Sidus Space, Inc. (SIDU) secured $14.1 million in a recent funding round. While the company is progressing well with its LizzieSat-2 satellite, slated for launch in December 2024, its shares fell 7.10% in premarket trading. The funds will be used for working capital and general corporate purposes.
Sidus Space, Inc. (SIDU) saw its shares take a hit on Tuesday following the announcement of a share offering. However, the company also received FCC approval for its micro constellation of satellites, a significant milestone in its growth strategy.
Sidus Space, a company focused on space technology, reported a loss of 99 cents per share and $927,570 in revenue for the second quarter. The decline in revenue was attributed to the timing of satellite-related payments and higher depreciation costs. However, the company achieved a significant milestone with the successful commissioning of its first satellite, LizzieSatTM (LS-1). Despite the loss, Sidus Space shares climbed nearly 45% during the regular session, likely due to investor anticipation of the earnings release.
