Sidus Space, Inc. (NASDAQ:SIDU) shares are trading lower on Friday.
On Thursday, the company reported first-quarter earnings per share of 35 cents loss, up from $(1.40) loss a year ago.
Sidus Space reported first quarter revenue of $238,000, down from $1.05 million a year ago. The decline reflects a shift from legacy services to new commercial models.
Sidus Space posted a gross loss of $1.6 million in Q1, compared to a $84,000 profit last year, as high-margin legacy services declined.
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Adjusted EBITDA loss widened to $4.7 million from $2.7 million, while cash rose to $11.7 million from $6.2 million year-over-year.
According to Benzinga Pro, SIDU stock has lost over 50% in the past year.
On Thursday, the company announced the successful on-orbit deployment and operation of its second-generation edge computing device, FeatherEdge GEN-2, onboard the LizzieSat-3 spacecraft.
With this milestone, FeatherEdge GEN-2 has achieved flight-proven status and is now being offered commercially as a space-hardened AI processing platform.
The advanced computer, built around NVIDIA’s Jetson Orin NX, delivers 100 trillion operations per second (TOPS) of artificial intelligence capability. Engineered for resilience in radiation-intense environments, FeatherEdge GEN-2 is designed to handle real-time processing tasks in low Earth orbit.
“What sets this technology apart is its broad market applicability,” said Carol Craig, CEO of Sidus Space.
“While designed for space, FeatherEdge GEN-2 has the potential to drive revenue across multiple domains--including defense, intelligence, maritime, aviation, and terrestrial remote sensing--by enabling near real-time data processing at the edge,” Craig added.
Price Action: SIDU shares are trading lower by 9.67% to $1.64 at last check Friday.
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