Momentus (US:MNTS)2021-11-10 03:14Financial 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]