Momentus (MNTS) - 2024 Q4 - Annual Report

Financial Performance and Challenges - Momentus has incurred significant losses since inception and expects to continue incurring losses in the future, indicating challenges in achieving profitability[16] - The company has a limited operating history, making it difficult to evaluate future prospects and associated risks[16] - As of December 31, 2024, the company had cash and cash equivalents of $1.6 million, primarily in highly liquid investments[319] - The company is exposed to various market risks, including interest rate changes and funding availability[318] - The company’s financial instruments are not significantly affected by interest rate changes due to the low-risk profile of its investments[319] Technology and Innovation - The company has developed the Microwave Electrothermal Thruster (MET) technology, which has reached Technology Readiness Level 9, demonstrating its efficiency and safety with water as a propellant[27] - Momentus has developed a patent-pending water plasma propulsion technology, with eight issued patents and four non-U.S. issued patents as of December 31, 2024[43] - The company holds multiple patents related to spacecraft propulsion, with expiration dates set for March 12, 2040, including an MET thruster design that improves vorticity through an annular structure[47] Market Opportunities and Services - Momentus plans to provide "last mile" satellite transportation and other on-orbit services, aiming to lower operating costs for satellite operators while minimizing environmental impact[28] - The company anticipates considerable growth in demand for small satellites and satellite buses, driven by advancements in technology and the emergence of new space-based business models over the next decade[38] - The space transportation segment is expected to grow as companies seek versatile and low-cost ways to deliver satellites to specific orbits, with a focus on reducing costs compared to dedicated small launch vehicles[35] - Momentus aims to develop in-orbit servicing capabilities, including inspection, refueling, and maintenance, to address the growing need for satellite servicing as the number of satellites increases[39] - The company plans to offer high-volume production of low-cost satellite buses based on Vigoride's technologies, integrating unique customer payloads for various missions[39] Operations and Partnerships - The company is focused on obtaining necessary governmental licenses and approvals, which are critical for its operations and future growth[16] - Momentus relies on partnerships with leading launch service providers, such as SpaceX, to enhance its satellite deployment capabilities[30] - The company has established relationships with multiple launch providers, including SpaceX, to maximize flexibility and access to various launch options[42] - The company has surrendered its NOAA license for future missions and will apply for required authorizations on a case-by-case basis[51] Competitive Landscape - Momentus operates in a highly competitive industry, which may pressure pricing and impact revenue generation[16] - The market for in-space infrastructure services is not well established, and growth may be slower than anticipated, affecting future revenue[16] - Momentus is focused on leveraging common technologies through modular vehicles to compete across multiple markets without significantly increasing development costs[43] Workforce and Compliance - The company has 24 full-time employees as of March 28, 2025, focusing on optimizing human capital resources and promoting diversity[59] - The company is actively engaged in recruiting talent with significant experience from leading defense and aerospace sectors[59] - The company is subject to stringent U.S. export control laws, including ITAR and EAR, which could impact operational capabilities and costs if compliance is not maintained[53] - The company has been granted FCC licenses for the Vigoride 5 and Vigoride 6 missions, indicating compliance with regulatory requirements for satellite operations[49] Mission Progress and Development - The inaugural test mission of the Vigoride Orbital Service Vehicle (OSV) was conducted in 2022, with two additional missions in 2023, showcasing the company's commitment to developing its transportation services[29] - Momentus has launched four missions to date, deploying 17 customer satellites and providing hosted payload services, with three missions involving the operation of the Vigoride OSV in orbit[36] - The company introduced variants of Vigoride tailored for constellation applications, M-500 and M-1000, in August 2023[34] - Momentus aims to transition its OSVs from expendable to reusable, which could significantly reduce service delivery costs[31]