Sidus Space (NASDAQ: SIDU), a dynamic player in the space mission industry, reported its financial results for the third quarter ending September 30, 2024, and provided a business update. The company will hold a conference call and webcast on Thursday, November 14, at 5:00 p.m. ET to discuss these results.
“Our third-quarter performance demonstrates the strong momentum we’re building as we execute on our strategy, grow our pipeline, and manage operational costs,” said Carol Craig, CEO of Sidus Space. “With a 90% increase in quarterly revenue year-over-year and a 15% reduction in SG&A expenses, we’re proud of the milestones we’ve reached this quarter, including being selected as the exclusive satellite manufacturing partner for Lonestar’s lunar data storage constellation and securing FCC approval for our micro constellation in Low Earth Orbit. These accomplishments reflect our dedication to delivering innovative, cost-effective solutions in the evolving space industry. As we move forward, strategic initiatives like the upcoming launches of our LizzieSat™-2 and -3 satellites and the integration of advanced communication technologies into future LizzieSat™ missions will expand our capabilities and support sustained growth.”
Operational Highlights for Q3 2024:
- NASA ASTRA Mission: Successfully achieved key objectives for the Autonomous Satellite Technology for Resilient Application (ASTRA) mission with NASA’s Stennis Space Center, securing an additional contract for further ASTRA support.
- Xiomas Technologies Contract: Awarded contract to provide the FeatherEdge™ computing system for high-altitude infrared imaging to detect fires.
- U.S. Navy Project: Secured a $2 million contract from Craig Technologies to manufacture pre-production main panels for fleet interactive display equipment (FIDE) for U.S. Navy propulsion.
- Neuraspace Agreement: Partnered with Neuraspace for space traffic management and LEOP (Launch and Early Operations) support, enhancing Sidus’ constellation operations.
- LVDS Switch Card Development: Created the low voltage differential signaling (LVDS) switch card to enhance the payload processor, enabling high-speed communication with multiple optical sensors.