Sidus Space FY23 EPS $(23.11) Vs $(74.80) YoY; Revenue $5.96M Vs $7.29M YoY
Portfolio Pulse from Benzinga Newsdesk
Sidus Space reported a FY23 EPS of $(23.11), an improvement from $(74.80) YoY, with revenue decreasing to $5.96M from $7.29M YoY. The company saw a 26% decrease in cost of revenue and a 14% increase in gross profit, driven by higher margin satellite business. SG&A expenses rose due to legal costs and acquisition expenses, leading to a net loss of $14.3M. Cash decreased to $1.2M, with a subsequent increase in funds through warrant exercises and offerings. Liabilities increased across accounts payable, asset-based loan liability, and notes payable.
March 27, 2024 | 12:15 pm
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NEUTRAL IMPACT
Sidus Space reported improved EPS and a higher gross profit margin for FY23, despite a decrease in revenue and an increased net loss. The company's financial health shows mixed signals with a decrease in cash and an increase in liabilities.
The improvement in EPS and gross profit margin indicates operational efficiency and a potentially stronger position in the satellite business. However, the decrease in revenue, increased net loss, and worsening balance sheet with higher liabilities and decreased cash position could concern investors. The mixed financial outcomes make the short-term impact on SIDU's stock price uncertain, hence a neutral score.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100