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

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 included the successful launch and operation of its LizzieSat multi-mission satellite, integration of advanced AIS technology for vessel tracking, and FCC approval for a micro constellation of remote sensing satellites. Looking ahead, Sidus Space plans to expand its satellite operations, enhance its constellation capabilities, and grow its space hardware manufacturing operations. The company aims to become a global provider of space-based data and insights, focusing on earth-based observations and space situational awareness.