Sidus Space Inc (NASDAQ:SIDU) announced that its first-quarter 2023 revenue rose 26% year over year to $2,263,627, which the company attributed mainly to the more than doubling of its satellite revenue as the business segment begins to mature.
The Space and Defense-as-a-Service satellite firm also said it ended the quarter with $2.8 million in cash as of March 31, 2023.
“The capital raised recently allows us to secure multiple launches that rapidly expand our satellite constellation which is expected to drive revenue growth,” Sidus Space chief financial officer Teresa Burchfield said in a statement.
“We also purchased long lead time flight hardware that we believe will accelerate our satellite production rate to meet mission demands,” Burchfield added.
Sidus Space CEO Carol Craig noted that the company continues to advance active discussions with numerous prospective customers, including US and international government agencies, for payload hosting and data related to our planned satellite launches over the next 24 months.
The company added that its total operating expenses for the quarter increased to $3,542,169 from $3,242,783 a year earlier, as Sidus Space Inc (NASDAQ:SIDU)reased its headcount as it scales its business.
Sidus Space is a Space and Defense-as-a-Service satellite company focused on mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launch planning, mission operations and in-orbit support.
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