Sidus Space Inc. ( SIDU ) shares are trading lower Tuesday following the company's report of a year-over-year decrease in second-quarter revenue. Here’s what you need to know.

What To Know: Sidus Space ( SIDU ) reported earnings per share (EPS) of 99 cents, an improvement from a loss of $6.85 in the same period last year.

The company's revenue decreased to $927 570, down 32.29% from $1.37M year-over-year. The gross profit margin dropped to a negative 91%, primarily due to higher costs associated with the depreciation of its first satellite asset and delays in satellite contract payments.

What Else: In other news, Sidus Space ( SIDU ) announced a $2 million subcontract awarded by Craig Technologies to manufacture key components for a U.S. Navy propulsion program. This contract, the third of its kind with this customer, reflects Sidus Space's ( SIDU ) ongoing role in the defense sector. Despite this positive development, the market’s focus remains on the disappointing revenue figures.

SIDU Price Action: Sidus Space ( SIDU ) shares dropped by 19.95% to $3.08 according to Benzinga Pro.

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