季報
季度報告
10-Q
2026-05-15
Sidus Space, Inc.（納斯達克：SIDU）已提交截至2026年3月31日止第一季度（2026財年第一季）的10-Q報告。
AI 繁中摘要
Sidus Space, Inc.（納斯達克：SIDU）已提交截至2026年3月31日止第一季度（2026財年第一季）的10-Q報告。
📊 **業績重點**
- 總收入：359,372美元，較去年同期的238,494美元上升約51%，主要來自太空相關產品及技術託管服務（13萬美元）及製造業（22萬美元）。
- 毛利虧損：1,050,073美元，較去年同期的1,628,478美元有所收窄，反映成本控制改善。
- 營業支出：4,419,637美元，與去年同期的4,444,442美元大致持平。
- 淨虧損：5,211,607美元（每股0.08美元），較去年同期的6,414,627美元（每股0.35美元）明顯減少，主因收入增長及利息支出下降。
- 加權平均股數：66,583,190股（去年同期18,228,267股），顯著增加反映年內行使認股權證及股份發行。
💰 **財務狀況**
- 現金及現金等價物：2,735萬美元（截至2026年3月31日），較2025年底的4,318萬美元減少，主要用於營運及資本開支。
- 資產基礎貸款已於2026年1月全數清還，餘額為零（去年底為821萬美元）。
- 股東權益：4,736萬美元（去年底為5,064萬美元）。
🛰️ **業務亮點**
- 公司專注衛星製造、AI驅動的太空數據方案、國防硬件。
- 報告期內，太空相關產品及服務（包括技術託管）貢獻收入13萬美元，為新增收入來源。
- 認股權證行使帶來約172萬美元現金流入，發行約110萬股A類普通股。
⚠️ **風險與展望**
- 管理層強調多元化收入模式，但收入基數仍然偏低。
- 現金消耗持續，需關注未來融資需求。
- 客戶集中度偏高，主要依賴Bechtel、Craig Technologies等少數大客。
- 已確認33,880個受限制股份單位（RSU）的前期調整。
📌 **對投資者的潛在影響**
虧損雖收窄，但現金水平下降及股權稀釋值得留意。收入增長趨勢正面，但新業務（如AI及太空託管）能否持續擴大規模將是關鍵。投資者宜密切關注現金流及客戶訂單進展。
展開英文正文
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SIDU:CustomerMember 2025-01-01 2025-03-31 0001879726 us-gaap:SubsequentEventMember us-gaap:CommonClassAMember 2026-04-21 2026-04-21 0001879726 us-gaap:SubsequentEventMember us-gaap:CommonStockMember 2026-04-21 2026-04-21 0001879726 us-gaap:SubsequentEventMember 2026-04-21 2026-04-21 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to ___________ Commission File Number: 001-41154 SIDUS SPACE, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 46-0628183 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 150 N. Sykes Creek Parkway, Suite 200, Merritt Island, FL 32953 (Address of principal executive offices) (Zip Code) (321) 450-5633 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, $0.0001 par value SIDU The Nasdaq Stock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Number of Class A and B common shares outstanding as of May 14, 2026 was 80,764,854 and 100,000, respectively. Page No. PART I. FINANCIAL INFORMATION Item 1. Financial Statements (2026 Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 3 Condensed Consolidated Statements of Operations for the Three Months ended March 31, 2026 and 2025 4 Condensed Consolidated Statements of Stockholders’ Equity for the Three Months ended March 31, 2026 and 2025 5 Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2026 and 2025 6 Notes to the Condensed Consolidated Financial Statements 7 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3. Quantitative and Qualitative Disclosures About Market Risk 36 Item 4. Controls and Procedures 36 PART II. OTHER INFORMATION Item 1. Legal Proceedings 37 Item 1A. Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosure 37 Item 5. Other Information 37 Item 6. Exhibits 37 Signatures 38 -2- SIDUS SPACE, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, December 31, 2026 2025 Assets Current assets Cash $27,349,756 $43,175,996 Accounts receivable 215,916 272,831 Accounts receivable - related parties 1,254,447 1,727,939 Contract asset 81,241 322,773 Contract asset - related party 119,306 209,673 Prepaid and other current assets 4,137,358 4,979,378 Total current assets 33,158,024 50,688,590 Property and equipment, net 17,260,377 14,184,379 Operating lease right-of-use assets 635,143 702,856 Intangible asset 398,135 398,135 Other assets 141,366 116,751 Total Assets $51,593,045 $66,090,711 Liabilities and Stockholders’ Equity Current liabilities Accounts payable and other current liabilities $3,352,995 $5,472,464 Accounts payable and accrued interest - related party 50,240 876,007 Contract liability 161,299 186,537 Contract liability - related party 28,292 - Asset-based loan liability - 8,212,186 Operating lease liability 280,324 273,545 Total current liabilities 3,873,150 15,020,739 Operating lease liability - non-current 362,510 434,695 Total Liabilities 4,235,660 15,455,434 Commitments and contingencies - - Stockholders’ Equity Preferred Stock: 5,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding - - Preferred stock, value - - Series A convertible preferred stock: 2,000 shares authorized; 0 shares issued and outstanding - - Common stock: 210,000,000 authorized; $0.0001 par value Class A common stock: 200,000,000 shares authorized; 66,419,851 and 65,324,055 shares issued and outstanding, respectively 6,642 6,532 Class B common stock: 10,000,000 shares authorized; 100,000 shares issued and outstanding 10 10 Common stock, value 10 10 Additional paid-in capital 142,389,868 140,456,263 Accumulated deficit (95,039,135) (89,827,528) Total Stockholders’ Equity 47,357,385 50,635,277 Total Liabilities and Stockholders’ Equity $51,593,045 $66,090,711 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements -3- SIDUS SPACE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) 2026 2025 Three Months Ended March 31, 2026 2025 Revenue $250,155 $160,704 Revenue - related parties 109,217 77,790 Total - revenue 359,372 238,494 Cost of revenue 1,409,445 1,866,972 Gross loss (1,050,073) (1,628,478) Operating expenses Selling, general and administrative 4,419,637 4,444,442 Total operating expenses 4,419,637 4,444,442 Net loss from operations (5,469,710) (6,072,920) Other income (expense) Other income 81,846 100,000 Interest expense (879) (75,407) Interest income 195,613 66,345 Asset-based loan expense (18,477) (432,645) Total other income (expense) 258,103 (341,707) Loss before income taxes (5,211,607) (6,414,627) Provision for income taxes - - Net loss (5,211,607) (6,414,627) Dividend on Series A preferred Stock - - Net loss attributed to stockholders $(5,211,607) $(6,414,627) Basic and diluted loss per common share $(0.08) $(0.35) Basic and diluted weighted average number of common shares outstanding 66,583,190 18,228,267 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements -4- SIDUS SPACE, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) For the Three Months Ended March 31, 2026 Class A Common Stock Class B Common Stock Additional Paid-In Accumulated Shares Amount Shares Amount Capital Deficit Total Balance - December 31, 2025 65,324,055 $6,532 100,000 $10 $140,456,263 $(89,827,528) $50,635,277 Class A common stock issued for exercise of warrants 1,095,796 110 - - 1,718,478 - 1,718,588 Vested officers compensation - - - - 135,049 - 135,049 Stock option expense - - - - 80,078 - 80,078 Net loss - - - - - (5,211,607) (5,211,607) Balance - March 31, 2026 66,419,851 $6,642 100,000 $10 $142,389,868 $(95,039,135) $47,357,385 For the Three Months Ended March 31, 2025 Additional Class A Common Stock Class B Common Stock Paid-In Accumulated Shares Amount Shares Amount Capital Deficit Total Balance - December 31, 2024 15,956,816 $1,597 100,000 $10 $83,887,682 $(60,353,224) $23,536,065 Balance 15,956,816 $1,597 100,000 $10 $83,887,682 $(60,353,224) $23,536,065 Class A common stock issued for exercise of warrants 2,231,134 223 - - 2,381,024 - 2,381,247 Vested officers compensation 16,533 1 - - 115,791 - 115,792 Stock option expense - - - - 136,452 - 136,452 Net loss - - - - - (6,414,627) (6,414,627) Balance - March 31, 2025 18,204,483 $1,821 100,000 $10 $86,520,949 $(66,767,851) $19,754,929 Balance 18,204,483 $1,821 100,000 $10 $86,520,949 $(66,767,851) $19,754,929 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements -5- SIDUS SPACE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 2026 2025 Three Months Ended March 31, 2026 2025 Cash Flows From Operating Activities: Net loss $(5,211,607) $(6,414,627) Adjustments to reconcile net loss to net cash used in operating activities: Stock based compensation 215,127 252,244 Depreciation and amortization 611,606 934,673 Non-cash fees on asset-based loan - 20,243 Changes in operating assets and liabilities: Accounts receivable 56,915 366,047 Accounts receivable - related party 473,492 (6,566) Inventory - 112,744 Contract asset 241,532 9,332 Contract asset - related party 90,367 - Prepaid expenses and other assets 817,405 1,258,675 Accounts payable and accrued liabilities (2,119,469) 255,041 Accounts payable and accrued liabilities - related party (825,767) 21,172 Contract liability (25,238) (16,192) Contract liability - related party 28,292 - Changes in operating lease assets and liabilities 2,307 1 Net Cash used in Operating Activities (5,645,038) (3,207,213) Cash Flows From Investing Activities: Purchase of property and equipment (3,687,604) (2,978,308) Net Cash used in Investing Activities (3,687,604) (2,978,308) Cash Flows From Financing Activities: Proceeds from issuance of common stock units - 2,381,247 Proceeds from exercise of warrants 1,718,588 - Proceeds from asset-based loan agreement - 3,289,744 Repayment of asset-based loan agreement (8,212,186) (417,981) Repayment of notes payable - (3,059,767) Net Cash provided by (used in) Financing Activities (6,493,598) 2,193,243 Net change in cash (15,826,240) (3,992,278) Cash, beginning of period 43,175,996 15,703,579 Cash, end of period $27,349,756 $11,711,301 Supplemental cash flow information Cash paid for interest $28,626 $5,462 Cash paid for taxes $- $- The accompanying notes are an integral part of these unaudited condensed consolidated financial statements -6- SIDUS SPACE, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS March 31, 2026 Note 1. Organization and Description of Business Organization Sidus Space Inc. (“Sidus”, “we”, “us” or the “Company”), was formed as Craig Technologies Aerospace Solutions, LLC, in the state of Florida, on July 17, 2012. On April 16, 2021, the Company filed a Certificate of Conversion to register and incorporate with the state of Delaware and on August 13, 2021 changed the company name to Sidus Space, Inc. Description of Business Founded in 2012, Sidus Space is an innovative, space and defense technology provider offering flexible, cost-effective solutions, including satellite manufacturing and technology integration, AI-driven space-based data solutions, mission planning and management operations, AI/ML products and services, and space and defense hardware manufacturing. With its mission of Space Access Reimagined®, Sidus Space is committed to rapid innovation, adaptable and cost-effective solutions, and the optimization of space system and data collection performance. We offer customers a variety of mission options whether the ability to host a technology, procure a satellite bus, or simply purchase data as a service. Our flight proven modular satellite, LizzieSat® is a hybrid 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. Our products and services are offered through several verticals: Satellite Design and Manufacturing; Technology Design and Integration; Space-based Data Solutions; Mission Planning and Management Operations; AI/ML Products and Services; and Space and Defense Hardware. 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. Through our Sidus Orlaith™ AI ecosystem, we enable near real-time on-orbit & terrestrial data processing, enhancing the speed and efficiency of data delivery from 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. Orlaith’s data processing can also be seamlessly customized for new and/or esoteric missions. -7- Note 2. Summary of Significant Accounting Policies Basis of Presentation The Company prepares its financial statements in accordance with rules and regulations of the Securities and Exchange Commission (“SEC”) and GAAP in the United States of America. The accompanying interim financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026, are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended December 31, 2025, contained in the Company’s Form 10-K filed on April 1, 2026. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Principles of Consolidation The consolidated financial statements include the variable interest entity (“VIE”), Aurea Alas Limited (“Aurea”), of which we are the primary beneficiary. Aurea is a Limited company organized in the Isle of Man, which entered into a license agreement with a third-party vendor, whereby Aurea licensed the rights to use certain available radio frequency spectrum for satellite communications. All intercompany transactions and balances have been eliminated on consolidation. For entities determined to be VIEs, an evaluation is required to determine whether the Company is the primary beneficiary. The Company evaluates its economic interests in the entity specifically determining if the Company has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance (“the power”) and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE (“the benefits”). When making a determination on whether the benefits received from an entity are significant, the Company considers the total economics of the entity and analyzes whether the Company’s share of the economics is significant. The Company utilizes qualitative factors, and, where applicable, quantitative factors, while performing the analysis. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Examples of estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, the fair value of and/or potential Satellite impairment of property and equipment; product life cycles; useful lives of our property and equipment; allowances for doubtful accounts; fair value calculation of warrant; and the potential outcome of uncertain tax positions that have been recognized in our consolidated financial statements or tax returns. Cash and Cash Equivalents For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had no cash equivalents as of March 31, 2026 and December 31, 2025. Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $250,000 per institution. The amount in excess of the FDIC insurance as of March 31, 2026, was $26.7 million. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant. The Company has also mitigated some of the risk through the use of a premium savings account. This account is used for amounts that are over a set balance maintained in the Company’s general operating account. Balances in the premium savings account are insured up to $150 million. Accounts Receivable Accounts receivable are stated at the amount of consideration from customers of which the Company has an unconditional right to receive plus any accrued and unpaid interest. The Company provides an allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical collection information and existing economic conditions. The Company sells certain accounts receivable with recourse in order to accelerate the receipt of cash. -8- Bad Debt and Allowance for Doubtful Accounts Historically the Company has been able to collect all past due amounts and has not written off past due invoices, therefore there is limited historical data on the company’s historical losses or expected losses at this time. In compliance with GAAP the Company has determined the following policy will be followed regarding outstanding customer invoices. An allowance for doubtful accounts has been established to reflect the anticipated uncollectible value of the related receivable account. Review procedures have been established to provide a realistic reserve based on past collection experience and anticipated losses on the receivables. The company will utilize the allowance method based on accounts receivable aging in order to accrue bad debt expense and the contra balance sheet account, allowance for doubtful accounts. The accounts receivable aging will be reviewed quarterly and necessary adjustments made to the allowance for doubtful accounts account balance. The Company will review their policy annually to determine if adjustments should be made based on more recent accounts receivable trends. During the three months ended March 31, 2026 and 2025, the Company did not record bad debt. The Company’s allowance for doubtful accounts balance as of March 31, 2026 and December 31, 2025 was $0. Contract Assets and Contract Liabilities The amounts included within contract assets and contract liabilities are related to the Company’s long-term construction contracts. The Company accounts for the majority of its fixed price or time-and-materials contracts as performance obligations satisfied over time, due to the Company’s enforceable right to collect based on services provided through any applicable date of termination. Amounts recognized as revenue over time due to this, but in which the Company does not yet have the right to invoice for due to contractual arrangements are reflected as contract assets until such time as they are invoiced, and the Company has the right to receive payment. Retainage for which the company has an unconditional right to payment that is only subject to the passage of time is classified as contracts receivable. Retainage subject to conditions other than the passage of time are included in contract assets and contract liabilities on a net basis at the individual contract level. Contract assets represent revenue recognized in excess of amounts paid or payable (contracts receivable) to the company on uncompleted contracts. Contract liabilities represent the company’s obligation to perform on uncompleted contracts with customers for which the company has received payment or for which contracts receivable are outstanding. Property and Equipment Property and equipment, consisting mostly of plant and machinery, software, satellites and related software, motor vehicles and computer equipment, is recorded at cost reduced by accumulated depreciation and impairment, if any. Construction in progress generally involves short-term capital projects and is not depreciated until the development has reached completion and the asset has been put into service. Depreciation expense is recognized over the assets’ estimated useful lives of three 3 to ten years using the straight-line method. Major additions and improvements are capitalized as additions to the property and equipment accounts, while replacements, maintenance and repairs that do not improve or extend the life of the respective assets, are expensed as incurred. Estimated useful lives are periodically reviewed and, when appropriate, changes are made prospectively. When certain events or changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of the carrying amounts. The Company evaluates its software assets to determine the appropriate capitalization treatment based on intended use. Software developed or obtained for internal use is capitalized in accordance with ASC 350-40, including costs incurred during the application development stage such as coding and testing. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred. Software developed for sale or license to external customers is capitalized in accordance with ASC 985-20 once technological feasibility has been established, with amortization based on the ratio of current revenues to total projected revenues, or on a straight-line basis over the estimated useful life, whichever is greater. Capitalized internal-use software costs are amortized on a straight-line basis over the estimated useful life, generally three3 to five years. -9- Long-Lived Assets Long-lived assets are evaluated to verify no changed to status of LS-2 indicating impairment that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted future cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value. Intangible Assets Intangible assets with an indefinite life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired. Intangible assets with finite lives are initially recorded at cost and amortized on a straight-line basis over the estimated economic useful lives of the respective assets. Acquired intangible assets from business combinations are recognized and measured at fair value at the time of acquisition. The identifiable intangible asset recognized in the Company’s acquisitions is a customer list, which will be tested for impairment annually. Fair Value Measurements The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows: ● Level 1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; ● Level 2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and ● Level 3—Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. The Company’s financial instruments, including cash, accounts receivable, prepaid expense and other current assets, accounts payable and accrued liabilities, and loans payable, are carried at historical cost. As of March 31, 2026 and December 31, 2025, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments. Revenue Recognition The Company adopted ASC 606 – Revenue from Contracts with Customers using the modified retrospective transition approach. The core principle of ASC 606 is that revenue should be recognized in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled for exchange of those goods or services. The Company’s updated accounting policies and related disclosures are set forth below, including the disclosure for disaggregated revenue. The impact of adopting ASC 606 was not material to the Consolidated Financial Statements. -10- Revenue from the Company is recognized under Topic 606 in a manner that reasonably reflects the delivery of its services and products to customers in return for expected consideration and includes the following elements: ● executed contracts with the Company’s customers that it believes are legally enforceable; ● identification of performance obligations in the respective contract; ● determination of the transaction price for each performance obligation in the respective contract; ● allocation of the transaction price to each performance obligation; and ● recognition of revenue only when the Company satisfies each performance obligation. These five elements, as applied to each of the Company’s revenue categories (fixed price, time-and-materials, and milestone-based), are summarized below: Revenues from fixed price manufacturing related contracts that are still in progress at month end are recognized on the percentage-of-completion method, measured by the percentage of total costs incurred to date to the estimated total costs for each contract. This method is used because management considers total costs to be the best available measure of progress on these contracts. Revenue from fixed price contracts and time-and-materials contracts that are completed in the month the work has started are recognized when the work is shipped. To achieve this core principle, we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies a performance obligation. Revenues from fixed price service contracts that contain provisions for milestone payments primarily related to satellite technology-related contracts are recognized at the time of the milestone being met. This method is used because management delivers an identifiable product or service to the customer. Additionally, if the customer terminates the contract, the Company is entitled to retain any progress payments received from the customer and the Company has no further rights to compensation from the customer. Even though the payments made by the customer are nonrefundable, the cumulative amount of those payments is not expected, at all times throughout the contract, to at least correspond to the amount that would be necessary to compensate the Company for performance completed to date. Accordingly, the Company accounts for the progress under the contract as a performance obligation satisfied at a point in time. To achieve this core principle, we apply the following five steps: identify the contract with the client, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to performance obligations in the contract and recognize revenues when or as the Company satisfies a performance obligation. The Company accounts for the majority of its fixed price or time-and-materials contracts (contracts billed based on actual labor hours and materials costs incurred) as performance obligations satisfied over time, due to the Company’s enforceable right to collect based on services provided through any applicable date of termination. Amounts recognized as revenue over time due to this, but in which the Company does not yet have the right to invoice for due to contractual arrangements are reflected as contract assets until such time as they are invoiced, and the Company has the right to receive payment. The Company’s revenues were primarily derived from manufacturing, engineering services, AI-related products and services, and space-related products and services including technology hosting. For the three months ended March 31, 2026 and 2025, revenue across these sources was as follows: Schedule of Revenue from Primarily Derived Information March 31, March 31, 2026 2025 Manufacturing $220,933 $235,017 Engineering Services 500 3,477 AI-related Products and Services 7,167 - Space-related Products and Services Including Technology Hosting 130,772 - Total $359,372 $238,494 Cost of revenue Costs are recognized when incurred. Cost of revenue consists of direct labor, subcontract, materials, depreciation on machinery and equipment including satellites, and other direct costs. -11- Stock Based Compensation The Company accounts for stock-based compensation awards in accordance with ASC Topic 718, “Compensation – Stock Compensation.” The cost of services received from employees and non-employees in exchange for awards of equity instruments is recognized in the consolidate