Sidus Space Inc (SIDU) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Sidus Space first-quarter 2025 results conference call.

問候。歡迎參加 Sidus Space 2025 年第一季業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Adarsh Parekh, Chief Financial Officer. Please go ahead.

現在我很高興介紹財務長 Adarsh Parekh。請繼續。

Good evening, everyone. Thank you for joining us for Sidus Space's 2025 first-quarter earnings conference call.

大家晚上好。感謝您參加 Sidus Space 2025 年第一季財報電話會議。

Joining us today from the company is Carol Craig, Chairman and Chief Executive Officer; and myself, Adarsh Parekh, Chief Financial Officer.

今天與我們一起出席活動的有公司董事長兼首席執行官卡羅爾·克雷格 (Carol Craig) 和我本人，首席財務官阿達什·帕雷克 (Adarsh Parekh)。

During today's call, we may make certain forward-looking statements. These statements are based on current expectations and assumptions and as a result, are subject to risks and uncertainties. Many factors could cause actual results to differ materially from the forward-looking statements made on this call. These factors include our ability to estimate operational expenses and liquidity needs, customer demand, supply chain delays including launch providers, and extended sales cycles.

在今天的電話會議中，我們可能會做出某些前瞻性的陳述。這些聲明是基於當前的預期和假設，因此具有風險和不確定性。許多因素可能導致實際結果與本次電話會議中的前瞻性陳述有重大差異。這些因素包括我們估計營運費用和流動性需求、客戶需求、包括發布提供者在內的供應鏈延遲以及延長的銷售週期的能力。

For more information about these risks and uncertainties, please refer to the risk factors in the company's filings with the Securities and Exchange Commission, each of which can be found on our website, www.sidusspace.com.

有關這些風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的文件中的風險因素，每個文件都可以在我們的網站 www.sidusspace.com 上找到。

Listeners are cautioned not to put any undue reliance on forward-looking statements. The company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call.

提醒聽眾不要過度依賴前瞻性陳述。該公司明確表示不承擔更新本次電話會議中可能討論的前瞻性陳述的任何義務。

At this time, I would like to turn the call over to Carol. Carol, please go ahead.

現在，我想把電話轉給卡蘿。卡羅爾，請繼續。

Thank you, Adarsh. Welcome, everyone, to the first-quarter 2025 earnings call.

謝謝你，阿達什。歡迎大家參加 2025 年第一季財報電話會議。

On today's call, I'll outline our key accomplishments during Q1. Adarsh will present the financial highlights. I'll then share our outlook for Q2 and beyond.

在今天的電話會議上，我將概述我們在第一季取得的主要成就。Adarsh 將介紹財務亮點。然後我將分享我們對第二季及以後的展望。

The first quarter of 2025 marked another major step forward in Sidus Space's evolution toward becoming a vertically integrated, diverse, multi-domain solutions provider. While our current operations remain space-focused, we're preparing to scale our capabilities across air, sea, and terrestrial environments, powered by a new generation of rugged dual-use technologies that will redefine how missions are executed in challenging domains.

2025 年第一季標誌著 Sidus Space 在成為垂直整合、多樣化、多領域解決方案提供者的道路上又邁出了重要一步。雖然我們目前的行動仍然以太空為中心，但我們正準備擴大我們在空中、海上和陸地環境中的能力，並利用新一代堅固的兩用技術重新定義在具有挑戰性的領域執行任務的方式。

Our mission has always been to deliver reliable, scalable, and intelligent solutions from initial design through full deployment. Our smart vertically integrated model, along with our innovative culture, continues to be our strategic advantage. It allows us to innovate faster, control quality across the product life cycle, and bring advanced technology to market more efficiently than traditional aerospace providers.

我們的使命始終是從初步設計到全面部署提供可靠、可擴展和智慧的解決方案。我們的智慧垂直整合模式以及創新文化持續成為我們的策略優勢。它使我們能夠比傳統航空航天供應商更快地進行創新，在整個產品生命週期中控製質量，並更有效地將先進技術推向市場。

In Q1, we celebrated a major achievement with the successful launch of LizzieSat-3 on March 14. This marks our third satellite and another step in building a fully operational, data-generating micro-constellation. We're currently completing satellite commissioning for LS-3 and successfully demonstrated operation of our advanced onboard edge computer, FeatherEdge GEN-2. Additionally, we've successfully established communications to the first of our customer payloads.

在第一季度，我們慶祝了一項重大成就，即 3 月 14 日成功發射 LizzieSat-3。這是我們第三顆衛星，也是我們朝著建構一個全面運作、可產生資料的微星座邁出的又一步。我們目前正在完成 LS-3 的衛星調試，並成功地展示了我們先進的機載邊緣電腦 FeatherEdge GEN-2 的運作。此外，我們已成功與第一個客戶有效載荷建立通訊。

Once fully online, LS-3 will expand our ability to deliver near real-time earth observation data and onboard AI processing, unlocking a new revenue channel via Data-as-a-Service offerings to commercial and government users. This transition from development to commercialization is foundational to our 2025 growth strategy.

一旦完全上線，LS-3 將擴展我們提供近實時地球觀測資料和機載 AI 處理的能力，透過向商業和政府用戶提供資料即服務開闢新的收入管道。從開發到商業化的轉變是我們 2025 年成長策略的基礎。

One of our most exciting developments is the Sidus' Orlaith AI Ecosystem, a modular pairing of our FeatherEdge hardware and our Cielo software. Orlaith is built for near real-time autonomous decision-making and can be configured for various mission types, from maritime situational awareness to orbital asset monitoring. Its AI/ML algorithms support in-orbit reconfiguration, enhance the anomaly detection and near real-time data processing, creating efficiencies and resilience in even the most extreme environments.

我們最令人興奮的開發之一是 Sidus 的 Orlaith AI 生態系統，它是我們的 FeatherEdge 硬體和 Cielo 軟體的模組化配對。Orlaith 專為近乎即時的自主決策而構建，可以配置用於各種任務類型，從海上態勢感知到軌道資產監控。其 AI/ML 演算法支援在軌重新配置，增強異常檢測和近乎即時的資料處理，即使在最極端的環境中也能提高效率和彈性。

This quarter marked the start of a strategic thought launch of several Sidus-developed technologies designed for dual-use applications, systems engineered not only for space but ruggedized for air, land, and maritime environments. Our goal is to bring true multi-domain interoperability to market beginning in 2025, enabling customers to deploy integrated systems across platforms without the need for redesign or reengineering.

本季標誌著 Sidus 開始策略性地推出幾項專為雙重用途應用而設計的技術，這些系統不僅適用於太空，也適用於空中、陸地和海上環境。我們的目標是從 2025 年開始將真正的多域互通性推向市場，使客戶能夠跨平台部署整合系統，而無需重新設計或重新設計。

A cornerstone of this roll-out is the Sidus Single Board Computer, which is a SOSA-Aligned OpenVPX-based computer. Built for mission-critical environments, SSBC supports applications ranging from on-orbit to terrestrial command and control, including sensor fusion.

此次推出的基石是 Sidus 單板計算機，它是一台符合 SOSA 標準的基於 OpenVPX 的計算機。SSBC 專為關鍵任務環境而構建，支援從在軌道到地面指揮和控制等應用，包括感測器融合。

In Q1, we focused on the launch and commissioning of LizzieSat-3, while laying the groundwork for this product roll-out, which we expect to expand into defense and military markets in Q2. Early customer engagements have been positive, with strong interest and encouraging feedback. Our pipeline continues to gain momentum, underscoring the strategic relevance of these offerings.

第一季度，我們專注於 LizzieSat-3 的發射和調試，同時為該產品的推出奠定基礎，我們預計該產品將在第二季度擴展到國防和軍事市場。早期的客戶參與度非常積極，表現出濃厚的興趣和令人鼓舞的回饋。我們的產品線持續獲得發展勢頭，凸顯了這些產品的戰略意義。

This roll-out supports our broader objective to diversify both our technology portfolio and addressable markets. As we scale production and enhance capabilities, we expect our command and control product line to be a key growth driver in the coming quarters, positioning Sidus as a leader in delivering integrated real-world multi-domain solutions.

此次推出的產品支持了我們更廣泛的目標，即實現技術組合和目標市場的多樣化。隨著我們擴大生產規模並增強能力，我們預計我們的指揮和控制產品線將成為未來幾季的主要成長動力，使 Sidus 成為提供整合現實世界多域解決方案的領導者。

The next phase in our multi-domain technology roadmap reflects our commitment to developing breakthrough innovations that not only meet existing requirements but also open the door to entirely new market opportunities. Importantly, these advanced capabilities are being deployed not only on our proprietary LizzieSat platforms but also on customer satellites, including those being developed for Lonestar Holdings.

我們的多領域技術路線圖的下一階段反映了我們致力於開發突破性創新的承諾，這些創新不僅滿足現有需求，而且還為全新的市場機會打開了大門。重要的是，這些先進的功能不僅部署在我們專有的 LizzieSat 平台上，還部署在客戶衛星上，包括為 Lonestar Holdings 開發的衛星。

These efforts reinforce our three core pillars -- technology, AI, and space -- by expanding our AI-driven solutions and mission-critical space services that address today's operational needs while anticipating tomorrow's challenges. We're actively bringing our VPX SOSA-Aligned space harbor into full production and commercial deployment and enabling scalable satellite and data architectures that meet the demands of both government and commercial customers.

這些努力透過擴展我們的人工智慧驅動的解決方案和關鍵任務空間服務來加強我們的三大核心支柱——技術、人工智慧和空間，這些解決方案和服務既能滿足當今的營運需求，又能預測未來的挑戰。我們正在積極將我們的 VPX SOSA 對齊太空港投入全面生產和商業部署，並實現可擴展的衛星和數據架構，以滿足政府和商業客戶的需求。

Further supporting this evolution is the advancement of our (inaudible), an adaptable LizzieSat engineering model, which is a lab-based integration and testbed platform designed for next-generation technology demonstrations. LM provides a flexible environment to validate new systems, accelerate development cycles, and derisk future mission configurations, which is vital for our long-term scale-up strategy.

進一步支持這一演變的是我們（聽不清楚）的進步，這是一種適應性強的 LizzieSat 工程模型，它是一個基於實驗室的整合和測試平台，專為下一代技術演示而設計。LM 提供了一個靈活的環境來驗證新系統、加速開發週期並降低未來任務配置的風險，這對我們的長期擴大規模策略至關重要。

These innovations represent a key part of our 2025 roadmap and reflect our commitment to designing once, deploying anywhere, accelerating mission readiness while reducing cost and complexity.

這些創新代表了我們 2025 年路線圖的關鍵部分，體現了我們致力於一次設計、隨處部署、加快任務準備、同時降低成本和複雜性的承諾。

Our work with Lonestar Holdings continued this quarter. We amended and extended our agreement, bringing the total potential contract value to $120 million. While revenue recognition has not yet begun, this agreement provides strong visibility and underpins confidence in our commercial roadmap. Additionally, our platforms and products are being used on both Sidus-owned and customer spacecraft, extending our reach and opening doors to licensing and service revenue models.

本季我們繼續與 Lonestar Holdings 合作。我們修改並延長了協議，使合約總潛在價值達到 1.2 億美元。雖然收入確認尚未開始，但該協議提供了強大的可見性並增強了我們對商業路線圖的信心。此外，我們的平台和產品正在 Sidus 擁有的和客戶的太空船上使用，擴大了我們的覆蓋範圍並為許可和服務收入模式打開了大門。

From a business development standpoint, we made meaningful strides. We deployed Orlaith in Asia, strengthening global AI and analytics reach. We deepened our partnership with Little Place Labs to enable near real-time maritime domain awareness via LizzieSat. And we signed an MOU with international partner Reflex Aerospace to explore joint constellation services.

從業務發展的角度來看，我們取得了有意義的進步。我們在亞洲部署了 Orlaith，加強了全球人工智慧和分析影響力。我們深化了與 Little Place Labs 的合作，以便透過 LizzieSat 實現近乎即時的海事領域感知。我們也與國際合作夥伴 Reflex Aerospace 簽署了一份諒解備忘錄，以探索聯合星座服務。

Recently, we received a Notice of Allowance for our modular satellite testing platform, a patent that safeguards the intellectual property behind our adaptable and scalable satellite architecture. This milestone reinforces our vertically integrated model and preserves the flexibility needed to meet evolving mission demands.

最近，我們收到了模組化衛星測試平台的授權通知，這是一項保護我們適應性強、可擴展衛星架構背後的智慧財產權的專利。這項里程碑強化了我們的垂直整合模式，並保留了滿足不斷變化的任務需求所需的靈活性。

Our patent portfolio represents more than just innovation. It's a strategic asset that unlocks future licensing, protects differentiation, and enhances customer confidence. In highly regulated markets, this IP framework is critical to accelerating commercial and defense adoption of our technologies.

我們的專利組合代表的不僅是創新。它是一項策略性資產，可以解鎖未來的許可、保護差異化並增強客戶信心。在嚴格監管的市場中，此 IP 框架對於加速我們的技術在商業和國防領域的應用至關重要。

We believe that a well-established patent portfolio provides significant barriers to entry, ensuring we can protect our proprietary solutions while enabling strategic partnerships, licensing opportunities, and future product development. It also reinforces customer confidence, particularly in highly regulated or mission-critical industries where reliability, security, and innovation are essential.

我們相信，完善的專利組合提供了顯著的進入壁壘，確保我們能夠保護我們的專有解決方案，同時實現策略合作夥伴關係、授權機會和未來產品開發。它也增強了客戶信心，特別是在可靠性、安全性和創新至關重要的嚴格監管或關鍵任務產業。

Looking ahead, our focus remains on completing LS-3 commissioning, expanding commercialization of LizzieSat-enabled services, and securing our first product orders across our VPX SOSA-Aligned systems. These efforts reflect the shift from technology development to revenue generation. We believe the groundwork late in Q1 positions Sidus to begin realizing material revenue growth in the second half of the year.

展望未來，我們的重點仍然是完成 LS-3 調試、擴大 LizzieSat 支援服務的商業化以及確保我們在 VPX SOSA-Aligned 系統中的首批產品訂單。這些努力體現了從技術開發到創造收入的轉變。我們相信，第一季末的基礎工作將使 Sidus 在今年下半年開始實現實質的營收成長。

We're also closely monitoring opportunities related to US manufacturing incentives and increased allied defense spending, particularly in Europe. These trends align well with our dual use strategy and ability to scale rugged, multi-domain technologies from our US-based facility.

我們也密切關注與美國製造業激勵措施和增加盟國國防開支相關的機會，特別是在歐洲。這些趨勢與我們的雙重用途策略以及從我們位於美國的工廠擴展堅固的多領域技術的能力非常吻合。

In summary, Sidus is entering the next phase of our journey. Our infrastructure is built. Our products are in the market. And our partnerships are advancing. We're not just enabling missions, we're reshaping how they're designed, deployed, and executed across every domain.

總而言之，Sidus 正在進入我們旅程的下一個階段。我們的基礎設施已經建成。我們的產品已在市場上銷售。我們的夥伴關係正在不斷推進。我們不只是在執行任務，我們還在重塑任務在各個領域的設計、部署和執行方式。

Now, I'll turn it over to Adarsh for final highlights.

現在，我將把最後的亮點交給 Adarsh。

Thank you, Carol.

謝謝你，卡羅爾。

At Sidus, we continue to build a scalable, vertically integrated company across space, technology, and artificial intelligence. Our focus remains on operational excellence, rapid innovation, and delivering cost-effective, high-impact solutions for our customers.

在 Sidus，我們繼續打造一家跨空間、技術和人工智慧的可擴展、垂直整合的公司。我們始終專注於卓越營運、快速創新以及為客戶提供具有成本效益、高影響力的解決方案。

Our investments, to date, have centered around expanding our satellite constellation, advancing innovation, and implementing a robust ERP system to support scale and profitability.

到目前為止，我們的投資主要集中在擴大衛星星座、推動創新以及實施強大的 ERP 系統以支援規模和獲利能力。

As Carol has noted, 2024 was a foundational year for Sidus, one in which we validated our core technologies, grew our customer base, and secured critical strategic partnerships. That momentum has carried into the first quarter of 2025, which reflects both our transition to commercialization and the near-term financial impacts of scaling a deep-tech, space-based enterprise.

正如卡羅爾所說，2024 年是 Sidus 的基礎之年，在這一年中，我們驗證了核心技術，擴大了客戶群，並建立了重要的策略合作夥伴關係。這種勢頭一直延續到 2025 年第一季度，這不僅反映了我們向商業化的過渡，也反映了擴大深度科技太空企業的近期財務影響。

Let's review our first-quarter results. Total revenue for the three months ended March 31, 2025, was approximately $238,000, a decrease of $812,000 or 77% compared to Q1 2024 revenue of $1.05 million. This decrease was expected and primarily driven by the timing of fixed price milestone contracts and our intentional shift away from legacy contract work to focus on commercial space-based and AI-driven solutions.

讓我們回顧一下第一季的業績。截至 2025 年 3 月 31 日的三個月的總收入約為 238,000 美元，與 2024 年第一季的 105 萬美元收入相比減少 812,000 美元，即 77%。這種下降是預料之中的，主要是由於固定價格里程碑合約的時間表以及我們有意從傳統合約工作轉向專注於商業太空和人工智慧驅動的解決方案。

Cost of revenue for Q1 2025 increased 93% to approximately $1.9 million compared to $966,000 in Q1 2024. Key drivers included satellite and software-related depreciation increase of $611,000, a mix of contract types with higher material and labor inputs, and continued pressure from global supply chain costs in our manufacturing operations.

2025 年第一季的營收成本與 2024 年第一季的 966,000 美元相比成長 93% 至約 190 萬美元。關鍵驅動因素包括衛星和軟體相關的折舊增加 611,000 美元、多種合約類型、更高的材料和勞動力投入，以及製造業務中全球供應鏈成本的持續壓力。

Depreciation will continue to impact cost of revenue until we generate satellite and data-related revenues, which have higher margins to offset the related depreciation expense.

折舊將繼續影響收入成本，直到我們產生衛星和資料相關收入，這些收入具有更高的利潤率來抵消相關的折舊費用。

Gross profit for Q1 2025 was a loss of $1.6 million compared to a profit of $84,000 in Q1 2024. This reflects increased depreciation, a shift in contract mix, and reduced contribution from legacy high-margin services as we transition to higher value-recurring revenue lines.

2025 年第一季毛利虧損 160 萬美元，而 2024 年第一季毛利為 84,000 美元。這反映了我們向更高價值的經常性收入線轉型過程中折舊增加、合約組合轉變以及傳統高利潤服務貢獻減少的情況。

Selling, general, and administrative expenses totaled approximately $4.4 million, up from $3.6 million in the same period last year. This $800,000 increase was driven by increased headcount and associated benefits to support growth, equity-based compensation and employee bonus accruals, severance and rebooking fees related to launch schedule adjustments, debt payoff related expenses, and 24/7 mission operations expenses related to supporting multiple satellites on orbit.

銷售、一般及行政開支總計約 440 萬美元，高於去年同期的 360 萬美元。80 萬美元的增長是由於員工人數增加和相關福利支持增長、股權薪酬和員工獎金應計、與發射計劃調整相關的遣散費和重新預訂費、債務償還相關費用以及與支持在軌多顆衛星相關的全天候任務運營費用。

To provide investors with additional information in connection with our results as determined in accordance with GAAP, we also include in our 2025 Form 10-Q non-GAAP measures to determine our adjusted EBITDA. We use adjusted EBITDA to evaluate our operating performance and make strategic decisions about the company's future direction.

為了向投資者提供與我們根據 GAAP 確定的業績相關的更多信息，我們還在 2025 年 10-Q 表中加入非 GAAP 指標來確定我們的調整後 EBITDA。我們使用調整後的 EBITDA 來評估我們的經營績效並對公司的未來方向做出策略決策。

Adjusted EBITDA loss, a non-GAAP measure, for the three months ended March 31, 2025, totaled $4.7 million as compared to an adjusted EBITDA loss of $2.7 million for the same period the prior year, which represents a 75% increase in the loss.

截至 2025 年 3 月 31 日的三個月，調整後 EBITDA 虧損（非 GAAP 指標）總計 470 萬美元，而去年同期調整後 EBITDA 虧損為 270 萬美元，虧損增加了 75%。

Total non-GAAP adjustments for interest expense, depreciation and amortization, fundraising expenses, severance costs, and equity-based compensation are provided in the reconciliation table listed in our first-quarter 2025 earnings press release released earlier today.

我們今天稍早發布的 2025 年第一季財報新聞稿中列出的調整表中提供了利息費用、折舊和攤提、籌資費用、遣散費和股權薪酬的總非 GAAP 調整。

Net loss for the three months ended March 31, 2025, was $6.4 million compared to a net loss of $3.8 million in the same quarter of 2024. As discussed, the increase is attributable to depreciation, scaling costs, and our shift to long-term higher-margin business models.

截至 2025 年 3 月 31 日的三個月的淨虧損為 640 萬美元，而 2024 年同期的淨虧損為 380 萬美元。如上所述，成長歸因於折舊、擴大成本以及我們向長期高利潤商業模式的轉變。

Turning to the balance sheet, as of March 31, 2025, we had $11.7 million in cash compared to $6.2 million as of March 31, 2024. In Q1, we also fully paid off our loan with Decathlon Alpha IV, L.P., a key milestone in strengthening our balance sheet and improving financial flexibility.

回顧資產負債表，截至 2025 年 3 月 31 日，我們的現金為 1,170 萬美元，而截至 2024 年 3 月 31 日為 620 萬美元。第一季度，我們也全額償還了 Decathlon Alpha IV, L.P. 的貸款，這是我們加強資產負債表和提高財務靈活性的一個重要里程碑。

As we move forward, we are managing cash conservatively while making strategic investments in our next-generation satellite builds and high-growth product lines. We are also actively pursuing further cost optimizations and operating efficiencies to support long-term profitability.

隨著我們不斷前進，我們將謹慎地管理現金，同時對下一代衛星建設和高成長產品線進行策略性投資。我們也積極追求進一步的成本優化和營運效率，以支持長期獲利能力。

With that, I'll hand the call back to Carol for closing remarks.

說完這些，我將把電話交還給卡羅爾，請她做最後發言。

Thank you, Adarsh.

謝謝你，阿達什。

As you heard today, Sidus is in the midst of a pivotal shift from R&D and infrastructure build-out to commercialization and revenue generation. We've successfully launched and have begun commissioning our third satellite, laid the foundation for scalable micro-constellation, and introduced a new generation of rugged dual-use technologies.

正如大家今天所聽到的，Sidus 正處於從研發和基礎設施建設向商業化和創造收入的關鍵轉變之中。我們已成功發射並開始調試第三顆衛星，為可擴展的微星座奠定了基礎，並推出了新一代堅固的兩用技術。

While Q1 reflects the near-term financial impact of that transformation, we are confident in our long-term trajectory. We've strengthened our balance sheet, launched high-potential new platforms like Orlaith, and are poised to generate revenue from diversified initiatives in the second half of the year.

雖然第一季反映了這種轉型帶來的短期財務影響，但我們對我們的長期發展軌跡充滿信心。我們加強了資產負債表，推出了 Orlaith 等高潛力新平台，並準備在今年下半年透過多元化措施創造收入。

The path we've chosen is ambitious but it's the right one for unlocking meaningful sustainable growth.

我們選擇的道路雄心勃勃，但它是實現有意義的可持續成長的正確道路。

Most importantly, I want to thank our employees, our partners, and our shareholders for your continued trust and support. We look forward to delivering strong progress in the months ahead.

最重要的是，我要感謝我們的員工、合作夥伴和股東一直以來的信任與支持。我們期待在未來幾個月取得重大進展。

Thank you. This does conclude today's teleconference.

謝謝。今天的電話會議到此結束。

We thank you for your participation. You may now disconnect your lines.

我們感謝您的參與。現在您可以斷開線路了。