Exhibit 99.1

 

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

 

CAPE CANAVERAL, Fla., April 5, 2022—(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.

 

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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.

 

Contacts

 

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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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 

 

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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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