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- Sidus Space Inc SIDU reported a second-quarter revenue increase of ~695% year-over-year to $1.85 million.
- Net loss per share was $(0.15), compared to $(0.05) in 2Q21.
- The company attributed the revenue growth to increased customer confidence due to previous deliveries and expanded contract flow driven by sales efforts from an expanded sales team.
- SIDU’s gross profit increased to $347 thousand from a loss of $(56) thousand in 2Q21.
- The net loss from operations widened to $(2.4) million from $(0.47) million a year ago.
- Operating expenses increased to $2.7 million, compared to $0.42 million a year ago, driven by expanding staff and facilities and increased insurance, investor relations, legal and accounting fees.
- Sidu's net cash used in operating activities year-to-date totaled $(5) million versus $(0.33) million a year ago.
- As of June 30, 2022, the company held $6.8 million in cash.
- On August 10, 2022, the company entered an agreement to raise up to $30 million of additional equity as rising funding needs.
- Price Action: SIDU shares are trading higher by 3.18% at $3.42 on the last check Friday.
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