Sidus Space Inc (NASDAQ:SIDU) said it hit critical milestones in the third quarter of its 2023 financial year as it continues to move towards the launch of its AI-enhanced LizzieSat satellite in 2024.
These included signing key revenue-generating contracts, Sidus founder and CEO Carol Craig said in a 3Q earnings statement.
“We have developed a strong customer base who are ready to start receiving our AI-enhanced space data, that we believe will be transformative for both Sidus and the industry more broadly,” Craig said.
“As we get closer to initiating these launches, we continue to develop our high-margin revenue streams that focus on the sale of both data and payloads on these missions. We believe this will drive both revenue and profit margin over time, as well as value for our shareholders.”
Among the operational highlights for the quarter ended September 30, 2023, the company listed the position it secured on the SpaceZ Bandwagon mission.
It also announced a contract with space technology company HEO for non-Earth imaging (NEI) payload and data services and acquired Exo-Space, a cutting-edge firm specializing in Edge Artificial Intelligence software and hardware for space applications.
Following the end of the quarter, it successfully completed environmental testing of the AI-enhanced LizzieSat satellite.
The company also highlighted a commercial agreement to sell the data collected from LizzieSat satellites.
In addition, it was awarded a five-year Indefinite-Delivery/Indefinite-Quantity (IDIQ) contract, with a $10 million ceiling, to provide services to a US-owned company in support of their commercial lunar program.
Revenue for the quarter declined to $986,000 from $1.32 million a year earlier, primarily due to the timing of fixed-price milestone contracts. Its higher margin satellite revenue continued to increase.
Gross profit was a negative $96,281 compared to a negative $85,623 for 3Q 2022.
Subsequent to quarter end, the company raised gross proceeds of roughly $2 million in a registered direct offering and concurrent private placement that will be used for working capital purposes.
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