LS-4 is manifested for Q1 2025 and LS-5 and 6 are in the design phase as we are determining technology payloads and enhancements. Once full production cadence is achieved, the expected time to manufacture satellites is 45 days, including printing and assembly. As we look toward the future, we continue to collaborate with our industry partners to ensure the path forward to launch and subsequent revenue is smooth and uninhibited. As small satellite launch options increase with the entrance of dedicated small satellite launchers, we continue to augment our existing rideshare agreement by expanding our options for low cost rides to space to accommodate an accelerated launch cadence. All of our products and services that we offer through our four business units are critical to our future growth and strategy.
These capabilities, based in defense, hardware manufacturing, satellite manufacturing and payload integration, space based data solutions and AI products and services allow us to support multiple industries and markets from concept to low earth orbit, the Moon, Mars and beyond. And as the government increasingly seeks to leverage small satellites or include them in architecture planning to augment as needed, we’re focused on building a stable business model with complementary dual use to support both government and commercial needs. The ability of our LizzieSat based platform with a purpose to flexibly and rapidly integrate and launch technologies to deliver actionable geospatial data or other sensor solutions is key to creating a catalyst to help accelerate the space ecosystem and the benefits space can provide to all industries and consumers.
And I now will hand the call over to Bill to discuss how recent successes impact our business strategy and to discuss our financial highlights.
Bill White: Thanks, Carol. And a good day to our shareholders, guests and listeners. It’s a pleasure to be here today to discuss our fourth quarter and full year 2023 financial results and also provide an update on our business strategy. Launching LizzieSat-1 is a major step in executing our strategy of building high margin recurring space data as a service revenue streams from our satellite data. As Carol highlighted, by putting LizzieSat-1 into orbit, we have achieved the most difficult part of our long term strategy to shift the company towards greater revenues and higher margins. With LS-2 and LS-3 in production and manifested for launch this year, we are well on our way to establishing a multi satellite constellation to capture and sell satellite data as a service to our customer.
To put it in perspective, each of our satellites are capable of downloading a minimum of 100,000 megabytes of data back to earth each day. This translates in our ability to theoretically generate $14 million in revenue per year per satellite, assuming we sell 100% of this data a single time. Interestingly, we may be able to sell this data multiple times. As you can imagine, this business model has the capacity to scale rapidly and generate meaningful cash flow as we develop a steady cadence of LizzieSats going into orbit. While we do have current data contracts in place, now that LS-1 is in orbit and fully operational, we are increasing our pipeline of new potential customers for our space data as a service. We recently hired a Vice President of Business Development to drive the sales process.
Now to our 2023 financial results. Total revenue for the 12 months ended December 31, 2023, totaled approximately $6 million, a decrease of $1.3 million compared to total revenue for the 12 months ended December 31, 2022. This decrease was primarily driven by the timing of fixed price milestone contracts, offset by satellite payload revenue. Cost of revenue decreased 26% for the 12 months ended December 31, 2023 to approximately $4.3 million as compared to approximately $5.9 million for the 12 months ended December 31, 2022. This decrease was primarily driven by a mix of contracts and milestone billings, which helped offset continued increased supply chain cost in the manufacturing side of our business. Gross profit increased 14% for the 12 months ended December 31, 2023 to approximately $1.6 million as compared to approximately $1.4 million for the 12 months ended December 31, 2022.
Our gross profit margin increased to 28% for the full year 2023 as compared to 20% for the full year 2022. SG&A expenses for the 12 months ended December 31, 2023 totaled $14.2 million as compared to $13.5 million for the same period the prior year. This increase was primarily due to an increase in professional fees, including legal costs associated with the acquisition of Exo-Space, as well as increase in employee expenses. This was offset by a decrease in insurance rates, license fees and IR/PR expenses. To provide investors with additional information in connection with our results as determined in accordance with GAAP, we also include in our 2023 Form 10-K non-GAAP measures to determine our adjusted EBITDA. We use adjusted EBITDA in order to evaluate our operating performance and make strategic decisions regarding the future direction of the company.
Adjusted EBITDA loss, a non-GAAP measure, for the 12 months ended December 31, 2023, totaled $10.9 million as compared to an adjusted EBITDA loss of $9.7 million for the same period in the prior year. Total non-GAAP adjustments for interest expense, depreciation and amortization, acquisition deal costs, severance costs, capital markets and advisory fees, equity based compensation and warrant costs are provided in the reconciliation table listed in our fourth quarter and full year 2023 earnings press release released earlier this morning. Net loss for the 12 months ended December 31, 2023 was $14.3 million as compared to a net loss of $12.8 million for the same period last year. Turning to the balance sheet. As of December 31, 2023, the company had cash of $1.2 million as compared to $2.3 million at December 31, 2022.
Subsequent to December 31, 2023, the company bolstered our balance sheet by raising gross proceeds of $15.2 million, putting us in a stronger financial position as we continue to expand our constellation later this year and into the future. With that, I’ll hand it back to our CEO, Carol.
