Sidus Space Inc (NASDAQ:SIDU) unveiled its financial results for the quarter ended June 30, including significant gross margin growth.
Revenue came in at $1.4 million, compared to $1.8 million for the same period in 2022. Satellite revenue, which delivers higher margins, increased 126% year-over-year.
To that end, gross margin was about 37% ($508,000) in the period, compared to 19% ($347,0000) a year earlier.
“During the second quarter of 2023 we achieved several key milestones, including significantly expanding our margins period-over-period, as we continue to take meaningful steps toward the launch of our AI-driven LizzieSat constellation," CEO Carol Craig said in a statement.
“We are developing an advanced hybrid 3D printed satellite constellation with a focus on building a multi-mission space infrastructure for a diverse customer base in advance of our ten LizzeSat launches scheduled over the next two years with SpaceX. As we get closer to initiating these launches, we continue to develop new, high-margin revenue streams focusing on the sale of both data and payloads on these missions.”
As of June 30, Sidus Space had $7.9 million in cash.
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.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel