Sidus Space, Inc. (Sidus), a U.S. commercial space company, has released its annual financial report for the fiscal year ended December 31, 2023. The report details the company's financial performance, including revenue, expenses, and net loss. Sidus, known for manufacturing mission-critical space hardware, has expanded its business to include on-orbit services and space-based data collection. The company reported a decrease in total revenue from $7.3 million in 2022 to $6 million in 2023, attributing the decline to the timing of fixed-price milestone contracts and a shift towards higher-margin satellite-related business. Cost of revenue decreased by 26% to $4.3 million, resulting in a 14% increase in gross margin. Selling, general, and administrative expenses rose slightly due to legal costs and employee expenses...Show More

Sidus Space, Inc. (Sidus), a U.S. commercial space company, has released its annual financial report for the fiscal year ended December 31, 2023. The report details the company's financial performance, including revenue, expenses, and net loss. Sidus, known for manufacturing mission-critical space hardware, has expanded its business to include on-orbit services and space-based data collection. The company reported a decrease in total revenue from $7.3 million in 2022 to $6 million in 2023, attributing the decline to the timing of fixed-price milestone contracts and a shift towards higher-margin satellite-related business. Cost of revenue decreased by 26% to $4.3 million, resulting in a 14% increase in gross margin. Selling, general, and administrative expenses rose slightly due to legal costs and employee expenses. Sidus experienced a net loss of $14.3 million, an increase from the previous year's $12.8 million. The company highlighted its strategic initiatives, including a multi-year agreement with SpaceX, approval for a 100+ satellite constellation, and the acquisition of Exo-Space, an AI company. Sidus also mentioned its commitment to environmental sustainability and community involvement. The report includes a summary of related party transactions, executive compensation, and governance, as well as the company's policy on the recovery of erroneously awarded incentive compensation.