Sidus Space Reports Full-Year 2024 Financial Results and Provides Business Updates

Sidus Space, an innovative space mission enabler, has released its financial results for the fourth quarter and full-year ending December 31, 2024. The company, which has transitioned from a space manufacturing and services entity to a space technology and AI company, highlighted several key financial and operational achievements in its latest SEC 8-K filing.

Financial Highlights

For the twelve months ending December 31, 2024, Sidus Space reported a total revenue of $4.7 million, marking a 22% decrease from the previous year's $6.0 million. This decline is attributed to the company's strategic shift towards higher-margin business lines, including data, technology, and satellite manufacturing.

The cost of revenue increased by 42% to $6.1 million, primarily due to higher depreciation costs associated with the first satellite asset deployed in March 2024, and increased material and labor expenses. Consequently, the gross profit for the year was a loss of $1.5 million, compared to a profit of $1.6 million in 2023, resulting in a negative gross profit margin of 31%.

Selling, general, and administrative expenses remained relatively stable at $14.2 million. However, the adjusted EBITDA loss widened to $12.9 million from $10.9 million in the previous year, representing a 19% increase. The net loss for the year was $17.5 million, up from $14.3 million in 2023.

Business and Operational Highlights

Sidus Space achieved several significant milestones in 2024. The company successfully launched three LizzieSat satellites, with LizzieSat-3 being deployed in March 2025 at a 45% lower cost than the initial satellite. The company also raised $37 million in funding and ended the year with a cash balance of $15.7 million, positioning it well for future growth.

Other notable achievements include receiving FCC approval for a micro constellation of remote sensing satellites in Low Earth Orbit, completing the critical design review for a laser communication satellite contracted by The Netherlands Organization, and announcing a strategic partnership with Reflex Aerospace.

Strategic Initiatives and Corporate Developments

Sidus Space has been actively involved in several strategic initiatives. The company was selected to design and build the first-generation lunar fleet of Data Storage Spacecraft for Lonestar Data Holdings. Additionally, Sidus implemented SAP for manufacturing in 2024, with full integration expected in 2025, and expanded its physical presence by opening a West Coast office in El Segundo, California.

Management's Perspective

Carol Craig, Sidus Chairwoman and CEO, emphasized the transformative year for Sidus Space, highlighting the company's evolution into a space technology and AI company. She noted the successful deployment and operation of the LizzieSat satellites and the strategic partnerships and contracts secured, which position the company for long-term success.

Future Outlook

Looking ahead, Sidus Space plans to continue its focus on delivering mission-critical, AI-powered space data solutions. The company aims to improve capital efficiency and achieve sustained profitability, leveraging its advanced space-rated AI processing system, Sidus Orlaith™ AI ecosystem, and the newly approved space-to-space data relay capability for the LizzieSat platform.

SEC Filing: Sidus Space Inc. [ SIDU ] - 8-K - Mar. 31, 2025