Momentus Inc
NASDAQ:MNTS
Momentus Inc
Momentus, Inc. engages in the provision of in-space infrastructure services. The company is headquartered in Venice California, California and currently employs 118 full-time employees. The company went IPO on 2019-11-08. The firm is focused on offering transportation and infrastructure services to help enable the commercialization of space. Its services include satellite transportation, payload-hosting, on-orbit satellite refueling, on-orbit inspection, on-orbit satellite maintenance, de-orbiting, debris removal, and other satellite-to-satellite service offerings. The firm provides these services with Orbital Transfer Vehicles (OTVs) that it designs and manufactures. The company is designing a space transportation service based on a hub-and-spoke model, which combines ride share launch on a medium or large rocket with last-mile delivery using one of its OTVs. The company is focused on developing its OTV, Vigoride, which primarily operates in low earth orbit (LEO). The company is also planning to bring two progressively larger vehicles to market, Ardoride and Fervoride. The company serves satellite operators, satellite manufacturers, satellite aggregators, launch providers, and others.
Momentus, Inc. engages in the provision of in-space infrastructure services. The company is headquartered in Venice California, California and currently employs 118 full-time employees. The company went IPO on 2019-11-08. The firm is focused on offering transportation and infrastructure services to help enable the commercialization of space. Its services include satellite transportation, payload-hosting, on-orbit satellite refueling, on-orbit inspection, on-orbit satellite maintenance, de-orbiting, debris removal, and other satellite-to-satellite service offerings. The firm provides these services with Orbital Transfer Vehicles (OTVs) that it designs and manufactures. The company is designing a space transportation service based on a hub-and-spoke model, which combines ride share launch on a medium or large rocket with last-mile delivery using one of its OTVs. The company is focused on developing its OTV, Vigoride, which primarily operates in low earth orbit (LEO). The company is also planning to bring two progressively larger vehicles to market, Ardoride and Fervoride. The company serves satellite operators, satellite manufacturers, satellite aggregators, launch providers, and others.
Revenue Growth: Q3 revenue was $0.34 million, up 162% year-over-year, primarily from the Vigoride-5 launch milestones.
Cost Reductions: Operating expenses fell 30% year-over-year to $15.3 million, and quarterly cash burn dropped by 50% compared to Q3 2022.
Capital Raised: Momentus raised approximately $16.9 million in gross proceeds since the last earnings call to extend its cash runway.
Strategic Alternatives: The company is actively evaluating strategic options and has received interest from several potential partners.
Financial Concerns: Management warned of substantial doubt about the company's ability to continue as a going concern absent additional capital or a strategic transaction.
Contract Momentum: Six new commercial contracts were signed since mid-August, reflecting increased market traction.
Product Expansion: The new M-1000 satellite bus is gaining interest from both commercial and government customers.
Government Bids: Momentus was not selected for the SDA Tranche 2 Alpha contract but submitted a new bid for the $700+ million SDA Tranche 2 tracking layer, with award results expected in mid-January.
