SIDU - Earnings call transcript Q1 2024

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Operator

Greetings, and welcome to the Sidus Space First Quarter 2024 Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host. Valter Pinto, Managing Director, KCSA. Thank you, Valter.

begin. may You

Valter Pinto

and Sidus everyone, Call. for us joining Good First thank Quarter the Space Conference XXXX for evening, you Financial Results

Joining Bill company Chief us the Craig, today and Founder is Executive Chief White, Carol and Financial Officer. Officer; from

our certain risks may based expectations could to ability materially actual and and chain uncertainties. Many call. call, assumptions, These include differ result, a current and statements. the These results liquidity and made make forward-looking delays, factors cycles. providers, supply today's statements estimate forward-looking During are this and on as to needs, we from statements are launch extended demand, on expenses sales operational factors subject customer to cause including

risk Exchange undue the forward-looking Securities prepared forward-looking discussed our the time, your we Carol. sidusspace.com. Listeners factors at I'd not within with this the over for the the information our to each to found to Commission, the during turn filings put in any call. At that frame reliance obligation to uncertainties, more call will this evening's For submitted these time we to the advance. risks company's Carol and about which allotted cautioned conclusion update the not this our do ahead. get statements answering of website, Please call, If and e-mail company question be in on any on can sidus@kcsa.com. At be of may questions remarks, team like are specifically be disclaims and to please statements, refer to go

Carol Craig

single and the X. a Observation small printed technologies our space solutions LizzieSat on first a Rideshare first through earth Transporter-XX launched or start satellite welcome, from to Thank successfully the focused March an with first had and SpaceX multi-mission deployed combination we on as and the excellent on you, Valter, and satellite. quarter milestone everyone. multiple geospatial intelligence of is AI-enhanced We LizzieSat-X Mission XXXX XD

our LizzieSat imagers, of Cube. feat. of XXXlb into mission is of include Outside commercial first activation cannot the and magnitude satellites in achievement commission and deployment, remote software of launch, this several our to And embodies small the not successful the solution The tagline LizzieSat-X one using intelligence Think a overstated. At Earth all LizzieSat-X planned satellite. sensing Orbit. is launch artificial products Low messaging services, multiple be

payload successful secured growth with and on X first Production for is pipeline. manifested and future in contracts fourth launch year. initial satellites this Our currently contracts the production sets data the launch in additional SpaceX with of our and stage for in the and quarter with track LizzieSat-X

What's particularly a and value exciting LizzieSat-X about equatorial AI-enhanced capture satellites. of in similar And We covering the and our XD enhanced this X year, orbit data the payload systematically inclusion will sensors is LS-X, the and orbits. on tied LS-X for the gives Sidus revenue increased SpaceX's this and launched potential on later placing mission opportunity polar orbit. LS-X that planned in will to be launch LizzieSats X into bandwagon AI is Enabling multiple and additional combination to build increases populated then as of customers. with of which these areas, us constellation data orbits and revenue-generating for more believe we our higher higher-resolution capabilities, new multi-mission printed potential add that by

and XX and providing data. orbit consistent LizzieSat-X earth every X-way approximately communication in a minutes the With times XX now circling and day

few CubeSats, in over show the expertise includes growing for and And technology concentrated last manufacturers demand fewer our results advances collection like experienced delivering Constellation-as-a-Service to this And data, been XXX CubeSat most expanding commercial larger has nontraditional data satellite and operators customers. ours. to on midsized launching interest shifts with increased satellite experienced for and with our successfully manufacturing than manufacturing XXX-kilogram focus anticipate years smaller companies the space-based operations. as industries Our satellites we satellite in and in range. And satellite operations

capabilities LizzieSat and the with industry. highlights of importance success space unprecedented it Our heritage long-term emphasizes our in experience the and

focused moon, we're Orbit As Mars Low but not we've also the beyond. on only and Earth always said,

moon infrastructure an provides opportunity And past to to focus and transition and the that the moon on human more commercial distant enables an destinations. build operations earth Orbit Lower a to permanence on

that involves our is focused Geostationary development And and heavier LUNAR research Our a we satellites. and as -- recently to part include and operations. moon this development NASA's delivery and Services pardon Award of Lunar cargo team partner systems Intuitive surface Terrain Machines, offerings announced on me, which point, we expanding are to Vehicle geostational to

to X-year on a demonstrate Intelligence first manufacturing. period as launch And years. we're contract support are the base contract That task hosting subcontractor and capabilities related also we were optional and LizzieSat-X, several an we on the Solis ASPINA While sales quarter These has related our awarded to of applied a Geospatial Agency and in contracts technology ceiling released, Geospatial payloads a payload expect contract IDIQ was to plus of National to included with focused a excited data, with proposed solutions. million an the and largely Solis $XXX to in areas, X orders the science. as Intelligence

on-demand best on Robotics their of we imagery, focused repeat HEO Non-Earth provide customers our one supporting Imaging One that space. views Services who to situational satellite are space the including with is of of awareness is in

they space away. only In the international recently spectacular station XX of fact, image miles a from released

both are again, applying on Robotics LS-X quarter LS-X in imagers we to And expected and launch home fourth XXXX. the HEO of

hosting offering, sales. which of data example contracts and HEO Our an combines technology Constellation-as-a-Service are recurring long-term our

constellation on expand focus and one-of-a-kind space. and to reach build globally in multi-mission mission a our executing our we as So

our Richard We Berman Bill CFO. also and team to the of as leadership addition Board Directors; with of our expanded our White

Richard's of capital, experience and of during development And company. business management, to experience working closely tremendous Board are with sense delighted have forward. our our exceptional adds Bill XX I'm we're in our his than Bill we of growth to for in board venture to financial this proving forward senior operations be company and Directors. company years' to team, Richard management, has value and them both more and as knowledge experience and leadership invaluable looking propel time public senior the join And and M&A participation

our international to includes weeks. contracts. our agreement, our and forward review our we with manufacturing As add data industry partners significant occur progressing in increased partnerships. grows leaders interest next We're which global look to to that a few TNO offerings in pipeline critical related XXXX, in oil milestones long-term satellite with scheduled design discussions towards the currently and that Netherlands We're include gas companies in and current

for both closely a our to is in is together the future of that work XXXX. TNO and that laser communication launch Engineering TNO and ensure Sidus currently payload technology LizzieSat, teams TNO from successfully QX enter manifested

quickly makes and So and launch currently on continue on a to earth. And with to now these over is as the successes customized. and our our learned to XD modifications year manufacturing the case later up highlights. mission LS-X discuss we incorporated this discuss printing of and leading flexibility bringing architecture a make the and to are easier recent changes business our environment, in significant down deliver improve I'll and LS-X impact lessons the traditional production, team and to to be team our Everything in is not is we complex, and to milestones ability with its LS-X. from time space LizzieSat engineering design design. And lean a the planned it on to do cost-efficient hand planned And to LS-X and our executed on LS-X like call critical consuming. advantage of track operations costly focus financial on carefully strategy meet that and with a Bill to is our

Billy White

strategy. Orbit you, greater update revenues higher today results major for a Successfully of to to to a side here pleasure XXXX company to both our and element It's a Thank our our quarter first on launching LizzieSat in shift and achievement margin key discuss an strategy Carol. revenue. was and the provide be recurring financial business

megabytes to assuming in a recurring are and down in data orbit. day. translates generate satellites minimum mentioned, the of time. capacity being million has a of XXX,XXX theoretically every each As satellites high-margin revenue earth of This the Carol scale Sidus to back data This model our launch single year, generate able we downloading $XX of of capable meaningful rapidly high-margin per multiple sell we XXX% per recurring to business satellite as to revenue

Gross totaled Now than of as of $X.X for approximately for and driven with the months into entered work revenue party related on decrease was to primarily payments our X less margin was profit our of X% driven first decreased lower This fixed-price XXXX, of a satellite-related higher-margin by contracts us decrease XXXX. This XX, XXXX. XXXX to customers with by results. milestone business. timing to contracts contracts ending to the year. satellite million, Full financial our its quarter first sales to March related largely total outsourcing first fewer for quarter and of quarter $X.X the its March compared XX% ending requiring from XX, to prior million the for months compared milestone revenue XXXX X the

and compared XX, from D&O to in offset March was XXXX, same primarily a in partially million investor slight expenses. X as for The to raises reduction fundraising $X.X period totaled last expense ended capital year. relations quarter expenses marketing and XXXX, $X.X the for due million expenses SG&A insurance increase QX the by

Net XX, loss for the ended March XXXX, was million. months X $X.X

a the As period same last million compared year. for loss $X.X to net of

the to Turning balance sheet.

$X.X XX, of As million to cash as XXXX, compared had company of XX, $X.X the at December March XXXX. million

by expand strengthened the to and I'll as sheet that, we During constellation raising our beyond. With XXXX through we quarter, $XX.X our the financial to continue gross of back bolstering call balance Carol. position hand proceeds our million,

Carol Craig

ability on The strategic milestone new the you, and Sidus that execute launch an marks priorities. significant a of Thank Bill. demonstrates LizzieSat-X corporate to beginning era our exciting is for of our

our LizzieSats multiple XD-printed the the integrate at AI-enhanced data-as-a-service are core with technologies model, business of a high-margin to satellite. single into capability Our

other additional to we for expand and our these simultaneous satellite value data industries, collections intend revenue, in resulting generate and industries further maritime, into Our increased agriculture, and oil shareholders. for gas to

build prototype already be to like that multi-mission functional in a a the customer to Most lead a involve activating getting long pivotal deliver ensure dedicated year the initial success We begun with LizzieSat-X, now mentioned SpaceX manifested well in in lapse steady hard and and we of satellite, and by as a company. could a launches prototype. of work a on it team's initial industry continue unique I as the most that that before our encouraged my LizzieSat-X earlier, with initial industry to the not is is meet demand satellite, and truly that much to phase to is are add more to our I launches for THELMA, X I'm making of securing the launches our than executing constellation a of time I'd prouder known objectives a our subsystems times the next plan of just met. and cadence We're agreement emphasize commissioning possible be bit started launch. And followed and by are payloads launch. we mission production phases otherwise in I also satellites operation, early we've for complete. are took highly promised. of steps the the like purchasing multi-launch follow-on a

well with support satellite want as our of as industry, all our built I potential of achieved continued shareholders your Sidus. the already we've current thank customers and success for our confidence team to very shareholders. And our first our of customers has The our

we restoring have all that to that beginning very space will access us, the forward constellation [ been that space and create part of remain that ] committed and create. those not look to satellite joined before. with the you're from And those available I believe our For I revenue higher have we just as to story our us streams been shareholder has manufacturing to value data

on And to call. Q&A portion we'll now the move of the

questions that We like to from investors we'd address. a have submitted couple received of

Carol Craig

edge image as often satellite processing we AI execution from how source for computing data of Sidus' FeatherEdge the be we the AI computing predictions communication leveraging on this and often and solutions. and secure operations other platform in space-based of across involves on is environment. on to our harsh enables various machine platform more is near learning high-performance when is satellite, solution devices useful constrained technology to data to located applications this time first decisions different or edge the and algorithms talk remote enables a insights make can is learning customers? So Algorithms AI gain satellites industries. about deployed and physically capture especially the computing. The faster, its the efficient, machine in minimizes which operate that delivery. real-time or more Edge describe AI, that Sidus product for in for assets data And

where detection of of important platform in or that monitoring is these example dispatch FeatherEdge delivery fishing between crucial AI is those time cases. and success authorities types of of intercepting tracking these activities. plays the One the a component there's the of that a And is vessels. speed illegal enables use role critical activities

And So it's utilize highly we're the updated constellation mission competitors. variety out flexible satellite processing, insights additionally operations algorithms as markets and leveraging to on AI deployment that improve of can a reprogrammed optimize on to we our change. In our of means be than capable and the data further or enhanced and data applications AI/ML system. the term, And long being It's services. term, this will short a directly ML deliver after in needs swapped faster orbit. to

Next the be? through you can and earnings question potential data you is, what could project talk model revenue

a we revenue understand our generates interest but as the don't how reminder, model emerging give are growth revenue. we an company, guidance, So we data in

on draw revenue. speculating components I'll potential earnings, the describe own about which to you conclusion potential instead without So allow your

data generate $X.XX the from are Our $X.XX mentioned every in theoretically is pricing as satellites per time. data megabyte, per of we anywhere earth market to this approximately revenue to of data assuming per we to $XX per year able believe of are Sidus being each capable our satellite, million data of megabytes megabyte. And translates earlier, acquisition XXX,XXX costs and sell XXX% This a to back single downloading Bill $X range day.

fluctuate, likely not we sell will data. revenue because Our of XXX% will the

However, times. data we same may sell many the

of model. customers to satellite, and our collect data therefore, we for the to over secure So once, plan life sell We in many customer can, base building continue the time.

data areas data you their well. The foresee do often technology as for and into also see growth gas customers, oil the and is other the sell technology Our we industries which can coming the on? But one customers is sectors to question emissions. where EPA significant methane with particular capitalize are a payloads related and effect to generated being opportunity from especially next in in industry potential best we new and Sidus to rules,

environmental from satellites leaders critical. the this previously addressing ensure is about invisible What's we who area and customers operator the Sidus the very today to for also makes have Conference Our beginning. Thank us Earnings of space Quarter XXXX which to to to Space's visible technology and develop emissions First needs Call. I'll you all is of lines. joining to growth key and use you of for meet serious the questions the we submitted close everyone this concern partnerships, industry with that you for ask now the thank

Operator

This conference. concludes today's

this at disconnect time. your Thank lines your may for You participation. you

Sidus Space (SIDU) 20 May 242024 Q1 Earnings call transcript