Sidus Space, Inc. Q4 FY2025 earnings call

2025 was a productive year for CITUS. Launched three LISISAT satellites between March 2024 and March 2025. Advanced our onboard computing and AI capabilities through our Fortis VPX platform. Received an award under the MDA's 10-year SHIELD IDIQ contract. Made progress across lunar and geo initiative, including signing an agreement to integrate the Lone Star commercial Pathfinder mission onto LISESat-5, introducing Lunar LISI, and executing an MOU with a partner to support development of a geo-platform. Strengthened and refocused our sales organization. Advancing next-generation satellite builds, including LISISAT-4 and LISISAT-5. Mission Control Center in its third year of full 24-7 operations. Entered into a strategic collaboration with Samarasense to advance AI-enabled hyperspectral imaging.

Total revenue for the full year 2025 was approximately $3.4 million, compared to $4.7 million in full year 2024, a decrease of about $1.3 million, or 28%. Cost of revenue was approximately $9.1 million, a 48% increase from $6.1 million in full year 2024. Gross loss for the year was approximately $5.7 million compared to a loss of about $1.5 million in full year 2024. Selling general and administrative expenses totaled $22.3 million, compared to $14.2 million in the prior year. Adjusted EBITDA loss for the full year 2025 was $17.3 million compared to $12.9 million in the full year 2024. Net loss for the year was $29.5 million, compared to $17.5 million in full year 2024. As of December 31st, 2025, Citus had $43.2 million in cash, compared to $15.7 million as of December 31st, 2024. During 2025, we completed multiple capital raises, totaling approximately $53.3 million in net proceeds from the issuance of approximately 47.1 million shares of Class A common stock. We entered 2026 with no outstanding term debt.

Accelerate commercialization and expand in defense markets through technology platforms while reducing reliance on lower margin contract manufacturing and prioritizing scalable higher margin products. Focus on programs aligned with defense needs like missile defense, face-based sensing, and resilient communications architectures. Advance next-generation satellite builds like LISISAT-4 and LISISAT-5. Continue to commercialize Fortis VPX platform. Increase focus on defense opportunities as demand grows.

Ability to estimate operational expenses and liquidity needs, customer demand, supply chain delays including launch providers, extended sales cycles.