Company: SIDU
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010989
Chunk: 41

Company: Sidus Space Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 41
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 2024  
    Change  
    % 
  
    Revenue 
    $238,494  
    $1,050,155  
    $(811,661) 
     (77)%
  
    Cost of revenue 
     1,866,972  
     966,091  
     900,881  
     93%
  
    Gross Profit (Loss) 
     (1,628,478) 
     84,064  
     (1,712,542) 
     (2037)%
  
    Gross Profit Percentage 
     (683)% 
     8% 

    Selling, General & Administrative expense 
     4,444,442  
     3,645,583  
     798,859  
     22%
  
    Other expense 
     (341,707) 
     (248,981) 
     (92,726) 
     37%
  
    Net loss 
    $(6,414,627) 
    $(3,810,500) 
    $(2,604,127) 
     68%

Revenue

Total
revenue for the three months ended March 31, 2025 decreased approximately $811,000 compared to the three months ended March 31, 2024.
Non-related party revenue decreased by approximately 81% for the three months ended March 31, 2025, to approximately $161,000 as compared
to approximately $845,000 for the three months ended March 31, 2024. This was primarily driven by the timing of fixed price milestone
contracts revenue. Related party revenue decreased 62% to approximately $78,000 for the three months ended March 31, 2025 versus approximately
$205,000 for the three months ended March 31, 2024. 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.

-34-

Cost
of Revenue

Cost
of revenue increased 93% for the three months ended March 31, 2025 to approximately $1.9 million as compared to approximately $966,000
for the three months ended March 31, 2024 and included approximately $38,000 related party cost of sales as of March 31, 2025 and approximately
$167