Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the "Company”), a
U.S. commercial space company that plans to offer transportation
and other in-space infrastructure services, today announced its
financial results for the second quarter ended June 30, 2022.
"We continue to make progress toward our goal of being a key
provider of transportation and infrastructure services to the
emerging new space economy," said Momentus Chief Executive John
Rood. “During the second quarter, we retired regulatory risk,
cleared all remaining licensing hurdles, and flew our inaugural
demonstration mission with our Vigoride vehicle. Since the last
earnings call, we have also deployed seven customer satellites in
low Earth orbit (six from Vigoride 3, one from a third party
deployer). We have learned a great deal from this first launch and
from observing how the Vigoride orbital transfer vehicle performed
in space during its initial demonstration mission. We plan to
incorporate improvements into future Vigoride vehicles, beginning
with the one that we plan to fly during our next mission this
fall.”
Second Quarter 2022 Business and Financial
Highlights:
- Retired regulatory risk, including securing all necessary
government licenses and approvals from the FAA, FCC, and NOAA to
launch our first orbital transfer vehicle, Vigoride 3, to
space.
- Completed assembly and ground-testing of the Vigoride 3
spacecraft, integrated customer payloads, and shipped it to the
launch site at Cape Canaveral, Florida.
- Launched Vigoride 3 to low earth orbit onboard SpaceX’s
Transporter-5 mission.
- Confirmed that two customer satellites were deployed from
Vigoride 3 during the second quarter of 2022. An additional four
customer satellites have since been deployed in the third quarter
from Vigoride 3, for a total of six, thus far.
- Deployed a customer satellite from a third-party deployer
system on the same SpaceX rocket, which is part of the Company’s
effort to explore the adjacent ride-share aggregation market
segment, bringing to seven the total number of satellites deployed
recently by the company in low Earth orbit (six from Vigoride 3,
one from a third party deployer).
- Identified root cause of all the anomalies experienced on the
Vigoride 3 mission and are on track to implement corrective actions
on the next Vigoride mission scheduled for this fall.
- Developed a plan to reduce expected cash burn rate and extend
cash runway through the end of 2023. The Company plans to reduce
its cash burn below previously-planned levels by reducing overhead
spending and delaying longer-dated research and development
projects. The company plans to continue development of the Vigoride
vehicle, including planned launches on SpaceX rideshare missions
targeted for November 2022, February 2023, and May 2023.
- Added key talent with impressive and long careers that will
provide a competitive advantage. Key additions included:
- Charles Chase, Vice President of Engineering
- Nick Zello, Vice President of Manufacturing and Operations
- Gary Bartmann, Vice President of Supply Chain
- Krishnan J. Anand, Vice President of Program Management
Note: Krishnan Anand’s hiring occurred after
the close of the second quarter of 2022.
Conference Call Information
Momentus Inc. will host a conference call to discuss the results
today, August 11, 2022, at 12:00 p.m. Eastern Time (9:00 a.m.
Pacific Time). To access the conference call, participants should
dial +1 (800) 715-9871 and enter the conference ID number 3677381.
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/events-and-presentations. 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 plans to offer
in-space infrastructure services, including in-space
transportation, hosted payloads and in-orbit services. Momentus
believes it can make new ways of operating in space possible with
its planned in-space transfer and service vehicles that will be
powered by an innovative water plasma-based propulsion system that
is under development.
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 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 effects of the
COVID-19 pandemic on the Company’s business; 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 “Security
Director”); 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, 2021 and subsequent
quarterly reports on Form 10-Q. The company’s filings may be
accessed through the Investor Relations page of its website,
investor.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 2022 Financial
Results
MOMENTUS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share
data)
Three Months Ended June
30,
Six Months Ended
June 30,
2022
2021
2022
2021
Service revenue1
$
50
$
—
$
50
$
130
Cost of revenue2
12
—
12
48
Gross margin
38
—
38
82
Operating expenses:
Research and development expenses
10,896
20,794
20,867
30,700
Selling, general and administrative
expenses
12,861
9,740
27,714
23,744
Total operating expenses
23,757
30,534
48,581
54,445
Loss from operations
(23,719
)
(30,534
)
(48,543
)
(54,363
)
Other income (expense):
Decrease (increase) in fair value of SAFE
notes
—
100,803
—
182,367
Decrease (increase) in fair value of
warrants
2,254
4,454
1,803
12,537
Realized loss on disposal of asset
1
—
(69
)
—
Interest income
5
1
5
2
Interest expense
(1,413
)
(3,389
)
(2,905
)
(4,357
)
SEC settlement
—
(7,000
)
—
(7,000
)
Other income (expense)
—
(8
)
3
(187
)
Total other income (expense)
847
94,861
(1,163
)
183,362
Income (loss) before income taxes
(22,872
)
64,327
(49,706
)
128,999
Income tax provision
—
1
—
1
Net income (loss)
$
(22,872
)
$
64,327
$
(49,706
)
$
128,998
Net income (loss) per share, basic
$
(0.28
)
$
1.25
$
(0.62
)
$
2.36
Net income (loss) per share, fully
diluted
$
(0.28
)
$
(0.59
)
$
(0.62
)
$
(0.90
)
Weighted average shares outstanding,
basic
81,319,533
51,474,305
80,642,670
54,620,299
Weighted average shares outstanding, fully
diluted
81,319,533
69,653,223
80,642,670
72,847,925
1 -
Prior year revenue recognized related to
the cancellation of a customer contract, resulting in the
forfeiture of a customer deposit
2 -
Prior year cost of revenue represents
costs incurred related to one of the cancelled contracts.
MOMENTUS INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
June 30, 2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents
$
109,052
$
160,036
Restricted cash, current
1,005
197
Prepaids and other current assets
7,517
9,431
Total current assets
117,574
169,664
Property, machinery and equipment, net
4,514
4,829
Intangible assets, net
720
349
Operating right-of-use asset
6,991
7,604
Restricted cash, non-current
325
314
Other non-current assets
3,650
3,065
Total assets
$
133,774
$
185,825
LIABILITIES AND SHAREHOLDERS’ EQUITY
(DEFICIT)
Accounts payable
$
1,124
$
1,911
Accrued expenses
7,031
9,785
Loan payable, current
10,113
20,907
Contract liabilities, current
481
—
Operating lease liability, current
1,132
1,189
Share repurchase liability
5,780
—
Other current liabilities
5,043
5,075
Total current liabilities
30,704
38,867
Contract liabilities, non-current
1,206
1,554
Loan Payable, non-current
8,544
—
Warrant liability
3,945
5,749
Operating lease liability, non-current
6,716
7,284
Other non-current liabilities
454
483
Total non-current liabilities
20,865
15,070
Total liabilities
51,569
53,937
Shareholders’ equity (deficit):
Common stock, $0.00001 par value;
250,000,000 shares authorized and 83,264,832 issued and outstanding
as of June 30, 2022; 250,000,000 shares authorized and 81,211,781
issued and outstanding as of December 31, 2021
1
1
Additional paid-in capital
340,593
340,570
Accumulated deficit
(258,389
)
(208,683
)
Total shareholders’ deficit
82,205
131,888
Total Liabilities and Shareholders’
Deficit
$
133,774
$
185,825
MOMENTUS INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
Six Months Ended June
30,
2022
2021
Cash flows from operating
activities:
Net (loss) income
$
(49,706
)
$
128,998
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Depreciation and amortization
578
448
Amortization of debt discount and issuance
costs
1,462
3,357
Amortization of right-of-use asset
613
661
Decrease in fair value of warrants
(1,803
)
(12,537
)
Decrease in fair value of SAFE notes
—
(182,367
)
Impairment of prepaid launch costs
—
9,450
Loss on disposal of fixed asset
69
—
Stock-based compensation expense
5,247
8,112
Changes in operating assets and
liabilities:
Prepaids and other current assets
1,914
(10,683
)
Other non-current assets
(585
)
(2,108
)
Accounts payable
(742
)
2,696
Accrued expenses
(2,555
)
2,454
Accrued interest
53
—
Other current liabilities
(6
)
2,043
Contract liabilities
133
450
Lease liability
(626
)
(50
)
Other non-current liabilities
11
5,000
Net cash used in operating
activities
(45,943
)
(44,077
)
Cash flows from investing
activities:
Purchase of property, machinery and
equipment
(488
)
(2,185
)
Proceeds from sale of property, machinery
and equipment
7
—
Purchases of intangible assets
(464
)
(3
)
Net cash used in investing
activities
(945
)
(2,187
)
Cash flows from financing
activities:
Proceeds from issuance of SAFE notes
—
30,853
Proceeds from issuance of loan payable
—
25,000
Proceeds from exercise of stock
options
393
35
Proceeds from employee stock purchase
plan
190
—
Repurchase of Section 16 Officer shares
for tax coverage exchange
(97
)
—
Payment of loan payable
(3,763
)
—
Payment of debt issuance costs
—
(144
)
Payment of warrant issuance costs
—
(31
)
Net cash provided by financing
activities
(3,277
)
55,713
(Decrease) increase in cash and cash
equivalents
(50,165
)
9,449
Cash and cash equivalents, beginning of
period
160,547
23,520
Cash and cash equivalents, end of
period
$
110,382
$
32,968
Supplemental disclosure of non-cash
investing and financing activities
Deferred offering costs in accounts
payable and accrued expenses at period end
$
—
$
370
Deferred offering costs in loans payable
at period end
$
—
$
1,500
Operating lease right-of-use assets in
exchange for lease obligations
$
—
$
8,501
Share repurchase liability fair value
$
5,780
$
—
Supplemental disclosure of cash flow
information
Cash paid for income taxes
$
—
$
1
Cash paid for interest
$
1,392
$
1,000
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, 2022, June 30, 2021, and March 31, 2022, is
set forth below:
Three Months Ended
(in thousands)
June 30, 2022
June 30, 2021
March 31, 2022
Net Income (Loss)
$
(22,872
)
$
64,327
$
(26,836
)
Income tax expense
—
1
—
Interest income
(5
)
(1
)
—
Interest expense
1,413
3,389
1,492
Depreciation & amortization
284
249
294
EBITDA
(21,180
)
67,965
(25,049
)
(Decrease) increase in fair value of SAFE
notes
—
(100,803
)
—
(Decrease) increase in fair value of
warrants
(2,254
)
(4,454
)
451
Realized loss on disposal of assets
(1
)
—
70
SEC settlement
—
7,000
—
Prepaid launch deposit impairment
—
8,700
—
SEC and CFIUS legal expenses
505
3,514
795
Class action litigation legal expenses
600
—
795
Other litigation legal expenses
170
—
114
SEC compliance costs
36
—
2,135
NSA compliance costs
832
49
978
Severance and other related expenses1
7
156
350
Stock-based compensation
3,035
2,344
2,212
Adjusted EBITDA
$
(18,250
)
$
(15,529
)
$
(17,149
)
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, 2022, June 30, 2021, and March
31, 2022, is set forth below:
Three Months Ended
(in thousands)
June 30, 2022
June 30, 2021
March 31, 2022
Selling, general, and administrative
expenses
$
12,861
$
9,740
$
14,853
Stock-based compensation
2,521
2,278
1,839
SEC and CFIUS legal expenses
505
3,514
795
Reduction in SEC and CFIUS legal expenses
due to fee dispute resolution
—
—
—
Class action litigation legal expenses
600
—
795
Other litigation legal expenses
170
—
114
SEC compliance costs
36
—
2,135
NSA compliance costs
832
49
978
Severance and other related expenses
7
76
—
Non-GAAP selling, general, administration
expenses
$
8,190
$
3,823
$
8,197
A reconciliation of research and development expenses to
non-GAAP research and development expenses for the three months
ended June 30, 2022, June 30, 2021, and March 31, 2022, is set
forth below:
Three Months Ended
(in thousands)
June 30, 2022
June 30, 2021
March 31, 2022
Research and development expenses
$
10,896
$
20,794
$
9,971
Prepaid launch deposit impairment
—
8,700
—
Stock-based compensation
514
66
373
Severance and other related expenses
—
80
350
Non-GAAP Research and development
expenses
$
10,382
$
11,948
$
9,248
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220810005843/en/
For investor relations inquiries: Darryl Genovesi
investors@momentus.space
For media inquiries: Jessica Pieczonka
press@momentus.space
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