Sidus Space reports FY2023 revenue $6.0M, net loss $14.3M; launches first LizzieSat

Sidus Space Inc.

Revenue $6.0M, down 18% YoY from $7.3M; gross margin improved to 28% from 20%.
Net loss $14.3M vs $12.8M; adjusted EBITDA loss $10.9M.
Cash $1.2M at Dec 31, 2023; subsequent gross proceeds of $15.2M from warrant exercises and equity offerings.
Successfully launched LizzieSat-1 on SpaceX Transporter-10; two more satellites planned for 2024.
Awarded $10M ceiling IDIQ contract for commercial lunar transport and part of NGA $794M IDIQ.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Sidus Space Inc. reported the full year ended December 31, 2023 results: revenue approximately $6.0 million, net income $14.3 million.

Period: the full year ended December 31, 2023
Revenue: approximately $6.0 million
Net income: $14.3 million
Result: reported results

Exact text from the filing

Financial Highlights for the Full Year Ending December 31, 2023: Total revenue for the twelve months ended December 31, 2023 totaled approximately $6.0 million, a decrease of $1.3 million compared to total revenue for the twelve months ended December 31, 2022. This decrease was primarily driven by the timing of fixed price milestone contracts offset by satellite payload revenue. Cost of revenue decreased 26% for the twelve months ended December 31, 2023 to approximately $4.3 million as compared to approximately $5.9 million for the twelve months ended December 31, 2022. The decrease was primarily driven by a mix of contracts and an increase in our higher margin satellite related business, which helped offset continued increased supply chain related costs in the manufacturing side of our business. Gross profit increased 14% for the twelve months ended December 31, 2023 to approximately $1.6 million as compared to approximately $1.4 million for the twelve months ended December 31, 202

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Source: SEC EDGAR

accession 0001493152-24-011406

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