Sidus Space Inc. Reports Full-Year 2025 Financial Results and Major Business Updates

Key Highlights

• Successful Launch of LizzieSat-3: Sidus Space expanded its satellite fleet with the launch and commissioning of LizzieSat-3 in March 2025, enhancing on-orbit capabilities and mission payload opportunities.
• AI Ecosystem Progress: Demonstrated on-orbit AI processing via the Sidus Orlaith AI ecosystem, enabling near real-time space-based data analytics.
• Strategic Partnerships and Contracts:
  • Amended and extended the Lonestar Data Holdings lunar satellite manufacturing agreement, increasing contract value to \$120 million.
  • Executed MOUs with Saturn Satellite Networks and Reflex Aerospace for next-generation satellite platforms and joint fleet services.
  • Expanded partnership with Little Place Labs for LizzieSat-powered maritime vessel detection intelligence.
  • Partnered with VORAGO Technologies for radiation-hardened compute in space and defense.
  • Awarded a five-year IDIQ contract with Tobyhanna Army Depot (TYAD) for fabrication, electrical harnesses, cable assemblies, and welding services.
  • Secured a subcontractor role under NASA’s SBIR Radar Initiative, with LizzieSat hosting the mission payload.
  • Awarded a ten-year IDIQ contract under the Missile Defense Agency’s SHIELD program, with a potential value ceiling of \$151 billion.
• Hardware and Technology Deliveries:
  • Completed delivery of hardware enclosures for NASA’s Mobile Launcher 2 (Artemis program).
  • Expanded production of dual-use hardware, including SOSA-aligned compute modules and subsystem architectures.
  • Delivered custom FeatherEdge DPU for Xiomas Technologies under NASA Phase II Sequential Award.
  • Expanded IP portfolio to 15 issued patents, supporting modular satellite manufacturing and AI-enabled mission payloads.
• Leadership Changes:
  • Appointed Adarsh Parekh as Chief Financial Officer.
  • Added Tiffany Norwood and Kelle Wendling to the Board of Directors, bringing significant technology, entrepreneurship, and government contracting expertise.
• Recent Operational Milestones:
  • Integration milestone with Maris-Tech Ltd., whose advanced video and AI-based edge computing payload is scheduled to fly aboard LizzieSat-4 (launch expected Q4 2026).
  • MOU with Simera Sense for strategic collaboration on hyperspectral imaging solutions with onboard data processing.
  • Received successful non-Earth imaging data from HEO USA’s NEI camera aboard LizzieSat-3.

Financial Performance (Year Ended December 31, 2025)

• Total revenue: \$3.4 million, down 28% from \$4.7 million in 2024, reflecting a strategic shift towards higher-margin satellite manufacturing and data businesses.
• Cost of revenue: \$9.1 million, up 48% from 2024, mainly due to higher depreciation from satellite fleet expansion and increased labor for operations.
• Gross loss: \$5.7 million (vs. \$1.5 million in 2024); gross profit margin was -168% (vs. -31% in 2024), driven by non-cash depreciation tied to new satellite deployments.
• Selling, general & administrative (SG&A) expenses: \$22.3 million, including a \$4.5 million impairment charge related to LizzieSat-1. Core SG&A (excluding impairment) was \$17.8 million, up \$3.6 million year-over-year, mainly to support scaling operations and business development.
• Adjusted EBITDA loss: \$17.3 million (vs. \$12.9 million loss in 2024), reflecting increased payroll and satellite operations costs as the company scales its fleet and platform.
• Net loss: \$29.5 million (vs. \$17.5 million in 2024), including the \$4.5 million impairment charge.

Balance Sheet and Liquidity

• Cash position: \$43.2 million as of December 31, 2025 (up from \$15.7 million in 2024), boosted by equity capital raises in Q3 and Q4 2025.
• Current assets: \$50.7 million (up 128% from 2024).
• Current liabilities: \$15.0 million (up 6% from 2024), mainly due to higher accounts payable and asset-based loan liability, partially offset by reduction in notes payable.
• Working capital: \$35.7 million (up 343% from 2024).
• Total stockholders’ equity: \$50.6 million (up from \$23.5 million in 2024).
• Issued patents: Sidus now holds 15 patents, up from prior years, supporting its technology and IP moat.

Important Shareholder Considerations

• Significant contract wins: The amended Lonestar Data Holdings agreement (\$120 million value) and the Missile Defense Agency SHIELD program (potential ceiling of \$151 billion) could materially impact future revenues and market perception if Sidus secures substantial task orders under these contracts.
• Capital raises and improved cash position: Sidus Space’s strengthened balance sheet and liquidity provide runway for accelerated satellite development and scaling of high-margin data programs, potentially reducing risk for shareholders.
• Strategic shift: The company is transitioning towards recurring, high-margin satellite manufacturing and AI/data business lines. While near-term losses are substantial, investments in infrastructure, technology, and IP aim to enable future profitability and revenue growth.
• Impairment charge: The \$4.5 million impairment on LizzieSat-1 is a one-time non-cash charge, but shareholders should monitor asset utilization and future write-down risks.
• Leadership and governance: Recent appointments bring extensive experience in capital strategy, technology entrepreneurship, and government contracting, strengthening Sidus’s executive and board oversight.
• Operational milestones: Successful launches, AI processing demonstrations, expanded partnerships, and new hardware deliveries showcase Sidus’s ability to execute and innovate, potentially increasing its attractiveness to commercial and government customers.
• Potential for future share price movement: Major contract wins, technology milestones, and improved liquidity may positively affect Sidus Space’s valuation, while ongoing losses and execution risks must be weighed.

Conference Call and Investor Access

A replay of the company’s conference call held on March 31, 2026, is available through April 7, 2026. Investors can access the replay via telephone or online webcast for further details.

About Sidus Space

Sidus Space (NASDAQ: SIDU) is a space and defense technology innovator specializing in satellite manufacturing, technology integration, AI-driven data solutions, mission planning, and hardware production. The company is headquartered on Florida’s Space Coast and operates a 35,000-square-foot facility for manufacturing, assembly, and testing. Sidus serves government, defense, intelligence, and commercial clients globally.

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