Sidus Space Shares Gain On Solid Q2 Results

Sidus Space Inc SIDU reported a second-quarter revenue increase of ~695% year-over-year to $1.85 million.
Net loss per share was $(0.15), compared to $(0.05) in 2Q21.
The company attributed the revenue growth to increased customer confidence due to previous deliveries and expanded contract flow driven by sales efforts from an expanded sales team.
SIDU’s gross profit increased to $347 thousand from a loss of $(56) thousand in 2Q21.
The net loss from operations widened to $(2.4) million from $(0.47) million a year ago.
Operating expenses increased to $2.7 million, compared to $0.42 million a year ago, driven by expanding staff and facilities and increased insurance, investor relations, legal and accounting fees.
Sidu's net cash used in operating activities year-to-date totaled $(5) million versus $(0.33) million a year ago.
As of June 30, 2022, the company held $6.8 million in cash.
On August 10, 2022, the company entered an agreement to raise up to $30 million of additional equity as rising funding needs.
Price Action: SIDU shares are trading higher by 3.18% at $3.42 on the last check Friday.

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