In This Story
Sidus Space Inc. (SIDU-2.82%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $1,868,958 from $985,520 in the same quarter the previous year. The increase is attributed to the timing of fixed price milestone contracts and increased satellite-related revenue.
Cost of revenue for the quarter was $1,830,787, representing 98% of revenue, compared to 110% in the same quarter of the previous year. This decrease in cost ratio is due to a mix of contracts and increased revenue from higher-margin satellite-related business.
The company reported a gross profit of $38,171 for the quarter, compared to a gross loss of $96,281 in the previous year, with the improvement attributed to increased sales in the satellite-related business.
Selling, general, and administrative expenses decreased to $3,210,069 from $3,778,460, primarily due to reduced professional fees and payroll expenses.
Net loss for the quarter was $3,902,589, compared to $4,082,085 in the previous year. The decrease in net loss is primarily due to increased revenue and decreased operating expenses.
Cash used in operating activities was $10,288,228, while cash used in investing activities was $5,102,661. Cash provided by financing activities was $15,406,183, primarily from capital raises.
Sidus Space had a working capital deficiency of $4,589,507 as of September 30, 2024. The company acknowledges its dependence on future financing to meet obligations.
The filing also details various business operations, including the launch of the LizzieSat multi-mission satellite and the integration of FeatherEdge AI for real-time data processing.
Sidus Space continues to focus on expanding its satellite operations and space-based data solutions, with plans to enhance its LizzieSat platform and increase its customer base.
The company does not anticipate any significant changes in its business model or operations in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sidus Space Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.