Sidus Space, Inc.

Good evening and welcome to the Cedar Space First Quarter 2026 Financial Results Conference Call. All participants will be in listen-only mode. If you do need assistance, please signal a conference specialist by pressing the start key followed by zero. Please note this event is being recorded. I would now like to turn the conference over to Adarsh Parekh, Chief Financial Officer. Please go ahead.

Good evening, everyone, and thank you for joining us for SIDUS Space's first quarter 2026 earnings conference call. Joining us today from the company is Carol Craig, Chairwoman and Chief Executive Officer, and myself, Adarsh Parekh, Chief Financial Officer. During today's call, we may make certain forward-looking statements. These statements are based on our current expectations with respect to to the future of our business, the economy, and other events, and as a result, are subject to risks and uncertainties. Many factors could cause actual results to differ materially from the forward-looking statements made on this call. These factors include our ability to estimate operational expenses and liquidity needs, customer demand, supply chain delays, including launch providers, and extended sales cycles. We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in the applicable SEC rules and regulations. Reconciliations to the company's GAAP measures are included in the management's discussion and analysis of financial conditions and results of operations with Insidious' quarterly report on Form 10Q for the period ended March 31, 2026. For more information about these risks and uncertainties, please refer to the risk factors in the company's filings with the Securities and Exchange Commission, each of which can be found on our website, www.sidespace.com. Listeners are cautioned not to put undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call. At this time, I would like to turn the call over to Carol. Carol, please go ahead.

Good evening, and thank you for joining us. I want to start by saying that the first quarter of 2026 reflects continued progress as we translate several years of development into operational capabilities supporting both space and defense missions across multiple domains. Our team has remained focused on disciplined execution, advancing our next generation satellite builds, expanding our technology platforms, and delivering on customer commitments. For those who may be new to our story, Citus was founded as an agile and vertically integrated company to deliver high-quality, cost-effective end-to-end space and defense solutions for multi-domain operations, integrating satellite design, manufacturing, and on-orbit operations with advanced computing and data capabilities. Over the past several years, We have made disciplined investments in our technology stack, operating infrastructure, and workforce to support our mission and strengthen our position as a provider of scaled space and defense technology capabilities and data-driven solutions. We are now seeing those efforts materialize into tangible, mission-ready capabilities. Today, Citus is a proven, US-based, vertically integrated space and defense technology company delivering end-to-end satellite infrastructure, space and defense-grade hardware, and AI-enabled data platforms. From quarter to quarter, our progress has been supported by continued momentum and expanding activity across the commercial space sector. Most recently, the successful Artemis II mission was splashed down in April, marked the first crewed flight beyond low Earth orbit in more than 50 years, and reinforced the viability of the cislunar economy where CITES is well positioned. More broadly, there is sustained investment across commercial space, expanding national security priorities, and a growing demand for space-based data and resilient compute architectures, which all align with the capabilities we have built. The market is seeing meaningful investor attention return to the commercial space sector, including a much anticipated public wisdom of a major peer, which could be the largest IPO in history. As a nimble small cap player, we benefit from this rising tide while focusing on specialized opportunities that complement larger players. The first quarter of 2026 saw record investment in the commercial space industry. This strategy is not theoretical. The strongest validation of our technology is not what we say, but what our systems are doing operationally. With multiple satellites on orbit, Citus is progressing into a new phase, where focus shifts from proving technical capabilities to executing and operating mission-ready platforms for our customers. we successfully launched three LISISAT satellites between March 2024 and March 2025, each one building upon the last and demonstrating increased capability across design, operations, and mission performance. Together, these missions validate our platform, strengthen our credibility, and support our transition to commercialization and, most importantly, revenue. Turning to our on-orbit fleet, LUSISAT-2, operating in equatorial inclination, remained in commissioning during the quarter with continued system checks and communication passes supporting readiness activities. LUSISAT-3 successfully completed full bus-level commissioning and progressed through payload-level commissioning activities during the quarter. The satellite continued to collect AIF data and advanced on-orbit testing of customer payloads. including HEO USA's non-Earth imaging camera. In March, we achieved a meaningful technical milestone with the receipt of initial imagery from the HEO camera aboard LS3, demonstrating sub-5-meter resolution. This represented an important step in the commissioning process and along the path toward initiating subscription-based data service delivery following completion of commissioning. Our Mission Control Center, now in its third year of full 24-7 operations, continues to support satellite operations, collection management, and data distribution for our own fleet, with capacity to support additional customer satellite constellations. Throughout the first quarter, we continue to advance Citus's Fortis VCS platform, our modular computing system for challenging and constrained environments. Fortis includes a SOSO-aligned single-board computer and a precision navigation and timing module designed for GPS-denied environments. We're currently engaged with multiple commercial customers and defense prime contractors who are evaluating Fortis BPX for satellite payload processing, unmanned systems, and ground-based computing. Converting these evaluations into commercial revenue is a near-term priority for our business development team. These capabilities position us across both commercial and defense markets. Our award under the Missile Defense Agency 10-year S.H.I.E.L.D. IDIQ contract remains an important pathway for our satellite, onboard processing, and modular compute capabilities. S.H.I.E.L.D. is part of the broader Golden Dome Missile Defense Strategy, designed to deliver capabilities faster through digital engineering, open systems architectures, and AI where appropriate. National security is a growing priority with substantial funding with an increased DOD investment in space events. We are preparing to pursue task orders on this contract, and our strengthened balance sheet positions us competitively for these high-value national security programs. We also expanded our existing agreement with Lone Star Data Holdings to build and deliver an additional Star Vault orbital data storage payload. This expansion reflects Lone Star's continued progress towards scaling its orbital data storage architecture. Citus is currently building the first Star Vault payload, which is scheduled to launch no earlier than spring 2027 aboard LS4. Looking at the year ahead, our strategic priorities in the near term are focused on two of our core areas, compute hardware and satellites. Our operational execution remains focused on continuous improvement, disciplined resource alignment, and scaling capabilities with a structured and intentional go-to-market approach to drive customer adoption and revenue generation. While we have been intentional and disciplined in how we deploy capital, we have built a full technology stack spanning hardware, software, and data, primarily through internal development, complemented by a small, highly targeted acquisition of Exaspace in 2023, which formed the foundation of our Orlais AI ecosystem. Unlike some competitors that pursued multi-domain capability through large debt finance acquisitions, we built these capabilities with a disciplined approach, leveraging a decade and a half of heritage experience while maintaining a clean balance sheet and retaining full control over our intellectual property. With regard to our satellite platform, one of the key advantages of our Lizzy Set architecture is that it is software-defined, meaning capabilities are not fixed at launch. Over the past year, we've demonstrated this advantage by deploying autonomous navigation software and commissioning FeatherEdge 100i entirely on orbit, delivering capability upgrades to an operational asset without additional hardware or launch costs. This model allows us to extend mission utility and adapt to changing requirements over time, while maintaining a more efficient approach to capability upgrades. In parallel, we continue to advance our next-generation satellite builds, including LS4 and LS5, which are being developed as software-defined platforms, incorporating enhanced capabilities such as laser communications and software-defined hyperspectral imaging. This architecture is designed to provide customers, including international partners such as the Netherlands organization, or TINO, with the ability to adapt mission requirements on-orbit. During the first quarter, we achieved an integration milestone with Maristech, whose advanced edge computing and video processing payload is scheduled to fly on LS4. We also formalized our strategic collaboration with Samarasense during the quarter through a memorandum of understanding to advance AI-enabled hyperspectral imaging focused on enabling near real-time intelligence-driven Earth observation capabilities. During the quarter, we also strengthened our governance with the appointment of Kelly Wendling to our board of directors. Kelly brings more than three decades of executive leadership and government contracting experience across space systems, ISR, and FAA markets. Her perspective will be valuable as we scale our space and defense offerings. Building on the capital raises completed during 2025, we continue to invest in key technology development, especially related to compute hardware, including our dual-use Fortis CPX product line, while maintaining a disciplined approach to operating expenses as we scale. Subsequent to quarter end, we announced continued advancements to our Fortis command and data handling platform through a strategic collaboration with Microchip Technology. Microchip space-grade flight-proven semiconductor technologies allow us to develop systems faster. They reduce integration complexity and shorten the path from design to mission-ready hardware. As we move forward, this operational transition informs how we think about scalability, margin durability, and capital efficiency. And with that, I'll turn the call over to Adarsh for our financial review. Thank you.