Business
Sidus Space Reports Record Q2 2023 Gross Margin
Gross margin nearly doubles to 37% for the quarter ended June 30, 2023, improving 1,800 basis points year-over-year Higher-margin satellite revenue increased
About this update from Sidus Space, Inc.
[{"type":"text","content":"\nGross margin nearly doubles to 37% for the quarter ended June 30, 2023, improving 1,800 basis points year-over-year\n\n\nHigher-margin satellite revenue increased 126% year-over-year\n\n\n CAPE CANAVERAL, Fla.--(BUSINESS WIRE)--\nSidus Space, Inc. (NASDAQ:SIDU) (the “Company” or “Sidus”), a Space and Data-as-a-Service satellite company, announces its financial results and is providing a business update for the second quarter ending June 30, 2023.\n\n\n“During the second quarter of 2023 we achieved several key milestones, including significantly expanding our margins period-over-period, as we continue to take meaningful steps toward the launch of our AI driven LizzieSatTM constellation. The increase in gross margin was the result of an increase in our satellite revenue. For the six months ended June 30, 2023 our satellite revenue was over 100% higher than full year 2022,” said Carol Craig, Founder and CEO of Sidus. “We are developing an advanced hybrid 3D printed satellite constellation with a focus on building a multi-mission space infrastructure for a diverse customer base in advance of our ten LizzeSat launches scheduled over the next two years with SpaceX. As we get closer to initiating these launches, we continue to develop new, high-margin revenue streams focusing on the sale of both data and payloads on these missions. We believe this will drive both revenue and profit margin over time, as well as value for our shareholders. A key factor to achieving this growth is the in-house development of our 3D-printed satellites, LizzieSat.”\n\n\n“In addition, several partnerships with new and existing customers were executed during the quarter - a testament to our reputation, expertise and quality of work in the space community where we play a vital role as a mission critical manufacturing partner. These projects further validate Sidus’ ability to deliver mission critical hardware to key partners and vendors. Our ability to provide space infrastructure, as well as critical data, creates a high-margin, rapidly-scalable, recurring-revenue business model,” continued Craig.\n\n\nFinancial Highlights for the Quarter Ending June 30, 2023\n\n\n\nSidus reported revenue of $1.4 million for the quarter ended June 30, 2023, compared to $1.8 million for the same period in 2022. While revenue declined period-over-period, primarily due to timin...