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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 14, 2026
SIDUS
SPACE, INC.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-41154 |
|
46-0628183 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
150
N. Sykes Creek Parkway, Suite 200
Merritt
Island, FL |
|
32953 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (321) 613-5620
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instructions A.2. below):
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Class
A Common Stock, $0.0001 par value per share |
|
SIDU |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
2.02 Results of Operations and Financial Condition.
On
May 14, 2026, Sidus Space, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter
ended March 31, 2026, and provided a business update. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
The
information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any registration
statement or other document pursuant to the Securities Act of 1933, as amended, except as expressly set forth in such filing.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
| Exhibit
No. |
|
Description |
| |
|
|
| 99.1 |
|
Press release of Sidus Space, Inc. dated May 14, 2026 |
| 104 |
|
Cover Page Interactive Data File (Embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
SIDUS
SPACE, INC. |
| Dated:
May 15, 2026 |
|
|
| |
By: |
/s/
Carol Craig |
| |
Name: |
Carol
Craig |
| |
Title: |
Chief
Executive Officer |
Exhibit
99.1
SIDUS
SPACE REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS WITH Q1 YEAR OVER YEAR IMPROVEMENT IN REVENUE AND GROSS MARGIN
Demonstrates
On-Orbit Execution, Improves Financial Performance, and Advances Flight Ready Technology Portfolio
Cape
Canaveral, FL – May 14, 2026 – Sidus Space, Inc. (NASDAQ: SIDU), (the “Company” or “Sidus”),
an innovative space and defense technology company, today announced its financial results for the first quarter ended March 31, 2026,
and provided a business update highlighting continued on-orbit execution, progress across customer payloads and disciplined financial
management.
The
Company will host a conference call and webcast today, Thursday, May 14, at 5:00 p.m. Eastern Time.
“During
the first quarter, we continued to execute our technical roadmap while maintaining disciplined cost control,” said Carol Craig,
Founder and Chief Executive Officer of Sidus Space. “We delivered high-resolution imagery from LizzieSat-3, advanced customer payload
commissioning, and finalized flight ready configurations for next generation systems planned for LizzieSat-4 and LizzieSat-5. These milestones
strengthen our on-orbit heritage and position Sidus to support future missions while remaining focused on responsible capital allocation
and operational execution.”
Operational
Highlights for the Quarter Ending March 31, 2026:
| ● | Delivered
initial imagery from HEO USA’s non-Earth imaging camera aboard LizzieSat-3, including
sub 5-meter resolution imagery, as part of ongoing payload commissioning and an important
step along the path toward initiating subscription-based data service delivery following
completion of commissioning |
| | | |
| ● | Expanded
agreement with Lonestar Data Holdings to build an additional StarVault orbital data storage
payload |
| | | |
| ● | Achieved
integration milestone with Maris-Tech Ltd. (NASDAQ: MTEK) on its AI-based edge computing
payload, scheduled to launch aboard LizzieSat -4 |
| | | |
| ● | Signed
a Memorandum of Understanding (MOU) with Simera Sense to advance AI-enabled hyperspectral
imaging capabilities |
| | | |
| ● | Finalized
the Fortis VPX Command and Data Handling platform for integration on to LizzieSat-4 and LizzieSat-5,
establishing on-orbit heritage for the Company’s next generation spacecraft computing
architecture |
| | | |
| ● | Appointed
Kelle Wendling, a senior aerospace and defense executive, to the Board of Directors |
Subsequent
Operational Highlights:
| ● | Completed
best-efforts registered direct offering on April 21, 2026, generating gross proceeds of $58.5
million, further strengthening the Company’s liquidity position |
| | | |
| ● | Announced
planned Chief Financial Officer (CFO) transition subsequent to quarter end: current CFO expected
to depart effective June 1, 2026, with John Burke appointed Interim Chief Financial Officer
effective the same date while the Company conducts a comprehensive search for a permanent
CFO. |
Financial
Highlights for the First Quarter Ending March 31, 2026:
| ● | Revenue:
$359,000, an increase of 51% compared to $238,000 in Q1 2025, driven by new customer contracts
including Lonestar Data Holdings and Teledyne Marine |
| | | |
| ● | Cost
of Revenue: $1.4 million, a 25% decrease compared to $1.9 million in Q1 2025, reflecting
lower depreciation and improved manufacturing cost discipline |
| | | |
| ● | Gross
Profit (Loss): Gross loss of $1.1 million, a 36% improvement from a gross loss of $1.6
million in Q1 2025 |
| | | |
| ● | Selling,
General and Administrative Expenses (SG&A) Expenses: $4.4 million, consistent with
$4.4 million in Q1 2025 |
| | | |
| ● | Adjusted
EBITDA (Non-GAAP): Loss of $4.6 million, as compared to a $4.7million loss in Q1 2025 |
| | | |
| ● | Net
Loss: $5.2 million, an improvement of $1.2 million, or 19%, as compared to Q1 2025 Cash
Position: $27.3 million as of March 31, 2026, with no outstanding term debt |
Conference
Call and Webcast
Event:
Sidus Space First Quarter Financial Results Conference Call
Date:
Thursday, May 14, 2026
Time:
5:00 p.m. Eastern Time
Live
Call: + 1-866-652-5200 (U.S. Toll-Free) or +1-412-317-6060 (International)
Webcast:
https://app.webinar.net/3lBO1a4r6ZQ
For
interested individuals unable to join the conference call, a dial-in replay of the call will be available until Thursday, May 21, 2026,
at 11:59 P.M. ET and can be accessed by dialing +1-855-669-9658 (U.S. Toll-Free) or +1-412-317-0088 (International) and entering replay
pin number: 3323981.
An
online archive of the webcast will be available for one year following the event at https://investors.sidusspace.com/.
About
Sidus Space
Sidus
Space, Inc. (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: https://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, 2025, 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, capital raise expense,
severance costs, equity-based compensation and impairment loss. 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 March 31, 2026 and
2025:
| | |
Three Months Ended | | |
| | |
| |
| | |
March 31, | | |
| | |
| |
| | |
2026 | | |
2025 | | |
Change | | |
% | |
| Net Income / (Loss) | |
$ | (5,211,607 | ) | |
$ | (6,414,627 | ) | |
$ | 1,203,020 | | |
| (19 | )% |
| Interest Income/Expense (i) | |
| (258,102 | ) | |
| 341,707 | | |
| (599,809 | ) | |
| (176 | )% |
| Depreciation & Amortization(ii) | |
| 611,606 | | |
| 934,674 | | |
| (323,068 | ) | |
| (35 | )% |
| Capital Raise expense (iii) | |
| - | | |
| 5,480 | | |
| (5,480 | ) | |
| (100 | )% |
| Severance Costs | |
| 16,042 | | |
| 206,100 | | |
| (190,058 | ) | |
| (92 | )% |
| Equity based compensation (iv) | |
| 215,127 | | |
| 252,243 | | |
| (37,116 | ) | |
| (15 | )% |
| Total Non-GAAP Adjustments | |
| 584,673 | | |
| 1,740,204 | | |
| (1,155,531 | ) | |
| (66 | )% |
| Adjusted EBITDA | |
| (4,626,934 | ) | |
| (4,674,423 | ) | |
| 47,488 | | |
| (1 | )% |
| (i)
|
Sidus
Space incurred lower net interest expense following the repayment of the asset-based loan in January 2026 and increased interest
income from cash holdings. |
| (ii)
|
Sidus
Space incurred lower depreciation expense following the satellite impairment write-off in Q4 2025. |
| (iii)
|
Sidus
Space did not incur internal fundraising expense related to capital raises. |
| (iv) |
Sidus
Space issued stock-based compensation for employee and Board services rendered. |
SIDUS
SPACE, INC.
CONSOLIDATED
BALANCE SHEETS
(UNAUDITED)
| | |
March 31, | | |
December 31, | |
| | |
2026 | | |
2025 | |
| Assets | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Cash | |
$ | 27,349,756 | | |
$ | 43,175,996 | |
| Accounts receivable | |
| 215,916 | | |
| 272,831 | |
| Accounts receivable - related parties | |
| 1,254,447 | | |
| 1,727,939 | |
| Contract asset | |
| 81,241 | | |
| 322,773 | |
| Contract asset - related party | |
| 119,306 | | |
| 209,673 | |
| Prepaid and other current assets | |
| 4,137,358 | | |
| 4,979,378 | |
| Total current assets | |
| 33,158,024 | | |
| 50,688,590 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 17,260,377 | | |
| 14,184,379 | |
| Operating lease right-of-use assets | |
| 635,143 | | |
| 702,856 | |
| Intangible asset | |
| 398,135 | | |
| 398,135 | |
| Other assets | |
| 141,366 | | |
| 116,751 | |
| Total Assets | |
$ | 51,593,045 | | |
$ | 66,090,711 | |
| | |
| | | |
| | |
| Liabilities and Stockholders’ Equity | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Accounts payable and other current liabilities | |
$ | 3,352,995 | | |
$ | 5,472,464 | |
| Accounts payable and accrued interest - related party | |
| 50,240 | | |
| 876,007 | |
| Contract liability | |
| 161,299 | | |
| 186,537 | |
| Contract liability - related party | |
| 28,292 | | |
| - | |
| Asset-based loan liability | |
| - | | |
| 8,212,186 | |
| Operating lease liability | |
| 280,324 | | |
| 273,545 | |
| Total current liabilities | |
| 3,873,150 | | |
| 15,020,739 | |
| | |
| | | |
| | |
| Operating lease liability - non-current | |
| 362,510 | | |
| 434,695 | |
| Total Liabilities | |
| 4,235,660 | | |
| 15,455,434 | |
| | |
| | | |
| | |
| 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; 66,419,851 and 65,324,055 shares issued and outstanding, respectively | |
| 6,642 | | |
| 6,532 | |
| Class B common stock: 10,000,000 shares authorized; 100,000 shares issued and outstanding | |
| 10 | | |
| 10 | |
| Additional paid-in capital | |
| 142,389,868 | | |
| 140,456,263 | |
| Accumulated deficit | |
| (95,039,135 | ) | |
| (89,827,528 | ) |
| Total Stockholders’ Equity | |
| 47,357,385 | | |
| 50,635,277 | |
| Total Liabilities and Stockholders’ Equity | |
$ | 51,593,045 | | |
$ | 66,090,711 | |
SIDUS
SPACE, INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(UNAUDITED)
| | |
Three Months Ended | |
| | |
March 31, | |
| | |
2026 | | |
2025 | |
| | |
| | |
| |
| Revenue | |
$ | 250,155 | | |
$ | 160,704 | |
| Revenue - related parties | |
| 109,217 | | |
| 77,790 | |
| Total - revenue | |
| 359,372 | | |
| 238,494 | |
| Cost of revenue | |
| 1,409,445 | | |
| 1,866,972 | |
| Gross loss | |
| (1,050,073 | ) | |
| (1,628,478 | ) |
| | |
| | | |
| | |
| Operating expenses | |
| | | |
| | |
| Selling, general and administrative | |
| 4,419,637 | | |
| 4,444,442 | |
| Total operating expenses | |
| 4,419,637 | | |
| 4,444,442 | |
| | |
| | | |
| | |
| Net loss from operations | |
| (5,469,710 | ) | |
| (6,072,920 | ) |
| | |
| | | |
| | |
| Other income (expense) | |
| | | |
| | |
| Other income | |
| 81,846 | | |
| 100,000 | |
| Interest expense | |
| (879 | ) | |
| (75,407 | ) |
| Interest income | |
| 195,613 | | |
| 66,345 | |
| Asset-based loan expense | |
| (18,477 | ) | |
| (432,645 | ) |
| Total other income (expense) | |
| 258,103 | | |
| (341,707 | ) |
| | |
| | | |
| | |
| Loss before income taxes | |
| (5,211,607 | ) | |
| (6,414,627 | ) |
| Provision for income taxes | |
| - | | |
| - | |
| Net loss | |
| (5,211,607 | ) | |
| (6,414,627 | ) |
| | |
| | | |
| | |
| Dividend on Series A preferred Stock | |
| - | | |
| - | |
| Net loss attributed to stockholders | |
$ | (5,211,607 | ) | |
$ | (6,414,627 | ) |
| | |
| | | |
| | |
| Basic and diluted loss per common share | |
$ | (0.08 | ) | |
$ | (0.35 | ) |
| Basic and diluted weighted average number of common shares outstanding | |
| 66,583,190 | | |
| 18,228,267 | |
SIDUS
SPACE, INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
| | |
Three Months Ended | |
| | |
March 31, | |
| | |
2026 | | |
2025 | |
| | |
| | |
| |
| Cash Flows From Operating Activities: | |
| | | |
| | |
| Net loss | |
$ | (5,211,607 | ) | |
$ | (6,414,627 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
| Stock based compensation | |
| 215,127 | | |
| 252,244 | |
| Depreciation and amortization | |
| 611,606 | | |
| 934,673 | |
| Non-cash fees on asset-based loan | |
| - | | |
| 20,243 | |
| Changes in operating assets and liabilities: | |
| | | |
| | |
| Accounts receivable | |
| 56,915 | | |
| 366,047 | |
| Accounts receivable - related party | |
| 473,492 | | |
| (6,566 | ) |
| Inventory | |
| - | | |
| 112,744 | |
| Contract asset | |
| 241,532 | | |
| 9,332 | |
| Contract asset - related party | |
| 90,367 | | |
| - | |
| Prepaid expenses and other assets | |
| 817,405 | | |
| 1,258,675 | |
| Accounts payable and accrued liabilities | |
| (2,119,469 | ) | |
| 255,041 | |
| Accounts payable and accrued liabilities - related party | |
| (825,767 | ) | |
| 21,172 | |
| Contract liability | |
| (25,238 | ) | |
| (16,192 | ) |
| Contract liability - related party | |
| 28,292 | | |
| - | |
| Changes in operating lease assets and liabilities | |
| 2,307 | | |
| 1 | |
| Net Cash used in Operating Activities | |
| (5,645,038 | ) | |
| (3,207,213 | ) |
| | |
| | | |
| | |
| Cash Flows From Investing Activities: | |
| | | |
| | |
| Purchase of property and equipment | |
| (3,687,604 | ) | |
| (2,978,308 | ) |
| Net Cash used in Investing Activities | |
| (3,687,604 | ) | |
| (2,978,308 | ) |
| | |
| | | |
| | |
| Cash Flows From Financing Activities: | |
| | | |
| | |
| Proceeds from issuance of common stock units | |
| - | | |
| 2,381,247 | |
| Proceeds from exercise of warrants | |
| 1,718,588 | | |
| - | |
| Proceeds from asset-based loan agreement | |
| - | | |
| 3,289,744 | |
| Repayment of asset-based loan agreement | |
| (8,212,186 | ) | |
| (417,981 | ) |
| Repayment of notes payable | |
| - | | |
| (3,059,767 | ) |
| Net Cash provided by (used in) Financing Activities | |
| (6,493,598 | ) | |
| 2,193,243 | |
| | |
| | | |
| | |
| Net change in cash | |
| (15,826,240 | ) | |
| (3,992,278 | ) |
| Cash, beginning of period | |
| 43,175,996 | | |
| 15,703,579 | |
| Cash, end of period | |
$ | 27,349,756 | | |
$ | 11,711,301 | |
| | |
| | | |
| | |
| Supplemental cash flow information | |
| | | |
| | |
| Cash paid for interest | |
$ | 28,626 | | |
$ | 5,462 | |
| Cash paid for taxes | |
$ | - | | |
$ | - | |
Contacts:
Investor
Relations
investor-relations@sidusspace.com
Media
Inquiries
press@sidusspace.com
