Sidus Space(SIDU) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2024 was approximately $930,000, a decrease of $440,000 (32.0%) compared to Q2 2023[5] - Sidus Space reported total revenue of $927,570 for Q2 2024, a decrease of 32.4% compared to $1,370,409 in Q2 2023[15] - Adjusted EBITDA loss for Q2 2024 was $3.2 million, compared to a loss of $2.8 million in Q2 2023[7] - Net loss for Q2 2024 was $4.1 million, compared to a net loss of $3.5 million in Q2 2023[7] - The net loss from operations for Q2 2024 was $3,897,915, compared to a net loss of $3,052,705 in Q2 2023, indicating a 27.7% increase in losses[15] - Net loss for the six months ended June 30, 2024, was $7,946,584, compared to a net loss of $6,942,640 in 2023, representing an increase of approximately 14.4%[16] Expenses - Selling, general and administrative expenses decreased by $500,000 (13.9%) to approximately $3.1 million from $3.6 million in Q2 2023[5] - Cost of revenue increased by 105% to approximately $1.8 million, up from $860,000 in Q2 2023[6] - The cost of revenue increased significantly to $1,768,671 in Q2 2024, compared to $862,632 in Q2 2023, resulting in a gross loss of $841,101[15] - Operating expenses for Q2 2024 were $3,056,814, down from $3,560,482 in Q2 2023, reflecting a reduction of 14.1%[15] - The company incurred increased depreciation expenses in 2024 due to the launch and deployment of satellite fixed assets and related software[14] Assets and Liabilities - Total current assets decreased to $8,303,412 in 2024 from $9,202,310 in 2023, a decline of 9.8%[14] - Total liabilities decreased significantly to $8,735,296 in 2024 from $12,219,356 in 2023, a reduction of 28.5%[14] - Stockholders' equity increased to $13,104,077 in 2024 from $7,131,756 in 2023, reflecting an increase of 83.8%[14] Cash Flow - Cash increased to $1,444,369 in 2024 from $1,216,107 in 2023, representing a growth of 18.8%[14] - Cash used in operating activities was $7,570,068 for 2024, up from $6,139,261 in 2023, indicating a year-over-year increase of about 23.4%[16] - Cash used in investing activities totaled $4,067,741 in 2024, compared to $2,614,169 in 2023, reflecting a significant increase of approximately 55.5%[16] - Proceeds from the issuance of common stock units were $13,742,311 in 2024, slightly down from $14,787,511 in 2023, a decrease of about 7.1%[16] - Net cash provided by financing activities was $11,866,071 in 2024, compared to $14,322,020 in 2023, showing a decline of approximately 17.1%[16] - The ending cash balance as of June 30, 2024, was $1,444,369, down from $7,863,849 in 2023, a decrease of about 81.7%[16] - Cash paid for interest increased to $338,116 in 2024 from $155,365 in 2023, representing a rise of approximately 117.5%[16] - The company reported a net change in cash of $228,262 for the six months ended June 30, 2024, contrasting with a net change of $5,568,590 in 2023[16] Strategic Developments - LizzieSat-1 successfully transmitted data from orbit, demonstrating the capabilities of Sidus' AI Rapid Delivery Platform[4] - Sidus Space secured a $30 million subcontract for the NASA Lunar Terrain Vehicle Services contract[3] - The company is preparing for the launches of LizzieSat-2 and LizzieSat-3 with SpaceX, indicating a focus on scaling its Data-as-a-Service business model[2] - Sidus Space and NamaSys Bahrain signed an MOU to establish a joint venture in Saudi Arabia for satellite manufacturing[4]