Why Are Sidus Space Shares Trading Lower Today?
Portfolio Pulse from Vaishali Prayag
Sidus Space Inc. (NASDAQ:SIDU) shares fell nearly 20% after reporting a 32.29% year-over-year decrease in Q2 revenue, despite improved EPS. The company also announced a $2 million subcontract with Craig Technologies for the U.S. Navy.
August 20, 2024 | 8:00 pm
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Sidus Space shares dropped nearly 20% due to a significant year-over-year revenue decline in Q2, despite improved EPS. The market is focused on the disappointing revenue figures, overshadowing a new $2 million subcontract with Craig Technologies.
The significant drop in revenue and negative gross profit margin are major concerns for investors, leading to a sharp decline in stock price. Although the new subcontract is a positive development, it was not enough to offset the negative sentiment from the earnings report.
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