$SIDU: Sidus Space announced its financial results for the fourth quarter and full-year ended December 31, 2025, and provided a business update.
Total revenue for the twelve months ending December 31, 2025, was approximately $3.4 million, a decrease of approximately $1.3 million or 28% compared to total revenue for the twelve months ended December 31, 2024. This decrease reflects Sidus' continued strategic transition toward higher-margin satellite manufacturing, data, and technology business lines, as the Company focuses on building a scalable, recurring revenue base anchored by its growing LizzieSat fleet.
Cost of revenue increased 48% for the twelve months ended December 31, 2025, to approximately $9.1 million as compared to approximately $6.1 million for the twelve months ended December 31, 2024. The increase was primarily driven by higher depreciation costs associated with the expansion of Sidus' on-orbit satellite fleet, including the deployment of LizzieSat-2 and LizzieSat-3 and related satellite software, as well as the direct labor required to support growing on-orbit operations.
Although depreciation will continue to impact cost of revenue, it is expected to be significantly offset as we grow our high-margin satellite and data-related revenue.
Gross loss for the twelve months ended December 31, 2025, was approximately $5.7 million, compared to a gross loss of approximately $1.5 million for the twelve months ended December 31, 2024. Gross profit margin was negative 168% for the full year 2025 as compared to negative 31% for the full year 2024. The change was primarily driven by higher non-cash depreciation reflecting the significant progress Sidus has made in deploying its LizzieSat satellite fleet and building the infrastructure to support long-term, high-margin satellite data revenue.
Selling, general, and administrative expenses for the twelve months ended December 31, 2025, totaled approximately $22.3 million, including a $4.5 million non-cash impairment charge related to LizzieSat-1 and associated assets. Excluding this non-cash charge, core SG&A totaled approximately $17.8 million, an increase of approximately $3.6 million compared to the same period in the prior year. Increases to payroll to support the Company's expanding satellite operations and business development activities, mission control expenses, and consulting services were partially offset by meaningful reductions in D&O insurance premiums, professional fees, and fundraising costs.
Adjusted EBITDA loss, a non-GAAP measure, for the twelve months ended December 31, 2025, totaled $17.3 million as compared to an Adjusted EBITDA loss of $12.9 million for the same period in the prior year, with the increase driven primarily by higher payroll and satellite operations costs as the Company continues to scale its LizzieSat fleet and data platform toward profitability.
Net loss for the twelve months ended December 31, 2025, was $29.5 million, compared to a net loss of $17.5 million for the same period in 2024. The increase includes a $4.5 million non-cash impairment charge related to LizzieSat-1 and associated assets.
