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Momentus Inc. Announces First Quarter 2023 Financial Results

Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the "Company”), a U.S. commercial space company that offers orbital transportation and in-space infrastructure services, today announced its financial results for the first quarter ended March 31, 2023.

“Momentus is showing its competitive advantages with flight heritage, early success with our pioneering water-based propellant engine, and a vehicle that can respond to customer needs with flexibility, speed, and a lower cost,” said Momentus Chief Executive Officer John Rood. “We are now operating Vigoride-5 and Vigoride-6 concurrently, and both missions mark key milestones in demonstrating the value proposition of our technology. In less than a year we have launched three of our Vigoride Orbital Service Vehicles into space, deployed nine customer payloads, provided hosted payload services, demonstrated a new, differentiated breed of spacecraft engine, and continue to garner interest with commercial and government customers.”

“The Vigoride Orbital Service Vehicle has a large and flexible payload capacity, best-in-class power, and is low cost,” continued Rood. “We’re eager to use the unique attributes of Vigoride to meet government use cases as well as commercial needs. We have made progress demonstrating our value for U.S. Government organizations, like the Defense Department and NASA. We recently partnered with another commercial space company to propose a joint solution for NASA’s consideration as the agency looks to reboost the Hubble space telescope. This collaboration demonstrates how commercial companies can offer inventive and impactful solutions to government customers. We’re also seeing tremendous opportunity for our services in support of Defense Department and U.S. national security missions and increasing interest in Momentus from the Space Development Agency, U.S. Space Force, and the Intelligence Community. As one of the early movers in a rapidly expanding industry, Momentus is poised to fill a key role in the vibrant and growing space economy as we scale our business for growth and expand into new markets in 2023.”

Recent Business Highlights:

  • Launched Vigoride-5 aboard the SpaceX Transporter-6 mission from Cape Canaveral, Florida. This vehicle incorporated important lessons learned from Momentus’ inaugural mission that launched in 2022. On this ongoing mission, Momentus is providing hosted payload services for Caltech’s Space-based Solar Power Project payload, and recently deployed a payload for an international customer.
  • Demonstrated success with Momentus’ Microwave Electrothermal Thruster (“MET”) that uses distilled water as propellant. Testing has continued subsequent to the quarter and to date the MET has achieved more than 35 firings ranging from 30 seconds up to six minutes in duration. The duration of the six minute firing exceeded by 20% the maximum planned duration for operation of the MET on this mission. Cumulatively, Momentus has reached over 140 minutes of firing time of the MET system. Momentus has now operated the MET successfully in space at full power across the range of durations for firing that we plan to use operationally to deliver satellites to precise, custom orbits and to provide in-space infrastructure services like hosted payloads.
  • The MET achieved a key task of its Vigoride-5 mission by raising the orbit of the spacecraft by more than 3 km. Orbital altitude raises are an integral part of Momentus’ orbital transportation service offering that aims to deliver customer satellites to precise and custom orbits.
  • Signed a services agreement with repeat customer, FOSSA Systems, to place its latest generation of satellites into Low-Earth Orbit. This agreement represents initial progress toward Momentus’ first large-scale constellation deployment.
  • Signed a services agreement with FOSSA Systems to fly a picosatellite deployer with the capacity for eight pocketqube satellites as part of its launch brokerage capabilities and services. This deployer will house several satellites serving different IoT, Earth Observation, and demonstration platforms for yet-to-be-announced customers.
  • Signed a services agreement with Hello Space to provide hosted payload service for a deployer carrying four pocketqubes. These pocketqube satellites mark the first tranche of an 80-satellite constellation set by Hello Space.
  • Signed a services agreement with Lunasonde to deliver a cubesat to orbit from the Vigoride-7 mission targeted for launch in October on the SpaceX Transporter-9 mission.
  • Signed a services agreement with SatRev for the delivery of a cubesat to Low-Earth Orbit also on the Vigoride-7 mission.
  • Signed a services agreement with a yet-to-be-named customer for the orbital delivery of the first tranche of picosats for a 100-satellite planned constellation.
  • Were selected for funding from the Space Development Agency for a Small Business Innovation Research Phase 2 award, which SDA is collaborating to complete with the Air Force Research Lab Technology Directorate AFWERX.
  • Signed a Memorandum of Understanding with Axient, a well-established company with a strong track record in defense and classified work for the Defense Department.
  • Launched the Vigoride-6 OSV on the SpaceX Transporter-7 mission. The vehicle is carrying the NASA LLITED mission, payloads for multiple commercial customers, and a Momentus-developed solar array technology demo with a focus of reducing Vigoride unit manufacturing costs and lead times.
  • Signed a launch services agreement with SpaceX securing launch opportunities through the end of 2024.
  • Teamed with another commercial company to respond to NASA’s Hubble Reboost RFI in a joint proposal. The mission’s objectives include safe relocation of Hubble and removal of nearby threatening debris from the celebrated space telescope’s new orbit.

Conference Call Information

Momentus will host a conference call to discuss the results today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). To access the conference call, participants should dial +1 (800) 715-9871 and enter the conference ID number 9685779. International participants should dial +1 (646) 307-1963. The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.momentus.space. A recording of the webcast will also be available following the conference call.

About Momentus Inc.

Momentus is a U.S. commercial space company that offers in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system.

Forward-Looking Statements

This press release contains certain statements which may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Momentus or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, and are not guarantees of future performance. The words “may,” “will,” “anticipate,” “believe,” “expect,” “continue,” “could,” “estimate,” “future,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “aim,” “strive,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: the ability of the Company to raise additional capital to finance its longer-term business plan; the ability of the Company to obtain licenses and government approvals for its missions, which are essential to its operations; the ability of the Company to effectively market and sell satellite transport services and planned in-orbit services; the ability of the Company to protect its intellectual property and trade secrets; the development of markets for satellite transport and in-orbit services; the ability of the Company to develop, test and validate its technology, including its water plasma propulsion technology; delays or impediments that the Company may face in the development, manufacture and deployment of next generation satellite transport systems; the ability of the Company to convert backlog or inbound inquiries into revenue; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business, including export control license requirements; the ability to attract or maintain a qualified workforce with the required security clearances and requisite skills; product service or product or launch failures or delays that could lead customers to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings; the Company’s ability to comply with the terms of its National Security Agreement and any related compliance measures instituted by the director who was approved by the CFIUS Monitoring Agencies (the “Security Director”); the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and/or other risks and uncertainties. These are only some of the factors that may affect the forward-looking statements contained in this press release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company’s filings with the U.S. Securities and Exchange Commission including, but not limited to, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The company’s filings may be accessed through the Investor Relations page of its website, investors.momentus.space, or through the website maintained by the SEC at www.sec.gov. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

First Quarter 2023 Financial Results

MOMENTUS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except share data)

 

 

Three Months Ended March 31,

 

 

2023

 

 

 

2022

 

Service revenue

$

22

 

 

$

 

Gross profit

 

22

 

 

 

 

Operating expenses:

 

 

 

Research and development expenses

 

10,119

 

 

 

9,971

 

Selling, general and administrative expenses

 

10,270

 

 

 

14,853

 

Total operating expenses

 

20,389

 

 

 

24,824

 

Loss from operations

 

(20,367

)

 

 

(24,824

)

 

 

 

 

Other income (expense):

 

 

 

Change in fair value of warrant liability

 

(112

)

 

 

(451

)

Realized loss on disposal of asset

 

 

 

 

(70

)

Interest income

 

555

 

 

 

 

Interest expense

 

(920

)

 

 

(1,492

)

Litigation settlement, net

 

 

 

 

3

 

Other income

 

19

 

 

 

 

Total other expense

 

(458

)

 

 

(2,010

)

Net loss

$

(20,825

)

 

$

(26,834

)

Net loss per share, basic

$

(0.24

)

 

$

(0.34

)

Net loss per share, fully diluted

$

(0.24

)

 

$

(0.34

)

Weighted average shares outstanding, basic

 

87,559,611

 

 

 

79,958,383

 

Weighted average shares outstanding, fully diluted

 

87,559,611

 

 

 

79,958,383

 

MOMENTUS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

March 31,

2023

 

December 31,

2022

 

(unaudited)

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

38,630

 

 

$

61,094

 

Restricted cash, current

 

879

 

 

 

1,007

 

Insurance receivable

 

4,000

 

 

 

4,000

 

Prepaids and other current assets

 

9,524

 

 

 

10,173

 

Total current assets

 

53,033

 

 

 

76,274

 

Property, machinery and equipment, net

 

3,844

 

 

 

4,016

 

Intangible assets, net

 

340

 

 

 

337

 

Operating right-of-use asset

 

6,174

 

 

 

6,441

 

Deferred offering costs

 

418

 

 

 

331

 

Restricted cash, non-current

 

363

 

 

 

312

 

Other non-current assets

 

4,670

 

 

 

4,712

 

Total assets

$

68,842

 

 

$

92,423

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Accounts payable

$

2,092

 

 

$

2,239

 

Accrued expenses

 

6,496

 

 

 

8,026

 

Loan payable, current

 

11,290

 

 

 

11,627

 

Contract liabilities, current

 

2,136

 

 

 

1,654

 

Operating lease liability, current

 

1,181

 

 

 

1,153

 

Stock repurchase liability

 

 

 

 

10,000

 

Litigation settlement contingency

 

8,500

 

 

 

8,500

 

Other current liabilities

 

36

 

 

 

27

 

Total current liabilities

 

31,731

 

 

 

43,226

 

Contract liabilities, non-current

 

1,026

 

 

 

1,026

 

Loan Payable, non-current

 

171

 

 

 

2,404

 

Warrant liability

 

676

 

 

 

564

 

Operating lease liability, non-current

 

5,821

 

 

 

6,131

 

Other non-current liabilities

 

471

 

 

 

465

 

Total non-current liabilities

 

8,165

 

 

 

10,590

 

Total liabilities

 

39,896

 

 

 

53,816

 

Commitment and Contingencies (Note 12)

 

 

 

Stockholders’ equity:

 

 

 

Common stock, $0.00001 par value; 250,000,000 shares authorized and 94,984,332 issued and outstanding as of March 31, 2023; 250,000,000 shares authorized and 84,441,153 issued and outstanding as of December 31, 2022

 

1

 

 

 

1

 

Additional paid-in capital

 

353,897

 

 

 

342,733

 

Accumulated deficit

 

(324,952

)

 

 

(304,127

)

Total stockholders’ equity

 

28,946

 

 

 

38,607

 

Total liabilities and stockholders’ equity

$

68,842

 

 

$

92,423

 

MOMENTUS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

 

 

Three Months Ended March

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

Net loss

$

(20,825

)

 

$

(26,834

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

229

 

 

 

294

 

Amortization of debt discount and issuance costs

 

492

 

 

 

742

 

Amortization of right-of-use asset

 

267

 

 

 

322

 

Change in fair value of warrant liability

 

112

 

 

 

451

 

Loss on disposal of property, machinery, equipment and intangible assets

 

 

 

 

70

 

Stock-based compensation expense

 

1,720

 

 

 

2,212

 

Issuance of common stock to non-employees

 

57

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

Prepaids and other current assets

 

704

 

 

 

1,447

 

Other non-current assets

 

41

 

 

 

(2,685

)

Accounts payable

 

(211

)

 

 

1,387

 

Accrued expenses

 

(1,538

)

 

 

(273

)

Accrued interest

 

39

 

 

 

13

 

Other current liabilities

 

12

 

 

 

14

 

Contract liabilities

 

481

 

 

 

100

 

Lease liability

 

(282

)

 

 

(328

)

Other non-current liabilities

 

6

 

 

 

6

 

Net cash used in operating activities

 

(18,696

)

 

 

(23,062

)

 

 

 

 

Cash flows from investing activities:

 

 

 

Purchases of property, machinery and equipment

 

(43

)

 

 

(290

)

Purchases of intangible assets

 

(9

)

 

 

(231

)

Net cash used in investing activities

 

(52

)

 

 

(521

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Proceeds from exercise of stock options

 

92

 

 

 

48

 

Repurchase of Section 16 Officer shares for tax coverage exchange

 

(60

)

 

 

(59

)

Principal payments on loan payable

 

(3,102

)

 

 

(927

)

Payment of deferred offering costs

 

(23

)

 

 

 

Payment for repurchase of common shares

 

(10,000

)

 

 

 

Proceeds from issuance of common stock and related warrants

 

10,000

 

 

 

 

Payments for issuance costs related to common stock and related warrants

 

(700

)

 

 

 

Net cash used in financing activities

 

(3,793

)

 

 

(938

)

 

 

 

 

Decrease in cash, cash equivalents and restricted cash

 

(22,541

)

 

 

(24,521

)

Cash, cash equivalents and restricted cash, beginning of period

 

62,413

 

 

 

160,547

 

Cash, cash equivalents and restricted cash, end of period

$

39,872

 

 

$

136,026

 

 

 

 

 

Supplemental disclosure of non-cash investing and financing activities

 

 

 

Purchases of intangibles assets in accounts payable and accrued expenses at period end

$

7

 

 

$

 

Deferred offering costs in accounts payable and accrued expenses at period end

$

64

 

 

$

 

Stock repurchase liability fair value

$

 

 

$

6,000

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

Cash paid for income taxes

$

 

 

$

 

Cash paid for interest

$

389

 

 

$

750

 

Reclassifications

Certain reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. None of the reclassifications have changed the total assets, liabilities, shareholders’ deficit, income, expenses or net losses previously reported.

Use of Non-GAAP Financial Measures (unaudited)

This press release references certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP selling, general, and administrative expense and non-GAAP research and development expense. The Company defines adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation, and certain other items the Company believes are not indicative of its core operating performance. The Company defines non-GAAP selling, general, and administrative expenses and research and development expenses as those respective GAAP amounts, excluding stock-based compensation and non-recurring items not indicative of core operating performance None of these non-GAAP financial measures is a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company that is helpful in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.

Quarterly adjusted EBITDA

A reconciliation of adjusted EBITDA to net loss for the three months ended March 31, 2023, March 31, 2022, and December 31, 2022, is set forth below:

 

Three Months Ended

(in thousands)

March 31, 2023

 

March 31, 2022

 

December 31, 2022

Net loss

$

(20,825

)

 

$

(26,834

)

 

$

(24,440

)

Income tax expense

 

 

 

 

 

 

 

 

Interest income

 

(555

)

 

 

 

 

 

(489

)

Interest expense

 

920

 

 

 

1,492

 

 

 

1,096

 

Depreciation & amortization

 

229

 

 

 

294

 

 

 

259

 

EBITDA

 

(20,231

)

 

 

(25,048

)

 

 

(23,574

)

Increase (decrease) in fair value of warrants

 

112

 

 

 

451

 

 

 

(1,803

)

Realized loss on disposal of assets

 

 

 

 

70

 

 

 

54

 

Litigation settlement, net

 

 

 

 

(3

)

 

 

4,500

 

Prepaid launch deposit impairment

 

514

 

 

 

 

 

 

 

SEC and CFIUS legal expenses

 

85

 

 

 

795

 

 

 

161

 

Class action litigation legal expenses

 

110

 

 

 

795

 

 

 

755

 

Other non-recurring litigation legal expense

 

1,219

 

 

 

114

 

 

 

1,004

 

SEC compliance costs

 

22

 

 

 

2,135

 

 

 

76

 

NSA compliance costs

 

232

 

 

 

978

 

 

 

233

 

Severance and other non-recurring expenses1

 

122

 

 

 

350

 

 

 

 

Stock-based compensation

 

1,720

 

 

 

2,212

 

 

 

3,044

 

Adjusted EBITDA

$

(16,095

)

 

$

(17,151

)

 

$

(15,550

)

1 - Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid

A reconciliation of selling, general, and administrative expenses to non-GAAP selling, general, and administrative expenses for the three months ended March 31, 2023, March 31, 2022, and December 31, 2022, is set forth below:

 

Three Months Ended

(in thousands)

March 31, 2023

 

March 31, 2022

 

December 31, 2022

Selling, general, and administrative expenses

$

10,270

 

$

14,853

 

$

10,929

Stock-based compensation

 

1,244

 

 

1,839

 

 

2,534

SEC and CFIUS legal expenses

 

85

 

 

795

 

 

161

Class action litigation legal expenses

 

110

 

 

795

 

 

755

Other non-recurring litigation legal expense

 

1,219

 

 

114

 

 

1,004

SEC compliance costs

 

22

 

 

2,135

 

 

76

NSA compliance costs

 

232

 

 

978

 

 

233

Severance and other non-recurring expenses1

 

 

 

 

 

Non-GAAP selling, general, administration expenses

$

7,358

 

$

8,197

 

$

6,166

1 - Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid

A reconciliation of research and development expenses to non-GAAP research and development expenses for the three months ended March 31, 2023, March 31, 2022, and December 31, 2022, is set forth below:

 

Three Months Ended

(in thousands)

March 31, 2023

 

March 31, 2022

 

December 31, 2022

Research and development expenses

$

10,119

 

$

9,971

 

$

10,283

Prepaid launch deposit impairment

 

514

 

 

 

 

Stock-based compensation

 

476

 

 

373

 

 

510

Severance and non-recurring expenses1

 

122

 

 

350

 

 

Non-GAAP Research and development expenses

$

9,007

 

$

9,248

 

$

9,773

1 - Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid

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