Exhibit 99.1




CAPE CANAVERAL, Fla – November 14, 2023 —Sidus Space, Inc. (NASDAQ:SIDU) (the “Company” or “Sidus”), a Space and Data-as-a-Service satellite company, announces its financial results and is providing a business update for the third quarter ending September 30, 2023.


“We continue to move towards the launch of LizzieSatTM in 2024, hitting critical key milestones, as well as signing key, revenue-generating contracts with customers,” said Carol Craig, Founder and CEO of Sidus. “We have developed a strong customer base who are ready to start receiving our AI-enhanced space data, that we believe will be transformative for both Sidus and the industry more broadly. As we get closer to initiating these launches, we continue to develop our high-margin revenue streams that focus on the sale of both data and payloads on these missions. We believe this will drive both revenue and profit margin over time, as well as value for our shareholders.”


Operational Highlights for the Quarter Ending September 30, 2023


Secured position on SpaceX Bandwagon mission, expected to launch in 2024.
Announced contract with HEO for Non-Earth imaging payload and data-services.
Acquired Exo-Space, a cutting-edge firm specializing in Edge Artificial Intelligence software and hardware for space applications.
Announced hosting of SOLAR MEMS star tracker on fourth planned LizzieSat mission.
Awarded subcontract to produce hardware in support of Parsons Corporation’s Launch Manifest Systems Integration (LMSI) contract.
Appointed Leonardo Riera to Board Chair, promoted Jared Novick to Chief Operating Officer, and appointed Jessica Curry as Senior Vice President of Supply Chain.


Subsequent Events


Successfully completed environmental testing of AI-enhanced LizzieSat satellite.
Announced commercial agreement to sell the data collected from LizzieSat satellites.
Awarded five-year, $10 million ceiling (IDIQ) commercial contract to support commercial Lunar transportation.


Financial Highlights for the Three Months and Nine Months Ending September 30, 2023


Revenue totaled $986,000 for the quarter ended September 30, 2023, compared to $1.32 million for the same period in 2022. While total revenue declined period-over-period, primarily due to timing of fixed price milestone contracts, higher margin satellite revenue continued to increase. For the nine months ended September 30, 2023 sales of $4.6 million were down approximately $344,000 versus prior year however, satellite related revenue increased 135% year-over-year.
Gross profit was a negative $96,281 or negative 10%, for the quarter ended September 30, 2023, compared to negative $85,623 or negative 7% for the third quarter of 2022. For the nine months ended September 30, 2023 gross margin was 28% versus 25% for the same period last year with 5% higher gross profit on 7% lower sales. This reflects the impact of the increase in our higher margin satellite revenue.

Post quarter end, on Oct 11,2023, the Company executed a registered direct offering. Gross proceeds from the offering were approximately $2 million.




Conference Call and Webcast


  Event: Sidus Space Third Quarter 2023 Earnings Call
  Date: Wednesday, November 15, 2023
  Time: 9:00 a.m. Eastern Time
  Live Call: + 1-877-269-7751 (U.S. Toll-Free) or +1-201-389-0908 (International)
  Meeting Number: 13742322
  Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1640783&tp_key=0098c0fd79


For interested individuals unable to join the conference call, a dial-in replay of the call will be available until Tuesday, November 29, 2023, at 11:59 PM ET and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13742322.


To submit a question for the Company to answer in the Q&A portion of the call, please email sidus@kcsa.com.


For those who are unable to listen to the live event, an online archive of the webcast will be available for three months following the event at investors.sidusspace.com.


About Sidus Space


Sidus Space (NASDAQ: SIDU) is a multi-faceted Space and Data-as-a-Service company focused on mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launch planning, mission operations; and in-orbit support. The Company is located in Cape Canaveral, Florida, where it operates from a 35,000-square-foot manufacturing, assembly, integration, and testing facility focused on vertically integrated Space-as-a-Service solutions including end-to-end satellite support.


Sidus Space has a mission of Bringing Space Down to Earth™ 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 Space 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, 2022, 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.




Investor Relations

Valter Pinto or Jack Perkins

KCSA Strategic Communications


(212) 896-1254



Pam Davis

Sidus Space









   September 30,   December 31, 
   2023   2022 
Current assets          
Cash  $1,597,331   $2,295,259 
Accounts receivable   628,616    850,340 
Accounts receivable - related parties   245,966    168,170 
Accounts receivable    245,966    168,170 
Inventory   1,310,693    583,437 
Contract asset   77,124    60,932 
Contract asset - related party   30,938    14,982 
Contract asset   30,938    14,982 
Prepaid and other current assets   5,972,020    3,476,748 
Total current assets   9,862,688    7,449,868 
Property and equipment, net   7,252,223    2,554,992 
Operating lease right-of-use assets   183,800    249,937 
Intangible asset   398,135    - 
Other assets   59,418    42,778 
Total Assets  $17,756,264   $10,297,575 
Liabilities and Stockholders’ Equity          
Current liabilities          
Accounts payable and other current liabilities  $5,962,192   $3,415,845 
Accounts payable and accrued interest - related party   596,189    566,636 
Contract liability   77,124    60,932 
Contract liability - related party   30,938    14,982 
Contract liability    30,938    14,982 
Asset-based loan liability   500,187    502,349 
Notes payable   1,916,278    1,599,150 
Operating lease liability   189,718    199,158 
Total current liabilities   9,272,626    6,359,052 
Operating lease liability - non-current   -    63,310 
Total Liabilities   9,272,626    6,422,362 
Commitments and contingencies        
Stockholders’ Equity          
Preferred Stock: 5,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding   -    - 
Common stock: 210,000,000 authorized; $0.0001 par value          
Class A common stock: 200,000,000 shares authorized; 70,965,559 and 8,022,736 shares issued and outstanding, respectively   7,096    802 
Class B common stock: 10,000,000 shares authorized; 10,000,000 shares issued and outstanding   1,000    1,000 
Common stock value          
Additional paid-in capital   47,756,113    32,129,257 
Accumulated deficit   (39,280,571)   (28,255,846)
Total Stockholders’ Equity   8,483,638    3,875,213 
Total Liabilities and Stockholders’ Equity  $17,756,264   $10,297,575 









   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2023   2022   2023   2022 
Revenue  $762,231   $1,260,146   $3,852,571   $4,099,626 
Revenue - related parties   223,289    57,101    766,985    864,319 
Total - revenue   985,520    1,317,247    4,619,556    4,963,945 
Cost of revenue   1,081,801    1,402,870    3,312,261    3,724,467 
Gross profit (loss)   (96,281)   (85,623)   1,307,295    1,239,478 
Operating expenses                    
Selling, general and administrative expenses   3,778,460    3,789,795    10,881,111    9,778,757 
Total operating expenses   3,778,460    3,789,795    10,881,111    9,778,757 
Net loss from operations   (3,874,741)   (3,875,418)   (9,573,816)   (8,539,279)
Other income (expense)                    
Other income   -    -    17,950    - 
Interest expense   (186,282)   (50,880)   (561,476)   (175,208)
Asset-based loan expense   (21,062)   -    (100,629)   - 
Finance expense   -    -    (806,754)   - 
Total other income (expense)   (207,344)   (50,880)   (1,450,909)   (175,208)
Loss before income taxes   (4,082,085)   (3,926,298)   (11,024,725)   (8,714,487)
Provision for income taxes   -    -    -    - 
Net loss  $(4,082,085)  $(3,926,298)  $(11,024,725)  $(8,714,487)
Basic and diluted loss per common share  $(0.05)  $(0.23)  $(0.21)  $(0.52)
Basic and diluted weighted average number of common shares outstanding   74,304,946    17,178,648    51,880,279    16,886,582 




   2023   2022 
   Nine Months Ended 
   September 30, 
   2023   2022 
Cash Flows From Operating Activities:          
Net loss  $(11,024,725)  $(8,714,487)
Adjustments to reconcile net loss to net cash used in operating activities:          
Stock based compensation   845,029    1,209,000 
Depreciation and amortization   148,166    238,859 
Bad debt   15,000    - 
Changes in operating assets and liabilities:          
Accounts receivable   258,493    (787,318)
Accounts receivable - related party   (77,796)   437,471 
Inventory   (717,645)   (269,633)
Contract asset   (16,192)   (60,932)
Contract asset - related party   (15,956)   - 
Prepaid expenses and other assets   (2,511,912)   (1,585,247)
Accounts payable and accrued liabilities   3,087,470    (299,165)
Accounts payable and accrued liabilities - related party   29,553    10,939 
Contract liability   16,192    (2,479)
Contract liability - related party   15,956    - 
Changes in operating lease assets and liabilities   (6,613)   (4,756)
Net Cash (used in) Operating Activities   (9,954,980)   (9,827,748)
Cash Flows From Investing Activities:          
Purchase of property and equipment   (4,836,249)   (1,425,623)
Cash paid for asset acquisition   (468,663)   - 
Net Cash used in Investing Activities   (5,304,912)   (1,425,623)
Cash Flows From Financing Activities:          
Proceeds from issuance of common stock units   14,788,121    3,060,809 
Proceeds from asset-based loan agreement   3,487,982    - 
Repayment of asset-based loan agreement   (3,490,144)   - 
Repayment of notes payable   (223,995)   (213,708)
Payment of lease liabilities   -    (148,019)
Repayment of notes payable - related party   -    (797,505)
Net Cash provided by Financing Activities   14,561,964    1,901,577 
Net change in cash   (697,928)   (9,351,794)
Cash, beginning of period   2,295,259    13,710,845 
Cash, end of period  $1,597,331   $4,359,051 
Supplemental cash flow information          
Cash paid for interest  $20,353   $19,951 
Cash paid for taxes  $-   $- 
Non-cash Investing and Financing transactions:          
Debt forgiveness  $-   $1,624,755 
Class A common stock issued for cashless exercise of warrants  $1,160   $- 
Modification of right-of-use asset and lease liability  $135,235   $-