Sidus Space Inc (NASDAQ:SIDU) told investors it made significant strides in its strategy of building out its high-margin satellite business in 2023, culminating in the successful launch of its first LizzieSat satellite earlier this month.
“Launching LizzieSat-1 was a major step in executing our strategy of building high-margin, recurring revenue streams from our satellite data, and we have already begun to see the effects of this on our financials with a gross margin of 28% for 2023, an 8% improvement over the prior year,” Carol Craig, CEO of the Space and Data-as-a Service satellite company, said.
“Additionally, we bolstered our balance sheet subsequent to year-end by raising gross proceeds of $15.2 million, putting us on stronger financial footing as we continue to expand our constellation later this year and into the future.”
Sidus said its gross profit for the 12 months ended December 31, 2023, increased by 14% from $1.4 million in the previous year to $1.6 million.
Revenue was $6 million, down by $1.3 million when compared to the previous financial year due to the timing of fixed price milestone contracts offset by satellite payload revenue.
Its net loss for 2023 was $14.3 million, compared to a net loss of $12.8 million for the previous year.
Operational highlights for the quarter ending in December 2023 included being awarded contracts for data collected by LizzieSat satellites, the integration of FeatherEdge AI into LizzieSat, and the successful completion of LizzieSat vibration testing.
Milestones achieved after the year-end included securing approval to provide imaging services to government and commercial customers, launching its multi-material 3D printed space hardware division, and establishing two-way communications with LizzieSat after its successful launch and deployment on the SpaceX Transporter-10 rideshare mission,
Craig highlighted that LizzieSat-1 is the first of several satellites planned for launch to low earth orbit.
“We are quickly building our constellation of 3D-printed, AI-enhanced satellites, with two more LizzeSats manifested for launch before the end of the year,” she said.