Why Are Sidus Space Shares Trading Lower Today?

Sidus Space Inc. (NASDAQ:SIDU) shares are trading lower Tuesday following the company's report of a year-over-year decrease in second-quarter revenue. Here’s what you need to know.

What To Know: Sidus Space reported earnings per share (EPS) of 99 cents, an improvement from a loss of $6.85 in the same period last year.

The company's revenue decreased to $927 570, down 32.29% from $1.37 million year-over-year. The gross profit margin dropped to a negative 91%, primarily due to higher costs associated with the depreciation of its first satellite asset and delays in satellite contract payments.

What Else: In other news, Sidus Space announced a $2 million subcontract awarded by Craig Technologies to manufacture key components for a U.S. Navy propulsion program. This contract, the third of its kind with this customer, reflects Sidus Space's ongoing role in the defense sector. Despite this positive development, the market’s focus remains on the disappointing revenue figures.

SIDU Price Action: Sidus Space shares dropped by 19.95% to $3.08 according to Benzinga Pro.

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Photo: Courtesy of Sidus Space, Inc.