Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 1159

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 1159
---
     0%
  
    Net loss 
    $(17,524,056) 
    $(14,328,348) 
    $(3,195,708) 
     22%

Revenue

Total revenue for the twelve months ended December
31, 2024 decreased approximately $1.3 million compared to total revenue for the twelve months ended December 31, 2023. Non-related party
revenue decreased by approximately 23% for the twelve months ended December 31, 2024, to approximately $3.9 million as compared to approximately
$5.0 million for the twelve months ended December 31, 2023. This was primarily driven by the timing of fixed price milestone contracts
and lower satellite technology revenue. Related party revenue for the year decreased 16% to approximately $800,000 for the twelve months
ended December 31, 2024 versus approximately $952,000 for twelve months ended December 31, 2023. This was influenced by the timing of
fixed-price milestone contracts and a reduction in the number of contracts our related party secured with its customers, leading to decreased
outsourcing of work to us.

Cost of Revenue

Cost of revenue increased 42% for the twelve
months ended December 31, 2024 to approximately $6.1 million as compared to approximately $4.3 million for the twelve months ended
December 31, 2023 and included approximately $713,000 related party cost of sales as of December 31, 2024 and approximately $655,000
as of December 31, 2023. The overall increase in cost of revenue was primarily driven by a mix of contracts of varying types,
satellite and related software depreciation expense increase of approximately $1.75 million versus 2023 and continued increased
supply chain related costs in the manufacturing side of our business.

Gross Profit (Loss)

The 31% decrease in our gross margin for the
twelve months ended December 31, 2024 to a loss of approximately $1.5 million as compared to a profit of approximately $1.6 million
for the twelve months ended December 31, 2023, was driven primarily by higher satellite and related depreciations costs, our mix of
varying types of contracts with higher material and labor expenses and a decrease in our higher margin business.

 51 

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses were
in line when