Sidus Space 2021 Earnings Report Shows Lower Revenues and Higher Losses – Parabolic Arc
CAPE CANAVERAL, Fla. (Sidus Space PR) – Sidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service satellite company focused on the design, manufacture, launch and data collection of commercial satellites , today announced company results for its fourth quarter and fiscal year ended December 31, 2021.
Fourth quarter 2021 financial highlights:
- Revenue increased to $523,419 for the three-month period ended December 31, 2021 from $268,507 during the same period in 2020, an increase of 95%
- Operating loss increased to $1,620,017 for the three-month period ended December 31, 2021 from $363,472 for the comparable period of 2020.
- Net loss amounted to $2,426,490 for the three-month period ended December 31, 2021, compared to a net loss of $364,575 during the same period in 2020. The loss is mainly the result of the expansion of staff and costs associated with the Company’s initial public offering in December. of 2021.
Financial highlights for the year 2021:
- Revenues fell from $1,807,182 in 2020 to $1,408,724 in 2021, a decrease of 22%. The decline was primarily due to a slowdown in COVID-19 which caused delays in supply chain and production capacity due to employee health protection protocols.
- Gross profit decreased to ($366,324) in 2021 from $20,772 in 2020. This is due to equipment and material acquisitions in 2021 for revenue to be recognized in the first quarter of 2022.
- Operating expenses increased from $1,553,909 in 2020 to $3,146,957 for 2021. This was primarily due to increased staff and costs associated with the initial public offering in December 2021 as well as expenses capital expenditures which include a mobile satellite processing cleanroom, facility upgrades and production headcount growth.
- Total assets increased to $17,299,951 as of December 31, 2021 from $1,844,856 as of December 31, 2020.
- The cash position increased to $13,710,845 as of December 31, 2021, compared to $20,162 as of December 31, 2020.
- Total liabilities decreased to $6,639,880 as of December 31, 2021 from $8,430,316 as of December 31, 2020.
- Net loss was $3,746,138 or $0.34 EPS in 2021 compared to a net loss of $1,542,906 or $0.15 EPS in 2020. operating due to the costs associated with the IPO.
Operational highlights and recent developments in 2021:
- Received several contracts, including a subcontract worth over $5 million to support NASA’s Mobile Launcher 2 (ML2). Sidus also received over $1.5 million in purchase orders for space hardware and services supporting four major customers. POs consist of both new orders and changes to a previous PO. The majority of these contracts are expected to be completed in the first half of 2022
- Continued to work with some of the industry’s largest companies on high-visibility projects, including manufacturing hardware for a major government space customer and communications systems for the 6th consecutive year
- Entering into partnerships with well-known and strategically important companies within the space industry, including Aitech Systems, Red Canyon Software and Kongsberg Satellite Services (KSAT), operator of the world’s largest ground station for satellite support in polar orbit
- Completion and delivery of several manufactured goods, including a State Department patented EMI Filter Box and Reef Test Cutters for the Orion Crew Module parachute system
- Improvement of the intellectual property portfolio with three new patents issued and one notice of acceptance received. Additionally, a patent application has been filed with additional patents pending.
- Carol Craig received the U.S. Women’s Chamber of Commerce “Innovation and Performance Award” given to an entrepreneur who demonstrates outstanding innovation and performance in a key contract that will significantly strengthen its ability to seize future opportunities. The award is the result of Carol’s efforts to help facilitate NASA’s commercialization vision that paves the way for new business opportunities.
“2021 has been a groundbreaking year for Sidus Space. The company, backed by more than a decade of manufacturing and assembly experience for commercial, military and government customers, has positioned itself to be one of the industry’s leading companies. satellites. We have hired key personnel, established strong partnerships, added customers and started manufacturing our own satellites – ready for launch later this year. We are confident in our ability to deliver top-notch data and products to our clients and strong results to our investors. We believe the standards of excellence and foundations we have built in 2021 will translate into significant customer and partnership growth in 2022,” commented Carol Craig, Founder and CEO of Sidus Space.
SIDUS SPACE, INC. CONSOLIDATED BALANCE SHEETS
|December 31, 2021||December 31, 2020|
|Debtors – related parties||443,282||175,769|
|Prepaid and other current assets||1,595,099||14,294|
|Total current assets||16,007,584||582 617|
|Property and equipment, net||775,070||952 198|
|Operating lease right-of-use assets||504 811||297,555|
|Liabilities and equity (deficit)|
|Trade payables and other current liabilities||1,845,460||260 191|
|Trade payables and accrued interest – related party||588 797||–|
|Deferred revenue – related party||63,411||–|
|Due to shareholder||–||7,302,422|
|Notes payable||–||338 311|
|Notes payable – related party||1,000,000||–|
|Operating lease liability||261,674||121,613|
|Finance lease liability||50,927||73 184|
|Total current liabilities||3,810,269||8,095,721|
|Notes payable – non-current||1,120,051||–|
|Notes payable – related party – non-current||1,350,000||–|
|Operating lease liability – non-current||262,468||185 210|
|Finance lease liability – non-current||97,092||149,385|
|Commitments and contingencies||–||–|
|Preferred shares: 5,000,000 shares authorized; nominal value of $0.0001; no shares issued and outstanding||–||–|
|Ordinary shares: 110,000,000 authorized; Face value of $0.0001|
|Class A common stock: 100,000,000 shares authorized; 6,574,040 and 0 shares issued and outstanding||657||–|
|Class B ordinary shares: 10,000,000 shares authorized; 10,000,000 issued and outstanding||1,000||1,000|
|Total equity (deficit)||10,660,071||(6,585,460)|
|Total liabilities and equity (deficit)||17,299,951||1,844,856|
SIDUS SPACE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
|Year ended||Year ended|
|December 31, 2021||December 31, 2020|
|Revenue – related parties||619 324||175,769|
|Total revenue||1,408,724||1 807 182|
|Gross profit (loss)||(366,575)||20,772|
|Personnel costs||1,503,236||905 012|
|Sales and marketing expenses||71 111||711 111|
|Rental fees||253 311||159 122|
|General and administrative costs||948 928||274,654|
|Total operating expenses||3,146,957||1,553,909|
|Net operating loss||(3,513,532)||(1,533,137)|
|Other income (expenses)|
|Interest expense – related party||(54,145)||–|
|Gain on PPP loan forgiveness||633 830||–|
|Total other income (expenses)||(232,606)|
|Loss before income taxes||(3,746,138)||(1,542,906)|
|Provision for income taxes||–||–|
|Basic and diluted loss per common share||$(0.34)||$(0.15)|
|Basic and diluted weighted average number of common shares outstanding||11 161 181||10,000,000|