Space-as-a-Service satellite company Sidus Space Inc. (SIDU:NASDAQ), which is engaged in the design, engineering, manufacture, assembly, integration, testing, launch, and in-orbit support of mission-critical satellite systems, today announced that following what it referred to as a noteworthy Q2/22, it is growing its contractual relationship with Teledyne Marine, a division of Teledyne Technologies Inc. (TDY:NYSE).
The firm advised that its relationship with Teledyne Marine has continued to expand and noted that in Q2/22 it posted the strongest quarterly revenue from sales made to Teledyne since the partnership commenced four years ago.
Sidus Space noted that in July 2019 it executed its first two-year master supply agreement with Teledyne Marine and followed up on that effort in September 2021 when it signed a two-year product pricing agreement with that firm.
The company's Founder and CEO Carol Craig stated, "We've been fortunate to build components for Teledyne Marine since 2019, and we're excited to see our relationship grow and prosper…Teledyne Marine's increased trust in Sidus is a testament to the quality of products we develop and the value we provide to our partners."
Sidus advised that the scope, volume and revenue earned from its agreements with Teledyne Marine has increased and it will now be involved in manufacturing components for Teledyne Marine's Massachusetts facility in addition to Teledyne's manufacturing operations in Florida and Texas.
The company claimed that "it has been on an upward trajectory over the past few months, taking significant strides to plant its flag among the international space community elite."
Sidus Space is headquartered in Cape Canaveral, Fla. The firm operates from a 35,000 sq. ft facility where it manufactures, assembles, and tests satellite equipment and systems. The firm operates under what it calls a "Space-as-a-Service" business model. The company not only designs and manufactures various flight and ground component parts and systems for aerospace and satellite programs, but also provide advanced engineering predictive analytics and services required to support, launch and mange in-orbit satellites. Sidus notes on its website that its mission is "Bringing Space Down to Earth™."
The company's shares have tripled in value since falling to a 52-week low price of $1.26/share on June 14, 2022, but presently are still trading well below the 52-week high share price of $29.70/share recorded on December 14, 2021.
Sidus Space began the day with a market cap of around $47.7 million with approximately 16.9 million shares outstanding and a short interest of about 3.6%. SIDU shares opened 20% higher today at $3.40 (+$0.57, +20.14%) over yesterday's $2.83 closing price. The stock has traded today between $3.16 and $4.09 per share and closed at $3.98 (+$1.15, +40.64).
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