Sidus Space(NASDAQ:SIDU) 
Sidus Space, Inc., a space-as-a-service company, engages in the design, manufacture, launch, and data collection of commercial satellite worldwide. Its services include satellite engineering and integration; precision manufacturing, assembly, and test; low earth orbit constellation; payloads integra...
Website: https://www.sidusspace.com
Founded: 2012
CEO / Founder: Carol Craig
Sector: Industrials
Industry: Aerospace & Defense
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At a glance:
- Early-Stage Space Company Focused on Satellites and Space Services: Sidus Space operates in the smallsat market, combining satellite design/manufacturing and mission services with an emphasis on building a recurring-revenue profile over time.
- Revenue Mix Includes Government/Defense and Commercial Work: The company’s contracts and partnerships tend to span public-sector and private-sector customers, which can help diversify demand but may involve long sales cycles and program timing risk.
- Catalysts Tied to Satellite Launches, On-Orbit Performance, and Contract Wins: Milestones such as successful launches, in-orbit validation, expanded constellation plans, and new multi-year service agreements are key drivers that can influence investor sentiment and forward expectations.
- Execution and Funding Needs Are Central Risk Factors: As with many early-stage aerospace firms, results can be sensitive to project execution, delays, cost control, and access to capital to fund R&D, manufacturing scale-up, and on-orbit operations.
Bull Thesis:
- Rapid Growth in the Space-as-a-Service Market: The global space economy, particularly the 'Space-as-a-Service' segment encompassing satellite manufacturing, launch integration, and data solutions, is experiencing significant expansion. Sidus Space is well-positioned to capitalize on this secular growth trend, driven by increasing demand from both government and commercial entities for cost-effective and agile space solutions.
- Diversified Service Offerings and Government Contracts: Sidus Space offers a comprehensive suite of services, including satellite manufacturing, launch integration, mission operations, and data analytics. This diversification reduces reliance on a single revenue stream. Furthermore, securing contracts with reputable government agencies like NASA and the DoD provides a stable revenue base, validates their capabilities, and enhances credibility within the industry.
- Proprietary LizzieSat Constellation and Advanced Manufacturing: The development of Sidus's proprietary LizzieSat satellite constellation offers the potential for recurring data revenue and greater control over mission capabilities. Coupled with their advanced manufacturing capabilities, including hybrid 3D printing, Sidus aims to offer more efficient, customizable, and cost-effective satellite solutions, potentially leading to higher margins and a competitive advantage.
Bear Thesis:
- Persistent Negative Profitability and High Cash Burn: Despite revenue growth, Sidus Space continues to report significant net losses and negative free cash flow. The capital-intensive nature of satellite development and operations, coupled with ongoing R&D expenses, suggests a high cash burn rate that could challenge long-term financial sustainability without substantial and consistent revenue generation or further capital infusions.
- Intense Competition in a Crowded Market: The small satellite and space services market is highly competitive, featuring numerous established aerospace giants, well-funded startups, and other specialized providers. This intense competition could put pressure on pricing, market share, and the ability to secure new contracts, making it challenging for Sidus to differentiate itself and achieve sustainable profitability.
- Significant Execution Risk and Potential for Delays: Developing, launching, and operating satellite constellations is a complex endeavor fraught with technical challenges, regulatory hurdles, and potential for delays. Any significant setbacks in the LizzieSat program or other key projects could lead to increased costs, missed revenue targets, and damage to investor confidence, impacting the company's growth trajectory.
- Risk of Shareholder Dilution: Given the company's ongoing negative cash flow and the capital requirements for scaling operations and developing new technologies, there is a high likelihood that Sidus Space will need to raise additional capital through equity offerings. Such actions would lead to dilution for existing shareholders, potentially depressing the stock price.
Main Competitors:
- Terran Orbital ($LLAP) (Small Satellite Manufacturing & Mission Services), Directly competes with Sidus Space in the design, manufacturing, and operation of small satellites (CubeSats, microsatellites) for government and commercial customers. Both companies vie for contracts to build custom satellite platforms and provide end-to-end mission support, including payload integration and ground segment services.
- Spire Global ($SPIR) (Satellite Data & Space-as-a-Service), Competes by offering a comprehensive 'space-as-a-service' model, including satellite manufacturing, launch coordination, and in-orbit operations, primarily for their own data constellations (weather, maritime, aviation, Earth observation). They also offer their satellite bus and services to third parties, directly overlapping with Sidus's offerings in satellite production and mission management.
- Rocket Lab ($RKLB) (Electron Launch Vehicle, Photon Satellite Bus, Space Systems), While primarily known for launch services, Rocket Lab has vertically integrated into satellite manufacturing with its Photon spacecraft bus and provides in-space services. This directly competes with Sidus Space's satellite manufacturing and mission operations capabilities, particularly for customers seeking integrated launch and satellite solutions from a single provider.
- AAC Clyde Space ($AACCA.ST) (Small Satellite Manufacturing & Mission Solutions), A European-based leader in small satellite manufacturing and mission services, AAC Clyde Space competes globally with Sidus Space for contracts to develop, build, and operate CubeSats and small satellites for various applications, including Earth observation, communications, and scientific missions, often targeting similar customer segments.
Moat:
Sidus Space operates in the highly competitive and rapidly growing small satellite market, often referred to as 'New Space.' Its potential moat lies in its vertically integrated capabilities, offering end-to-end solutions from satellite design and manufacturing (e.g., LizzieSat) to data collection and mission operations. This integrated approach aims to reduce costs and lead times for customers. However, it faces strong competition from specialized small satellite manufacturers like Terran Orbital and AAC Clyde Space, vertically integrated launch providers like Rocket Lab (which also builds satellites), and established space-as-a-service companies like Spire Global. Competition is driven by innovation, cost-efficiency, reliability, and the ability to deliver tailored solutions for diverse government and commercial applications.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 250,155 | 365,985 | 559,105 | 691,070 | 160,704 | 436,544 | 1,757,251 | 834,798 | 845,111 | 1,157,994 | 762,231 | 1,175,616 | 1,914,724 | 2,151,154 | 1,260,146 | 1,479,092 | 1,360,388 | |
yoy | 55.66% | -16.16% | -68.18% | -17.22% | -80.98% | -62.30% | 130.54% | -28.99% | -55.86% | -46.17% | -39.51% | -20.52% | 40.75% | |||||
qoq | -31.65% | -34.54% | -19.10% | 330.03% | -63.19% | -75.16% | 110.50% | -1.22% | -27.02% | 51.92% | -35.16% | -38.60% | -10.99% | 70.71% | -14.80% | 8.73% | ||
revenue - related parties | 109,217 | 220,318 | 738,953 | 569,953 | 77,790 | 389,419 | 111,707 | 92,772 | 205,044 | 185,235 | 223,289 | 194,793 | 348,903 | 368,271 | 438,947 | |||
total - revenue | 359,372 | 586,303 | 1,298,058 | 1,261,023 | 238,494 | 825,963 | 1,868,958 | 927,570 | 1,050,155 | 1,343,229 | 985,520 | 1,370,409 | 2,263,627 | 2,329,463 | 1,317,247 | 1,847,363 | 1,799,335 | |
cost of revenue | 1,409,445 | 2,324,285 | 2,597,023 | 2,288,165 | 1,866,972 | 1,576,108 | 1,830,787 | 1,768,671 | 966,091 | 1,009,221 | 1,081,801 | 862,632 | 1,367,828 | 2,130,808 | 1,402,870 | 1,500,599 | 820,998 | |
gross loss | -1,050,073 | |||||||||||||||||
operating expenses | ||||||||||||||||||
selling, general and administrative | 4,419,637 | |||||||||||||||||
total operating expenses | 4,419,637 | 9,275,417 | 4,332,441 | 4,263,269 | 4,444,442 | 4,337,404 | 3,210,069 | 3,056,814 | 3,645,583 | 3,285,506 | 3,778,460 | 3,560,482 | 3,542,169 | 3,703,675 | 3,789,795 | 2,746,179 | 3,242,783 | |
net loss from operations | -5,469,710 | -11,013,399 | -5,631,406 | -5,290,411 | -6,072,920 | -5,087,549 | -3,171,898 | -3,897,915 | -3,561,519 | -2,951,498 | -3,874,741 | -3,052,705 | -2,646,370 | -3,505,020 | -3,875,418 | -2,399,415 | -2,264,446 | |
other income | 81,846 | 100,633 | 358 | 3,000 | 1,613 | 17,950 | ||||||||||||
interest expense | -879 | -111,103 | -1,088 | -2,546 | 24,593 | -324,196 | -642,355 | -186,175 | -153,526 | -185,944 | -186,282 | -187,667 | -187,527 | -606,168 | -50,880 | -58,420 | -65,908 | |
interest income | 195,613 | 44,861 | 31,144 | 27,979 | 66,345 | 26,679 | 23 | 12,313 | ||||||||||
asset-based loan expense | -18,477 | -422,000 | -432,607 | -360,092 | -432,645 | -289,817 | -91,359 | -65,920 | -95,455 | -55,087 | -21,062 | -38,634 | -40,933 | |||||
total other income | 258,103 | -334,659 | -341,707 | -238,169 | -352,125 | -207,344 | -794,689 | -43,802 | -50,880 | -58,420 | -65,908 | |||||||
income before income taxes | -5,211,607 | -11,401,008 | -6,033,599 | -5,625,070 | -6,414,627 | -5,674,883 | -3,902,589 | -4,136,084 | -3,810,500 | -3,303,623 | -4,082,085 | -3,501,581 | -3,441,059 | -4,125,481 | -3,926,298 | -2,457,835 | -2,330,354 | |
provision for income taxes | ||||||||||||||||||
net income | -5,211,607 | -11,401,008 | -6,033,599 | -5,625,070 | -6,414,627 | -5,674,883 | -3,902,589 | -4,136,084 | -3,810,500 | -3,303,623 | -4,082,085 | -3,501,581 | -3,441,059 | -4,125,481 | -3,926,298 | -2,457,835 | -2,330,354 | |
yoy | -18.75% | 100.90% | 54.61% | 36.00% | 68.34% | 71.78% | -4.40% | 18.12% | 10.74% | -19.92% | 3.97% | 42.47% | 47.66% | |||||
qoq | -54.29% | 88.96% | 7.26% | -12.31% | 13.04% | 45.41% | -5.65% | 8.54% | 15.34% | -19.07% | 16.58% | 1.76% | -16.59% | 5.07% | 59.75% | 5.47% | ||
net income margin % | -2083.35% | -3115.16% | -1079.15% | -813.97% | -3991.58% | -1299.96% | -222.08% | -495.46% | -450.89% | -285.29% | -535.54% | -297.85% | -179.72% | -191.78% | -311.57% | -166.17% | -171.30% | |
dividend on series a preferred stock | -42,375 | |||||||||||||||||
net loss attributed to stockholders | -5,211,607 | -11,401,008 | -6,033,599 | -5,625,070 | -6,414,627 | -5,674,883 | -3,902,589 | -4,136,084 | -3,852,875 | |||||||||
basic and diluted loss per common share | -0.08 | -0.31 | -0.24 | -0.31 | -0.35 | -0.39 | -0.93 | -0.99 | -1.4 | -22.9 | -0.05 | -0.07 | -0.12 | -0.23 | -0.23 | -0.15 | -0.14 | |
basic and diluted weighted-average number of common shares outstanding | 66,583,190 | 24,747,253 | 24,903,577 | 18,320,025 | 18,228,267 | 4,874,985 | 4,181,344 | 4,181,344 | 2,719,812 | 619,986 | 74,304,946 | 51,131,482 | 29,714,403 | 17,165,781 | 17,178,648 | 16,874,040 | 16,600,707 | |
gross profit | -1,737,982 | -1,298,965 | -1,027,142 | -1,628,478 | -750,145 | 38,171 | -841,101 | 84,064 | 334,008 | -96,281 | 507,777 | 895,799 | 198,655 | -85,623 | 346,764 | 978,337 | ||
yoy | 131.69% | -3503.02% | 22.12% | -2037.19% | -324.59% | -139.65% | -265.64% | -90.62% | 68.13% | 12.45% | 46.43% | -8.44% | ||||||
qoq | 33.80% | 26.46% | -36.93% | 117.09% | -2065.22% | -104.54% | -1100.55% | -74.83% | -446.91% | -118.96% | -43.32% | 350.93% | -332.01% | -124.69% | -64.56% | |||
gross margin % | 0% | -474.88% | -232.33% | -148.63% | -1013.34% | -171.84% | 2.17% | -100.76% | 9.95% | 28.84% | -12.63% | 43.19% | 46.78% | 9.23% | -6.79% | 23.44% | 71.92% | |
selling, general and administrative expense | 3,260,038 | 4,332,441 | 4,263,269 | 4,444,442 | 4,337,404 | 3,210,069 | 3,056,814 | 3,645,583 | 3,285,506 | 3,778,460 | ||||||||
total other expense | -387,609 | -402,193 | -304,460.25 | -730,691 | -248,981 | -448,876 | ||||||||||||
finance expense | -111,094 | -240,525 | -566,229 | |||||||||||||||
payroll expenses | 1,861,016 | 1,716,543 | 1,783,135 | 1,627,241 | 1,391,451 | 751,198 | ||||||||||||
sales and marketing expenses | 165,928 | 188,597 | 164,177 | 192,305 | 112,153 | 90,461 | ||||||||||||
lease expense | 88,668 | 86,387 | 87,019 | 80,019 | 86,352 | 84,999 | ||||||||||||
professional fees | 382,817 | 487,442 | 325,281 | 681,582 | 131,922 | 1,322,292 | ||||||||||||
general and administrative expense | 1,062,053 | 1,063,200 | 1,301,744 | 1,180,633 | 976,796 | 972,742 | ||||||||||||
revenue - related party | 216,079.75 | 57,101 | ||||||||||||||||
depreciation expense | 42,319 | 28,015 | 47,505 | 21,091 | ||||||||||||||
other expense | ||||||||||||||||||
gain on forgiveness of ppp loan |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
current assets | ||||||||||||||||||
cash | 27,349,756 | 43,175,996 | 12,734,087 | 3,634,693 | 11,711,301 | 15,703,579 | 1,231,401 | 1,444,369 | 6,171,759 | 1,216,107 | 1,597,331 | 7,863,849 | 2,818,737 | 2,295,259 | 4,359,051 | 6,768,318 | 10,419,648 | 13,710,845 |
accounts receivable | 215,916 | 272,831 | 825,607 | 873,557 | 461,839 | 827,886 | 1,495,340 | 621,313 | 650,763 | 1,175,077 | 628,616 | 694,210 | 1,471,444 | 850,340 | 918,174 | 1,148,062 | 825,026 | 130,856 |
accounts receivable - related parties | 1,254,447 | 1,727,939 | 1,402,774 | 1,037,606 | 647,942 | 641,376 | 269,957 | 264,802 | 172,030 | 67,447 | 245,966 | 113,474 | 306,676 | 168,170 | 366,238 | 808,294 | 443,282 | |
contract asset | 81,241 | 322,773 | 684,749 | 993,504 | 1,338,054 | 1,347,386 | 77,124 | 77,124 | 77,124 | 77,124 | 77,124 | 60,932 | 60,932 | 60,932 | 60,932 | 60,932 | ||
contract asset - related party | 119,306 | 209,673 | 448,717 | 107,013 | 46,953 | 46,953 | 50,204 | 46,000 | 43,173 | 43,173 | 30,938 | 30,938 | 21,859 | 14,982 | ||||
prepaid and other current assets | 4,137,358 | 4,979,378 | 4,849,338 | 4,155,398 | 2,167,868 | 3,429,656 | 4,405,168 | 4,449,118 | 4,768,330 | 5,405,453 | 5,972,020 | 4,949,324 | 4,597,651 | 3,476,748 | 3,157,349 | 2,293,248 | 2,015,601 | 1,595,099 |
total current assets | 33,158,024 | 50,688,590 | 21,133,582 | 11,171,838 | 16,516,929 | 22,252,552 | 9,229,808 | 8,303,412 | 13,306,767 | 9,202,310 | 9,862,688 | 14,833,687 | 10,083,588 | 7,449,868 | 8,898,452 | 10,921,183 | 14,288,275 | 16,007,584 |
property and equipment | 17,260,377 | 14,184,379 | 17,456,972 | 17,179,137 | 16,935,611 | 14,891,976 | 13,198,308 | 12,800,850 | 11,547,302 | 9,570,214 | 7,252,223 | 5,089,776 | 3,699,040 | 2,554,992 | 1,961,834 | 1,462,473 | 1,211,123 | 775,070 |
operating lease right-of-use assets | 635,143 | 702,856 | 769,515 | 835,140 | 49,118 | 121,545 | 192,498 | 262,007 | 46,511 | 115,573 | 183,800 | 251,201 | 184,255 | 249,937 | 314,819 | 378,917 | 442,243 | 504,811 |
intangible asset | 398,135 | 398,135 | 398,135 | 398,135 | 398,135 | 398,135 | 398,135 | 398,135 | 398,135 | 398,135 | 398,135 | |||||||
other assets | 141,366 | 116,751 | 92,443 | 85,173 | 84,472 | 81,359 | 78,066 | 74,969 | 72,030 | 64,880 | 59,418 | 54,120 | 44,275 | |||||
total assets | 51,593,045 | 66,090,711 | 39,850,647 | 29,669,423 | 33,984,265 | 37,745,567 | 23,096,815 | 21,839,373 | 25,370,745 | 19,351,112 | 17,756,264 | 20,228,784 | 14,011,158 | 10,297,575 | 11,210,588 | 12,782,334 | 15,954,127 | 17,299,951 |
liabilities and stockholders’ equity | ||||||||||||||||||
current liabilities | ||||||||||||||||||
accounts payable and other current liabilities | 3,352,995 | 5,472,464 | 4,835,108 | 5,755,965 | 3,643,708 | 3,481,167 | 5,236,280 | 4,552,652 | 3,540,192 | 6,697,562 | 5,962,192 | 4,786,656 | 4,750,568 | 3,415,845 | 1,409,152 | 1,992,035 | 1,922,237 | 1,845,460 |
accounts payable and accrued interest - related party | 50,240 | 876,007 | 774,600 | 694,915 | 581,243 | 1,025,288 | 887,402 | 886,331 | 677,039 | 596,189 | 566,171 | 566,636 | 527,476 | 549,171 | 604,159 | 588,797 | ||
contract liability | 161,299 | 186,537 | 267,380 | 107,013 | 46,953 | 16,192 | 77,124 | 77,124 | 77,124 | 77,124 | 77,124 | 60,932 | 60,932 | 60,932 | 60,932 | |||
contract liability - related party | 28,292 | 267,380 | 107,013 | 46,953 | 46,953 | 50,204 | 46,000 | 43,173 | 43,173 | 30,938 | 30,938 | 21,859 | 14,982 | |||||
asset-based loan liability | 8,212,186 | 9,124,612 | 7,881,629 | 9,794,642 | 6,902,636 | 4,401,772 | 861,660 | 1,599,653 | 2,587,900 | 500,187 | 216,382 | 1,138,260 | ||||||
operating lease liability | 280,324 | 273,545 | 266,879 | 260,311 | 49,118 | 121,544 | 192,497 | 262,007 | 47,990 | 119,272 | 189,718 | 168,349 | 199,158 | 229,652 | 259,813 | 266,526 | 261,674 | |
total current liabilities | 3,873,150 | 15,020,739 | 15,363,768 | 14,779,518 | 14,229,336 | 14,209,502 | 13,819,315 | 8,735,296 | 8,211,414 | 12,219,356 | 9,272,626 | 7,701,946 | 8,369,829 | 6,359,052 | 2,227,212 | 2,861,951 | 3,904,924 | 3,810,269 |
operating lease liability - non-current | 362,510 | 434,695 | 505,718 | 575,598 | 25,481 | 63,310 | 99,742 | 135,725 | 193,830 | 262,468 | ||||||||
total liabilities | 4,235,660 | 15,455,434 | 15,869,486 | 15,355,116 | 14,229,336 | 14,209,502 | 13,819,315 | 8,735,296 | 8,211,414 | 12,219,356 | 9,272,626 | 7,701,946 | 8,395,310 | 6,422,362 | 3,370,440 | 4,076,697 | 6,415,410 | 6,639,880 |
commitments and contingencies | ||||||||||||||||||
stockholders’ equity | ||||||||||||||||||
preferred stock: 5,000,000 shares authorized; 0.0001 par value... | ||||||||||||||||||
preferred stock, value | ||||||||||||||||||
series a convertible preferred stock: 2,000 shares authorized; 0 shares issued and outstanding | ||||||||||||||||||
common stock: 210,000,000 authorized; 0.0001 par value | ||||||||||||||||||
class a common stock | 6,642 | 6,532 | 3,515 | 1,821 | 1,821 | 1,597 | 409 | 409 | 98 | 7,096 | 5,979 | 2,527 | 802 | 687 | 687 | 657 | ||
class b common stock | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
common stock | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | ||||||||||
additional paid-in capital | 142,389,868 | 140,456,263 | 102,404,156 | 86,705,397 | 86,520,949 | 83,887,682 | 63,955,422 | 63,879,410 | 63,798,580 | 49,918,441 | 47,756,113 | 47,718,345 | 37,309,226 | 32,129,257 | 31,968,719 | 28,908,017 | 27,283,262 | 26,074,292 |
accumulated deficit | -95,039,135 | -89,827,528 | -78,426,520 | -72,392,921 | -66,767,851 | -60,353,224 | -54,678,341 | -50,775,752 | -46,639,668 | -42,786,793 | -39,280,571 | -35,198,486 | -31,696,905 | -28,255,846 | -24,130,365 | -20,204,067 | -17,746,232 | -15,415,878 |
total stockholders’ equity | 47,357,385 | 50,635,277 | 23,981,161 | 14,314,307 | 19,754,929 | 23,536,065 | 9,277,500 | 13,104,077 | 17,159,331 | 7,131,756 | 8,483,638 | 12,526,838 | 5,615,848 | 3,875,213 | 7,840,148 | 8,705,637 | 9,538,717 | 10,660,071 |
total liabilities and stockholders’ equity | 51,593,045 | 66,090,711 | 39,850,647 | 29,669,423 | 33,984,265 | 37,745,567 | 23,096,815 | 21,839,373 | 25,370,745 | 19,351,112 | 17,756,264 | 20,228,784 | 14,011,158 | 10,297,575 | 11,210,588 | 12,782,334 | 15,954,127 | 17,299,951 |
notes payable | 3,059,767 | 2,836,150 | 2,048,451 | 2,016,951 | 2,017,286 | 1,916,278 | 1,781,529 | 1,687,870 | ||||||||||
inventory | 188,310 | 370,067 | 142,972 | 255,716 | 1,700,614 | 1,400,686 | 1,423,588 | 1,217,929 | 1,310,693 | 1,120,960 | 806,289 | 583,437 | 397,135 | 284,385 | 158,774 | 127,502 | ||
accounts payable - related party | 869,789 | 541,991 | ||||||||||||||||
common stock , value | 10 | |||||||||||||||||
series a convertible preferred stock: 2,000 shares authorized; 0 and 372 shares issued and outstanding, respectively | ||||||||||||||||||
common stock: 210,000,000 authorized; 0.0001 par value class a common stock: 200,000,000 shares authorized; 4,081,344 and 983,173 shares issued and outstanding, respectively | 409 | |||||||||||||||||
stockholders’ equity’ | ||||||||||||||||||
series a convertible preferred stock: 2,000 shares authorized; 372 and 0 shares issued and outstanding, respectively | ||||||||||||||||||
preferred stock value | ||||||||||||||||||
common stock value | 10 | 1,000 | 1,000 | 1,000 | 1,000 | |||||||||||||
operating lease liabilities | 259,338 | |||||||||||||||||
operating lease liabilities - non-current | ||||||||||||||||||
common stock: 110,000,000 authorized; 0.0001 par value | ||||||||||||||||||
other | 42,778 | 35,483 | 19,761 | 12,486 | 12,486 | |||||||||||||
factoring liability | 502,349 | |||||||||||||||||
note payable | 1,599,150 | |||||||||||||||||
notes payable - related party | 1,000,000 | 1,000,000 | ||||||||||||||||
finance lease liability | 51,070 | 50,927 | ||||||||||||||||
note payable - non-current | ||||||||||||||||||
notes payable - related party - non-current | 1,100,000 | 1,350,000 | ||||||||||||||||
finance lease liability - non-current | 84,436 | 97,092 | ||||||||||||||||
accounts receivable - related party | 5,811 | |||||||||||||||||
notes payable - non-current | 1,043,486 | 1,079,021 | 1,132,220 | 1,120,051 | ||||||||||||||
common stock: 110,000,000 authorized; 0.0001 par value class a common stock: 100,000,000 shares authorized; 7,936,274 and 6,574,040 shares issued and outstanding, respectively | 794 | |||||||||||||||||
contract liabilities | 60,932 | 60,932 | ||||||||||||||||
contract liabilities- related party | ||||||||||||||||||
contract assets | 60,932 | |||||||||||||||||
contract liabilities - related party | ||||||||||||||||||
preferred stock: 1,000,000 shares authorized; 0.0001 par value... | ||||||||||||||||||
common stock: 35,000,000 authorized; 0.0001 par value | ||||||||||||||||||
deferred revenue - related party | 63,411 | |||||||||||||||||
due to shareholder |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||
net loss | -5,211,607 | -11,401,008 | -6,033,599 | -5,625,070 | -6,414,627 | -5,674,883 | -3,902,589 | -4,136,084 | -3,810,500 | -3,303,623 | -4,082,085 | -3,501,581 | -3,441,059 | -4,125,481 | -3,926,298 | -2,457,835 | -2,330,354 |
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
stock based compensation | 215,127 | 227,875 | 188,615 | 184,448 | 252,244 | 53,135 | 76,012 | 80,830 | 79,198 | 176,857 | 38,275 | 240,525 | 566,229 | 0 | 0 | ||
depreciation and amortization | 611,606 | 1,146,453 | 1,157,840 | 1,132,296 | 934,673 | 677,424 | 636,416 | 605,003 | 253,030 | 68,941 | 81,077 | 67,742 | 65,906 | 105,211 | |||
non-cash fees on asset-based loan | 20,243 | ||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||
accounts receivable | 56,915 | 552,776 | 47,950 | -411,718 | 366,047 | 580,325 | -874,027 | 29,450 | 524,314 | -549,332 | 102,363 | 777,234 | -621,104 | 45,334 | 229,888 | -323,036 | -694,170 |
accounts receivable - related party | 473,492 | -325,165 | -365,168 | -389,664 | -6,566 | -371,419 | -5,155 | -92,772 | -104,583 | 178,519 | -132,492 | 193,202 | -138,506 | -162,359 | 360,427 | 442,056 | -365,012 |
inventory | 188,310 | 181,757 | -227,095 | 112,744 | 1,085,611 | -299,928 | 22,902 | -205,659 | 92,764 | -180,122 | -314,671 | -222,852 | -186,302 | -112,750 | -125,611 | -31,272 | |
contract asset | 241,532 | 361,976 | 308,755 | 344,550 | 9,332 | 0 | 0 | 1 | |||||||||
contract asset - related party | 90,367 | 239,044 | -341,704 | 3,251 | -4,204 | -12,235 | 0 | -9,079 | -6,877 | ||||||||
prepaid expenses and other assets | 817,405 | -154,348 | -701,210 | -1,988,231 | 1,258,675 | 972,219 | 40,853 | 316,273 | 629,973 | 561,105 | -1,027,994 | -361,518 | -1,122,400 | -326,694 | -879,824 | -284,921 | -420,502 |
accounts payable and accrued liabilities | -2,119,469 | 637,356 | -920,857 | 2,282,127 | 255,041 | -1,530,413 | 1,472,373 | 1,023,032 | -2,991,139 | 898,805 | 1,354,756 | 216,788 | 1,515,926 | 2,348,649 | -538,710 | 115,972 | 123,573 |
accounts payable and accrued liabilities - related party | -825,767 | 6,218 | 95,189 | 79,685 | 21,172 | -444,045 | 137,886 | 1,071 | 209,292 | 80,850 | 30,018 | 24,180 | -24,645 | 39,160 | -21,695 | 17,272 | 15,362 |
contract liability | -25,238 | 186,537 | 0 | 0 | -16,192 | 0 | 63,411 | ||||||||||
contract liability - related party | 28,292 | -267,380 | 160,367 | -3,251 | 4,204 | 12,235 | 0 | 9,079 | 6,877 | ||||||||
changes in operating lease assets and liabilities | 2,307 | 2,302 | 2,313 | 769 | 1 | 0 | -1 | -1,479 | -2,220 | -2,219 | |||||||
net cash from operating activities | -5,645,038 | -4,088,374 | -6,219,752 | -4,638,146 | -3,207,213 | -5,536,824 | -2,718,160 | -2,151,774 | -5,418,294 | -1,794,462 | -3,815,719 | -2,651,255 | -3,488,006 | -2,266,160 | -4,823,265 | -2,551,690 | -2,452,793 |
capital expenditures | -3,687,604 | -2,384,540 | -1,435,675 | -1,375,822 | -2,978,308 | -2,372,175 | -1,034,920 | -1,837,623 | -2,230,118 | -2,371,951 | -2,222,080 | -1,466,760 | -1,147,409 | -674,235 | -567,103 | -317,256 | -541,264 |
free cash flows | -9,332,642 | -6,472,914 | -7,655,427 | -6,013,968 | -6,185,521 | -7,908,999 | -3,753,080 | -3,989,397 | -7,648,412 | -4,166,413 | -6,037,799 | -4,118,015 | -4,635,415 | -2,940,395 | -5,390,368 | -2,868,946 | -2,994,057 |
cash flows from investing activities: | |||||||||||||||||
purchase of property and equipment | -3,687,604 | -2,384,540 | -1,435,675 | -1,375,822 | -2,978,308 | -2,372,175 | -1,034,920 | -1,837,623 | -2,230,118 | -2,371,951 | -2,222,080 | -1,466,760 | -1,147,409 | -674,235 | -567,103 | -317,256 | -541,264 |
net cash from investing activities | -3,687,604 | -2,384,540 | -1,435,675 | -1,375,822 | -2,978,308 | -2,372,175 | -1,034,920 | -1,837,623 | -2,230,118 | -2,386,932 | -2,690,743 | -1,466,760 | -1,147,409 | -674,235 | -567,103 | -317,256 | -541,264 |
cash flows from financing activities: | |||||||||||||||||
proceeds from issuance of common stock units | 37,499,237 | 19,857,813 | 0 | 0 | 13,742,311 | 0 | 610 | ||||||||||
proceeds from exercise of warrants | 1,718,588 | 328,012 | 0 | 0 | 2,381,247 | ||||||||||||
proceeds from asset-based loan agreement | -1 | 2,000,000 | 1,123,495 | 3,289,744 | 3,314,895 | 3,944,824 | 0 | 46,133 | 2,891,642 | 606,754 | 1,023,704 | 1,857,524 | |||||
repayment of asset-based loan agreement | -8,212,186 | -912,425 | -757,017 | -3,186,135 | -417,981 | -814,031 | -404,712 | -737,993 | -1,034,380 | -803,929 | -322,949 | -1,945,582 | -1,221,613 | ||||
repayment of notes payable | 0 | 0 | 0 | -3,059,767 | 0 | 0 | 0 | -150,000 | -78,988 | -44,471 | -87,041 | -92,483 | -79,708 | -99,373 | -34,627 | ||
net cash from financing activities | -6,493,598 | 36,914,823 | 16,754,821 | -2,062,640 | 2,193,243 | 3,540,112 | -737,993 | 12,604,064 | 3,800,170 | 239,944 | 9,163,127 | 5,158,893 | 876,603 | 2,981,101 | -782,384 | -297,140 | |
net change in cash | -15,826,240 | 30,441,909 | 9,099,394 | -8,076,608 | -3,992,278 | 14,472,178 | -212,968 | -4,727,390 | 4,955,652 | -381,224 | -6,266,518 | 5,045,112 | 523,478 | -2,063,792 | -2,409,267 | -3,651,330 | -3,291,197 |
cash, beginning of period | 43,175,996 | 0 | 0 | 0 | 15,703,579 | 0 | 0 | 0 | 1,216,107 | 0 | 0 | 0 | 2,295,259 | 0 | 0 | 13,710,845 | |
cash, end of period | 27,349,756 | 30,441,909 | 9,099,394 | -8,076,608 | 11,711,301 | 14,472,178 | -212,968 | -4,727,390 | 6,171,759 | -381,224 | -6,266,518 | 5,045,112 | 2,818,737 | -2,409,267 | -3,651,330 | 10,419,648 | |
supplemental cash flow information | |||||||||||||||||
cash paid for interest | 28,626 | 423,054 | 433,696 | 625,412 | 5,462 | 780,129 | 185,899 | 186,050 | 152,066 | 170,567 | -135,012 | 106,963 | 48,402 | 264,227 | 18,002 | 0 | 1,949 |
cash paid for taxes | |||||||||||||||||
impairment loss on property and equipment | |||||||||||||||||
bad debt | 2,871 | ||||||||||||||||
proceeds from stock payable for 10,000 shares for exercise of warrants | |||||||||||||||||
non-cash investing and financing transactions: | |||||||||||||||||
capitalization of interest and fees of asset-based loan into asset-based loan liability | |||||||||||||||||
class a common stock issued for conversion of series a convertible preferred stock | 0 | 0 | 0 | 16,566 | |||||||||||||
recognition of right-of-use asset and lease liability | 0 | 0 | 0 | 0 | |||||||||||||
warrants granted for offering underwriter cost | |||||||||||||||||
conversion of interest and fees of asset-based loan | |||||||||||||||||
conversion of interest and fees of asset based loan | |||||||||||||||||
cash paid for asset acquisition | -14,981 | ||||||||||||||||
proceeds from issuance of series a preferred stock units | |||||||||||||||||
dividend paid | |||||||||||||||||
net cash provided by financing activities | |||||||||||||||||
class a common stock issued for exercised cashless warrant | |||||||||||||||||
finance expense | |||||||||||||||||
proceeds from notes payable | |||||||||||||||||
payment of lease liabilities | 0 | 0 | -135,506 | -12,513 | |||||||||||||
repayment of notes payable - related party | 0 | 0 | -547,505 | -250,000 | |||||||||||||
debt forgiveness | |||||||||||||||||
common stock issue for reverse split adjustment | |||||||||||||||||
modification of right-of-use asset and lease liability | 0 | 0 | |||||||||||||||
class a common stock issued for cashless exercise of warrants | |||||||||||||||||
depreciation | 76,024 | 3,361 | |||||||||||||||
lease liability amortization | -1,438 | -2,956 | -2,044 | -2,046 | |||||||||||||
cash proceeds from issuance of common stock units | 4,615,465 | ||||||||||||||||
gain on forgiveness of ppp loan | |||||||||||||||||
proceeds from issuance from common stock | 160,546 | ||||||||||||||||
due to shareholder | |||||||||||||||||
proceeds from factoring agreement | |||||||||||||||||
cash, beginning of year | |||||||||||||||||
cash, end of year | |||||||||||||||||
debt forgiveness – related party | |||||||||||||||||
note payable - related party issued exchange with due to shareholder | |||||||||||||||||
initial recognition of right-of-use asset | |||||||||||||||||
debt forgiveness related party | |||||||||||||||||
contract liabilities | -63,411 | 60,932 | |||||||||||||||
bank overdraft | |||||||||||||||||
stock-based compensation | 1,209,000 | ||||||||||||||||
amortization of rou asset | -1,218 | ||||||||||||||||
contract assets | -60,932 | ||||||||||||||||
deferred revenue | -63,411 | ||||||||||||||||
accounts receivable – related party | |||||||||||||||||
accounts payable and accrued liabilities – related party | |||||||||||||||||
deferred revenue - related party | |||||||||||||||||
net cash (used in) operating activities | |||||||||||||||||
finance lease asset |