Sidus Space, Inc. Class A ( (SIDU) ) has released its Q4 earnings. Here is a breakdown of the information Sidus Space, Inc. Class A presented to its investors.
Sidus Space, Inc. (NASDAQ: SIDU), headquartered in Cape Canaveral, Florida, is a space mission enabler that specializes in custom satellite design, payload hosting, mission management, AI-enhanced space-based sensor data-as-a-service, and space manufacturing, serving a global clientele in government, defense, intelligence, and commercial sectors.
In its latest earnings report, Sidus Space announced significant developments and financial results for the year 2024. The company emphasized its strategic shift towards higher-margin business lines, including space technology and AI-powered data solutions, despite a decrease in total revenue to $4.7 million, down 22% from the previous year.
Key highlights from the report include the successful launch of three LizzieSat satellites, with the latest, LizzieSat-3, achieving a 45% reduction in launch costs compared to its predecessor. The company also secured $37 million in funding and ended the year with a cash balance of $15.7 million, positioning it well for future growth. Additionally, Sidus Space was selected to design and build a lunar fleet for Lonestar Data Holdings and received FCC approval for a micro constellation of satellites.
Despite the strategic advancements, Sidus Space reported a net loss of $17.5 million for the year, an increase from the previous year’s loss. The company’s gross profit margin turned negative, primarily due to higher depreciation costs and increased expenses associated with satellite deployments. However, the company remains optimistic about its transition towards more profitable business segments.
Looking ahead, Sidus Space is poised to capitalize on its expanded capabilities and strategic partnerships, including a collaboration with Reflex Aerospace. With a focus on enhancing its AI and data services, the company aims to improve capital efficiency and achieve sustained profitability in the rapidly evolving space industry.