Financial Performance - Q3 2024 revenues reached $1.9 million, representing a 90% increase year-over-year[1] - Q3 2024 gross profit was approximately $38,000, a 140% increase year-over-year[1] - Q3 2024 EBITDA loss improved by 33% to $2.5 million compared to the same period last year[1] - Adjusted EBITDA loss for Q3 2024 was $2.5 million, compared to a loss of $3.7 million in Q3 2023, indicating a 33% improvement[8] - Total revenue for Q3 2024 was $1,868,958, a significant increase from $985,520 in Q3 2023, representing an increase of 89.5%[16] - Gross profit for Q3 2024 was $38,171, compared to a loss of $96,281 in Q3 2023, indicating a turnaround in profitability[16] - Net loss for Q3 2024 was $3,902,589, slightly improved from a net loss of $4,082,085 in Q3 2023[16] - Basic and diluted loss per common share improved to $(0.93) in Q3 2024 from $(5.49) in Q3 2023[16] Expenses and Liabilities - Selling, general, and administrative expenses decreased by 15% to approximately $3.2 million[1] - Operating expenses for Q3 2024 were $3,210,069, down from $3,778,460 in Q3 2023, a decrease of 15%[16] - Current liabilities decreased to $13,819,315 in 2024 from $12,219,356 in 2023, a reduction of 13.1%[15] - Cash paid for interest increased significantly to $524,015 from $20,353 in the prior year, highlighting a rise in interest expenses[17] - Stock-based compensation decreased to $236,040 from $845,029, reflecting a reduction in equity compensation expenses[17] Assets and Equity - Total assets increased to $23,096,815 in 2024 from $19,351,112 in 2023, reflecting a growth of 19.1%[15] - Total stockholders' equity increased to $9,277,500 in 2024 from $7,131,756 in 2023, a growth of 30.1%[15] - Cash balance increased to $1,231,401 in 2024 from $1,216,107 in 2023, showing a slight growth of 1.3%[15] - Accounts receivable rose to $1,495,340 in 2024 from $1,175,077 in 2023, an increase of 27.3%[15] Cash Flow - Cash provided by financing activities totaled $15,406,183, up from $14,561,964 in the previous year, reflecting a positive cash flow from financing[17] - Net cash used in operating activities was $10,288,228, compared to $9,954,980 in 2023, showing a higher cash outflow from operations[17] - The company reported a decrease in cash at the end of the period to $1,231,401 from $1,597,331 in the previous year[17] - Total cash used in investing activities was $5,102,661, slightly down from $5,304,912 in 2023, indicating stable investment spending[17] Contracts and Projects - Sidus Space was selected to build a 6 satellite Lunar constellation for Lonestar Data Holdings[2] - The company secured a $2 million contract from Craig Technologies for U.S. Navy equipment[4] - FCC approval was granted for the operation of a micro constellation of satellites in Low Earth Orbit[4] - The LizzieSat™-2 satellite is scheduled for launch no earlier than December 2024[4] Other Financial Metrics - Net loss for September 2024 was $11,849,173, compared to a net loss of $11,024,725 in 2023, indicating an increase in losses[17] - Accounts receivable decreased by $320,263, contrasting with an increase of $258,493 in the previous year, suggesting improved collection efforts[17] - Proceeds from the issuance of common stock units were $13,742,311, down from $14,788,121, indicating a decline in capital raised through equity[17]

LizzieSat™ Satellite Platform and Capabilities - The company's LizzieSat™ satellite platform achieved first launch mission success in March 2024, marking a significant milestone in its space mission capabilities[94] - LizzieSat™ is equipped with FeatherEdge™ AI for on-orbit processing, enabling efficient data processing and delivery, including visual spectrum, methane, and AIS data collection[92] - LizzieSat™ platform enhancements include a processor capable of handling 100 trillion operations per second (TOPS) and upgraded payload processing up to 12 Gb/s[95] - LizzieSat™ offers Constellation-as-a-Service (CaaS), allowing multiple customers to share satellite and constellation resources for Earth Observation (EO) and Non-Earth Imaging (NEI) data collection[101] - Integrated Edge AI software into LizzieSat-1, with next-gen Edge AI software planned for LizzieSat-3, enhancing geospatial data processing and rapid data transfer[112] - Successfully launched LizzieSat multi-mission satellite in Q1 2024 and activated FeatherEdge AI platform in Q2 2024 for near real-time intelligence[126][127] - LizzieSat-1 successfully completed NASA Stennis Space Center ASTRA primary mission objectives, leading to additional funding for new critical mission objectives over the next 12 months[109] - Completed LizzieSat-2 build, planned for Q4 2024 launch, and nearing completion of LizzieSat-3, planned for Q1 2025 launch[111] - Developed Sidus LVDS Switch Card, enhancing payload processor capabilities for LizzieSat-2 and LizzieSat-3[118] Regulatory Approvals and Licenses - The company received FCC approval in October 2024 to operate a micro constellation of remote sensing, multi-mission satellites in Low Earth Orbit (LEO)[95] - Received FCC approval for a micro constellation of remote sensing, multi-mission satellites in Low Earth Orbit (LEO)[117] - Received NOAA Tier 1 license for LizzieSat1-3 operations, enabling remote-sensing space system deployment[128] Manufacturing and Technology - The company operates a 35,000-square-foot manufacturing facility in Florida, ISO 9001:2015 and AS9100 Rev. D certified, supporting space and defense hardware production[93] - The company's 3D printing technology reduces satellite production costs and lead times while maintaining structural integrity, with a Technology Readiness Level (TRL) of TRL-9 for space applications[107] Space-as-a-Service and Business Model - The company's Space-as-a-Service model reduces customer capital expenditures by eliminating the need for satellite design, development, and manufacturing[98] - The company's FeatherEdge AI/ML solution enhances on-orbit data processing, enabling autonomous satellite operations and cloud-based data processing for space applications[103] - Signed a multi-year and multi-launch agreement with Space-X, offering customers reliable and cost-effective launch services with a steady cadence of launches[110] - Signed agreement with Neuraspace for Space Traffic Management and LEOP support, enhancing constellation operation capabilities[113] Financial Performance - Revenue increased by 90% to $1.87 million in Q3 2024 compared to $985,520 in Q3 2023[139] - Non-related party revenue increased by 131% to $1.8 million in Q3 2024, driven by fixed-price milestone contracts and satellite-related revenue[140] - Cost of revenue increased by 69% to $1.83 million in Q3 2024, primarily due to a mix of contracts and increased depreciation expense in satellite-related business[141] - Gross profit improved by 140% to $38,171 in Q3 2024 from a gross loss of $96,281 in Q3 2023, driven by higher-margin satellite-related sales[143] - Selling, General, and Administrative expenses decreased by 15% to $3.21 million in Q3 2024, primarily due to reduced professional fees and payroll expenses[144][145] - Net loss decreased by 4% to $3.9 million in Q3 2024 compared to $4.08 million in Q3 2023[139] - Total revenue for the nine months ended September 30, 2024, decreased by 17% to $3.85 million, driven by a change in contract mix and lower satellite-related revenue[148][149] - Cost of revenue for the nine months ended September 30, 2024, increased by 38% to $4.57 million, primarily due to a mix of contracts and increased depreciation expense[150] - Adjusted EBITDA improved by 33% to a loss of $2.45 million in Q3 2024 compared to a loss of $3.67 million in Q3 2023, driven by reduced capital raise expenses and increased depreciation[158] - Mission Operations Support expense increased by $531,000 to $604,000 for the nine months ended September 30, 2024, due to ground support for the first satellite launched in March 2024[154] - Net loss for the nine months ended September 30, 2024 was $11.8 million, a 7% increase from $11.0 million in the same period in 2023[160] - Adjusted EBITDA improved by 9% to $(8.3) million in the nine months ended September 30, 2024 compared to $(9.1) million in the same period in 2023[160] Cash Flow and Financing - Current liabilities increased by 13% to $13.8 million as of September 30, 2024 from $12.2 million as of December 31, 2023, primarily due to an increase in asset-based loan liability[164] - Cash used in operating activities was $10.3 million for the nine months ended September 30, 2024, a 3% increase from $10.0 million in the same period in 2023[164] - Cash provided by financing activities was $15.4 million for the nine months ended September 30, 2024, a 6% increase from $14.6 million in the same period in 2023[164] - Cash on hand decreased by 23% to $1.2 million as of September 30, 2024 from $1.6 million as of December 31, 2023[164] - The company completed a public offering in March 2024, issuing 1,321,000 shares at $6.00 per share for net proceeds of $7.1 million[172] - The company completed a public offering in January 2024, issuing 1,181,800 shares at $4.50 per share and pre-funded warrants for net proceeds of $5.0 million[172] Revenue Recognition and Contracts - Revenue from fixed price manufacturing contracts is recognized using the percentage-of-completion method based on costs incurred[178] - Revenue from fixed price contracts related to satellite payloads with milestone payments is recognized when milestones are met[179] Regulatory and Reporting Exemptions - The company is evaluating the benefits of relying on exemptions and reduced reporting requirements under the JOBS Act as an "emerging growth company"[188] - The company intends to rely on exemptions including not providing an auditor's attestation report on internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act[188] - The company will remain an "emerging growth company" until it reaches $1.07 billion in total annual gross revenues, the fifth anniversary of its IPO, issues over $1 billion in nonconvertible debt, or is deemed a large accelerated filer by the SEC[188] - The company is not required to provide quantitative and qualitative disclosures about market risk as it qualifies as a "smaller reporting company" under Rule 12b-2 of the Exchange Act[189] Geospatial Intelligence and Mission Support - Expanded geospatial intelligence capabilities following NGA award and NASA Lunar Terrain Vehicle Services Contract[116] - Achieved flight heritage for FeatherEdge edge computing hardware and software solutions[115]

Company Overview - Sidus Space (NASDAQ: SIDU) is a space mission enabler that provides flexible and cost-effective solutions, including custom satellite design, payload hosting, mission management, space manufacturing, and AI-enhanced space-based sensor data-as-a-service [4] - The company is committed to its mission of "Space Access Reimagined™," focusing on rapid innovation and optimization of space system and data collection performance [4] - Sidus Space has a demonstrated space heritage, including the manufacturing and operation of its own satellite and sensor system, LizzieSat™, serving government, defense, intelligence, and commercial clients globally [4] Event Participation - Sidus Space will participate in The ThinkEquity Conference on October 30, 2024, at the Mandarin Oriental Hotel in New York, which gathers institutional investors, corporate clients, and industry professionals [1][3] - CEO Carol Craig will present on how Sidus serves as a mission enabler, with the presentation scheduled for 4 p.m. ET [2] - The conference will also feature one-on-one investor meetings throughout the day, and the presentation will be live-streamed [2] ThinkEquity Conference Insights - ThinkEquity is a boutique investment bank that has collectively financed over $50 billion in public and private capital raises, restructurings, and mergers and acquisitions [3] - Previous conferences have featured over 70 company presentations, 700+ attendees, and 500+ one-on-one meetings, providing a valuable platform for companies and investors to connect [3]

Financial Data and Key Metrics Changes - Total revenue for Q2 2024 was just under $1 million, a decrease of approximately $440,000 compared to Q2 2023, primarily due to the timing of fixed price milestone contracts and fewer satellite-related revenue payments [25] - Cost of revenue increased 105% to approximately $1.8 million in Q2 2024, driven by a mix of contracts with higher material expenses and increased depreciation costs [26] - Gross profit decreased approximately $1.35 million, resulting in a net loss of approximately $841,000 for Q2 2024, compared to a gross profit of approximately $508,000 in Q2 2023 [26] - Gross profit margin was negative 91% for Q2 2024, compared to a positive 37% in Q2 2023, influenced by the timing of satellite-related payments and higher depreciation costs [27] - Adjusted EBITDA loss for Q2 2024 totaled $3.2 million, compared to a loss of $2.8 million in the same period last year [28] - Net loss for Q2 2024 was $4.1 million, compared to a net loss of $3.5 million in Q2 2023 [28] - Cash as of June 30, 2024, was $1.4 million, up from $1.2 million at December 31, 2023 [29] Business Line Data and Key Metrics Changes - The company is currently generating revenue and has been for over a decade, with a growing pipeline across all business lines [7] - LizzieSat-1 has performed well in its first five months in orbit, meeting mission objectives and activating sensors, laying a solid foundation for future growth [8] - The company is on target for two launches in the next six to nine months, with the first launch scheduled for Q4 2024 [9] Market Data and Key Metrics Changes - The space economy is evolving from a niche sector to a mainstream industry, generating value across various fields and addressing global challenges [5] - The company has approximately $100 million in its pipeline and over 30 active customers across multiple divisions [18] Company Strategy and Development Direction - The company aims to expand its constellation and has plans for LizzieSat-2 and 3, which are in the final stages of production [8] - The company is focused on a multi-mission constellation and has secured a multi-launch agreement with SpaceX [30] - The company is part of NASA's Lunar Terrain Vehicle Services Award, indicating a strategic focus on lunar missions [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the higher revenue streams anticipated from satellite manufacturing and space data services [31] - The company is committed to restoring shareholder value and expanding into sectors such as agriculture, maritime, and oil and gas [30] Other Important Information - The company has signed an MOU with NamaSys Bahrain to establish Sidus Arabia, a joint venture for satellite manufacturing [19] - The company is investing in next-generation satellite designs, including a VPX open architecture system [20] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Performance - Total revenue for Q2 2024 was approximately $930,000, a decrease of $440,000 (32.0%) compared to Q2 2023[5] - Sidus Space reported total revenue of $927,570 for Q2 2024, a decrease of 32.4% compared to $1,370,409 in Q2 2023[15] - Adjusted EBITDA loss for Q2 2024 was $3.2 million, compared to a loss of $2.8 million in Q2 2023[7] - Net loss for Q2 2024 was $4.1 million, compared to a net loss of $3.5 million in Q2 2023[7] - The net loss from operations for Q2 2024 was $3,897,915, compared to a net loss of $3,052,705 in Q2 2023, indicating a 27.7% increase in losses[15] - Net loss for the six months ended June 30, 2024, was $7,946,584, compared to a net loss of $6,942,640 in 2023, representing an increase of approximately 14.4%[16] Expenses - Selling, general and administrative expenses decreased by $500,000 (13.9%) to approximately $3.1 million from $3.6 million in Q2 2023[5] - Cost of revenue increased by 105% to approximately $1.8 million, up from $860,000 in Q2 2023[6] - The cost of revenue increased significantly to $1,768,671 in Q2 2024, compared to $862,632 in Q2 2023, resulting in a gross loss of $841,101[15] - Operating expenses for Q2 2024 were $3,056,814, down from $3,560,482 in Q2 2023, reflecting a reduction of 14.1%[15] - The company incurred increased depreciation expenses in 2024 due to the launch and deployment of satellite fixed assets and related software[14] Assets and Liabilities - Total current assets decreased to $8,303,412 in 2024 from $9,202,310 in 2023, a decline of 9.8%[14] - Total liabilities decreased significantly to $8,735,296 in 2024 from $12,219,356 in 2023, a reduction of 28.5%[14] - Stockholders' equity increased to $13,104,077 in 2024 from $7,131,756 in 2023, reflecting an increase of 83.8%[14] Cash Flow - Cash increased to $1,444,369 in 2024 from $1,216,107 in 2023, representing a growth of 18.8%[14] - Cash used in operating activities was $7,570,068 for 2024, up from $6,139,261 in 2023, indicating a year-over-year increase of about 23.4%[16] - Cash used in investing activities totaled $4,067,741 in 2024, compared to $2,614,169 in 2023, reflecting a significant increase of approximately 55.5%[16] - Proceeds from the issuance of common stock units were $13,742,311 in 2024, slightly down from $14,787,511 in 2023, a decrease of about 7.1%[16] - Net cash provided by financing activities was $11,866,071 in 2024, compared to $14,322,020 in 2023, showing a decline of approximately 17.1%[16] - The ending cash balance as of June 30, 2024, was $1,444,369, down from $7,863,849 in 2023, a decrease of about 81.7%[16] - Cash paid for interest increased to $338,116 in 2024 from $155,365 in 2023, representing a rise of approximately 117.5%[16] - The company reported a net change in cash of $228,262 for the six months ended June 30, 2024, contrasting with a net change of $5,568,590 in 2023[16] Strategic Developments - LizzieSat-1 successfully transmitted data from orbit, demonstrating the capabilities of Sidus' AI Rapid Delivery Platform[4] - Sidus Space secured a $30 million subcontract for the NASA Lunar Terrain Vehicle Services contract[3] - The company is preparing for the launches of LizzieSat-2 and LizzieSat-3 with SpaceX, indicating a focus on scaling its Data-as-a-Service business model[2] - Sidus Space and NamaSys Bahrain signed an MOU to establish a joint venture in Saudi Arabia for satellite manufacturing[4]

Launch Success and Satellite Development - Sidus Space achieved 'first launch success' with the 3D printed, AI-enhanced multi-mission satellite "LizzieSat" in March 2024[78]. - The next group of satellites will feature enhancements including a processor capable of handling ten Terra Operations Per Second (TOPS) and upgraded payload processing capabilities[79]. - The company is in advanced stages of assembling and testing the next generation of commercial LizzieSat satellites, with launches expected later this year and early next year[88]. - The LizzieSat design allows for simultaneous on-orbit data collection from multiple sensors, integrating new technologies during the production cycle[83]. - The LizzieSat satellite platform is designed for on-orbit coincident data collection, enhancing data accuracy and reducing false positives[90]. - The integration of AIS technology into the LizzieSat constellation enhances vessel tracking and monitoring capabilities[95]. Financial Performance - Revenue for Q2 2024 decreased by 32% to $927,570 compared to $1,370,409 in Q2 2023[105]. - Cost of revenue increased by 105% to $1,768,671 in Q2 2024 from $862,632 in Q2 2023[105]. - Gross loss for Q2 2024 was approximately $841,101, a decrease of $1,348,878 compared to a gross profit of $507,777 in Q2 2023[107]. - Selling, general, and administrative expenses decreased by 14% to approximately $3,056,814 in Q2 2024 from $3,560,482 in Q2 2023[108]. - Non-related party revenue decreased by 29% to approximately $835,000 in Q2 2024 compared to approximately $1.2 million in Q2 2023[106]. - Total revenue for the six months ended June 30, 2024, decreased by approximately $1.66 million, or 46%, to $1,977,725 compared to $3,634,036 for the same period in 2023[112][113]. - Cost of revenue increased by 23% to approximately $2.73 million for the six months ended June 30, 2024, compared to approximately $2.23 million in 2023[114]. - Gross profit decreased by approximately $2.16 million, resulting in a gross loss of approximately $757,000 for the six months ended June 30, 2024, compared to a gross profit of approximately $1.4 million in 2023[115]. - Selling, general, and administrative expenses decreased by approximately $400,000, or 6%, to approximately $6.7 million for the six months ended June 30, 2024, compared to approximately $7.1 million in 2023[117]. - Net loss for the six months ended June 30, 2024, was approximately $7.95 million, an increase of $1.00 million, or 14%, compared to a net loss of approximately $6.94 million in 2023[112][123]. Cash Flow and Financing Activities - Cash used in operating activities for the six months ended June 30, 2024, was approximately $7.57 million, an increase of $1.43 million, or 23%, compared to approximately $6.14 million in 2023[128][129]. - Cash provided by financing activities decreased by approximately $2.46 million, or 17%, to $11.87 million for the six months ended June 30, 2024, compared to $14.32 million in 2023[128]. - Net cash provided in financing activities for the six months ended June 30, 2024, was approximately $11.9 million, which included capital raises of approximately $5.6 million in January 2024 and $7.9 million in February 2024[133]. - The company completed a public offering on March 5, 2024, raising approximately $7.1 million from the sale of 1,321,000 shares at $6.00 per share[134]. - The January 2024 public offering raised approximately $5.0 million from the sale of 1,181,800 shares at $4.50 per share[134]. Operational and Strategic Developments - Sidus Space's vertically integrated model aims to expand existing and unlock new potential revenue-generating opportunities across multiple business units[80]. - The company has signed a multi-year and multi-launch agreement with Space-X, providing customers with reliable and cost-effective launch services[88]. - The FeatherEdge solution offers onboard AI processing, reducing downlink costs and improving response times for critical events in orbit[84]. - Sidus Space has expanded capabilities related to geospatial intelligence through a contract with the National Geospatial-Intelligence Agency (NGA)[89]. - The FeatherEdge AI platform was successfully activated in Q2 2024, enabling near real-time intelligence from earth observation data[95]. - The company plans to expand its satellite manufacturing capacity to produce 5-10 satellites per month at its Cape Canaveral facility[100]. - The company aims to grow its space and defense hardware operations, increasing from one shift to two and a half shifts in the future[97]. Assets and Liabilities - Current assets decreased by approximately $900,000, or 10%, to approximately $8.3 million as of June 30, 2024, from approximately $9.2 million as of December 31, 2023[126][127]. - Current liabilities decreased by approximately $3.5 million, or 29%, to approximately $8.7 million as of June 30, 2024, from approximately $12.2 million as of December 31, 2023[127]. Accounting and Reporting - Revenue recognition is based on ASC 606, which was adopted using the modified retrospective transition approach, with no material impact on the consolidated financial statements[138]. - Inventory consists of work in progress and finished goods, with estimated revenue calculated based on a percentage of completion[143]. - The provision for expected credit losses on trade receivables is estimated based on historical information and customer solvency[144]. - The company intends to rely on exemptions provided by the JOBS Act as an "emerging growth company" until certain revenue or debt thresholds are met[149]. - The company does not have any off-balance sheet arrangements or relationships with unconsolidated entities[135].

About Emily Jarvie About this content Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, The ...

Group 1 - Proactive delivers news and insights across various markets including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [1][6][8] - The company employs automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [2][6] - Proactive has a global presence with bureaus and studios in major finance hubs such as London, New York, Toronto, Vancouver, Sydney, and Perth [3][6] Group 2 - The company focuses on medium and small-cap markets while also providing updates on blue-chip companies and broader investment stories [8] - Proactive's content is designed to be fast, accessible, informative, and actionable for a global investment audience [6][9] - The team consists of experienced journalists with a strong background in various sectors, enhancing the quality of the content produced [7][9]

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. S ...