What changed in Sidus Space Inc.'s 10-K — 2024 vs 2025

Our flight proven modular satellite, LizzieSat® is a 3D printed, multi-sensor, multi-mission satellite, which is the first of its kind, offering a flexible, cost-effective platform that can be easily adapted to integrate new technologies or customized and scaled to create a new satellite design to meet mission requirements.

Through our Sidus Orlaith™ AI ecosystem, we enable near real-time on-orbit data processing, enhancing the speed and efficiency of data delivery from LizzieSat® sensors. Orlaith™ offers high-performance on-orbit edge computing and data processing from diverse sensor sets leveraging Sidus’ proprietary FeatherEdge™ hardware and Cielo™ software.

Orlaith’s systemic capabilities provide industry-leading and differentiated data delivery for a wide range of end uses including methane detection, AIS tracking, border security, and technology characterization. Orlaith’s data processing can also be seamlessly customized for new and/or esoteric missions. As a forward-thinking mission partner, Sidus excels at responding swiftly to change.

We work closely with global clients to co-develop mission solutions tailored to both technical requirements and budget constraints. Our Cielo™ AI data processing algorithms can be updated while in orbit, which provides additional mission flexibility. By leveraging our vertically integrated in-house capabilities—engineering, manufacturing, and mission management—we are able to rapidly pivot and deliver at the pace of innovation.

Sidus has demonstrated proven space heritage, successfully launching three hybrid, additively manufactured LizzieSat® satellites equipped with advanced AI edge-computing capabilities in just over 12 months. This achievement underscores our position as a leader in space technology, artificial intelligence, and innovation.

We continue to focus on innovation and agility. In October of 2024, we received approval from the U.S. Federal Communications Commission (FCC) to operate a micro constellation of remote sensing, multi-mission satellites in Low Earth Orbit (LEO), and we continue to enhance the capabilities of our LizzieSat® platform.

Planned enhancements include: ● Open VPX/ SOSA compatible architecture with simplified assembly and integration, reduced mass, and enhanced performance ● Integration of AI processor capable of handling 248 trillion or Tera Operations Per Second (TOPS) ● Upgraded payload processor with Field Programmable Gate Array (FPGA) capable of handling payloads at high speed up to 12 Gb/s; also includes five times more computing power and more speed with a 1.8 GHz quad core processor ● Up to 4 Tb memory storage ● Upgraded 2nd generation FeatherEdge tm AI/ML processor that incorporates a space-to-space data relay module, enabling rapid, direct-to-user data transfer for time-sensitive missions.

Our products and services are offered through several verticals: Satellite Design and Manufacturing; Technology Design and Integration; AI-driven Space-based Data Solutions; Mission Planning Operations; AI/ML Products and Services; and Space and Defense Manufacturing. Our vertically integrated model with complementary lines of business enables us to unlock new potential revenue generating opportunities while maintaining diversity of revenue.

We are not dependent on a single line of business or customer, which provides us the “optionality” to scale where market needs demand. This diversity mitigates risks associated with external factors like macroeconomic shifts or technological disruptions. Our flexibility allows us to adapt swiftly to market changes, supporting growth across all our business lines.

Products and Services We provide adaptable yet cost-effective solutions with the full understanding and experience of the entire space life cycle from hardware manufacturing to mission planning and operations to space-based data delivery . Custom satellite design and manufacturing : Sidus provides custom satellite design services, working closely with clients to develop satellite solutions aligned with specific mission objectives.

Using the modular LizzieSat ® platform, which can be adapted for various technologies and mission requirements, Sidus supports the design and integration process from concept to completion. This flexible approach is intended to deliver tailored satellite designs that can meet a broad range of operational and data collection needs.

We currently have three variations of our LizzieSat ® platform: ● LizzieSat® (Gen 1: LS1-3) : Multi-mission satellite for a multi-mission micro constellation ● LizzieSat-XL (Gen 2: LS4+): Upgraded VPX Technology for Next Generation Communication ● Lunar Lizzie : Expanded battery capacity and atomic clock for precise and accurate clocking Sidus also offers fully customized satellite design services for any mission in Leo, Geo, Cislunar or Lunar. 5 Technology hosting and mission management : Sidus offers technology hosting and mission management services designed to simplify clients’ path to space and enable clients to focus on their mission goals without the complexities of satellite operation.

Sidus provides integration for a variety of technologies using our LizzieSat ® platform. While on-orbit, we provide 24/7/365 real-time routine and non-real-time mission operations, including satellite monitoring, control, and data management.

Our support includes: ● Amazon Web Services cloud-based servers for data transfer and archival ● Backup control center capability ● In-house designed C2 routing, encryption, and customer API integration ● Multiple ground station providers available for use to meet customer needs ● Physical and cyber security to ensure satellite and onboard technologies are protected AI enhanced space-based sensor Data-as-a-Service : Sidus offers AI-enhanced Data-as-a-Service, utilizing the Orlaith tm AI ecosystem, which includes our FeatherEdge™ AI processor and Cielo™ AI solutions from space, on the LizzieSat® platform to deliver timely data insights from space.

The LizzieSat® design enables simultaneous on-orbit data collection from multiple sensors, with the flexibility to combine data streams in unique ways to support diverse applications and missions from the same platform. By processing onboard sensor data directly and transmitting only crucial information, the Orlaith tm AI ecosystem reduces downlink costs and significantly bolsters response times for critical events.

Additionally, Cielo™ AI algorithms can be upgraded while in orbit, providing adaptability for evolving mission needs. The data-as-a-service approach is designed to support applications in environmental monitoring, disaster response, security, and more, offering customers access to near real-time data that can aid in informed decision-making.

The data-as-a-service is a subscription-based model with multiple price tiers based on span of data accessed and is applicable to multiple customers including government (e.g., climate change, environmental disasters), defense (e.g., border security), and commercial (e.g., insurance).

Space and Defense Manufacturing : Sidus provides a range of space products and manufacturing services, including mission-critical components and systems engineered for space environments. Our 35,000-square-foot ISO 9001:2015, AS9100 Rev. D certified facility supports the manufacturing, testing, and assembly of space-grade hardware.

Sidus works to deliver high-quality, reliable space products for government, defense, and commercial clients by leveraging its expertise in engineering and mission-critical manufacturing.

Our space offerings include: ● Multi-material 3D printing technology for the fabrication of a complex satellite bus and parts. 3D printing revolutionizes the space manufacturing process by reducing production costs and lead times while reducing the weight of the satellite bus.

The technology has been successfully used on-orbit. ● Precision machining ● Multi-discipline engineering and design services ● Program management including supply chain management We have an approximately 10,000 square-foot reconfigurable avionics lab that produces a wide range of space system flight and ground cables, medical and mission critical wire harnesses, military harness assemblies, electronic chassis, and electro-mechanical assemblies.

Additionally, our 864 square foot, ISO-8 clean room allows us to offer highly differentiated manufacturing and assembly. Our manufacturing capabilities combine our design engineering, precision machining, waterjet cutting, and wire harness fabrication experience to provide the highest quality and performance for mission critical systems.

Precision Machining and Assembly Our growing team of engineers and technicians, combined with state-of-the-art equipment support precision machining, fabrication, and assembly for prototypes, test articles, one-offs, low-rate initial production up through high volume Swiss screw machining production.

We utilize the latest CNC machining and turning processes to deliver high-quality, complex and on-demand parts for specialized industries including the space sector. ● CNC Swiss Screw Machining ● CMM, VCMM Quality Inspection ● EDM Wire and Waterjet Cutting ● 3-D Printing ● Welding 6 3D Printing From early-stage product development to functional finished parts, Sidus offers commercial and industrial-grade additive manufacturing solutions.

Our 3D printers enable us to provide rapid manufacturing with industrial micron-level laser scanning accuracy and 50 µm repeatability. Using Continuous Fiber Fabrication technology, we can produce parts at an enhanced schedule that are stronger than 6061 Aluminum and 40% lighter.

Sidus provides internal engineering support to optimize the functional performance, product life cycle, and accuracy of its customers’ specific 3D printed technology to ensure repeatability and consistency across prints.

Our 3D printing capabilities include: ● Functional Prototypes and Models ● Production Parts ● End-life Production ● Tool Development ● Patterns and Molds ● Jigs and Fixtures ● Fly-Away Parts Mechanical/Electrical Assembly and Test ● Flight/Ground Cable and Wire Harnesses ● Ground Support Equipment ● Manned Spaceflight Rated Hardware ● Satellite Components ● Part Task Trainer Hardware As part of our 35,000 square foot manufacturing facility, we have a reconfigurable electronics and cable harness fabrication lab with the necessary equipment, staff and square footage to produce space flight and ground cables and electronic chassis.

Our experience and capabilities include manufacturing, assembly and testing of a wide selection of electrical control cabinet and electronic cabinet modification and fabrication processes. We have extensive experience assembling electronics, including soldering, crimping, multi-pinned connector terminations, fusion splicing, molding, potting, and testing. Certifications include NASA 8739.4, NASA 8739.5, J STD 001 and IPC A 610.

Our IPC-J-STD-001 accredited technicians adhere to NASA work standards KSC-E-165, KSC-GP-864, KSC-STD-132, all required for NASA 8739.4 credentials with other industry-standard certifications. Design Engineering We provide quality in-house design engineering services from up-front analysis to integration, assembly, and test.

Our ISO 9001:2015 / AS9100D certified engineering capabilities include the ability to perform initial design concepts or value-add engineering change recommendations to existing engineering. Our multidisciplinary engineering experience and talent cover a broad spectrum of capabilities, enabling an even more comprehensive range of projects.

Our design engineering capabilities include: ● Requirements Definition – Product development and process optimization ● Verification/Validation (multiple checks and balance) – Meets specification and intended purpose ● Model Based Systems Engineering – Use of visual modeling vs document-based information exchange ● 3D CAD & 2D Engineering Release – Managing, planning, scheduling, and controlling ● Test Procedures and Performance – Meets customer driven requirements ● Operations/Maintenance Manuals – Fully integrated and procedurally driven ● System Integration – Horizontal sub-system integration approach to projects and programs ● Design for Life Cycle Cost & Manufacturing – Incorporation of innovative design manufacturing ● Model Based Data Control – Complex design verification/validation ● Finite Element and Failure Mode & Effects Analysis ● Design for Manufacturability Our broad range of support of international and domestic governments and commercial companies includes the Netherlands Organization, U.S.

Department of Defense, NASA, Collins Aerospace, Lockheed Martin, Teledyne Marine, Bechtel, Sierra Space, Intuitive Machines, OneWeb Satellites, Parsons Corporation, and L3Harris in areas that include but are not limited to launch vehicles, satellites, and autonomous underwater vehicles. 7 Technology Design and Integration : Sidus leverages its manufacturing and technology expertise to address critical space supply chain challenges with initiatives that are expected to further Sidus’ mission of Space Access Reimagined®, providing flexible and cost-effective solutions to an expanding global customer base. ● Orlaith ™ AI Ecosystem which includes FeatherEdge ™ hardware, a compact data processing unit tailored for AI applications in orbit, and Cielo ™ , AI solutions from space, for delivering insights from diverse sensor sets ● FeatherEdge™ is a compact data processing unit tailored for AI applications in orbit.

Its small size and low power design enable compatibility with diverse satellite platforms or as a standalone product.

In addition to satellites, it can be integrated in the most remote and challenging environments such as drones, ships, aircraft, and high altitude ballons to provide high-performance computing and communications at the edge ● Sidus low voltage differential signaling (LVDS) switch card ● Reusable flight software ● Flight computer simulator software ● Lab-based integration and test-bed platform ● VPX System including OBC/GPU ● Printed Circuit Board for GPS, radio, microcontrollers Key Achievements ● Successfully launched LizzieSat®-1 in March 2024 and LizzieSat®-2 in December 2024, establishing our micro-constellation for delivering near real-time solutions for our customers’ mission critical needs.

In Q1 2025, we completed the build and launch of our third commercial satellite, LizzieSat®-3 , equipped with both Sidus and customer-hosted technologies ● Executed contract to exclusively design and build the first-generation lunar fleet of Data Storage Spacecraft for Lonestar Data Holdings, a provider of premium data storage and Resiliency-as-a-Service (RAAS), which reinforces the adaptability of the LizzieSat® platform ● Established a fully operational mission control center to manage satellite operations, orchestrate collection management tasks and satisfy data distribution requests for our own constellations and others and signed agreement with Neuraspace to provide space traffic management and LEOP (Launch and Early Operations) support services, enhancing Sidus’ constellation operation capabilities ● Received approval by the U.S.

Federal Communications Commission (FCC) for operation of a micro constellation of remote sensing, multi-mission satellites in Low Earth Orbit (LEO) ● Awarded second contract to integrate HEO Holmes Imager aboard LizzieSat®-3 ● Awarded contract with Xiomas Technologies to supply a FeatherEdge™ computing processor for fire detection via high-altitude infrared imaging ● Awarded $2 million contract from Craig Technologies to manufacture two fleet interactive display equipment (FIDE) pre-production unit main panels for U.S.

Navy Propulsion systems ● Awarded subcontract on the $30M Intuitive Machines-led Moon RACER team for the NASA Lunar Terrain Vehicle Services (LTVS) contract in support of the Agency’s Artemis Campaign and commenced work ● Expanded capabilities related to Lunar missions following award of the NASA Lunar Terrain Vehicle Services Contract as a member of the Intuitive Machines-led Moon Reusable Autonomous Crewed Exploration Rover team ● Announced strategic partnerships with international partners in support of the Sidus International Space Center, to include German satellite manufacturing startup Reflex Aerospace, Japanese space-tech company Warpspace specializing in next-generation optical communication technologies and NamaSys Bahrain, a multi discipline Technology & Electronic Security Consultancy supporting Saudi Arabia space initiatives ● Awarded follow on contract for additional support to NAA Stennis Space Center for Autonomous Satellite Technology for Resilient Application (ASTRA) historic in-space payload mission with NASA Stennis Space Center and secured follow-on contract for additional ASTRA support ● Demonstrated Sidus Orlaith tm on-orbit capability with an AI enhanced, thermal sensing firefighting software solution, showcasing the ability to process large sets of raw data in space and deliver only relevant information to end users.

This achievement established flight heritage, which is the history of successful operation of a particular component, subsystem, or system in a space environment, for our Sidus Orlaith tm AI Ecosystem edge computing hardware and software solutions ● Incorporated space-to-space data relay module, enabling rapid, direct-to-user data transfer for time-sensitive missions into LizzieSat®-3 communication system to integrate Iridium-enabled technology into future satellites ● Completed the critical design review for LizzieSat® NL, a laser communication satellite contracted by The Netherlands Organization ● Demonstrated manufacturing excellence by producing and delivering thousands of unique parts to 14 customers across commercial, government and defense sectors, reinforcing Sidus’ role as a trusted provider of mission-critical hardware ● Strengthened intellectual property portfolio with the approval of new patents and the publication of a patent application protecting enhanced functionality of the LizzieSat® Modular Satellite Platform System ● Developed and achieved flight heritage for the Sidus low voltage differential signaling (LVDS) switch card, which extends the capabilities of the payload processor, enabling communication with multiple optical sensors through high speed LVDS data connections ● Extended partnership as protégé with L3Harris under Department of Defense Mentor-Protégé Program 8 Differentiation: Our LizzieSat® satellite platform has been designed to provide a standard, modular satellite platform that serves as the foundation for multiple missions for Leo, Geo, Cislunar, Lunar and beyond.

Additionally, our platform provides differentiated data collection when compared to industry alternatives.

The LizzieSat® multi-mission satellite for a multi-mission constellation leads the next generation of earth and space data collection by: ● Collecting on-orbit coincident data : LizzieSat® is capable of hosting multiple-sensors on the same satellite to collect varying data types at the same time and with the same collection geometry.

On-orbit coincident collection provides the opportunity to develop higher value data by creating derivative products through data fusion of multiple types of sensor outputs. ● Analyzing data on the satellite on-orbit : Our satellites feature Sidus’ proprietary artificial intelligence ecosystem, Sidus Orlaith™.

Sidus Orlaith™ enables on-orbit data processing for critical applications such as Space Situational Awareness (SSA), maritime monitoring and disaster response. The Sidus Orlaith AI Platform™ is powered by the edge computer, FeatherEdge™ GEN 2, featuring the NVIDIA Jetson NX Orin module which is capable of 100 trillion or Tera Operations per Second (TOPS).

This advanced space–rated AI processing system is optimized for delivering high-performance, near real-time data analytics directly from space.

Enhancements to future satellites include an upgraded FeatherEdge tm processor that can handle 248 trillion or Tera Operations Per Second (TOPS). ● Space to Space Data Relay : By processing data at the edge on-board LizzieSat®, we can reduce the file size and transmit only the processed solution, not the entire raw dataset.

This enables us to move data from low-earth orbit to higher orbit data relay services for a lower-cost and more continual data transmission option to our customers. Additionally, it significantly reduces downlink costs and enhances response times critical to customer applications.

LizzieSat®-3 is upgraded to harness the powerful combination of rapid direct-to-user data transfer capability and on-orbit Artificial Intelligence by integrating a space-to-space data relay module to provide data vital to organizations utilizing direct-to-device hardware. ● Post-launch mission additions : Our LizzieSat® satellites have been designed with a system flexible enough to support new customer missions post-launch (through software and algorithm updates) to allow Sidus to generate additional revenue on LizzieSat® platforms that have already launched and are operating on orbit.

The net value of data collected from our planned LizzieSat® constellation is expected to allow organizations to make better decisions with higher confidence, and increased accuracy and speed.

We expect to enrich this processed data with customizable analytics users control for their own use case, and in turn provide data as a subscription across industries to organizations so they can improve decision-making and mitigate risk.

Planned services that benefit current and future customers include delivering space-based data that can provide critical insight for agriculture, commodities tracking, disaster assessment, illegal trafficking monitoring, energy, mining, oil and gas, fire monitoring, classification of vegetation, soil moisture, carbon mass, Maritime Automatic Identification System (AIS), Air Traffic Control Automatic Dependent Surveillance, and weather monitoring; providing the ability for customers to demonstrate that a technology (hardware or software) performs successfully in the harsh environment of space and delivering space services.

Our operating strategy is to continue to capitalize on our smart vertical integration to enhance the capabilities of our multi-mission satellite constellation, to design and manufacture satellites for government and commercial customers utilizing our advanced and proprietary technologies, to increase our international and domestic partnerships and to expand our coincident data analytics.

Our two primary operating assets—our satellite constellation and our manufacturing facility and capability - complement each other and are the result of years of experience and innovation.

Key Factors Affecting Our Results and Prospects We believe that our performance and future success depend on several factors that present significant opportunities but also pose risks and challenges, including competition from better known and well-capitalized companies, the risk of actual or perceived safety issues and their consequences for our reputation and the other factors discussed under “Risk Factors.” We believe the factors discussed below are key to our success. 9 Expanding Commercial Satellite Operations Our goal is to enable customers to meet their mission objectives with cost-effective solutions and to help them understand how space-based data can be impactful to day-to-day business.