Sidus Space reported total revenue of approximately $4.7 million for the twelve months ending December 31, 2024, a decrease of $1.3 million or 22% compared to 2023. This decrease reflects the company's deliberate strategic shift from lower-margin component manufacturing to higher-margin data, technology, and satellite manufacturing.
The company reported a gross loss of approximately $1.5 million for the full year 2024, a decrease of 190% from a gross profit of $1.6 million in 2023. This was primarily driven by higher depreciation costs associated with the first satellite asset deployed in March 2024 and a changing mix of contracts.
Net loss for the twelve months ended December 31, 2024, was $17.5 million, compared to a net loss of $14.3 million in 2023. However, the company's cash and cash equivalents increased by $14.5 million to $15.7 million as of December 31, 2024, and working capital improved to a positive $8.043 million from a deficiency of $3.017 million in 2023.
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