Sidus Space, Inc. Class A ( (SIDU) ) has released its Q3 earnings. Here is a breakdown of the information Sidus Space, Inc. Class A presented to its investors.
Sidus Space, Inc., a company specialized in providing innovative space mission solutions, operates in the aerospace sector and is known for its custom satellite design and AI-enhanced space-based services. In its latest financial results for the third quarter of 2024, Sidus Space reported a significant 90% increase in revenue compared to the previous year, reaching $1.9 million. The company also noted a substantial improvement in its gross profit, which rose to $38,000, marking a 140% increase year-over-year, alongside a notable reduction in operating expenses.
Key financial highlights included a 33% year-over-year improvement in EBITDA loss, which now stands at $2.5 million. The company successfully reduced its selling, general, and administrative expenses by 15% compared to the same period last year. In strategic developments, Sidus secured a $7 million public offering, achieved several significant contracts, and received FCC approval for its micro constellation satellites, enhancing its position in the space industry.
Operational achievements for the quarter include completing the ASTRA mission’s objectives with NASA and securing contracts for advanced technology applications. Sidus was selected as the exclusive satellite manufacturer for Lonestar’s lunar constellation, and it plans to integrate advanced communication technologies into its LizzieSat™ missions, which are expected to drive future growth.
Looking ahead, Sidus Space is poised to continue its upward trajectory by expanding its capabilities and leveraging strategic partnerships. The company’s management remains optimistic about its growth potential, supported by ongoing advancements in its satellite technologies and service offerings.
