Sidus Space Reports Second Quarter 2022 Results and Business Update

Revenue Increased 695% in Second Quarter 2022 from Second Quarter 2021

CAPE CANAVERAL, Fla.–(Sidus Space PR)– Sidus Space, Inc. (NASDAQ:SIDU), a Space-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection, today announced financial results for the second quarter ended June 30, 2022 and provided company business updates.

Q2 2022 Financial Highlights

  • Revenue increased to $1.85 million for the three months ended June 30, 2022 from $232,000 in the comparable period of 2021, an increase of 695%.
    • This increase is primarily attributed to increased customer confidence as a result of previous deliveries and increased contract flow driven by sales efforts from an expanded sales team.
  • Gross Profit increased to $347,000 for the three months ended June 30, 2022 from a loss of $56,000 in the comparable period of 2021, attributable to an increase in revenue, a decrease in labor intensive contracts and an increase in our higher margin Satellite-as-a-Service business line.
  • Operating Expenses increased to $2.7 million for the three months ended June 30, 2022 compared to $418,000 for the three months ended June 30, 2021, resulting from expansion of our staff and facilities, as well as increased insurance, investor relations, legal and accounting fees that are associated with being a publicly traded company.
  • During the quarter, the Company’s principal shareholder forgave approximately $1.624 million of debt, consisting of the entire unpaid principal amount and accrued interest owed by the Company to the shareholder.
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NASA Partners with Industry for New Spacewalking, Moonwalking Services

An artist’s illustration of two suited crew members working on the lunar surface. The one in the foreground lifts a rock to examine it while the other photographs the collection site in the background. (Credits: NASA)

HOUSTON (NASA PR) — NASA has selected Axiom Space and Collins Aerospace to advance spacewalking capabilities in low-Earth orbit and at the Moon, by buying services that provide astronauts with next generation spacesuit and spacewalk systems to work outside the International Space Station, explore the lunar surface on Artemis missions, and prepare for human missions to Mars.

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Paragon Space Development Corporation Agrees to Acquire Final Frontier Design

Credit: Paragon SDC

TUCSON, Ariz., Jan. 6, 2022 (Paragon SDC PR) — Paragon Space Development Corporation (Paragon) is excited to announce today it has entered into a definitive agreement to acquire Final Frontier Design (FFD), a leading supplier of spacesuits and ancillary components for NASA and other commercial customers. FFD currently has several NASA contracts for spacesuit components and has a Space Act Agreement with NASA for its IVA suit.

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NASA Seeks Commercial Spacesuit Services Proposals

Illustration of Artemis astronauts on the Moon. NASA’s Artemis mission will establish a sustainable presence on the Moon to prepare for missions to Mars. (Credits: NASA)

HOUSTON (NASA PR) — Artemis moonwalkers exploring the lunar South Pole will wear revolutionary spacesuits that stand up to the Moon’s harsh environment and keep them safe. NASA is embracing commercial partnerships to optimize spacesuit technology and inspire pioneering in the space market.

NASA published a request for proposal (RFP) Sept. 29  for companies to compete for the agency’s future purchase of spacesuits and support services for spacewalks on the International Space Station, during Artemis lunar surface missions, and as needed on Gateway in lunar orbit. 

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NASA IG Says: Lunar Spacesuits Behind Schedule, Would Not be Ready for 2024 Landing

Artemis and Orion spacesuits. (Credit: NASA/Joel Kowsky)

by Douglas Messier
Managing Editor

NASA’s 14-year effort to build lunar suits is going to consume more than $1 billion and will deliver working products after the space agency’s goal of landing two astronauts at the moon south pole in 2024, according to a new audit from NASA’s Inspector General.

“NASA’s current schedule is to produce the first two flight-ready xEMUs by November 2024, but the Agency faces significant challenges in meeting this goal,” the report said. “This schedule includes approximately a 20-month delay in delivery for the planned design, verification, and testing suit, two qualification suits, an ISS Demo suit, and two lunar flight suits.

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