Sidus Space, a space and defense technology company, reported a 51% year-over-year increase in first-quarter revenue to $359,000, driven by new customer contracts with Lonestar Data Holdings and Teledyne Marine. The company also narrowed its net loss to $5.2 million from $6.4 million a year ago, reflecting improved cost controls.
Financial Highlights
Cost of revenue decreased 25% to $1.4 million, resulting in a gross loss of $1.1 million, compared to $1.6 million previously. Selling, general and administrative expenses remained relatively flat at $4.4 million. Adjusted EBITDA, a non-GAAP metric, showed a loss of $4.6 million. Cash and cash equivalents stood at $27.3 million as of March 31, down from $43.2 million at year-end 2025, primarily due to operating cash burn of $5.6 million during the quarter. The company has no term debt.
Following the quarter close, Sidus Space raised approximately $58.5 million in gross proceeds through a registered direct offering of shares. Chief Financial Officer Adarsh Parekh noted that this capital injection provides flexibility to support growth plans and reduces near-term financing risk.
Operational Progress
CEO Carol Craig highlighted disciplined cost control and key milestones in the company's LizzieSat satellite program. LizzieSat-3 successfully returned its first images using HEO USA's non-Earth imaging camera, capturing sub-5-meter resolution shots. The company also announced an expanded deal with Lonestar Data Holdings to develop a second StarVault orbital data-storage payload and reached an integration milestone with Maris-Tech on an AI-powered edge computing payload slated for LizzieSat-4.
Market Context
Sidus Space's figures remain modest compared to peers. BlackSky, a space-based intelligence firm, posted Q1 revenue of $20.8 million, while Planet Labs reported full-year fiscal 2026 revenue of $307.7 million. Sidus is still in its early commercialization phase, working to convert payload commissioning, satellite services, and defense hardware into a more substantial revenue stream.
The company also announced a finance team shakeup, with current CFO Adarsh Parekh departing on June 1. John Burke will serve as interim CFO while a permanent successor is sought.
Shares of Sidus Space rose approximately 12% to $3.66 following the earnings release.
