UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________to ___________

Commission File Number: 001-41154

SIDUS SPACE, INC.

(Exact name of registrant as specified in its charter)

Delaware		46-0628183
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

150 N. Sykes Creek Parkway, Suite 200, Merritt Island, FL		32953
(Address of principal executive offices)		(Zip Code)

(321) 450-5633

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A common stock, $0.0001 par value		SIDU		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of Class A and B common shares outstanding as of November 13, 2025 was 35,147,483 and 100,000; respectively.

		Page No.
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements (2025Unaudited)

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2025 and 2024	4

	Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months ended September 30, 2025 and 2024	5

	Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2025 and 2024	7

	Notes to the Condensed Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47

Item 4.	Controls and Procedures	47

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	48

Item 1A.	Risk Factors	48

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48

Item 3.	Defaults Upon Senior Securities	48

Item 4.	Mine Safety Disclosure	48

Item 5.	Other Information	48

Item 6.	Exhibits	48

Signatures		49

SIDUS SPACE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
	2025			2024
	(Unaudited)
Assets
Current assets
Cash	$	12,734,087		$	15,703,579
Accounts receivable		825,607			827,886
Accounts receivable - related parties		1,402,774			641,376
Accounts receivable		1,402,774			641,376
Inventory		188,310			255,716
Contract asset		684,749			1,347,386
Contract asset - related party		448,717			46,953
Contract asset		448,717			46,953
Prepaid and other current assets		4,849,338			3,429,656
Total current assets		21,133,582			22,252,552

Property and equipment, net		17,456,972			14,891,976
Operating lease right-of-use assets		769,515			121,545
Intangible asset		398,135			398,135
Other assets		92,443			81,359
Total Assets	$	39,850,647		$	37,745,567

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable and other current liabilities	$	4,835,108		$	3,388,667
Accounts payable - related party		869,789			673,743
Contract liability		-			16,192
Contract liability - related party		267,380			46,953
Contract liability		267,380			46,953
Asset-based loan liability		9,124,612			6,902,636
Notes payable		-			3,059,767
Operating lease liability		266,879			121,544
Total current liabilities		15,363,768			14,209,502

Operating lease liability - non-current		505,718			-
Total Liabilities		15,869,486			14,209,502

Commitments and contingencies		-			-

Stockholders’ Equity
Preferred Stock: 5,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding
Series A convertible preferred stock: 2,000 shares authorized; 0 shares issued and outstanding		-			-
Preferred stock, value		-			-
Common stock: 210,000,000 authorized; $0.0001 par value
Class A common stock: 200,000,000 shares authorized; 35,147,483 and 15,956,816 shares issued and outstanding, respectively		3,515			1,597
Class B common stock: 10,000,000 shares authorized; 100,000 shares issued and outstanding		10			10
Common stock, value		10			10
Additional paid-in capital		102,404,156			83,887,682
Accumulated deficit		(78,426,520	)		(60,353,224	)
Total Stockholders’ Equity		23,981,161			23,536,065
Total Liabilities and Stockholders’ Equity	$	39,850,647		$	37,745,567

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

SIDUS SPACE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	2025			2024			2025			2024
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024

Revenue	$	559,105		$	1,757,251		$	1,410,879		$	3,437,160
Revenue - related parties		738,953			111,707			1,386,696			409,523
Total - revenue		1,298,058			1,868,958			2,797,575			3,846,683
Cost of revenue		2,597,023			1,830,787			6,752,160			4,565,549
Gross profit (loss)		(1,298,965	)		38,171			(3,954,585	)		(718,866	)

Operating expenses
Selling, general and administrative expense		4,332,441			3,210,069			13,040,152			9,912,466
Total operating expenses		4,332,441			3,210,069			13,040,152			9,912,466

Net loss from operations		(5,631,406	)		(3,171,898	)		(16,994,737	)		(10,631,332	)

Other income (expense)
Other income		358			3,000			358			4,613
Interest expense		(1,088	)		(642,355	)		20,959			(982,056	)
Interest income		31,144			23			125,468			12,336
Asset-based loan expense		(432,607	)		(91,359	)		(1,225,344	)		(252,734	)
Total other expense		(402,193	)		(730,691	)		(1,078,559	)		(1,217,841	)

Loss before income taxes		(6,033,599	)		(3,902,589	)		(18,073,296	)		(11,849,173	)
Provision for income taxes		-			-			-			-
Net loss		(6,033,599	)		(3,902,589	)		(18,073,296	)		(11,849,173	)

Dividend on Series A preferred Stock		-			-			-			(42,375	)
Net loss attributed to stockholders	$	(6,033,599	)	$	(3,902,589	)	$	(18,073,296	)	$	(11,891,548	)

Basic and diluted loss per common share	$	(0.24	)	$	(

SEC Form 10-Q filed by Sidus Space Inc.