Free cash flow remains deeply negative, with quarterly outflows reaching $9.3 million in 2026Q1, highlighting a business model that is currently unable to fund its own operations internally.
| Cash from Operations | -20.59M | -18.15M | -15.83M | -11.75M | -12.09M | -2.48M | -1.59M | -1.2M |
| Operating CF Margin % | - | -536.47% | -338.67% | -197.05% | -165.82% | -176.38% | -87.83% | -42.73% |
| Operating CF Growth % | -294.22% | -14.71% | -34.69% | 2.85% | -386.72% | -56.55% | -32.74% | - |
| Net Income | -28.27M | -29.47M | -17.52M | -14.33M | -12.84M | -3.75M | -1.54M | -1.93M |
| Depreciation & Amortization | 4.05M | 4.37M | 2.17M | 217.11K | 319.94K | 394.97K | 466.84K | 466.81K |
| Stock-Based Compensation | 816.07K | 853.18K | 289.18K | 1.02M | 1.21M | 200K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -633.21K | 0 | 0 |
| Other Non-Cash Items | 4.49M | 4.51M | 87.13K | 17.87K | 22.5K | 778.97K | -2.47K | 7.21K |
| Working Capital Changes | -1.67M | 1.59M | -849.17K | 1.32M | -805.38K | 520.64K | -508.7K | 258.91K |
| Change in Receivables | 823.88K | 330.38K | -1.23M | -234.5K | -542.79K | -234.61K | 143.71K | -145.34K |
| Change in Inventory | 142.97K | 255.72K | 602.93K | -624.88K | -455.94K | 78.44K | -55.83K | 13.47K |
| Change in Payables | -3.13M | 2.46M | 0 | 4.1M | 0 | 613.39K | 0 | 374.32K |
| Cash from Investing | -8.88M | -8.17M | -7.47M | -7.69M | -2.1M | -217.84K | -4.51K | -5.45K |
| Capital Expenditures | -8.88M | -8.17M | -7.47M | -7.21M | -2.1M | -217.84K | -4.51K | -5.45K |
| CapEx % of Revenue | 253.47% | 241.57% | 159.97% | 120.89% | 28.79% | 15.46% | 0.25% | 0.19% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -483.64K | 0 | 0 | 0 | 0 |
| Cash from Financing | 45.11M | 53.8M | 37.79M | 18.36M | 2.78M | 16.39M | 1.55M | 1.25M |
| Debt Issued (Net) | -8.02M | -1.92M | 4.16M | 1.78M | -443.18K | 138.07K | 1.55M | 1.25M |
| Equity Issued (Net) | 55.06M | 55.72M | 33.6M | 16.6M | 3.22M | 16.26M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -19.55K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.92M | 0 | 22.5K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 15.64M | 27.47M | 14.49M | -1.08M | -11.42M | 13.69M | -37.16K | 51.58K |
| Free Cash Flow | -29.47M | -26.33M | -23.3M | -18.96M | -14.19M | -2.7M | -1.59M | -1.2M |
| FCF Margin % | -841% | -778.04% | -498.64% | -317.93% | -194.61% | -191.85% | -88.08% | -42.93% |
| FCF Growth % | -34.98% | -13% | -22.91% | -33.56% | -425.19% | -69.79% | -32.51% | - |
| FCF per Share | -0.44 | -1.06 | -4.78 | -30.58 | -82.69 | -24.21 | -15.92 | -12.01 |
| FCF Conversion (FCF/Net Income) | 1.04x | 0.62x | 0.90x | 0.82x | 0.94x | 0.66x | 1.03x | 0.62x |
| Interest Paid | 0 | 0 | 1.3M | 0 | 284.18K | 0 | 15.85K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative unit economics
According to quarterly financial data, the OCF/NI ratio has fluctuated significantly, reaching 1.08 in 2026Q1, which suggests that the company's reported net losses are being exacerbated by cash-based operational outflows rather than being mitigated by non-cash accounting adjustments or meaningful accrual-based earnings quality improvements.
The lack of a consistent relationship between net income and operating cash flow indicates that the company's bottom-line performance is heavily influenced by volatile working capital movements. Investors should monitor whether this divergence persists, as it may imply that the underlying business model is struggling to generate cash even when accounting for non-cash expenses.
As reported in recent financial statements, Sidus Space consistently records negative free cash flow, with quarterly outflows reaching as high as $9.3 million in 2026Q1, reflecting a business model that remains structurally unable to fund its own operations through internal cash generation.
The persistent negative FCF margins, which have remained deep in the double digits, suggest that the company is in a perpetual state of capital consumption. This trajectory warrants further investigation into whether the current launch cadence can ever reach a scale sufficient to offset the high fixed costs of satellite manufacturing.
Based on the provided figures, the company's capital intensity remains elevated, with CapEx/Revenue ratios occasionally exceeding 100% in periods like 2025Q3, indicating that the firm is reinvesting more than its total revenue back into physical infrastructure and satellite development assets.
This high level of capital intensity suggests that the company is still in a heavy investment phase, potentially prioritizing asset base expansion over immediate operational efficiency. Such spending levels may indicate that the manufacturing facility requires constant, significant capital injections to remain competitive in the aerospace sector.
As evidenced by the erratic swings in working capital changes, ranging from a $2.0 million inflow in 2025Q1 to a $1.5 million outflow in 2025Q3, the company's cash position is highly sensitive to the timing of project-based collections and inventory management cycles.
The inconsistency in working capital management suggests that the company may be struggling to align its cash conversion cycle with the long-term nature of its government and commercial contracts. This volatility appears to be a primary driver of the company's unpredictable liquidity profile.
Based on reported filings, the company has directed zero cash toward dividends or share repurchases, instead utilizing all available capital to fund operational deficits and capital expenditures, which highlights a management strategy focused entirely on maintaining the business's existence rather than returning value to shareholders.
The absence of capital returns is consistent with a firm in the early stages of a capital-intensive growth cycle. Investors should monitor whether this allocation strategy shifts as the company attempts to transition toward a more sustainable, service-oriented revenue model.
Quick answers to the most common questions about buying SIDU stock.
Sidus Space, Inc. (SIDU) generated $-18.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sidus Space, Inc. (SIDU) reported negative free cash flow of $26.3M in 2025, indicating capital requirements exceeded cash from operations.
Sidus Space, Inc. (SIDU) spent $8.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.