Sidus Space Reports Full-Year 2024 Financial Results and Strategic Advancements
Sidus Space, an innovative leader in space technology, announced its financial results for the fourth quarter and full-year ending December 31, 2024, and provided key business updates. The Company will host a conference call and webcast today, Monday, March 31, at 5:00 p.m. ET to discuss the results in further detail.
A Year of Transformation and Innovation
“2024 was a transformative year for Sidus—one where we validated our technology, expanded our satellite constellation, broadened our customer base, and secured strategic partnerships and contracts that position us for long-term growth,” said Carol Craig, Chairwoman and CEO of Sidus Space. “In the last year, we’ve evolved from a space manufacturing and services company into a full-fledged space technology and AI leader. Our focus has shifted to delivering mission-critical, AI-powered space data solutions, with three LizzieSat® satellites now in orbit—designed and manufactured by Sidus.”
Sidus’ LizzieSat®-3, launched in March 2025, represents a major achievement. The satellite, designed, developed, manufactured, and launched at 45% lower cost than its predecessor, underscores Sidus’ ability to drive capital efficiency while expanding its space operations. The company established communication with the spacecraft within two hours of deployment, demonstrating Sidus’ deep expertise and experience in space technology.
Key Operational and Strategic Highlights
- $37 Million Raised in Funding: Sidus raised $37 million to support its expansion and the execution of its strategic initiatives.
- Strong Cash Position: The company ended 2024 with a cash balance of $15.7 million, providing financial flexibility to support ongoing space missions and fulfill its growing backlog and pipeline.
- Exclusive Lunar Fleet Contract: Sidus was selected to exclusively design and build the first-generation lunar fleet of Data Storage Spacecraft for Lonestar Data Holdings, a critical project in advancing digital space technologies.
- Multiple Satellite Launches: Sidus successfully launched LizzieSat® 1 and 2, and followed with the launch of LizzieSat®-3 in March 2025, completing three launches in just over one year.
- FCC Approval for Micro Constellation: The company received approval from the Federal Communications Commission (FCC) to operate a micro constellation of remote sensing, multi-mission satellites in Low Earth Orbit (LEO), signaling its growing footprint in space operations.
- Key Milestones in Satellite Development: Sidus successfully completed the critical design review for LizzieSat® NL, a laser communication satellite contracted by The Netherlands Organization for Applied Scientific Research (TNO).
- Strategic Partnership with Reflex Aerospace: Sidus announced a strategic partnership with Reflex Aerospace, a European satellite manufacturing startup, to deliver flexible, cost-effective solutions to global markets.
- SAP Integration: The implementation of SAP for manufacturing in 2024 marks a step toward full integration of this system across the organization in 2025, enhancing operational efficiency.
- Expansion to the West Coast: Sidus expanded its physical presence by opening a West Coast office in El Segundo, California, strengthening its proximity to both East and West Coast launch sites.
Subsequent Operational Developments
- FCC Approval for Data Relay: Sidus received FCC approval for space-to-space data relay capabilities for the LizzieSat® platform, enabling rapid direct-to-user data transfer and reducing data latency, a critical feature for mission-critical applications. This capability will be incorporated into LizzieSat®-3 and future satellites.
- Launch of LizzieSat™-3: Sidus successfully launched LizzieSat™-3 on March 15, 2025, and established communication with the spacecraft within two hours of deployment.
- Next-Generation On-Orbit AI: Sidus unveiled its next-generation AI system, Sidus Orlaith™. This space-rated AI ecosystem is capable of delivering high-performance, near real-time data analytics from space and is optimized for 100 trillion operations per second (TOPS).
- Enhanced Capital Efficiency: Sidus made significant progress in improving capital efficiency, paving the way for margin expansion and profitability in future operations. For example, LizzieSat™-2 cost 27% less than LizzieSat™-1, while LizzieSat™-3 was 25% less expensive than LizzieSat™-2 and 45% less than LizzieSat™-1—each satellite offering enhanced capabilities.
- New CFO Appointment: Sidus appointed Adarsh Parekh as the new Chief Financial Officer (CFO). His leadership is expected to drive the company’s strategic financial initiatives and contribute to its growth trajectory.
Financial Overview for the Year Ending December 31, 2024
Sidus reported total revenue of approximately $4.7 million for the twelve months ending December 31, 2024. This represents a decrease of $1.3 million, or 22%, compared to the $6.0 million revenue reported for the same period in 2023. This decline reflects the company’s strategic shift from lower-margin component manufacturing to higher-margin space data, technology, and satellite manufacturing services for both Sidus and external customers.
Cost of Revenue and Gross Profit
Cost of revenue for the full year increased by 42% to approximately $6.1 million in 2024, compared to $4.3 million in 2023. This increase was largely due to higher depreciation costs related toSidus Space’ first satellite asset launched in March 2024, as well as higher material and labor costs from a shift in contract mix and increased supply chain-related expenses. Despite these challenges, Sidus Space expects that the depreciation impact will be offset by the growing high-margin satellite and data-related revenue streams.
Gross profit for the year was a loss of approximately $1.5 million, a decline from a profit of $1.6 million in 2023. Gross profit margin also turned negative to -31% for 2024, compared to a positive 28% in 2023. This shift is attributed to the higher depreciation and the mix of contracts in the company’s evolving business model.
SG&A Expenses and Adjusted EBITDA
Selling, general, and administrative expenses for 2024 were approximately $14.2 million, consistent with the previous year. The increase in consulting services for business development, mission control, fundraising efforts, and board-related compensation was offset by reductions in director and officer (D&O) insurance expenses, professional fees, R&D costs, and investor/public relations expenses due to internalizing many of these functions.
Sidus reported an adjusted EBITDA loss of $12.9 million for the year, compared to a loss of $10.9 million in 2023, reflecting a 19% increase in the company’s EBITDA loss as it navigates its transformation to higher-margin space technology and satellite solutions.
Net Loss and Balance Sheet
Sidus Space posted a net loss of $17.5 million for the year, compared to a net loss of $14.3 million in 2023. Despite this, the company’s balance sheet strengthened significantly with $15.7 million in cash as of December 31, 2024, a substantial increase from $1.2 million in 2023. This growth provides Sidus Space with ample resources to continue its transformation and fuel its expansion into high-margin space technology.
Current assets for Sidus Space rose by 142% to $22.3 million at the end of 2024, up from $9.2 million in 2023, primarily due to the increase in cash. Current liabilities increased by 16% to $14.2 million in 2024, largely due to higher asset-based loan liabilities, partially offset by a decrease in accounts payable and other liabilities.
Conference Call and Webcast Details
Sidus Space will host a live conference call and webcast today, Monday, March 31, at 5:00 p.m. ET to discuss the fourth-quarter and full-year financial results. The call can be accessed by dialing:
- U.S. Toll-Free: +1-877-269-7751
- International: +1-201-389-0908
A webcast of the call will be available at this link.
For those unable to join the live call, a replay will be available until Monday, April 15, 2025, at 11:59 p.m. ET. To access the replay:
- U.S. Toll-Free: +1-844-512-2921
- International: +1-412-317-6671
- Replay Access ID: 13752638
