Sidus Space Inc. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, as detailed in its recent 10-K filing. The company generated total revenue of approximately $4.67 million, a decrease of 22% from $5.96 million in 2023. This decline was attributed to a reduction in fixed-price milestone contracts and lower satellite technology revenue. The cost of revenue surged by 42% to $6.14 million, leading to a gross loss of $1.47 million compared to a gross profit of $1.64 million in the previous year. The net loss for the year increased to $17.52 million, up from $14.33 million in 2023, reflecting a 22% rise in losses.
In terms of operational developments, Sidus Space has made strides in expanding its satellite capabilities. The company successfully launched three LizzieSat® satellites within a year, establishing a micro-constellation aimed at providing near real-time data solutions. Additionally, Sidus received approval from the U.S. Federal Communications Commission (FCC) to operate a micro constellation of remote sensing satellites in Low Earth Orbit (LEO). The company is also focusing on enhancing its LizzieSat® platform with advanced features, including an AI processor capable of handling 248 trillion operations per second and upgraded payload processors.
The company’s workforce has grown, with 104 full-time employees reported as of December 31, 2024. This increase is part of Sidus's strategy to expand its space and defense hardware operations, particularly in avionics and wire harness divisions. The company is actively pursuing new contracts and partnerships, including international collaborations with entities in Germany, Japan, and Bahrain, to broaden its market reach and enhance its service offerings.
Looking ahead, Sidus Space aims to increase its launch cadence and expand its satellite production capabilities. The company plans to launch an additional four to six LizzieSat® satellites over the next 24 months and is also exploring opportunities in lunar missions. However, the company acknowledges that its growth is contingent on securing necessary regulatory approvals and managing operational challenges, including supply chain disruptions and the successful execution of its satellite launches. The outlook remains cautious, with the company emphasizing the need for additional capital to fund its operations and growth initiatives.
About Sidus Space Inc.
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