Sidus Space, Inc.

For Q2 2026, revenue was approximately $583 thousand, down 54% from approximately $1.3 million a year ago. Cost of revenue was $1.2 million versus $2.3 million, and gross loss was approximately $630 thousand versus $1.0 million. Selling, general and administrative expenses were $5.1 million, up 19% year over year, and loss from operations was $5.7 million versus $5.3 million. Net loss was $4.8 million compared with $5.6 million last year, helped by approximately $91.1 million of other income and expense versus net expense of approximately $335 thousand a year ago. For the first half, revenue was approximately $942 thousand versus $1.5 million, gross loss was $1.7 million versus $2.7 million, loss from operations was $11.2 million versus $11.4 million, and net loss was $10 million versus $12 million. Cash was $167 million and working capital was $168 million at 6/30/2026, with no outstanding borrowings. Guidance-wise, management said initial full commercial availability of Fortis VPX is expected in early 2027, subject to final integration activities and customer qualification.

Carol Craig framed the quarter as a shift from proving technology to scaling commercial adoption, recurring revenue, and operating leverage. She said the company’s balance sheet had “caught up to our technology” after the Q2 capital raises, and emphasized that Sidus is now focused on converting flight heritage, Fortis VPX, and AI capabilities into customer contracts and recurring revenue. Her tone was confident but measured, repeatedly stressing disciplined execution, responsible capital allocation, and the need to earn institutional interest through performance rather than index inclusion alone.

Alan Khalili focused on liquidity, cost structure, and the path to durable recurring revenue. He reported $167 million in cash and $168 million in working capital at quarter-end, with no outstanding borrowings after repaying the asset-backed line in January; he also noted the two Q2 offerings raised $58.5 million and $100 million gross, with about $146 million in net proceeds. He said capital will go toward Fortis commercialization, AI hardware/software, manufacturing capacity, government capture, satellite production, and infrastructure, while the company works to improve gross margins, increase recurring revenue, and move toward positive cash flow.

There was no formal analyst Q&A segment in the transcript. The main investor-facing issue management addressed was dilution from the Q2 equity raises, and Carol said the capital was intended to fund growth from a position of strength rather than to cover ongoing losses. Management also flagged that Fortis VPX commercialization depends on final integration and customer qualification, with customer engagement broadening but procurement cycles still patient and lengthy.