Sidus Space Reports Full-Year 2025 Financial Results And Provides Business Updates

April 1, 2026

Sidus Space, Inc. 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. , 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 nextgeneration 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.