Sidus Space Inc (SIDU) 2025 Q4 法說會逐字稿

Good evening and welcome to the Sidus Space fourth-quarter and full-year 2025 financial results conference call. (Operator Instructions)

各位晚安，歡迎參加 Sidus Space 2025 年第四季暨全年財務業績電話會議。(接線員指示)

Please note this event is being recorded. I would now like to turn the conference over to Adarsh Parekh, Chief Financial Officer. Please go ahead.

請注意，本活動將被錄音。現在我想把會議交給財務長 Adarsh Parekh。請開始。

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

各位晚安，感謝各位參加 Sidus Space 2025 年第四季暨全年財報電話會議。今天與會的公司代表包括董事長兼執行長 Carol Craig，以及我本人財務長 Adarsh Parekh。

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. These factors include our ability to estimate operational expenses and liquidity needs, customer demand, supply chain delays, including launch providers, and extended sales cycles. 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 MD&A of financial conditions and results of operations within Sidus' full year 2025 10-K.

在今天的電話會議中，我們可能會做出若干前瞻性陳述。這些陳述係基於我們對於未來業務、經濟及其他事件的當前預期，因此存在風險與不確定性。多項因素可能導致實際結果與本次電話會議中的前瞻性陳述出現重大差異。這些因素包括我們估算營運費用與流動性需求的能力、客戶需求、供應鏈延遲（包括發射服務提供商）以及延長的銷售週期。我們也預期將討論某些依適用之美國證券交易委員會（SEC）規則與法規所定義的非 GAAP 財務衡量指標與資訊。與公司 GAAP 指標的調節表載於 Sidus 2025 全年 10-K 中「管理階層對財務狀況及營運結果之討論與分析（MD&A）」部分。

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.siduspace.com.

如需更多關於這些風險與不確定性的資訊，請參閱公司向美國證券交易委員會提交之文件中的風險因素，相關文件可於我們網站 www.siduspace.com 查閱。

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.

提醒聽眾勿對前瞻性陳述過度依賴；公司亦明確聲明，對於在本次電話會議中可能討論之任何前瞻性陳述，不承擔更新義務。

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

此刻，我想把電話會議交給 Carol。Carol，請開始。

Thank you, Adarsh. Good evening, everyone, and thank you for joining us. I want to start by saying that 2025 was a productive year for Sidus, and I'm proud of the progress our team has made as we translate several years of development into operational capabilities supporting both space and defense missions across multiple domains.

謝謝你，Adarsh。各位晚安，感謝各位加入我們。我想先說，2025 年對 Sidus 而言是富有成果的一年；我為團隊所取得的進展感到自豪，我們正把多年研發成果轉化為可支援多領域之太空與國防任務的營運能力。

For those who may be new to our story, Sidus was built with a clear mission to deliver end-to-end space and defense solutions, integrating satellite design, manufacturing, and on-orbit operations with advanced computing and data capabilities.

對於可能剛認識我們的朋友，Sidus 的成立有著明確使命：提供端到端的太空與國防解決方案，將衛星設計、製造與在軌運營，與先進運算與資料能力整合在一起。

Over the past several years, we've made deliberate investments in our technology, infrastructure, and talent to support that mission, and we're now seeing those efforts materialize into tangible, mission-ready capabilities. As a result, today's Sidus is a proven, US-based, vertically integrated space and defense technology company delivering end-to-end satellite infrastructure, space and defense-grade hardware, and AI-enabled data platforms.

過去幾年，我們在技術、基礎設施與人才方面進行了有計畫的投資以支援該使命，而我們現在正看到這些努力具體落地為可執行任務的實質能力。因此，如今的 Sidus 已是一家經驗證的美國本土、垂直整合的太空與國防科技公司，提供端到端衛星基礎設施、太空與國防等級硬體，以及 AI 賦能的資料平台。

Over the past four years, since we became a public company through a traditional IPO rather than a SPAC, the landscape has evolved considerably. At that time, our objective was clear: to transition from a predominantly government-focused contract manufacturing business into a diversified space and defense technology company positioned to capitalize on the rapidly expanding commercial space ecosystem while developing capabilities that support both commercial and defense missions.

在過去四年中，自我們透過傳統 IPO 而非 SPAC 成為上市公司以來，產業格局已大幅演變。當時，我們的目標很明確：從以政府導向的合約製造業務為主，轉型為多元化的太空與國防科技公司；在快速擴張的商業太空生態系中把握機會，同時發展可同時支援商業與國防任務的能力。

Since then, the geopolitical environment has shifted meaningfully, underscoring the growing importance of space as a national security domain. At the same time, as a smaller company operating with disciplined resources, we have remained focused on advancing differentiated, high-performance technologies and integrated capabilities that few others are able to deliver.

自那時起，地緣政治環境出現顯著變化，凸顯太空作為國家安全領域的重要性日益提升。同時，作為一家以嚴謹資源紀律運作的較小型公司，我們始終專注於推進具差異化的高效能技術與整合能力，而能夠提供這些能力的同業寥寥可數。

Our vision is to be a leading innovator and provider of space and defense technologies, infrastructure, and actionable insights, and our mission is to deliver cost-effective solutions that enable multi-domain operations through agility and vertically integrated capabilities. This strategy is not theoretical. The strongest validation of our technology is not what we say, but what our systems are doing operationally. With multiple satellites on orbit, Sidus is moving into a new phase, where the focus shifts from proving technical capability to executing and operating mission-ready platforms for customers.

我們的願景是成為太空與國防技術、基礎設施與可行動洞察的領先創新者與供應商；我們的使命是以敏捷性與垂直整合能力，提供具成本效益的解決方案，以支援多領域作戰。這項策略並非紙上談兵。對我們技術最有力的驗證，不在於我們怎麼說，而在於我們的系統在營運上正在做什麼。隨著多顆衛星在軌運行，Sidus 正邁入新階段，重點將從證明技術能力轉向為客戶執行並運營可投入任務的平台。

We launched three LizzieSat satellites between March 2024 and March 2025, each building upon the last and demonstrating increasing capability across design, operations, and mission performance. Together, these missions validate our platform, strengthen our credibility, and support our transition into the next phase of commercialization.

我們在 2024 年 3 月至 2025 年 3 月期間發射了三顆 LizzieSat 衛星，每一顆都在前一顆的基礎上精進，並在設計、運營與任務表現方面展現日益提升的能力。這些任務共同驗證了我們的平台、強化了我們的可信度，並支援我們邁向下一階段的商業化轉型。

An important part of our strategy is that our satellites are company-owned and company-funded, with multiple customers contributing revenue before and after launch. Unlike others that may depend primarily on government contracts to finance and build their satellites, we made a deliberate decision to create a Sidus-owned platform, including the underlying intellectual property that can support commercial, civil space, and defense customers on a single satellite. This dual-use, multi-mission model creates diversified revenue streams, broadens customer opportunities, and supports a more resilient business model in an increasingly dynamic geopolitical environment.

我們策略中的一個重要部分是：衛星由公司自有並由公司出資，且在發射前後都有多位客戶貢獻營收。不同於某些同業可能主要依賴政府合約來籌資並建造其衛星，我們做出有意識的決策，打造 Sidus 自有的平台，包括可在單一衛星上同時支援商業、民用太空與國防客戶的底層智慧財產。這種軍民兩用、多任務的模式可創造多元化的營收來源、擴大客戶機會，並在日益動態的地緣政治環境中支撐更具韌性的商業模式。

Another important differentiator is that we intentionally designed our satellites to serve as both development and production platforms. From the beginning, our goal was to build a robust, redundant satellite architecture capable of testing and maturing technologies while simultaneously supporting customer missions, beginning with the very first spacecraft. LizzieSat-1 successfully launched and established communications, enabling us to test our bus structure, radios, and other internal payloads.

另一項重要差異化因素是：我們刻意將衛星設計為同時可作為研發與量產平台。從一開始，我們的目標就是打造具備強健性與冗餘設計的衛星架構，能在支援客戶任務的同時，測試並成熟化各項技術，且從第一艘太空器就開始。LizzieSat-1 成功發射並建立通訊，使我們得以測試衛星平台結構、無線電與其他內部酬載。

We also successfully executed the requirements for a NASA mission, which led to a follow-on contract for additional support on LizzieSat-1. And equally important, LizzieSat-1 enabled full commissioning of our Mission Control Center, marking a shift from development infrastructure to active mission operations. LizzieSat-1 completed its mission, and we are therefore beginning the process of dispositioning. However, we will continue to track our location for situational awareness and orbital monitoring.

我們也成功完成一項 NASA 任務的需求，並因此獲得後續合約，為 LizzieSat-1 提供額外支援。同樣重要的是，LizzieSat-1 使我們的任務控制中心得以完成全面啟用，標誌著我們從研發基礎設施轉向主動任務運營。LizzieSat-1 已完成其任務，因此我們正開始進行處置流程。然而，我們將持續追蹤其位置，以維持態勢感知與軌道監測。

LizzieSat-2 was launched in an equatorial inclination and remains in the commissioning phase. We continue to receive signals from the satellite while working toward establishing consistent and regular communication passes as part of the normal commissioning process. The equatorial inclination was intentional, with the goal to test and strengthen our ability to operate satellites across very different orbital environments.

LizzieSat-2 以赤道傾角發射，目前仍處於在軌測試（commissioning）階段。我們持續接收衛星訊號，同時依照正常在軌測試流程，努力建立穩定且規律的通訊通過（passes）。選擇赤道傾角是刻意為之，目標是測試並強化我們在截然不同軌道環境下運營衛星的能力。

Equatorial satellite commissioning is more challenging than polar due to the limited ground station access, resulting in fewer communication windows and longer timelines. The reason we chose an equatorial orbit was for its long-term advantages, enabling repeated coverage of high-value regions near the equator with fewer satellites.

相較於極軌，赤道衛星的在軌測試更具挑戰，因地面站可用性有限，導致通訊視窗較少且時程更長。我們選擇赤道軌道的原因在於其長期優勢：以較少的衛星即可對赤道附近的高價值區域提供重複覆蓋。

Lastly, LizzieSat-3 has completed full bus level commissioning, including successful validation of a new autonomous guidance navigation and control software, achieving pointing accuracy of less than 30 arcseconds. With commissioning complete, LizzieSat-3 is now supporting recurring customer payload operations, including near real-time maritime data through its AIS sensor and on-orbit imaging through HEO-USA's non-Earth imaging camera payload.

最後，LizzieSat-3 已完成完整的衛星匯流排（bus）層級調試（commissioning），包括成功驗證一套新的自主導引、導航與控制（GNC）軟體，達成小於 30 角秒的指向精度。隨著調試完成，LizzieSat-3 現正支援客戶酬載的例行運作，包括透過其 AIS 感測器提供近即時海事資料，以及透過 HEO-USA 的非地球成像相機酬載進行在軌成像。

Taken together, these capabilities reflect a deliberate evolution in Sidus's role. We are increasingly expanding from discrete mission delivery toward operating integrated platforms that support sustained multi-domain operations for customers. Building on this operational foundation, we continue to advance our onboard computing and AI capabilities through our Fortis VPX platform, including a so-so-aligned single-board computer and a P&T card designed for GPS-denied environments.

綜合而言，這些能力反映了 Sidus 角色的刻意演進。我們正日益從單次任務交付，擴展到營運整合式平台，以支援客戶持續性的多領域作業。在此營運基礎上，我們持續透過 Fortis VPX 平台推進機載運算與 AI 能力，包括一款與 SOSO 對齊的單板電腦，以及一張為 GPS 受限（GPS-denied）環境設計的 P&T 卡。

Fortis is a ruggedized modular computing system developed to perform data processing in challenging and constrained environments from seafloor to space. By integrating Fortis with our software-defined satellite architecture and flight-proven AI capabilities, Sidus is enabling more data to be processed closer to where it's collected. This reduces reliance on centralized ground infrastructure, improves responsiveness, and supports mission execution in environments where bandwidth, latency, and connectivity may be limited. This effort reflects our broader focus on developing practical, deployable technologies that align with both defense and commercial needs.

Fortis 是一套強固化（ruggedized）的模組化運算系統，旨在從海床到太空等具挑戰且受限的環境中執行資料處理。透過將 Fortis 與我們的軟體定義衛星架構及經飛行驗證的 AI 能力整合，Sidus 正使更多資料能在更接近其蒐集位置處完成處理。這可降低對集中式地面基礎設施的依賴、提升反應速度，並支援在頻寬、延遲與連線可能受限的環境中執行任務。此項工作反映我們更廣泛的重點：開發務實、可部署且同時符合國防與商業需求的技術。

In parallel, we're working with commercial customers and defense prime contractors, along with systems integrators, to evaluate Fortis VPX for operational use cases, including satellite payload processing, unmanned systems, and ground-based computing deployed at operational sites. Our focus is converting these evaluations into long-term programs and support agreements that can drive scalable and predictable revenue as mission needs expand.

同時，我們正與商業客戶、國防主承包商（prime contractors）以及系統整合商合作，評估 Fortis VPX 在營運情境中的使用案例，包括衛星酬載處理、無人系統，以及部署於作業據點的地面運算。我們的重點是將這些評估轉化為長期計畫與支援協議，隨著任務需求擴大，帶動可擴展且可預測的營收。

The continued growth in government spending across defense and space supports demand for our capabilities, and a key focus area for us is our recent award under the MDA's 10-year SHIELD IDIQ contract. Our work over the past several years has positioned us to participate in programs of this scale and complexity.

政府在國防與太空領域支出的持續成長支撐了對我們能力的需求，而我們的一個關鍵聚焦領域，是近期在 MDA 為期 10 年的 SHIELD IDIQ 合約下所獲得的授標。我們過去數年的工作，使我們具備參與此等規模與複雜度計畫的定位。

The SHIELD program is part of the broader Golden Dome Missile Defense Strategy, which is focused on developing more resilient layered protection across air, missile, space, cyber, and other operational domains. The contract vehicle is designed to enable faster delivery of capabilities by incorporating approaches such as digital engineering, open systems architectures, and where appropriate, AI and machine learning. For Sidus, this award provides its access to a flexible procurement pathway aligned with evolving defense requirements, and it reflects the increasing emphasis on collaboration across primes, emerging companies, and research institutions.

SHIELD 計畫是更廣泛的「Golden Dome」飛彈防禦策略的一部分，該策略著重於在空中、飛彈、太空、網路與其他作戰領域建立更具韌性的分層防護。此合約載具旨在透過納入數位工程、開放式系統架構，以及在適當情況下導入 AI 與機器學習等方法，加速能力交付。對 Sidus 而言，此次授標使我們得以進入一條與不斷演進的國防需求相一致的彈性採購途徑，並反映出在主承包商、新興公司與研究機構之間協作的重要性日益提高。

Our defense strategy is aligned with these types of large-scale programs. We're focused on areas where our capabilities in satellite platforms, onboard processing, and modular compute systems can contribute to applications such as persistent sensing and real-time data processing. Our vertically integrated model allows us to move from design through deployment in a more streamlined manner, which is increasingly important as timelines continue to compress.

我們的國防策略與這類大型計畫保持一致。我們聚焦於可由衛星平台、機載處理與模組化運算系統能力貢獻的領域，以支援如持續感測與即時資料處理等應用。我們的垂直整合模式使我們能以更精簡的方式從設計推進到部署；在時程持續壓縮之際，這點愈發重要。

Another strategic area of focus for us is Lunar. We view the Lunar economy as an emerging ecosystem rather than a single program, requiring scalable technologies and partners capable of moving quickly. Our approach is to align our capabilities with that direction, supporting both government and commercial missions as activity beyond Low Earth Orbit continues to expand.

另一個我們的策略重點領域是月球（Lunar）。我們將月球經濟視為一個新興生態系，而非單一計畫，這需要可擴展的技術與能快速行動的合作夥伴。我們的作法是使自身能力與此方向對齊，隨著低地球軌道（LEO）以外的活動持續擴張，同時支援政府與商業任務。

Expanding beyond LEO, we made progress across our Lunar and GEO initiative. We signed an agreement to integrate the Lonestar Commercial Pathfinder mission onto LizzieSat-5, completed the systems requirement review and mission kickoff with an initial milestone payment received, introduced LunarLizzie, our next-generation lunar spacecraft concept, and executed an MOU with a partner to support development of a GEO platform.

在拓展至 LEO 之外方面，我們在月球與地球同步軌道（GEO）倡議上取得進展。我們簽署協議，將 Lonestar Commercial Pathfinder 任務整合至 LizzieSat-5；完成系統需求審查與任務啟動，並已收到初始里程碑款；推出下一代月球太空船概念 LunarLizzie；並與合作夥伴簽署備忘錄（MOU），以支援 GEO 平台的開發。

Our Lunar strategy is aligned with broader national space priorities that emphasize speed, commercial partnership, and operational capability beyond LEO. Recent leadership perspectives, including those advanced by NASA Administrator, Jared Isaacman, reflect a shift toward a more commercially enabled and execution-focused approach to Lunar and deep space missions. This direction closely aligns with our approach to building scalable, commercially driven space and defense capabilities.

我們的月球策略與更廣泛的國家太空優先事項一致，該等優先事項強調速度、商業合作夥伴關係，以及 LEO 之外的作業能力。近期的領導觀點（包括 NASA 署長 Jared Isaacman 所倡議者）反映出月球與深太空任務正轉向更以商業賦能、並以執行為導向的方法。此一方向與我們打造可擴展、商業驅動之太空與國防能力的方法高度一致。

Our focus on vertically integrated satellite platforms, onboard computing, and adaptable software-defined systems positions us to support elements of the broader cislunar architecture, including communications, data relay, and mission-enabling infrastructure. This approach prioritizes leveraging commercial innovation, shortening development timelines, and building sustainable infrastructure through public-private partnerships, while maintaining a focus on operational readiness, repeatability, and cost efficiency over time.

我們對垂直整合衛星平台、機載運算與可調適的軟體定義系統的聚焦，使我們得以支援更廣泛的地月空間（cislunar）架構要素，包括通訊、資料中繼與任務使能基礎設施。此方法優先運用商業創新、縮短開發時程，並透過公私協力建立可持續的基礎設施，同時持續聚焦於作業就緒度、可重複性，以及長期的成本效率。

As we move into 2026, our strategy and focus are on accelerating commercialization and expanding in defense markets through our technology platforms, while reducing reliance on lower-margin contract manufacturing and prioritizing scalable, higher-margin products. Diversification remains central to our approach, and our company remains agile in a rapidly evolving industry.

展望 2026 年，我們的策略與重點是在降低對低毛利合約製造的依賴之同時，透過技術平台加速商業化並擴大國防市場布局，並優先發展可擴展、較高毛利的產品。多元化仍是我們方法的核心，而公司在快速演變的產業中仍保持敏捷。

While we have been intentional and disciplined in how we deploy capital, we have built a full technology stack spanning hardware, software, and data entirely through organic development, not acquisition. Unlike others that pursued multi-domain capabilities through large debt-financed acquisitions, we built these capabilities from the ground up, leveraging a decade and a half of heritage experience while maintaining a clean balance sheet and retaining full control over our intellectual property.

儘管我們在資本部署上一直保持有意識且嚴謹的紀律，我們仍透過完全的內生成長（organic development）而非併購，建立了涵蓋硬體、軟體與資料的完整技術堆疊。不同於其他透過大型、以負債融資的併購來追求多領域能力的公司，我們自下而上打造這些能力，運用長達十五年的傳承經驗，同時維持健全的資產負債表，並保有對智慧財產權的完全控制。

As defense priorities continue to shift toward integrated multi-domain operations, we intend to aggressively pursue programs aligned with these needs, including missile defense, space-based sensing, and resilient communications architectures. By combining our satellite platforms, onboard AI, and modular compute capabilities, Sidus is well-positioned to support next-generation defense missions and capture a larger share of this evolving market.

隨著國防優先事項持續轉向整合式多領域作戰，我們打算積極爭取與這些需求一致的計畫，包括飛彈防禦、太空基感測，以及具韌性的通訊架構。透過結合我們的衛星平台、機載 AI 與模組化運算能力，Sidus 已具備良好定位，可支援下一代國防任務並在此演進中的市場中取得更大份額。

One of the key advantages of the LizzieSat architecture is that it is software-defined, meaning capabilities are not fixed at launch. This allows the satellite to be updated, reconfigured, and enhanced through software while in orbit. Over the past year, we've demonstrated this by deploying autonomous navigation software and commissioning FeatherEdge 100i entirely on orbit, delivering capability upgrades to an operational asset without additional hardware or launch costs. This model allows us to extend mission utility and adapt to changing requirements over time, while maintaining a more efficient approach to capability upgrades.

LizzieSat 架構的一項關鍵優勢在於其為軟體定義（software-defined），亦即其能力不會在發射時就被固定。這使衛星能在軌期間透過軟體進行更新、重新配置與強化。過去一年，我們已透過部署自主導航軟體，並在完全在軌的情況下完成 FeatherEdge 100i 的調試來證明此點；在不增加任何硬體或發射成本的前提下，為一項正在運作的資產交付能力升級。此模式使我們能延長任務效用並隨時間適應需求變化，同時維持更高效率的能力升級方式。

As we look toward the next evolution of AI infrastructure, including orbital and distributed data architectures, we see a logical extension of capabilities that we've already demonstrated. Our on-orbit experience with software-defined satellites, combined with proven onboard AI processing and edge computing hardware, provides a foundation for supporting data processing closer to where it's generated.

展望 AI 基礎設施的下一階段演進（包括軌道端與分散式資料架構），我們看到這是對我們已展示能力的合理延伸。我們在軟體定義衛星方面的在軌經驗，結合經驗證的機載 AI 處理與邊緣運算硬體，為支援更接近資料生成處的資料處理奠定基礎。

Recent announcements from NVIDIA and others point to a broader shift toward deploying high-performance compute beyond traditional data centers, including in space. This direction is consistent with how we've designed our systems, integrating software-defined platforms, reconfigurable payloads, and onboard processing to enable real-time data handling. This reduces reliance on ground infrastructure and increases operational flexibility.

NVIDIA 等公司近期的公告指出，產業正更廣泛地轉向將高效能運算部署至傳統資料中心之外的場域，包括太空。此一方向與我們的系統設計一致：整合軟體定義平台、可重構酬載與機載處理，以實現即時資料處理。這可降低對地面基礎設施的依賴，並提升作業彈性。

Our VPX-based computing systems, along with our proven AI hardware and software, position us to support elements of this distributed model across both space and terrestrial environments. These systems are designed to operate in constrained and contested environments, which is increasingly relevant as data processing moves closer to the edge. From a broader perspective, our vertically integrated approach, spanning satellite platforms, onboard compute, mission operations, allows us to participate in multiple layers of this emerging ecosystem.

我們以 VPX 為基礎的運算系統，結合我們經驗證的 AI 硬體與軟體，使我們具備能力在太空與地面環境中，支援此分散式模型的各個要素。這些系統旨在受限且具對抗性的環境中運作；隨著資料處理日益向邊緣端靠近，其相關性也愈發提高。從更宏觀的角度來看，我們的垂直整合策略涵蓋衛星平台、星上運算與任務營運，使我們能夠參與此新興生態系的多個層級。

As investment in the next-generation AI infrastructure continues to grow, particularly in defense and national security applications. We are aligning our technology roadmap with areas where that resilience, autonomy, and real-time decision-making are required.

隨著對下一代 AI 基礎設施的投資持續成長，尤其是在國防與國家安全應用方面。我們正將技術路線圖與需要韌性、自主性與即時決策能力的領域對齊。

We've strengthened and refocused our sales organization to prioritize high-value opportunities across both commercial and defense markets, with an emphasis on programs that align with our core technology platforms and offer the potential for longer-term repeatable revenue. As a result, we're actively engaged with both commercial and Department of Defense customers to address growing demand for cost-efficient, rapidly deployed satellite platform supporting communications, imagery and intelligence missions.

我們已強化並重新聚焦銷售組織，以優先推進商業與國防市場中的高價值機會，並著重於與我們核心技術平台一致、且具備較長期可重複收入潛力的專案。因此，我們正積極與商業客戶及美國國防部客戶合作，以因應對具成本效益、可快速部署之衛星平台的日益需求，用於支援通訊、影像與情報任務。

In parallel, we continue to advance our next-generation satellite builds, including LizzieSat-4 and LizzieSat-5. LizzieSat-4 and LizzieSat-5 are being developed as a software-defined platform, incorporating capabilities such as laser comm and software-defined hyperspectral imaging. This architecture is designed to provide customers, including international partners such as The Netherlands Organization, or TNO, with the ability to adapt mission requirements on orbit.

同時，我們持續推進下一代衛星建造，包括 LizzieSat-4 與 LizzieSat-5。LizzieSat-4 與 LizzieSat-5 正以軟體定義平台的形式開發，納入雷射通訊（laser comm）與軟體定義高光譜成像等能力。此架構旨在讓客戶（包括荷蘭應用科學研究組織 The Netherlands Organization，或 TNO 等國際合作夥伴）具備在軌道上調整任務需求的能力。

This flexibility allows for adjustments to sensing, data collection, and processing priorities over time, supporting both commercial and defense use cases as needs evolve. LizzieSat-4 also includes integration of the Lonestar payload, further expanding its mission profile.

此種彈性可讓感測、資料蒐集與處理優先順序隨時間調整，隨著需求演進，同時支援商業與國防用途。LizzieSat-4 亦整合 Lonestar 酬載，進一步擴展其任務範疇。

Our Mission Control Center, now in its third year of full 24/7 operations, continues to support satellite operations, selection management, and data distribution from both our own fleet and third-party customers, reinforcing our ability to deliver end-to-end mission support. We also entered into a strategic collaboration with Simera Sense to advance AI-enabled hyperspectral imaging focused on enabling near real-time intelligence-driven Earth observation and situational awareness capabilities. To support these initiatives, we executed capital raises to fund key technology development, including our dual-use Fortis VPX product line, while also identifying operational efficiencies to reduce SG&A and maintain cost discipline as we scale.

我們的任務控制中心目前已進入全年無休 24/7 全面運作的第三年，持續支援衛星營運、選擇管理（selection management）與資料分發，涵蓋我們自有星座與第三方客戶，強化我們提供端到端任務支援的能力。我們也與 Simera Sense 展開策略合作，推進 AI 賦能的高光譜成像，聚焦於實現近乎即時、以情報驅動的地球觀測與態勢感知能力。為支援這些計畫，我們進行資本募集以資助關鍵技術開發，包括我們的軍民兩用 Fortis VPX 產品線；同時也辨識營運效率以降低 SG&A，並在擴張過程中維持成本紀律。

As we move forward, this operational transition informs how we think about scalability, margin durability and capital efficiency. Now Adarsh will walk through how this shift toward owned and operated platforms is reflected in our financial results and outlook.

展望未來，這項營運轉型將影響我們對可擴展性、毛利韌性與資本效率的思考方式。接下來 Adarsh 將說明，轉向自有並營運的平台如何反映在我們的財務結果與展望之中。

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 fleet, advancing innovation, and implementing a robust ERP system to support scale and profitability.

謝謝你，Carol。在 Sidus，我們持續打造一家可擴展、跨太空、科技與人工智慧的垂直整合公司。我們仍聚焦於營運卓越、快速創新，並為客戶提供具成本效益且高影響力的解決方案。迄今為止，我們的投資重點在於擴充衛星機隊、推進創新，以及導入強健的 ERP 系統以支援規模化與獲利能力。

Momentum from 2024 carried through full-year 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 年的動能延續至 2025 全年，反映我們正轉向軍民兩用、多領域產品的商業化。以及擴張深科技太空企業在短期內對財務所帶來的影響。

During 2025, we continued our progress in establishing Sidus space as an innovative space and defense technology company. 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.

在 2025 年期間，我們持續推進將 Sidus Space 建立為創新太空與國防科技公司的進展。我們深厚的太空與國防傳承，使我們能把握多個產業領域的機會，同時聚焦商業太空創新與國家防務優先事項。

Let's review our results for the year ended December 31, 2025. Total revenue for the full year 2025 was approximately $3.4 million, compared to $4.7 million in full year 2024. While this reflects a decrease of about $1.3 million or 28%, 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 future periods. The impact of milestone-based revenue recognition also influenced year-over-year performance and comparison.

讓我們回顧截至 2025 年 12 月 31 日止年度的業績。2025 全年總營收約為 340 萬美元，較 2024 全年 470 萬美元為低。雖然這反映約 130 萬美元或 28% 的下降，但此變動與我們的策略性轉型一致：從傳統合約工作轉向更高價值的商業太空與 AI 驅動解決方案。此一重新定位是有意為之，並預期在未來期間帶來更可持續的經常性收入。以里程碑為基礎的收入認列影響，也左右了年度間的表現與比較。

Cost of revenue was approximately $9.1 million, a 48% increase from $6.1 million in full year 2024. Key contributors included a $2.1 million increase in depreciation tied to satellite and software investments, reflecting the first full year of LizzieSat operations, a changing contract mix requiring greater material and labor inputs, ongoing global supply chain pressures impacting manufacturing operations.

營收成本約為 910 萬美元，較 2024 全年 610 萬美元增加 48%。主要因素包括：與衛星及軟體投資相關的折舊增加 210 萬美元（反映 LizzieSat 營運的第一個完整年度）、合約組合變化導致需要更多材料與人力投入，以及持續的全球供應鏈壓力對製造營運造成影響。

Gross loss for the year was approximately $5.7 million, compared to a loss of about $1.5 million in full year 2024. This increased gross loss 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 periods.

本年度毛損約為 570 萬美元，較 2024 全年約 150 萬美元的毛損擴大。毛損增加反映：折舊增加（屬非現金項目，且直接與近期投資相關，這些投資使我們得以在未來創造收入）、在我們聚焦長期加值產品之際逐步退出傳統高毛利合約，以及合約結構的轉變（預期在未來期間帶來更高回報）。

When adding back depreciation, including in cost of revenue, gross loss for the year was approximately $1.7 million, compared to a profit of approximately $453,000 in full year 2024. Selling, general, and administrative expenses totaled $22.3 million, compared to $14.2 million in the prior year. This $8.1 million increase supported key growth initiatives, including strategic headcount additions to support scale and expanded employee benefits to remain competitive, equity-based compensation and performance-based bonuses initiated during 2025, increased mission operations expenses to support our growing satellite fleet, infastructure investments and software tools, and it was also -- it also included a $4.5 million impairment of LS-1 and related assets, as well as depreciation expenses and severance costs, as described further in the notes to the consolidated financial statements.

若加回折舊（包含列於營收成本中的折舊），本年度毛損約為 170 萬美元，較 2024 全年約 45.3 萬美元的毛利為低。銷售、一般及行政費用（SG&A）合計 2,230 萬美元，較前一年度 1,420 萬美元增加。此 810 萬美元的增加用於支援關鍵成長計畫，包括：為支援規模化而策略性增聘人力、擴大員工福利以維持競爭力、於 2025 年啟動的股權基礎薪酬與績效獎金、為支援不斷擴大的衛星機隊而增加的任務營運費用、基礎設施投資與軟體工具；此外亦—亦包含 LS-1 及相關資產 450 萬美元的減損，以及折舊費用與資遣成本，詳情如合併財務報表附註所述。

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 full year 2025 was $17.3 million compared to $12.9 million in full year 2024, reflecting ongoing investment in scaling our platform. The reconciliation table, including interest depreciation, fundraising, severance, equity-related expenses and impairments is included in our annual report on Form 10-K.

為提供更全面的績效視角，我們亦揭露調整後 EBITDA，這是一項我們內部用於指導策略決策的非 GAAP 指標。2025 全年調整後 EBITDA 虧損為 1,730 萬美元，較 2024 全年 1,290 萬美元的虧損增加，反映我們持續投資以擴大平台規模。調節表（包含利息、折舊、募資、資遣、股權相關費用與減損）已載於我們的 Form 10-K 年度報告中。

Net loss for the year was $29.5 million, compared to $17.5 million in full-year 2024. This increase is primarily tied to strategic investments in infrastructure, personnel, and operational capacity, the $4.5 million LS-1 impairment charge, and non-cash depreciation related to our expanding satellite fleet.

本年度淨損為 2,950 萬美元，較 2024 全年 1,750 萬美元的淨損增加。此增加主要與對基礎設施、人員與營運產能的策略性投資、450 萬美元的 LS-1 減損費用，以及與我們擴張中的衛星機隊相關的非現金折舊有關。

Turning to the balance sheet, as of December 31, 2025, Sidus had $43.2 million in cash, compared to $15.7 million as of December 31, 2024. During 2025, we completed multiple capital raises, totaling approximately $53.3 million in net proceeds from the issuance of approximately 47.1 million shares of Class A common stock. Notably, we enter 2026 with no outstanding term debt, a meaningful distinction in an industry where many peers continue to carry substantial debt obligations and the associated interest burden.

轉向資產負債表，截至2025年12月31日，Sidus持有4,320萬美元現金，相較於2024年12月31日的1,570萬美元。在2025年期間，我們完成多次募資，透過發行約4,710萬股A類普通股，合計取得約5,330萬美元的淨募資款。值得注意的是，我們在進入2026年時沒有任何未償還的定期債務；在許多同業仍背負可觀債務義務及相關利息負擔的產業中，這是一項重要差異。

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. During 2025, we implemented meaningful cost reduction activities and operating efficiencies to support long-term profitability, and we remain focused on driving sustainable growth in the year ahead.

展望未來，我們將持續以保守方式管理現金，同時對下一代衛星建造與高成長產品線進行策略性投資。在2025年，我們推動具實質成效的成本削減措施與營運效率提升，以支持長期獲利能力，並將持續專注於在未來一年推動可持續的成長。

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

有了上述財務背景，我將把電話會議交回Carol作結語。

Thank you, Adarsh. Before I close, I want to address a couple of questions we've received from investors and analysts, particularly related to our stock performance. We recognize the concern, and we view recent movement as the result of broader market conditions, volatility across small-cap and space technology sectors, and the timing of revenue as we transition the business. We've seen similar patterns across our peer group, particularly among companies moving from development into commercialization.

謝謝你，Adarsh。在我結束之前，我想回應我們從投資人與分析師收到的幾個問題，特別是與我們的股價表現相關的問題。我們理解這些疑慮，並認為近期的波動是更廣泛的市場環境、小型股與太空科技產業的波動性，以及我們在業務轉型過程中收入認列時點所共同造成的結果。我們在同業群中也看到類似的型態，尤其是那些正從研發階段邁向商業化的公司。

From our perspective, the priority remains execution. We are focused on advancing a more scalable, product and platform-driven model, anchored by our Lizzie satellite fleet, software-defined capabilities, and Fortis VPX command and data handling systems. At the same time, we have strengthened our sales organization and are prioritizing opportunities that align with larger programs, including defense initiatives like MDA SHIELD, as well as commercial applications.

就我們的角度而言，優先事項仍是落實執行。我們專注於推進更具可擴展性的產品與平台驅動模式，以Lizzie衛星星隊、軟體定義能力，以及Fortis VPX指揮與資料處理系統為核心。同時，我們也強化了銷售組織，並優先聚焦於與更大型專案相契合的機會，包括像MDA SHIELD這類國防計畫，以及商業應用。

We're also maintaining a disciplined approach to capital allocation and cost structure as we move through this transition. Ultimately, our objective is to build a more durable business with higher-margin, repeatable revenue streams. As we continue to execute, demonstrate capability in orbit, and convert pipeline into contracted programs, we believe that progress will be reflected over time.

在推進此一轉型的同時，我們也維持對資本配置與成本結構的紀律性作法。最終，我們的目標是打造更具韌性的企業，擁有更高毛利、可重複的收入來源。隨著我們持續落實執行、在軌道上展現能力，並將商機管線轉化為已簽約的專案，我們相信這些進展將隨時間反映出來。

As we move forward, we remain focused on execution, cost discipline, and innovation, and we are advancing with greater confidence than at any point in our history. Revenue in the period was impacted by the timing of legacy program completion and our transition toward product and platform-driven revenue streams, while maintaining a disciplined focus on the programs that offer the greatest long-term value.

展望未來，我們仍專注於落實執行、成本紀律與創新，並以公司史上任何時點都更高的信心持續前進。本期營收受到既有（legacy）專案完成時點以及我們轉向產品與平台驅動收入來源的轉型影響；同時，我們仍以紀律性方式聚焦於能提供最大長期價值的專案。

Operating in a highly competitive industry while using significantly less capital than many peer companies presents both constraints and advantages. Remaining lean requires disciplined prioritization and difficult trade-offs, but it also drives technical focus, speed of execution, and operational accountability. Sidus has intentionally avoided the excesses that characterize many space SPAC-era entrants, choosing instead a staged capital approach tied to milestone completion rather than speculative scaling.

在高度競爭的產業中運作，同時使用的資本顯著少於許多同業公司，既帶來限制也帶來優勢。維持精實需要有紀律的優先排序與艱難取捨，但也能促進技術聚焦、執行速度與營運問責。Sidus刻意避免許多太空SPAC時代新進者所呈現的過度擴張，而是選擇分階段的資本策略，將資金投入與里程碑完成掛鉤，而非投機式擴張。

At the end of 2025, to ensure uninterrupted execution and reduced structural risk, we took proactive steps to strengthen our balance sheet. The approximately $41 million raised at the end of December was not intended to fund indefinite operating losses, but to improve liquidity, reduce financing friction, evaluate more favorable debt structures, and lower our overall cost of capital as we enter the commercialization phase. This capital provides runway stability and optionality, allowing management to focus on execution rather than survival.

在2025年底，為確保執行不中斷並降低結構性風險，我們主動採取措施強化資產負債表。12月底募集的約4,100萬美元，並非用於無限期承擔營運虧損，而是為了提升流動性、降低融資摩擦、評估更有利的債務結構，並在進入商業化階段時降低整體資本成本。這筆資金提供了跑道穩定性與策略選擇空間，使管理團隊能專注於執行而非求生。

We fully acknowledge that equity financing creates dilution. That impact is real, and it is not dismissed. However, dilution must be evaluated relative to what it enables. Our objective is not continued reliance on equity markets, but the conversion of validated technology into repeatable revenue streams, margin expansion, and operating leverage.

我們完全承認股權融資會造成稀釋。這個影響是真實存在的，我們不會輕忽。然而，稀釋必須相對於其所能帶來的效益來評估。我們的目標不是持續依賴股權市場，而是將已驗證的技術轉化為可重複的收入來源、擴大毛利率，並提升營運槓桿。

Per share value is ultimately restored through execution, not commentary. Sidus has raised material less capital than many public peers while achieving milestones that include satellite launches, on-orbit operations, vertically integrated manufacturing, proprietary computing and AI architectures, and a growing patent portfolio. Importantly, we achieve these milestones through organic development alone, building, proving, and retaining ownership of every capability in our portfolio.

每股價值最終是透過執行而非評論來恢復。Sidus相較於許多上市同業募集的資本明顯更少，卻達成了包括衛星發射、在軌運作、垂直整合製造、自有運算與AI架構，以及持續擴大的專利組合等里程碑。重要的是，我們僅透過有機開發就達成這些里程碑，對產品組合中的每一項能力皆自行建置、驗證並保留所有權。

Looking ahead, management is focused on improving capital efficiency with each successive deployment and product cycle, reducing incremental capital required per platform, and accelerating the transition from bill to revenue as commercialization scales. These capabilities are now moving from demonstration into deployable products and services.

展望未來，管理團隊將專注於在每一次部署與產品週期中提升資本效率，降低每個平台所需的邊際資本投入，並在商業化規模擴大時加速從開立帳單到認列收入的轉換。這些能力如今正從示範階段邁向可部署的產品與服務。

So here are key areas to watch over the next 12 to 18 months. LS-4 and LS-5 are in production as software-defined satellites with advanced onboard AI processing and Fortis VPX, enabling on-orbit data processing, autonomy, and mission adaptability. The Fortis VPX platform is beginning customer deployment, marking a key step in commercializing ruggedized multi-domain compute solutions.

以下是未來12到18個月值得關注的重點領域。LS-4與LS-5正以軟體定義衛星的形式進行生產，搭載先進的星上AI處理與Fortis VPX，使其具備在軌資料處理、自主性與任務適應能力。Fortis VPX平台正開始進行客戶端部署，這標誌著耐用型多領域運算解決方案商業化的重要一步。

We're increasing our focus on defense opportunities as demand grows and the convergence between commercial space and national security accelerates. And our collaboration with Simera Sense and other international agencies and partners is advancing AI-enabled, software-deployed and hyperspectral imaging to support more responsive and intelligence-driven Earth observation.

隨著需求成長以及商業太空與國家安全之間的融合加速，我們正提高對國防機會的關注。此外，我們與Simera Sense及其他國際機構與合作夥伴的協作，正推進AI賦能、以軟體部署的高光譜成像，以支援更即時且以情報驅動的地球觀測。

Together, all these efforts reflect our continued focus on scaling advanced, adaptable technologies across both commercial and defense markets. I want to personally thank our team, our partners, and our investors for your continued support and confidence. We appreciate you taking the time to join us today. We remain laser-focused on execution, cost discipline, and innovation, and look forward to the next phase of growth for both Sidus and the broader space industry. Thank you.

綜合而言，這些努力反映了我們持續專注於在商業與國防市場擴大先進且具適應性的技術規模。我想親自感謝我們的團隊、合作夥伴與投資人持續的支持與信任。感謝各位今天撥冗參與。我們仍高度專注於落實執行、成本紀律與創新，並期待Sidus以及更廣泛太空產業的下一階段成長。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議到此結束。感謝您參加今天的簡報。您現在可以中斷連線。