Strengthens Balance Sheet, Completes Launch Qualification Milestone, and Advances Transition to Commercialization
CAPE CANAVERAL, Fla., Aug. 14, 2026 /PRNewswire/ — Sidus Space, Inc. (NASDAQ: 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 milestoneIntegrated 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 processingClosed 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 expensesAnnounced 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 marketsAppointed 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 contractsCost 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 depreciationGross Profit (Loss): Gross loss of $630,000, a 39% improvement from a gross loss of $1.0 million in Q2 2025Selling, General and Administrative Expenses (SG&A) Expenses: $5.1 million, a 19% increase compared to $4.3 million in Q2 2025Adjusted EBITDA (Non-GAAP): Loss of $5.1 million, as compared to a $3.9 million loss in Q2 2025Net Loss: $4.8 million, an improvement of $844,000, or 15%, as compared to Q2 2025Cash 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®, 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®, 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®, 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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