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- Material Weakness (new) — The company expects to conclude that one or more material weaknesses existed in its internal control over financial reporting.
- Restatement (new) — The company will restate its audited 2024 and 2025 annual financial statements and its 2026 quarterly financial statements.
Sidus Space says 2024-2026 financials can't be relied on, will restate on warrant, satellite, revenue errors
Filed November 6, 2026 · Period ending November 2, 2026 · ~1 min read
Key Changes
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high
Audit Committee concluded Nov 2 that audited 2024 and 2025 annual financials and 2026 Q1/Q2 financials should no longer be relied upon.
Item 4.02 verify on EDGAR → -
high
3.4M warrants from Dec 2024 private placement should have been liabilities, not equity; ~$4.7M warrant liability not recorded at issuance.
Item 4.02 verify on EDGAR → -
high
LizzieSat 2 satellite should have been fully impaired ~$4.0M in Q1 2026; ~$0.3M quarterly depreciation was improper.
Item 4.02 verify on EDGAR → -
high
$1.65M customer contract revenue should have been deferred as contract liabilities until services commenced.
Item 4.02 verify on EDGAR →
Summary
Sidus Space disclosed that its Audit Committee and management concluded on November 2, 2026 that the audited 2024 and 2025 annual financial statements and the 2026 first- and second-quarter financial statements should no longer be relied upon.
The company also expects to conclude that one or more material weaknesses existed in its internal control over financial reporting. These issues raise concerns about the reliability of prior financial disclosures and the effectiveness of internal controls. Investors should note that the restatement process is ongoing and the company intends to file corrected financial statements as soon as reasonably practicable.
Section-by-Section Diff
Event · Item 4.02 — Non-Reliance on Previously Issued Financial Statements
Sidus Space says four periods of financials can't be relied on and will be restated due to warrant, satellite, and revenue errors.
Added in current filing · verify on EDGAR →
should no longer be relied upon
The Audit Committee and management concluded on November 2, 2026 that the audited 2024 and 2025 annual financial statements and the 2026 first- and second-quarter financial statements should no longer be relied upon. Related earnings releases and investor communications for those periods should also no longer be relied upon.
Added in current filing · verify on EDGAR →
3,409,946 common stock warrants issued on December 17, 2024 to investors under a private placement securities purchase agreement should have been classified as liabilities, rather than equity
Warrants issued in a December 2024 private placement should have been recorded as liabilities at fair value rather than equity. The company did not record a warrant liability of approximately $4.7 million at issuance or recognize subsequent fair value changes in earnings.
Added in current filing · verify on EDGAR →
these amounts should have been recorded as contract liabilities until the Company’s mission operations services commenced
Revenue recognized under a customer contract totaling $1.65 million should have been recorded as contract liabilities because services had not yet transferred to the customer.
Added in current filing · verify on EDGAR →
the restatements are expected to increase net loss by approximately $12.5 million for the year ended December 31, 2024, primarily due to the remeasurement of liability classified warrants, decrease net loss by approximately $5.5 million for the year ended December 31, 2025, and increase net loss by approximately $2.6 million, $1.5 million, and $4.1 million for the three months ended March 31, 2026, the three months ended June 30, 2026, and the six months ended June 30, 2026, respectively.
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Figures/quotes linked to EDGAR · Narrative written by AI · Nov 9, 2026 · How we verify