Sidus Space Inc (NASDAQ:SIDU) said it plans to reallocate two of its AI-driven LizzieSat satellites to launch on an upcoming Bandwagon mission with SpaceX.
“The Bandwagon mission is exciting because it gives us the ability to place multiple LizzieSats in dissimilar orbits, enabling us to capture higher revenue generating data while increasing our payload and data customers,” Sidus Space CEO Carol Craig said in a statement.
“This, when combined with the inclusion of additional sensors and enhanced AI capabilities on our initial flight, adds value as we get closer to initiating these launches and developing new, high-margin business lines.”
In a letter to shareholders, she elaborated that the addition of the Bandwagon mission to Sidus’ constellation will enable expanded AI-enhanced imaging, with sensors utilizing co-incident or simultaneous data collection to capture still images, hyperspectral and multispectral images, AIS, and wide-area-spectral imaging.
“Our integration of FeatherEdge AI into our LizzieSats will enable real-time data processing, image analysis, anomaly detection, data compression, and automated decision-making while increasing privacy, security, and customization,” she said.
“This imaging capability expands our potential customer base for data collected by our LizzieSats as images collected by this suite of sensors can be utilized in multiple industries including government, military, oil and gas, maritime, forestry, and agriculture.”
Sidus said it has adjusted its LizzieSat launch manifest to take advantage of the Bandwagon mission opportunity.
Its first LizzieSat launch, initially planned on Transporter-9 in the fourth quarter of 2023, will now target launch in the first quarter of 2024, followed by the launch of two LizzieSats on a Bandwagon mission in the second quarter of 2024.
The company noted it continues to be manifested for a single LizzieSat to launch with SpaceX on Transporter-10 in 1Q 2024 and two LizzieSats on Transporter-11 in 2Q 2024, bringing the total number of LizzieSats expected to be in orbit in its constellation by the end of the third quarter of 2024 to five.
Further, Craig wrote in the shareholder letter that Sidus has been granted an additional 180-day extension to regain compliance with the Nasdaq minimum bid requirement of $1. The company must increase its share price above $1 by March 11, 2024, to regain compliance.
Shares of Sidus Space rose in pre-market trade on Monday following the Bandwagon mission announcement, up about 4.5% at US$0.18.
“It is our belief and intention that the daily work we are doing to build shareholder value will soon be realized in our share price,” Craig said. “Specifically, we are excited about the launch of our maiden LizzieSat, scheduled for February 2024, and a total of five LizzieSats scheduled for launch before the end of the third quarter of 2024.”
Sidus Space is a multi-faceted Space and Data-as-a-Service company focused on mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launch planning, mission operations; and in-orbit support.
Contact the author at emily.jarvie@proactiveinvestors.com
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