Summary by Moomoo AI
Sidus Space, Inc., a space mission enabler, reported its financial results for the quarter ended September 30, 2024. The company saw a 90% increase in revenue to $1.87 million compared to $985,520 in the same period last year, driven by a mix of contracts and increased satellite-related revenue. Cost of revenue rose by 69% to $1.83 million, resulting in a gross profit of $38,171, a significant improvement from a gross loss of $96,281 in the previous year. Selling, general, and administrative expenses decreased by 15% to $3.21 million, primarily due to lower professional fees and payroll expenses. Other expenses increased to $730,691, mainly due to higher interest expenses related to a note payable and an asset-based loan. Consequently, the net loss narrowed by 4% to $3.9 million. The company's business development...Show More
