Sidus Space Inc (NASDAQ:SIDU) achieved a key milestone as it seeks to position itself as a leader in the space ecosystem during the first quarter of 2024, the launch of its first LizzieSat satellite.
The Space and Data-as-a-Service company deployed its first LizzieSat on the SpaceX Transporter-10 Rideshare Mission, the first of several satellites it plans to launch into Low Earth Orbit.
“With this new launch, the first commercial satellite designed, manufactured and operated by the company, we have demonstrated our expertise in vertical manufacturing integration as well as our ability to successfully deploy and operate a 275-pound satellite with multiple technologies supporting a broad range of applications and customers,” Sidus Space CEO Carol Craig said in a statement.
“This unprecedented success lays the foundation for our continued growth as we prepare for LizzieSat-2 and 3, which are manifested for launch with SpaceX in the fourth quarter of this year.”
Other operational highlights for the quarter ending March 31, 2024, included establishing two-way communication with LizzieSat, the unveiling of its multi-material 3D printed space hardware division, and the achievement of AI and hardware contract revenue milestones.
Revenue for the period was $1.1 million, down from the year-ago quarter due to the timing of manufacturing milestone contracts and satellite contract payments from existing customers, which vary in each calendar year.
It noted that, due to customer-driven delays, both manufacturing and satellite payments shifted to the right and are expected to increase in 2Q.
Its net loss was $3.8 million, compared to $3.4 million in the year-ago quarter, and it exited the period with cash of $6.2 million, compared to $1.2 million as of December 31, 2023.
Further, the company announced that its Department of Defense (DoD) Mentor-Protégé Program relationship with L3Harris Technologies has been extended for another year.
The DOD program aims to foster relationships between established defense contractors and smaller, emerging businesses.
"We had a successful year in the program with L3Harris, and are eager to deepen our partnership, focused on supporting government customers,” CEO Craig said.
“The L3Harris Space and Airborne Systems segment and Sidus Space are both located on Florida’s Space Coast which we see as advantageous for further strengthening our relationship.”
The agreement was extended through to March 31, 2025.