Financial Data and Key Metrics Changes - Momentus completed a reverse merger with Stable Road Acquisition Corporation, resulting in $247 million in gross proceeds, with $175 million net proceeds available for business operations [51][52] - The company reported revenue of $200,000 for Q3 2021, primarily from a customer contract termination [54] - The net loss for the quarter was $5.6 million, with adjusted EBITDA at negative $15.1 million, consistent with the previous quarter but worse than the same quarter last year [56] Business Line Data and Key Metrics Changes - The company has a backlog of approximately $65 million in potential revenue as of September 30, 2021, which includes both firm and optionable contracts [38] - The cost of goods sold during Q3 was a credit of $184,000 due to a reversal of a forward loss reserve [55] Market Data and Key Metrics Changes - The market for small satellites is expected to double over the next three years, indicating significant growth potential for in-space transportation services [42] - The company anticipates that the total addressable market could expand by 5x to 10x by the end of the decade as capabilities grow beyond Low Earth Orbit [43] Company Strategy and Development Direction - Momentus aims to become an industry leader in providing transportation and in-space infrastructure services, focusing on the Vigoride vehicle for initial market entry [22][34] - The strategy includes a phased approach to market entry, with plans to develop a reusable version of Vigoride and expand service offerings over time [24][41] - The company is committed to improving its technology and maintaining a strong alignment with customer needs [27][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to launch Vigoride in June 2022, citing strong partnerships and progress in implementing the National Security Agreement [63][65] - The company acknowledges the complexities of the space industry but remains optimistic about its growth potential and the demand for infrastructure services [61][70] Other Important Information - Momentus has made significant progress in implementing the National Security Agreement, with the majority of compliance tasks completed [15][69] - The company has settled all outstanding claims with the SEC, allowing it to proceed with its business combination and public listing [16] Q&A Session Summary Question: Why did the CEO choose Momentus? - The CEO was attracted to the potential of the new space economy and the company's vision for in-space transportation and infrastructure services [60][62] Question: What is the confidence level for the June launch? - The CEO expressed confidence in the June launch, citing strong partnerships and progress in vehicle development and regulatory compliance [63][65] Question: Can you provide details on the sales pipeline? - The CEO noted steady customer interest and a solid backlog, with expectations to convert interest into firm orders post-launch [70] Question: What are the key milestones for regulatory and operational progress? - Key milestones include completing IT system upgrades, obtaining necessary government approvals, and conducting various vehicle tests leading up to the June launch [77][78] Question: How does Momentus' MET technology compare to competitors? - The CEO highlighted the advantages of MET technology over traditional propulsion systems, emphasizing its efficiency and safety [75][76] Question: What is the cash trajectory of the business? - The CFO indicated that the company has sufficient cash to operate through early 2023, despite ongoing expenses related to regulatory compliance and operational activities [81]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39128 Momentus Inc. (Exact name of registrant as specified in its charter) Delaware 84-1905538 (State or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR | Delaware | | 84-1905538 | | --- | --- | --- | | (State or other jurisdiction of | | (I.R.S. Employer | | incorporation or organization) | | Identification No.) | | 1345 Abbot Kinney Blvd. | | | | Venice, California | | 90291 | | (Address of principal executive offices) | | (Zip ...

Financial Performance - For the three months ended March 31, 2021, the company reported a net income of $5,766,486, which includes operating costs of $2,972,323 and a change in the fair value of warrant liabilities of $8,719,763 [127]. - The company generated non-operating income from interest on marketable securities held in the Trust Account, amounting to $19,046 for the three months ended March 31, 2021 [126]. Cash and Securities - As of March 31, 2021, the company had cash and marketable securities in the Trust Account totaling $173,022,306, with an additional $208,550 in cash outside the Trust Account [134][136]. - The net proceeds from the Initial Public Offering have been invested in U.S. government treasury bills, notes, or bonds with a maturity of 180 days or less [148]. - The company believes there will be no associated material exposure to interest rate risk due to the short-term nature of these investments [148]. Initial Public Offering - The company completed its Initial Public Offering on November 13, 2019, raising gross proceeds of $172,500,000 from the sale of 17,250,000 Units [130]. - The company incurred $10,924,857 in transaction costs related to its Initial Public Offering, which included $3,450,000 in underwriting fees [131]. Business Combination and Acquisition Plans - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of successful completion of its initial Business Combination [124]. - The company has until August 13, 2021, to consummate a Business Combination, after which a mandatory liquidation may occur if not completed [140]. - The company may need to obtain additional financing to complete its initial Business Combination or to meet obligations if a significant number of Public Shares are redeemed [139]. Debt and Obligations - The company has no long-term debt or capital lease obligations, with only a monthly fee of $10,000 owed to an affiliate of the Sponsor for administrative support [142]. Accounting Policies and Risks - The company has identified critical accounting policies that may affect reported amounts of assets and liabilities, with actual results potentially differing from estimates [144]. - As of March 31, 2021, the company was not subject to any market or interest rate risk [148].

IPO and Merger Details - The company closed its initial public offering in November 2019, selling 17,250,000 units at $10.00 per unit, yielding gross proceeds of $172,500,000[16]. - The proposed merger with Momentus involves an aggregate merger consideration of $1,131,000,000, adjusted for Momentus' indebtedness and cash equivalents at closing[17]. - The merger consideration will be paid in shares of newly issued Class A common stock of the company, valued at $10 per share[17]. - The company has entered into Subscription Agreements for the purchase of 17,500,000 shares of Class A common stock at $10.00 per share, with proceeds to be used for the merger and working capital[22]. - The repurchase agreement with Prime Movers Lab allows for the repurchase of shares at $10.00 per share, contingent on net proceeds exceeding $265 million[23]. Management and Experience - The management team has over 60 years of combined experience and manages over $1.0 billion in investment capital[27]. - The management team has extensive experience in capital markets, enhancing the company's ability to source prospective business combinations[37]. - The management team will apply a rigorous approach to enhance shareholder value post-combination, including evaluating management experience and exploring growth opportunities[45]. Business Combination Strategy - The company aims to pursue business combinations with companies having an enterprise value exceeding $300 million, focusing on those with potential for significant revenue and earnings growth[33]. - The acquisition criteria include scalability, strong intellectual property, and the potential for attractive returns on invested capital[35]. - The company plans to focus its search for an initial business combination within a single industry, limiting diversification[63]. - The company must complete one or more business combinations with an aggregate fair market value of at least 80% of the trust account assets[57]. Financial Considerations and Risks - The trust account has $166,207,749 available for the initial business combination after paying $6,900,000 in deferred underwriting fees[53]. - The company may need to seek additional financing to complete the initial business combination, potentially through debt or equity securities[56]. - The company has not yet secured third-party financing, and there is no assurance that it will be available[53]. - The company may incur substantial debt to complete its initial business combination, which could adversely affect its leverage and financial condition[171]. - The trust account proceeds may be subject to bankruptcy claims, which could affect the ability to return $10.00 per share to public stockholders[106]. Stockholder Approval and Redemption Rights - Stockholder approval is required for the initial business combination if the transaction involves issuing more than 20% of outstanding common stock[72]. - A majority of 6,196,251 shares, or approximately 35.9% of the 17,250,000 public shares, is needed for the initial business combination approval[81]. - The company will only redeem public shares if net tangible assets are at least $5,000,001 after redemption[83]. - The company has a restriction on stockholders seeking redemption rights for more than 15% of shares sold in the initial public offering, aimed at preventing stockholders from blocking the initial business combination[84]. - Public stockholders must tender their shares up to two business days prior to the vote on the initial business combination to exercise redemption rights[85]. Compliance and Regulatory Issues - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[50]. - The company must maintain net tangible assets of at least $5,000,001 to avoid being subject to SEC's "penny stock" rules, which could limit redemption capabilities[193]. - Compliance with the Sarbanes-Oxley Act may increase the time and costs associated with completing the initial business combination[187]. - Changes in laws or regulations could adversely affect the company's ability to negotiate and complete its initial business combination[120]. Potential Conflicts and Challenges - Conflicts of interest may arise as officers and directors allocate their time between the company and other business endeavors, potentially hindering the completion of business combinations[164]. - The company may face challenges in completing simultaneous business combinations with multiple targets, which could increase costs and risks[175]. - The ability of public stockholders to redeem shares for cash may deter potential business combination targets, complicating the acquisition process[119]. - The company may face challenges in obtaining additional financing for its initial business combination, which could lead to restructuring or abandonment of the transaction[185]. Shareholder Influence and Control - Initial stockholders have agreed to vote in favor of the initial business combination regardless of public stockholder votes, potentially limiting public influence[119]. - Initial stockholders own approximately 21.8% of the issued and outstanding shares, potentially exerting substantial influence over stockholder votes[127]. - The initial stockholders will receive additional shares of Class A common stock if the company issues shares to consummate an initial business combination, potentially complicating the transaction[130]. Trust Account and Redemption Procedures - The trust account may be subject to third-party claims, potentially reducing the per-share redemption amount below $10.00[199]. - If the initial business combination is not completed, public stockholders who elected to redeem their shares will not be entitled to redeem for their pro rata share of the trust account[90]. - The company intends to redeem public shares promptly after May 13, 2021, if the initial business combination is not completed, with a per-share price equal to the aggregate amount in the trust account, potentially reducing stockholder rights[104].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39128 Stable Road Acquisition Corp. | (Exact name of registrant as specified in its charter) | | | --- | --- | | Delaware | ...

Financial Performance - For the three months ended June 30, 2020, the company reported a net income of $36,372, consisting of interest income of $355,824 and operating costs of $315,695[105]. - For the six months ended June 30, 2020, the company had a net income of $295,843, with interest income of $1,025,613 and operating costs of $552,574[106]. - Cash used in operating activities for the six months ended June 30, 2020, was $984,160, with net income offset by interest earned on marketable securities[110]. Cash and Securities - As of June 30, 2020, the company had cash and marketable securities in the Trust Account totaling $173,046,751[111]. - As of June 30, 2020, the company had cash of $933,897 outside the Trust Account for operational expenses and due diligence[112]. Initial Public Offering - The company raised gross proceeds of $172,500,000 from its Initial Public Offering, including the full exercise of the over-allotment option[108]. - The company incurred transaction costs of $10,924,857 related to its Initial Public Offering, which included $3,450,000 in underwriting fees[109]. Business Combination - The company intends to use substantially all funds in the Trust Account to complete its initial Business Combination[111]. - The company has until May 13, 2021, to consummate a Business Combination, after which a mandatory liquidation may occur if not completed[116]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2020[117].

Financial Performance - For the three months ended March 31, 2020, the company reported a net income of $259,471, consisting of interest income of $669,789 and operating costs of $236,879[102]. - Cash used in operating activities for the three months ended March 31, 2020, was $227,767, with net income offset by interest earned on marketable securities[105]. Initial Public Offering - The company completed its Initial Public Offering on November 13, 2019, raising gross proceeds of $172,500,000 from the sale of 17,250,000 Units[103]. - The company incurred transaction costs of $10,924,857 related to the Initial Public Offering, including $3,450,000 in underwriting fees[104]. Trust Account and Financing - As of March 31, 2020, the company had cash and marketable securities in the Trust Account totaling $173,396,298, intended for the initial Business Combination[106]. - The company may need to obtain additional financing to complete its initial Business Combination or to redeem a significant number of Public Shares[111]. - The company plans to use funds held outside the Trust Account primarily for identifying and evaluating target businesses[107]. Business Combination Timeline - The company has until May 13, 2021, to complete a Business Combination, after which a mandatory liquidation will occur if not completed[112]. Debt and Obligations - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2020[113]. - The company has a contractual obligation to pay an affiliate of its Sponsor a monthly fee of $10,000 for office space and administrative support[114].

Business Strategy and Focus - The company is focusing on acquiring businesses within the cannabis industry that do not directly involve the production, distribution, or sale of cannabis, targeting companies with an aggregate enterprise value exceeding $300 million[27]. - The management team has over 60 years of combined experience and has executed over 20 transactions within or ancillary to the cannabis sector, investing over $150 million since July 2017[21]. - The cannabis industry is currently undercapitalized, with many companies struggling to access traditional capital sources, presenting an opportunity for the company to facilitate public offerings for target businesses[19]. - The company aims to leverage its management team's extensive network to identify potential acquisition targets and conduct thorough evaluations of their growth potential[29]. - The strategy includes pursuing opportunities in sectors such as hardware, software, labs, distribution, real estate, brands, and packaging that support the cannabis industry[29]. - The company intends to implement operational best practices and financial structuring opportunities post-acquisition to enhance the performance of the target business[39]. - The management team has substantial experience in both private and public capital markets, which is viewed as a competitive advantage in sourcing business combinations[38]. - The company intends to acquire a target business with an enterprise value significantly above the net proceeds from its initial public offering and placement units[46]. - The company plans to conduct robust due diligence to assess potential target businesses, focusing on competitive advantages and operational capabilities[42]. - The company aims to enhance shareholder value post-business combination by evaluating management expertise and exploring growth opportunities[47]. Financial Considerations - The company has $165,946,011 available in the trust account for an initial business combination after paying $6,900,000 in deferred underwriting fees[57]. - The company may need to obtain additional financing to complete its initial business combination or to redeem a significant number of public shares[46]. - The company may seek to raise additional funds through private offerings of debt or equity securities in connection with its initial business combination[61]. - The company must maintain net tangible assets of at least $5,000,001 after redemptions to avoid being subject to SEC's "penny stock" rules[88]. - The company has approximately $1,093,200 in proceeds held outside the trust account as of December 31, 2019, to cover potential claims[107]. - The company may incur substantial debt to complete its initial business combination, which could adversely affect its leverage and financial condition[202]. - The company has $172,500,000 available from its initial public offering and placement units to complete its initial business combination and cover related fees and expenses, including $6,900,000 for deferred underwriting commissions[204]. Redemption and Stockholder Rights - The company will provide public stockholders the opportunity to redeem shares of Class A common stock upon completion of the initial business combination, either through a stockholder meeting or a tender offer[83]. - If stockholder approval is required, a majority of the outstanding shares must vote in favor of the initial business combination for it to be completed, requiring approximately 35.9% of the 17,250,000 public shares to be voted in favor[87]. - Public stockholders are restricted from seeking redemption rights for more than 15% of the shares sold in the initial public offering without prior consent[89]. - The company has agreed to waive redemption rights for its sponsor, officers, and directors concerning any founder shares and public shares in connection with the initial business combination[82]. - If the initial business combination is not completed by May 13, 2021, the company will redeem public shares at a per-share price based on the trust account balance[98]. - The per-share redemption amount for stockholders upon dissolution is approximately $10.00, but actual amounts may be less due to creditor claims[103]. - If public stockholders tender more shares than the company has offered to purchase, the tender offer will be withdrawn[85]. - The redemption process will remain open for at least 20 business days, and the company cannot complete the initial business combination until the expiration of this period[85]. Regulatory and Compliance Issues - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[54]. - The company must complete one or more business combinations with an aggregate fair market value of at least 80% of the assets held in the trust account at the time of signing a definitive agreement[65]. - The fair market value of the initial business combination will be determined by the board of directors based on generally accepted financial standards, such as discounted cash flow valuation[65]. - The company is required to evaluate its internal control procedures for the fiscal year ending December 31, 2020, as mandated by the Sarbanes-Oxley Act[118]. - The company is exempt from certain SEC rules protecting investors in blank check companies due to having net tangible assets exceeding $5,000,000[140]. Management and Operational Risks - The company does not have operating history and no revenues, making it challenging to evaluate its ability to achieve its business objectives[122]. - Key personnel's ability to remain with the company post-combination is uncertain, and their departure could negatively impact operations and profitability[189]. - The company does not intend to have full-time employees prior to completing the initial business combination, with only three officers currently involved[115]. - Conflicts of interest may arise as officers and directors are involved with other entities engaged in similar business activities, potentially affecting the allocation of business opportunities[195]. - The company may face challenges in assessing the management capabilities of target businesses, which could negatively impact post-combination operations[193]. Competition and Market Conditions - Competition for target businesses includes other blank check companies and private equity groups, which may limit the company's acquisition capabilities[114]. - The ongoing COVID-19 pandemic may materially adversely affect the company's search for a business combination[146]. - The company may face significant competition from other entities with similar business objectives, which could hinder its ability to complete an initial business combination[145]. - The company may face challenges in completing simultaneous business combinations, which could increase costs and risks that negatively impact operations and profitability[206]. Stockholder Influence and Governance - The initial stockholders own approximately 21.8% of the outstanding shares, and only 35.9% of public shares need to be voted in favor for the initial business combination to be approved[124]. - Initial stockholders may exert substantial influence on stockholder votes and major corporate transactions[217]. - The board of directors is divided into three classes, with each class serving a term of three years[217]. - Control by initial stockholders will continue at least until the completion of the initial business combination[217].