Sidus Space Reports Q2 Results After 45% Gain Monday

Sidus Space, Inc. SIDU reported its second-quarter financial results Monday after the closing bell. Here’s a look at the details from the report. 

The Details: Sidus Space reported quarterly losses of 99 cents per share and $927,570 in revenue for the second quarter. Gross profit margin decreased to negative 91% compared to 37% in the same period last year. The company said the decrease was mainly due to lower satellite-related revenue versus prior year due in large part to the timing of satellite-related payments and fixed price milestone contracts in the first half of 2024 and higher costs related to the depreciation of its first satellite asset.

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“During the second quarter of 2024, we achieved a major milestone with the successful commissioning of our first LizzieSat™ (LS-1) which was launched on the SpaceX Transporter-10 Rideshare Mission in March. Following this critical phase, we began activating payloads and accomplished the primary objectives of several LS-1 missions,” said Carol Craig, CEO of Sidus Space. 

Sidus Space shares climbed nearly 45% over heavy trading volume during Monday’s regular session as investors anticipated the earnings release. 

SIDU Price Action: According to Benzinga Pro, Sidus Space shares are down 6.82% at $3.55 after-hours Monday.

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Photo: Courtesy of Sidus Space, Inc.