Sidus Space(US:SIDU)2025-11-14 22:15Financial Performance - Revenue for Q3 2025 was $1.3 million, down 31% from $1.9 million in Q3 2024, reflecting a strategic pivot away from legacy services to new commercial models [5]. - Gross Loss for Q3 2025 was ($1.3 million), compared to a profit of $38 thousand in Q3 2024, driven by increased satellite depreciation and reduced contribution from legacy high-margin services [5]. - Net Loss for Q3 2025 was $6.0 million, compared to a loss of $3.9 million in Q3 2024, marking a 55% increase in losses [11]. - Adjusted EBITDA loss was $4.0 million for Q3 2025, compared to a loss of $2.5 million in Q3 2024, reflecting a 62% increase in losses [11]. - Total revenue for the three months ended September 30, 2025, was $1,298,058, a decrease from $1,868,958 in the same period of 2024, representing a decline of approximately 30.6% [15]. - Net loss for the nine months ended September 30, 2025, was $18,073,296, compared to a net loss of $11,849,173 for the same period in 2024, indicating an increase in losses of about 52.2% [17]. - Basic and diluted loss per common share for the three months ended September 30, 2025, was $0.24, compared to $0.93 for the same period in 2024 [15]. Expenses - Cost of Revenue increased to $2.6 million, up 42% from Q3 2024, primarily due to increased satellite and software depreciation and higher material and labor costs [5]. - SG&A Expenses rose to $4.3 million, up from $3.2 million in Q3 2024, attributed to headcount growth and operational scaling [5]. - Operating expenses for the three months ended September 30, 2025, totaled $4,332,441, up from $3,210,069 in the same period of 2024, reflecting an increase of approximately 35.0% [15]. - Cash used in operating activities for the nine months ended September 30, 2025, was $14,065,111, compared to $10,288,228 for the same period in 2024, marking an increase of about 36.0% [17]. - Depreciation and amortization for the nine months ended September 30, 2025, was $3,224,809, up from $1,494,449 in the same period of 2024, indicating an increase of about 116.0% [17]. - Total other expense for the three months ended September 30, 2025, was $402,193, compared to $730,691 in the same period of 2024, showing a decrease of approximately 45.0% [15]. Cash Position - Cash Position as of September 30, 2025, was $12.7 million, down from $15.7 million a year earlier [5]. - Cash at the end of the period on September 30, 2025, was $12,734,087, a decrease from $15,703,579 at the beginning of the period [17]. - The company reported a net cash provided by financing activities of $16,885,424 for the nine months ended September 30, 2025, compared to $15,406,183 in 2024, reflecting an increase of about 9.6% [17]. Strategic Initiatives - The company appointed Lawrence Hollister as Chief Business Officer to drive strategic growth and market expansion [3]. - Sidus Space completed two capital raises to fund key technology initiatives, including the Fortis™ VPX product line [3]. - The company advanced design and manufacturing across multiple LizzieSat® platforms and broadened its product families with new designs [2]. - Proceeds from the issuance of common stock units for the nine months ended September 30, 2025, amounted to $15,511,838, compared to $13,742,311 in 2024, representing an increase of approximately 12.9% [17].