Revenue Increased 695% in Second Quarter 2022
from Second Quarter 2021
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.
Capital Structure
- As of June 30, 2022, the Company had $6.8 million in cash.
- On August 10, 2022, to supplement the Company’s cash position
and enable the Company’s growth, the Company entered into a Common
Stock Purchase Agreement that will enable the Company to raise up
to $30 million of additional equity as funding needs arise.
Operational Highlights
The Company continues to take meaningful steps toward the
inaugural launch of its LizzieSatTM Constellation:
- The Company announced that it has selected AWS to provide cloud
storage of mission critical operation and customer data.
- In June, the Company conducted its Lizzie Sat Phase I Safety
Review with NASA.
- The Company has selected L3Harris Technologies InControl™
software for command and control and mission planning for
LizzieSat™ Constellation.
- Subsequent to the close of the quarter, the Company was
informed by NASA that its launch date has been moved to Q1 2023.
There is no expected impact to production or 2022 revenue as a
result of this change.
The Company continues to build key relationships with customers
in its mission-critical hardware manufacturing business:
- The Company increased its scope of work with Teledyne Marine,
whereby Sidus Space will now manufacture components for Teledyne
Marine’s Massachusetts facility in addition to continuing to supply
components to Teledyne Marine’s facilities in Texas and Florida,
which should increase Sidus’ overall Teledyne revenue.
- Sidus has completed the fabrication of the first set of
hardware in support of NASA’s Artemis Program and their Space
Launch System (SLS) Manned Vehicle. Sidus is responsible for the
build, qualification, and testing of Umbilical Quick Disconnects
for the Environmental Control System (ECS) on the Universal Stage
Adapter (USA) for NASA’s Space Launch System (SLS).
- Sidus is a partner on the team that won a $3.5 billion contract
for the Exploration Extravehicular Activity Services, or xEVAS
Program, which the team will, among other responsibilities, design,
develop, and produce an integrated Extravehicular Activity (EVA)
capability that includes a new Spacesuit and ancillary
hardware.
Carol Craig, Founder and CEO of Sidus Space, said, “In the
second quarter, we continued to win contracts, customers and
purchase orders while expanding existing partnerships, marking
significant progress implementing our Space-as-a-Service strategy.
Our manufacturing division continues to expand relationships
throughout the industry, with Teledyne being just one example of
how we have become an integral supplier to many space hardware
manufacturers. We continue to secure new design and production
opportunities, with recent successes including a role on one of the
teams that won NASA’s Exploration Extravehicular Activity (xEVAS)
services contract, which includes the design, development,
production, and hardware processing for a new spacesuit and
ancillary hardware tools. At the same time, we are making progress
in preparing for the launch of LizzieSatTM, with the successful
completion of a Phase I Safety Review and key partner selections.
There is a significant opportunity ahead of us and our
comprehensive vertically-integrated offerings position us well to
capture a significant portion of the overall total addressable
market of the Space ecosystem. We are excited about what lies ahead
for Sidus and I am proud of our team’s ability to meet the rapidly
evolving needs for commercial space capabilities. We are confident
we are taking the necessary steps on our path toward profitability
and creating value for our shareholders.”
About Sidus Space
Sidus Space, located in Cape Canaveral, Florida, operates from a
35,000-square-foot manufacturing, assembly, integration, and
testing facility focused on commercial satellite design,
manufacture, launch, and data collection. The company’s rich
heritage includes the design and manufacture of many flight and
ground component parts and systems for various space-related
customers and programs. Sidus Space has a broad range of
Space-As-a-Service offerings including space-rated hardware
manufacturing, design engineering, satellite manufacturing and
platform development, launch and support services, data analytics
services and satellite constellation management.
Sidus Space has a mission of Bringing Space Down to Earth™ and a
vision of enabling space flight heritage status for new
technologies while delivering data and predictive analytics to
domestic and global customers. Any corporation, industry, or
vertical can start their journey off-planet with Sidus Space’s
rapidly scalable, low-cost satellite services, space-based
solutions, and testing alternatives. More than just a
"Satellite-as-a-Service" provider, Sidus Space is a trusted Mission
Partner–from concept to Low Earth Orbit and beyond. Sidus is ISO
9001:2015, AS9100 Rev. D certified, and ITAR registered.
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. 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 discussed in Sidus Space’s Annual Report on Form
10-K for the year ended December 31, 2021, 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.
SIDUS SPACE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(UNAUDITED)
June 30, 2022
December 31, 2021
Assets
Current assets
Cash
$
6,768,318
$
13,710,845
Accounts receivable
1,148,062
130,856
Accounts receivable - related parties
366,238
443,282
Inventory
284,385
127,502
Contract asset
60,932
-
Prepaid and other current assets
2,293,248
1,595,099
Total current assets
10,921,183
16,007,584
Property and equipment, net
1,462,473
775,070
Operating lease right-of-use assets
378,917
504,811
Other
19,761
12,486
Total Assets
$
12,782,334
$
17,299,951
Liabilities and Stockholders’
Equity
Current Liabilities
Accounts payable and other current
liabilities
$
1,992,035
$
1,845,460
Accounts payable and accrued interest -
related party
549,171
588,797
Contract liabilities
60,932
-
Contract liabilities- related party
-
63,411
Notes payable - related party
-
1,000,000
Operating lease liability
259,813
261,674
Finance lease liability
-
50,927
Total Current Liabilities
2,861,951
3,810,269
Notes payable - non-current
1,079,021
1,120,051
Notes payable - related party -
non-current
-
1,350,000
Operating lease liability -
non-current
135,725
262,468
Finance lease liability - non-current
-
97,092
Total Liabilities
4,076,697
6,639,880
Commitments and contingencies
-
-
Stockholders’ Equity
Preferred Stock: 5,000,000 shares
authorized; $0.0001 par value; no shares issued and outstanding
-
-
Common stock: 110,000,000 authorized;
$0.0001 par value
Class A common stock: 100,000,000 shares
authorized; 6,874,040 and 6,574,040 shares issued and outstanding,
respectively
687
657
Class B common stock: 10,000,000 shares
authorized; 10,000,000 shares issued and outstanding
1,000
1,000
Common stock value
1,000
1,000
Additional paid-in capital
28,908,017
26,074,292
Accumulated deficit
(20,204,067
)
(15,415,878
)
Total Stockholders’ Equity
8,705,637
10,660,071
Total Liabilities and Stockholders’
Equity
$
12,782,334
$
17,299,951
SIDUS SPACE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
June 30,
2022
2021
2022
2021
Revenue
$
1,479,092
$
177,794
$
2,839,480
$
289,641
Revenue - related parties
368,271
54,524
807,218
95,813
Total - revenue
1,847,363
232,318
3,646,698
385,454
Cost of revenue
1,500,599
288,464
2,321,597
576,140
Gross profit (loss)
346,764
(56,146
)
1,325,101
(190,686
)
Operating expenses
Payroll expenses
1,391,451
222,490
2,142,649
442,862
Sales and marketing expenses
112,153
23,382
202,614
71,111
Lease expense
86,352
46,353
171,351
84,008
Depreciation expense
47,505
8,014
68,596
15,598
Professional fees
131,922
19,902
1,454,214
30,493
General and administrative expense
976,796
97,981
1,949,538
159,224
Total operating expenses
2,746,179
418,122
5,988,962
803,296
Net loss from operations
(2,399,415
)
(474,268
)
(4,663,861
)
(993,982
)
Other income (expense)
Other expense
-
(74
)
-
(504
)
Interest expense
(58,420
)
(23,048
)
(124,328
)
(26,693
)
Gain on forgiveness of PPP loan
-
-
-
324,460
Total other income (expense)
(58,420
)
(23,122
)
(124,328
)
297,263
Loss before income taxes
(2,457,835
)
(497,390
)
(4,788,189
)
(696,719
)
Provision for income taxes
-
-
-
-
Net loss
$
(2,457,835
)
$
(497,390
)
$
(4,788,189
)
$
(696,719
)
Basic and diluted loss per Common
Share
$
(0.15
)
$
(0.05
)
$
(0.29
)
$
(0.07
)
Basic and diluted weighted average number
of common shares outstanding
16,874,040
10,000,000
16,738,128
10,000,000
SIDUS SPACE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
June 30,
2022
2021
Cash Flows From Operating
Activities:
Net loss
$
(4,788,189
)
$
(696,719
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Stock based compensation
1,209,000
-
Depreciation and amortization
171,117
195,700
Lease liability amortization
(2,710
)
10,718
Gain on forgiveness of PPP loan
-
(324,460
)
Changes in operating assets and
liabilities:
Accounts receivable
(1,017,206
)
(31,762
)
Accounts receivable - related party
77,044
175,769
Inventory
(156,883
)
124,101
Contract asset
(60,933
)
-
Prepaid expenses and other assets
(705,423
)
8,261
Accounts payable and accrued
liabilities
239,545
(17,279
)
Accounts payable and accrued liabilities -
related party
32,634
224,905
Contract liabilities
(2,479
)
-
Net Cash used in Operating Activities
(5,004,483
)
(330,766
)
Cash Flows From Investing
Activities:
Purchase of property and equipment
(858,520
)
(30,266
)
Net Cash used in Investing Activities
(858,520
)
(30,266
)
Cash Flows From Financing
Activities:
Bank overdraft
-
56,071
Due to shareholder
-
89,872
Proceeds from notes payable
-
307,610
Repayment of notes payable
(134,000
)
(16,266
)
Payment of lease liabilities
(148,019
)
(49,952
)
Repayment of notes payable - related
party
(797,505
)
-
Net Cash provided by (used in) Financing
Activities
(1,079,524
)
387,335
Net change in cash
(6,942,527
)
26,303
Cash, beginning of period
13,710,845
20,162
Cash, end of period
$
6,768,318
$
46,465
Supplemental cash flow information
Cash paid for interest
$
1,949
$
4,754
Cash paid for taxes
$
-
$
-
Non-cash Investing and Financing
transactions:
Debt forgiveness
$
1,624,755
$
-
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220812005043/en/
Investor Relations Kevin Holmes Chesapeake Group
kevinholmes@chesapeakegp.com +1-410-825-3930
Media Contact Katie Kennedy Gregory FCA
katiek@gregoryfca.com +1-610-731-1045
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