Sidus Space, Inc. (SIDU) released its second-quarter financial results on Monday, revealing a loss of 99 cents per share and $927,570 in revenue. This represents a decrease in revenue compared to the same period last year. The company attributed the decline primarily to the timing of satellite-related payments, particularly fixed-price milestone contracts in the first half of 2024, and higher costs associated with depreciation of its first satellite asset.
Despite the financial setbacks, Sidus Space celebrated a major accomplishment during the quarter: the successful commissioning of its first LizzieSatTM (LS-1) satellite. Launched on the SpaceX Transporter-10 Rideshare Mission in March, LS-1 has successfully completed its initial activation phase and achieved the primary objectives of several missions.
“During the second quarter of 2024, we achieved a major milestone with the successful commissioning of our first LizzieSatTM (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.
The news of the earnings release sparked significant market activity. Sidus Space shares surged nearly 45% during Monday’s regular trading session. However, after the release, the stock experienced a decline, closing down 6.82% at $3.55 in after-hours trading. This fluctuation in share price reflects the investor response to the mixed earnings report, with the positive milestone overshadowed by the financial losses.
