Business
Momentus Inc. Announces Second Quarter 2023 Financial Results
SAN JOSE, Calif.--(BUSINESS WIRE)-- Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a U.S. commercial space company that offers satellite buses,
About this update from Momentus Inc.
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nMomentus Inc. (NASDAQ: MNTS) (“Momentus” or the “Company”), a U.S. commercial space company that offers satellite buses, transportation, and other in-space infrastructure services, today announced its financial results for the second quarter of 2023.\n\n\n“The second quarter marks our first million-dollar quarter with the successful deployment of commercial customers from our Vigoride-6 mission contributing to the recognition of $1.7 million in revenue,” said Momentus Chief Executive Officer John Rood. “We continue to build interest with customers, particularly in the Department of Defense, and we recently signed a contract with the Space Development Agency to tailor our space vehicles for their future use.”\n\n\n“The flexibility, payload capacity, and power available on the Vigoride Orbital Service Vehicle (OSV) make it well-positioned to support a range of national security missions like space situational awareness, surveillance, reconnaissance, and other priorities,” said Rood. “We’re also proud to continue to build on our flight heritage with our M-1000 satellite bus which is based on the Vigoride OSV and draws on its flight heritage. The M-1000 bus offers significant advantages to commercial and government customers such as its high power - up to 3 kW of peak power - large payload capacity, flexible configuration, speed from requirements to delivery on-orbit, and low cost. Momentus possesses the capability to manufacture satellite buses like the M-1000 at a rapid and scalable pace.”\n\n\n“Our goal remains to be a market leader in satellite buses and in-space transportation and infrastructure services for U.S. government and commercial customers, and we’re excited by the progress we’re seeing,” said Rood.\n\n\nSecond Quarter 2023 Business Highlights:\n\n\n\nIn Q2 2023, Momentus grew total revenue by 3,310% year over year to $1.7 million. This exceeds revenue growth the Company has experienced in any previous quarters and is a key milestone for the business.\n\n\n\nThe Company has been working to raise additional capital while pursuing and evaluating strategic alternatives. To that end, the Company engaged Deutsche Bank as its financial advisor.\n\n\n\nMomentus has signed a contract with FOSSA Systems to provide hosted payload services starting in 2024. Momentus provided orbital delivery ...