Momentus Inc.

Previous wording

The increase in realized loss on disposal of assets for the three months ended March 31, 2026, was due to losses from the write-off of machinery and equipment. There was no loss on disposal recognized during the three months ended March 31, 2025.

Current wording

The realized loss on disposal of assets for the three months ended June 30, 2026, was due to losses from the write-off of machinery and equipment. There was no loss on disposal recognized during the three months ended June 30, 2025.

Previous wording

Service revenue increased $2.9 million, from $0.3 million for three months ended March 31, 2025 to $3.2 million for the three months ended March 31, 2026. The increase was driven by two factors. First, the Company recognized $1.6 million of revenue from hosted payload services related to the Vigoride 7 mission during the three months ended March 31, 2026, compared to no hosted payload services revenue during three months ended March 31, 2025. Second, engineering project services revenue increased $1.4 million, from $0.2 million for the three months ended March 31, 2025, to $1.6 million for three months ended March 31, 2026, primarily due to expanded work for NASA and continued work under the DARPA NOM4D and DARPA BRIDGES programs. The remaining components of service revenue consist of forfeited customer deposits upon contract expiration, which were zero and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Service revenue increased $2.7 million, from $0.5 million for the six months ended June 30, 2025, to $3.2 million for the six months ended June 30, 2026. The increase was driven by two factors. First, the Company recognized $1.6 million of revenue from hosted payload services related to the Vigoride 7 mission during the six months ended June 30, 2026, compared to no hosted payload services revenue during six months ended June 30, 2025. Second, engineering project services revenue increased $1.2 million, from $0.4 million for the six months ended June 30, 2025, to $1.6 million for the six months ended June 30, 2026, primarily due to expanded work for NASA and continued work under the DARPA NOM4D and DARPA BRIDGES programs. The remaining components of service revenue consist of forfeited customer deposits upon contract expiration, which were zero and $0.1 million for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

Cost of revenue for the three months ended March 31, 2026, was primarily due to the launch cost allocated to customer payloads on the Vigoride 7 mission.

Current wording

Cost of revenue for the six months ended June 30, 2026, was primarily due to the launch cost allocated to customer payloads on the Vigoride 7 mission.

Previous wording

Research and development expenses increased from $1.9 million in the three months ended March 31, 2025, to $4.2 million in the three months ended March 31, 2026. The increase was primarily due to a $0.9 million increase in payroll costs, a $0.6 million increase in subcontractor costs, and a $0.9 million increase in other miscellaneous fees, such as information technology and facilities overhead allocation.

Current wording

Research and development expenses increased from $4.1 million in the six months ended June 30, 2025, to $8.4 million in the six months ended June 30, 2026. The increase was primarily due to a $1.7 million increase in payroll costs, a $1.2 million increase in subcontractor costs, and a $1.4 million increase in other miscellaneous fees, such as information technology and facilities overhead allocation.

Previous wording

Selling, general and administrative expenses increased from $4.6 million in the three months ended March 31, 2025, to $6.3 million in the three months ended March 31, 2026. The increase is primarily due to (i) an increase in legal expenses of $1.5 million, and (ii) a $0.6 million increase in other miscellaneous fees, such as insurance and subscriptions. These increases were partially offset by (i) a $0.2 million decrease in payroll related expenses and (ii) a decrease in consulting and professional services of $0.2 million.

Current wording

Selling, general and administrative expenses increased from $8.5 million in the six months ended June 30, 2025, to $10.2 million in the six months ended June 30, 2026. The increase is primarily due to (i) an increase in legal expenses of $0.6 million, (ii) a $1.0 million increase in other miscellaneous fees, such as insurance and subscriptions, and (iii) a $0.1 million increase in payroll related expenses.

Previous wording

Interest expense increased from $(0.2) million for the three months ended March 31, 2025, to $0.6 million for the three months ended March 31, 2026. The interest increase is primarily due to increase in cash interest accrual and amortization of the debt discount on the SIV Convertible Notes and the September 2025 Convertible Note, partially offset by amortization of the debt premium on the SIV Convertible Notes. See Note 8 for additional information.

Current wording

Interest expense increased from $(0.1) million for the six months ended June 30, 2025, to $0.7 million for the six months ended June 30, 2026. The interest increase is primarily due to an increase in cash interest accrual and amortization of the debt discount on the SIV Convertible Notes and the September 2025 Convertible Note in 2026, while interest expense was decreased during the six months ended June 30, 2025, due to amortization of the debt premium on the SIV Convertible Notes. See Note 8 for additional information.

Previous wording

In prior periods, the Company disclosed that conditions and events raised substantial doubt regarding its ability to continue as a going concern. As described in Note 1 in the notes to our condensed consolidated interim financial statements included elsewhere in this Form 10-Q, management has concluded that the financings completed since December 31, 2025, including approximately $16.7 million of net cash provided by financing activities during the three months ended March 31, 2026, and the $5.0 million private placement completed subsequent to quarter-end, together with the Company's current cash position, expected operating plan, and forecasted liquidity needs, are sufficient to fund operations and meet obligations for at least the twelve-month period following the issuance date of these condensed consolidated interim financial statements. Accordingly, substantial doubt no longer exists.

Current wording

As described in Note 1 in the notes to our condensed consolidated interim financial statements included elsewhere in this Form 10-Q, management has concluded that the financings completed since December 31, 2025, including approximately $109.9 million of net cash provided by financing activities during the six months ended June 30, 2026, together with the Company's current cash position, expected operating plan, and forecasted liquidity needs.

Previous wording

Net cash used in operating activities for the three months ended March 31, 2026, was $5.8 million, consisting primarily of 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, 2026, was $14.9 million, consisting primarily of 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 $0.3 million, were $3.0 million. Professional fees of $3.1 million included $1.9 million in legal fees. Office overheads and other general corporate expenses were $2.2 million, which includes insurance costs of $0.3 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $0.9 million. These cash outflows were partially offset by gross profit of $1.8 million primarily related to the fulfillment of performance obligations for

Current wording

Headcount related payroll costs, excluding stock-based compensation of $0.5 million, were $6.6 million. Professional fees were $3.9 million, which includes $1.5 million in legal fees. Office overhead and other general corporate expenses were $3.8 million, which includes insurance costs of $0.5 million. Research and Development activity expenses, including materials, components, and subcontractor costs were $2.2 million. These cash outflows were partially offset by gross profit of $1.8 million primarily related to the fulfillment of performance obligations for Vigoride 7 customers during the six months ended June 30, 2026. Additionally, the Company had a change in operating assets and liabilities of $0.2 million during the six months ended June 30, 2026.

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. 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 were $3.5 million, which includes $0.9 million in legal fees. Office overhead 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 investing activities was $0.2 million for three months ended March 31, 2026, which consisted of purchases of machinery and equipment.

Current wording

Net cash used in investing activities was $0.2 million for six months ended June 30, 2026, which consisted of purchases of machinery and equipment.

Previous wording

Net cash provided by financing activities was $16.7 million for the three months ended March 31, 2026, primarily due to gross proceeds of approximately $18.3 million received shares sold under the ATM Sales Agreement and the January 2026 Offering. These gross proceeds were partially offset by (i) principal repayments of $0.8 million on the SIV Convertible Notes and the September 2025 Convertible Note and (ii) $0.8 million in issuance costs related to common stock and related warrants.

Current wording

Net cash provided by financing activities was $109.9 million for the six months ended June 30, 2026, primarily due to gross proceeds of (i) $107.0 million received for shares sold under the ATM Sales Agreement, January 2026 Offering, April 2026 Offering, May 2026 Offering, and June 2026 Offering, and (ii) $9.6 million received upon exercise of warrants. These gross proceeds were partially offset by (i) principal repayments of $0.8 million on the SIV Convertible Notes and the September 2025 Convertible Note and (ii) $5.9 million in issuance costs related to common stock and related warrants.

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 (i) $5.0 million received from the February 2025 Offering and (ii) $2.1 million received from the March 2025 Warrant Inducement. These gross proceeds were partially offset by (i) principal repayments of $0.3 million under the SIV Convertible Notes, and (ii) $0.8 million in issuance costs related to common stock and related warrants.

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 (i) $5.0 million received from the February 2025 Offering, (ii) $2.1 million received from the March 2025 Warrant Inducement, and (iii) $0.8 million received from the May 2025 Loan. These gross proceeds were partially offset by (i) principal repayments of $0.7 million on the SIV Convertible Notes and (ii) $1.2 million in issuance costs related to common stock and related warrants.

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, 2026, we had cash and cash equivalents of $23.5 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, 2026, we had cash and cash equivalents of $107.6 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, 2026 and 2025.

Current wording

There were no material foreign currency transactions for the three and six months ended June 30, 2026 and 2025.