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Sidus Space, Inc. Reports Third Quarter 2022 Results and Business Update

  • 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

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 LizzieSat™ 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.

Capital Structure

  • 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.

Operational Highlights

The Company continues to take meaningful steps toward the inaugural launch of its LizzieSat 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.

The Company was also acknowledged with multiple awards for technological distinction, leadership and emerging talent.

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.

Forward-Looking Statements

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.

SIDUS SPACE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash

 

$

4,359,051

 

 

$

13,710,845

 

Accounts receivable

 

 

918,174

 

 

 

130,856

 

Accounts receivable - related party

 

 

5,811

 

 

 

443,282

 

Inventory

 

 

397,135

 

 

 

127,502

 

Contract asset

 

 

60,932

 

 

 

-

 

Prepaid and other current assets

 

 

3,157,349

 

 

 

1,595,099

 

Total current assets

 

 

8,898,452

 

 

 

16,007,584

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

1,961,834

 

 

 

775,070

 

Operating lease right-of-use assets

 

 

314,819

 

 

 

504,811

 

Other

 

 

35,483

 

 

 

12,486

 

Total Assets

 

$

11,210,588

 

 

$

17,299,951

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable and other current liabilities

 

$

1,409,152

 

 

$

1,845,460

 

Accounts payable and accrued interest - related party

 

 

527,476

 

 

 

588,797

 

Contract liability

 

 

60,932

 

 

 

-

 

Contract liability - related party

 

 

-

 

 

 

63,411

 

Notes payable - related party

 

 

-

 

 

 

1,000,000

 

Operating lease liability

 

 

229,652

 

 

 

261,674

 

Finance lease liability

 

 

-

 

 

 

50,927

 

Total Current Liabilities

 

 

2,227,212

 

 

 

3,810,269

 

 

 

 

 

 

 

 

 

 

Notes payable - non-current

 

 

1,043,486

 

 

 

1,120,051

 

Notes payable - related party - non-current

 

 

-

 

 

 

1,350,000

 

Operating lease liability - non-current

 

 

99,742

 

 

 

262,468

 

Finance lease liability - non-current

 

 

-

 

 

 

97,092

 

Total Liabilities

 

 

3,370,440

 

 

 

6,639,880

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

 

Preferred Stock: 5,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding

 

 

-

 

 

 

-

 

Common stock: 110,000,000 authorized; $0.0001 par value Class A common stock: 100,000,000 shares authorized; 7,936,274 and 6,574,040 shares issued and outstanding, respectively

 

 

794

 

 

 

657

 

Class B common stock: 10,000,000 shares authorized; 10,000,000 shares issued and outstanding

 

 

1,000

 

 

 

1,000

 

Additional paid-in capital

 

 

31,968,719

 

 

 

26,074,292

 

Accumulated deficit

 

 

(24,130,365

)

 

 

(15,415,878

)

Total Stockholders’ Equity

 

 

7,840,148

 

 

 

10,660,071

 

Total Liabilities and Stockholders’ Equity

 

$

11,210,588

 

 

$

17,299,951

 

SIDUS SPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

1,260,146

 

 

$

123,182

 

 

$

4,099,626

 

 

$

412,823

 

Revenue - related party

 

 

57,101

 

 

 

376,669

 

 

 

864,319

 

 

 

472,482

 

Total - revenue

 

 

1,317,247

 

 

 

499,851

 

 

 

4,963,945

 

 

 

885,305

 

Cost of revenue

 

 

1,402,870

 

 

 

480,997

 

 

 

3,724,467

 

 

 

1,057,137

 

Gross profit (loss)

 

 

(85,623

)

 

 

18,854

 

 

 

1,239,478

 

 

 

(171,832

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payroll expenses

 

 

1,627,241

 

 

 

500,881

 

 

 

3,769,890

 

 

 

943,743

 

Sales and marketing expenses

 

 

192,305

 

 

 

-

 

 

 

394,919

 

 

 

71,111

 

Lease expense

 

 

80,019

 

 

 

81,926

 

 

 

251,370

 

 

 

165,934

 

Depreciation expense

 

 

28,015

 

 

 

8,880

 

 

 

96,611

 

 

 

24,478

 

Professional fees

 

 

681,582

 

 

 

49,680

 

 

 

2,135,796

 

 

 

80,173

 

General and administrative expense

 

 

1,180,633

 

 

 

276,832

 

 

 

3,130,171

 

 

 

436,244

 

Total operating expenses

 

 

3,789,795

 

 

 

918,199

 

 

 

9,778,757

 

 

 

1,721,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss from operations

 

 

(3,875,418

)

 

 

(899,345

)

 

 

(8,539,279

)

 

 

(1,893,515

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(504

)

Interest expense

 

 

(50,880

)

 

 

(32,766

)

 

 

(175,208

)

 

 

(59,459

)

Gain on forgiveness of PPP loan

 

 

-

 

 

 

309,370

 

 

 

-

 

 

 

633,830

 

Total other income (expense)

 

 

(50,880

)

 

 

276,604

 

 

 

(175,208

)

 

 

573,867

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(3,926,298

)

 

 

(622,741

)

 

 

(8,714,487

)

 

 

(1,319,648

)

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net loss

 

$

(3,926,298

)

 

$

(622,741

)

 

$

(8,714,487

)

 

$

(1,319,648

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per Common Share

 

$

(0.23

)

 

$

(0.06

)

 

$

(0.52

)

 

$

(0.13

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average number of common shares outstanding

 

 

17,178,648

 

 

 

10,836,332

 

 

 

16,886,582

 

 

 

10,281,841

 

SIDUS SPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(8,714,487

)

 

$

(1,319,648

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Stock based compensation

 

 

1,209,000

 

 

 

200,000

 

Depreciation and amortization

 

 

238,859

 

 

 

294,629

 

Bad debt

 

 

-

 

 

 

618

 

Lease liability amortization

 

 

(4,756

)

 

 

10,391

 

Gain on forgiveness of PPP loan

 

 

-

 

 

 

(633,830

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(787,318

)

 

 

11,149

 

Accounts receivable - related party

 

 

437,471

 

 

 

175,769

 

Inventory

 

 

(269,633

)

 

 

149,207

 

Contract asset

 

 

(60,932

)

 

 

-

 

Prepaid expenses and other assets

 

 

(1,585,247

)

 

 

(27,130

)

Accounts payable and accrued liabilities

 

 

(299,165

)

 

 

162,254

 

Accounts payable and accrued liabilities - related party

 

 

10,939

 

 

 

394,924

 

Contract liability

 

 

(2,479

)

 

 

62,712

 

Net Cash used in Operating Activities

 

 

(9,827,748

)

 

 

(518,955

)

 

 

 

 

 

 

 

 

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(1,425,623

)

 

 

(30,266

)

Net Cash used in Investing Activities

 

 

(1,425,623

)

 

 

(30,266

)

 

 

 

 

 

 

 

 

 

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

Proceeds from issuance from common stock

 

 

3,060,809

 

 

 

2,694,335

 

Due to shareholder

 

 

-

 

 

 

89,872

 

Proceeds from notes payable

 

 

-

 

 

 

307,610

 

Repayment of notes payable

 

 

(213,708

)

 

 

(16,266

)

Payment of lease liabilities

 

 

(148,019

)

 

 

(62,180

)

Repayment of notes payable - related party

 

 

(797,505

)

 

 

(250,000

)

Net Cash provided by Financing Activities

 

 

1,901,577

 

 

 

2,763,371

 

 

 

 

 

 

 

 

 

 

Net change in cash

 

 

(9,351,794

)

 

 

2,214,150

 

Cash, beginning of period

 

 

13,710,845

 

 

 

20,162

 

Cash, end of period

 

$

4,359,051

 

 

$

2,234,312

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

19,951

 

 

$

6,713

 

Cash paid for taxes

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Non-cash Investing and Financing transactions:

 

 

 

 

 

 

 

 

Debt forgiveness related party

 

$

1,624,755

 

 

$

3,392,294

 

Note payable - related party issued exchange with due to shareholder

 

$

-

 

 

$

4,000,000

 

 

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