Sidus Space Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $1,868,958 for the three months ended September 30, 2024, marking a 90% increase from $985,520 in the same period of 2023. This growth was primarily driven by a 131% rise in non-related party revenue, attributed to fixed-price milestone contracts and increased satellite-related revenue. However, revenue from related parties decreased by 50% to approximately $112,000 due to reduced contracts.

Despite the revenue increase, Sidus Space reported a gross profit of $38,171, a notable recovery from a gross loss of $(96,281) in the prior year. The net loss for the quarter was $(3,902,589), an improvement from $(4,082,085) in 2023. The company’s selling, general, and administrative expenses decreased to approximately $3.2 million, down from $3.8 million, reflecting reduced professional fees and payroll expenses.

For the nine months ended September 30, 2024, total revenue decreased to $3,846,683 from $4,619,556 in 2023, attributed to a shift in contract mix. The gross loss for this period was approximately $(719,000), a decline from a gross profit of $1.4 million in the previous year. The net loss increased slightly to $(11,849,173) from $(11,024,725) in 2023, with interest expenses rising significantly to $1,234,789 compared to $662,105 in the prior year.

Sidus Space's total assets increased to $23,096,815 as of September 30, 2024, up from $19,351,112 at the end of 2023. The company’s cash position remained stable at approximately $1.2 million, with accounts receivable rising to $1,495,340 from $1,175,077. Inventory also saw a substantial increase, reaching $1,700,614 compared to $1,217,929 at the end of 2023.

Strategically, Sidus Space launched its inaugural 3D printed, AI-enhanced multi-mission satellite, LizzieSat, in March 2024, and received FCC approval for a micro constellation of remote sensing satellites in Low Earth Orbit. The company continues to focus on expanding its capabilities in satellite manufacturing and space-based data solutions, leveraging its vertically integrated model to enhance revenue opportunities.

Overall, while Sidus Space experienced revenue growth in the latest quarter, it continues to face challenges in profitability and contract diversification, as reflected in its financial performance.