Sidus Space Reports Third Quarter 2024 Financial Results and Provides Business Update

Business Wire11-15

Q3 2024 revenues of $1.9 million, 90% increase year-over-year Q3 2024 gross profit of $38,000, 140% increase year-over-year Q3 2024 EBITDA loss of $2.5 million, 33% improvement year-over-year Q3 2024 ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2483135686?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/gEELQtdOGzURUpTnrL3zGA--~B/aD0zMDY7dz04MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/e1befce1eed8eaeddd9d0b14549fa3fe","is_english":true,"pubTime":"2024-11-15 05:45","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2483135686","market":"us","top_or_hot":-1,"title":"Sidus Space Reports Third Quarter 2024 Financial Results and Provides Business Update","media":"Business Wire","content":"<div>\n<p>Q3 2024 revenues of $1.9 million, 90% increase year-over-year\nQ3 2024 gross profit of $38,000, 140% increase year-over-year\nQ3 2024 EBITDA loss of $2.5 million, 33% improvement year-over-year\nQ3 2024 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/sidus-space-reports-third-quarter-214500481.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sidus Space Reports Third Quarter 2024 Financial Results and Provides Business Update</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSidus Space Reports Third Quarter 2024 Financial Results and Provides Business Update\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 05:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/sidus-space-reports-third-quarter-214500481.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Q3 2024 revenues of $1.9 million, 90% increase year-over-year\nQ3 2024 gross profit of $38,000, 140% increase year-over-year\nQ3 2024 EBITDA loss of $2.5 million, 33% improvement year-over-year\nQ3 2024 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/sidus-space-reports-third-quarter-214500481.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SIDU","symbol_name":"Sidus Space Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/sidus-space-reports-third-quarter-214500481.html","article_id":"2483135686","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/gEELQtdOGzURUpTnrL3zGA--~B/aD0zMDY7dz04MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/business-wire.com/e1befce1eed8eaeddd9d0b14549fa3fe"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483135686","pubTimestamp":1731620700,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Q3 2024 revenues of $1.9 million, 90% increase year-over-year. Q3 2024 gross profit of $38,000, 140% increase year-over-year. Q3 2024 EBITDA loss of $2.5 million, 33% improvement year-over-year. Q3 2024 selling, general, and administrative expenses of approximately $3.2 million, 15% decrease year-over-year. Company selected to build 6 satellite Lunar constellation. Signed agreement with Neuraspace to provide space traffic management and LEOP  support services, enhancing Sidus’ constellation operation capabilities. Selected to exclusively design and build the first-generation lunar fleet of Data Storage Spacecraft for Lonestar Data Holdings, a provider of premium data storage and Resiliency As A Se","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SIDU":"Sidus Space Inc.","BK4166":"消费信贷","LEO":"LEO市政债券基金","LC":"LendingClub","BK4187":"航天航空与国防","BK4585":"ETF&股票定投概念","BK4588":"碎股"},"translate_title":"Sidus Space报告2024年第三季度财务业绩并提供业务更新","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LC":1,"LEO":1,"SIDU":0.9},"content_text":"Q3 2024 revenues of $1.9 million, 90% increase year-over-year\nQ3 2024 gross profit of $38,000, 140% increase year-over-year\nQ3 2024 EBITDA loss of $2.5 million, 33% improvement year-over-year\nQ3 2024 selling, general, and administrative expenses of approximately $3.2 million, 15% decrease year-over-year\nSuccessfully raised $7 million in public offering\nCompany selected to build 6 satellite Lunar constellation\n\nCAPE CANAVERAL, Fla., November 14, 2024--(BUSINESS WIRE)--Sidus Space (NASDAQ: SIDU) (the \"Company\" or \"Sidus\"), an innovative, agile space mission enabler, announced its financial results for the third quarter ended September 30, 2024, and provided a business update. The Company is scheduled to host a conference call and webcast today, Thursday, November 14, at 5:00 p.m. ET.\n\"Our third-quarter results reflect Sidus’ strong momentum as we continue to execute on our strategy, grow our pipeline and manage our operational costs, with a 90% year-over-year quarterly revenue increase and a 15% reduction in SG&A expenses,\" said Carol Craig, CEO of Sidus Space. \"We are thrilled with the key milestones we’ve achieved this quarter, including our selection as the exclusive satellite manufacturing partner for Lonestar’s lunar data storage constellation and securing FCC approval for our micro constellation in Low Earth Orbit. These accomplishments underscore our commitment to delivering innovative, flexible, and cost-effective solutions in the evolving space industry. As we look ahead, our strategic advancements, such as the launch of our LizzieSat™-2 and 3 satellites and the integration of advanced communication technologies into future LizzieSat™ missions, position Sidus to expand our capabilities and drive continued growth.\"\nOperational Highlights for the Quarter Ending September 30, 2024:\n\nSuccessfully completed the primary objectives of the Autonomous Satellite Technology for Resilient Application (ASTRA) historic in-space payload mission with NASA Stennis Space Center and secured follow-on contract for additional ASTRA support\nSecured contract with Xiomas Technologies to supply FeatherEdge™ computing system for fire detection via high-altitude infrared imaging\nAwarded $2 million contract from Craig Technologies to manufacture two fleet interactive display equipment (FIDE) pre-production unit main panels for a U.S. Navy Propulsion\nSigned agreement with Neuraspace to provide space traffic management and LEOP (Launch and Early Operations) support services, enhancing Sidus’ constellation operation capabilities\nDeveloped the Sidus low voltage differential signaling (LVDS) switch card, which extends the capabilities of the payload processor, enabling communication with multiple optical sensors through high speed LVDS data connections\n\nSubsequent Operational Highlights:\n\nSelected to exclusively design and build the first-generation lunar fleet of Data Storage Spacecraft for Lonestar Data Holdings, a provider of premium data storage and Resiliency As A Service (RAAS)\nGranted approval by FCC for operation of a micro constellation of remote sensing, multi-mission satellites in Low Earth Orbit (LEO) (LizzieSat™ 2-5)\nAnnounced upgrade to LizzieSat™ communication system to integrate Iridium-enabled technology into future satellites\nSuccessfully completed environmental testing for LizzieSat™-2, which is scheduled for launch no earlier than December 2024\nCompleted the critical design review for LizzieSat™ NL, a laser communication satellite contracted by The Netherlands Organization\n\nCorporate Governance and Capital Formation Highlights:\nBoard Appointments:\n\nLavanson (LC) Coffey appointed to Board of Directors\n\nFinancial Highlights for the Third Quarter Ending September 30, 2024:\nTotal revenue for the three months ended September 30, 2024, totaled approximately $1.9 million, an increase of $0.9 million compared to total revenue for the three months ended September 30, 2023. The increase was primarily driven by increased satellite-related revenue contracts and the timing of fixed price milestone contracts as compared to the prior year.\nCost of revenue increased 69% to approximately $1.8 million, up from approximately $1.1 million in Q3 2023. The increase was driven by the mix of contract types and increased depreciation expenses in our satellite-related business.\nThe gross profit increased 140% to approximately $38,000, compared to a loss of approximately $90,000 in Q3 2023, which is mainly due to a favorable mix of contract types and increased sales in our higher margin satellite related business.\nSelling, general and administrative expenses totaled approximately $3.2 million, a $570,000 decrease from $3.8 million in Q3 2023, primarily due to a reduction in legal fees, payroll expenses, and insurance costs.\nAdjusted EBITDA loss, a non-GAAP measure, for the three months ended September 30, 2024, was $2.5 million, compared to a loss of $3.7 million for the same period the prior year, representing a 33% improvement. 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 listed below.\nNet Loss for the three months ended September 30, 2024, was $3.9 million, compared to a net loss of $4.1 million in the same quarter of 2023.\nConference Call and Webcast\n\n\n\nEvent:\n\nSidus Space Third Quarter 2024 Financial Results Conference Call\n\n\nDate:\n\nThursday, November 14, 2024\n\n\nTime:\n\n5:00 p.m. Eastern Time\n\n\nLive Call:\n\n+ 1-877-269-7751 (U.S. Toll-Free) or +1-201-389-0908 (International)\n\n\nWebcast:\n\nhttps://viavid.webcasts.com/starthere.jsp?ei=1684792&tp_key=a1891a0338\n\n\n\nFor interested individuals unable to join the conference call, a dial-in replay of the call will be available until Thursday, November 28, 2024, at 11:59 P.M. ET and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13748500. An online archive of the webcast will be available for three months following the event at investors.sidusspace.com.\nAbout Sidus Space\nSidus Space (NASDAQ: SIDU) is a space mission enabler providing flexible, cost-effective solutions including custom satellite design, payload hosting, mission management, space manufacturing and AI enhanced space-based sensor data-as-a-service. With its mission of Space Access Reimagined™, Sidus Space is committed to rapid innovation, adaptable and cost-effective solutions, and the optimization of space system and data collection performance. With demonstrated space heritage including manufacturing and operating its own satellite and sensor system, LizzieSat™, Sidus Space serves government, defense, intelligence and commercial companies around the globe. Strategically headquartered on Florida’s Space Coast, Sidus Space operates a 35,000-square-foot space manufacturing, assembly, integration and testing facility and provides easy access to nearby launch facilities.\nFor more information, visit: https://www.sidusspace.com\nForward-Looking Statements\nStatements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute ‘forward-looking statements’ within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words ‘anticipate,’ ‘believe,’ ‘continue,’ ‘could,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘may,’ ‘plan,’ ‘potential,’ ‘predict,’ ‘project,’ ‘should,’ ‘target,’ ‘will,’ ‘would’ and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and other factors described more fully in the section entitled ‘Risk Factors’ in Sidus Space’s Annual Report on Form 10-K for the year ended December 31, 2023, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and Sidus Space, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.\nNON-GAAP MEASURES\nTo provide investors with additional information in connection with our results as determined in accordance with GAAP, we use non-GAAP measures of adjusted EBITDA. We use adjusted EBITDA in order to evaluate our operating performance and make strategic decisions regarding future direction of the company since it provides a meaningful comparison to our peers using similar measures. We define adjusted EBITDA as net income (as determined by U.S. GAAP) adjusted for interest expense, depreciation and amortization expense, acquisition deal costs, severance costs, capital market and advisory fees, equity-based compensation and warrant costs. These non-GAAP measures may be different from non-GAAP measures made by other companies since not all companies will use the same measures. Therefore, these non-GAAP measures should not be considered in isolation or as a substitute for relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis.\nThe following table reconciles adjusted EBITDA to net loss (the most comparable GAAP measure) for the three months ended September 30, 2024 and 2023:\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\n\n\nSeptember 30,\n\n\n\n\n\n\n\n\n\n2024\n\n\n2023\n\n\nChange\n\n%\n\n\nNet Income / (Loss)\n$\n(3,902,589)\n\n\n$\n(4,082,085)\n\n\n$\n179,496\n\n\n-4%\n\n\nInterest Expense (i)\n\n733,714\n\n\n\n207,343\n\n\n\n526,371\n\n\n254%\n\n\nDepreciation and Amortization (ii)\n\n636,416\n\n\n\n68,781\n\n\n\n567,635\n\n\n825%\n\n\nFundraising expense (iii)\n\n-\n\n\n\n27,500\n\n\n\n(27,500)\n\n\n-100%\n\n\nSeverance Costs\n\n3,192\n\n\n\n75,000\n\n\n\n(71,808)\n\n\n-96%\n\n\nEquity based compensation\n\n76,013\n\n\n\n38,275\n\n\n\n37,738\n\n\n99%\n\n\nTotal Non-GAAP Adjustments\n\n1,449,335\n\n\n\n416,899\n\n\n\n1,032,436\n\n\n248%\n\n\nAdjusted EBITDA\n\n(2,453,254)\n\n\n\n(3,665,186)\n\n\n\n1,211,932\n\n\n-33%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n(i)\nSidus Space incurred increased interest expense due to short-term note payable due in Q4 2024 and interest expense related to an asset based loan.\n\n\n(ii)\nSidus Space incurred increased depreciation expense 2024 with launch and deployment of satellite fixed asset and related satellite software, as well as new ERP software capitalization.\n\n\n(iii)\nSidus Space incurred decreased Fundraising expense due to no fundraising activities in Q3 2024.\n\n\n\n\n\n\nSIDUS SPACE, INC.\n\n\nCONSOLIDATED BALANCE SHEETS\n\n\n(UNAUDITED)\n\n\n\n\n\n\n\n\nSeptember 30,\n \n\nDecember 31,\n\n\n\n\n\n2024\n \n\n2023\n\n\nAssets\n\n\n \n\n\n\n\nCurrent assets\n\n\n \n\n\n\n\n\nCash\n$\n1,231,401\n \n$\n1,216,107\n\n\n\nAccounts receivable\n\n1,495,340\n \n\n1,175,077\n\n\n\nAccounts receivable - related parties\n\n269,957\n \n\n67,447\n\n\n\nInventory\n\n1,700,614\n \n\n1,217,929\n\n\n\nContract asset\n\n77,124\n \n\n77,124\n\n\n\nContract asset - related party\n\n50,204\n \n\n43,173\n\n\n\nPrepaid and other current assets\n\n4,405,168\n \n\n5,405,453\n\n\nTotal current assets\n\n9,229,808\n \n\n9,202,310\n\n\n\n\n\n\n \n\n \n\n\n\nProperty and equipment, net\n\n13,198,308\n \n\n9,570,214\n\n\n\nOperating lease right-of-use assets\n\n192,498\n \n\n115,573\n\n\n\nIntangible asset\n\n398,135\n \n\n398,135\n\n\n\nOther assets\n\n78,066\n \n\n64,880\n\n\nTotal Assets\n$\n23,096,815\n \n$\n19,351,112\n\n\n\n\n\n\n \n\n\n\n\nLiabilities and Stockholders' Equity\n\n\n \n\n\n\n\nCurrent liabilities\n\n\n \n\n\n\n\n\nAccounts payable and other current liabilities\n$\n5,236,280\n \n$\n6,697,562\n\n\n\nAccounts payable and accrued interest - related party\n\n1,025,288\n \n\n677,039\n\n\n\nContract liability\n\n77,124\n \n\n77,124\n\n\n\nContract liability - related party\n\n50,204\n \n\n43,173\n\n\n\nAsset-based loan liability\n\n4,401,772\n \n\n2,587,900\n\n\n\nNotes payable\n\n2,836,150\n \n\n2,017,286\n\n\n\nOperating lease liability\n\n192,497\n \n\n119,272\n\n\nTotal current liabilities\n\n13,819,315\n \n\n12,219,356\n\n\n\n\n\n\n \n\n \n\n\nTotal Liabilities\n\n13,819,315\n \n\n12,219,356\n\n\n\n\n\n\n \n\n \n\n\nCommitments and contingencies\n\n\n \n\n\n\n\n\n\n\n\n \n\n \n\n\nStockholders' Equity\n\n\n \n\n\n\n\nPreferred Stock: 5,000,000 shares authorized; $0.0001 par value; no shares issued and outstanding\n\n\n \n\n\n\n\n\nSeries A convertible preferred stock: 2,000 shares authorized; 0 and 372 shares issued and outstanding, respectively\n\n-\n \n\n-\n\n\nCommon stock: 210,000,000 authorized; $0.0001 par value\n\n\n \n\n\n\n\nClass A common stock: 200,000,000 shares authorized; 4,081,344 and 983,173 shares issued and outstanding, respectively\n\n409\n \n\n98\n\n\nClass B common stock: 10,000,000 shares authorized; 100,000 shares issued and outstanding\n\n10\n \n\n10\n\n\nAdditional paid-in capital\n\n63,955,422\n \n\n49,918,441\n\n\nAccumulated deficit\n\n(54,678,341)\n \n\n(42,786,793)\n\n\nTotal Stockholders' Equity\n\n9,277,500\n \n\n7,131,756\n\n\nTotal Liabilities and Stockholders' Equity\n$\n23,096,815\n \n$\n19,351,112\n\n\n\n\n\n\nSIDUS SPACE, INC.\n\n\nCONSOLIDATED STATEMENTS OF OPERATIONS\n\n\n(UNAUDITED)\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\nThree Months Ended\n\nNine Months Ended\n\n\n\n\n\nSeptember 30,\n\nSeptember 30,\n\n\n\n\n\n2024\n\n2023\n\n2024\n\n2023\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nRevenue\n$\n1,757,251\n$\n762,231\n$\n3,437,160\n$\n3,852,571\n\n\nRevenue - related parties\n\n111,707\n\n223,289\n\n409,523\n\n766,985\n\n\nTotal - revenue\n\n1,868,958\n\n985,520\n\n3,846,683\n\n4,619,556\n\n\nCost of revenue\n\n1,830,787\n\n1,081,801\n\n4,565,549\n\n3,312,261\n\n\n\nGross profit (loss)\n\n38,171\n\n(96,281)\n\n(718,866)\n\n1,307,295\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nOperating expenses\n\n\n\n\n\n\n\n\n\n\n\nSelling, general and administrative expense\n\n3,210,069\n\n3,778,460\n\n9,912,466\n\n10,881,111\n\n\n\nTotal operating expenses\n\n3,210,069\n\n3,778,460\n\n9,912,466\n\n10,881,111\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nNet loss from operations\n\n(3,171,898)\n\n(3,874,741)\n\n(10,631,332)\n\n(9,573,816)\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nOther income (expense)\n\n\n\n\n\n\n\n\n\n\n\nOther income\n\n3,000\n\n-\n\n4,613\n\n17,950\n\n\n\nInterest expense\n\n(642,355)\n\n(186,282)\n\n(982,056)\n\n(561,476)\n\n\n\nInterest income\n\n23\n\n-\n\n12,336\n\n-\n\n\n\nAsset-based loan expense\n\n(91,359)\n\n(21,062)\n\n(252,734)\n\n(100,629)\n\n\n\nFinance expense\n\n-\n\n-\n\n-\n\n(806,754)\n\n\n\nTotal other expense\n\n(730,691)\n\n(207,344)\n\n(1,217,841)\n\n(1,450,909)\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nLoss before income taxes\n\n(3,902,589)\n\n(4,082,085)\n\n(11,849,173)\n\n(11,024,725)\n\n\n\nProvision for income taxes\n\n-\n\n-\n\n-\n\n-\n\n\nNet loss\n$\n(3,902,589)\n$\n(4,082,085)\n$\n(11,849,173)\n$\n(11,024,725)\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nDividend on Series A preferred Stock\n\n-\n\n-\n\n(42,375)\n\n-\n\n\nNet loss attributed to stockholders\n\n(3,902,589)\n\n(4,082,085)\n\n(11,891,548)\n\n(11,024,725)\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nBasic and diluted loss per common share\n$\n(0.93)\n$\n(5.49)\n$\n(3.21)\n$\n(21.25)\n\n\nBasic and diluted weighted average number of common shares outstanding\n\n4,181,344\n\n743,049\n\n3,695,944\n\n518,803\n\n\n\n\n\n\nSIDUS SPACE, INC.\n\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n\n(UNAUDITED)\n\n\n\n\n\n \n\n\n\n\n\nNine Months Ended\n\n\n\n\n\nSeptember 30,\n\n\n\n\n\n2024\n\n2023\n\n\n\n\n\n\n\n \n\n\nCash Flows From Operating Activities:\n\n\n\n\n\n\n\nNet loss\n$\n(11,849,173)\n$\n(11,024,725)\n\n\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n\n\n\n\n\n\n\nStock based compensation\n\n236,040\n\n845,029\n\n\n\nDepreciation and amortization\n\n1,494,449\n\n148,166\n\n\n\nBad debt\n\n-\n\n15,000\n\n\n\nChanges in operating assets and liabilities:\n\n\n\n\n\n\n\nAccounts receivable\n\n(320,263)\n\n258,493\n\n\n\nAccounts receivable - related party\n\n(202,510)\n\n(77,796)\n\n\n\nInventory\n\n(482,685)\n\n(717,645)\n\n\n\nContract asset\n\n-\n\n(16,192)\n\n\n\nContract asset - related party\n\n(7,031)\n\n(15,956)\n\n\n\nPrepaid expenses and other assets\n\n987,099\n\n(2,511,912)\n\n\n\nAccounts payable and accrued liabilities\n\n(495,734)\n\n3,087,470\n\n\n\nAccounts payable and accrued liabilities - related party\n\n348,249\n\n29,553\n\n\n\nContract liability\n\n-\n\n16,192\n\n\n\nContract liability - related party\n\n7,031\n\n15,956\n\n\n\nChanges in operating lease assets and liabilities\n\n(3,700)\n\n(6,613)\n\n\n\nNet Cash provided by (used in) Operating Activities\n\n(10,288,228)\n\n(9,954,980)\n\n\n\n\n\n\n\n \n\n\nCash Flows From Investing Activities:\n\n\n\n\n\n\n\nPurchase of property and equipment\n\n(5,102,661)\n\n(4,836,249)\n\n\n\nCash paid for asset acquisition\n\n-\n\n(468,663)\n\n\n\nNet Cash used in Investing Activities\n\n(5,102,661)\n\n(5,304,912)\n\n\n\n\n\n\n\n \n\n\nCash Flows From Financing Activities:\n\n\n\n\n\n\n\nProceeds from issuance of common stock units\n\n13,742,311\n\n14,788,121\n\n\n\nProceeds from asset-based loan agreement\n\n3,990,957\n\n3,487,982\n\n\n\nRepayment of asset-based loan agreement\n\n(2,177,085)\n\n(3,490,144)\n\n\n\nRepayment of notes payable\n\n(150,000)\n\n(223,995)\n\n\n\nNet Cash provided by (used in) Financing Activities\n\n15,406,183\n\n14,561,964\n\n\n\n\n\n\n\n \n\n\nNet change in cash\n\n15,294\n\n(697,928)\n\n\nCash, beginning of period\n\n1,216,107\n\n2,295,259\n\n\nCash, end of period\n$\n1,231,401\n$\n1,597,331\n\n\n\n\n\n\n\n \n\n\nSupplemental cash flow information\n\n\n\n\n\n\n\nCash paid for interest\n$\n524,015\n$\n20,353\n\n\n\nCash paid for taxes\n$\n-\n$\n-\n\n\n\n\n\n\n\n \n\n\nNon-cash Investing and Financing transactions:\n\n\n\n\n\n\n\nClass A common stock issued for conversion of Series A convertible preferred stock\n$\n16,566\n$\n-\n\n\n\nRecognition of right-of-use asset and lease liability\n$\n284,861\n$\n135,235\n\n\n\nClass A common stock issued for exercised cashless warrant\n$\n-\n$\n1,160\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241114385547/en/\nContacts\nInvestor Relationsinvestorrelations@sidusspace.com\nMedia Inquiriespress@sidusspace.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483135686"}