Sidus Space, Inc. (SIDU): Business Model Canvas [Dec-2025 Updated]

You're looking at Sidus Space, Inc. (SIDU) now, trying to see past the launch announcements to the real financial engine driving the business, especially as they push hard into a recurring revenue model by late 2025. The core story is their bet on the Orlaith™ AI Ecosystem and dual-use hardware, which needs to generate revenue far exceeding the $2.8 million they booked in the first nine months of 2025 to justify the high fixed costs, like the $501,000 in Q3 2025 alone. To truly gauge the risk and reward of that massive $120 million preliminary agreement with Lonestar Data Holdings, you need the full picture. So, I've mapped out their entire operation using the nine-block Business Model Canvas right here for you to dissect.

Sidus Space, Inc. (SIDU) - Canvas Business Model: Key Partnerships

You're looking at the core external relationships Sidus Space, Inc. is counting on to execute its mission, and the numbers here tell a clear story about their focus on deep space data and defense integration.

The relationship with Lonestar Data Holdings, Inc. centers on a preliminary agreement that was extended and broadened in scope in April 2025, valued at approximately $120 million. This commitment defines the collaboration to design, build, and support six LizzieSat® spacecraft intended for lunar data storage missions.

Sidus Space, Inc. is also a subcontractor to MobLobSpace, Inc. under a NASA Small Business Innovation Research (SBIR) award. This specific award is valued at $173,000 and involves a six-month design study to host an advanced space-based 4D radar system on a LizzieSat platform for Space Domain Awareness.

For next-generation communications, Sidus Space, Inc. signed a Memorandum of Understanding (MOU) with Warpspace on March 12, 2025, establishing a framework to pursue a Joint Venture focused on integrated solutions for satellite communications and mission operations.

Atomic-6 was selected as a supplier for the cislunar LizzieSat missions. Their Light Wing™ solar arrays, which are all-composite and redeployable, deliver an industry-leading power-to-mass performance of up to 200 watts per kilogram.

The relationship with L3Harris Technologies is formalized through the Department of Defense (DoD) Mentor-Protégé Program (MPP). The agreement for Sidus Space, Inc. to be the Protégé was extended through March 31, 2025.

Here's a quick look at the structure and value associated with these key external dependencies:

The DoD Mentor-Protégé Program is designed to help emerging businesses like Sidus Space, Inc. expand their footprint in the defense industrial base by partnering with established contractors.

The Lonestar agreement specifically covers the design, build, and on-orbit support for six lunar data storage spacecraft based on the LizzieSat® platform.

The MobLobSpace subcontract involves a six-month Phase I effort concentrating on mission design and planning for integrating the radar payload.

The Warpspace Joint Venture aims to deliver integrated solutions for next-generation satellite communications, combining Sidus Space, Inc.'s mission expertise with Warpspace's WarpHub InterSat system.

Sidus Space, Inc. operates from a 35,000-square-foot manufacturing, assembly, integration, and testing facility in Cape Canaveral, Florida.

Finance: review Q4 2025 cash flow projections against the Lonestar milestone schedule by Monday.

Sidus Space, Inc. (SIDU) - Canvas Business Model: Key Activities

You're looking at the core engine of Sidus Space, Inc. (SIDU) as they push through their strategic pivot in late 2025. The key activities are all about moving from legacy work to owning the entire stack-design, build, launch, and data service. Honestly, the financial results for the first nine months of 2025 show the cost of this transition: revenue was approximately $2.8 million, down from $3.8 million in the same period in 2024, yet the net loss widened to $6 million in Q3 2025 alone.

Satellite design, manufacturing, and vertical integration (LizzieSat)

This is the heart of Sidus Space, Inc.'s vertical integration strategy. They are designing, building, and operating their own micro-constellation, which is crucial for controlling the data pipeline and margins. They successfully launched their third satellite, LizzieSat-3 (LS-3), on March 14, 2025, aboard a SpaceX Transporter-13 mission. This launch followed the successful commissioning of the Attitude Determination and Control System (ADCS) on LS-3 in Q2 2025. They are already planning the next steps, with two additional spacecraft, LizzieSat-4 and LizzieSat-5, reported to be in production.

The manufacturing capability is housed in their 35,000-square-foot facility on Florida's Space Coast. A key execution milestone supporting this manufacturing base was the Mobile Launcher 2 contract, which expanded from an initial value of approximately $4 million to over $8 million and is nearing completion.

Here's a snapshot of the LizzieSat program progress through Q3 2025:

Developing and deploying AI/ML products (Orlaith™ AI Ecosystem)

Sidus Space, Inc. officially launched the Sidus Orlaith™ AI Ecosystem in Q1 2025, which pairs their FeatherEdge™ hardware with Cielo™ software for autonomous decision-making. This isn't just theoretical; the company reported deploying the Orlaith™ AI system in Asia during Q1 and Q2 2025. The company emphasizes its heritage, noting operational AI deployment in space since 2023. The funds from two successful capital raises in Q3 2025 are earmarked, in part, for advancing this AI ecosystem.

24/7 Mission Operations Center management and in-orbit support

To support the growing constellation and customer payloads, a critical activity is managing operations. Sidus Space, Inc. achieved a key staffing milestone in Q2 2025 by fully staffing its in-house Mission Operations Center, which enables 24/7 spacecraft monitoring. This operational scaling was reflected in the Selling, General and Administrative (SG&A) expenses for Q3 2025, which rose to $4.3 million, partially driven by expanded mission operations for satellite support.

Manufacturing dual-use space and defense hardware (Fortis™ VPX)

The Fortis™ VPX module is a cornerstone of their dual-use hardware strategy, designed for deployment across air, land, sea, and space. This ruggedized, AI-powered computing system aligns with the Sensor Open Systems Architecture (SOSA™) technical standard. The company launched this product line in May 2025. They are targeting the rapidly expanding VPX single-board computer (SBC) market, projected to grow from $285.8 million in 2024 to $711.75 million by 2032. In addition to the main VPX unit, they debuted the Position, Navigation and Timing Card (PNT) module to address GPS-denied environments.

Securing and executing government and defense contracts

Securing government work validates the technology and provides crucial early revenue streams, even as the company pivots. In December 2025, Sidus Space, Inc. announced it would serve as a subcontractor to MobLobSpace, Inc. under a NASA Small Business Innovation Research (SBIR) award. This specific engagement is a six-month design study valued at $173,000, focused on integrating 4D radar technology onto the LizzieSat platform for orbital debris tracking. The company also received an additional Technical and Business Assistance award related to this work. As of December 2025, the firm was valued at approximately $27 million.

Key government/defense execution highlights in 2025 include:

• Completed delivery of additional hardware enclosures for the Mobile Launcher 2.
• Completed initial milestones for Lonestar Data Holdings' Commercial Pathfinder Mission.
• Secured follow-on contract for additional ASTRA support from NASA Stennis Space Center.

Finance: draft 13-week cash view by Friday.

Sidus Space, Inc. (SIDU) - Canvas Business Model: Key Resources

You're looking at the core assets Sidus Space, Inc. (SIDU) relies on to execute its mission, which is a mix of hardware manufacturing, constellation operations, and AI software deployment. These are the tangible and intangible things the company owns that are essential for delivering value.

The physical footprint is centered around their Florida operations, which supports their vertically integrated approach. They have invested heavily in the infrastructure to build and operate their own assets, which is a key differentiator in this sector.

The LizzieSat® platform itself is a critical resource, representing the company's demonstrated space heritage. They successfully launched the third unit, LizzieSat®-3, in the first quarter of 2025, marking their third launch in less than 12 months. This rapid deployment schedule allows for iterative improvement, with plans to add LizzieSat-4 and LizzieSat-5 later on.

The Orlaith™ AI Ecosystem is the software brain powering the data advantage. This system, which combines FeatherEdge™ hardware and Cielo™ software, was launched in Q1 2025 and deployed in Asia in Q2 2025. The strategic investment in this IP is clear, as Q2 2025 net loss was reported at $5.6 million, partly driven by investments in core intellectual property and capability developments.

Intellectual property protection is actively managed, with a recent Notice of Allowance received for the modular satellite testing platform patent, which safeguards the architecture. This focus on proprietary technology is meant to create barriers to entry for competitors.

Sidus Space, Inc. maintains key operational compliance certifications, which are necessary for government and defense contracts. These certifications validate the quality management system (QMS) for their manufacturing and design processes.

• ISO 9001:2015 Certification
• AS9100 Rev. D Certification (aerospace quality standard)
• ITAR Registered (International Traffic in Arms Regulations)

The company has also secured significant contractual value tied to its platform development, such as the amended and extended lunar satellite manufacturing contract with Lonestar Holdings, bringing the total potential value to $120 million. To fund continued asset expansion, including the Orlaith AI ecosystem and constellation upgrades, Sidus Space, Inc. executed two capital raises in Q3 2025, receiving approximately $15.5 million in net proceeds.

Sidus Space, Inc. (SIDU) - Canvas Business Model: Value Propositions

You're looking at how Sidus Space, Inc. is positioning its offerings to capture value in the complex space and defense ecosystem as of late 2025. The value propositions are the core reasons customers, from government agencies to commercial entities, choose them over competitors. It's about delivering capability with agility, which is critical when mission parameters shift quickly.

Flexible, cost-effective Space Infrastructure-as-a-Service (SIaaS)

Sidus Space, Inc. is building out its micro-constellation to offer scalable access to space. They successfully launched LizzieSat-1 in March 2024 and LizzieSat-2 in December 2024, establishing this infrastructure. You can expect LizzieSat-3 to be commissioned following its launch no earlier than Q1 2025, which will significantly enhance their data capabilities. The company has FCC approval to operate a micro constellation up to LizzieSat-5, showing a commitment to scaling this service. Furthermore, the adaptability of the LizzieSat platform is demonstrated by the selection to exclusively design and build the first-generation lunar fleet of Data Storage Spacecraft for Lonestar Data Holdings, a contract with a total potential value of up to $120 million. This approach aims to be cost-effective by leveraging a standardized, modular satellite architecture.

The focus on SIaaS is also evident in specific service contracts:

• Secured a follow-on contract for payload hosting and data services for LizzieSat-3.
• Engaged in a $173,000 six-month design study with MobLobSpace to integrate an advanced 4D radar system onto the LizzieSat platform for orbital debris tracking.
• The company fully staffed its in-house Mission Operations Center to enable 24/7 spacecraft monitoring, a key operational component of their service delivery.

Near real-time, AI-enhanced data analytics from space

The value here is moving beyond raw data to actionable intelligence, driven by their proprietary AI ecosystem. The Orlaith™ AI Ecosystem is a core part of this, with deployment noted in Asia to strengthen global AI and analytics offerings. This intelligence is powered by onboard computing systems that have achieved space heritage. Specifically, the FeatherEdge™ AI system, integrated with their Fortis™ hardware, achieved full mission qualification in orbit on the LizzieSat-3 satellite. This integration allows for low-latency, mission-critical decision-making at the edge, rather than waiting for data to be downlinked and processed on the ground. The strategic pivot away from legacy contract work is intended to shift revenue toward these higher-margin, AI-driven solutions, even though Q3 2025 revenue was reported at $1.3 million, reflecting this transition.

Versatile, multi-mission satellite platform for hosted payloads and remote sensing

The LizzieSat platform is designed for versatility, supporting both remote sensing and hosted payloads, which is key to maximizing asset utilization. The company holds a Notice of Allowance for its Modular Satellite Platform patent, which safeguards the intellectual property behind this adaptable and scalable architecture. This versatility allows Sidus Space, Inc. to serve diverse needs, as shown by:

Dual-use, ruggedized computing systems (Fortis™ VPX) for multi-domain applications

The Fortis™ VPX Command and Data Handling system is positioned as a domain-agnostic solution, meaning it's not just for space. It aligns with the SOSA™ Technical Standard, allowing it to plug into tactical UAV systems (Air), underwater autonomous vehicles (Sea), ISR ground systems (Land), and space-qualified AI payloads (Space). The market for the VPX single-board computer (SBC) that Sidus Space, Inc. is targeting is projected to grow from $285.8 million in 2024 to $711.75 million by 2032, representing a 12.1% Compound Annual Growth Rate. This ruggedized system is designed to handle extreme environments, including radiation hardening and operating temperatures from -40°C to +85°C, making it suitable for defense and commercial sectors needing high reliability.

Rapid innovation and adaptable solutions for evolving mission needs

Sidus Space, Inc. emphasizes its ability to iterate quickly, which is a direct value proposition against larger, slower incumbents. They launched three satellites in just over a year, rapidly integrating lessons learned into each successive mission. This innovation is protected and expanded through their intellectual property portfolio, which includes 11 granted patents and 10 pending applications as of late 2024/early 2025. Further evidence of this adaptability includes the development of the Sidus low voltage differential signaling (LVDS) switch card, which extends payload processor capabilities to allow communication with multiple optical sensors through high-speed LVDS data connections. This commitment to rapid product rollout is supported by ongoing strategic investments, even as the company navigates a transition period reflected in a Q3 2025 gross loss of ($1.3 million), largely due to increased depreciation on capitalized assets essential for future revenue streams.

Sidus Space, Inc. (SIDU) - Canvas Business Model: Customer Relationships

You're looking at how Sidus Space, Inc. builds and maintains its connections with the entities buying its space hardware and data services as of late 2025. It's a mix of massive, long-term commitments and testing new tech with early adopters. The relationship strategy is clearly moving from one-off hardware deliveries to securing future, more predictable service revenue.

Dedicated, long-term contract management for major clients (e.g., Lonestar)

The relationship with Lonestar Data Holdings is the anchor here, showing Sidus Space, Inc.'s capability to manage large, complex, multi-year programs. This isn't just a small order; it's a foundational, dedicated partnership. The extended and amended preliminary agreement with Lonestar is valued at approximately $120 million for the design, build, and on-orbit support of six lunar data storage spacecraft based on the LizzieSat® platform. This relationship is evolving, too; a subsequent Commercial Pathfinder Mission agreement involves Sidus Space, Inc. designing, developing, and integrating one Lonestar payload onto LizzieSat®-5 to roll out Lonestar's commercial offering for in-space data storage and edge processing. The business model for these lunar missions is explicitly designed to mirror the LEO satellite approach: delivering data and navigation services post-launch, which sets the stage for that recurring revenue stream.

Direct, professional engagement with government and defense procurement

Engaging the government and defense sector requires a different level of trust and technical alignment, which Sidus Space, Inc. is actively pursuing. They are positioning their dual-use products to benefit from increased allied defense spending, especially in Europe. The company has active early access programs with government customers for its proven FeatherEdge platform, and several of these engagements are already moving toward multi-year hardware agreements. Furthermore, they are advancing the Fortis VPX computing suite, which is specifically designed for aerospace, defense, energy robotics, and autonomous systems. To be fair, much of the recent revenue has been tied to milestone contracts, including projects with related party Craig Technologies, which accounted for revenue in Q2 2025. A concrete example of direct engagement is their role as a subcontractor on a NASA-funded project with MobLobSpace, which secured a $173,000 award to study integrating 4D radar into the LizzieSat platform for enhanced space domain awareness data services.

Early-stage customer demos and trials for new FeatherEdge™ products

The relationship here is about proving the technology works in the harsh environment of space to convert interest into firm orders. The key product in this phase is the FeatherEdge™ GEN-2 onboard edge computer, which achieved successful on-orbit operation on LizzieSat®-3 as of May 18, 2025. This flight-proven hardware offers 100 trillion operations per second (TOPS) of AI processing power. The real customer engagement comes from Sidus Space, Inc. enabling third-party algorithm integration aboard LizzieSat®-3, allowing government and commercial customers to test and deploy their proprietary AI solutions in orbit without needing their own satellite infrastructure. This is a direct, hands-on trial mechanism. Also, the successful delivery of a custom FeatherEdge Data Processing Unit (DPU) to Xiomas Technologies under a NASA Phase II Sequential Award demonstrates successful integration and validation for specific applications like fire detection via thermal imaging.

Transitioning to a high-touch, recurring Data-as-a-Service model

This is the strategic pivot you need to watch. Sidus Space, Inc. is intentionally shifting away from legacy, fixed-price milestone contracts toward higher-value commercial space-based and AI-driven solutions, which management expects will lead to material revenue growth in the second half of 2025. This transition is reflected in the Q3 2025 revenue of $1.3 million, which was down 31% year-over-year from Q3 2024's $1.9 million, as the company de-emphasized the older work. The goal is recurring revenue, and the FeatherEdge™ GEN-2 is positioned to open up high-value opportunities through data processing services, in addition to hardware sales and technology integration. The focus is now on commercializing LizzieSat-enabled services and securing orders for the VPX SOSA-Aligned systems. If onboarding takes 14+ days, churn risk rises, but the high-touch nature of these new service contracts aims to lock in long-term value.

Finance: draft 13-week cash view by Friday.

Sidus Space, Inc. (SIDU) - Canvas Business Model: Channels

You're looking at how Sidus Space, Inc. gets its value propositions-like on-orbit processing and custom hardware-into the hands of government and commercial users as of late 2025. It's a mix of direct engagement and strategic leveraging of their growing asset base.

Direct sales team for government and commercial space contracts

Sidus Space, Inc. relies on a direct approach, which is clear when you look at the SG&A spend needed to support this. Selling, General, and Administrative expenses for the third quarter of 2025 totaled $4.3 million, up from $3.2 million in Q3 2024, showing investment in headcount growth aligned with higher-value offerings. The company has experience executing on various contract types, including firm fixed price, cost plus, and milestone-based agreements, supporting both commercial and government needs. They also recently appointed Lawrence Hollister as Chief Business Officer to drive this strategic growth and market expansion. This team is working to convert a significant backlog, including a lunar satellite manufacturing contract with Lonestar Holdings valued up to $120 million, though revenue recognition from these large deals is milestone-dependent. The revenue recognized in Q3 2025 was $1.3 million, reflecting a strategic pivot away from legacy services that previously contributed more to the top line.

Proprietary LizzieSat constellation for direct data delivery to customers

The LizzieSat constellation is the core delivery mechanism for their data-as-a-service offering. By late 2025, the constellation included LizzieSat™-1 (launched March 2024), LizzieSat™-2 (launched December 2024), and the newly launched LizzieSat™-3 (launched March 14, 2025). The company holds FCC approval to operate a micro constellation up to LizzieSat™-5. This infrastructure is designed for direct, low-latency delivery, leveraging the proprietary Orlaith™ AI Platform for onboard processing. The in-house Mission Operations Center is fully staffed to enable 24/7 spacecraft monitoring, ensuring data delivery capability. You can see the operational scaling reflected in the Cost of Revenue for Q3 2025 rising to $2.6 million, partly due to increased satellite and software depreciation from these capitalized assets.

Key constellation channel milestones as of late 2025 include:

• LizzieSat™-3 commissioned with on-board GNC software.
• AIS sensor commissioned on LS3, establishing customer communications.
• Contract signed to integrate Lonestar Commercial Pathfinder Mission on LizzieSat®-5.
• Orlaith™ AI system deployed in Asia.

Global market expansion via strategic joint ventures (e.g., Sidus Arabia)

Sidus Space, Inc. is using partnerships to broaden its reach beyond its Cape Canaveral base. They signed a Memorandum of Understanding (MOU) with NamaSys Bahrain to establish "Sidus Arabia," a Joint Venture headquartered in Saudi Arabia, focused on developing a satellite manufacturing facility and pursuing joint initiatives. This is a direct channel into the Middle Eastern market. Also, they executed a partnership agreement with Orbital Transports specifically to enhance global market expansion. Furthermore, an MOU was executed with Reflex Aerospace to explore joint constellation services, which opens up European channels for service integration.

Here's a quick look at some key channel-related financial and operational figures through Q3 2025:

Industry events and investor presentations to showcase new technology

Showcasing technology is a critical channel for securing future government and commercial interest, especially given the long sales cycles mentioned. The company actively participates in investor relations activities to communicate progress. For instance, they hosted their Third Quarter 2025 Financial Results Conference Call on November 14, 2025. Prior to that, their latest Investor Presentation was made available on October 10, 2025. These events are where they highlight advancements like the delivery of hardware and software to Xiomas Technologies under a NASA Phase II Sequential Award, and progress on the Lonestar Commercial Pathfinder Mission. They also hold numerous patents, with 11 granted patents and 10 pending applications for their Modular Satellite Platform System, which they use to demonstrate proprietary strength at these venues.

The company is ISO 9001:2015, AS9100 Rev. D certified, and ITAR registered, which are necessary credentials for accessing key government channels.

Finance: review Q4 2025 capital raise strategy by end of year.

Sidus Space, Inc. (SIDU) - Canvas Business Model: Customer Segments

You're looking at the customer base for Sidus Space, Inc. (SIDU) as of late 2025, a period where the company is actively pivoting its revenue mix. Honestly, the financials reflect this transition; Q3 2025 revenue was $1.3 million, marking a 31% drop year-over-year as they move away from legacy services toward these higher-value commercial models. Still, the cash position was $12.7 million as of September 30, 2025, which is supporting the scaling of these new product lines. The business model clearly targets distinct, high-value niches within the space and defense ecosystem.

Here's a quick look at the financial backdrop supporting these segments:

Sidus Space, Inc. is structured to serve several critical groups, leveraging its multi-domain capabilities across space, air, land, and sea. The company holds key certifications like ISO 9001:2015, AS9100 Rev. D, and is ITAR registered, which is vital for government and defense work.

The primary customer segments are:

• US Government and Defense/Intelligence agencies (DoD, NASA).
• Commercial space companies requiring cislunar data storage (Lonestar).
• Global maritime and logistics industries needing SSA and monitoring data.
• Aerospace and defense integrators buying specialized hardware (VPX, FeatherEdge).

You can see the specific focus areas and recent milestones for each segment below. This shows where the near-term revenue is expected to materialize, especially with the Fortis VPX products aiming for production by January 2026.

For the hardware integrators, the focus is on dual-use, all-domain platforms. The FeatherEdge™ GEN-2, for example, is commercially available after successful on-orbit validation aboard LizzieSat®-3. This hardware, which leverages NVIDIA's Jetson Orin™ NX module, is defintely aimed at defense and aerospace systems needing ruggedized, high-performance AI.

Finance: review Q4 2025 SG&A spend against management's plan for 'meaningful cost reduction activities' by year-end.

Sidus Space, Inc. (SIDU) - Canvas Business Model: Cost Structure

You're looking at the core expenses Sidus Space, Inc. (SIDU) is carrying as it executes its pivot toward recurring, high-value space and AI data services. Honestly, the cost structure reflects a company heavily investing in its future IP and operational capacity right now, which is why the bottom line looks pressured.

High fixed costs from satellite and software depreciation are a major factor. Sidus Space incurred an increase of $501,000 in satellite and software-related depreciation in the third quarter of 2025 alone, which directly hit the Cost of Revenue. This depreciation is tied to the launch and deployment of satellite fixed assets and related software, including the recent launch of LizzieSat®-3 in March 2025. The total Cost of Revenue for Q3 2025 reached $2.6 million, a 42% year-over-year increase, largely driven by this non-cash charge and evolving contract mix.

The company is making significant R&D investment in AI platforms and next-generation satellite builds. Capital raises in 2025 were explicitly earmarked for product development. This investment fuels the Orlaith™ AI Ecosystem, which integrates hardware like the FeatherEdge™ edge computer with AI software for on-orbit processing. Furthermore, funds are supporting the production of LizzieSat-4 and LizzieSat-5, slated for late 2026 launches, and the commercialization of the Fortis™ VPX product line.

You see the pressure from operational scaling costs, including headcount growth and mission center staffing, reflected in the Selling, General, and Administrative (SG&A) expenses. For Q3 2025, SG&A hit $4.3 million, up from $3.2 million in Q3 2024. This increase was driven by strategic headcount additions, expanded employee benefits, and the cost of running the newly fully staffed 24/7 Mission Operations Center, which was completed in Q2 2025.

The nature of their complex, custom work means material and labor costs for complex, custom manufacturing contracts are significant. For instance, the Cost of Revenue in Q1 2025 saw a 93% increase year-over-year, partly due to a mix of contract types requiring higher material and labor inputs. In Q3 2025, the 42% rise in Cost of Revenue also cited higher input costs for more complex contracts.

Finally, launch and deployment expenses for constellation expansion are baked into the current cost structure, primarily through the depreciation mentioned earlier. Costs related to launch schedule adjustments, such as rebooking fees, were also noted in earlier 2025 reporting periods, showing the variable costs associated with getting assets on orbit.

Here's a quick look at the key cost-impacting financial metrics from Q3 2025:

Finance: draft 13-week cash view by Friday.

Sidus Space, Inc. (SIDU) - Canvas Business Model: Revenue Streams

Sidus Space, Inc. (SIDU) generates revenue through several distinct channels, reflecting its vertically integrated approach across space technology and defense markets.

Satellite manufacturing and integration services (milestone-based contracts)

Revenue recognition for satellite work, such as the LizzieSat® platforms, is tied to the completion of specific milestones within contracts. This is a key component of the current revenue profile, though the strategic pivot away from legacy services has influenced the near-term recognition timing. For instance, the company is advancing design and manufacturing across multiple LizzieSat® platforms. Furthermore, the company is involved in payload hosting, as seen with the integration of an advanced 4D radar system onto a LizzieSat platform under a design study valued at $173,000, which contributes to milestone-based revenue.

Space-based Data-as-a-Service (DaaS) and AI analytics subscriptions

The company is positioning its Orlaith™ AI as a differentiator for multi-domain autonomy and analytics, indicating a future focus on recurring revenue from data services. This is part of the strategic shift toward higher-value, recurring revenue lines, though the financial impact of these subscriptions is expected to grow as commercialization accelerates.

Sales of proprietary hardware (Fortis™ VPX, FeatherEdge™) to dual-use markets

Sidus Space, Inc. is broadening its Fortis™ VPX and FeatherEdge™ product families, which are dual-use, all-domain systems supporting applications across air, land, sea, and space. The first three Fortis VPX products were on track for year-end validation in 2025, setting the stage for product orders expected to drive future revenue. The company successfully completed delivery of additional hardware enclosures for the Mobile Launcher 2 program.

Payload hosting revenue from third-party sensors on LizzieSat

The LizzieSat satellite platform serves as a host for third-party sensors. An example includes the commissioning of the Automatic Identification System (AIS) sensor on LS3, which established communications with a customer site. The company is also working on integrating Lonestar Data Holdings' data storage module on an upcoming LizzieSat satellite to validate in-space data storage capabilities.

The overall financial performance for the nine-month period ending September 30, 2025, reflects this transition period, with revenue being impacted by the shift away from legacy work.

Total revenue for the nine months ended September 30, 2025, was approximately $2.8 million. This compares to the trailing twelve months revenue ending September 30, 2025, which was $3.62 million.

Here's a quick look at key financial metrics around the reporting date:

The revenue streams are underpinned by the company's operational progress, which includes:

• Advancing design and manufacturing across multiple LizzieSat® platforms.
• Broadening the Fortis™ VPX and FeatherEdge™ product families.
• Executing on existing contracts, such as the Mobile Launcher 2 delivery.
• Completing commissioning of the AIS sensor on LS3.

The company completed two capital raises in Q3 2025, netting approximately $15.5 million to scale product lines and satellites.