Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the "Company”), a
U.S. commercial space company that offers orbital transportation
and in-space infrastructure services, today announced its financial
results for the first quarter ended March 31, 2023.
“Momentus is showing its competitive advantages with flight
heritage, early success with our pioneering water-based propellant
engine, and a vehicle that can respond to customer needs with
flexibility, speed, and a lower cost,” said Momentus Chief
Executive Officer John Rood. “We are now operating Vigoride-5 and
Vigoride-6 concurrently, and both missions mark key milestones in
demonstrating the value proposition of our technology. In less than
a year we have launched three of our Vigoride Orbital Service
Vehicles into space, deployed nine customer payloads, provided
hosted payload services, demonstrated a new, differentiated breed
of spacecraft engine, and continue to garner interest with
commercial and government customers.”
“The Vigoride Orbital Service Vehicle has a large and flexible
payload capacity, best-in-class power, and is low cost,” continued
Rood. “We’re eager to use the unique attributes of Vigoride to meet
government use cases as well as commercial needs. We have made
progress demonstrating our value for U.S. Government organizations,
like the Defense Department and NASA. We recently partnered with
another commercial space company to propose a joint solution for
NASA’s consideration as the agency looks to reboost the Hubble
space telescope. This collaboration demonstrates how commercial
companies can offer inventive and impactful solutions to government
customers. We’re also seeing tremendous opportunity for our
services in support of Defense Department and U.S. national
security missions and increasing interest in Momentus from the
Space Development Agency, U.S. Space Force, and the Intelligence
Community. As one of the early movers in a rapidly expanding
industry, Momentus is poised to fill a key role in the vibrant and
growing space economy as we scale our business for growth and
expand into new markets in 2023.”
Recent Business Highlights:
- Launched Vigoride-5 aboard the SpaceX Transporter-6 mission
from Cape Canaveral, Florida. This vehicle incorporated important
lessons learned from Momentus’ inaugural mission that launched in
2022. On this ongoing mission, Momentus is providing hosted payload
services for Caltech’s Space-based Solar Power Project payload, and
recently deployed a payload for an international customer.
- Demonstrated success with Momentus’ Microwave Electrothermal
Thruster (“MET”) that uses distilled water as propellant. Testing
has continued subsequent to the quarter and to date the MET has
achieved more than 35 firings ranging from 30 seconds up to six
minutes in duration. The duration of the six minute firing exceeded
by 20% the maximum planned duration for operation of the MET on
this mission. Cumulatively, Momentus has reached over 140 minutes
of firing time of the MET system. Momentus has now operated the MET
successfully in space at full power across the range of durations
for firing that we plan to use operationally to deliver satellites
to precise, custom orbits and to provide in-space infrastructure
services like hosted payloads.
- The MET achieved a key task of its Vigoride-5 mission by
raising the orbit of the spacecraft by more than 3 km. Orbital
altitude raises are an integral part of Momentus’ orbital
transportation service offering that aims to deliver customer
satellites to precise and custom orbits.
- Signed a services agreement with repeat customer, FOSSA
Systems, to place its latest generation of satellites into
Low-Earth Orbit. This agreement represents initial progress toward
Momentus’ first large-scale constellation deployment.
- Signed a services agreement with FOSSA Systems to fly a
picosatellite deployer with the capacity for eight pocketqube
satellites as part of its launch brokerage capabilities and
services. This deployer will house several satellites serving
different IoT, Earth Observation, and demonstration platforms for
yet-to-be-announced customers.
- Signed a services agreement with Hello Space to provide hosted
payload service for a deployer carrying four pocketqubes. These
pocketqube satellites mark the first tranche of an 80-satellite
constellation set by Hello Space.
- Signed a services agreement with Lunasonde to deliver a cubesat
to orbit from the Vigoride-7 mission targeted for launch in October
on the SpaceX Transporter-9 mission.
- Signed a services agreement with SatRev for the delivery of a
cubesat to Low-Earth Orbit also on the Vigoride-7 mission.
- Signed a services agreement with a yet-to-be-named customer for
the orbital delivery of the first tranche of picosats for a
100-satellite planned constellation.
- Were selected for funding from the Space Development Agency for
a Small Business Innovation Research Phase 2 award, which SDA is
collaborating to complete with the Air Force Research Lab
Technology Directorate AFWERX.
- Signed a Memorandum of Understanding with Axient, a
well-established company with a strong track record in defense and
classified work for the Defense Department.
- Launched the Vigoride-6 OSV on the SpaceX Transporter-7
mission. The vehicle is carrying the NASA LLITED mission, payloads
for multiple commercial customers, and a Momentus-developed solar
array technology demo with a focus of reducing Vigoride unit
manufacturing costs and lead times.
- Signed a launch services agreement with SpaceX securing launch
opportunities through the end of 2024.
- Teamed with another commercial company to respond to NASA’s
Hubble Reboost RFI in a joint proposal. The mission’s objectives
include safe relocation of Hubble and removal of nearby threatening
debris from the celebrated space telescope’s new orbit.
Conference Call Information
Momentus will host a conference call to discuss the 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 9685779. 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 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.
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 raise additional capital to finance its
longer-term business plan; 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 “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, 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.
First Quarter 2023 Financial Results
MOMENTUS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except share
data)
Three Months Ended March
31,
2023
2022
Service revenue
$
22
$
—
Gross profit
22
—
Operating expenses:
Research and development expenses
10,119
9,971
Selling, general and administrative
expenses
10,270
14,853
Total operating expenses
20,389
24,824
Loss from operations
(20,367
)
(24,824
)
Other income (expense):
Change in fair value of warrant
liability
(112
)
(451
)
Realized loss on disposal of asset
—
(70
)
Interest income
555
—
Interest expense
(920
)
(1,492
)
Litigation settlement, net
—
3
Other income
19
—
Total other expense
(458
)
(2,010
)
Net loss
$
(20,825
)
$
(26,834
)
Net loss per share, basic
$
(0.24
)
$
(0.34
)
Net loss per share, fully diluted
$
(0.24
)
$
(0.34
)
Weighted average shares outstanding,
basic
87,559,611
79,958,383
Weighted average shares outstanding, fully
diluted
87,559,611
79,958,383
MOMENTUS INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
March 31, 2023
December 31,
2022
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
38,630
$
61,094
Restricted cash, current
879
1,007
Insurance receivable
4,000
4,000
Prepaids and other current assets
9,524
10,173
Total current assets
53,033
76,274
Property, machinery and equipment, net
3,844
4,016
Intangible assets, net
340
337
Operating right-of-use asset
6,174
6,441
Deferred offering costs
418
331
Restricted cash, non-current
363
312
Other non-current assets
4,670
4,712
Total assets
$
68,842
$
92,423
LIABILITIES AND STOCKHOLDERS’
EQUITY
Accounts payable
$
2,092
$
2,239
Accrued expenses
6,496
8,026
Loan payable, current
11,290
11,627
Contract liabilities, current
2,136
1,654
Operating lease liability, current
1,181
1,153
Stock repurchase liability
—
10,000
Litigation settlement contingency
8,500
8,500
Other current liabilities
36
27
Total current liabilities
31,731
43,226
Contract liabilities, non-current
1,026
1,026
Loan Payable, non-current
171
2,404
Warrant liability
676
564
Operating lease liability, non-current
5,821
6,131
Other non-current liabilities
471
465
Total non-current liabilities
8,165
10,590
Total liabilities
39,896
53,816
Commitment and Contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.00001 par value;
250,000,000 shares authorized and 94,984,332 issued and outstanding
as of March 31, 2023; 250,000,000 shares authorized and 84,441,153
issued and outstanding as of December 31, 2022
1
1
Additional paid-in capital
353,897
342,733
Accumulated deficit
(324,952
)
(304,127
)
Total stockholders’ equity
28,946
38,607
Total liabilities and stockholders’
equity
$
68,842
$
92,423
MOMENTUS INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED)
(in thousands)
Three Months Ended
March
2023
2022
Cash flows from operating
activities:
Net loss
$
(20,825
)
$
(26,834
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
229
294
Amortization of debt discount and issuance
costs
492
742
Amortization of right-of-use asset
267
322
Change in fair value of warrant
liability
112
451
Loss on disposal of property, machinery,
equipment and intangible assets
—
70
Stock-based compensation expense
1,720
2,212
Issuance of common stock to
non-employees
57
—
Changes in operating assets and
liabilities:
Prepaids and other current assets
704
1,447
Other non-current assets
41
(2,685
)
Accounts payable
(211
)
1,387
Accrued expenses
(1,538
)
(273
)
Accrued interest
39
13
Other current liabilities
12
14
Contract liabilities
481
100
Lease liability
(282
)
(328
)
Other non-current liabilities
6
6
Net cash used in operating
activities
(18,696
)
(23,062
)
Cash flows from investing
activities:
Purchases of property, machinery and
equipment
(43
)
(290
)
Purchases of intangible assets
(9
)
(231
)
Net cash used in investing
activities
(52
)
(521
)
Cash flows from financing
activities:
Proceeds from exercise of stock
options
92
48
Repurchase of Section 16 Officer shares
for tax coverage exchange
(60
)
(59
)
Principal payments on loan payable
(3,102
)
(927
)
Payment of deferred offering costs
(23
)
—
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
(3,793
)
(938
)
Decrease in cash, cash equivalents and
restricted cash
(22,541
)
(24,521
)
Cash, cash equivalents and restricted
cash, beginning of period
62,413
160,547
Cash, cash equivalents and restricted
cash, end of period
$
39,872
$
136,026
Supplemental disclosure of non-cash
investing and financing activities
Purchases of intangibles assets in
accounts payable and accrued expenses at period end
$
7
$
—
Deferred offering costs in accounts
payable and accrued expenses at period end
$
64
$
—
Stock repurchase liability fair value
$
—
$
6,000
Supplemental disclosure of cash flow
information
Cash paid for income taxes
$
—
$
—
Cash paid for interest
$
389
$
750
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 March 31, 2023, March 31, 2022, and December 31, 2022,
is set forth below:
Three Months Ended
(in thousands)
March 31, 2023
March 31, 2022
December 31, 2022
Net loss
$
(20,825
)
$
(26,834
)
$
(24,440
)
Income tax expense
—
—
—
Interest income
(555
)
—
(489
)
Interest expense
920
1,492
1,096
Depreciation & amortization
229
294
259
EBITDA
(20,231
)
(25,048
)
(23,574
)
Increase (decrease) in fair value of
warrants
112
451
(1,803
)
Realized loss on disposal of assets
—
70
54
Litigation settlement, net
—
(3
)
4,500
Prepaid launch deposit impairment
514
—
—
SEC and CFIUS legal expenses
85
795
161
Class action litigation legal expenses
110
795
755
Other non-recurring litigation legal
expense
1,219
114
1,004
SEC compliance costs
22
2,135
76
NSA compliance costs
232
978
233
Severance and other non-recurring
expenses1
122
350
—
Stock-based compensation
1,720
2,212
3,044
Adjusted EBITDA
$
(16,095
)
$
(17,151
)
$
(15,550
)
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 March 31, 2023, March 31, 2022, and
December 31, 2022, is set forth below:
Three Months Ended
(in thousands)
March 31, 2023
March 31, 2022
December 31, 2022
Selling, general, and administrative
expenses
$
10,270
$
14,853
$
10,929
Stock-based compensation
1,244
1,839
2,534
SEC and CFIUS legal expenses
85
795
161
Class action litigation legal expenses
110
795
755
Other non-recurring litigation legal
expense
1,219
114
1,004
SEC compliance costs
22
2,135
76
NSA compliance costs
232
978
233
Severance and other non-recurring
expenses1
—
—
—
Non-GAAP selling, general, administration
expenses
$
7,358
$
8,197
$
6,166
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 March 31, 2023, March 31, 2022, and December 31, 2022, is set
forth below:
Three Months Ended
(in thousands)
March 31, 2023
March 31, 2022
December 31, 2022
Research and development expenses
$
10,119
$
9,971
$
10,283
Prepaid launch deposit impairment
514
—
—
Stock-based compensation
476
373
510
Severance and non-recurring expenses1
122
350
—
Non-GAAP Research and development
expenses
$
9,007
$
9,248
$
9,773
1 - Loss contingencies for certain severance agreements were
reversed when the Company determined they would not be signed and
paid
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For media inquiries: press@momentus.space
For investor relations inquiries:
investors@momentus.space
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