Momentus (US:MNTS)2023-08-15 00:57Financial Data and Key Metrics Changes - Momentus reported its first million-dollar revenue quarter with Q2 earnings finishing at $1.7 million, marking a significant milestone for the company [52][75] - The company generated approximately $18.9 million in losses from operations in Q2 2023, an improvement from $23.2 million in losses in Q2 2022 [90] - Non-GAAP SG&A expenses for Q2 2023 totaled $6.4 million, down $1.8 million compared to Q2 2022 [40] - Non-GAAP R&D expenses for Q2 2023 were approximately $9.5 million, a decrease of $0.9 million from Q2 2022 [40] - The company ended Q2 2023 with unrestricted cash and cash equivalents of $21.3 million and approximately $9 million in outstanding gross debt [70] Business Line Data and Key Metrics Changes - Momentus has cumulatively signed contracts for approximately $32 million in backlog or potential revenue as of July 31, 2023, which includes firm orders and options [24] - The Vigoride missions have successfully deployed a total of 15 customer satellites and provided hosted payload services, demonstrating the company's operational capabilities [54][83] - The company is evolving its business strategy to focus on significant markets where it has clear advantages, such as the newly announced M-1000 satellite bus offering [53][76] Market Data and Key Metrics Changes - The global space economy grew by 8% in 2022, reaching $546 billion, with the U.S. government spending $69.9 billion on space programs [12][80] - The satellite bus market is projected to grow from $11.9 billion in 2020 to $20.8 billion by 2030, indicating a substantial market opportunity for Momentus [11] Company Strategy and Development Direction - Momentus aims to be a market leader in providing satellite buses and in-space transportation services for U.S. government and commercial customers [48] - The company is focusing on expanding its product offerings to include low-cost, flexible satellite buses and is actively pursuing launch aggregation as a potential revenue stream [11][64] - Momentus is investing in developing capabilities for satellite deorbiting services, anticipating increased demand due to new regulations [18][82] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to succeed in the market, citing positive feedback from commercial and government customers [79] - The company is actively seeking new investors and exploring strategic options to enhance its financial position [87] - Management acknowledged the challenges posed by the current market environment but emphasized the company's achievements and growth potential [69] Other Important Information - Momentus has engaged Deutsche Bank as a financial advisor to assist in raising additional capital while evaluating strategic alternatives [25][39] - The company plans to conduct a reverse stock split to meet NASDAQ listing requirements and aid in future capital raising [71] Q&A Session Summary Question: What is the revenue outlook following the Vigoride missions? - Management confirmed that all revenue from Vigoride 5 has been recognized, while revenue from Vigoride 6 is still being finalized, with the next revenue opportunity expected from the Transporter 9 mission in November [94] Question: What satellites are planned for the upcoming November mission? - The upcoming mission will include satellites from SatRev in Poland, JINJUSat-1 from CONTEC in South Korea, and potentially one additional satellite from Lunasonde [95]