Sidus Space Q2 2022

In Q2 2022, space-as-a-service satellite company Sidus Space reported:

• Revenue increased to $1.85 million for the three months ended June 30, 2022 — up 695% from the same time last year.
• This increase is primarily attributed to increased customer confidence as a result of previous deliveries and increased contract flow driven by sales efforts from an expanded sales team.
• Gross Profit increased to $347,000 for the three months ended June 30, 2022 from a loss of $56,000 in the comparable period of 2021
• Increase in operating expenses: Operating Expenses increased to $2.7 million for the quarter compared to $418,000 for the same time last year. This was due to expansion of staff and facilities, increased insurance, and the investor relations, legal and accounting fees that are associated with being a publicly traded company.
• As of June 30, 2022, the Company had $6.8 million in cash.
• NASA informed Sidus Space that the launch date for its first LizzieSat satellite has been moved to Q1 2023. There is no expected impact to production or 2022 revenue as a result of this change.