Sidus Space, a U.S.-based space infrastructure service provider, reported mixed financial results for the quarter ended June 30, 2024. Revenue decreased by 32% year-over-year to $927,570, primarily due to a change in contract mix and fewer satellite-related contracts. The company experienced a gross loss of $841,101, a significant decline from the gross profit of $507,777 in the same quarter of the previous year. This was attributed to the mix of contracts, lower sales of higher-margin satellite-related business, and increased supply chain costs. Selling, general, and administrative expenses decreased by 14% to $3,056,814, reflecting reduced professional fees, marketing, and insurance costs. The net loss widened by 18% to $4,136,084. Sidus Space's liquidity position showed an improvement in working capital deficiency, which decreased by...Show More

Sidus Space, a U.S.-based space infrastructure service provider, reported mixed financial results for the quarter ended June 30, 2024. Revenue decreased by 32% year-over-year to $927,570, primarily due to a change in contract mix and fewer satellite-related contracts. The company experienced a gross loss of $841,101, a significant decline from the gross profit of $507,777 in the same quarter of the previous year. This was attributed to the mix of contracts, lower sales of higher-margin satellite-related business, and increased supply chain costs. Selling, general, and administrative expenses decreased by 14% to $3,056,814, reflecting reduced professional fees, marketing, and insurance costs. The net loss widened by 18% to $4,136,084. Sidus Space's liquidity position showed an improvement in working capital deficiency, which decreased by 86% to $431,884, and cash on hand increased to $1,444,369. The company's strategic focus remains on expanding its satellite operations and manufacturing capabilities, with significant investments in property and equipment for satellite components and software. Despite the current losses, Sidus Space is positioning itself for future growth with its LizzieSat satellite platform and plans to offer space-based data services.