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:
Full Year 2021 Financial Highlights:
2021 Operational Highlights and Recent Developments:
“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
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| December 31, |
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| December 31, |
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| 2021 |
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| 2020 |
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Assets |
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Current assets |
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Cash |
| $ | 13,710,845 |
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| $ | 20,162 |
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Accounts receivable |
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| 130,856 |
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|
| 166,450 |
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Accounts receivable - related parties |
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| 443,282 |
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|
| 175,769 |
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Inventory |
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| 127,502 |
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|
| 205,942 |
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Prepaid and other current assets |
|
| 1,595,099 |
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|
| 14,294 |
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Total current assets |
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| 16,007,584 |
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|
| 582,617 |
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Property and equipment, net |
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| 775,070 |
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|
| 952,198 |
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Operating lease right-of-use assets |
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| 504,811 |
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|
| 297,555 |
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Other |
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| 12,486 |
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|
| 12,486 |
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Total Assets |
| $ | 17,299,951 |
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| $ | 1,844,856 |
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Liabilities and Stockholders’ Equity (Deficit) |
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Current Liabilities |
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Accounts payable and other current liabilities |
| $ | 1,845,460 |
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| $ | 260,191 |
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Accounts payable and accrued interest - related party |
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| 588,797 |
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|
| - |
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Deferred revenue - related party |
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| 63,411 |
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|
| - |
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Due to shareholder |
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| - |
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| 7,302,422 |
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Notes payable |
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| - |
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| 338,311 |
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Notes payable - related party |
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| 1,000,000 |
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|
| - |
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Operating lease liability |
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| 261,674 |
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|
| 121,613 |
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Finance lease liability |
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| 50,927 |
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| 73,184 |
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Total Current Liabilities |
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| 3,810,269 |
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| 8,095,721 |
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Notes payable - non-current |
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| 1,120,051 |
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|
| - |
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Notes payable - related party - non-current |
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| 1,350,000 |
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|
| - |
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Operating lease liability - non-current |
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| 262,468 |
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|
| 185,210 |
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Finance lease liability - non-current |
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| 97,092 |
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| 149,385 |
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Total Liabilities |
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| 6,639,880 |
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| 8,430,316 |
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Commitments and Contingencies |
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| - |
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| - |
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Stockholders’ Equity (Deficit) |
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Preferred Stock: 5,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding |
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| - |
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| - |
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Common stock: 110,000,000 authorized; $0.0001 par value |
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Class A common stock: 100,000,000 shares authorized; 6,574,040 and 0 shares issued and outstanding |
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| 657 |
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|
| - |
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Class B common stock: 10,000,000 shares authorized; 10,000,000 issued and outstanding |
|
| 1,000 |
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| 1,000 |
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Additional paid-in capital |
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| 26,074,292 |
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| 5,083,280 |
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Accumulated deficit |
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| (15,415,878 | ) |
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| (11,669,740 | ) |
Total Stockholders’ Equity (Deficit) |
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| 10,660,071 |
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| (6,585,460 | ) |
Total Liabilities and Stockholders’ Equity (deficit) |
| $ | 17,299,951 |
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| $ | 1,844,856 |
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SIDUS SPACE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
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| Years Ended |
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| December 31, |
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| 2021 |
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| 2020 |
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Revenue |
| $ | 789,400 |
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| $ | 1,631,413 |
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Revenue - related parties |
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| 619,324 |
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|
| 175,769 |
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Total Revenue |
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| 1,408,724 |
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| 1,807,182 |
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Cost of revenue |
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| 1,775,299 |
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| 1,786,410 |
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Gross profit (loss) |
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| (366,575 | ) |
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| 20,772 |
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Operating expenses |
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Payroll expenses |
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| 1,503,236 |
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|
| 905,012 |
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Sales and marketing expenses |
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| 71,111 |
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| 711,111 |
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Lease Expense |
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| 253,311 |
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|
| 159,122 |
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Depreciation expense |
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| 34,767 |
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| 41,521 |
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Professional fees |
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| 335,604 |
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| 19,216 |
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General and administrative expense |
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| 948,928 |
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| 274,654 |
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Total operating expenses |
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| 3,146,957 |
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|
| 1,553,909 |
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Net loss from operations |
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| (3,513,532 | ) |
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| (1,533,137 | ) |
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Other income (expense) |
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Other income |
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| - |
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|
| 10,000 |
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Other expense |
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| (504 | ) |
|
| (1,500 | ) |
Interest expense |
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| (42,882 | ) |
|
| (18,269 | ) |
Interest expense – related party |
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| (54,145 | ) |
|
| - |
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Gain on forgiveness of PPP loan |
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| 633,830 |
|
|
| - |
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Finance expense |
|
| (768,905 | ) |
|
| - |
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Total other income (expense) |
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| (232,606 | ) |
|
| (9,769 | ) |
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Loss before income taxes |
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| (3,746,138 | ) |
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| (1,542,906 | ) |
Provision for income taxes |
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| - |
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| - |
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Net loss |
| $ | (3,746,138 | ) |
| $ | (1,542,906 | ) |
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Basic and diluted loss per Common Share |
| $ | (0.34 | ) |
| $ | (0.15 | ) |
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Basic and diluted weighted average number of common shares outstanding |
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| 11,161,181 |
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|
| 10,000,000 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220405006165/en/
Investor Relations Kevin HolmesChesapeake Group+1-410-825-3930 kevinholmes@chesapeakegp.com
Media Karen Sorianokaren.soriano@sidusspace.com +1-443-900-2437 http://www.sidusspace.com
Source: Sidus Space, Inc.