Summary by Moomoo AI
Sidus Space reported strong Q3 2024 financial results with revenues reaching $1.9 million, a 90% increase YoY, while gross profit improved 140% to $38,000. The company achieved a 15% reduction in SG&A expenses to $3.2 million and improved EBITDA loss by 33% to $2.5 million compared to Q3 2023.The company secured several significant contracts, including selection as the exclusive manufacturer for Lonestar's lunar data storage constellation and a $2 million contract from Craig Technologies for U.S. Navy equipment. Additionally, Sidus received FCC approval for its micro constellation in Low Earth Orbit and successfully completed environmental testing for LizzieSat™-2, scheduled for launch in December 2024.The company strengthened its financial position by raising $7 million through a public offering. Operational highlights include completing NASA's ASTRA mission objectives, securing a contract with Xiomas Technologies for fire detection systems, and upgrading LizzieSat™ communication systems with Iridium-enabled technology.
