Summary by Moomoo AI
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
