Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 1306

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 1306
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000
    in professional fees to $1.1 million compared to $1.9 million in 2023 primarily related to lower legal and accounting related expenses.

    ●
    A decrease of $317,000
    in research and development costs to $0.00 compared to $317,000 in 2023 related to initial engineering design and development costs
    of the satellite.

    ●
    A decrease of $327,000
    in investor and public relations expense to $109,000 from $436,000 in 2023, as a result of bringing more of these functions in house.

Total other income (expense)

During the year ended December 31, 2024, we had interest
income of $39,009, other income related to the sale of obsolete equipment and scrap material of $4,613, interest expense of $1,285,652
and asset-based loan expense of $542,550.

During the year ended December 31, 2023, we had gain
on sale of equipment of $17,950, finance expense of $917,848, interest expense of $747,420 and asset-based loan expense of $155,716.

NON-GAAP MEASURES

To provide investors with additional information
in connection with our results as determined in accordance with GAAP, we use non-GAAP measures of adjusted EBITDA. We use adjusted EBITDA
in order to evaluate our operating performance and make strategic decisions regarding future direction of the company since it provides
a meaningful comparison to our peers using similar measures. We define adjusted EBITDA as net income (as determined by U.S. GAAP) adjusted
for interest expense, depreciation and amortization expense, acquisition deal costs, severance costs, capital market and advisory fees,
equity-based compensation and warrant costs. These non-GAAP measures may be different from non-GAAP measures made by other companies
since not all companies will use the same measures. Therefore, these non-GAAP measures should not be considered in isolation or as a
substitute for relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis.

 52 

The following table reconciles adjusted EBITDA to
net loss (the most comparable GAAP measure) for the twelve months ended December 31 2024, and 2023:

    Twelve Months Ended  

    December 31,  

    2024