Sidus Space Inc (SIDU) 2025 Q3 法說會逐字稿

Greetings, and welcome to Sidus Space's 2025 third-quarter earnings conference call. (Operator Instructions) Please note this conference is being recorded as of today, November 14, 2025.

各位好，歡迎參加 Sidus Space 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議從2025年11月14日開始錄製。

I will now turn the conference over to Adarsh Parekh, Chief Financial Officer. Thank you. You may begin.

現在我將把會議交給財務長阿達什·帕雷克。謝謝。你可以開始了。

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

各位晚上好，感謝各位參加 Sidus Space 2025 年第三季財報電話會議。今天代表公司出席的有董事長兼執行長卡羅爾·克雷格，以及我本人，財務長阿達什·帕雷克。

During today's call, we may make certain forward-looking statements. These statements are based on our current expectations with respect to the future of our business, the economy and other events, 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.

在今天的電話會議中，我們可能會發表一些前瞻性聲明。這些聲明是基於我們目前對公司未來發展、經濟狀況及其他事件的預期，因此存在風險和不確定性。諸多因素可能導致實際結果與本次電話會議中所作的前瞻性陳述有重大差異。

These factors include our ability to estimate operational expenses and liquidity needs, customer demand, supply chain delays, including launch providers and extended sales cycles. 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.

這些因素包括我們估算營運費用和流動性需求的能力、客戶需求、供應鏈延遲（包括產品發布供應商和延長的銷售週期）。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，這些文件都可以在我們的網站 www.sidusspace.com 上找到。

We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in the applicable SEC rules and regulations. Reconciliations to the company's GAAP measures are included in the Management Discussion and Analysis of Financial Conditions and Results of Operations section within Sidus' third-quarter 10-Q.

我們還將討論一些財務指標和信息，這些指標和資訊屬於適用的美國證券交易委員會規則和條例中定義的非公認會計準則指標。與公司 GAAP 指標的調節表包含在 Sidus 第三季度 10-Q 報告的「管理層對財務狀況和經營業績的討論與分析」部分中。

For more information about these risks and uncertainties, please refer to the risk factors in the company's filings with the SEC, 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，請參閱公司向美國證券交易委員會 (SEC) 提交的風險因素文件，這些文件均可在公司網站 www.sidusspace.com 上找到。敬請各位聽眾不要過度依賴前瞻性陳述，本公司特此聲明不承擔更新本次電話會議中可能討論的任何前瞻性陳述的義務。

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

現在，我想把電話交給卡蘿。卡羅爾，請繼續。

Thank you, Adarsh. Good evening, and thank you all for joining us. On our second quarter earnings call, we shared that Sidus Space is evolving into a diversified space and defense innovator, not just a satellite manufacturer, but a company with capabilities to span the full mission life cycle from Low Earth Orbit to the lunar environment beyond. In the third quarter, we continued executing on this strategy by expanding our vertical integration, advancing our LizzieSat constellation and strengthening partnerships that support both commercial and defense customers.

謝謝你，Adarsh。晚上好，感謝各位的參與。在第二季財報電話會議上，我們分享了 Sidus Space 正在發展成為一家多元化的航太和國防創新者，而不僅僅是一家衛星製造商，而是一家擁有從近地軌道到更遠的月球環境的整個任務生命週期能力的公司。第三季度，我們繼續執行這項策略，擴大了垂直整合，推進了 LizzieSat 星座的建設，並加強了與商業和國防客戶的合作關係。

Our goal remains clear: to deliver full-spectrum solutions from design and manufacturing to on-orbit operations and data services with the agility to meet evolving mission requirements. We're building a company designed for long-term sustainable growth driven by innovation, dual-use and software-defined satellites, all domain computing solutions and recurring data-as-a-service opportunities.

我們的目標仍然明確：提供從設計和製造到在軌運行和數據服務的全方位解決方案，並具備滿足不斷變化的任務需求的靈活性。我們正在打造一家以創新、軍民兩用衛星和軟體定義衛星、全領域運算解決方案以及持續的數據即服務機會為驅動力，旨在實現長期可持續成長的公司。

Over the past 18 months, we've proven our ability to design, build, launch and operate advanced multi-mission satellites with extended design life and complex functionality. These are not CubeSats. They're precision-engineered microsatellites built to deliver mission-critical performance. Our vertically integrated model enables scalability and efficiency, allowing us to adapt our manufacturing facility quickly to new priorities. Like our products, our operations are designed for adaptability and speed.

在過去的 18 個月裡，我們已經證明了我們有能力設計、建造、發射和運作具有較長設計壽命和複雜功能的先進多任務衛星。這些不是立方體衛星。它們是經過精密設計的微型衛星，旨在執行關鍵任務。我們的垂直整​​合模式實現了規模化和效率提升，使我們能夠快速調整製造工廠以適應新的優先事項。與我們的產品一樣，我們的營運也旨在實現適應性和速度。

Sidus is already a trusted part of the space supply chain, and our offerings now extend across civil, defense and commercial markets. This diversification strengthens our ability to support national security programs, including Golden Dome, FDA's proliferated architecture and NASA's Artemis initiatives. Our multi-mission, all-domain approach represents a new model for how space companies operate, combining agility, integration and strategic focus to meet diverse customer requirements.

Sidus 已成為航太供應鏈中值得信賴的一部分，我們的產品和服務現在已擴展到民用、國防和商業市場。這種多元化增強了我們支持國家安全計畫的能力，包括金色圓頂、FDA 的廣泛架構和 NASA 的阿爾忒彌斯計畫。我們採用多任務、全領域的方法，代表了航太公司營運的新模式，結合了敏捷性、整合性和策略重點，以滿足多樣化的客戶需求。

For those who are new to our story, Sidus has consistently executed on milestones while adapting to a very dynamic environment. During the third quarter, we navigated uncertainty around government funding and shifting federal budgets However, our diversified revenue model, which spans commercial, defense and civil sectors, provides a built-in hedge against external risk. Having led through volatile environment such as this for over 25 years, I'm confident that Sidus is built to remain resilient and adaptable regardless of the external landscape.

對於還不了解我們故事的人來說，Sidus 在適應瞬息萬變的環境的同時，始終如一地完成了各項里程碑目標。第三季度，我們應對了政府撥款和聯邦預算調整帶來的不確定性。然而，我們多元化的收入模式涵蓋商業、國防和民用領域，為抵禦外部風險提供了內在的避險機制。在這樣動盪的環境中領導公司超過 25 年，我相信無論外部環境如何變化，Sidus 都具備保持韌性和適應性的能力。

Over the last couple of years, we strategically invested in our infrastructure, technology and team to build capabilities comparable to larger competitors but with far less capital. The result is a lean, efficient company with a competitive cost structure. An example of that are software-defined LizzieSat with their five-year design life and redundant systems, delivering high performance at $5 million or less per 100-kilogram satellite, including multiple sensors and offering strong value for government and commercial customers.

過去幾年，我們對基礎設施、技術和團隊進行了策略性投資，以建立與規模更大的競爭對手相當的能力，但資金卻少得多。最終打造出一家精簡有效率、成本結構具競爭力的公司。例如，軟體定義的 LizzieSat 衛星，其設計壽命為五年，並具有冗餘系統，每顆 100 公斤的衛星售價為 500 萬美元或更低，可提供高性能，包括多個感測器，為政府和商業客戶提供強大的價值。

During this quarter, we made significant advancements towards completion of the mobile launch 2 contract. This program was originally approximately a $4 million contract that expanded to over $8 million over the last few years due to changing requirements of supply chain dynamics. Over nearly four years, we've built and will have delivered 57 complex electronic cabinets for installation at the Kennedy Space Center. With this program now nearing completion, we expect improved gross margins and stronger revenue visibility as well as a reconfigured facility ready for expanded satellite and defense manufacturing.

本季度，我們在完成行動發布 2 合約方面取得了重大進展。該項目最初是一份價值約 400 萬美元的合同，但由於供應鏈動態變化，在過去幾年中已擴展到超過 800 萬美元。近四年來，我們已經建造並將交付 57 個複雜的電子機櫃，用於在甘迺迪太空中心安裝。隨著該計劃接近完成，我們預計毛利率將有所提高，收入可見性將增強，同時重新配置的設施將為擴大衛星和國防製造做好準備。

At Sidus, we believe our vertically integrated model sets us apart from our competition. A few US companies can design, manufacture, test and operate their space hardware entirely in-house while maintaining lean operations. This vertical integration gives us unetched speed, control and flexibility, enabling rapid entry into new markets, development of recurring revenue streams, and leadership in the emerging multi-domain space economy as well as the all-domain defense industry.

在Sidus，我們相信我們的垂直整​​合模式使我們從競爭對手中脫穎而出。少數美國公司能夠完全自主地設計、製造、測試和營運其航太硬件，同時保持精益運作。這種垂直整合賦予我們無與倫比的速度、控制力和靈活性，使我們能夠快速進入新市場，發展經常性收入來源，並在新興的多領域太空經濟以及全領域國防工業中佔據領導地位。

Our recent on-orbit progress continues to validate our approach. We completed commissioning of the AIS sensor on LizzieSat-3 and established direct communications with the customer site. We continued upgrading our flight software, integrating new algorithms and activating additional payloads aboard LizzieSat-3.

我們近期在軌取得的進展不斷驗證了我們的方法。我們完成了 LizzieSat-3 衛星上 AIS 感測器的調試，並與客戶現場建立了直接通訊。我們繼續升級飛行軟體，整合新演算法，並在 LizzieSat-3 上啟動其他有效載荷。

These advances strengthen our constellation architecture and accelerate technology maturation across all past and future LizzieSat-driven satellites. And we successfully demonstrated that our satellites can support multiple sensors on a single versatile platform with the expectation of delivering fuse data products that will increase mission value for maritime, environmental, defense and commercial customers.

這些進步加強了我們的星座架構，並加速了過去和未來所有由 LizzieSat 驅動的衛星的技術成熟。我們成功證明，我們的衛星可以在一個多功能平台上支援多個感測器，預計將提供融合資料產品，從而提高海事、環境、國防和商業客戶的任務價值。

Our LizzieSat platform is increasingly software-defined, enabling rapid in-orbit reconfiguration and performance optimization. The next-generation hyperspectral and multispectral cameras that we've selected to deliver our data services can adjust spectral bands and imaging modes dynamically, allowing a single satellite to serve multiple missions from maritime awareness to environmental monitoring and defense intelligence. Combined with our onboard AI and our FeatherEdge edge processing suite, LizzieSat is designed to learn and adapt in orbit, improving data quality and operational efficiency over time.

我們的 LizzieSat 平台越來越注重軟體定義，因此能夠快速進行在軌重新配置和效能最佳化。我們選擇的用於提供資料服務的下一代高光譜和多光譜相機可以動態調整光譜波段和成像模式，使一顆衛星能夠服務從海上感知到環境監測和國防情報等多個任務。結合我們機載人工智慧和 FeatherEdge 邊緣處理套件，LizzieSat 旨在在軌道上學習和適應，隨著時間的推移提高資料品質和運行效率。

As global demand rises for resilient, secure and cost-effective space capabilities, we believe Sidus is well positioned to meet that need. Our modular multi-use solutions standing satellite onboard AI and VPX SOSA-aligned electronics enable customers to rapidly deploy and reconfigure systems for maritime, environmental, defense and commercial missions. This flexibility shortens development cycles, reduces costs and increases mission readiness. A key differentiator of the United States and allied governments prioritize distributed software-defined architectures.

隨著全球對具有韌性、安全性和成本效益的太空能力的需求不斷增長，我們相信 Sidus 已做好充分準備來滿足這一需求。我們的模組化多用途解決方案，包括衛星搭載的 AI 和 VPX SOSA 相容電子設備，使客戶能夠快速部署和重新配置系統，用於海事、環境、國防和商業任務。這種靈活性縮短了開發週期，降低了成本，並提高了任務準備就緒率。美國及其盟國政府的一個關鍵區別在於，它們優先考慮分散式軟體定義架構。

This quarter, we completed two successful capital raises with funds to be invested in commercializing all-domain product lines, expanding the LizzieSat constellation with LizzieSat-4 and LizzieSat-5, and advancing our Orlaith AI ecosystem. We also progressed our Fortis VPX computing suite designed for aerospace, defense, energy robotics and autonomous systems.

本季度，我們成功完成了兩筆融資，資金將用於全領域產品線的商業化、透過 LizzieSat-4 和 LizzieSat-5 擴展 LizzieSat 星座以及推進我們的 Orlaith AI 生態系統。我們也改進了專為航空航太、國防、能源、機器人和自主系統設計的 Fortis VPX 運算套件。

The first three products, including the Sidus single-board computer, FeatherEdge 248Vi edge computer and precision navigation and timing module are on track for year-end validation. The Sidus single-board computer offers on-orbit and terrestrial edge computing.

包括 Sidus 單板電腦、FeatherEdge 248Vi 邊緣電腦和精密導航與授時模組在內的前三款產品，均按計畫在年底前完成驗證。Sidus 單板計算機可提供在軌和地面邊緣運算。

The FeatherEdge 248Vi features artificial intelligence and machine learning processors designed for extreme environments and size-constrained applications. And the precision navigation and timing module integrates atomic clocks, MCO GNSS and IMUs for GPS-denied operations. This modular Fortis platform establishes a scalable, all-domain command and control architecture complementing our space platforms and is expected to contribute meaningfully to revenue starting in 2026.

FeatherEdge 248Vi 配備了人工智慧和機器學習處理器，專為極端環境和尺寸受限的應用而設計。精密導航和授時模組整合了原子鐘、MCO GNSS 和 IMU，用於在 GPS 訊號受限的情況下進行操作。這個模組化 Fortis 平台建立了一個可擴展的全局指揮控制架構，與我們的太空平台相輔相成，預計將從 2026 年開始為收入做出重大貢獻。

From a program execution standpoint, we remain focused on expanding our technology portfolio and delivering solutions aligned with our long-term vision and mission. A key element of reaching our upcoming milestones is completing the mobile launcher 2 contract, which will allow us to shift additional resources toward higher-margin satellite and data programs.

從專案執行的角度來看，我們將繼續專注於擴展我們的技術組合，並提供符合我們長期願景和使命的解決方案。實現我們即將到來的里程碑的關鍵要素是完成移動發射平台 2 的合同，這將使我們能夠將更多資源轉移到利潤更高的衛星和數據項目上。

As noted earlier, we currently have two additional LizzieSat spacecrafts in production for a planned late 2026 launch. These satellites will feature advanced software-defined imagers and increased onboard processing capability. Additionally, we're hosting multiple customer technologies. Customers for these missions and related prelaunch revenue include the Netherlands organization, Lonestar Holdings and additional data customers that we have not yet announced.

如前所述，我們目前還有兩顆 LizzieSat 衛星正在生產中，計劃於 2026 年底發射。這些衛星將配備先進的軟體定義成像儀和增強的機載處理能力。此外，我們也託管了多種客戶技術。這些任務及相關預售收入的客戶包括荷蘭組織 Lonestar Holdings 以及其他我們尚未公佈的數據客戶。

Achieving this initial fast launch cadence was critical to our ability to learn, adapt and advance our technology in real time. In just over a year, we launched three Sidus-designed, Sidus-built hybrid 3D-printed satellites with onboard AI and multiple sensors at a pace that allowed us to rapidly integrate lessons learned into each successive mission. Every launch informs the next, enabling continuous improvement, faster integration and greater scalability across our architecture.

實現這種快速的初期發布節奏對於我們即時學習、適應和改進我們的技術至關重要。在短短一年多的時間裡，我們發射了三顆由 Sidus 設計、Sidus 製造的混合 3D 列印衛星，這些衛星搭載了人工智慧和多個感測器，發射速度之快，使我們能夠迅速將吸取的經驗教訓融入到每一次後續任務中。每一次發布都會為下一次發布提供信息，從而實現持續改進、更快的整合以及我們架構的更大可擴展性。

This rapid cadence of innovation is not limited to Low Earth Orbit. It's foundational to how we are expanding capability across all domains and all orbital classes. Looking beyond LEO, we're developing a lunar-capable LizzieSat platform featuring higher power, advanced radios and enhanced propulsion. A few US companies can offer this level of multi-domain, multi-orbit versatility, and we believe it positions Sidus as a truly differentiated supplier for the emerging lunar -- assist lunar mission landscape.

這種快速的創新節奏並不限於近地軌道。這是我們在所有領域和所有軌道等級中擴展能力的基礎。著眼於近地軌道之外，我們正在開發一個具備登月能力的 LizzieSat 平台，該平台具有更高的功率、先進的無線電和增強的推進系統。少數美國公司能夠提供這種多領域、多軌道的多功能性，我們相信這使 Sidus 成為新興的月球輔助任務領域中真正與眾不同的供應商。

In summary, Sidus Space continues to execute on its plan to deliver next-generation technologies from dual-use multi-mission satellites and all-domain computing systems to AI-driven data architectures. Our progress this quarter reinforces the foundation for long-term growth, recurring revenue and sustained leadership across the expanding space and defense ecosystem.

總而言之，Sidus Space 繼續執行其計劃，交付下一代技術，從雙用途多任務衛星和全局運算系統到人工智慧驅動的資料架構。本季的進展鞏固了我們在不斷發展的航太和國防生態系統中實現長期成長、經常性收入和持續領先地位的基礎。

I'll now turn the call over to Adarsh for the financial update.

現在我將把電話交給 Adarsh，讓他報告一下財務狀況。

Thank you, Carol. 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.

謝謝你，卡羅爾。在 Sidus，我們持續打造一家在太空、技術和人工智慧領域具有可擴展性、垂直整合的公司。我們將持續專注於卓越營運、快速創新，並為客戶提供經濟高效、影響深遠的解決方案。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 系統以支援規模化和獲利能力。

Momentum from 2024 in the first half of 2025 carried into the third 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.

2024 年的動能延續到 2025 年上半年，並延續到 2025 年第三季度，這不僅反映了我們向兩用、多領域產品商業化的過渡，也反映了擴大深科技太空企業規模的近期財務影響。

During the third quarter of 2025, we continued our progress in establishing Sidus Space as a mission enabler. Our rich space and defense heritage positions us to take advantage of opportunities across multiple sectors with a combined focus on commercial space innovations and national defense priorities.

2025 年第三季度，我們繼續推進將 Sidus Space 打造成任務推動者的工作。我們豐富的航太和國防傳統使我們能夠抓住多個領域的機遇，同時專注於商業航太創新和國家國防優先事項。

Let's review our results starting with the nine months ended September 30, 2025. Total revenue for the first 9 months of 2025 was approximately $2.8 million compared to the $3.8 million in the same period in 2024. While this reflects a decrease of about $1 million or 27%, the change aligns with our strategic shift away from legacy contract work toward higher-value commercial space and AI-driven solutions. This repositioning is intentional and expected to generate more sustainable recurring revenue in future periods.

讓我們從截至 2025 年 9 月 30 日的九個月開始回顧我們的表現。2025 年前 9 個月的總收入約為 280 萬美元，而 2024 年同期為 380 萬美元。雖然這反映出減少了約 100 萬美元或 27%，但這一變化與我們從傳統合約工作轉向更高價值的商業空間和人工智慧驅動的解決方案的策略轉變相一致。此次重新定位是經過深思熟慮的，預計將在未來幾個時期產生更可持續的經常性收入。

The impact of milestone-based revenue recognition also influenced the year-over-year performance and comparison. Cost of revenue rose to approximately $0.8 million, a 48% increase from $4.6 million during the first 9 months of 2024. Key contributors to the cost of revenue included a $1.6 million increase in depreciation tied to satellite and software investments, a change in contract mix requiring greater material and labor inputs, ongoing global supply chain pressures impacting manufacturing operations.

基於里程碑的收入確認方式也對年比業績和比較產生了影響。2024 年前 9 個月的收入成本約為 80 萬美元，比 460 萬美元成長了 48%。導致收入成本增加的主要因素包括：與衛星和軟體投資相關的折舊增加 160 萬美元；合約組合的變化需要更多的材料和勞動力投入；以及持續的全球供應鏈壓力影響了製造業務。

Gross loss for the period was approximately $4 million compared to a loss of about $719,000 in the same period last year. This increased gross loss reflects increased depreciation, which is noncash 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.

本期總虧損約 400 萬美元，去年同期虧損約 71.9 萬美元。毛虧損增加反映了折舊增加（非現金支出），這與近期為未來創收而進行的投資直接相關；也反映了我們正從傳統的高利潤合約轉向長期增值產品，以及合約結構的轉變（預計未來幾季將帶來更大的回報）。

When adding back satellite-related depreciation, gross loss for the period was $1.2 million compared to a profit of $485,000 in the same period last year. Selling, general, and administrative expenses totaled $13 million compared to $9.9 million in the prior year. This $3.1 million increase supported key growth initiatives, including strategic head count additions to support scale and expanded employee benefits to remain competitive.

加上與衛星相關的折舊後，該期間的毛虧損為 120 萬美元，而去年同期則獲利 48.5 萬美元。銷售、一般及行政費用總計 1,300 萬美元，而上年同期為 990 萬美元。這筆 310 萬美元的增加用於支持關鍵的成長計劃，包括策略性地增加員工人數以支持規模擴張和擴大員工福利以保持競爭力。

Equity-based compensation and performance-based bonuses initiated during 2025, increased mission operations expenses to support our growing constellation, infrastructure investments in software tools, depreciation expense and launch rebooking fees as well as payoff of our Decathlon note payable as described further in the notes to the consolidated financial statements.

2025 年啟動的股權激勵和績效獎金，為支持我們不斷增長的星座而增加的任務運營費用，軟體工具的基礎設施投資，折舊費用和發射重新預訂費用，以及償還我們的迪卡儂應付票據，如合併財務報表附註中進一步描述。

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 loss for the first 9 months was $12.6 million compared to $8.3 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 Q3 2025 earnings release.

為了更全面地展現我們的業績，我們也報告了調整後的 EBITDA，這是一個非 GAAP 指標，我們在內部用它來指導策略決策。前 9 個月的調整後 EBITDA 虧損為 1,260 萬美元，而去年同期為 830 萬美元，這反映了我們對擴大平台規模的持續投資。包括利息、折舊、籌資、遣散費和股權相關費用在內的調節表已包含在我們 2025 年第三季財報中。

For the 3 months ended September 30, 2025, total revenue reached $1.3 million, a 31% decrease compared to about $1.9 million in Q3 2024. This reduction was primarily due to the timing of fixed-price milestone contracts, including projects executed through our related party, Cred technology. Cost of revenue for the quarter rose to $2.6 million, up 42% from the prior year. This increase reflects the $501,000 increase in satellite and software-related depreciation, higher input costs from more complex contracts, ongoing global supply chain cost pressures.

截至 2025 年 9 月 30 日的三個月內，總收入達到 130 萬美元，與 2024 年第三季的約 190 萬美元相比下降了 31%。此減少主要是由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 Cred Technology 執行的專案。本季營業成本增至 260 萬美元，較上年同期成長 42%。這一增長反映了衛星和軟體相關折舊增加 501,000 美元、更複雜的合約帶來的更高投入成本以及持續的全球供應鏈成本壓力。

Gross profit for Q3 2025 was a loss of $1.3 million compared to a profit of $38,000 in Q3 2024. 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. When adding back satellite-related depreciation, gross loss for the period was $277,000 compared to a profit of $559,000 in the same period last year.

2025 年第三季毛利虧損 130 萬美元，而 2024 年第三季毛利為 3.8 萬美元。毛虧損增加主要是由於近期資本化資產的折舊增加，這些資產對未來的收入流至關重要；合約組合的變化；以及隨著我們向利潤率更高的經常性收入模式過渡，傳統服務的貢獻減少。加上與衛星相關的折舊後，該期間的毛虧損為 277,000 美元，而去年同期則獲利 559,000 美元。

SG&A expenses for the quarter totaled $4.3 million, up from $3.2 million in Q3 2024. Key drivers included strategic head count 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. Adjusted EBITDA loss for Q3 2025 was $4.0 million, a 62% increase from Q3 2024. The change reflects continued scaling efforts and is supported by full reconciliation details in our Q3 2025 press release.

本季銷售、一般及行政費用總計 430 萬美元，高於 2024 年第三季的 320 萬美元。關鍵驅動因素包括：與我們向更高價值產品轉型一致的策略性人員成長、擴大衛星支援任務營運、增加軟體基礎設施投資、累積股權補償和員工獎金以及更高的折舊費用。2025 年第三季調整後 EBITDA 虧損為 400 萬美元，比 2024 年第三季成長 62%。這項變更反映了我們持續的規模化努力，並在我們 2025 年第三季的新聞稿中提供了完整的核對細節。

Net loss for the quarter was $6 million compared to $3.9 million in the same period of the prior year. As noted, this increase is primarily tied to strategic investments in infrastructure, personnel and operational capacity as well as noncash depreciation related to our expanding satellite constellation.

本季淨虧損為 600 萬美元，而上年同期淨虧損為 390 萬美元。如前所述，這一增長主要與基礎設施、人員和營運能力方面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 September 30, 2025, Sidus had $12.7 million in cash compared to $15.7 million as of September 30, 2024. During the quarter, we completed two public offerings of 16.9 million total shares of Class A common stock from which Sidus received approximately $15.5 million of net proceeds.

接下來看一下資產負債表。截至 2025 年 9 月 30 日，Sidus 擁有 1,270 萬美元現金，而截至 2024 年 9 月 30 日，其現金為 1,570 萬美元。本季度，我們完成了兩筆公開發行，共發行了 1,690 萬股 A​​ 類普通股，Sidus 從中獲得了約 1,550 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. Additionally, by the end of Q4, we expect to implement meaningful cost reduction activity and operating efficiencies to support long-term profitability.

展望未來，我們將繼續謹慎管理現金，同時對下一代衛星建設和高成長產品線進行戰略投資。此外，我們預計到第四季末，將實施有意義的成本削減措施和營運效率提升措施，以支持長期獲利能力。

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

接下來，我將把電話交還給卡羅爾，請她作總結發言。

Thank you, Adarsh. The milestones we achieved this quarter are more than operational wins. It creates 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.

謝謝你，Adarsh。本季我們所取得的里程碑式成就不僅僅是營運上的勝利。它為商業、民用和國防市場的未來收入創造了途徑。每一次衛星發射、硬體交付和人工智慧演示都鞏固了我們的業績記錄，並強化了 Sidus 作為關鍵任務值得信賴的合作夥伴的地位。要保持這種發展勢頭，就需要不斷創新，因此我們持續投資於內部研發，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 technologies, designs and capabilities now span 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.

我們的技術、設計和能力現在涵蓋了從近地軌道到地球同步軌道再到月球任務的整個太空領域，擴大了我們的相關性和影響力。無論是在軌道上搭載政府有效載荷，還是為即時數據傳輸提供邊緣人工智慧，亦或是為長期月球基礎設施做出貢獻，我們都在建構一個能夠觸及不斷發展的太空經濟各個層面的存在。

Sidus is not just building satellites, we're enabling the next generation of real-time intelligent data connectivity by linking sea, ground, air and space into one integrated domain. This from sea to space diversification strategy reduces reliance on any single market segment and essential to driving long-term sustainable growth.

Sidus 不僅僅是在建造衛星，我們正在透過將海洋、陸地、空中和太空連接成一個整合領域，來實現下一代即時智慧數據連接。這種從海洋到太空的多元化策略減少了對任何單一市場領域的依賴，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 give 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，即從初始設計到部署，提供可靠、可擴展和智慧的解決方案。我們垂直整合的模式和創新文化賦予我們戰略優勢，使我們能夠比傳統航空航天供應商更快地進行創新，在整個生命週期中控製質量，並更有效地將先進技術推向市場。

And as you've heard today, Sidus continues to shift from R&D and infrastructure build-out to commercialization and revenue generation. We've launched and began commissioning our third satellite, established the foundation for a scalable micro constellation, and we introduced a new generation of rugged, dual-use technologies. Lean operations allow us to operate with lower fixed costs, offer competitive prices, and pursue strategically valuable contracts that may be overlooked by larger players.

正如你們今天所聽到的，Sidus 正在繼續從研發和基礎設施轉向商業化和收入創造。我們已經發射並開始調試我們的第三顆衛星，為可擴展的微型星座奠定了基礎，並推出了新一代堅固耐用的兩用技術。精益營運使我們能夠以更低的固定成本運營，提供有競爭力的價格，並爭取那些可能被大型企業忽略的具有戰略價值的合約。

As we continue to build 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 2026. The path forward is ambitious, but it's the right path for unlocking sustainable growth. Our all-domain multi-revenue model enables us to adapt quickly, serve diverse customers and scale with demand.

隨著我們不斷累積有意義的發展勢頭，並為未來奠定更堅實的基礎，我們加強了資產負債表，推出了Orlaith和Fortis VPX等高潛力新平台，並已準備好在2026年實現多元化收入。前進的道路充滿挑戰，但卻是開啟可持續成長的正確道路。我們全領域多收入模式使我們能夠快速適應，服務多樣化的客戶，並隨著需求的增長而擴展。

And now I'd like to address some of the questions we received. The first one is, how should we think about the commercialization time line for Fortis VPX?

現在我想回答一些我們收到的問題。第一個問題是，我們應該如何看待 Fortis VPX 的商業化時程？

While our first 3 VPX products remain on track for release to production in January 2026, we expect customer integrations and revenue contributions to begin shortly thereafter. Interest in the Fortis product line spans from defense, aerospace, robotics and autonomous systems.

雖然我們的前 3 款 VPX 產品仍按計劃於 2026 年 1 月投入生產，但我們預計客戶整合和收入貢獻將在此之後不久開始。Fortis 產品線吸引了來自國防、航空航太、機器人和自主系統等領域的關注。

Second question, can you update us on commissioning time line for LS-3? And how additional satellites change your revenue model?

第二個問題，能否告知我們LS-3的調試時間表？增加衛星會如何改變你們的收入模式？

The LS-3 commissioning is progressing well because there are multiple payloads and sensors along with our integration of updated and enhanced software, it isn't a quick process. But our satellites have a five-year design life, and we're manufactured with that time line in mind. The additional satellites in production, currently LS-4 and LS-5 expand hosted payload capability, data availability and on-orbit AI throughout.

LS-3 的調試工作進展順利，因為其中包含多個有效載荷和感測器，我們還整合了更新和增強的軟體，所以這不是一個快速的過程。但是我們的衛星設計壽命為五年，我們在製造過程中也考慮了這個時間節點。目前正在生產的附加衛星 LS-4 和 LS-5 將擴展承載有效載荷能力、數據可用性和在軌人工智慧。

We've improved the data rates and we've added software-defined subsystems as well. And because of the nature of the software-defined imagers, we expect increasing data contributions from more industries and customer missions from LS-4 and LS-5.

我們提高了資料傳輸速率，也增加了軟體定義子系統。由於軟體定義成像儀的特性，我們預計 LS-4 和 LS-5 將為更多產業和客戶任務提供越來越多的資料貢獻。

Next, are customers already evaluating Fortis VPX or FeatherEdge?

其次，客戶是否已經在評估 Fortis VPX 或 FeatherEdge？

Yes. We have active early access programs with both government and commercial customers for our proven FeatherEdge platform. And several have already begun transitioning toward multiyear hardware agreements. And we've also received positive market feedback in response to our conceptual introduction of Fortis VPX.

是的。我們針對政府和商業客戶開展了積極的早期訪問計劃，推廣我們成熟的 FeatherEdge 平台。其中一些公司已經開始向多年硬體協議過渡。此外，我們對 Fortis VPX 概念的推出也收到了正面的市場回饋。

What does your geographic revenue mix look like going forward?

未來貴公司在不同地區的收入結構將如何改變？

Well, we see strong momentum internationally, especially among allies seeking sovereign US origin multi-domain capabilities. Within the US, greater budget clarity is helping stabilize and improve program time lines, which we view as an upside.

我們看到國際勢頭強勁，尤其是在尋求美國自主多域作戰能力的盟友中。在美國，預算透明度的提高有助於穩定和改善專案進度，我們認為這是一個利好因素。

Next question, how should we think about backlog composition?

下一個問題，我們該如何考慮待辦事項的組成？

Our backlog is increasingly being driven by VPX SOSA hardware, engineering services and LizzieSat integrations. These are multiyear high visibility contracts with strong alignment to defense modernization priorities.

我們的積壓訂單越來越多來自 VPX SOSA 硬體、工程服務和 LizzieSat 整合。這些都是多年期、備受矚目的合同，與國防現代化優先事項高度契合。

How does the recent capital raise position the company?

最近這輪融資對公司目前的市場地位有何影響？

The recent capital raise funds a significant portion of our near-term product commercialization, LizzieSat scaling and AI development. The capital is intended to accelerate innovation and then fund growth.

最近的融資為我們近期產品商業化、LizzieSat 規模化和人工智慧開發提供了相當一部分資金。這筆資金旨在加速創新，然後為成長提供資金。

And a popular question is, can you expand on alignment with the DoD's Golden Dome vision?

還有一個很受歡迎的問題是，您能否詳細闡述與美國國防部「金頂」願景的一致性？

So the DoD Golden Dome vision centers on creating a resilient distributed multilayered sensing and communications architecture that spans all domains: air, land, sea, space and cyber. We believe Sidus' technology road map aligns directly with that need. Our strength in autonomy, rapid deployment, ruggedized edge computing and multi-mission sensing allow us to deliver space-based nodes that are capable of operating as part of a larger adaptive defense network.

因此，美國國防部金色圓頂的願景是創建一個具有彈性的分散式多層感知和通訊架構，涵蓋所有領域：空中、陸地、海洋、太空和網路空間。我們相信 Sidus 的技術路線圖與此需求完全契合。我們在自主性、快速部署、加強型邊緣運算和多任務感測方面的優勢，使我們能夠提供能夠在更大的自適應防禦網路中運行的天基節點。

We also believe that our LizzieSat platform's ability to host multiple sensors process data at the edge and push actionable intelligence to users in real time, makes it ideally suited for Golden Dome style architectures that value speed, survivability and interoperability. As the department moves toward more proliferated and software-defined systems, we see increasing opportunity for Sidus across both unclassified demonstrations and classified programs that require adaptable, resilient and rapidly upgradable satellites.

我們還認為，我們的 LizzieSat 平台能夠承載多個感測器，在邊緣處理數據，並將可操作的情報即時推送給用戶，這使其非常適合重視速度、生存能力和互通性的 Golden Dome 式架構。隨著該部門向更普及和軟體定義的系統發展，我們看到 Sidus 在非機密演示和需要適應性強、彈性好、可快速升級的衛星的機密項目中都擁有了越來越多的機會。

And lastly, what is the potential market for your lunar-capable Lizzie lunar platform?

最後，你們的具備登月能力的 Lizzie 月球平台的潛在市場是什麼？

NASA, commercial lunar initiatives and allied nations are all expanding lunar exploration and infrastructure programs. There are very few US companies that could provide smaller, cost-effective lunar buses, and we believe our early-mover position creates a strategic opportunity. And as we've already demonstrated, we have been selected to build lunar satellites for commercial customers.

美國國家航空暨太空總署（NASA）、商業月球計畫和盟國都在擴大月球探索和基礎設施建設計畫。能夠提供更小巧、更經濟實惠的月球巴士的美國公司寥寥無幾，我們相信，我們先發優勢創造了戰略機會。正如我們已經證明的那樣，我們已被選中為商業客戶建造月球衛星。

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

在此，我要感謝我們的員工、合作夥伴和股東們一直以來的信任與支持。我們期待在未來幾個月取得顯著進展。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。請斷開您的線路，祝您有美好的一天。