Momentus (US:MNTS)2024-11-14 21:54Financial Performance - Service revenue for the nine months ended September 30, 2024, was $1,829,000, down from $2,066,000 for the same period in 2023, indicating a decrease of about 11.5%[14] - Gross profit for the nine months ended September 30, 2024, was $1,763,000, compared to $1,559,000 for the same period in 2023, reflecting an increase of approximately 13%[14] - Total operating expenses for the nine months ended September 30, 2024, were $24,647,000, down from $55,886,000 in the same period of 2023, a reduction of about 56%[14] - Net loss for the nine months ended September 30, 2024, was $23,087,000, compared to a net loss of $54,819,000 for the same period in 2023, showing an improvement of approximately 58%[14] - Total revenue for the nine months ended September 30, 2024, was $1.829 million, a decrease from $2.066 million in the same period of 2023[61] Cash and Assets - Total current assets decreased from $10,731,000 as of December 31, 2023, to $5,393,000 as of September 30, 2024, representing a decline of approximately 50%[12] - Cash and cash equivalents decreased from $2,118,000 as of December 31, 2023, to $798,000 as of September 30, 2024, a decline of about 62%[12] - As of September 30, 2024, Momentus had total stockholders' equity (deficit) of $(5,404,000), an improvement from $(396,134,000) as of March 31, 2024[17] - As of September 30, 2024, total prepaid and other current assets amounted to $4.2 million, down from $8.5 million as of December 31, 2023[111] - The net value of property, machinery, and equipment was $2.4 million as of September 30, 2024, compared to $3.3 million as of December 31, 2023[112] Liabilities and Deficits - The total liabilities increased from $17,462,000 as of December 31, 2023, to $19,509,000 as of September 30, 2024, an increase of approximately 12%[12] - The accumulated deficit increased from $(373,047,000) as of December 31, 2023, to $(396,134,000) as of September 30, 2024, reflecting a deterioration of about 6.2%[12] - Momentus’s accumulated deficit as of September 30, 2024, was $(396,134,000), indicating ongoing challenges in achieving profitability[17] Research and Development - Research and development expenses for the nine months ended September 30, 2024, were $7,731,000, down from $26,315,000 in the same period of 2023, a decrease of about 70%[14] - The company is focused on developing its M-1000 satellite bus, which integrates innovations to improve sensor capability, maneuverability, and lower costs[25] - Momentus has completed work on a Small Business Innovation Research contract to support U.S. Department of Defense payloads, enhancing the M-1000 satellite bus and Vigoride OSV[26] Capital and Financing - The company is seeking to raise substantial additional capital to fund its operations and business plan, as current cash levels are insufficient[33] - In September 2024, the company raised approximately $2.8 million through a private placement transaction, issuing pre-funded and Class A warrants[135][137] - The company entered into a Term Loan agreement providing up to $40 million in borrowing capacity, of which $25 million was drawn at inception[123] Legal Matters - The company recorded a litigation settlement contingency of $8.5 million related to the Securities Class Actions, with $4.0 million expected from insurance proceeds[182] - A proposed settlement for certain shareholder derivative litigation was reached on August 26, 2024, requiring the Company to adopt corporate governance reforms for a minimum of four years[192] - Momentus is involved in multiple class action lawsuits alleging material misrepresentations regarding the Proposed Transaction, with claims dating back to August 9, 2021[200] Stock and Equity - The company issued 2,220,000 common shares and related warrants in a registered offering, net of issuance costs, resulting in an increase of $7,171,000 in additional paid-in capital[17] - The 2021 Equity Incentive Plan had 324,302 shares remaining available for grant as of September 30, 2024, following an increase of 248,508 shares due to the evergreen provision[162] - The company has a stock incentive plan under which equity awards are granted to employees, directors, and consultants[84] Operational Highlights - Momentus has launched four missions to date, deploying 17 customer satellites and providing hosted payload services, demonstrating its operational capabilities in space[24] - The company has produced its next Orbital Service Vehicle, Vigoride 7, which is intended for future missions or as a satellite bus, showcasing its commitment to innovation in space transportation[24] - Momentus has successfully demonstrated its Vigoride OSV in space, accumulating significant flight heritage through three missions[24]