital of approximately $2.3 million as of March 31, 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 March 31, 2025, we had approximately $11.7 million of cash as compared to approximately $15.7 million as of December 31, 2024.

Current 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.

Previous wording

As of March 31, 2025 the working capital surplus is primarily due to funds raised from warrants exercised from the December 2024 capital raise of approximately $2.4 million. 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 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.

Previous wording

Current assets decreased by approximately $5.7 million to approximately $16.5 million as of March 31, 2025 from approximately $22.2 million as of December 31, 2024. The decrease is primarily attributable to a decrease in cash, and prepaid satellite services and licenses.

Current 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.

Previous wording

For the three months ended March 31, 2025, net cash flows used in operating activities was approximately $3.2 million compared to approximately $5.4 million during the three months ended March 31, 2024.

Current 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.

Previous wording

Cash flows used in operating activities for the three months ended March 31, 2025 of approximately $3.2 million is comprised of a net loss of approximately $6.4 million, which was reduced by non-cash expenses of approximately $252,000 for stock-based compensation, approximately $935,000 for depreciation, approximately $20,000 of non-cash fees on the asset-based loan and a decrease in net working capital of approximately $2.0 million.

Current 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.

Previous wording

Cash flows used in operating activities for the three months ended March 31, 2024 of approximately $5.4 million is comprised of a net loss of approximately $3.8 million, which was reduced by non-cash expenses of approximately $79,000 for stock-based compensation and approximately $253,000 for depreciation, and an increase in net working capital of approximately $1.9 million.

Current 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.

Previous wording

During the three months ended March 31, 2025 and 2024, Sidus Space invested approximately $3.0 million and $2.2 million respectively, in property and equipment primarily related to purchasing satellite related components and software.

Current 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.

Previous wording

During the three months ended March 31, 2025, net cash provided in financing activities of approximately $2.2 million included proceeds from the exercise of warrants from our December 2024 capital raise of approximately $2.4 million and net proceeds of approximately $2.9 million from an asset-based loan and repayment of notes payable of approximately $3.1 million.

Current 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.

Previous wording

During the three months ended March 31, 2024, net cash provided in financing activities of approximately $12.6 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 net repayment of an asset-based loan of approximately $990,000 and repayment of notes payable of $150,000.

Current 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.

Previous wording

Revenues from fixed price contracts primarily related to the satellite side of the business that require milestone payments are recognized at the time of the milestone being met. This method is used because management considers that the payments are nonrefundable unless the entity fails to perform as promised. If the customer terminates the contract, we are entitled to retain any progress payments received from the customer and we have no further rights to compensation from the customer. Even though the payments made by the customer are nonrefundable, the cumulative amount of those payments is not expected, at all times throughout the contract, to at least correspond to the amount that would be necessary to compensate us for performance completed to date. Accordingly, we account for the progress under the contract as a performance obligation satisfied at a point in time.

Current wording

Revenues from fixed price contracts primarily related to the satellite side of the business that require milestone payments are recognized at the time of the milestone being met. This method is used because management considers that the payments are nonrefundable unless the Company fails to perform as promised. If the customer terminates the contract, we are entitled to retain any progress payments received from the customer and we have no further rights to compensation from the customer. Even though the payments made by the customer are nonrefundable, the cumulative amount of those payments is not expected, at all times throughout the contract, to at least correspond to the amount that would be necessary to compensate us for performance completed to date. Accordingly, we account for the progress under the contract as a performance obligation satisfied at a point in time.