CAPE CANAVERAL, FL—Sidus Space Inc., a micro-cap company ($9.87M market value) specializing in radio telephone communications, has reported the departure of its Chief Financial Officer (CFO), Bill White, as of January 10, 2025. The termination of Mr. White's employment was confirmed without cause and is in accordance with the employment agreement dated February 6, 2024.
In the interim, Teresa Burchfield, the company's Controller and former CFO, will reassume the responsibilities of the CFO position. The announcement comes as the company, headquartered in Merritt Island, FL, begins its search for a permanent successor.
Sidus Space Inc (NASDAQ:SIDU)., which is listed on the Nasdaq Capital Market under the ticker SIDU, is recognized as an emerging growth company. The stock has faced significant challenges, declining 76.49% over the past year and 51.84% year-to-date. The news of the CFO's departure was filed with the Securities and Exchange Commission (SEC) today, and the company has taken steps to ensure a smooth transition of duties.
The company's CEO, Carol Craig, signed off on the SEC filing, indicating that the search for a new CFO will be a priority for the leadership team. The filing did not specify the reasons behind Mr. White's departure, nor did it detail any severance arrangements or the timeline for appointing a new CFO.
In other recent news, Sidus Space, Inc. has seen significant developments in its operations. The company reported a substantial 90% surge in revenue for the third quarter of 2024, reaching approximately $1.9 million. Despite the increase in gross profit to $38,000, Sidus Space reported a net loss of $3.9 million, a slight improvement from the $4.1 million loss in Q3 2023.
In addition, Sidus Space secured approximately $14 million through a private placement with accredited and institutional investors, with the proceeds earmarked for working capital and general corporate purposes. The investment firm ThinkEquity served as the exclusive placement agent for the offering.
Furthermore, the company successfully deployed the LizzieSat-2 satellite, marking a significant step in enhancing its on-orbit capabilities and offering real-time data services to its customers globally. With the upcoming launch of LizzieSat-3 scheduled for the first quarter of 2025, Sidus Space aims to further strengthen its space-based data services.
InvestingPro data suggests analysts anticipate sales growth for the company this year, though it faces challenges with cash burn and liquidity. These are some of the recent developments in the company's operations.
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