Sidus Space Inc. Announces 2021 Fourth Quarter and Year End Financials and Business Update

CAPE CANAVERAL, Fla.--(BUSINESS WIRE)-- 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

 

 

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

Source: Sidus Space, Inc.