Momentus Inc.

Previous wording

Momentus offers or plans to offer satellites, satellite buses, satellite technologies including solar arrays, and transportation and infrastructure services to help enable the commercialization of space for commercial companies and to support the missions of U.S. and friendly governments missions. Satellite operators are our target commercial customers. Momentus is also seeking business in support of U.S. Government missions for Departments and Agencies like NASA and the Department of Defense.

Current wording

Momentus offers or plans to offer satellites, satellite buses, satellite technologies and components, including solar arrays, and transportation and infrastructure services to help enable the commercialization of space for commercial companies and to support the missions of U.S. and friendly governments missions. Satellite operators are our target commercial customers. Momentus is also seeking business in support of U.S. Government missions for Departments and Agencies like NASA and the Department of Defense.

Previous wording

Products and services that we plan to provide include provision of satellites, satellite buses, satellite technologies including solar arrays, integration of payload instruments, “last mile” satellite transportation, payload-hosting, on‑orbit satellite refueling, on-orbit inspection, on-orbit satellite maintenance, de-orbiting, debris removal, and other satellite-to-satellite service offerings.

Current wording

Products and services that we plan to provide include provision of satellites, satellite buses, satellite technologies and components, including solar arrays, integration of payload instruments, “last mile” satellite transportation, payload-hosting, on‑orbit satellite refueling, on-orbit inspection, on-orbit satellite maintenance, de-orbiting, debris removal, and other satellite-to-satellite service offerings.

Previous wording

During the three months ended March 31, 2025, the Company recognized $0.3 million of revenue, primarily from the completion of performance obligations on engineering services performed for U.S. government and engineering project services.

Current wording

During the three and six months ended June 30, 2025, the Company recognized $0.2 million and $0.5 million of revenue, respectively, primarily from the completion of performance obligations on engineering services performed for U.S. government and engineering project services.

Previous wording

As of March 31, 2025 we have signed contracts with customers and have collected approximately $3.0 million in customer deposits, $0.2 million of which are recorded as non-current contract liabilities in our condensed consolidated balance sheets.

Current wording

As of June 30, 2025 we have signed contracts with customers and have collected approximately $3.1 million in customer deposits, $0.2 million of which are recorded as non-current contract liabilities in our condensed consolidated balance sheets.

Previous wording

Selling, general and administrative expenses decreased from $6.2 million in the three months ended March 31, 2024 to $4.6 million in the three months ended March 31, 2025. Payroll costs decreased by $1.1 million inclusive of a decrease of $0.7 million in non-cash stock based compensation. Legal services expenses decreased by $0.9 million and other miscellaneous fees, such as insurance and overhead, decreased by $0.6 million. These decreases were offset by an increase in consulting and professional services of $1.1 million.

Current wording

Selling, general and administrative expenses decreased from $5.3 million in the three months ended June 30, 2024 to $3.9 million in the three months ended June 30, 2025. Payroll costs decreased by $0.9 million, inclusive of a decrease of $0.6 million in non-cash stock based compensation. Other miscellaneous fees, such as insurance and overhead, decreased by $0.5 million.

Previous wording

Revenue recognized during the three months ended March 31, 2025, was primarily driven by engineering services performed for the Space Development Agency agreement, resulting in$0.2 million of revenue recognition. The remaining$0.1 million of revenue recognized was due to customer deposit forfeiture upon contract expiration.

Current wording

Revenue recognized during the six months ended June 30, 2025, was primarily driven by engineering services performed for the Space Development Agency agreement, resulting in $0.4 million of revenue recognition. The remaining $0.1 million of revenue recognized was due to customer deposit forfeiture upon contract expiration.

Previous wording

Revenue recognized during the three months ended March 31, 2024, was primarily driven by engineering services performed for the Space Development Agency agreement, resulting in$0.5 million of revenue recognition. The remaining$0.04 million of revenue recognized was due to customer deposit forfeiture upon contract expiration.

Current wording

The revenue recognized during the six months ended June 30, 2024, was primarily driven by engineering services performed for the Space Development Agency agreement, resulting in $1.7 million of revenue recognition. The remaining $0.04 million of revenue recognized was due to customer deposit forfeiture upon contract expiration.

Previous wording

Interest income decreased from $0.02 million for the three months ended March 31, 2024 to $4 thousand for the three months ended March 31, 2025 as the Company invested in less money market funds given liquidity constrains.

Current wording

Interest income decreased from $0.02 million for six months ended June 30, 2024 to $0.01 million for the six months ended June 30, 2025 as the Company invested less in money market funds due to liquidity constraints.

Previous wording

Interest expense decreased from $0.1 million of cash and debt discount amortization interest for the three months ended March 31, 2024 to $0.2 million interest reduction for the three months ended March 31, 2025 primarily due to amortization of the debt premium on the July Convertible Note and the October Convertible Note, partially offset by cash interest accrual. See Note 8 for additional information.

Current wording

Interest expense decreased from $0.1 million of cash and debt discount amortization interest for the six months ended June 30, 2024, to a $0.1 million interest reduction for the six months ended June 30, 2025, primarily due to amortization of the debt premium on the July Convertible Note and the October Convertible Note, partially offset by cash interest accrual. See Note 8 for additional information.

Previous wording

The Company’s ability to continue as a going concern is dependent on the Company’s ability to successfully raise capital to fund its business operations and execute on its business plan. To date, the Company has not generated sufficient revenues to provide cash flows that enable the Company to finance its operations internally and the Company’s financial position and operating results raise substantial doubt about the Company’s ability to continue as a going concern. This is reflected by the Company’s incurred net losses of $6.2 million for the three months ended March 31, 2025 and an accumulated deficit of $414.2 million as of March 31, 2025. Additionally, the Company used net cash of $4.2 million to fund its operating activities for the three months ended March 31, 2025, and had cash and cash equivalents of $3.4 million as of March 31, 2025.

Current wording

The Company’s ability to continue as a going concern is dependent on the Company’s ability to successfully raise capital to fund its business operations and execute on its business plan. To date, the Company has not generated sufficient revenues to provide cash flows that enable the Company to finance its operations internally and the Company’s financial position and operating results raise substantial doubt about the Company’s ability to continue as a going concern. This is reflected by the Company’s incurred net losses of $12.6 million for the six months ended June 30, 2025 and an accumulated deficit of $420.6 million as of June 30, 2025. Additionally, the Company used net cash of $7.4 million to fund its operating activities for the six months ended June 30, 2025, and had cash and cash equivalents of $0.1 million as of June 30, 2025.

Previous wording

In connection with the preparation of the condensed consolidated interim financial statements for the three months ended March 31, 2025, management conducted an evaluation and concluded that there were conditions and events, considered in the aggregate, which raised substantial doubt as to the Company’s ability to continue as a going concern within twelve months after the date of the issuance of such financial statements. The Company believes that its current level of cash and cash equivalents are not sufficient to fund commercial scale production and sale of its services and products. These conditions raise substantial doubt regarding its ability to continue as a going concern for a period of at least one year from the date of issuance of these condensed consolidated interim financial statements. In order to proceed with the Company’s business plan and operating strategy, the Company will need to raise substantial additional capital to fund its operations. Until such time, if ever, the Company can generate revenues sufficient to achieve profitability, the Company expects to finance its operations through equity or debt financings, which may not be available to the Company on the timing needed or on terms that the Company deems to be favorable. In an effort to alleviate these conditions, the Company continues to seek and evaluate opportunities to access additional capital through all available means.

Current wording

In connection with the preparation of the condensed consolidated interim financial statements for the six months ended June 30, 2025, management conducted an evaluation and concluded that there were conditions and events, considered in the aggregate, which raised substantial doubt as to the Company’s ability to continue as a going concern within twelve months after the date of the issuance of such financial statements. The Company believes that its current level of cash and cash equivalents are not sufficient to fund commercial scale production and sale of its services and products. These conditions raise substantial doubt regarding its ability to continue as a going concern for a period of at least one year from the date of issuance of these condensed consolidated interim financial statements. In order to proceed with the Company’s business plan and operating strategy, the Company will need to raise substantial additional capital to fund its operations. Until such time, if ever, the Company can generate revenues sufficient to achieve profitability, the Company expects to finance its operations through equity or debt financings, which may not be available to the Company on the timing needed or on terms that the Company deems to be favorable. In an effort to alleviate these conditions, the Company continues to seek and evaluate opportunities to access additional capital through all available means.

Previous wording

Net cash used in operating activities for the three months ended March 31, 2025 was $4.2 million, driven primarily by headcount costs, research and development activities, legal expenses, and professional fees, as well as net cash changes in operating assets and liabilities.

Current wording

Net cash used in operating activities for the six months ended June 30, 2025 was $7.4 million, driven primarily by headcount costs, research and development activities, legal expenses, and professional fees, as well as net cash changes in operating assets and liabilities.

Previous wording

Headcount related payroll costs, excluding stock-based compensation of $1.1 million, were $1.6 million. Professional fees of $2.1 million included $0.4 million in legal fees discussed in Note 12. Office overheads and other general corporate expenses were $1.2 million, which includes insurance costs of $0.3 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $0.3 million. These cash outflows were partially offset by gross profit of $0.3 million primarily related to the fulfillment of performance obligations during the three months ended March 31, 2025. Additionally, the Company had a change in operating assets and liabilities of $0.9 million during the three months ended March 31, 2025.

Current wording

Headcount related payroll costs, excluding stock-based compensation of $2.0 million, were $3.3 million. Professional fees of $3.5 million included $0.9 million in legal fees discussed in Note 12. Office overheads and other general corporate expenses were $2.4 million, which includes insurance costs of $0.5 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $0.8 million. These cash outflows were partially offset by gross profit of $0.5 million primarily related to the fulfillment of performance obligations during the six months ended June 30, 2025. Additionally, the Company had a change in operating assets and liabilities of $1.7 million during the six months ended June 30, 2025.

Previous wording

Net cash used in operating activities for the three months ended March 31, 2024 was $5.3 million, driven primarily by headcount costs, research and development activities, legal expenses, and professional fees, as well as net cash changes in operating assets and liabilities. Headcount related payroll costs, excluding stock-based compensation of $1.4 million, were $2.9 million. Professional fees of $1.9 million included $1.4 million in legal fees. Office overheads and other general corporate expenses were $1.7 million, which includes insurance costs of $0.5 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $0.5 million. These cash outflows were partially offset by gross profit of $0.5 million primarily related to the fulfillment of performance obligations for Vigoride 5 and Vigoride 6 customers during the three months ended March 31, 2024. Additionally, the Company had a change in operating assets and liabilities of $1.1 million during the three months ended March 31, 2024.

Current wording

Headcount related payroll costs, excluding stock-based compensation of $3.2 million, were $5.2 million. Professional fees of $3.4 million included $1.9 million in legal fees. Office overheads and other general corporate expenses were $3.1 million, which includes insurance costs of $1.0 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $0.5 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $1.1 million. These cash outflows were partially offset by gross profit of $1.7 million primarily related to the fulfillment of performance obligations for Vigoride 5 and Vigoride 6 customers during the six months ended June 30, 2024. Additionally, the Company had a change in operating assets and liabilities of $4.7 million during the six months ended June 30, 2024.

Previous wording

Net cash used in investing activities was zero and $0.04 million for the three months ended March 31, 2025 and 2024, respectively. which consisted of purchases of machinery and equipment and intangible assets and proceeds received on the sale of machinery and equipment.

Current wording

Net cash used in investing activities was zero and $0.04 million for the six months ended June 30, 2025 and 2024, respectively, which consisted of purchases of machinery and equipment and proceeds received on the sale of machinery and equipment.

Previous wording

Net cash provided by financing activities was $6.0 million for the three months ended March 31, 2025, primarily due to gross proceeds of approximately $5.0 million received from the February Offering, $2.1 million received from the March 2025 Warrant Inducement Agreement, partially offset by principal repayments of $0.3 million of the Convertible Notes and $0.8 million in issuance costs related to common stock, related warrants, and warrant inducement.

Current wording

Net cash provided by financing activities was $6.0 million for the six months ended June 30, 2025, primarily due to gross proceeds of approximately $5.0 million received from the February Offering, $2.1 million received from the March 2025 Warrant Inducement Agreement, and $0.2 million received from the May 2025 Loan, partially offset by principal repayments of $0.7 million of the Convertible Notes and $1.1 million in current and deferred issuance costs related to common stock, related warrants, the warrant inducement, and other common and preferred stock issuances.

Previous wording

Net cash provided by financing activities was $4.8 million for the three months ended March 31, 2024, primarily due to gross proceeds of approximately $8.0 million received from the January Offering and March Offering, partially offset by principal repayments of $2.3 million under the Term Loan and $0.8 million in issuance costs related to common stock and related warrants.

Current wording

Net cash provided by financing activities was $5.2 million for the six months ended June 30, 2024, primarily due to gross proceeds of approximately $8.0 million received from the January Offering and March Offering, partially offset by principal repayments of $2.3 million under the Term Loan and $0.8 million in issuance costs related to common stock and related warrants.

Previous wording

We are a party to operating leases primarily for facilities (e.g., office buildings, warehouses and spaceport) under non-cancellable operating leases. We lease office space under a non-cancellable operating lease which expires March 2026. Refer to Note 6.

Current wording

We are a party to leases primarily for facilities (e.g., office buildings, warehouses and spaceport) under non-cancellable operating leases. We lease office space under a non-cancellable operating lease which expires March 2026. Refer to Note 6.

Previous wording

In periods in which we recognize revenue, we will disclose the amounts of revenue recognized that was included as a contract liability balance at the beginning of the reporting period in accordance with ASC 606-10-50-8(b).

Current wording

In periods in which we recognize revenue, we will disclose the amounts of revenue recognized that was included as a contract liability balance at the beginning of the reporting period in accordance with ASC Sub-Topic 606-10-50-8(b).

Previous wording

Customer deposits collected prior to the release of the customer’s payload into its specified orbit are recorded as current and non-current contract liabilities in our condensed consolidated balance sheets as the amounts received represent a prepayment for the satisfaction of a future performance obligation that has not yet commenced. Some customer deposits are non-refundable. Each non-refundable deposit is determined to be a contract liability upon cash collection. Prior to making this determination, we ensure that a valid contract is in place that meets the definition of the existence of a contract in accordance with ASC 606-10-25-1 and 2.

Current wording

Customer deposits collected prior to the release of the customer’s payload into its specified orbit are recorded as current and non-current contract liabilities in our condensed consolidated balance sheets as the amounts received represent a prepayment for the satisfaction of a future performance obligation that has not yet commenced. Some customer deposits are non-refundable. Each non-refundable deposit is determined to be a contract liability upon cash collection. Prior to making this determination, we ensure that a valid contract is in place that meets the definition of the existence of a contract in accordance with ASC Sub-Topic 606-10-25-1 and 2.

Previous wording

The market risk inherent in our financial instruments and our financial position represents the potential loss arising from adverse changes in interest rates. As of March 31, 2025, we had cash and cash equivalents of $3.4 million, which were primarily invested in highly liquid investments purchased with a remaining maturity of three months or less. However, due to the short-term maturities and the low-risk profile of our investments, an immediate 10% change in interest rates would not have a material effect on the fair value of our cash and cash equivalents.

Current wording

The market risk inherent in our financial instruments and our financial position represents the potential loss arising from adverse changes in interest rates. As of June 30, 2025, we had cash and cash equivalents of $0.1 million, which were primarily invested in highly liquid investments purchased with a remaining maturity of three months or less. However, due to the short-term maturities and the low-risk profile of our investments, an immediate 10% change in interest rates would not have a material effect on the fair value of our cash and cash equivalents.

Previous wording

There were no material foreign currency transactions for the three months ended March 31, 2025 and 2024. Currently, a significant portion of our cash receipts and expenses are generated in U.S. dollars.

Current wording

There were no material foreign currency transactions for the three and six months ended June 30, 2025 and 2024. Currently, a significant portion of our cash receipts and expenses are generated in U.S. dollars.