Exhibit
99.1
SIDUS
SPACE REPORTS FULL-YEAR 2025 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATES
CAPE
CANAVERAL, FL, April 1, 2026 – Sidus Space, Inc. (NASDAQ: SIDU) (the “Company” or “Sidus”),
an innovative space and defense technology company, today announced its financial results for the fourth quarter and full-year ended
December 31, 2025, and provided a business update.
“2025
was a pivotal year for Sidus as we continued executing our long-term strategy to build vertically integrated space and defense technology
platforms,” said Carol Craig, Founder and CEO of Sidus Space. “We expanded our on-orbit capabilities with the successful
launch and commissioning of LizzieSat-3, advanced our AI-enabled computing ecosystem, and strengthened our balance sheet through strategic
capital raises that provide the resources needed to support future growth. While near-term financial results reflect continued investment
in satellite operations, infrastructure, and organizational capabilities, we believe these investments support the scaling of satellite
platforms, technology offerings, and AI-enabled data solutions, advancing revenue opportunities in the periods ahead.”
Operational
Highlights for Fiscal Year 2025:
| ● | Successfully
launched LizzieSat-3 in March 2025, expanding Sidus’ on-orbit satellite fleet and achieving
successful bus level commissioning |
| | | |
| ● | Demonstrated
on-orbit AI processing through the Sidus Orlaith AI ecosystem, enabling near real-time data
analytics directly from space |
| | | |
| ● | Achieved
operational milestones for hosted payloads, including maritime Automatic Identification System
(AIS) sensing and successful sub-5-meter resolution on-orbit imagery validation with HEO
USA’s NEI imager |
| | | |
| ● | Advanced
designs for multiple next-generation satellite platforms supporting GEO, cislunar, and lunar
missions, including LunarLizzie, an 800+kg platform |
| | | |
| ● | Amended
and extended the Lonestar Data Holdings lunar satellite manufacturing agreement, increasing
total contract value to $120 million, and integrating a payload on LS-5 upcoming mission |
| | | |
| ● | Executed
a Memorandum of Understanding (MOU) with Saturn Satellite Networks to support development
of a next-generation GEO satellite platform. |
| | | |
| ● | Executed
an MOU with Reflex Aerospace to explore joint satellite fleet services and expand global
mission offerings. |
| ● | Expanded
partnership with Little Place Labs, enabling near real-time maritime intelligence through
LizzieSat-powered vessel detection capabilities. |
| | | |
| ● | Partnered
with VORAGO Technologies to advance radiation-hardened compute for scalable space and defense
infrastructure. |
| | | |
| ● | Awarded
a five-year IDIQ contract with Tobyhanna Army Depot (TYAD) to provide fabrication and on-call
support for electrical harnesses and cable assemblies, mechanical components and assemblies
and welding services |
| | | |
| ● | Secured
a subcontractor role with MobLobSpace under NASA’s Small Business Innovation Research
(SBIR) Radar Initiative, with LizzieSat selected as the hosting platform. |
| | | |
| ● | Awarded
a ten-year IDIQ contract under the Missile Defense Agency (MDA) Scalable Homeland Innovative
Enterprise Layered Defense (SHIELD) Indefinite Delivery/Indefinite Quantity (IDIQ), a scalable
homeland defense program with a total potential ceiling of $151 billion. |
| | | |
| ● | Completed
delivery of final hardware enclosures for NASA’s Mobile Launcher 2, supporting Artemis-related
infrastructure. |
| | | |
| ● | Expanded
dual-use hardware production to meet growing demand for SOSA-aligned compute modules and
subsystem architectures. |
| | | |
| ● | Delivered
a custom FeatherEdge Data Processing Unit (DPU) for Xiomas Technologies under a NASA Phase
II Sequential Award, alongside advanced software and a completed final technical report supporting
thermal imaging missions |
| | | |
| ● | Expanded
Intellectual Property (IP) portfolio to 15 issued patents, through continued filings supporting
modular satellite manufacturing, ruggedized multi-domain compute architectures, and AI-enabled
mission payloads. |
| | | |
| ● | Continued
growth of Sidus’ mission operations capabilities, supporting 24/7 spacecraft monitoring
and tasking |
| | | |
| ● | Strengthened
leadership and governance with appointments to executive management and the Board of Directors
to include: |
| ○ | Hired
Mr. Adarsh Parekh as Chief Financial Officer, bringing additional experience in capital strategy
and financial leadership. |
| | | |
| ○ | Appointed
Ms. Tiffany Norwood, a globally recognized technology entrepreneur and business leader, to
the Board of Directors. |
| | | |
| ○ | Appointed
Ms. Kelle Wendling, a seasoned senior aerospace and defense executive with more than three
decades of executive leadership and government contracting experience, to the Board of Directors. |
Subsequent
Operational Highlights:
| ● | Announced
the achievement of an integration milestone with Maris-Tech Ltd. (NASDAQ: MTEK, MTEKW), with
Maris-Tech’s advanced video and AI-based edge computing payload scheduled to fly aboard
Sidus’ (LS-4) mission, expected to launch in Q4 2026. |
| ● | Signed
a Memorandum of Understanding (MOU) with Simera Sense, a provider of optical payloads and
Earth observation analytics, outlining a strategic collaboration focused on developing next-generation
hyperspectral imaging solutions with onboard data processing for government and commercial
missions. |
| ● | Announced
the successful receipt of a series of on-orbit images from HEO USA’s non-Earth imaging
(NEI) camera aboard (LS-3), representing a payload performance milestone distinct from spacecraft
commissioning activities. |
Financial
Highlights for the Full Year Ending December 31, 2025:
Total
revenue for the twelve months ending December 31, 2025, was approximately $3.4 million, a decrease of approximately $1.3 million or 28%
compared to total revenue for the twelve months ended December 31, 2024. This decrease reflects Sidus’ continued strategic transition
toward higher-margin satellite manufacturing, data, and technology business lines, as the Company focuses on building a scalable, recurring
revenue base anchored by its growing LizzieSat fleet.
Cost
of revenue increased 48% for the twelve months ended December 31, 2025, to approximately $9.1 million as compared to approximately $6.1
million for the twelve months ended December 31, 2024. The increase was primarily driven by higher depreciation costs associated with
the expansion of Sidus’ on-orbit satellite fleet, including the deployment of LizzieSat-2 and LizzieSat-3 and related satellite
software, as well as the direct labor required to support growing on-orbit operations. Although depreciation will continue to impact
cost of revenue, it is expected to be significantly offset as we grow our high-margin satellite and data-related revenue.
Gross
loss for the twelve months ended December 31, 2025, was approximately $5.7 million, compared to a gross loss of approximately $1.5 million
for the twelve months ended December 31, 2024. Gross profit margin was negative 168% for the full year 2025 as compared to negative 31%
for the full year 2024. The change was primarily driven by higher non-cash depreciation reflecting the significant progress Sidus has
made in deploying its LizzieSat satellite fleet and building the infrastructure to support long-term, high-margin satellite data revenue.
Selling,
general, and administrative expenses for the twelve months ended December 31, 2025, totaled approximately $22.3 million, including a
$4.5 million non-cash impairment charge related to LizzieSat-1 and associated assets. Excluding this non-cash charge, core SG&A totaled
approximately $17.8 million, an increase of approximately $3.6 million compared to the same period in the prior year. Increases to payroll
to support the Company’s expanding satellite operations and business development activities, mission control expenses, and consulting
services were partially offset by meaningful reductions in D&O insurance premiums, professional fees, and fundraising costs .
Adjusted
EBITDA loss, a non-GAAP measure, for the twelve months ended December 31, 2025, totaled $17.3 million as compared to an Adjusted EBITDA
loss of $12.9 million for the same period in the prior year, with the increase driven primarily by higher payroll and satellite operations
costs as the Company continues to scale its LizzieSat fleet and data platform toward profitability.
Total
non-GAAP adjustments for interest expense, depreciation and amortization, severance costs, capital markets and advisory fees, equity-based
compensation and impairment loss are provided in the reconciliation table below.
Net
loss for the twelve months ended December 31, 2025, was $29.5 million, compared to a net loss of $17.5 million for the same period in
2024. The increase includes a $4.5 million non-cash impairment charge related to LizzieSat-1 and associated assets.
Balance
Sheet:
As
of December 31, 2025, the Company had $43.2 million of cash as compared to $15.7 million on December 31, 2024, which represents an increase
of $27.5 million, driven by equity capital raises completed in the third and fourth quarters of 2025. The strengthened cash position
puts Sidus in an excellent position to accelerate development of LizzieSat-4 and LizzieSat-5 and continue executing its growing pipeline
of high-margin satellite and data programs.
Current
assets increased by approximately $28.4 million, or 128%, to $50.7 million as of December 31, 2025, from approximately $22.3 million
as of December 31, 2024. The increase is primarily attributable to our increased cash balance.
Current
liabilities increased by approximately $811,000, or 6%, to approximately $15.0 million as of December 31, 2025, from approximately $14.2
million as of December 31, 2024. The increase was attributable to an increase in accounts payable and the asset-based loan liability,
partially offset by a decrease in notes payable.
Conference
Call and Webcast
A
dial-in replay of the conference call held on March 31, 2026 will be available starting at 8:30 A.M. ET on April 1,
2026 until Monday, April 7, 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 access ID: 13752638. An online archive of the webcast will be available for one year following
the event at 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: 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, severance costs, capital
market and advisory fees, 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.
Summary
Financial Results
The
following table provides certain selected financial information for the full year ended December 31, 2025 and 2024:
| | |
Years Ended December 31, | | |
| | |
| |
| | |
2025 | | |
2024 | | |
Change | | |
% | |
| Revenue | |
$ | 3,383,878 | | |
$ | 4,672,646 | | |
$ | (1,288,768 | ) | |
| (28 | )% |
| Cost of revenue | |
| 9,076,445 | | |
| 6,141,657 | | |
| 2,934,788 | | |
| 48 | % |
| Gross Profit (Loss) | |
| (5,692,567 | ) | |
| (1,469,011 | ) | |
| (4,223,556 | ) | |
| 288 | % |
| Gross Profit Percentage | |
| (168 | )% | |
| (31 | )% | |
| (137 | )% | |
| 435 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expense | |
| 22,315,569 | | |
| 14,249,870 | | |
| 8,065,699 | | |
| 57 | % |
| Other expense | |
| (1,466,168 | ) | |
| (1,805,175 | ) | |
| 339,007 | | |
| (19 | )% |
| Net loss | |
$ | (29,474,304 | ) | |
$ | (17,524,056 | ) | |
$ | (11,950,248 | ) | |
| 68 | % |
The
following table reconciles adjusted EBITDA to net loss (the most comparable GAAP measure) for the full year ended December 31, 2025 and
2024:
| | |
Years Ended December 31, | | |
| | |
| |
| | |
2025 | | |
2024 | | |
Change | | |
% | |
| Net Income / (Loss) | |
$ | (29,474,304 | ) | |
$ | (17,524,056 | ) | |
$ | (11,950,248 | ) | |
| 68 | % |
| Interest Expense (i) | |
| 1,737,489 | | |
| 1,306,252 | | |
| 431,237 | | |
| 33 | % |
| Depreciation and Amortization (ii) | |
| 4,371,263 | | |
| 2,171,873 | | |
| 2,199,390 | | |
| 101 | % |
| Capital raise expense (iii) | |
| 642,680 | | |
| 805,322 | | |
| (162,642 | ) | |
| -20 | % |
| Severance Costs | |
| 302,852 | | |
| 22,201 | | |
| 280,651 | | |
| 1264 | % |
| Equity based compensation (iv) | |
| 619,273 | | |
| 309,736 | | |
| 309,537 | | |
| 100 | % |
| Impairment loss (v) | |
| 4,510,680 | | |
| - | | |
| 4,510,680 | | |
| 0 | % |
| Total Non-GAAP Adjustments | |
| 12,184,237 | | |
| 4,615,384 | | |
| 7,568,853 | | |
| 164 | % |
| Adjusted EBITDA | |
| (17,290,067 | ) | |
| (12,908,672 | ) | |
| (4,381,395 | ) | |
| 34 | % |
The
following table provides selected financial data about Sidus’ Liquidity and Capital Resources as of December 31, 2025, and December
31, 2024:
| | |
December 31, | | |
December 31, | | |
| | |
| |
| | |
2025 | | |
2024 | | |
Change | | |
% | |
| Current assets | |
$ | 50,688,590 | | |
$ | 22,252,552 | | |
$ | 28,436,038 | | |
| 128 | % |
| Current liabilities | |
$ | 15,020,739 | | |
$ | 14,209,502 | | |
$ | 811,237 | | |
| 6 | % |
| Working capital | |
$ | 35,667,851 | | |
$ | 8,043,050 | | |
$ | 27,624,801 | | |
| 343 | % |
SIDUS
SPACE, INC.
CONSOLIDATED
BALANCE SHEETS
| | |
December 31, | | |
December 31, | |
| | |
2025 | | |
2024 | |
| Assets | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Cash | |
$ | 43,175,996 | | |
$ | 15,703,579 | |
| Accounts receivable | |
| 272,831 | | |
| 827,886 | |
| Accounts receivable - related parties | |
| 1,727,939 | | |
| 641,376 | |
| Accounts receivable | |
| 1,727,939 | | |
| 641,376 | |
| Contract asset | |
| 322,773 | | |
| 1,603,102 | |
| Contract asset - related party | |
| 209,673 | | |
| 46,953 | |
| Contract asset | |
| 209,673 | | |
| 46,953 | |
| Prepaid and other current assets | |
| 4,979,378 | | |
| 3,429,656 | |
| Total current assets | |
| 50,688,590 | | |
| 22,252,552 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 14,184,379 | | |
| 14,891,976 | |
| Operating lease right-of-use assets | |
| 702,856 | | |
| 121,545 | |
| Intangible asset | |
| 398,135 | | |
| 398,135 | |
| Other assets | |
| 116,751 | | |
| 81,359 | |
| Total Assets | |
$ | 66,090,711 | | |
$ | 37,745,567 | |
| | |
| | | |
| | |
| Liabilities and Stockholders’ Equity | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Accounts payable and other current liabilities | |
$ | 5,472,464 | | |
$ | 3,481,167 | |
| Accounts payable and accrued interest - related party | |
| 876,007 | | |
| 581,243 | |
| Contract liability | |
| 186,537 | | |
| 16,192 | |
| Contract liability - related party | |
| - | | |
| 46,953 | |
| Contract liability | |
| - | | |
| 46,953 | |
| Asset-based loan liability | |
| 8,212,186 | | |
| 6,902,636 | |
| Notes payable | |
| - | | |
| 3,059,767 | |
| Operating lease liability | |
| 273,545 | | |
| 121,544 | |
| Total current liabilities | |
| 15,020,739 | | |
| 14,209,502 | |
| | |
| | | |
| | |
| Operating lease liability - non-current | |
| 434,695 | | |
| - | |
| Total Liabilities | |
| 15,455,434 | | |
| 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 | |
| - | | |
| - | |
| Preferred stock, value | |
| - | | |
| - | |
| Common stock: 210,000,000 authorized; $0.0001 par value | |
| | | |
| | |
| Class A common stock: 200,000,000 shares authorized; 65,324,055 and 15,956,816 shares issued and outstanding, respectively | |
| 6,532 | | |
| 1,597 | |
| Class B common stock: 10,000,000 shares authorized; 100,000 shares issued and outstanding | |
| 10 | | |
| 10 | |
| Additional paid-in capital | |
| 140,456,263 | | |
| 83,887,682 | |
| Accumulated deficit | |
| (89,827,528 | ) | |
| (60,353,224 | ) |
| Total Stockholders’ Equity | |
| 50,635,277 | | |
| 23,536,065 | |
| Total Liabilities and Stockholders’ Equity | |
$ | 66,090,711 | | |
$ | 37,745,567 | |
CONTACTS:
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Relations
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Inquiries
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