10-Q - Sidus Space Inc. (0001879726) (Filer)
Mon, Aug 19, 8:24 PM (154 days ago)
For the quarter ending June 30, 2024, Sidus Space, Inc. reported revenues of $927.6K, a significant decrease of 32% from $1.37M in the same period last year. This decline was attributed to fewer satellite contracts and delayed milestone payments. Cost of revenue surged by 105% to $1.77M, leading to a gross loss of $841.1K, compared to a gross profit of $507.8K in Q2 2023. Selling, general, and administrative expenses decreased by 14% to $3.06M, driven by reduced payroll and professional fees. The net loss for the quarter widened to $4.14M, an 18% increase from $3.5M in Q2 2023. For the six months ended June 30, total revenue dropped 46% to $1.98M, with a gross loss of $757K. The company’s liquidity improved as current liabilities fell by 29% to $8.74M, resulting in a working capital deficiency of $431.9K. Cash on hand decreased significantly to $1.44M from $7.86M. Overall, Sidus faces challenges with revenue generation amid increased operational costs, impacting its financial health and future operations.