Sidus Space(SIDU) - 2024 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2024 was approximately $1.1 million, a decrease of $1.2 million compared to the same period in 2023[8] - Total revenue for Q1 2024 was $1,050,155, a decrease of 53.7% compared to $2,263,627 in Q1 2023[28] - Gross profit for Q1 2024 was $84,064, down from $895,799 in Q1 2023, reflecting a significant decline[28] - Net loss for Q1 2024 was $3.8 million, compared to a net loss of $3.4 million in the same period last year[13] - Net loss for Q1 2024 was $3,810,500, compared to a net loss of $3,441,059 in Q1 2023, indicating an increase in losses[28] - Adjusted EBITDA loss for Q1 2024 was $2.7 million, compared to a loss of $2.6 million in Q1 2023, reflecting a 4% increase in loss[12] - Basic and diluted loss per common share for Q1 2024 was $(1.40), compared to $(0.12) in Q1 2023, indicating a worsening loss per share[28] Cost and Expenses - Cost of revenue decreased by 29% to approximately $1 million in Q1 2024, down from approximately $1.4 million in Q1 2023[9] - Gross profit margin decreased to 8% in Q1 2024, compared to 40% in Q1 2023, due to higher material costs and customer-driven delays[10] - Selling, general, and administrative expenses totaled approximately $3.6 million in Q1 2024, slightly up from $3.5 million in the prior year[11] - Operating expenses for Q1 2024 were $3,645,583, slightly higher than $3,542,169 in Q1 2023[28] Cash and Assets - Cash increased to $6.2 million as of March 31, 2024, up from $1.2 million at December 31, 2023, following gross proceeds of $15.2 million from warrant exercises and equity offerings[14] - Cash at the end of Q1 2024 was $6,171,759, significantly up from $2,818,737 at the end of Q1 2023, an increase of 118.5%[30] - Cash used in operating activities for Q1 2024 was $(5,418,294), compared to $(3,488,006) in Q1 2023, reflecting increased cash outflow[30] - Net cash provided by financing activities in Q1 2024 was $12,604,064, compared to $5,158,893 in Q1 2023, showing a significant increase in financing[30] - Total current assets increased to $13,306,767 as of March 31, 2024, up from $9,202,310 at the end of 2023, representing a growth of 44.8%[26] Liabilities and Equity - Current liabilities decreased by approximately $4.0 million to approximately $8.2 million as of March 31, 2024, from approximately $12.2 million at the end of 2023[15] - Total liabilities decreased to $8,211,414 as of March 31, 2024, down from $12,219,356 at the end of 2023, a reduction of 32.5%[26] - Total stockholders' equity increased to $17.2 million as of March 31, 2024, compared to $7.1 million at the end of 2023[16] Strategic Developments - The company successfully launched its first LizzieSat satellite, marking a key milestone in its strategy to lead in the Space ecosystem[2]