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Sidus Space Inc. (SIDU+0.70%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in revenue to $4,672,646 from $5,962,785 in the previous year. The decrease is attributed to the timing of fixed-price milestone contracts and lower satellite technology revenue.
Cost of revenue increased to $6,141,657 from $4,321,482, primarily due to higher satellite and related software depreciation expenses and increased supply chain costs.
The company reported a gross loss of $1,469,011, compared to a gross profit of $1,641,303 in the previous year, with the decline attributed to higher costs and a decrease in higher-margin business.
Selling, general, and administrative expenses were $14,249,870, remaining relatively stable compared to $14,166,617 in the previous year.
Net loss for the year was $17,524,056, up from $14,328,348 in the previous year. The increase in net loss is due to higher costs and lower revenue.
Cash used in operating activities was $15,825,052, while cash used in investing activities was $7,474,836, primarily for the purchase of property and equipment.
Cash provided by financing activities was $37,787,360, which included proceeds from capital raises and an asset-based loan agreement.
Sidus Space had a working capital of $8,043,050 as of December 31, 2024, compared to a working capital deficiency of $3,017,046 in the previous year.
The filing details various financial agreements, including a revolving line of credit and a note payable with Decathlon, which was fully paid off in January 2025.
Sidus Space continues to focus on expanding its satellite operations and manufacturing capabilities, with plans to launch additional LizzieSat® satellites over the next 24 months.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.