- Sidus Space Inc is a Space-as-a-Service company.
- It has signed a memorandum of understanding with Dhruva Space Private Limited, a Full-Stack Space Engineering Solutions provider.
- The stock soared around 126% to US$4.46 on Friday morning.
Sidus Space, Inc. (NASDAQ: SIDU) stock soared 57.11% to US$3.095 at 10:43 am ET on Friday after the company announced signing a memorandum of understanding with Dhruva Space Private Limited, a Full-Stack Space Engineering Solutions provider based in India and Austria.
Sidus expects the deal would help accelerate the commercialization of its space technologies and services. Sidus Space and Dhruva Space will explore collaborations to support space program missions in India and the US as part of the partnership.
They plan to strategically align activities related to satellites, ground stations, space-related hardware and software, mission operations centers, etc.
This partnership will support research and development of space technologies, planetary exploration, technology collaboration, and commercialization of tested space technologies. The partnership will boost sales, marketing, manufacturing, and integration and raise the Technology Readiness Level (TRL).
Sidus Space Inc, located in Florida, is a Space-as-a-Service company. It is focused on commercial satellite design, manufacture, launch, and data collection.
Operating from a 35,000 square foot facility, the company’s services portfolio includes Multidisciplinary Design Engineering, American Welding Society (AWS) Certified Welding and Fabrication, Precision CNC Machining and Fabrication, Electronic Assemblies, Swiss Screw Machining, and Electrical and Wire Cable harness Fabrication among others.
It designs and manufactures flight and ground parts and systems for different space-related customers and programs. It provides support to the Aerospace, Defense, Commercial Space, Underwater Marine, and other commercial and government customers.
The company launched its IPO in December 2021. Its trading volume rose to 73,003,389 on Friday compared to its 90-day average volume of 220,981.00.
For the fiscal year ended December 31, 2021, the company generated revenue of US$1.41 million compared to US$1.81 million in the previous fiscal. It incurred a net loss of US$3.75 million in FY 2021 and a net loss of US$1.54 million in FY 2020.
Although the company has generated revenue from its space-related manufacturing division, it has not earned any revenue from its constellation space offerings. Thus, investors should carefully analyze the company before investing in stocks.