Sidus Space Looks to Pursue Higher-Value Commercial Opportunities
Reports $6 Million Loss in Q3 Financial Results
Sidus Space reported a net loss of $6 million in the third quarter as it advances its strategic transition toward higher-value commercial operations.
“Q3 was about executing on existing contracts and furthering our efforts to expand our vertically integrated product offerings.”
Carol Craig, Sidus Space
The aerospace company reported third-quarter revenue of $1.3 million, down 31 percent from $1.9 million in the same period last year. The decline reflects a strategic shift away from lower-margin legacy services toward higher-value commercial technology platforms.
Sidus attributed cost increases to satellite and software depreciation along with higher material and labor expenses. The company is investing in its LizzieSat satellite constellation, Fortis VPX computing platform, and other defense technology systems while trimming administrative spending.
“Q3 was about executing on existing contracts and furthering our efforts to expand our vertically integrated product offerings,” Carol Craig, Sidus Space’s chairwoman and CEO, said in a statement. “We remain focused on disciplined execution by aligning spend to near-term revenue milestones, identifying operational efficiencies in the form of expense reductions, strengthening our intellectual property, expanding our global partnerships, and accelerating our path to commercialization across space and defense markets as we close out the year,” Craig said.
During the third quarter, Sidus appointed Lawrence Hollister as chief business officer. The company completed delivery of additional hardware enclosures for NASA’s Mobile Launcher 2 and executed two capital raises to fund technology initiatives. Tiffany Norwood, founder and CEO of Tribetan, was appointed to the company’s board.
Following the quarter, Sidus completed design specifications for its FeatherEdge 248Vi processor, which enables artificial intelligence and machine learning applications for space and defense missions. The company also signed a contract to integrate the Lonestar Commercial Pathfinder Mission on the LizzieSat 5 satellite.
Cash reserves totaled $12.7 million at September 30, compared with $15.7 million a year earlier. Sidus reported adjusted EBITDA losses of $4 million, versus $2.5 million in third quarter 2024.