TLDR
- Sidus Space launched and fully commissioned LizzieSat-3, which is now generating recurring customer revenue from maritime data and on-orbit imaging.
- Full-year 2025 revenue came in at $3.38 million, down 28% from 2024, with a net loss of $29.47 million.
- The company ended 2025 with $43.2 million in cash after raising $53.3 million in equity, and entered 2026 with no term debt.
- New MOUs were signed with Saturn Satellite Networks and Reflex Aerospace, and a lunar manufacturing deal with Lonestar was extended to $120 million.
- Sidus is shifting from contract manufacturing toward a platform and data model, with LizzieSat-4 and LizzieSat-5 in development.
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Sidus Space used its Q4 and full-year 2025 earnings call to lay out where it stands: three LizzieSats on orbit, a growing defense pipeline, and a business model that is evolving fast.
CEO Carol Craig said 2025 was the year the company moved from “development into on-orbit operations.” That’s a meaningful shift for a company that spent years building toward this point.
Sidus Space, Inc., SIDU
LizzieSat-3, launched in March 2025, is the most operationally advanced of the three. It completed full bus-level commissioning, hit pointing accuracy of under 30 arc seconds, and is now running live customer payloads — maritime AIS data and imaging from HEO USA’s camera.
$SIDU: Sidus Space announced its financial results for the fourth quarter and full-year ended December 31, 2025, and provided a business update.
Total revenue for the twelve months ending December 31, 2025, was approximately $3.4 million, a decrease of approximately $1.3 million… pic.twitter.com/EPzQcPascD
— Space Investor (@SpaceInvestor_D) April 1, 2026
LizzieSat-1 has completed its mission and is being decommissioned. LizzieSat-2, launched into equatorial orbit, is still in commissioning. Craig noted equatorial orbits offer long-term coverage advantages but come with fewer communication windows, which slows the process.
The three satellites are company-owned and company-funded, designed from the start to carry multiple customer payloads. That’s the revenue model: hardware built once, revenue from multiple sources before and after launch.
Defense and Lunar Pipeline
On the defense side, Sidus was awarded access to the Missile Defense Agency’s SHIELD IDIQ, a 10-year contract vehicle Craig connected to the broader “Golden Dome missile defense strategy.” It also holds an IDIQ with Tobyhanna Army Depot and a subcontract role under a NASA SBIR Radar Initiative using LizzieSat as a host platform.
The company also extended its lunar manufacturing agreement with Lonestar Data Holdings, increasing the total contract value to $120 million. A payload will be integrated on the LS-5 mission. Sidus introduced LunarLizzie, its next-generation lunar spacecraft concept, targeting the 800+ kg class.
LizzieSat-4 and LizzieSat-5 are in development as software-defined satellites with laser communications and hyperspectral imaging capabilities. A collaboration with Simera Sense is advancing AI-enabled hyperspectral Earth observation.
The Fortis VPX modular computing platform is another piece of the puzzle — a ruggedized processing system being evaluated by defense primes and systems integrators for satellite, unmanned, and ground-based use cases.
Financial Results
Revenue for 2025 was $3.38 million, down from $4.7 million in 2024. Sidus said the drop reflected a deliberate move away from legacy contract work toward higher-value platform and data solutions.
Cost of revenue jumped 48% to $9.1 million, driven by depreciation from the satellite fleet, higher material and labor costs, and supply chain pressure. That pushed the gross loss to $5.7 million.
SG&A expenses rose to $22.3 million, including a $4.5 million non-cash impairment charge on LizzieSat-1. Net loss for the year was $29.47 million, up from $17.5 million in 2024.
Cash ended the year at $43.2 million, up from $15.7 million, after the company raised $53.3 million through equity. Sidus entered 2026 with no outstanding term debt.
Craig said the company’s focus over the next 12 to 18 months includes LizzieSat-4 and -5 production, early Fortis VPX customer deployments, and expanding its defense contract pipeline.
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