Sidus Space(SIDU) - 2024 Q3 - Quarterly Results

Financial Performance - Q3 2024 revenues reached $1.9 million, representing a 90% increase year-over-year[1] - Q3 2024 gross profit was approximately $38,000, a 140% increase year-over-year[1] - Q3 2024 EBITDA loss improved by 33% to $2.5 million compared to the same period last year[1] - Adjusted EBITDA loss for Q3 2024 was $2.5 million, compared to a loss of $3.7 million in Q3 2023, indicating a 33% improvement[8] - Total revenue for Q3 2024 was $1,868,958, a significant increase from $985,520 in Q3 2023, representing an increase of 89.5%[16] - Gross profit for Q3 2024 was $38,171, compared to a loss of $96,281 in Q3 2023, indicating a turnaround in profitability[16] - Net loss for Q3 2024 was $3,902,589, slightly improved from a net loss of $4,082,085 in Q3 2023[16] - Basic and diluted loss per common share improved to $(0.93) in Q3 2024 from $(5.49) in Q3 2023[16] Expenses and Liabilities - Selling, general, and administrative expenses decreased by 15% to approximately $3.2 million[1] - Operating expenses for Q3 2024 were $3,210,069, down from $3,778,460 in Q3 2023, a decrease of 15%[16] - Current liabilities decreased to $13,819,315 in 2024 from $12,219,356 in 2023, a reduction of 13.1%[15] - Cash paid for interest increased significantly to $524,015 from $20,353 in the prior year, highlighting a rise in interest expenses[17] - Stock-based compensation decreased to $236,040 from $845,029, reflecting a reduction in equity compensation expenses[17] Assets and Equity - Total assets increased to $23,096,815 in 2024 from $19,351,112 in 2023, reflecting a growth of 19.1%[15] - Total stockholders' equity increased to $9,277,500 in 2024 from $7,131,756 in 2023, a growth of 30.1%[15] - Cash balance increased to $1,231,401 in 2024 from $1,216,107 in 2023, showing a slight growth of 1.3%[15] - Accounts receivable rose to $1,495,340 in 2024 from $1,175,077 in 2023, an increase of 27.3%[15] Cash Flow - Cash provided by financing activities totaled $15,406,183, up from $14,561,964 in the previous year, reflecting a positive cash flow from financing[17] - Net cash used in operating activities was $10,288,228, compared to $9,954,980 in 2023, showing a higher cash outflow from operations[17] - The company reported a decrease in cash at the end of the period to $1,231,401 from $1,597,331 in the previous year[17] - Total cash used in investing activities was $5,102,661, slightly down from $5,304,912 in 2023, indicating stable investment spending[17] Contracts and Projects - Sidus Space was selected to build a 6 satellite Lunar constellation for Lonestar Data Holdings[2] - The company secured a $2 million contract from Craig Technologies for U.S. Navy equipment[4] - FCC approval was granted for the operation of a micro constellation of satellites in Low Earth Orbit[4] - The LizzieSat™-2 satellite is scheduled for launch no earlier than December 2024[4] Other Financial Metrics - Net loss for September 2024 was $11,849,173, compared to a net loss of $11,024,725 in 2023, indicating an increase in losses[17] - Accounts receivable decreased by $320,263, contrasting with an increase of $258,493 in the previous year, suggesting improved collection efforts[17] - Proceeds from the issuance of common stock units were $13,742,311, down from $14,788,121, indicating a decline in capital raised through equity[17]