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Sidus Space | 8-K: Current report

SEC announcement ·  Mar 27 09:14
Summary by Moomoo AI
On March 27, 2024, Sidus Space, Inc., a Space and Data-as-a-Service satellite company, announced its financial results for the full year ended December 31, 2023, along with a business update. The announcement was made through a press release furnished as Exhibit 99.1 to the Form 8-K filed with the SEC. The company reported a decrease in total revenue to approximately $6.0 million, down from the previous year's $7.3 million, attributed to the timing of fixed price milestone contracts, offset by satellite payload revenue. Despite the revenue decrease, gross profit increased by 14% to $1.6 million, with a gross margin improvement from 20% to 28%, driven by the company's higher margin satellite business. Selling, general, and administrative expenses rose to $14.2 million, up from $13.5 million the previous year...Show More
On March 27, 2024, Sidus Space, Inc., a Space and Data-as-a-Service satellite company, announced its financial results for the full year ended December 31, 2023, along with a business update. The announcement was made through a press release furnished as Exhibit 99.1 to the Form 8-K filed with the SEC. The company reported a decrease in total revenue to approximately $6.0 million, down from the previous year's $7.3 million, attributed to the timing of fixed price milestone contracts, offset by satellite payload revenue. Despite the revenue decrease, gross profit increased by 14% to $1.6 million, with a gross margin improvement from 20% to 28%, driven by the company's higher margin satellite business. Selling, general, and administrative expenses rose to $14.2 million, up from $13.5 million the previous year, due to increased professional fees and employee expenses. The net loss widened to $14.3 million from $12.8 million. Sidus Space highlighted the successful launch of its first LizzieSat satellite and the establishment of two-way communications with it after deployment on the SpaceX Transporter-10 Rideshare Mission. The company also raised $15.2 million in gross proceeds through warrant exercises and equity offerings after the year-end. The balance sheet showed cash of $1.2 million as of December 31, 2023, down from $2.3 million the previous year, with an increase in current liabilities. The company's CEO, Carol Craig, emphasized the strategic importance of the LizzieSat launch and the positive impact on financials, with further expansion of the satellite constellation planned for later in the year.

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