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 and
corporate results for its fourth quarter and year ended December
31, 2021.
Fourth Quarter 2021 Financial Highlights:
- Revenue increased to $523,419 for the three-month period ended
December 31, 2021, from $268,507 during the same period in 2020, an
increase of 95%
- Loss from operations increased to $1,620,017 for the
three-month period ended December 31, 2021 versus $363,472 in the
comparable period of 2020.
- Net loss was $2,426,490 for the three-month period ended
December 31, 2021 compared to a net loss of $364,575 during the
same period in 2020. The loss was primarily a result of expansion
of staff and costs associated with the Company’s initial public
offering in December of 2021.
Full Year 2021 Financial Highlights:
- Revenue decreased from $1,807,182 in 2020 to $1,408,724 in
2021, a decrease of 22%. The decrease was primarily attributable to
a slowdown from COVID-19 which caused delays in the supply chain
and production capacity due to protocols to protect employees’
health.
- Gross Profit decreased to ($366,324) in 2021 from $20,772 in
2020. This was due to material and hardware acquisitions in 2021
for revenue to be recognized in Q1 of 2022.
- Operating Expenses increased from $1,553,909 in 2020 to
$3,146,957 for 2021. This was primarily due to of the expansion of
staff and costs associated with the initial public offering in
December of 2021 along with capital expenditures that include a
mobile satellite processing clean room, facility enhancements and
growth in production staffing.
- Total Assets increased to $17,299,951 on December 31, 2021,
compared to $1,844,856 on December 31, 2020.
- Cash position increased to $13,710,845 on December 31, 2021,
compared to $20,162 on December 31, 2020.
- Total liabilities decreased to $6,639,880 on December 31, 2021,
from $8,430,316 on December 31, 2020.
- Net loss was $3,746,138 or $0.34 EPS in 2021 compared to a net
loss of $1,542,906 or $0.15 EPS in 2020. The primary reason for
this increase was increased operating expenses due to costs
associated with the initial public offering.
2021 Operational Highlights and Recent Developments:
- Received multiple contracts including a subcontract valued at
over $5 million to support NASA’s Mobile Launcher 2 (ML2). Sidus
also received over $1.5 million in purchase orders for space
hardware and services supporting four primary customers. The
purchase orders consist of both new orders and modification to a
previous purchase order. The majority of these contracts are
expected to be completed during the first half of 2022
- Continued working with some of the largest companies in the
industry on high visibility projects including manufacturing
hardware for a large Government Space and Communication Systems
customer for the 6th consecutive year
- Completed partnerships with well-known and strategically
significant companies within the space industry including Aitech
Systems, Red Canyon Software and Kongsberg Satellite Services
(KSAT), operator of the world’s largest ground station for support
of polar orbiting satellites
- Completed and delivered multiple manufactured products
including a patented EMI Filter Box to the Department of State and
Reef Test Cutters for the Orion Crew Module Parachute System
- Improved intellectual property portfolio with three new patents
issued and one notice of allowance received. Additionally, one
patent application was filed with additional patents in the process
of being filed
- Carol Craig was presented with the U.S. Women’s Chamber of
Commerce “Innovation and Performance Award” given to a contractor
who exhibits outstanding innovation and performance on a key
contract that will significantly bolster their ability to secure
future opportunities. The award was a result of Carol’s efforts to
help facilitate NASA’s vision of commercialization that is leading
the way to new business opportunities.
“2021 was a groundbreaking year for Sidus Space. The company,
built on more than a decade of experience manufacturing and
assembly for commercial, military and government customers, has
positioned itself to become one of the leading companies in the
satellite industry. We hired key personnel, established strong
partnerships, added customers, and began manufacturing our own
satellites - readying for launch later this year. We are confident
in our ability to deliver premier data and products to our
customers and strong results to our investors. We believe the
standards of excellence and the foundation we built in 2021 will
result in significant customer and partnership growth in 2022,”
commented Carol Craig, Founder and CEO of Sidus Space.
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 described under the caption “Risk Factors” in
Sidus Space’s Form 10-K for the year ended December 31, 2021, and
in Sidus’ other filings made 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.
CONSOLIDATED BALANCE
SHEETS
December 31,
December 31,
2021
2020
Assets
Current assets
Cash
$
13,710,845
$
20,162
Accounts receivable
130,856
166,450
Accounts receivable - related parties
443,282
175,769
Inventory
127,502
205,942
Prepaid and other current assets
1,595,099
14,294
Total current assets
16,007,584
582,617
Property and equipment, net
775,070
952,198
Operating lease right-of-use assets
504,811
297,555
Other
12,486
12,486
Total Assets
$
17,299,951
$
1,844,856
Liabilities and Stockholders’
Equity (Deficit)
Current Liabilities
Accounts payable and other current
liabilities
$
1,845,460
$
260,191
Accounts payable and accrued interest -
related party
588,797
-
Deferred revenue - related party
63,411
-
Due to shareholder
-
7,302,422
Notes payable
-
338,311
Notes payable - related party
1,000,000
-
Operating lease liability
261,674
121,613
Finance lease liability
50,927
73,184
Total Current Liabilities
3,810,269
8,095,721
Notes payable - non-current
1,120,051
-
Notes payable - related party -
non-current
1,350,000
-
Operating lease liability -
non-current
262,468
185,210
Finance lease liability - non-current
97,092
149,385
Total Liabilities
6,639,880
8,430,316
Commitments and Contingencies
-
-
Stockholders’ Equity (Deficit)
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; 6,574,040 and 0 shares issued and outstanding
657
-
Class B common stock: 10,000,000 shares
authorized; 10,000,000 issued and outstanding
1,000
1,000
Additional paid-in capital
26,074,292
5,083,280
Accumulated deficit
(15,415,878
)
(11,669,740
)
Total Stockholders’ Equity (Deficit)
10,660,071
(6,585,460
)
Total Liabilities and Stockholders’
Equity (deficit)
$
17,299,951
$
1,844,856
SIDUS SPACE, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
Years Ended
December 31,
2021
2020
Revenue
$
789,400
$
1,631,413
Revenue - related parties
619,324
175,769
Total Revenue
1,408,724
1,807,182
Cost of revenue
1,775,299
1,786,410
Gross profit (loss)
(366,575
)
20,772
Operating expenses
Payroll expenses
1,503,236
905,012
Sales and marketing expenses
71,111
711,111
Lease Expense
253,311
159,122
Depreciation expense
34,767
41,521
Professional fees
335,604
19,216
General and administrative expense
948,928
274,654
Total operating expenses
3,146,957
1,553,909
Net loss from operations
(3,513,532
)
(1,533,137
)
Other income (expense)
Other income
-
10,000
Other expense
(504
)
(1,500
)
Interest expense
(42,882
)
(18,269
)
Interest expense – related party
(54,145
)
-
Gain on forgiveness of PPP loan
633,830
-
Finance expense
(768,905
)
-
Total other income (expense)
(232,606
)
(9,769
)
Loss before income taxes
(3,746,138
)
(1,542,906
)
Provision for income taxes
-
-
Net loss
$
(3,746,138
)
$
(1,542,906
)
Basic and diluted loss per Common
Share
$
(0.34
)
$
(0.15
)
Basic and diluted weighted average number
of common shares outstanding
11,161,181
10,000,000
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version on businesswire.com: https://www.businesswire.com/news/home/20220405006165/en/
Investor Relations Kevin Holmes Chesapeake
Group +1-410-825-3930
kevinholmes@chesapeakegp.com
Media Karen Soriano
karen.soriano@sidusspace.com +1-443-900-2437
http://www.sidusspace.com
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