Sidus Space Increases Revenue and Net Loss in Q3
Sidus Space grew revenue significantly in the third quarter of 2022 compared to the same time last year. On Monday, the company reported Q3 revenue of $1.32 million, up 164% from the same time last year.
Sidus Space, formerly Craig Technologies Aerospace Solutions, manufactures hardware supporting customers including the U.S. Department of State, U.S. Department of Defense, Northrop Grumman, Leidos, Aegis, and L3Harris, in areas that include launch vehicles, satellite hardware, and autonomous underwater vehicles.
The company received more than $1.9 million in new purchase orders during the quarter for space and defense hardware and services. CFO Teresa Burchfield commented that the company signed several new and significant contracts and partnerships which are expected to generate future revenue streams and drive increased annual recurring revenue.
Despite the increase in revenue, net loss grew as well. Sidus Space net loss during the quarter was $3.9 million, compared to about $622,700 in the same time last year. The company spent more money on payroll, sales and marketing, professional fees, and general and administrative expenses.
Sidus Space is also pursuing a space as a service business with the multi-mission LizzieSat constellation. LizzieSat is expected to begin operations in 2023, with initial launches via the NASA Commercial Resupply Services program a recently signed rideshare agreement with SpaceX.
At the end of September, the company had $4.4 million in cash. The company continues to invest in expanding operations and in equipment related to the satellite side of its business.
“We’re excited about what lies ahead for Sidus and the space ecosystem as we continue to expand our hardware manufacturing relationships and take key steps towards serving more customers through our vertically integrated satellite production as we prepare to launch LizzieSat. We are confident we’re taking the necessary steps on our path towards profitability,” CEO and Founder Carol Craig said on a Monday investor call.