Full-Year 2024 Financial Results Released by Sidus Space
Company Also Provides Business Updates
Financial results for the fourth quarter and full-year ended December 31, 2024 have been released by Sidus Space along with a business update.
“In the past twelve months, Sidus has evolved from a space manufacturing and services company into a full-fledged space technology and AI company."
Carol Craig, Sidus Space
The company raised $37 million of funding, ending 2024 with a cash balance of $15.7 million, which the report says positions Sidus for growth and optimal servicing of space-related backlog and pipeline.
Sidus was selected to exclusively design and build the first-generation lunar fleet of Data Storage Spacecraft for Lonestar Data Holdings, including digital technology. Notable launches included LizzieSats 1 and 2, with LizzieSat 3 launching in March of this year. The company completed three launches in just over one year.
Sidus Space was granted approval by FCC for operation of a micro constellation of remote sensing, multi-mission satellites in Low Earth Orbit (LEO) (LizzieSats 2-5), and completed the critical design review for LizzieSat NL, a laser communication satellite contracted by The Netherlands Organization.
“2024 was a defining year for Sidus - a year in which we validated our technology, expanded our constellation, grew our customer base, and secured key strategic contracts and partnerships that position us for growth and long-term success,” said Carol Craig, Sidus Chairwoman and CEO. “In the past twelve months, Sidus has evolved from a space manufacturing and services company into a full-fledged space technology and AI company, focused on delivering mission-critical, AI-powered space data solutions with three LizzieSat satellites, designed and manufactured by Sidus, now in orbit.”
For the Full Year Ending December 31, 2024:
Total revenue for the twelve months ending December 31, 2024, was approximately $4.7 million, a decrease of $1.3 million or 22% compared to total revenue for the twelve months ended December 31, 2023. This decrease highlights Sidus’ deliberate strategic shift from miscellaneous component manufacturing to higher-margin business lines of data, technology and satellite manufacturing for Sidus as well external customers.
Cost of revenue increased 42% for the twelve months ended December 31, 2024, to approximately $6.1 million as compared to approximately $4.3 million for the twelve months ended December 31, 2023. The increase was primarily driven by higher depreciation costs associated with the first satellite asset deployed in March 2024, the mix of varying contracts with higher material and labor expenses, shifts in milestone payments for our higher margin satellite related business and continued increased supply chain-related costs. Although depreciation will continue to impact cost of revenue, it should be significantly offset as we grow our high-margin satellite and data-related revenue.
Gross profit for the twelve months ended December 31, 2024, decreased 31% to a loss of approximately $1.5 million compared to a profit of approximately $1.6 million for the twelve months ended December 31, 2023. Gross profit margin was negative 31% for the full year 2024 as compared to 28% for the full year of 2023. The change was mainly driven by higher depreciation costs associated with our first satellite asset deployed in March 2024, our mix of varying contracts with higher material and labor expenses and shifts in milestone payments for our higher margin satellite related business.
Selling, general, and administrative expenses for the twelve months ended December 31, 2024, totaled approximately $14.2 million, approximately in line with the same period in the prior year. Increases to consulting services for business development, mission control expenses, fundraising expenses and board related compensation were offset by reductions in D&O insurance expense, professional fees, R&D costs and investor/public relations expenses as a result of bringing more of these functions in house.
Adjusted EBITDA loss, a non-GAAP measure, for the twelve months ended December 31, 2024, totaled $12.9 million as compared to an Adjusted EBITDA loss of $10.9 million for the same period the prior year, which represents a 19 percent reduction in our EBITDA.
Total non-GAAP adjustments for interest expense, depreciation and amortization, acquisition deal costs, severance costs, capital markets and advisory fees, equity-based compensation and warrant costs are provided in the reconciliation table below.
Net loss for the twelve months ended December 31, 2024, was $17.5 million, compared to a net loss of $14.3 million in the period of 2023.