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Sidus Space, Inc. Reports First Quarter 2022 Results and Business Update
Revenue Increased 1075% in First Quarter 2022 from First Quarter 2021 CAPE CANAVERAL, Fla.--(BUSINESS WIRE)-- Sidus Space, Inc. (NASDAQ:SIDU), a
About this update from Sidus Space, Inc.
[{"type":"text","content":"\nRevenue Increased 1075% in First Quarter 2022 from First Quarter 2021\n\n 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 recent company highlights and financial results for the first quarter ended March 31, 2022.\n\nQ1 2022 Financial Highlights:\n\n\nRevenue increased to $1,799,335 for the three months ended March 31, 2022 from $153,136 in the comparable period of 2021, an increase of 1075%. This was driven by growth in number of customers and significant growth in the size of contracts.\n\n\nGross Profit increased to $978,337 for the three months ended March 31, 2022 from a loss of $134,540 in the comparable period of 2021. This was primarily attributable to the increase in revenue and decrease in labor intensive contracts and an increase in our higher margin Satellite-as-a-Service business line.\n\n\nOperating Expenses increased to $3,242,783 for the three months ended March 31, 2022 compared to $385,174 for the three months ended March 31, 2021. This was primarily the result of the expansion of staff, the leasing of more space for expansion and a one-time non-cash expense of $1.2M.\n\n\nAs of March 31, 2022, the Company had $10.4 million in cash.\n\n\nMarch 31, 2022 Operational Highlights and Recent Developments\n\n\nWe announced the upcoming launch of the LizzieSat™ aboard a NASA Commercial Resupply Services (CRS) rocket (wherein SpaceX and Northrop Grumman are contracted to launch to the orbiting laboratory). LizzieSat™ is scheduled and expected to be delivered to the International Space Station (ISS) later this year.\n\n\nWe announced the successful completion of the LizzieSat™ (LS) Preliminary Design Review (PDR). A PDR ensures the design and basic system architecture are complete and that there is technical confidence the capability need can be satisfied within cost and schedule goals. A successful PDR means that a satellite is on track and development is progressing as planned.\n\n\nOver the last three months we rounded out our executive leadership team with the hiring of three key individuals with highly relevant industry experience including positions with Lockheed Martin, NASA, Blue Origin and others. These individuals include John Curry as Chief Mission...