Sidus Space, Inc.

What they do

Sidus designs and manufactures satellite platforms (LizzieSat, GeoLizzie, LunarLizzie), AI-enabled edge computing products (Orlaith ecosystem, FeatherEdge, Fortis VPX) and space/defense hardware, and provides engineering and mission services. It operates a 35,000-square-foot manufacturing, assembly, integration and testing facility on Florida's Space Coast and traces its origin to Craig Technologies Aerospace Solutions. Customers cited include NASA, the Department of Defense, SpaceX and Blue Origin. Revenue comes from satellite sales and customization, payload hosting, engineering integration, hardware manufacturing, computing products and emerging data subscriptions.

Revenue drivers

• Satellite platform sales and payload hosting — LizzieSat modular 3D-printed platforms (three launched: LS-1, LS-2, LS-3) sold or hosted for commercial, government and defense missions; fixed-price or milestone-based contracts, so revenue timing swings between periods.
• Space and defense hardware manufacturing — Precision-machined hardware, avionics assemblies and ISS flight components inherited from the CTAS business, sold to NASA, defense agencies and commercial space customers.
• Engineering and systems integration services — Multi-disciplinary engineering and mission operations services; lumpy and milestone-driven, which the company cites as the reason for quarterly revenue variability.
• AI computing products and data services — Fortis VPX modular computing (Fortis VPX Maxima integrates a quad-core ARM, FPGA, NVIDIA edge AI/ML engine and A-PNT suite) and the Orlaith/FeatherEdge stack; data subscriptions remain an emerging, not yet material, line.

Recent performance

Q2 2026 revenue was $583,000, down 54% from $1.3 million in Q2 2025, which the company attributed to the timing of fixed-price milestone contracts. Cost of revenue fell 47% to $1.2 million, narrowing the gross loss to $630,000 from $1.0 million a year earlier. SG&A rose 19% to $5.1 million, adjusted EBITDA loss widened to $5.1 million from $3.9 million, and net loss improved 15% to $4.8 million. Cash was $166.5 million at June 30, 2026 with no outstanding term debt. Full-year revenue has declined every year since 2022, from $6.3 million to $1.8 million in 2025, while net loss reached $29.5 million in 2025.

Strategy

Management frames 2026 as the transition from technology development to commercialization, funded by a May 29, 2026 best-efforts registered direct offering of 19,685,039 Class A shares (or pre-funded warrants) at $5.08 per share for roughly $100 million in gross proceeds. Technical priorities include completing environmental qualification of the next LizzieSat and integrating the Fortis VPX Maxima digital mission computing platform onto that spacecraft. The company also cites expected Russell 2000, Russell 3000 and Russell Microcap inclusion after the June 26, 2026 reconstitution to broaden institutional visibility, and appointed Alan Khalili as CFO effective July 27, 2026. Management states its focus for the balance of the year is converting this technical and financial foundation into recurring commercial and government revenue.

Risks

• Declining revenue and milestone timing — Revenue fell from $6.3 million in 2022 to $1.8 million in 2025 and Q2 2026 was down 54% year over year, which the company attributes to the timing of fixed-price milestone contracts.
• Persistent losses and cash burn — Net loss reached $29.5 million in 2025 and operating cash flow was negative $18.2 million, with an adjusted EBITDA loss of $5.1 million in Q2 2026.
• Dependence on capital markets — The company funded itself through a roughly $100 million equity offering in May 2026 and has flagged a need to raise substantial additional capital and risks around its ability to continue as a going concern.
• Limited operating history and supply chain — The 10-K cites difficulty forecasting revenue and managing supply chain dependencies for space-rated components and materials, plus reliance on third-party suppliers and manufacturers.

Outlook

Management says the second quarter strengthened its foundation and gives it runway to execute without compromise, and that its focus for the rest of the year is converting technical and financial progress into recurring commercial and government revenue. The July 21, 2026 shareholder letter described a transition from technology development to commercialization and an expanding pipeline across defense, intelligence and commercial markets. No specific revenue or earnings guidance figures are provided in the excerpts.