Sidus Space(US:SIDU)2024-08-19 23:21Financial Data and Key Metrics Changes - Total revenue for Q2 2024 was just under $1 million, a decrease of approximately $440,000 compared to Q2 2023, primarily due to the timing of fixed price milestone contracts and fewer satellite-related revenue payments [25] - Cost of revenue increased 105% to approximately $1.8 million in Q2 2024, driven by a mix of contracts with higher material expenses and increased depreciation costs [26] - Gross profit decreased approximately $1.35 million, resulting in a net loss of approximately $841,000 for Q2 2024, compared to a gross profit of approximately $508,000 in Q2 2023 [26] - Gross profit margin was negative 91% for Q2 2024, compared to a positive 37% in Q2 2023, influenced by the timing of satellite-related payments and higher depreciation costs [27] - Adjusted EBITDA loss for Q2 2024 totaled $3.2 million, compared to a loss of $2.8 million in the same period last year [28] - Net loss for Q2 2024 was $4.1 million, compared to a net loss of $3.5 million in Q2 2023 [28] - Cash as of June 30, 2024, was $1.4 million, up from $1.2 million at December 31, 2023 [29] Business Line Data and Key Metrics Changes - The company is currently generating revenue and has been for over a decade, with a growing pipeline across all business lines [7] - LizzieSat-1 has performed well in its first five months in orbit, meeting mission objectives and activating sensors, laying a solid foundation for future growth [8] - The company is on target for two launches in the next six to nine months, with the first launch scheduled for Q4 2024 [9] Market Data and Key Metrics Changes - The space economy is evolving from a niche sector to a mainstream industry, generating value across various fields and addressing global challenges [5] - The company has approximately $100 million in its pipeline and over 30 active customers across multiple divisions [18] Company Strategy and Development Direction - The company aims to expand its constellation and has plans for LizzieSat-2 and 3, which are in the final stages of production [8] - The company is focused on a multi-mission constellation and has secured a multi-launch agreement with SpaceX [30] - The company is part of NASA's Lunar Terrain Vehicle Services Award, indicating a strategic focus on lunar missions [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the higher revenue streams anticipated from satellite manufacturing and space data services [31] - The company is committed to restoring shareholder value and expanding into sectors such as agriculture, maritime, and oil and gas [30] Other Important Information - The company has signed an MOU with NamaSys Bahrain to establish Sidus Arabia, a joint venture for satellite manufacturing [19] - The company is investing in next-generation satellite designs, including a VPX open architecture system [20] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.