GET TOP RATED STOCK ALERTS ACTIVE TRADERS DEPEND ON
SIGN UP TODAY FOR FREE NEWS DRIVEN ALERTS
Revenue Increased 1075% in First Quarter 2022 from First Quarter 2021
Cape Canaveral, FL – May 13, 2022 – Sidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection, today announced recent company highlights and financial results for the first quarter ended March 31, 2022.
Q1 2022 Financial Highlights:
- Revenue increased to $1,799,335 for the three months ended March 31, 2022 from $153,136 in the comparable period of 2021, an increase of 1075%. This was driven by growth in number of customers and significant growth in the size of contracts.
- Gross Profit increased to $978,337 for the three months ended March 31, 2022 from a loss of $134,540 in the comparable period of 2021. This was primarily attributable to the increase in revenue and decrease in labor intensive contracts and an increase in our higher margin Satellite-as-a-Service business line.
- Operating Expenses increased to $3,242,783 for the three months ended March 31, 2022 compared to $385,174 for the three months ended March 31, 2021. This was primarily the result of the expansion of staff, the leasing of more space for expansion and a one-time non-cash expense of $1.2M.
- As of March 31, 2022, the Company had $10.4 million in cash.
March 31, 2022 Operational Highlights and Recent Developments
- We announced the upcoming launch of the LizzieSat™ aboard a NASA Commercial Resupply Services (CRS) rocket (wherein SpaceX and Northrop Grumman are contracted to launch to the orbiting laboratory). LizzieSat™ is scheduled and expected to be delivered to the International Space Station (ISS) later this year.
- We announced the successful completion of the LizzieSat™ (LS) Preliminary Design Review (PDR). A PDR ensures the design and basic system architecture are complete and that there is technical confidence the capability need can be satisfied within cost and schedule goals. A successful PDR means that a satellite is on track and development is progressing as planned.
- Over the last three months we rounded out our executive leadership team with the hiring of three key individuals with highly relevant industry experience including positions with Lockheed Martin, NASA, Blue Origin and others. These individuals include John Curry as Chief Mission Operations Officer, Teresa Burchfield as Chief Financial Officer and Gerry Schaafsma as Chief Sales and Revenue Officer.
- We continue to manufacture and deliver hardware to a broad range of customers including the Department of State, the Department of Defense, Northrop Grumman, Leidos, Aegis, Teledyne Marine, Bechtel, and L3Harris in areas that include launch vehicles, satellite hardware, and autonomous underwater vehicles.
“As we delivered on previously announced contracts, our revenues increased dramatically. We believe that we are well-positioned to compete with legacy space-based data providers and other emergent providers due to our vertical integration strategy that combines rapid production with flexible technology insertion points. While readying for launching numerous satellites over the next 12-24 months, we anticipate our backlog to continue to increase. The company, built on years of experience manufacturing for commercial, military and government customers, has positioned itself to become one of the leading companies in the low earth orbit (LEO) satellite industry. We believe the LizzieSat constellation of satellites will level the playing field by bringing space down to earth for everyone and making access easier for all consumers,” commented Carol Craig, Founder and CEO of Sidus Space.
SIDUS SPACE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| March 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash | $ | 10,419,648 | $ | 13,710,845 | ||||
| Accounts receivable | 825,026 | 130,856 | ||||||
| Accounts receivable – related parties | 808,294 | 443,282 | ||||||
| Inventory | 158,774 | 127,502 | ||||||
| Contract Assets | 60,932 | – | ||||||
| Prepaid and other current assets | 2,015,601 | 1,595,099 | ||||||
| Total current assets | 14,288,275 | 16,007,584 | ||||||
| Property and equipment, net | 1,211,123 | 775,070 | ||||||
| Operating lease right-of-use assets | 442,243 | 504,811 | ||||||
| Other | 12,486 | 12,486 | ||||||
| Total Assets | $ | 15,954,127 | $ | 17,299,951 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and other current liabilities | $ | 1,922,237 | $ | 1,845,460 | ||||
| Accounts payable and accrued interest – related party | 604,159 | 588,797 | ||||||
| Contract liabilities | 60,932 | – | ||||||
| Contract Liabilities – related party | – | 63,411 | ||||||
| Notes payable – related party | 1,000,000 | 1,000,000 | ||||||
| Operating lease liability | 266,526 | 261,674 | ||||||
| Finance lease liability | 51,070 | 50,927 | ||||||
| Total Current Liabilities | 3,904,924 | 3,810,269 | ||||||
| Notes payable – non-current | 1,132,220 | 1,120,051 | ||||||
| Notes payable – related party – non-current | 1,100,000 | 1,350,000 | ||||||
| Operating lease liability – non-current | 193,830 | 262,468 | ||||||
| Finance lease liability – non-current | 84,436 | 97,092 | ||||||
| Total Liabilities | 6,415,410 | 6,639,880 | ||||||
| Commitments and contingencies | – | – | ||||||
| Stockholders’ Equity | ||||||||
| Preferred Stock: 1,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding | – | – | ||||||
| Common stock: 35,000,000 authorized; $0.0001 par value | ||||||||
| Class A common stock: 25,000,000 shares authorized; 6,874,040 and 6,574,040 shares issued and outstanding, respectively | 687 | 657 | ||||||
| Class B common stock: 10,000,000 shares authorized; 10,000,000 shares issued and outstanding | 1,000 | 1,000 | ||||||
| Common stock, value | ||||||||
| Additional paid-in capital | 27,283,262 | 26,074,292 | ||||||
| Accumulated deficit | (17,746,232 | ) | (15,415,878 | ) | ||||
| Total Stockholders’ Equity | 9,538,717 | 10,660,071 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 15,954,127 | $ | 17,299,951 | ||||
SIDUS SPACE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| 2022 | 2021 | |||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2022 | 2021 | |||||||
| Revenue | $ | 1,360,388 | $ | 111,847 | ||||
| Revenue – related parties | 438,947 | 41,289 | ||||||
| Total – revenue | 1,799,335 | 153,136 | ||||||
| Cost of revenue | 820,998 | 287,676 | ||||||
| Gross profit (loss) | 978,337 | (134,540 | ) | |||||
| Operating expenses | ||||||||
| Payroll expenses | 751,198 | 220,372 | ||||||
| Sales and marketing expenses | 90,461 | 47,729 | ||||||
| Lease expense | 84,999 | 37,655 | ||||||
| Depreciation expense | 21,091 | 7,584 | ||||||
| Professional fees | 1,322,292 | 10,591 | ||||||
| General and administrative expense | 972,742 | 61,243 | ||||||
| Total operating expenses | 3,242,783 | 385,174 | ||||||
| Net loss from operations | (2,264,446 | ) | (519,714 | ) | ||||
| Other income (expense) | ||||||||
| Other expense | – | (430 | ) | |||||
| Interest expense | (65,908 | ) | (3,645 | ) | ||||
| Gain on forgiveness of PPP loan | – | 324,460 | ||||||
| Total other income (expense) | (65,908 | ) | 320,385 | |||||
| Loss before income taxes | (2,330,354 | ) | (199,329 | ) | ||||
| Provision for income taxes | – | – | ||||||
| Net loss | $ | (2,330,354 | ) | $ | (199,329 | ) | ||
| Basic and diluted loss per Common Share | $ | (0.14 | ) | $ | (0.02 | ) | ||
| Basic and diluted weighted average number of common shares outstanding | 16,600,707 | 10,000,000 | ||||||
SIDUS SPACE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| 2022 | 2021 | |||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2022 | 2021 | |||||||
| Cash Flows From Operating Activities: | ||||||||
| Net loss | $ | (2,330,354 | ) | $ | (199,329 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | 1,209,000 | – | ||||||
| Depreciation and amortization | 105,211 | 97,635 | ||||||
| Amortization of ROU Asset | (1,218 | ) | (617 | ) | ||||
| Gain on forgiveness of PPP loan | – | (324,460 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (694,170 | ) | (51,205 | ) | ||||
| Accounts receivable – related party | (365,012 | ) | 175,769 | |||||
| Inventory | (31,272 | ) | 92,260 | |||||
| Contract Assets | (60,932 | ) | – | |||||
| Prepaid expenses and other assets | (420,502 | ) | (1,361 | ) | ||||
| Accounts payable and accrued liabilities | 123,573 | (37,468 | ) | |||||
| Accounts payable and accrued liabilities – related party | 15,362 | – | ||||||
| Contract liabilities | 60,932 | |||||||
| Deferred revenue | (63,411 | ) | – | |||||
| Net Cash used in Operating Activities | (2,452,793 | ) | (248,776 | ) | ||||
| Cash Flows From Investing Activities: | ||||||||
| Purchase of property and equipment | (541,264 | ) | – | |||||
| Net Cash used in Investing Activities | (541,264 | ) | – | |||||
| Cash Flows From Financing Activities: | ||||||||
| Proceeds from notes payable | – | 307,610 | ||||||
| Repayment of notes payable | (34,627 | ) | (16,266 | ) | ||||
| Payment of lease liabilities | (12,513 | ) | (29,691 | ) | ||||
| Repayment of notes payable – related party | (250,000 | ) | – | |||||
| Net Cash provided by (used in) Financing Activities | (297,140 | ) | 261,653 | |||||
| Net change in cash | (3,291,197 | ) | 12,877 | |||||
| Cash, beginning of period | 13,710,845 | 20,162 | ||||||
| Cash, end of period | $ | 10,419,648 | $ | 33,039 | ||||
| Supplemental cash flow information | ||||||||
| Cash paid for interest | $ | 1,949 | $ | 2,582 | ||||
| Cash paid for taxes | $ | – | $ | – | ||||
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.
Contacts
Investor Relations
Kevin Holmes
Chesapeake Group
+1-410-825-3930
kevinholmes@chesapeakegp.com
Media
Karen Soriano
karen.soriano@sidusspace.com
+1-443-900-2437
SOURCE: Sidus Space, Inc.
Sign Up for FREE
Stock Alerts from
to be the first to know when this emerging company issues Breaking News!
About Sidus Space, Inc.
Bringing Space Down to Earth™
Disclaimer
FN Media Group LLC (FNMG) owns and operates FinancialNewsMedia.com (FNM) which is a third party publisher that disseminates electronic information through multiple online media channels. FNMG’s intended purposes are to deliver market updates and news alerts issued from private and publicly trading companies as well as providing coverage and increased awareness for companies that issue press to the public via online newswires. FNMG and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNMG’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. The companies that are discussed in this release may or may not have approved the statements made in this release. Information in this release is derived from a variety of sources that may or may not include the referenced company’s publicly disseminated information. The accuracy or completeness of the information is not warranted and is only as reliable as the sources from which it was obtained. While this information is believed to be reliable, such reliability cannot be guaranteed. FNMG disclaims any and all liability as to the completeness or accuracy of the information contained and any omissions of material fact in this release. This release may contain technical inaccuracies or typographical errors. It is strongly recommended that any purchase or sale decision be discussed with a financial adviser, or a broker-dealer, or a member of any financial regulatory bodies. Investment in the securities of the companies discussed in this release is highly speculative and carries a high degree of risk. FNMG is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. This release is not without bias, and is considered a conflict of interest if compensation has been received by FNMG for its dissemination. To comply with Section 17(b) of the Securities Act of 1933, FNMG shall always disclose any compensation it has received, or expects to receive in the future, for the dissemination of the information found herein on behalf of one or more of the companies mentioned in this release. For current services performed FNMG has been compensated seventy five hundred dollars for Sidus Space, Inc. current news coverage by a non-affiliated third party. FNMG HOLDS NO SHARES OF Sidus Space, Inc.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNMG undertakes no obligation to update such statements.