Sidus Space Reports Second Quarter 2022 Results and Business Update

Revenue Increased 695% in Second Quarter 2022 from Second Quarter 2021

CAPE CANAVERAL, Fla.–(Sidus Space PR)– Sidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection, today announced financial results for the second quarter ended June 30, 2022 and provided company business updates.

Q2 2022 Financial Highlights

  • Revenue increased to $1.85 million for the three months ended June 30, 2022 from $232,000 in the comparable period of 2021, an increase of 695%.
    • This increase is primarily attributed to increased customer confidence as a result of previous deliveries and increased contract flow driven by sales efforts from an expanded sales team.
  • Gross Profit increased to $347,000 for the three months ended June 30, 2022 from a loss of $56,000 in the comparable period of 2021, attributable to an increase in revenue, a decrease in labor intensive contracts and an increase in our higher margin Satellite-as-a-Service business line.
  • Operating Expenses increased to $2.7 million for the three months ended June 30, 2022 compared to $418,000 for the three months ended June 30, 2021, resulting from expansion of our staff and facilities, as well as increased insurance, investor relations, legal and accounting fees that are associated with being a publicly traded company.
  • During the quarter, the Company’s principal shareholder forgave approximately $1.624 million of debt, consisting of the entire unpaid principal amount and accrued interest owed by the Company to the shareholder.
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Sidus Space Announces Strategic Partnership With Aitech Systems Inc. to Support the LizzieSat Constellation

CAPE CANAVERAL, Fla. (Sidus Space PR) — Sidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection is pleased to announce a strategic partnership with Aitech Systems to support LizzieSat™ Constellation.

Through this partnership, Aitech Systems is developing and delivering custom LizzieSat Command and Data Handling (C&DH) flight computers and peripherals. “We have recently received initial components of our core C&DH system development environment from AitechSystemsto support LizzieSat,” said Jamie Adams, Chief Technology Officer for Sidus Space. “The C&DH flight computers are a vital component of LizzieSat as they essentially function as the ‘brain’ of the system.”

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Sidus Space Announces Strategic Partnership With Red Canyon Software to Support the LizzieSat Constellation of 100 Satellites

CAPE CANAVERAL, Fla. (Sidus Space PR) — Sidus Space, Inc. (NASDAQ: SIDU), a Space-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection, is pleased to announce a strategic partnership with Red Canyon Software, Inc. (Red Canyon) to support LizzieSat™ Constellation of 100 Satellites.

Through this partnership, Red Canyon will support the design, development, assembly, integration, deployment and sustainment of LizzieSat constellation, with its software solutions.

LizzieSats (LS) are 3D manufactured Low Earth Orbit (LEO) microsatellites focused on rapid, cost-effective development and testing of upcoming innovative spacecraft technologies for multiple customers. LS is a 100kg (220-pound) satellite with space to rapidly integrate customer sensors and technologies.

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