Mon, May 20, 9:41 PM (67 days ago)
Sidus Space, Inc. reported a net loss of $3.81 million for Q1 2024, a slight increase from the $3.44 million loss in Q1 2023. Revenue declined by 54% to $1.05 million, driven by reduced non-related party revenue and fewer satellite-related contracts. Cost of revenue decreased by 29% to $966,000, reflecting lower sales and fewer high-margin satellite contracts. Gross profit fell to $84,000 from $896,000, primarily due to contract mix and higher supply chain costs. Selling, general, and administrative expenses remained consistent at $3.65 million. Cash flow from operating activities was negative at $5.42 million, while cash flow from financing activities was positive at $12.6 million, boosted by two capital raises totaling approximately $13.5 million. Current assets increased to $13.3 million, and current liabilities decreased to $8.2 million, resulting in a working capital surplus of $5.1 million. The company successfully launched its first LizzieSat satellite in March 2024 and plans to expand its satellite constellation and data services.