Shares of Sidus Space, a space services company, advanced nearly 6% on Thursday, November 21, before extending the gains in after-hours trading. This came after the company announced a partnership with the German start-up Reflex Aerospace to produce integrated satellite platforms together.
Details
On Thursday, Sidus Space stock gained almost 6% on the Nasdaq to $1.30 per share before extending the gains in after-hours trading, climbing another 1.5%.
Earlier in the day on Thursday, the company announced a new partnership with Reflex Aerospace, a German satellite manufacturing start-up, to jointly produce integrated satellite platforms, including all satellite support systems — such as payload modules — but excluding mission-specific equipment like scientific instruments. The collaboration is expected to kick off in 2025.
In the press release, Sidus highlighted its expertise in satellite manufacturing and Reflex’s rapid, custom satellite design capabilities. Together, the companies aim to offer adaptable, cost-efficient, and high-performance solutions to clients globally, the press release stated.
About the partners
Germany’s Reflex Aerospace builds custom satellites for low Earth orbit (LEO). The company says its mission is to “enable lightning-fast innovation in space,” promising clients to build satellite platforms in a year. Its clients include Media Broadcast Satellite, a German space services provider. Satellites built for Media Broadcast are scheduled to be launched in January 2025 as part of the Transporter 12 rideshare mission by Elon Musk’s SpaceX.
Sidus Space, a space-as-a-service company, was founded in 2021 by Carol Craig, one of the first women authorized to fly U.S. Navy combat aircraft. The company is building a constellation of 100 of its LizzieSat satellites, which allow clients to integrate their own sensors and technologies to gather space-based data. The first satellite was launched in March as part of the aforementioned SpaceX rideshare mission. The second is expected to reach orbit by the end of this year.
Stock performance
Sidus Space shares are currently trading near their all-time low of $1.15 per share, hit on November 13. At that time, the stock plummeted after the company announced a stock offering priced at a record low, which wiped out nearly half the company’s market value. Since the beginning of the year, Sidus has lost more than 80% of its value. According to MarketWatch, the single analyst covering the stock has a “buy” recommendation with a target price of $10 per share.
