Sidus Space, Inc. (NASDAQ: SIDU), a Space and Data-as-a-Service satellite company, reported its financial results for the first quarter ended March 31, 2024, on May 20, 2024. The company announced a decrease in total revenue to approximately $1.1 million, down by $1.2 million from the previous year, primarily due to the timing of fixed price manufacturing milestone contracts and satellite contract payments. Cost of revenue decreased by 29% to approximately $1 million, and gross profit margin dropped to 8% from 40% in the previous year. Selling, general, and administrative expenses saw a slight increase to $3.6 million, attributed to fundraising expenses and increased mission operations support. The net loss widened to $3.8 million from $3.4 million year-over-year. Despite the financial downturn, Sidus Space achieved significant operational milestones, including...Show More

Sidus Space, Inc. (NASDAQ: SIDU), a Space and Data-as-a-Service satellite company, reported its financial results for the first quarter ended March 31, 2024, on May 20, 2024. The company announced a decrease in total revenue to approximately $1.1 million, down by $1.2 million from the previous year, primarily due to the timing of fixed price manufacturing milestone contracts and satellite contract payments. Cost of revenue decreased by 29% to approximately $1 million, and gross profit margin dropped to 8% from 40% in the previous year. Selling, general, and administrative expenses saw a slight increase to $3.6 million, attributed to fundraising expenses and increased mission operations support. The net loss widened to $3.8 million from $3.4 million year-over-year. Despite the financial downturn, Sidus Space achieved significant operational milestones, including the successful launch and deployment of its first LizzieSat satellite, establishing two-way communications, and securing various contracts and approvals. The company also appointed a new CFO, Bill White, and added Richard J. Berman to its Board of Directors. Sidus Space raised gross proceeds of $15.2 million through warrant exercises and equity offerings, bolstering its cash position to $6.2 million. The company's stockholders' equity increased to $17.2 million. A conference call and webcast were scheduled to discuss the results and updates.