Go to 'Cheats' in the 'Extras' screen and move the rows of symbols to form the following line to unlock the following

Unlock features: X, Triangle, Circle, Triangle, Circle.

Unlimited Weapons: Triangle, Circle, X, Circle, Square.

Unlimited Shields: Triangle, Triangle, Square, Square, Square

Unlock Retro Ships: X, Circle, Triangle, Square, X.

Unlock Animal Ships: Triangle, Circle, Circle, Triangle, X.

Unlock Fast Ships: Square, X, X, X, Triangle.

Unlock Mini Ships: Circle, Square, Square, X, Circle

Unlock Zone Challenge Mode: Complete 30% of game

Unlock Time Trial Mode: Complete 60% of game

Unlock Team Gold Challenges: Get Gold medals in the first 5 challenges

Unlock Team Super Weapon: Get any medal in the first 5 challenges

Unlock Teams:
Successfully complete the following to unlock new Teams:

Tigron Team: Complete Sveta Kirovski Challenge with a Gold Medal.

Xios Team: Complete Zala Woolf Challenge with a Gold Medal.

Pirahna Team: Complete Jann Shlaudecker Challenge with a Gold Medal.

Auricom Team: Complete Franco Gonzalez Challenge with a Gold Medal.

EG-r Team: Complete Alex Reece Challenge with a Gold Medal