Strengthens Balance Sheet, Completes Launch Qualification Milestone, and Advances Transition to Commercialization
CAPE CANAVERAL, Fla., Aug. 14, 2026 /PRNewswire/ -- Sidus Space, Inc. $(SIDU)$, (the "Company" or "Sidus"), an innovative space and defense technology company, today announced its financial results for the second quarter ended June 30, 2026, and provided a business update highlighting a strengthened capital position, completion of a key launch qualification milestone, and continued advancement of its proprietary technology portfolio.
The Company will host a conference call and webcast today, Friday, August 14, at 5:00 p.m. Eastern Time.
"The second quarter materially strengthened our foundation," said Carol Craig, Founder, Chief Executive Officer and Chairman of Sidus Space. "We raised capital on terms that provide the runway to execute without compromise, and we advanced our LizzieSat offerings with the addition of Fortis VPX Maxima, our proprietary digital mission computing platform. Its multi-domain, software-defined architecture gives customers a single computing backbone that carries across space, air, land, and sea. Additionally, we believe inclusion in the Russell 2000, Russell 3000, and Russell Microcap Indexes will broaden our institutional visibility. Our focus for the balance of the year is converting this technical and financial foundation into recurring commercial and government revenue."
Operational Highlights for the Quarter Ending June 30, 2026:
-- Successfully completed vibration testing on the Company's next LizzieSat
spacecraft at Element U.S. Space & Defense's Orlando, Florida facility, a
key environmental qualification milestone
-- Integrated the Company's proprietary Fortis VPX digital mission computing
platform onto the next LizzieSat spacecraft. Fortis VPX -- Maxima pairs a
quad-core ARM processor and reconfigurable FPGA with an integrated NVIDIA
edge AI/ML engine and an assured positioning, navigation, and timing
(A-PNT) suite, enabling on-board AI inference and autonomous decision
making at the sensor rather than in ground processing
-- Closed a best-efforts registered direct offering on May 29, 2026 of
19,685,039 shares of Class A common stock (or pre-funded warrants in lieu
thereof) at $5.08 per share, generating gross proceeds of approximately
$100 million before placement agent fees and offering expenses
-- Announced expected inclusion in the Russell 2000, Russell 3000 and
Russell Microcap Indexes in connection with the FTSE Russell annual
reconstitution, effective after market close on June 26, 2026, expanding
institutional visibility
Subsequent Operational Highlights:
-- Issued a Letter to Shareholders on July 21, 2026 from Founder, Chief
Executive Officer and Chairman Carol Craig, detailing the Company's
transition from technology development to commercialization, its
strengthened balance sheet and capital strategy, and its expanding
pipeline across defense, intelligence, and commercial markets
-- Appointed Alan Khalili as Chief Financial Officer effective July 27, 2026
Financial Highlights for the Second Quarter Ending June 30, 2026:
-- Revenue: $583,000, a decrease of 54% compared to $1.3 million in Q2 2025,
driven by the timing of fixed-price milestone contracts
-- Cost of Revenue: $1.2 million, a 47% decrease compared to $2.3 million in
Q2 2025, reflecting lower contract activity and lower satellite and
software depreciation
-- Gross Profit (Loss): Gross loss of $630,000, a 39% improvement from a
gross loss of $1.0 million in Q2 2025
-- Selling, General and Administrative Expenses (SG&A) Expenses: $5.1
million, a 19% increase compared to $4.3 million in Q2 2025
-- Adjusted EBITDA (Non-GAAP): Loss of $5.1 million, as compared to a $3.9
million loss in Q2 2025
-- Net Loss: $4.8 million, an improvement of $844,000, or 15%, as compared
to Q2 2025
-- Cash Position: $166.5 million as of June 30, 2026, with no outstanding
term debt
Conference Call and Webcast
Event: Sidus Space Second Quarter Financial Results Conference Call
Date: Friday, August 14, 2026
Time: 5:00 p.m. Eastern Time
Live Call: + 1-866-652-5200 (U.S. Toll-Free) or +1-412-317-6060 (International)
Webcast: https://app.webinar.net/0YRGlyAlgMb
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Friday, August 21, 2026, at 11:59 P.M. ET and can be accessed by dialing +1-855-669-9658 (U.S. Toll-Free) or +1-412-317-0088 (International) and entering replay pin number: 7822886. An online archive of the webcast will be available for one year following the event at https://investors.sidusspace.com/.
About Sidus Space
Sidus Space$(R)$, Inc. (NASDAQ: SIDU) is an innovative space and defense technology company offering flexible, cost-effective solutions, including satellite manufacturing and technology integration, AI-driven space-based data solutions, mission planning and management operations, AI/ML products and services, and space and defense hardware manufacturing. With its mission of Space Access Reimagined(R), Sidus Space is committed to rapid innovation, adaptable and cost-effective solutions, and the optimization of space system and data collection performance. With demonstrated space heritage, including manufacturing and operating its own satellite and sensor system, LizzieSat(R), Sidus Space serves government, defense, intelligence, and commercial companies around the globe. Strategically headquartered on Florida's Space Coast, Sidus Space operates a 35,000-square-foot space manufacturing, assembly, integration, and testing facility and provides easy access to nearby launch facilities. For more information, visit: https://www.sidusspace.com
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. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. 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 described more fully in the section entitled 'Risk Factors' in Sidus Space's Annual Report on Form 10-K for the year ended December 31, 2025, 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.
Non-GAAP Measures
To provide investors with additional information in connection with our results as determined in accordance with GAAP, we use non-GAAP measures of adjusted EBITDA. We use adjusted EBITDA in order to evaluate our operating performance and make strategic decisions regarding future direction of the company since it provides a meaningful comparison to our peers using similar measures. We define adjusted EBITDA as net income (as determined by U.S. GAAP) adjusted for interest expense, depreciation and amortization expense, capital raise expense, severance costs, equity-based compensation and impairment loss. These non-GAAP measures may be different from non-GAAP measures made by other companies since not all companies will use the same measures. Therefore, these non-GAAP measures should not be considered in isolation or as a substitute for relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis.
The following table reconciles adjusted EBITDA to net loss (the most comparable GAAP measure) for the three months ended June 30, 2026 and 2025:
Three Months Ended
June 30,
--------------------------
2026 2025 Change %
------------ ------------ ------------ -----
Net Income /
(Loss) $(4,781,269) $(5,625,070) $ 843,801 15%
----------- ----------- ----------- -----
Interest
Income/Expense
(i) (910,978) 334,659 (1,245,637) (372)%
Depreciation and
Amortization
(ii) 607,956 1,132,296 (524,340) (46)%
Capital Raise
expense (iii) - - - -
Severance Costs 26,505 27,320 (815) (3)%
Equity based
compensation
(iv) (17,882) 184,448 (202,330) (110)%
----------- ----------- ----------- -----
Total Non-GAAP
Adjustments (294,399) 1,678,723 (1,973,122) (118)%
----------- ----------- ----------- -----
Adjusted EBITDA (5,075,668) (3,946,347) (1,129,321) (29)%
=========== =========== =========== =====
(i) Sidus Space earned net interest income following the repayment of the
asset-based loan in January 2026 and increased interest income from
higher cash balances resulting from the April 2026 and May 2026
offerings.
(ii) Sidus Space incurred lower depreciation expense following the
satellite impairment write-off in Q4 2025.
(iii) Sidus Space did not incur internal fundraising expense related to
capital raises. Costs directly attributable to the April 2026 and May
2026 registered direct offerings, including the fair value of
underwriter warrants issued, were recorded as a reduction of
additional paid-in capital rather than as expense.
(iv) Sidus Space issued stock-based compensation for employee and Board
services rendered. The three-month amount reflects a net reversal
resulting from forfeitures of previously granted stock options.
SIDUS SPACE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 30, December 31,
2026 2025
------------- -------------
Assets
Current assets
Cash $ 166,520,694 $ 43,175,996
Accounts receivable 315,123 272,831
Accounts receivable - related
parties 1,202,495 1,727,939
Contract asset 55,606 322,773
Contract asset - related party 441,222 209,673
Prepaid and other current assets 4,281,057 4,979,378
------------ ------------
Total current assets 172,816,197 50,688,590
Property and equipment, net 20,299,272 14,184,379
Operating lease right-of-use assets 1,128,354 702,856
Intangible asset 398,135 398,135
Other assets 156,757 116,751
------------ ------------
Total Assets $ 194,798,715 $ 66,090,711
============ ============
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable and other current
liabilities $ 4,256,318 $ 5,472,464
Accounts payable and accrued
interest - related party 123,598 876,007
Contract liability 181,299 186,537
Contract liability - related party 247,114 -
Asset-based loan liability - 8,212,186
Operating lease liability 382,131 273,545
------------ ------------
Total current liabilities 5,190,460 15,020,739
Operating lease liability -
non-current 766,908 434,695
------------ ------------
Total Liabilities 5,957,368 15,455,434
------------ ------------
Commitments and contingencies - -
Stockholders' Equity
Preferred Stock: 5,000,000 shares
authorized; $0.0001 par value; no
shares issued and outstanding
Series A convertible preferred
stock: 2,000 shares authorized; 0
shares issued and outstanding - -
Common stock: 210,000,000
authorized; $0.0001 par value
Class A common stock: 200,000,000
shares authorized; 101,106,203 and
65,324,055 shares issued and
outstanding, respectively 10,111 6,532
Class B common stock: 10,000,000
shares authorized; 100,000 shares
issued and outstanding 10 10
Additional paid-in capital 288,651,630 140,456,263
Accumulated deficit (99,820,404) (89,827,528)
------------ ------------
Total Stockholders' Equity 188,841,347 50,635,277
------------ ------------
Total Liabilities and Stockholders'
Equity $ 194,798,715 $ 66,090,711
============ ============
SIDUS SPACE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------------- ----------------------------
2026 2025 2026 2025
------------ ------------ ------------- -------------
Revenue $ 531,185 $ 691,070 $ 781,340 $ 851,774
Revenue -
related
parties 51,911 569,953 161,128 647,743
----------- ----------- ------------ ------------
Total - revenue 583,096 1,261,023 942,468 1,499,517
Cost of revenue 1,212,819 2,288,165 2,622,264 4,155,137
----------- ----------- ------------ ------------
Gross profit
(loss) (629,723) (1,027,142) (1,679,796) (2,655,620)
----------- ----------- ------------ ------------
Operating
expenses
Selling, general
and
administrative 5,062,524 4,263,269 9,482,161 8,707,711
----------- ----------- ------------ ------------
Total operating
expenses 5,062,524 4,263,269 9,482,161 8,707,711
----------- ----------- ------------ ------------
Net loss from
operations (5,692,247) (5,290,411) (11,161,957) (11,363,331)
Other income
(expense)
Other income 300 - 82,146 100,000
Interest expense (879) (2,546) (1,758) (77,953)
Interest income 911,557 27,979 1,107,170 94,324
Asset-based loan
expense - (360,092) (18,477) (792,737)
----------- ----------- ------------ ------------
Total other
income
(expense) 910,978 (334,659) 1,169,081 (676,366)
----------- ----------- ------------ ------------
Loss before
income taxes (4,781,269) (5,625,070) (9,992,876) (12,039,697)
Provision for
income taxes - - - -
----------- ----------- ------------ ------------
Net loss (4,781,269) (5,625,070) (9,992,876) (12,039,697)
=========== =========== ============ ============
Basic and
diluted loss
per common
share $ (0.06) $ (0.31) $ (0.13) $ (0.66)
=========== =========== ============ ============
Basic and
diluted
weighted
average number
of common
shares
outstanding 85,267,410 18,320,025 75,947,534 18,274,485
=========== =========== ============ ============
SIDUS SPACE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended
June 30,
---------------------------
2026 2025
------------ -------------
Cash Flows From Operating
Activities:
Net loss $(9,992,876) $(12,039,697)
Adjustments to reconcile net loss to
net cash used in operating
activities:
Stock based compensation 197,245 436,692
Depreciation and amortization 1,219,562 2,066,969
Changes in operating assets and
liabilities:
Accounts receivable (42,292) (45,671)
Accounts receivable - related party 525,444 (396,230)
Inventory - (114,351)
Contract asset 267,167 353,882
Contract asset - related party (231,549) (60,060)
Prepaid expenses and other assets 658,315 (729,556)
Accounts payable and accrued
liabilities (1,216,146) 2,537,168
Accounts payable and accrued
liabilities - related party (752,409) 100,857
Contract liability (5,238) (16,192)
Contract liability - related party 247,114 60,060
Changes in operating lease assets and
liabilities 15,301 770
----------- ------------
Net Cash used in Operating Activities (9,110,362) (7,845,359)
----------- ------------
Cash Flows From Investing
Activities:
Purchases for fixed assets and
satellite construction (7,334,455) (4,354,130)
----------- ------------
Net Cash used in Investing Activities (7,334,455) (4,354,130)
----------- ------------
Cash Flows From Financing
Activities:
Proceeds from issuance of common
stock units 146,215,182 -
Proceeds from exercise of warrants 1,786,519 2,381,247
Proceeds from asset-based loan
agreement - 4,413,239
Repayment of asset-based loan
agreement (8,212,186) (3,604,116)
Repayment of notes payable - (3,059,767)
----------- ------------
Net Cash provided by Financing
Activities 139,789,515 130,603
----------- ------------
Net change in cash 123,344,698 (12,068,886)
Cash, beginning of period 43,175,996 15,703,579
----------- ------------
Cash, end of period $166,520,694 $ 3,634,693
=========== ============
Supplemental cash flow information
Cash paid for interest $ 20,235 $ 630,874
=========== ============
Cash paid for taxes $ - $ -
=========== ============
Non-cash Investing and Financing
transactions:
Class A common stock issued for
cashless exercise of warrants $ 33 $ -
=========== ============
Conversion of interest and fees of
asset based loan $ - $ 169,870
=========== ============
Recognition of right-of-use asset and
lease liability $ 578,769 $ 856,787
=========== ============
Contacts:
Investor Relations
investor-relations@sidusspace.com
Media Inquiries
press@sidusspace.com
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SOURCE Sidus Space, Inc.
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