Le Lézard
Classified in: Business
Subject: EARNINGS

Sidus Space, Inc. Reports Second Quarter 2022 Results and Business Update


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

Capital Structure

Operational Highlights

The Company continues to take meaningful steps toward the inaugural launch of its LizzieSatTM Constellation:

The Company continues to build key relationships with customers in its mission-critical hardware manufacturing business:

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 Earthtm 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

 

 

$

-

 

 


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