Company: SIDU
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001742
Chunk: 1304

Company: Sidus Space Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 1304
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    2024  
    2023  
    Change  
    % 
  
    Revenue 
    $4,672,646  
    $5,962,785  
    $(1,290,139) 
     (22)%
  
    Cost of revenue 
     6,141,657  
     4,321,482  
     1,820,175  
     42%
  
    Gross Profit (Loss) 
     (1,469,011) 
     1,641,303  
     (3,110,314) 
     (190)%
  
    Gross Profit Percentage 
     (31)% 
     28% 

    Selling, general & administrative expense 
     14,249,870  
     14,166,617  
     83,253  
     1%
  
    Other expense 
     (1,805,175) 
     (1,803,034) 
     (2,141) 
     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