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Sidus Space | 8-K: SIDUS SPACE REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE

SEC ·  Aug 20, 2024 16:58

Summary by Futu AI

Sidus Space reported Q2 2024 financial results with revenue declining to $930,000 from $1.37M YoY, while net loss widened to $4.1M from $3.5M. The quarter saw increased costs and negative gross margin of 91%, primarily due to timing of satellite payments and higher depreciation costs from their first deployed satellite.The company achieved a major milestone with successful commissioning of LizzieSat-1 launched in March 2024, demonstrating vertical integration capabilities. Multiple payload activations were completed, including successful transmission of AI-enhanced data and completion of NASA's ASTRA mission objectives.Looking ahead, Sidus Space is advancing production of LizzieSat-2 and 3 for upcoming SpaceX launches, while expanding operations through new partnerships including a planned joint venture in Saudi Arabia. The company maintains focus on scaling its Space-based Data-as-a-Service business model through the LizzieSat constellation.
Sidus Space reported Q2 2024 financial results with revenue declining to $930,000 from $1.37M YoY, while net loss widened to $4.1M from $3.5M. The quarter saw increased costs and negative gross margin of 91%, primarily due to timing of satellite payments and higher depreciation costs from their first deployed satellite.The company achieved a major milestone with successful commissioning of LizzieSat-1 launched in March 2024, demonstrating vertical integration capabilities. Multiple payload activations were completed, including successful transmission of AI-enhanced data and completion of NASA's ASTRA mission objectives.Looking ahead, Sidus Space is advancing production of LizzieSat-2 and 3 for upcoming SpaceX launches, while expanding operations through new partnerships including a planned joint venture in Saudi Arabia. The company maintains focus on scaling its Space-based Data-as-a-Service business model through the LizzieSat constellation.

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