Sidus Space Stock Is Skyrocketing: What's Going On?

Sidus Space Inc SIDU shares are soaring and have been halted multiple times in early trading Thursday. The company announced that it's preparing for launch in the first quarter of 2024.

What To Know: Sidus Space said it made remarkable achievements in 2023, laying the groundwork for the anticipated launch of LizzieSat in the first quarter. Achievements include expanding services, securing new customers, enhancing technology and completing the required testing for launch on SpaceX Transporter-10.

"As we look forward to the upcoming launch, our focus for 2024 remains on delivering unique and unparalleled solutions for our customers, testing cutting-edge technologies in space, and aligning our services to the evolving needs of a dynamic space economy," said Carol Craig, founder and CEO of Sidus Space.

Sidus Space noted that it expects the LizzieSat launch to be a catalyst for high margin revenue growth moving forward. The company also said it anticipates an increase in annualized revenue from subscription customers, as well as additional satellite launches in 2024.

"The foundation is laid, and our robust customer base eagerly awaits the delivery of our AI-enhanced space data, poised to redefine the landscape for Sidus and the broader industry," Craig added.

See Also: Elon Musk's SpaceX To Likely Fall Short Of 100 Launches This Year — Will 2024 Be The Charm?

SIDU Price Action: Sidus Space shares were halted for volatility several times on Thursday. The stock was up 137.5% at $10.38 at the time of publication, according to Benzinga Pro.

Photo: Arek Socha from Pixabay.