Sidus Space Inc (SIDU) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Sidus Space second-quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎您參加 Sidus Space 2025 年第二季業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce the management team with Sidus Space. Thank you. You may begin.

現在我很高興向大家介紹 Sidus Space 的管理團隊。謝謝。你可以開始了。

Good evening, everyone, and thank you for joining us for Sidus Space's 2025 second-quarter earnings conference call. Joining us today from the company is Carol Craig, Chairman and Chief Executive Officer; and myself, Adarsh Parekh, Chief Financial Officer.

大家晚上好，感謝大家參加 Sidus Space 2025 年第二季財報電話會議。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、供應鏈延遲（包括發布提供者）和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. Listeners are cautioned not to put any undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call.

有關這些風險和不確定性的更多信息，請參閱公司提交給美國證券交易委員會的文件中的風險因素，這些文件均可在我們的網站 www.sidusspace.com 上找到。敬請聽眾不要過度依賴前瞻性陳述，本公司特別聲明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. On today's call, I'll start by outlining our key accomplishments for the quarter, along with the strategic direction that continues to guide our growth across government and commercial markets. Following that, Adarsh will provide a detailed overview of our financial results, and I'll return to share our outlook for Q3 and the remainder of the year, including how we plan to build on our momentum.

謝謝你，阿達什。在今天的電話會議上，我將首先概述我們本季的主要成就，以及繼續指導我們在政府和商業市場成長的策略方向。隨後，阿達什 (Adarsh) 將詳細概述我們的財務業績，我將回來分享我們對第三季度和今年剩餘時間的展望，包括我們計劃如何保持我們的發展勢頭。

Q2 was a pivotal quarter for Sidus Space as we continue to advance our mission of transforming space access and delivering vertically integrated solutions across hardware, software, and data. We've remained focused on execution across three core growth areas: satellite manufacturing and integration, space-based data and AI services, and commercial product lines, including our high-performance onboard computing system, Fortis VPX.

第二季度對 Sidus Space 來說是一個關鍵的季度，我們將繼續推進我們的使命，改變太空存取方式並提供跨硬體、軟體和資料的垂直整合解決方案。我們一直專注於三個核心成長領域的執行：衛星製造和整合、基於空間的數據和人工智慧服務以及商業產品線，包括我們的高效能機載運算系統 Fortis VPX。

At Sidus, we believe we have capabilities and capacity like no other, agility to scale, creativity to innovate, and differentiation to create long-term value. We're not just building technology. We're building the foundation to expand across new markets, delivering recurring revenue and leading in an evolving space economy. Additionally, the uniqueness of our capabilities and offerings while maintaining lean operations means that we are one of the few vertically integrated space companies with the ability to design, manufacture, and operate space hardware and data platforms entirely in-house. This gives us speed, control, and adaptability that few, if any, can match.

在 Sidus，我們相信我們擁有無與倫比的能力和容量、可擴展的靈活性、創新的創造力以及創造長期價值的差異化能力。我們不只是在建構技術。我們正在建立基礎，以拓展新市場、實現經常性收入並引領不斷發展的太空經濟。此外，我們在保持精實營運的同時，也擁有獨特的能力和產品，這意味著我們是少數幾家能夠完全在內部設計、製造和營運太空硬體和數據平台的垂直整合太空公司之一。這為我們提供了速度、控制力和適應性，很少有人能與之匹敵。

So to provide you with operational highlights, I want to start with our most recent success on orbit. We completed commissioning of the ADCS system on LizzieSat-3 with cutting-edge, autonomous, machine-learning-powered onboard GNC software to enable full autonomous pointing and set the stage for solar array deployment and payload activation. This demonstrates the ability of our satellites to accept technological software advancements while on orbit.

為了向您介紹營運亮點，我想從我們最近在軌道上的成功開始。我們完成了 LizzieSat-3 上 ADCS 系統的調試，該系統配備了尖端、自主、機器學習驅動的機載 GNC 軟體，可實現完全自主指向，並為太陽能電池陣列部署和有效載荷激活奠定基礎。這證明了我們的衛星在軌道上接受技術軟體進步的能力。

This also represents a major step toward converting our satellite infrastructure into recurring revenue-generating assets. We're now moving to activate our sensors, which will initiate subscriptions under existing customer agreements. The activation of these technologies will also support additional government and commercial contracts where on-orbit experience and performance are key differentiators.

這也代表我們將衛星基礎設施轉變為經常性創收資產邁出了重要一步。我們現在正在啟動我們的感測器，這將根據現有的客戶協議啟動訂閱。這些技術的啟動還將支持更多的政府和商業合同，其中在軌經驗和性能是關鍵的區別因素。

The successful launch of LizzieSat-3 on March 14 marked our third satellite and another step in building a data-generating micro-constellation. Once fully online, LS3 will expand our ability to deliver near-real-time Earth observation data, maritime 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.

3 月 14 日 LizzieSat-3 的成功發射標誌著我們的第三顆衛星的發射，也是我們在建造數據生成微星座的道路上邁出的又一步。一旦全面上線，LS3 將擴展我們提供近實時地球觀測數據、海事數據和機載 AI 處理的能力，透過向商業和政府用戶提供數據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。

As an update on our other satellites, LizzieSat-1, our inaugural platform, has supported multiple customers, including NASA Stennis with a follow-on contract, and has been on orbit for approximately 18 months. Recently, we identified a potential orbital debris-related anomaly and are actively working to re-establish contact. LizzieSat-2 remains in the commissioning phase as we upload new commands to the flight software. And as we refine the capabilities of LizzieSat-3, we plan to integrate those advancements into the flight software for LizzieSat-2 to further enhance performance.

作為我們其他衛星的更新，我們的首個平台 LizzieSat-1 已經為多個客戶提供了支持，包括與 NASA Stennis 簽訂了後續合同，並且已在軌運行了大約 18 個月。最近，我們發現了一個潛在的與軌道碎片有關的異常現象，並正在積極努力重新建立聯繫。當我們向飛行軟體上傳新命令時，LizzieSat-2 仍處於調試階段。隨著我們不斷完善 LizzieSat-3 的功能，我們計劃將這些進步整合到 LizzieSat-2 的飛行軟體中，以進一步提高效能。

As part of our growth strategy, we successfully executed a capital raise this quarter to fund key technology initiatives that we expect will drive long-term value. The proceeds are being deployed toward the accelerated commercialization of our dual-use, multi-domain products, scaling our LizzieSat constellation, and expanding development of our proprietary Orlaith AI ecosystem, which I'll share more about a little later. These investments are critical to expanding our recurring revenue base, increasing operational efficiency, and solidifying our position as a secure US-based technology provider in a rapidly evolving space and defense landscape.

作為我們成長策略的一部分，我們本季成功進行了融資，以資助我們預計將推動長期價值的關鍵技術計劃。所得將用於加速我們的兩用、多領域產品的商業化，擴大我們的 LizzieSat 星座，以及擴大我們專有的 Orlaith AI 生態系統的開發，稍後我將分享更多相關資訊。這些投資對於擴大我們的經常性收入基礎、提高營運效率以及鞏固我們在快速發展的太空和國防領域作為安全的美國技術提供者的地位至關重要。

We remain disciplined in how we allocate capital with a clear focus on measurable outcomes and shareholder return. This isn't about funding operations. It's about fueling innovation and converting success into sustainable growth. The diversity of our customer base and the multi-domain applicability of our solutions make this an expected high-return deployment of capital.

我們在資本分配方面保持嚴謹，明確地關注可衡量的成果和股東回報。這與資金運作無關。這是為了推動創新並將成功轉化為永續成長。我們客戶群的多樣性以及我們解決方案的多領域適用性使其成為預期的高回報資本部署。

As I mentioned, this quarter's capital raise is driving accelerated growth of our dual-use, multi-domain Fortis VPX product line, supporting applications across aerospace, defense, energy, robotics, and autonomous systems. Designed for adaptability, Fortis VPX meets the growing demand that we see for modular, ruggedized electronics across diverse platforms.

正如我所提到的，本季的融資正在推動我們的兩用、多領域 Fortis VPX 產品線的加速成長，支持航空航太、國防、能源、機器人和自主系統等領域的應用。Fortis VPX 專為適應性而設計，滿足了我們對跨不同平台的模組化、堅固耐用電子產品日益增長的需求。

We offer three scalable tiers -- Solo, Flex, and Maxima -- to deliver high-performance computing solutions for mission-critical operations. Solo offers standalone SOSA-aligned VPX cards, like our Sidus Single Board Computer, AI-enabled FeatherEdge, and precision navigation and timing, or PNT, and GPS modules. This gives customers modular, space-efficient solutions that they can build on. Flex is an integrated VPX core system with computing, navigation, and power management built in, plus three open slots for custom payloads, which balance capability and adaptability.

我們提供三個可擴展的層級——Solo、Flex 和 Maxima——為關鍵任務操作提供高效能運算解決方案。Solo 提供獨立的 SOSA 對齊 VPX 卡，例如我們的 Sidus 單板計算機、支援 AI 的 FeatherEdge 以及精確導航和計時或 PNT 和 GPS 模組。這為客戶提供了可供其構建的模組化、節省空間的解決方案。Flex 是一個整合的 VPX 核心系統，內建運算、導航和電源管理，外加三個用於自訂有效載荷的開放插槽，可平衡能力和適應性。

Maxima is our fully-loaded operational suite, which combines AI processing, precision navigation, advanced communications, and near-real-time mission control, a full suite ready to deploy with room for final customization. A cornerstone of this product line is the Sidus Single Board Computer, a SOSA-aligned VPX-based edge computing platform. Built for mission-critical environments, this single-board computer supports applications ranging from on-orbit analytics to terrestrial command and control.

Maxima 是我們功能齊全的操作套件，它結合了人工智慧處理、精確導航、先進通訊和近乎即時的任務控制，是一套可隨時部署的全套套件，並具有最終定制的空間。該產品線的基石是 Sidus 單板計算機，這是一個符合 SOSA 標準的基於 VPX 的邊緣計算平台。這款單板計算機專為關鍵任務環境而設計，支援從在軌分析到地面指揮和控制等各種應用。

The precision navigation and timing module, which incorporates atomic clocks, ENCODE GNSS, and IMUs, addresses operational challenges in GPS-denied or contested environments. Seamlessly integrating with FeatherEdge and our satellite radios, it provides a dual-use, plug-and-play command and control solution. With broad cross-sector applications, Fortis VPX creates a scalable, recurring revenue opportunity, positioning it as a key driver of Sidus's top-line growth over the next 12 months and beyond.

精密導航和計時模組結合了原子鐘、ENCODE GNSS 和 IMU，解決了 GPS 拒絕或有爭議的環境中的操作挑戰。它與 FeatherEdge 和我們的衛星無線電無縫集成，提供雙重用途、即插即用的命令和控制解決方案。憑藉廣泛的跨行業應用，Fortis VPX 創造了可擴展的經常性收入機會，使其成為未來 12 個月及以後 Sidus 收入成長的關鍵驅動力。

Beyond LEO, our work in GEO support missions and early-stage lunar infrastructure positions Sidus for expanded defense collaboration. As space becomes an increasingly strategic domain, our agility, proven heritage, and multi-domain capabilities give us a strong foundation to meet the evolving needs of national defense and allied partners.

除了低地球軌道 (LEO) 之外，我們在地球靜止軌道 (GEO) 支援任務和早期月球基礎設施方面的工作也為 Sidus 擴大國防合作奠定了基礎。隨著太空成為一個日益具有戰略意義的領域，我們的敏捷性、久經考驗的傳統和多領域能力為我們滿足國防和盟友不斷變化的需求奠定了堅實的基礎。

Recognizing the critical role of lunar communications and sensing, we developed LizzieLunar to address the moon's unique operational challenges. By expanding our satellite portfolio, we strengthen our competitive position across multiple market segments, leveraging our expertise in satellite design, integration, and operations. Our vertical integration allows us to deliver these programs more cost-effectively while accessing a broader range of markets.

認識到月球通訊和感測的關鍵作用，我們開發了 LizzieLunar 來應對月球獨特的運作挑戰。透過擴大我們的衛星組合，我們利用我們在衛星設計、整合和營運方面的專業知識，加強了我們在多個細分市場的競爭地位。我們的垂直整​​合使我們能夠以更具成本效益的方式提供這些項目，同時進入更廣泛的市場。

Operationally, we're on track to complete our Mobile Launcher 2 contract this year, unlocking additional milestone payments upon hardware delivery. While the timeline has shifted, creating year-over-year revenue variability, the program remains a significant contributor to near-term performance.

從營運角度來看，我們預計今年完成 Mobile Launcher 2 合同，並在硬體交付時解鎖額外的里程碑付款。雖然時間表已經發生變化，導致收入同比出現變化，但該計劃仍然是近期業績的重要貢獻者。

We also fully staffed our in-house mission operations center, enabling 24/7 spacecraft monitoring. While this increased operating costs in the short term, it positions us to generate new revenue streams from LizzieSat operations and third-party contracts, including LEOP, commissioning, and ongoing satellite management for external customers.

我們也為內部任務營運中心配備了充足的人員，實現了全天候太空船監控。雖然這在短期內增加了營運成本，但它使我們能夠從 LizzieSat 營運和第三方合約中創造新的收入來源，包括 LEOP、調試和為外部客戶提供持續的衛星管理。

As part of our diversified model, we continue expanding our constellation while integrating new solutions that enhance stability and operational capacity with each mission. We're currently manifested to launch two more LizzieSat satellites towards the end of 2026. Already in production, these two will have more advanced imagers than the previous three. We will be integrating a software-defined multispectral imager, which allows us to serve multiple industries and customers in a single satellite.

作為我們多元化模式的一部分，我們繼續擴大我們的星座，同時整合新的解決方案，以增強每次任務的穩定性和作戰能力。我們目前計劃在 2026 年底發射另外兩顆 LizzieSat 衛星。這兩款相機已經投入生產，並將配備比前三款相機更先進的成像儀。我們將整合一個軟體定義的多光譜成像儀，這使我們能夠透過一顆衛星為多個行業和客戶提供服務。

So to reiterate, in just over one year, Sidus successfully launched three 3D-printed satellites equipped with onboard AI processing to manage data in orbit. Each satellite, LizzieSat-1 through LizzieSat-3, was fully designed, engineered, manufactured, and owned by Sidus. This rapid deployment schedule enabled iterative improvement with lessons learned from earlier missions directly incorporated into the subsequent platform.

因此，重申一下，在短短一年多的時間裡，Sidus 成功發射了三顆配備機載 AI 處理功能的 3D 列印衛星，用於管理軌道上的資料。從 LizzieSat-1 到 LizzieSat-3 的每顆衛星均由 Sidus 完全設計、製造和擁有。這種快速部署計畫實現了迭代改進，早期任務中學到的經驗教訓直接融入後續平台。

With technology evolving at a pace that surpasses Moore's Law, we're proud to have developed a platform designed to adapt and thrive amid rapid innovation. As we look back, every milestone we've achieved, whether on orbit, in manufacturing, or through new product sales, lays the groundwork for future revenue. The real power of our business model lies in its lean operations, versatility, and strategic positioning.

隨著科技以超越摩爾定律的速度發展，我們很自豪能夠開發出一個旨在適應快速創新並在快速創新中蓬勃發展的平台。回顧過去，我們所取得的每一個里程碑，無論是在軌道上、在製造中，還是透過新產品銷售，都為未來的收入奠定了基礎。我們的商業模式的真正力量在於其精益營運、多功能性和策略定位。

At Sidus, innovation is core to our differentiation. We continue to expand our patent portfolio to protect the intellectual property behind our hardware and AI platforms, reinforcing our competitive edge while building long-term enterprise value. We currently have approximately 28 patents approved or pending, and 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 needs.

在 Sidus，創新是我們差異化的核心。我們不斷擴大我們的專利組合，以保護我們的硬體和人工智慧平台背後的智慧財產權，增強我們的競爭優勢，同時建立長期企業價值。我們目前擁有約 28 項已批准或正在申請的專利，最近，我們收到了模組化衛星測試平台的授權通知，這項專利保護了我們適應性強、可擴展的衛星架構背後的智慧財產權。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 innovation. We truly 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 mission-critical industries where reliability, security, and innovation are essential.

我們的專利組合代表的不僅是創新。我們堅信，完善的專利組合能夠提供顯著的進入壁壘，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、嚴格監管的關鍵任務產業。

As geopolitical tensions continue to evolve, the US and its allies are investing heavily in national security space infrastructure, and Sidus is well positioned to play a critical role in that effort. The Department of Defense's focus on building a golden dome of space-based defense capabilities, spanning threat detection, rapid response ISR, and resilient communications directly aligns with the strengths of our vertically integrated model.

隨著地緣政治緊張局勢的持續發展，美國及其盟友正在大力投資國家安全太空基礎設施，而 Sidus 在這項努力中處於有利地位，可以發揮關鍵作用。國防部致力於建構涵蓋威脅偵測、快速反應 ISR 和彈性通訊的太空防禦能力金頂，這與我們的垂直整​​合模式的優勢直接契合。

Our ability to deliver domestically manufactured hardware, integrate AI-powered sensing capabilities, and support rapid deployment cycles uniquely qualifies us to support both prime contractors and direct government initiatives. We've seen increased engagement around mission-enabling technology, particularly in LEO, where our LizzieSat platform serves as both a demonstration asset and a scalable architecture for future national security applications.

我們能夠提供國產硬體、整合人工智慧感測功能並支援快速部署週期，這讓我們有資格支援總承包商和直接政府計畫。我們看到圍繞任務支援技術的參與度不斷提高，特別是在低地球軌道 (LEO) 領域，我們的 LizzieSat 平台既是展示資產，也是未來國家安全應用的可擴展架構。

Another one of exciting developments is the Sidus Orlaith AI ecosystem, which I mentioned previously. 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 terrestrial to airspace to orbital asset monitoring. Its AI/ML algorithms support in-orbit reconfiguration, enhanced anomaly detection, and near-real-time data processing, creating efficiencies and resilience in even the most extreme environments. And earlier this year, we deployed Orlaith in Asia, strengthening our global AI and analytics reach.

另一個令人興奮的發展是我之前提到的 Sidus Orlaith AI 生態系統。Orlaith 是我們 FeatherEdge 硬體和 Cielo 軟體的模組化配對，專為近乎即時的自主決策而設計，可配置用於各種任務類型，從海上態勢感知到地面、空域和軌道資產監控。其 AI/ML 演算法支援在軌重新配置、增強異常檢測和近即時資料處理，即使在最極端的環境中也能實現效率和彈性。今年早些時候，我們在亞洲部署了 Orlaith，增強了我們的全球人工智慧和分析影響力。

As I mentioned, this quarter marked the start of a strategic 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 was to bring true multi-domain interoperability to the market beginning in 2025, and we did. This enables customers in many domains to deploy integrated systems across platforms without the need for redesign or re-engineering.

正如我所提到的，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，我們做到了。這使得許多領域的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。

As we continue to innovate, this 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. 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 hardware into full production and commercial deployment in enabling scalable satellite and data architectures that meet the demands of both government and commercial customers.

隨著我們不斷創新，我們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。這些努力強化了我們的三大核心支柱：科技、人工智慧和空間。透過擴展我們的人工智慧驅動解決方案和關鍵任務空間服務，滿足當今的營運需求並預測未來的挑戰，我們正在積極將我們的 VPX SOSA 一致的太空硬體投入全面生產和商業部署，以實現可擴展的衛星和數據架構，滿足政府和商業客戶的需求。

Another example of this evolution is the advancement of our LM FlatSat, 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. 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.

這一演進的另一個例子是我們的 LM FlatSat 的進步，這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。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, which plans to deploy purpose-built multi-petabyte data storage spacecraft, continued this quarter. We amended and extended our agreement with a total potential contract value of $120 million. And 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, which extends our reach and opens doors to licensing and service revenue models.

本季度，我們繼續與 Lonestar Holdings 合作，該公司計劃部署專門建造的多 PB 資料儲存空間器。我們修改並延長了協議，合約總價值可能達到 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，這擴大了我們的業務範圍並為許可和服務收入模式打開了大門。

Looking ahead, our priorities are clear: complete LS3 commissioning, expand commercialization of LizzieSat-enabled services, and secure product orders for our VPX SOSA-aligned systems. These initiatives mark our transition from technology development to revenue generation, with the groundwork laid in the first half of 2025 positioning Sidus for material revenue growth in the second half of the year.

展望未來，我們的優先事項很明確：完成 LS3 調試，擴大 LizzieSat 支援的服務商業化，並確保我們的 VPX SOSA 一致系統的產品訂單。這些舉措標誌著我們從技術開發向創造收入的轉變，2025 年上半年奠定的基礎為 Sidus 在下半年實現材料收入成長奠定了基礎。

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

我們也正在追蹤美國製造業激勵措施和盟國國防開支增加所帶來的機遇，特別是在歐洲。這些趨勢與我們的雙重用途策略以及我們從美國工廠擴展堅固的多域技術的能力一致。

Again, beyond LEO, we are advancing into lunar satellites, leveraging our proven LizzieSat reference design and adapting it for the unique demands of lunar missions, enhanced radios, greater power capacity, and high delta-v propulsion. By designing and delivering a versatile lunar satellite bus, we can integrate communication systems, sensors, and other mission-critical technologies, serving multiple customers and mission profiles simultaneously. With decades of experience in both LEO and lunar environments, our team understands the operational nuances required for mission success.

再次，除了低地球軌道之外，我們正在向月球衛星領域邁進，利用我們成熟的 LizzieSat 參考設計，並使其適應月球任務的獨特需求、增強型無線電、更大的功率容量和高 delta-v 推進。透過設計和交付多功能月球衛星平台，我們可以整合通訊系統、感測器和其他關鍵任務技術，同時為多個客戶和任務設定檔提供服務。憑藉在低地球軌道和月球環境中數十年的經驗，我們的團隊了解任務成功所需的操作細節。

Our lunar business model mirrors that of our LEO satellites. Once launched, these platforms will deliver data and navigation services to the US government and international partners. In addition to our own missions, we expect to support more commercial customers similar to Lonestar. Few US companies possess the capability to design and build lunar satellites, positioning Sidus as a rare and highly valuable provider.

我們的月球商業模式與我們的低地球軌道衛星商業模式相似。這些平台一旦啟動，將向美國政府和國際合作夥伴提供數據和導航服務。除了我們自己的任務之外，我們還期望支援更多類似 Lonestar 的商業客戶。很少有美國公司擁有設計和建造月球衛星的能力，這使得 Sidus 成為一家稀有且極具價值的供應商。

In summary, Sidus is entering the next phase of growth. Our infrastructure is in place, our products are in the market, and our partnerships are accelerating. We are not just enabling missions. We're redefining how they are conceived, deployed, and executed across every domain.

總而言之，Sidus 正在進入下一階段的成長。我們的基礎設施已經到位，我們的產品已經上市，我們的合作關係正在加速發展。我們不僅僅是在執行任務。我們正在重新定義它們在每個領域的構思、部署和執行方式。

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

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。迄今為止，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。

Momentum from 2024 and the first quarter of 2025 carried into the second quarter of 2025, which reflects both our transition to commercialization of dual-use, multi-domain products, and the near-term financial impacts of scaling a deep-tech, space-based enterprise. During the second quarter of 2025, we continued our progress, establishing Sidus Space as a space mission enabler. Our rich space and defense heritage positions us to take advantage of opportunities across all sectors with a combined focus on commercial space innovations and national defense priorities.

2024 年和 2025 年第一季的動能延續到了 2025 年第二季度，這不僅反映了我們向兩用、多領域產品商業化的過渡，也反映了擴大深度技術、太空企業規模的近期財務影響。2025 年第二季度，我們繼續取得進展，將 Sidus Space 確立為太空任務推動者。我們豐富的太空和國防傳統使我們能夠利用各個領域的機遇，同時專注於商業太空創新和國防重點。

Let's review our results, starting with the six months ended June 30, 2025. Total revenue for the first half of 2025 was approximately $1.5 million, compared to $2.0 million in the same period in 2024. While this reflects a decrease of $478,000, or 24%, the change aligns with our strategic shift away from legacy contract work toward higher-value commercial space-based and AI-driven solutions. This repositioning is intentional and expected to generate more sustainable, recurring revenue in the future periods. The impact of milestone-based revenue recognition also influenced the year-over-year comparison.

讓我們回顧一下我們的業績，從截至 2025 年 6 月 30 日的六個月開始。2025 年上半年總收入約 150 萬美元，而 2024 年同期為 200 萬美元。雖然這減少了 478,000 美元，即 24%，但這項變革與我們的策略轉變一致，即從傳統合約工作轉向更高價值的商業太空和人工智慧驅動的解決方案。此次重新定位是有意為之，預計在未來產生更永續的經常性收入。基於里程碑的收入確認的影響也影響了同比比較。

Cost of revenue rose to approximately $4.2 million, a 52% increase from $2.7 million in the first half of 2024. Key contributors included a $1.1 million increase in depreciation tied to satellite and software investments, a changing contract mix requiring greater material and labor inputs, ongoing supply chain pressures impacting manufacturing operations.

營收成本上升至約 420 萬美元，較 2024 年上半年的 270 萬美元成長 52%。主要因素包括與衛星和軟體投資相關的折舊增加 110 萬美元、合約組合變化需要更多的材料和勞動力投入、持續的供應鏈壓力影響製造營運。

Gross profit for the period was a loss of $2.7 million, compared to a loss of $757,000 in the same period last year. This reflects increased depreciation, which is non-cash and directly tied to recent investments that position us for future revenue generation, the transition away from legacy high-margin contracts as we focus on long-term value-added offerings, a shift in contract structure, which is expected to yield greater returns in future quarters.

本期間毛利虧損 270 萬美元，去年同期毛利虧損 75.7 萬美元。這反映了折舊的增加，折舊是非現金的，並且與最近的投資直接相關，這些投資為我們未來的收入創造奠定了基礎，隨著我們專注於長期增值產品，我們從傳統的高利潤合約轉型，合約結構的轉變，預計將在未來幾個季度產生更大的回報。

Selling, general and administrative, or SG&A, expenses totaled $8.7 million, compared to $6.7 million in the prior year. This $2 million increase supported key growth initiatives, including strategic headcount additions and expanded employee benefits to support scale, equity-based compensation and performance-based bonuses initiated in Q1 2025, increased mission operations expenses to support our growing constellation, infrastructure investments in software tools, depreciation expense and lunch rebooking fees, as well as payoff of our January 2025 note payable.

銷售、一般及行政費用（SG&A）總計 870 萬美元，而去年同期為 670 萬美元。這 200 萬美元的成長支持了關鍵的成長計劃，包括策略性地增加員工人數和擴大員工福利以支持規模、2025 年第一季度啟動的基於股權的薪酬和基於績效的獎金、增加任務運營費用以支持我們不斷增長的星座、軟體工具的基礎設施投資、折舊費用和午餐重新預訂費用，以及支付我們的 2025 年 1 月應付票據。

To provide a broader view of our performance, we also report adjusted EBITDA, a non-GAAP measure we use internally to guide strategic decision-making. Adjusted EBITDA for the first half of 2025 was $8.6 million, compared to $5.9 million in the same period last year, reflecting ongoing investment in scaling our platform. The reconciliation table, including interest, depreciation, fundraising, severance and equity-related expenses, is included in our Q2 2025 earnings release.

為了更廣泛地了解我們的業績，我們也報告了調整後的 EBITDA，這是我們內部用來指導策略決策的非 GAAP 指標。2025 年上半年調整後 EBITDA 為 860 萬美元，而去年同期為 590 萬美元，這反映了我們對擴展平台的持續投資。我們的 2025 年第二季財報中包含了包括利息、折舊、募款、遣散費和股權相關費用在內的對帳表。

For the three months ended June 30, 2025, total revenue for Q2 2025 reached $1.3 million, a 36% increase compared to $928,000 in Q2 2024. This growth was primarily due to the timing of fixed price milestone contracts, including projects executed through our related party, Craig Technologies.

截至 2025 年 6 月 30 日的三個月，2025 年第二季的總營收達到 130 萬美元，與 2024 年第二季的 928,000 美元相比成長 36%。這一成長主要歸功於固定價格里程碑合約的時間安排，包括透過我們的關聯方 Craig Technologies 執行的專案。

Cost of revenue for the quarter rose to $2.3 million, up 29% from the prior year. This increase reflects a $486,000 increase in satellite and software-related depreciation, higher input costs from more complex contracts, ongoing supply chain cost pressures, a 36% increase in revenue, which inherently drives higher costs.

本季營收成本上升至 230 萬美元，較上年成長 29%。這一增長反映了衛星和軟體相關折舊增加 486,000 美元、更複雜合約帶來的更高投入成本、持續的供應鏈成本壓力以及收入增加 36%，這些都必然導致成本上升。

Gross profit for Q2 2025 was a loss of $1 million, compared to a loss of about $841,000 in Q2 2024. The increase in gross loss was primarily due to higher depreciation from recently capitalized assets, which are essential to future revenue streams, contract mix evolution, reduced contribution from legacy services as we transition to higher-margin recurring revenue models.

2025 年第二季毛利虧損 100 萬美元，而 2024 年第二季毛利虧損約 841,000 美元。總虧損增加主要是由於近期資本化資產折舊增加（這些資產對於未來收入流至關重要）、合約組合演變以及在我們向利潤率更高的經常性收入模式轉型時傳統服務的貢獻減少。

SG&A expenses for the quarter totals $4.3 million, up from $3.1 million in Q2 2024. Key drivers to this increase included strategic headcount growth aligned with our move to higher-value offerings, expanded mission operations for satellite support, increased software infrastructure investment, accrued equity compensation and employee bonuses, and higher depreciation expense.

本季銷售、一般及行政費用總計 430 萬美元，高於 2024 年第二季的 310 萬美元。這一成長的主要驅動因素包括與我們向更高價值產品轉變一致的戰略員工人數增長、擴大衛星支援任務操作、增加軟體基礎設施投資、應計股權薪酬和員工獎金以及更高的折舊費用。

Adjusted EBITDA loss for Q2 2025 was $3.9 million, or a 24% increase over Q2 2024. The change reflects continued scaling efforts and is supported by full reconciliation details in our Q2 2025 press release.

2025 年第二季調整後 EBITDA 虧損為 390 萬美元，比 2024 年第二季增加 24%。這項變更反映了持續的擴展努力，並得到了我們 2025 年第二季新聞稿中的完整對帳細節的支持。

Net loss for the quarter was $5.6 million, compared to $4.1 million in the prior year. As noted, this increase is primarily tied to strategic investments in infrastructure, personnel, and operational capacity, as well as non-cash depreciation related to our expanding satellite constellation.

本季淨虧損為 560 萬美元，去年同期為 410 萬美元。如上所述，這一增長主要與基礎設施、人員和營運能力的戰略投資以及與我們不斷擴大的衛星星座相關的非現金折舊有關。

Turning to the balance sheet. As of June 30, 2025, Sidus had $3.6 million in cash, compared to $1.4 million as of June 30, 2024. Shortly after the close of Q2 2025, Sidus completed a public offering of 7.1 million shares of Class A common stock at a public offering price of $1.05 per share, for which we realized approximately $6.7 million of net proceeds.

轉向資產負債表。截至 2025 年 6 月 30 日，Sidus 擁有現金 360 萬美元，而截至 2024 年 6 月 30 日為 140 萬美元。2025 年第二季結束後不久，Sidus 以每股 1.05 美元的公開發行價完成了 710 萬股 A​​ 類普通股的公開發行，我們實現了約 670 萬美元的淨收益。

As we move forward, we continue to manage 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，我們將繼續保守地管理現金，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。

Thanks, Adarsh.

謝謝，阿達什。

The milestones we achieved this quarter are more than operational wins. They create pathways to future revenue across commercial, civil, and defense markets. Each satellite launch, hardware delivery, and AI demonstration strengthens our track record and reinforces Sidus as a trusted partner for critical missions. Sustaining that momentum requires constant innovation, which is why we continue to invest in internal R&D, advance new technologies, and grow our patent portfolio to protect our IP and increase the value of our platform.

我們本季取得的里程碑不僅僅是營運上的勝利。他們為商業、民用和國防市場的未來收入開闢了途徑。每次衛星發射、硬體交付和人工智慧演示都增強了我們的業績記錄，並鞏固了 Sidus 作為關鍵任務值得信賴的合作夥伴的地位。保持這種勢頭需要不斷創新，這就是為什麼我們繼續投資內部研發、推進新技術並擴大我們的專利組合以保護我們的智慧財產權並提高我們平台的價值。

Our presence now spans the full spectrum of space from LEO to GEO to lunar missions, expanding our relevance and reach. Whether hosting government payloads in orbit, enabling edge AI for real-time data delivery, or contributing to long-term lunar infrastructure, we're building a presence that touches every layer of the evolving space economy. This from-sea-to-space diversification strategy reduces reliance on any single market segment and is central to driving long-term sustainable growth.

我們的存在現在涵蓋了從低地球軌道到地球同步軌道再到月球任務的整個太空範圍，擴大了我們的相關性和影響力。無論是在軌道上承載政府有效載荷，還是啟用邊緣人工智慧進行即時數據傳輸，亦或是為長期月球基礎設施做出貢獻，我們都在構建一個觸及不斷發展的太空經濟各個層面的存在。這種從海洋到太空的多元化策略減少了對任何單一細分市場的依賴，對於推動長期永續成長至關重要。

Our mission remains the same: deliver reliable, scalable, and intelligent solutions from initial design through deployment. Our vertically integrated model and culture of innovation gives us a strategic advantage, allowing us to innovate faster, control quality across the life cycle, and bring advanced technologies to market more efficiently than traditional aerospace providers.

我們的使命始終如一：從最初的設計到部署提供可靠、可擴展和智慧的解決方案。我們的垂直整​​合模式和創新文化為我們提供了策略優勢，使我們能夠比傳統航空航太供應商更快地創新、在整個生命週期中控製品質並更有效地將先進技術推向市場。

As you heard today, Sidus is at a pivotal inflection point, shifting from R&D and infrastructure buildout to commercialization and revenue generation. We've launched and begun commissioning our third satellite, established the foundation for scalable micro-constellation, and introduced a new generation of rugged dual-use technologies. Lean operations allow us to operate with lower fixed costs, competitive prices, and pursue strategically valuable contracts that may be overlooked by larger players.

正如大家今天所聽到的，Sidus 正處於一個關鍵的轉折點，從研發和基礎設施轉向商業化和創收。我們已經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。精益營運使我們能夠以較低的固定成本、有競爭力的價格運營，並爭取可能被大型企業忽視的具有戰略價值的合約。

And while we do not expect a turn of profit in 2025, we're building meaningful momentum and a stronger foundation for the future. We've strengthened our balance sheet, launched high-potential new platforms like Orlaith and Fortis VPX, and are positioned to generate diversified revenue in the second half of the year.

雖然我們並不期望 2025 年能獲利，但我們正在為未來累積有意義的發展動力和更堅實的基礎。我們加強了資產負債表，推出了 Orlaith 和 Fortis VPX 等高潛力新平台，並準備在下半年實現多元化收入。

The path forward is ambitious, but it's the right one for unlocking sustainable growth. Our multi-domain, multi-revenue model enables us to adapt quickly, serve diverse customers, and scale with demand.

前進的道路是雄心勃勃的，但它是實現永續成長的正確道路。我們的多領域、多收入模式使我們能夠快速適應、服務不同的客戶並根據需求擴大規模。

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

最後，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。謝謝。