Sidus Space Reports Third Quarter 2025 Financial Results and Provides Business Update

CAPE CANAVERAL, Fla.--( BUSINESS WIRE)--Sidus Space (NASDAQ: SIDU), (the “Company” or “Sidus”), an innovative space and defense technology company, today announced its financial results for the third quarter ended September 30, 2025, and provided a business update. The Company is scheduled to host a conference call and webcast today, Friday, November 14, at 5:00 p.m. ET.

“Q3 was about executing on existing contracts and furthering our efforts to expand our vertically integrated product offerings. We continued laying the groundwork to convert our technology foundation into meaningful commercial opportunities. We advanced design and manufacturing across multiple LizzieSat® platforms, broadened our Fortis™ VPX and FeatherEdge™ product families with new designs, and continued to position Orlaith™ AI as a differentiator for multi-domain autonomy and analytics,” said Carol Craig, Sidus Chairwoman and CEO. “We remain focused on disciplined execution by aligning spend to near-term revenue milestones, identifying operational efficiencies in the form of expense reductions, strengthening our intellectual property, expanding our global partnerships, and accelerating our path to commercialization across space and defense markets as we close out the year.”

Operational Highlights for the Third Quarter Ending September 30, 2025:

Subsequent Operational Highlights:

Financial Highlights for the Third Quarter Ending September 30, 2025:

Conference Call and Webcast

Event: Sidus Space Third Quarter Financial Results Conference Call

Date: Friday, November 14, 2025

Time: 5:00 p.m. Eastern Time

Live Call: + 1-877-269-7751 (U.S. Toll-Free) or +1-201-389-0908 (International)

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1742231&tp_key=afa35717c1

For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Friday, November 28, 2025, at 11:59 P.M. 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: 13757088.

An online archive of the webcast will be available for three months following the event at https://investors.sidusspace.com/.

About Sidus Space

Sidus Space (NASDAQ: SIDU) is an innovative space and defense technology company 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®, Sidus Space is committed to rapid innovation, adaptable and cost-effective solutions, and the optimization of space system and data collection performance. With demonstrated space heritage, including manufacturing and operating its own satellite and sensor system, LizzieSat®, Sidus Space serves government, defense, intelligence, and commercial companies around the globe. Strategically headquartered on Florida’s Space Coast, Sidus Space operates a 35,000-square-foot space manufacturing, assembly, integration, and testing facility and provides easy access to nearby launch facilities. For more information, visit: www.sidusspace.com.

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. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. 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 described more fully in the section entitled ‘Risk Factors’ in Sidus Space’s Annual Report on Form 10-K for the year ended December 31, 2024, 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.

Non-GAAP Measures

To provide investors with additional information in connection with our results as determined in accordance with GAAP, we use non-GAAP measures of adjusted EBITDA. We use adjusted EBITDA in order to evaluate our operating performance and make strategic decisions regarding future direction of the company since it provides a meaningful comparison to our peers using similar measures. We define adjusted EBITDA as net income (as determined by U.S. GAAP) adjusted for interest expense, depreciation and amortization expense, acquisition deal costs, severance costs, capital market and advisory fees, equity-based compensation and warrant costs. These non-GAAP measures may be different from non-GAAP measures made by other companies since not all companies will use the same measures. Therefore, these non-GAAP measures should not be considered in isolation or as a substitute for relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis.

The following table reconciles adjusted EBITDA to net loss (the most comparable GAAP measure) for the three months ended September 30, 2025 and 2024:

Three Months Ended

September 30,

2025

2024

Change

Net Income / (Loss)

(6,033,599

)

(3,902,589

)

(2,131,010

)

Interest Income/Expense (i)

402,552

733,714

(331,162

)

(45

Depreciation and Amortization (ii)

1,157,840

636,416

521,424

Fundraising expense (iii)

307,950

N/A

Severance Costs

3,192

(3,192

)

N/A

Equity based compensation (iv)

188,615

76,013

112,602

148

Total Non-GAAP Adjustments

2,056,957

1,449,335

607,622

Adjusted EBITDA

(3,976,642

)

(2,453,254

)

(1,523,388

)

(62

(i)

Sidus Space incurred decreased interest income/expense due to decreased interest expense from a short-term note payable due in Q4 2024 and increased interest income, partially offset by increased interest expense related to an asset based loan.

(ii)

Sidus Space incurred increased depreciation expense in 2025 with the launch and deployment of satellite fixed assets and related satellite software, as well as new ERP software capitalization.

(iii)

Sidus Space incurred internal Fundraising expense related to multiple 2025 capital raises

(iv)

Sidus Space incurred increased equity based compensation expense due to incentive programs implemented by the Board in 2025.

SIDUS SPACE, INC.

CONSOLIDATED BALANCE SHEETS

September 30,

December 31,

2025

2024

Assets

(Unaudited)

Current assets

Cash

12,734,087

15,703,579

Accounts receivable

825,607

827,886

Accounts receivable - related parties

1,402,774

641,376

Inventory

188,310

255,716

Contract asset

684,749

1,347,386

Contract asset - related party

448,717

46,953

Prepaid and other current assets

4,849,338

3,429,656

Total current assets

21,133,582

22,252,552

Property and equipment, net

17,456,972

14,891,976

Operating lease right-of-use assets

769,515

121,545

Intangible asset

398,135

Other assets

92,443

81,359

Total Assets

39,850,647

37,745,567

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable and other current liabilities

4,835,108

3,388,667

Accounts payable - related party

869,789

673,743

Contract liability

16,192

Contract liability - related party

267,380

46,953

Asset-based loan liability

9,124,612

6,902,636

Notes payable

3,059,767

Operating lease liability

266,879

121,544

Total current liabilities

15,363,768

14,209,502

Operating lease liability - non-current

505,718

Total Liabilities

15,869,486

14,209,502

Commitments and contingencies

Stockholders' Equity

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

Series A convertible preferred stock: 2,000 shares authorized; 0 shares issued and outstanding

Common stock: 210,000,000 authorized; $0.0001 par value

Class A common stock: 200,000,000 shares authorized; 35,147,483 and 15,956,816 shares issued and outstanding, respectively

3,515

1,597

Class B common stock: 10,000,000 shares authorized; 100,000 shares issued and outstanding

Additional paid-in capital

102,404,156

83,887,682

Accumulated deficit

(78,426,520

)

(60,353,224

)

Total Stockholders' Equity

23,981,161

23,536,065

Total Liabilities and Stockholders' Equity

39,850,647

37,745,567

SIDUS SPACE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

559,105

1,757,251

1,410,879

3,437,160

Revenue - related parties

738,953

111,707

1,386,696

409,523

Total - revenue

1,298,058

1,868,958

2,797,575

3,846,683

Cost of revenue

2,597,023

1,830,787

6,752,160

4,565,549

Gross profit (loss)

(1,298,965

)

38,171

(3,954,585

)

(718,866

)

Operating expenses

Selling, general and administrative expense

4,332,441

3,210,069

13,040,152

9,912,466

Total operating expenses

4,332,441

3,210,069

13,040,152

9,912,466

Net loss from operations

(5,631,406

)

(3,171,898

)

(16,994,737

)

(10,631,332

)

Other income (expense)

Other income

358

3,000

358

4,613

Interest expense

(1,088

)

(642,355

)

20,959

(982,056

)

Interest income

31,144

125,468

12,336

Asset-based loan expense

(432,607

)

(91,359

)

(1,225,344

)

(252,734

)

Total other expense

(402,193

)

(730,691

)

(1,078,559

)

(1,217,841

)

Loss before income taxes

(6,033,599

)

(3,902,589

)

(18,073,296

)

(11,849,173

)

Provision for income taxes

Net loss

(6,033,599

)

(3,902,589

)

(18,073,296

)

(11,849,173

)

Dividend on Series A preferred Stock

(42,375

)

Net loss attributed to stockholders

(6,033,599

)

(3,902,589

)

(18,073,296

)

(11,891,548

)

Basic and diluted loss per common share

(0.24

)

(0.93

)

(0.88

)

(3.22

)

Basic and diluted weighted average number of common shares outstanding

24,903,577

4,181,344

20,508,465

3,695,944

SIDUS SPACE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine Months Ended

September 30,

2025

2024

Cash Flows From Operating Activities:

Net loss

(18,073,296

)

(11,849,173

)

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

Stock based compensation

625,307

236,040

Depreciation and amortization

3,224,809

1,494,449

Changes in operating assets and liabilities:

Accounts receivable

2,279

(320,263

)

Accounts receivable - related party

(761,398

)

(202,510

)

Inventory

67,406

(482,685

)

Contract asset

662,637

Contract asset - related party

(401,764

)

(7,031

)

Prepaid expenses and other assets

(1,430,766

)

987,099

Accounts payable and accrued liabilities

1,616,311

(495,734

)

Accounts payable and accrued liabilities - related party

196,046

348,249

Contract liability

(16,192

)

Contract liability - related party

220,427

7,031

Changes in operating lease assets and liabilities

3,083

(3,700

)

Net Cash used in Operating Activities

(14,065,111

)

(10,288,228

)

Cash Flows From Investing Activities:

Purchase of property and equipment

(5,789,805

)

(5,102,661

)

Net Cash used in Investing Activities

(5,789,805

)

(5,102,661

)

Cash Flows From Financing Activities:

Proceeds from issuance of common stock units

15,511,838

13,742,311

Proceeds from exercise of warrants

2,381,247

Proceeds from asset-based loan agreement

6,413,239

3,990,957

Repayment of asset-based loan agreement

(4,361,133

)

(2,177,085

)

Repayment of notes payable

(3,059,767

)

(150,000

)

Net Cash provided by Financing Activities

16,885,424

15,406,183

Net change in cash

(2,969,492

)

15,294

Cash, beginning of period

15,703,579

1,216,107

Cash, end of period

12,734,087

1,231,401

Supplemental cash flow information

Cash paid for interest

1,064,570

524,015

Cash paid for taxes

Non-cash Investing and Financing transactions:

Conversion of interest and fees of asset-based loan

169,870

Class A common stock issued for conversion of Series A convertible preferred stock

16,566

Recognition of right-of-use asset and lease liability

856,787

284,861