Business
Sidus Space Inc. Announces 2021 Fourth Quarter and Year End Financials and Business Update
CAPE CANAVERAL, Fla.--(BUSINESS WIRE)-- Sidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service satellite company focused on commercial satellite design,
About this update from Sidus Space, Inc.
[{"type":"text","content":" CAPE CANAVERAL, Fla.--(BUSINESS WIRE)--\nSidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection, today announced financial and corporate results for its fourth quarter and year ended December 31, 2021.\n\nFourth Quarter 2021 Financial Highlights:\n\n\nRevenue increased to $523,419 for the three-month period ended December 31, 2021, from $268,507 during the same period in 2020, an increase of 95%\n\n\nLoss from operations increased to $1,620,017 for the three-month period ended December 31, 2021 versus $363,472 in the comparable period of 2020.\n\n\nNet loss was $2,426,490 for the three-month period ended December 31, 2021 compared to a net loss of $364,575 during the same period in 2020. The loss was primarily a result of expansion of staff and costs associated with the Company’s initial public offering in December of 2021.\n\n\nFull Year 2021 Financial Highlights:\n\n\nRevenue decreased from $1,807,182 in 2020 to $1,408,724 in 2021, a decrease of 22%. The decrease was primarily attributable to a slowdown from COVID-19 which caused delays in the supply chain and production capacity due to protocols to protect employees’ health.\n\n\nGross Profit decreased to ($366,324) in 2021 from $20,772 in 2020. This was due to material and hardware acquisitions in 2021 for revenue to be recognized in Q1 of 2022.\n\n\nOperating Expenses increased from $1,553,909 in 2020 to $3,146,957 for 2021. This was primarily due to of the expansion of staff and costs associated with the initial public offering in December of 2021 along with capital expenditures that include a mobile satellite processing clean room, facility enhancements and growth in production staffing.\n\n\nTotal Assets increased to $17,299,951 on December 31, 2021, compared to $1,844,856 on December 31, 2020.\n\n\nCash position increased to $13,710,845 on December 31, 2021, compared to $20,162 on December 31, 2020.\n\n\nTotal liabilities decreased to $6,639,880 on December 31, 2021, from $8,430,316 on December 31, 2020.\n\n\nNet loss was $3,746,138 or $0.34 EPS in 2021 compared to a net loss of $1,542,906 or $0.15 EPS in 2020. The primary reason for this increase was increased operating expenses due to costs associated with the initial public offering.\n\n\n2021 Operational Highlights and...