(NewsDirect)
Sidus Space Senior VicePresident of Strategy Jared Novick joined Steve Darling from Proactiveto share news about the company's recently disclosedsecond-quarter financial results.
The results reveal substantial growth in marginsand provide insights into the company's strategic expansion plans.The standout achievement was the doubling of the company's grossmargins to an impressive 37%, marking a notable improvement of 1,800basis points year-over-year.
This growth was fueled by a significant increase insatellite revenue, which exceeded figures reported for the entire yearof 2022 by over 100%.
Additionally, Sidus Space has entered into a pivotal agreement.The company will launch hyperspectral and multispectral imagingcapabilities, along with Edge Artificial Intelligence, as part of itsLizzieSat missions, commencing in 2024.
This strategic move underscores SidusSpace's commitment to pushing the boundaries of satellitetechnology and expanding its portfolio of services. Looking ahead,Sidus Space has ambitious long-term plans for its satelliteconstellation and data-as-a-service business.
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