Executive Summary

Q4 2024 revenue was approximately $0.83M (derived from FY less 9M), down sequentially from $1.87M in Q3 and reflecting lumpy milestone timing; gross margin contracted to roughly -90.9% on higher depreciation from the first satellite asset .
Full-year 2024 revenue was $4.67M (-22% YoY), with net loss of $17.5M; SG&A was ~$14.2M (flat YoY). Cash ended 2024 at $15.7M, bolstered by ~$21M of late-2024 financing activities ($14M private placement in Dec; $7M public offering in Nov) .
Management emphasized a deliberate shift toward higher-margin data/AI and satellite manufacturing, citing a ~200M pipeline and $78M of proposals submitted in 2024, plus FCC micro-constellation approval and cost reductions per satellite (LS‑3 45% below LS‑1) .
FY results missed sparse S&P Global consensus: revenue $4.67M vs $8.00M* and EPS -3.60 vs -0.78*; limited coverage (1 estimate) suggests estimates likely need to reset lower as mix shifts and depreciation flows through P&L (Values retrieved from S&P Global).

What Went Well and What Went Wrong

What Went Well

FCC authorized a remote sensing micro-constellation (LizzieSat 2–5), enabling on-orbit expansion and data-as-a-service scaling .
Platform progress and cost down: LizzieSat‑2 launched Dec 21, 2024; LizzieSat‑3 launched Mar 15, 2025, with LS‑3 total cost 45% below LS‑1 and operations established within two hours .
Strategic wins support pipeline: exclusive selection to build Lonestar’s six‑satellite lunar data fleet; CEO: “we’ve evolved…into a full‑fledged space technology and AI company, focused on…AI‑powered space data solutions” .

What Went Wrong

Q4 revenue down sequentially (~$0.83M) and YoY (-38.5% vs ~$1.34M in Q4’23), reflecting milestone timing and the transition in mix; Q4 gross margin ~-90.9% due to depreciation and cost mix .
FY revenue declined 22% YoY to $4.67M; adjusted EBITDA loss widened to $(12.9)M and net loss to $(17.5)M, underscoring the cost of building the constellation and investing in AI/data .
Consensus gap: FY 2024 revenue and EPS missed limited S&P Global expectations (1 estimate each), pointing to a reset in Street modeling as the business mix shifts (Values retrieved from S&P Global).

Financial Results

Quarterly performance (Q2 → Q3 → Q4 2024)

Metric	Q2 2024	Q3 2024	Q4 2024
Total Revenue ($)	$927,570	$1,868,958	$825,963 (FY $4,672,646 − 9M $3,846,683)
Gross Profit ($)	$(841,101)	$38,171	$(750,145) (Rev − COGS; COGS Δ: FY $6,141,657 − 9M $4,565,549)
Gross Margin %	-91%	~2%	~-90.9% (−$750,145 / $825,963)
SG&A ($)	$3,056,814	$3,210,069	$4,337,404 (FY $14,249,870 − 9M $9,912,466)
Net Loss ($)	$(4,136,084)	$(3,902,589)	$(5,674,883) (FY $17,524,056 − 9M $11,849,173)
Basic & Diluted EPS ($)	$(0.99)	$(0.93)	N/A (not disclosed)

Notes: Q4 metrics are derived from FY minus 9M where quarterly disclosure was not provided.

Q4 YoY comparison

Metric	Q4 2023	Q4 2024	YoY Change
Revenue ($)	$1,343,229 (FY ’23 $5,962,785 − 9M ’23 $4,619,556)	$825,963	-38.5%
Gross Margin %	~24.9% (($1,343,229 − $1,009,221) / $1,343,229; COGS ’23 Q4 = FY $4,321,482 − 9M $3,312,261)	~-90.9%	-115.8 pp

Full-year 2024 summary

Metric	FY 2023	FY 2024	Change
Revenue ($)	$5,962,785	$4,672,646	-22%
Gross Profit ($)	$1,641,303	$(1,469,011)	n.m.
Gross Margin %	28%	-31%	-59 pp
SG&A ($)	$14,166,617	$14,249,870	+1%
Adjusted EBITDA ($)	$(10,890,490)	$(12,908,672)	-19%
Net Loss ($)	$(14,328,348)	$(17,524,056)	-22%
Cash ($, YE)	$1.2M	$15.7M	+$14.5M

Segment breakdown: Not disclosed as separate reportable segments in these materials.

KPIs and operating milestones

KPI	Q2 2024	Q3 2024	Q4 2024 / FY Context
Satellites in orbit	LS‑1 in orbit (Mar’24)	LS‑1 operating	LS‑2 launched Dec 21, 2024; two in orbit by YE
FCC approvals	—	Micro‑constellation (LS‑2–5) approved Oct 15	Space‑to‑space relay approval (subsequent)
Pipeline / proposals	~$100M pipeline noted on Q2 call	Growth outlook with increased proposals	~$200M identified opportunities; ~$78M proposals in 2024
Cost reduction per satellite	—	—	LS‑2 cost 27% below LS‑1; LS‑3 45% below LS‑1
Cash (YE)	—	—	$15.7M

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	None disclosed	No formal quantitative guidance provided	N/A
Margins / EBITDA	FY 2025	None disclosed	Management targeting EBITDA positivity and FCF generation focus (qualitative)	N/A
Capex / Launch cadence	2025+	Not quantified	Next LEO launches planned for 2026/2027 (platform expansion)	N/A

Note: No numerical guidance ranges were provided in Q4 materials.

Earnings Call Themes & Trends

Topic	Q2 2024 (prior-2)	Q3 2024 (prior-1)	Q4 2024 (current)	Trend
AI/edge computing	FeatherEdge on-orbit AI demo; post‑launch algos; 98% fire detection accuracy	Plans to integrate Iridium-enabled comms; LVDS switch card; AI platform narrative	Launch of Orlaith AI ecosystem; 100 TOPS target; data relay approval	Expanding capabilities and on-orbit analytics
Constellation progress	LS‑1 commissioned; LS‑2/3 in production and manifested	LS‑2 ready; LS‑3 next; FCC micro‑constellation	LS‑2 launched; LS‑3 launched Mar 15; faster ops	Cadence accelerating; cost down per sat
Business mix shift	Emphasis on DaaS and manufacturing; lumpy milestones	Reiterates lumpy revenue; pipeline growth	“Full‑fledged space technology and AI company” focus; pipeline ~$200M	Transition to higher‑margin data/AI
Government/Defense	NASA Stennis ASTRA mission milestones	DOD/U.S. Navy work; Netherlands laser com CDR	Continuing NASA Stennis support; Artemis LTVS involvement	Deeper integration with gov/defense
Regulatory	—	FCC micro‑constellation approved	Space‑to‑space relay capability approval (subsequent)	Regulatory progress supports data model
Capital strategy	—	$7M public offering closed Nov 14	YE cash $15.7M; $14M private placement in Dec; address dilution Q&A	Raised capital to fund scaling

Management Commentary

“2024 was a defining year… we’ve evolved from a space manufacturing and services company into a full‑fledged space technology and AI company” — Carol Craig, CEO .
“As we transition to data and technology services, we expect to see smoother and more stable revenue trends” — CFO remarks .
“With 3 LizzieSat satellites now in orbit… we’re focused on achieving EBITDA positivity and generating free cash flow” — CEO .
“LizzieSat‑3… established communication and control… in less than 2 hours; total cost 45% less than LizzieSat‑1” — Company update .

Q&A Highlights

Stock performance disconnect: Management cited sector volatility and macro factors; reiterated focus on scaling DaaS, strengthening recurring revenue, and disciplined financial management to drive recognition of intrinsic progress .
Capital strategy/dilution: Early scaling phase requires upfront investment; as recurring data services expand, management expects less external capital over time; aim is an increasingly self‑sustaining model .

Estimates Context

Metric	Period	Consensus*	Actual*
Revenue ($)	FY 2024	$8.0M	$4.67M
Primary EPS ($)	FY 2024	-0.78	-3.60
Revenue ($)	Q4 2024	N/A	$0.83M

Coverage was sparse (1 estimate). Misses on FY revenue and EPS imply Street models likely need to recalibrate for depreciation drag and the timing of data/milestones (Values retrieved from S&P Global).

Key Takeaways for Investors

Mix transition is real but painful near-term: depreciation and milestone timing drove a sharp Q4 gross margin contraction; FY revenue fell 22% even as strategic positioning improved .
Regulatory and platform milestones de‑risk scaling: FCC micro‑constellation license, space‑to‑space relay approval, and LS‑2/LS‑3 launches underpin DaaS potential and faster tasking/data delivery .
Cost curve bending: LS‑2 and LS‑3 costs materially below LS‑1; sustained cost-down improves pathway toward EBITDA break-even as volume and data monetization ramp .
Liquidity improved: YE cash $15.7M from late‑2024 financings provides runway to execute on constellation and AI roadmap; watch cash burn vs. contract conversion in 2025 .
Pipeline is sizable but needs conversion: ~$200M opportunities and $78M submitted proposals reflect demand; bookings/backlog conversion cadence is the key stock catalyst in 2025 .
Near-term trading setup: Updates on LS‑3 commissioning, data subscription wins (e.g., HEO), and additional government/defense awards are likely catalysts; model risk remains around revenue lumpiness and depreciation‑weighted COGS .
Medium-term thesis: If Sidus executes on AI-driven on‑orbit analytics and grows recurring DaaS alongside lower-cost satellite manufacturing, operating leverage and margin inflection are achievable as platform scales .

Appendix: Primary Source Documents

Q4/FY 2024 8‑K and press release:
Q4 2024 earnings call transcript: –; alt –
Q3 2024 8‑K/press: – –
Q2 2024 8‑K/press: – –
Relevant Q4 2024 press releases: FCC micro‑constellation approval ; LS‑2 launch ; $14M private placement ; LS‑2 ready ; Lonestar selection

Estimates disclaimer: *Values retrieved from S&P Global.

Sidus Space Inc. (SIDU)·Q4 2024 Earnings Summary