Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a
U.S. commercial space company that offers satellite buses,
transportation, and other in-space infrastructure services, today
announced its financial results for the second quarter of 2023.
“The second quarter marks our first million-dollar quarter with
the successful deployment of commercial customers from our
Vigoride-6 mission contributing to the recognition of $1.7 million
in revenue,” said Momentus Chief Executive Officer John Rood. “We
continue to build interest with customers, particularly in the
Department of Defense, and we recently signed a contract with the
Space Development Agency to tailor our space vehicles for their
future use.”
“The flexibility, payload capacity, and power available on the
Vigoride Orbital Service Vehicle (OSV) make it well-positioned to
support a range of national security missions like space
situational awareness, surveillance, reconnaissance, and other
priorities,” said Rood. “We’re also proud to continue to build on
our flight heritage with our M-1000 satellite bus which is based on
the Vigoride OSV and draws on its flight heritage. The M-1000 bus
offers significant advantages to commercial and government
customers such as its high power - up to 3 kW of peak power - large
payload capacity, flexible configuration, speed from requirements
to delivery on-orbit, and low cost. Momentus possesses the
capability to manufacture satellite buses like the M-1000 at a
rapid and scalable pace.”
“Our goal remains to be a market leader in satellite buses and
in-space transportation and infrastructure services for U.S.
government and commercial customers, and we’re excited by the
progress we’re seeing,” said Rood.
Second Quarter 2023 Business Highlights:
- In Q2 2023, Momentus grew total revenue by 3,310% year over
year to $1.7 million. This exceeds revenue growth the Company has
experienced in any previous quarters and is a key milestone for the
business.
- The Company has been working to raise additional capital while
pursuing and evaluating strategic alternatives. To that end, the
Company engaged Deutsche Bank as its financial advisor.
- Momentus has signed a contract with FOSSA Systems to provide
hosted payload services starting in 2024. Momentus provided orbital
delivery services to FOSSA on the inaugural mission of Vigoride in
2022 and most recently provided mission management and integration
support for the launch of the FOSSA FEROX-1 satellite in June 2023.
We’re pleased that FOSSA has selected Momentus again to support its
growing needs and the innovation they are bringing to the market.
They are a valued repeat customer.
- In Q2 2023, Momentus deployed all customer payloads from
Vigoride-6 that launched in April 2023. This includes the REVELA
payload for ARCA Dynamics, the VIREO CubeSat for C3S LLC., the
DISCO-1 CubeSat for Aarhus University, and the IRIS-C payload for
an Asian customer booked through ISILAUNCH.
- During the Vigoride-6 mission, Momentus also deployed two
CubeSats into Low-Earth Orbit as part of the NASA LLITED
(Low-Latitude Ionosphere/Thermosphere Enhancements in Density)
mission. These two CubeSats were released from the Vigoride OSV and
NASA has confirmed the two CubeSats are functional, and the team
will be able to operate the science instruments onboard.
- To date, Momentus has placed three Vigoride Orbital Service
Vehicles in Low-Earth Orbit, deployed 15 customer satellites, and
is providing ongoing hosted payload support for Caltech’s Solar
Power Project Demonstrator mission that recently demonstrated its
ability to wirelessly transmit power in space and to beam
detectable power to Earth.
- In addition to the Vigoride Orbital Service Vehicle, Momentus
is now also offering its M-1000 satellite bus. With a growing
demand for satellite bus services, Momentus is positioned to
advance its hardware and flight-proven technology for this market.
The M-1000 bus is a flexible option to meet a variety of mission
requirements. Innovations to improve sensor capability,
maneuverability, increased power, and overall lower costs are
integrated into the product. Momentus possesses the capability to
manufacture satellite buses like the M-1000 at a rapid and scalable
pace.
- Momentus signed a contract for a Small Business Innovation
Research award from the Space Development Agency. The first
contract action is valued at $746,073. We expect it will be
followed by a contract modification to add an additional $1,196,404
at a later date. The scope of work is focused on tailoring the
underlying platform used for the Vigoride Orbital Service Vehicle
and M-1000 satellite bus to meet SDA mission requirements for
future missions.
- Momentus submitted a bid to the SDA for the Tranche 2 Transport
Layer Alpha program to build 50 satellites. Under this proposal to
the SDA, Momentus is the prime contractor with a strong team of
traditional and non-traditional peers.
- Momentus submitted a proposal to the Defense Innovation Unit
(DIU) for novel approaches to operationally responsive space. This
project requires precise point-to-point delivery of cargo in a
cost-effective manner at scale, a need for which the Company’s
capabilities and technology are well-suited.
- Momentus’ next mission is planning to deliver customers to
orbit during the SpaceX Transporter-9 mission, which is targeted to
launch no earlier than November 2023. The Company has space
reserved on every SpaceX Transporter mission through the end of
2024 and is actively booking customers.
Conference Call Information
Momentus Inc. will host a conference call to discuss its
financial results today, at 5:00 p.m. Eastern Time (2:00 p.m.
Pacific Time). To access the conference call, participants should
dial +1 (800) 715-9871 and enter the conference ID number 3108190.
International participants should dial +1 (646) 307-1963. The live
audio webcast along with supplemental information will be
accessible on the Company’s Investor Relations website at
https://investors.momentus.space. A recording of the webcast will
also be available following the conference call.
About Momentus Inc.
Momentus is a U.S. commercial space company that offers
commercial satellite buses and in-space infrastructure services,
including in-space transportation, hosted payloads, and in-orbit
services.
Forward-Looking Statements
This press release contains certain statements which may
constitute “forward-looking statements” within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include, but are not
limited to, statements regarding Momentus or its management team’s
expectations, hopes, beliefs, intentions or strategies regarding
the future, projections, forecasts or other characterizations of
future events or circumstances, including any underlying
assumptions, and are not guarantees of future performance. The
words “may,” “will,” “anticipate,” “believe,” “expect,” “continue,”
“could,” “estimate,” “future,” “expect,” “intends,” “may,” “might,”
“plan,” “possible,” “potential,” “aim,” “strive,” “predict,”
“project,” “should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions.
Because forward-looking statements relate to the future, they
are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of Momentus’ control. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including but not limited to: the
ability of the Company to generate revenue and raise capital in
order to continue as a going concern; the ability of the Company to
obtain licenses and government approvals for its missions, which
are essential to its operations; the ability of the Company to
effectively market and sell satellite transport services and
planned in-orbit services; the ability of the Company to protect
its intellectual property and trade secrets; the development of
markets for satellite transport and in-orbit services; the ability
of the Company to develop, test and validate its technology,
including its water plasma propulsion technology; delays or
impediments that the Company may face in the development,
manufacture and deployment of next generation satellite transport
systems; the ability of the Company to convert backlog or inbound
inquiries into revenue; changes in applicable laws or regulations
and extensive and evolving government regulations that impact
operations and business, including export control license
requirements; the ability to attract or maintain a qualified
workforce with the required security clearances and requisite
skills; product service or product or launch failures or delays
that could lead customers to use competitors’ services;
investigations, claims, disputes, enforcement actions, litigation
and/or other regulatory or legal proceedings; the Company’s ability
to comply with the terms of its National Security Agreement and any
related compliance measures instituted by the director who was
approved by the CFIUS Monitoring Agencies; the possibility that the
Company may be adversely affected by other economic, business,
and/or competitive factors; and/or other risks and uncertainties.
These are only some of the factors that may affect the
forward-looking statements contained in this press release. For a
discussion identifying additional important factors that could
cause actual results to differ materially from those anticipated in
the forward-looking statements, see the company’s filings with the
U.S. Securities and Exchange Commission including, but not limited
to, “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and “Risk Factors” in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022.
The Company’s filings may be accessed through the Investor
Relations page of its website, investors.momentus.space, or through
the website maintained by the SEC at www.sec.gov. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and, except as required by law, the Company assumes no obligation
and does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Second Quarter 2023 Financial Results
MOMENTUS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except share
data)
Three Months Ended June
30,
Six Months Ended
June 30,
2023
2022
2023
2022
Service revenue
$
1,705
$
50
$
1,727
$
50
Cost of revenue
388
12
388
12
Gross profit
1,317
38
1,339
38
Operating expenses:
Research and development expenses
10,204
10,896
20,323
20,867
Selling, general and administrative
expenses
10,007
12,861
20,277
27,714
Total operating expenses
20,211
23,757
40,600
48,581
Loss from operations
(18,894
)
(23,719
)
(39,261
)
(48,543
)
Other income (expense):
Change in fair value of warrant
liability
451
2,254
338
1,803
Realized loss on disposal of asset
(17
)
1
(17
)
(69
)
Interest income
357
5
912
5
Interest expense
(732
)
(1,413
)
(1,652
)
(2,905
)
Litigation settlement, net
—
—
—
3
Other income
—
—
20
—
Total other income (expense)
59
847
(399
)
(1,163
)
Net loss
$
(18,835
)
$
(22,872
)
$
(39,660
)
$
(49,706
)
Net loss per share, basic
$
(0.20
)
$
(0.28
)
$
(0.43
)
$
(0.62
)
Net loss per share, fully diluted
$
(0.20
)
$
(0.28
)
$
(0.43
)
$
(0.62
)
Weighted average shares outstanding,
basic
95,978,588
81,319,533
91,791,957
80,642,670
Weighted average shares outstanding, fully
diluted
95,978,588
81,319,533
91,791,957
80,642,670
MOMENTUS INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
June 30, 2023
December 31,
2022
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
21,298
$
61,094
Restricted cash, current
488
1,007
Accounts receivable
434
—
Insurance receivable
4,000
4,000
Prepaids and other current assets
6,771
10,173
Total current assets
32,991
76,274
Property, machinery and equipment, net
3,605
4,016
Intangible assets, net
335
337
Operating right-of-use asset
5,903
6,441
Deferred offering costs
468
331
Restricted cash, non-current
366
312
Other non-current assets
5,048
4,712
Total assets
$
48,716
$
92,423
LIABILITIES AND STOCKHOLDERS’
EQUITY
Accounts payable
$
2,498
$
2,239
Accrued liabilities
6,785
8,026
Loan payable, current
8,702
11,627
Contract liabilities, current
1,237
1,654
Operating lease liability, current
1,210
1,153
Stock repurchase liability
—
10,000
Litigation settlement contingency
8,500
8,500
Other current liabilities
24
27
Total current liabilities
28,956
43,226
Contract liabilities, non-current
794
1,026
Loan Payable, non-current
—
2,404
Warrant liability
226
564
Operating lease liability, non-current
5,506
6,131
Other non-current liabilities
477
465
Total non-current liabilities
7,003
10,590
Total liabilities
35,959
53,816
Commitments and Contingencies (Note
12)
Stockholders’ equity:
Common stock, $0.00001 par value;
250,000,000 shares authorized and 97,865,351 issued and outstanding
as of June 30, 2023; 250,000,000 shares authorized and 84,441,153
issued and outstanding as of December 31, 2022
1
1
Additional paid-in capital
356,543
342,733
Accumulated deficit
(343,787
)
(304,127
)
Total stockholders’ equity
12,757
38,607
Total liabilities and stockholders’
equity
$
48,716
$
92,423
MOMENTUS INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
(in thousands)
Six Months Ended June
30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(39,660
)
$
(49,706
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
452
578
Amortization of debt discount and issuance
costs
890
1,462
Amortization of right-of-use asset
537
613
Change in fair value of warrant
liability
(338
)
(1,803
)
Loss on disposal of property, machinery,
equipment and intangible assets
17
69
Stock-based compensation expense
4,297
5,247
Non-cash consulting expense
112
—
Changes in operating assets and
liabilities:
Accounts receivables
(434
)
—
Prepaids and other current assets
3,401
1,914
Other non-current assets
(337
)
(585
)
Accounts payable
258
(742
)
Accrued liabilities
(1,298
)
(2,555
)
Accrued interest
79
53
Other current liabilities
1
(6
)
Contract liabilities
(648
)
133
Lease liability
(569
)
(626
)
Other non-current liabilities
12
11
Net cash used in operating
activities
(33,228
)
(45,943
)
Cash flows from investing
activities:
Purchases of property, machinery and
equipment
(53
)
(488
)
Proceeds from sale of property, machinery
and equipment
63
7
Purchases of intangible assets
(25
)
(464
)
Net cash used in investing
activities
(15
)
(945
)
Cash flows from financing
activities:
Proceeds from exercise of stock
options
130
393
Proceeds from employee stock purchase
plan
31
190
Repurchase of Section 16 Officer shares
for tax coverage exchange
(60
)
(97
)
Principal payments on loan payable
(6,298
)
(3,763
)
Payment of deferred offering costs
(121
)
—
Payment for repurchase of common
shares
(10,000
)
—
Proceeds from issuance of common stock and
related warrants
10,000
—
Payments for issuance costs related to
common stock and related warrants
(700
)
—
Net cash used in financing
activities
(7,018
)
(3,277
)
Decrease in cash, cash equivalents and
restricted cash
(40,261
)
(50,165
)
Cash, cash equivalents and restricted
cash, beginning of period
62,413
160,547
Cash, cash equivalents and restricted
cash, end of period
$
22,152
$
110,382
Supplemental disclosure of non-cash
investing and financing activities
Purchases of property, machinery and
equipment in accounts payable and
$
41
$
—
Deferred offering costs in accounts
payable and accrued expenses at period
$
16
$
—
Stock repurchase liability fair value
$
—
$
5,780
Supplemental disclosure of cash flow
information
Cash paid for interest
$
684
$
1,392
Reclassifications
Certain reclassifications have been made to the prior year’s
financial statements to conform to the current year’s presentation.
None of the reclassifications have changed the total assets,
liabilities, shareholders’ deficit, income, expenses or net losses
previously reported.
Use of Non-GAAP Financial Measures (unaudited)
This press release references certain non-GAAP financial
measures, including adjusted EBITDA, non-GAAP selling, general, and
administrative expense and non-GAAP research and development
expense. The Company defines adjusted EBITDA as earnings before
interest expense, taxes, depreciation and amortization, stock-based
compensation, and certain other items the Company believes are not
indicative of its core operating performance. The Company defines
non-GAAP selling, general, and administrative expenses and research
and development expenses as those respective GAAP amounts,
excluding stock-based compensation and non-recurring items not
indicative of core operating performance None of these non-GAAP
financial measures is a substitute for or superior to measures of
financial performance prepared in accordance with generally
accepted accounting principles in the United States (GAAP) and
should not be considered as an alternative to any other performance
measures derived in accordance with GAAP.
The Company believes that presenting these non-GAAP financial
measures provides useful supplemental information to investors
about the Company that is helpful in understanding and evaluating
its operating results, enhancing the overall understanding of its
past performance and future prospects, and allowing for greater
transparency with respect to key financial metrics used by its
management in financial and operational-decision making. However,
there are a number of limitations related to the use of non-GAAP
measures and their nearest GAAP equivalents. For example, other
companies may calculate non-GAAP measures differently, or may use
other measures to calculate their financial performance, and
therefore any non-GAAP measures the Company uses may not be
directly comparable to similarly titled measures of other
companies.
Quarterly adjusted EBITDA
A reconciliation of adjusted EBITDA to net loss for the three
months ended June 30, 2023, June 30, 2022, and March 31, 2023, is
set forth below:
Three Months Ended
(in thousands)
June 30, 2023
June 30, 2022
March 31, 2023
Net loss
$
(18,835
)
$
(22,872
)
$
(20,825
)
Interest income
(357
)
(5
)
(555
)
Interest expense
732
1,413
920
Depreciation & amortization
223
284
229
EBITDA
(18,237
)
(21,180
)
(20,231
)
Change in fair value of warrant
liability
(451
)
(2,254
)
112
Realized loss on disposal of assets
17
(1
)
—
Prepaid launch deposit impairment
—
—
514
SEC and CFIUS legal expenses
177
505
85
Class action litigation legal expenses
24
600
110
Other non-recurring litigation legal
expense
756
170
1,219
SEC compliance costs
327
36
99
NSA compliance costs
398
832
465
Severance and other non-recurring
expenses1
—
7
122
Stock-based compensation
2,577
3,035
1,720
Adjusted EBITDA
$
(14,412
)
$
(18,250
)
$
(15,785
)
1 - Loss contingencies for certain severance agreements were
reversed when the Company determined they would not be signed and
paid
A reconciliation of selling, general, and administrative
expenses to non-GAAP selling, general, and administrative expenses
for the three months ended June 30, 2023, June 30, 2022, and March
31, 2023, is set forth below:
Three Months Ended
(in thousands)
June 30, 2023
June 30, 2022
March 31, 2023
Selling, general, and administrative
expenses
$
10,007
$
12,861
$
10,270
Stock-based compensation
1,896
2,521
1,244
SEC and CFIUS legal expenses
177
505
85
Class action litigation legal expenses
24
600
110
Other non-recurring litigation legal
expense
756
170
1,219
SEC compliance costs
327
36
99
NSA compliance costs
398
832
465
Non-GAAP selling, general, administration
expenses
$
6,429
$
8,190
$
7,048
1 - Loss contingencies for certain severance agreements were
reversed when the Company determined they would not be signed and
paid
A reconciliation of research and development expenses to
non-GAAP research and development expenses for the three months
ended June 30, 2023, June 30, 2022, and March 31, 2023, is set
forth below:
Three Months Ended
(in thousands)
June 30, 2023
June 30, 2022
March 31, 2023
Research and development expenses
$
10,204
$
10,896
$
10,119
Prepaid launch deposit impairment
—
—
514
Stock-based compensation
681
514
476
Severance and non-recurring expenses1
—
—
122
Non-GAAP Research and development
expenses
$
9,523
$
10,382
$
9,007
1 - Loss contingencies for certain severance agreements were
reversed when the Company determined they would not be signed and
paid
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version on businesswire.com: https://www.businesswire.com/news/home/20230814458205/en/
For media inquiries: press@momentus.space
For investor relations inquiries:
investors@momentus.space
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