SAN JOSE, Calif.--(BUSINESS WIRE)--Momentus Inc. (NASDAQ: MNTS) ("Momentus†or the "Company†), a U.S. commercial space company offering satellite buses, technologies, transportation, and other in-space services, today announced that it received payments totaling approximately $1.9 million in January 2026 for contracts with NASA and the U.S. Air Force Research Laboratory's (AFRL's) SpaceWERX organization. Momentus received payments in January 2026 in connection with: Qualification and integratio. ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The thermal protection materials market is expected to have significant growth potential, particularly driven by the Starship program, with an estimated market space of $90 billion for thermal tiles and $1.17 billion for single launch losses if the production and launch targets are met [4][30][32] - The development of reusable rockets, particularly in China, is advancing rapidly, with ceramic-based materials likely to benefit first [4][60][66] Summary by Sections 1. Thermal Materials: The Core of Commercial Aerospace Thermal Protection - The development of aerospace vehicles increasingly focuses on thermal protection capabilities, which are critical for ensuring rocket recovery [12] - Thermal protection systems (TPS) must meet stringent requirements, including high-temperature resistance, oxidation resistance, lightweight design, and mechanical strength [12][18] - The market for thermal materials is expanding, with significant applications in various stages of rocket launch and recovery [18][19] 2. Overseas Secondary Rocket Reusability Accelerates Validation, Multi-layer Protection for Thermal Materials - NASA has laid the foundation for thermal tile technology, with various materials developed for different temperature tolerances [37] - The Starship's thermal protection structure combines adhesive and cover-type designs, indicating a shift towards more effective thermal protection solutions [42][46] 3. Domestic First-stage Rocket Reusability Progresses Faster, Ceramic-based Materials Benefit First - China's aerospace sector has developed a third-generation thermal material system, with significant applications in crewed spacecraft [58] - The demand for ceramic-based thermal materials is expected to grow as the country advances in reusable rocket technology [66] 4. Related Companies - Torch Electronics focuses on ceramic matrix composites, with significant revenue generation in aerospace applications [72] - Hua Qin Technology specializes in thermal resistance materials, enhancing performance in high-temperature components [73] - Zhonggang Lu Neng is a key supplier of high-end refractory materials, with strong production capabilities for ceramic-based products [74] - Beijing Lier is expanding into aerospace thermal materials, with a short investment recovery period indicating strong profitability potential [75]

[Table_Page] 深度分析|通用设备 证券研究报告 [Table_Title] 商业航天行业系列六 3D 打印：柔性制造的引擎，重塑火箭价值链 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-11 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]代川 SAC 执证号：S0260517080007 SFC CE No. BOS186 021-38003678 daichuan@gf.com.cn 分析师： 孙柏阳 SAC 执证号：S0260520080002 021-38003680 sunboyang@gf.com.cn 分析师： 蒲明琪 SAC 执证号：S0260524080003 SFC CE No. BUP066 021-38003807 pumingqi@gf.com.cn 请注意，孙柏阳并非香港证券及期货事务监察委员会的注 -14% 2% 17% 33% 48% 64% 02/25 04/25 07/25 09 ...

去年，马斯克曾称月球是"一种分心"，并表示SpaceX将"直奔火星"。媒体此前报道称，马斯克还曾游说 特朗普总统支持其火星计划，称将人类送上火星可以巩固特朗普作为"创造多项第一的总统"的历史地 位。 SpaceX之前表示，计划在2026年底向火星发射五艘星舰，以利用地球与火星距离缩短、航程相对更容 易的时间窗口。 在今年1月播出的一档播客访谈中，马斯克淡化了今年登陆火星的可能性。他表示："我们可以尝试，但 成功概率很低"，而且"多少有些分散精力"。 要赶上2027年3月的登月时间表，SpaceX将面临巨大挑战。这需要公司频繁发射星舰，并证明其具备在 轨为飞行器补充燃料的能力。 SpaceX已推迟原定于今年执行的火星任务，转而将重点放在一项长期承诺、面向美国国家航空航天局 （NASA）的登月任务上。 据报道，SpaceX已告知投资者，将优先执行登月计划，火星之行则推迟至未来。另有消息人士称， SpaceX的目标是在2027年3月实现一次无人登月。 这一战略调整之际，SpaceX正在加码推进将人工智能数据中心送入太空的计划，此前该公司宣布收购 马斯克旗下的初创公司xAI。该交易于周一宣布，使合并后的公司估值达到1 ...

据知情人士透露，SpaceX 告诉投资者，它将优先考虑前往月球，稍后再尝试前往火星的旅行。该公司的目标是在 2027 年 3 月进行一次无人登月。 马斯克在宣布两家公司合并的备忘录中，概述了公司协助建立永久性月球基地的计划。他提到以月球为跳板探索更深层宇宙的愿景。 就在 SpaceX 进行这一战略转向之际，该公司正加码推进在太空部署 AI 数据中心的计划。此前，该公司收购了埃隆 · 马斯克 (Elon Musk) 的创业公司 xAI。 周一宣布的这笔交易使合并后的公司估值达到 1.25 万亿美元。SpaceX 还计划进行首次公开招股 (IPO)，最早可能在今年夏天启动。 NASA 在几年前委托 SpaceX，要求其准备一款星舰飞行器的改良版本，以便在月球附近与该机构的航天器对接，接收宇航员并将美国宇航员运送至月球表 面。让美国宇航员登陆月球是 NASA"阿尔忒弥斯"太空探索计划的核心部分。SpaceX 已利用 NASA 提供的数十亿美元资金协助开发星舰，这是一款高度超 过 400 英尺、完全可重复使用的巨型火箭。 计划有变 去年，马斯克曾称月球计划是"一种分心"，并表示 SpaceX 将"直奔火星"。《华尔街 ...

计划有变 去年，马斯克曾称月球计划是"一种分心"，并表示SpaceX将"直奔火星"。《华尔街日报》报道称，马斯 克此前曾游说特朗普总统支持他的火星计划。他告诉总统，将人类送上火星将巩固其作为"开创性总 统"的政治功绩。 SpaceX此前表示，计划在2026年末向火星发射5艘"星舰"，以利用地球与火星距离缩短的有利窗口期， 从而降低航行难度。 不过，马斯克在1月播出的一次播客采访中淡化了今年登陆火星的可能性。他表示："技术上可行但成功 率很低"，且"会分散注意力"。 星舰升空 凤凰网科技讯北京时间2月7日，据《华尔街日报》报道，SpaceX已推迟原计划于今年进行的火星任 务，转而专注于承诺已久的美国宇航局(NASA)登月飞行上。 据知情人士透露，SpaceX告诉投资者，它将优先考虑前往月球，稍后再尝试前往火星的旅行。该公司 的目标是在2027年3月进行一次无人登月。 就在SpaceX进行这一战略转向之际，该公司正加码推进在太空部署AI数据中心的计划。此前，该公司 收购了埃隆.马斯克(Elon Musk)的创业公司xAI。周一宣布的这笔交易使合并后的公司估值达到1.25万亿 美元。SpaceX还计划进行首次公开招 ...

Summary of SpaceX Conference Call Company Overview - **Company**: SpaceX - **Industry**: Commercial Space Industry Key Points and Arguments Starlink Program - The Starlink program is expected to generate revenues of $22-24 billion by 2026, significantly impacting the global communication market, especially among maritime vessels and B2B clients, demonstrating high customer retention [1][2][3] - SpaceX currently has 9,513 satellites in orbit, while China has only 1,467, indicating a dominant market position [2] Launch Cost Reduction - SpaceX has reduced launch costs to less than one-tenth of traditional rockets through the Falcon series, with Falcon 9's launch cost estimated at $1,000 to $2,000 per kilogram [1][5] - In 2025, SpaceX plans to complete 167 launches, accounting for the majority of U.S. launches [5][14] Starship Rocket Innovations - The Starship rocket is the only fully reusable two-stage rocket globally, utilizing low-cost stainless steel and optimized Raptor engines, reducing engine costs to below $500,000 [1][9][10] - The use of stainless steel allows for multiple reuses and stability in extreme temperatures, further lowering transportation costs [9] Future Goals and Market Position - Elon Musk aims to make space the most cost-effective data center within five years, addressing power and cooling challenges faced by terrestrial data centers [1][15] - SpaceX plans to dominate global orbital payloads, projecting to carry over 98% by 2027 [11] Challenges in Space Computing - Space computing centers face significant technical challenges, including heat dissipation, deployment costs, and rapid hardware iteration [19][20] - The operational cost of space data centers could be as low as 5% of terrestrial centers over ten years, presenting a compelling economic advantage [18] Lunar and Mars Exploration - NASA and SpaceX have detailed plans for lunar and Mars exploration, with NASA focusing on asset claims in space and Musk planning unmanned Mars tests by 2026 [22] - The potential value of lunar resources, such as Helium-3 and rare earth materials, is significant, with SpaceX controlling the only transport route to these resources [23] Technical and Operational Bottlenecks - Key challenges for space computing include high deployment costs, maintenance difficulties, rapid hardware obsolescence, and low data interaction rates with Earth [20][21] - The need for high-frequency orbital resupply and energy logistics is critical for successful Mars missions [24] Additional Important Insights - SpaceX's competitive advantage over domestic commercial space companies is highlighted by its mature business model, including its own satellites and rockets, and significantly lower launch costs [14] - The strategic implications of lunar resource development and Mars exploration could reshape global political dynamics, giving the U.S. a strategic edge [22][23]

Core Viewpoint - Air Products and Chemicals, Inc. reported strong financial results for its fiscal first quarter, demonstrating resilience in challenging market conditions and maintaining a positive outlook for the fiscal year 2026 [2][3][4]. Financial Performance - The company achieved an EPS of $3.16, exceeding the estimated $3.04, and revenue reached approximately $3.1 billion, surpassing the estimated $3.05 billion [2][6]. - The GAAP EPS was reported at $3.04, marking a 10% increase year-over-year, while GAAP operating income rose to $735 million, a 14% increase from the previous year [3]. - Adjusted EPS of $3.16 and adjusted operating income of $757 million reflect a 12% rise, indicating robust financial health [3]. Guidance and Projections - Air Products is maintaining its full-year adjusted EPS guidance for fiscal 2026, projected to be between $12.85 and $13.15 [4][6]. - For the second quarter, the adjusted EPS is expected to range from $2.95 to $3.10 [4]. Strategic Initiatives - The company is engaged in advanced negotiations with Yara International for low-emission ammonia projects and has secured a $140 million contract with NASA for liquid hydrogen supply [5]. - Air Products increased its quarterly dividend to $1.81 per share, marking the 44th consecutive year of dividend increases [5]. - The company has a strong liquidity position, with a current ratio of 1.38, supporting its strategic initiatives for future growth [5].

Financial Data and Key Metrics Changes - The company reported a 12% improvement in adjusted operating income and a 10% increase in earnings per share (EPS) to $3.16 compared to the prior year, driven by stronger productivity despite weak economic conditions [5][15] - The operating margin increased to 24.4%, while return on capital (ROC) was 11%, slightly lower than last year but stable sequentially [5][15] Business Line Data and Key Metrics Changes - Sales in the Americas increased by 4%, driven by higher energy pass-through, while operating income improved due to price, on-site volume, and lower maintenance costs [17] - Asia segment sales rose by 2%, with operating income up 7%, attributed to productivity improvements and reduced depreciation from certain gasification assets [17] - Europe saw increases in both sales and operating income due to volume and price improvements, although higher costs from depreciation and fixed cost inflation impacted margins [17] - The Middle East and India segment experienced improved operating income due to lower costs, while the corporate segment also saw improvements from lower costs [18] Market Data and Key Metrics Changes - The company noted resilience in key sectors such as refining, electronics, and aerospace, with new supply contracts announced with NASA for liquid hydrogen [7][8] - The company expects continued headwinds from helium, projecting a 4% decline in EPS effect for the year [25] Company Strategy and Development Direction - The company is focused on three key priorities for 2026: unlocking earnings growth, optimizing large projects, and maintaining capital discipline [7] - Capital expenditures are expected to be reduced by approximately $1 billion in fiscal 2026, with a commitment to disciplined capital allocation and returning cash to shareholders [9][18] - The company is in advanced negotiations with Yara International for low-emission ammonia projects in Saudi Arabia and the U.S., which aligns with its clean energy strategy [10][11] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the macroeconomic environment, affirming full-year earnings guidance with an expected improvement of 7%-9% at the midpoint [7][19] - The company anticipates challenges from helium headwinds but remains focused on pricing actions and productivity improvements to drive results [20][64] Other Important Information - The company returned nearly $400 million to shareholders and increased its dividend for the 44th consecutive year [18] - The net debt to EBITDA ratio stands at 2.2 times, reflecting a strong balance sheet position [18] Q&A Session Summary Question: How should we think about the returns on the $2 billion of capital already invested in the project? - The 45Q credit is included in the return, and the overall return for the project will be disclosed later [22][23] Question: How much of the continuing business is still down regarding helium? - The company expects a 4% decline in EPS effect for the year, with strong volume from the aerospace segment in the Americas [25] Question: What was the benefit from moving gasification plants in China to for sale? - The impact was about 1% on overall results for the quarter, with ongoing negotiations for asset sales [26] Question: Is Air Products receiving full income from Gulf Coast Ammonia? - The plant is running at 80-90% capacity, and the company owns the hydrogen production and air separation assets [30][31] Question: What is the expected timing for the deconsolidation of NEOM? - The deconsolidation is expected to occur in mid-2027 when the joint venture becomes operational [73][74] Question: How is the company addressing the impact of CBAM on ammonia? - The company believes the impact of CBAM is indirect and is closely monitoring the situation [14][99] Question: What portion of customers are running below take-or-pay minimums? - Utilization across regions is in the mid- to high 70s, with some cases in Europe but not significantly impacting overall business [84][89]

Air Products and Chemicals (NYSE:APD) Q1 2026 Earnings call January 30, 2026 08:00 AM ET Speaker15Good morning, and welcome to Air Products' first quarter earnings release conference call. Today's call is being recorded at the request of Air Products. Please note that this presentation and the comments made on behalf of Air Products are subject to copyright by Air Products and all rights are reserved. Beginning today's call is Meghan Britt.Speaker12Hello, and welcome to the first quarter fiscal 2026 earning ...