Sidus Space, Inc. (NASDAQ: SIDU), a Space Infrastructure-as-a-Service company, announced its financial results for the second quarter ended June 30, 2024, along with a business update. The company reported a decrease in total revenue to approximately $930,000, down from the previous year's quarter, primarily due to delays in satellite contract payments and timing of fixed price manufacturing milestones. Cost of revenue saw a significant increase, resulting in a negative gross profit margin of (91%). The net loss for the quarter was $4.1 million, an increase from the $3.5 million net loss in Q2 2023. Operational highlights included the successful commissioning of the company's first LizzieSat-1 satellite, the development of LizzieSat-2 and 3, and various partnerships and agreements to expand services and market reach. The...Show More

Sidus Space, Inc. (NASDAQ: SIDU), a Space Infrastructure-as-a-Service company, announced its financial results for the second quarter ended June 30, 2024, along with a business update. The company reported a decrease in total revenue to approximately $930,000, down from the previous year's quarter, primarily due to delays in satellite contract payments and timing of fixed price manufacturing milestones. Cost of revenue saw a significant increase, resulting in a negative gross profit margin of (91%). The net loss for the quarter was $4.1 million, an increase from the $3.5 million net loss in Q2 2023. Operational highlights included the successful commissioning of the company's first LizzieSat-1 satellite, the development of LizzieSat-2 and 3, and various partnerships and agreements to expand services and market reach. The company also achieved recertification of ISO 9001:2015 and AS9100D quality designation. A conference call and webcast were scheduled to discuss the results. The company emphasized its mission of Bringing Space Down to Earth™ and its vision to enable space flight heritage status for new technologies while delivering data and predictive analytics to customers worldwide.