Sidus Space Inc (NASDAQ:SIDU) has earned a ‘Speculative Buy’ rating and a 12-month price target of $7.50 per share in initial coverage by analysts at Taglich Brothers.
The company’s Nasdaq-listed shares are currently trading at about $3.42.
In a research note, analysts wrote that the majority of Sidus Space's revenue historically came from space-related hardware manufacturing but the first half of 2022 included revenue related to its multi-mission constellation and partially 3D-printed LizzieSat small satellite, which is anticipated to launch in 1Q, 2023.
READ: Sidus Space sees 2Q revenue soar 695% on strong track record and more deal flows
“The launch of LizzieSat should allow the company to grow revenue at a significant rate into 2023 with a greater portion coming from its higher-margin satellite business,” they wrote.
They noted key elements of the company’s growth potential included the size of the LizzieSat at 100 kilograms allowing for precision pointing; the utilization of 3D printing which reduces the weight and cost to launch and allows more payloads and sensors; and the use of commercial, off the shelf, flight-proven, subsystem components that reduce production time.
Analysts projected Sidus Space’s total revenue for 2022 at $7.5 million, up from $1.8 million in 2021, driven by growth in the number of customers serviced and the size of sales contracts.
For 2023, analysts forecast total revenue of $8.8 million, driven by growth in the industry and a greater contribution of satellite revenue due to the anticipated launch of LizzieSat in the first quarter.
Headquartered in Florida, Sidus Space is a space-as-a-service company offering mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launching planning, and mission operations; and in-orbit support.
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