Sidus Space secures $2 million contract for U.S. Navy program
On Tuesday, August 20, Sidus Space announced that it had secured a $2 million contract to develop and test interactive display equipment for the U.S. Navy. The company, whose technology is used by businesses and governments to collect space-based data, was founded by Carol Craig, one of the first women eligible to fly in combat aircraft as a U.S. Naval flight officer. Over the last five days, Sidus Space stock has risen 20%, though it is still down 67% for the year to date.
Details
Sidus Space will manufacture, test, and deliver pre-production panels for interactive display equipment for a U.S. Navy program to maintain nuclear power plants on submarines. The contract is valued at $2 million and marks the third time Sidus has been selected as a subcontractor for the program.
Last week, the company announced that its onboard computing system would be a key component in a stratospheric balloon, scheduled for launch in October, that is supposed to help NASA to detect wildfires better.
About the company
The client for the Navy program is Craig Technologies, formerly the parent of Sidus Space. Carol Craig began her career in business with Craig Technologies, which specializes in engineering, prototyping, and testing critical systems, including for the U.S. government. Sidus Space was initially the manufacturing arm of the company and was called Craig Technologies Aerospace Solutions (CTAS) until 2021. As the number of orders grew, Craig decided to spin off CTAS, later renamed Sidus Space.
Sidus Space’s mission is to “bring space down to Earth.” The company is developing a constellation of partially 3D-printed satellites called LizzieSat, which is to serve as a space infrastructure platform providing clients with data collected from space. It plans to launch a total of 100 satellites, with clients able to integrate their own sensors and technologies. The first satellite was launched into space in March 2024 by Elon Musk‘s SpaceX.
In its financials for the second quarter of 2024, the company announced that two more satellites are ready for launch. It also reported $930,000 in revenue, a third less than the same period last year. Sidus Space partly attributed the decline to delays in satellite contract payments.
Stock performance
Sidus Space shares fell around 10% at the open on Wednesday, August 21, but began to pare the losses and were down only 5.8% at the time of this writing. The day before, the stock slid 18.4% in a correction following a sharp rise on Monday, when it gained 44% to $3.81 per share.
According to MarketWatch, the sole analyst covering the company has a buy recommendation on the stock. The target price is $10.00 per share, indicating upside of 220% versus the last closing price.
