SIDUS SPACE, INC. (SIDU) — Fundamental Analysis

Sidus Space (SIDU) is a small satellite manufacturing and space-as-a-service company that, in plain terms, is shrinking its revenue, burning through cash at an accelerating rate, and posting deeply negative margins across the board. Revenue has declined every year since 2022, falling from roughly $7.3 million to $3.4 million by the end of fiscal 2025 — a drop of more than half in three years. The most recent quarter (ending June 2026) shows only $583K in revenue with losses continuing to pile up. Capital spending has surged dramatically relative to the company's size, and gross margins have turned sharply negative, meaning Sidus is now spending more to deliver its services than it collects. The liquidity picture has improved on paper — the current ratio has jumped to an unusually high level — but this likely reflects asset composition rather than operational strength. Debt-to-equity figures were not available in the filings for any period reviewed. Overall, Sidus Space presents a picture of a pre-profitability, capital-intensive aerospace startup under significant financial stress, with no clear near-term path to breakeven visible in the data.

Snapshot & Big Picture

Sidus Space is a Florida-based company focused on multi-mission commercial satellites and space-related data services. It went public in late 2021 and has been investing heavily in building out its satellite and manufacturing capabilities. The core challenge visible in the financials is that revenue growth has reversed sharply even as capital expenditure obligations have grown, leaving the company in a widening cash burn situation. The table below captures the top-line and margin trajectory across all available fiscal years.

Latest Quarter Snapshot

The most recent data — and therefore the most current picture of the business — comes from the 10-Q for the quarter ending June 30, 2026. This is more current than the annual figures and paints a stark picture: quarterly revenue was just $583,096, with a gross margin of -108.0%, an operating margin of -976.2%, and a net margin of -820.0%. EBITDA for the quarter was -$5,080,641 — meaning the company lost nearly nine times its revenue in that period on an EBITDA basis. The current ratio has ballooned to 33.3x, an unusually high figure that warrants scrutiny; it may reflect significant cash or receivables on the balance sheet from prior capital raises rather than healthy operating cash flow. Debt-to-equity was not reported in this filing. Capital expenditures for the quarter alone came in at $3,687,604 — more than six times quarterly revenue — underscoring just how capital-intensive this business remains even as sales deteriorate.

Profitability

Sidus Space has never achieved sustained profitability in the filing history available, and the trend is worsening materially. Gross margin was the one area of modest promise: the company posted positive gross margins in fiscal 2022 (19.7%) and 2023 (27.5%), suggesting its manufacturing operations were at least covering direct costs during those years. However, gross margin collapsed to -31.4% in 2024 and then cratered to -168.2% in 2025, meaning the company is now losing significantly more on direct costs than it earns in revenue. This is a red flag signaling either severe pricing pressure, contract losses, or rising input costs outpacing revenue. EBITDA losses have grown every single year, doubling from roughly -$11.7M in 2022 to -$23.6M in 2025. Operating and net margins have deteriorated in lockstep, with the 2025 net margin hitting -871% — a figure that reflects a company in acute financial distress at its current revenue run rate.

Financial Health & Capital Expenditures

The debt-to-equity ratio was not available in any of the annual or quarterly filings reviewed, so leverage cannot be assessed directly from this data. The current ratio — a measure of short-term liquidity — shows a volatile but recently improved picture: it was extremely low at 0.07x in 2020 (a near-crisis level), recovered to 4.2x in 2021 post-IPO, dipped below 1.0x in 2023 (0.75x, meaning current liabilities exceeded current assets), and has since recovered dramatically to 1.6x in 2024, 3.4x in 2025, and 33.3x in the most recent quarter. The jump to 33.3x is unusually large and most likely reflects cash raised through equity offerings sitting on the balance sheet rather than operational improvement.

Capital expenditure trends are a central concern. CapEx was minimal in 2020 ($4,508) and 2021 ($217,840), but the company began investing heavily from 2022 onward:

Capital intensity has risen dramatically and consistently. By fiscal 2025, Sidus was spending $2.42 in capital expenditures for every $1.00 of revenue earned — a ratio that has continued to climb into 2026. This indicates the company is in a heavy build-out phase, investing in satellite infrastructure ahead of revenue generation. While this may be strategically necessary for a space-as-a-service model, it places enormous demands on external financing and raises questions about how long the current cash position can sustain operations without additional capital raises.

Growth

The revenue CAGR figures below are pre-calculated from annual 10-K filings and reflect Sidus Space's growth trajectory across available windows. The 10-year window is not available because the company does not have ten years of SEC filing history — it was founded and began reporting relatively recently.

The contrast between the 5-year CAGR (+13.4%) and the 3-year CAGR (-22.6%) tells an important story: Sidus grew meaningfully from its early base but has been in a sustained revenue contraction since peaking in fiscal 2022. The more recent 3-year figure is the more operationally relevant one, and a negative 22.6% annualized revenue decline — while capital expenditures simultaneously surge — is a deeply unfavorable combination that puts significant pressure on the company's runway and business model viability.

Source Filings

• Form 10-Q — Filed August 13, 2026 (Period ending June 30, 2026)
• Form 10-Q — Filed May 15, 2026