Sidus Space to restate FY2024-FY2026 financials; FY2024 net loss up ~$12.5M, equity down $20M

Sidus Space Inc.

• Audit Committee concluded Nov 2, 2026 that the FY2024 and FY2025 10-Ks and Q1/Q2 2026 10-Qs should no longer be relied upon; restatement timing undetermined.
• 3,409,946 warrants issued Dec 17, 2024 should have been liability-classified at fair value; ~$4.7M warrant liability was never recorded at issuance.
• LizzieSat 2 never established communications; ~$4.0M impairment should have been booked in Q1 2026 and ~$0.3M/quarter of depreciation should not have been recorded.
• Expected impact: FY2024 net loss +~$12.5M, FY2025 net loss -~$5.5M, six months 2026 net loss +~$4.1M; stockholders' equity down $20.0M at Dec 31, 2024.
• $1.65M of customer contract revenue (incl. $0.4M in Q2 2026) to be deferred as a contract liability; ~$1.7M of VPX prototype costs should have been R&D expense.