Momentus Inc. · NASDAQ:MNTS
Momentus — Stable Road Acquisition — SPAC Merger (April 2021)
44 slides from Momentus's SPAC merger presentation, Apr 7, 2021
Slide 1: April 2021
Apr i l 2021 Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution distribution without the express consent of Momentus is strictly prohibited.
Slide 2: Disclaimer
This Presentation relates to the potential business combination (the “Proposed Transaction”) between Stable Road Acquisition Corp . (“Stable Road”) and Momentus Inc . (“Momentus”) . This Presentation shall not constitute a “solicitation” as defined in Section 14 of the Securities Exchange Act of 193
Slide 3: Financial information and non-GAAP disclaimer
The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S - X promulgated under the Act . Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement to be filed by
Slide 4: Forward Looking Statements
Forward Looking Statements This Presentation includes “forward - looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 . Forward - looking statements may be identified by the use of words such as “estimate,” “plan
Slide 5: Momentus at a glance
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. $0 $8 $52 $349 $848 $ 1 ,476 $ 2 ,287 $ 3 ,416 ࣵ ‒ – first hub and spoke model for space transport, providing last mile delivery in partnership
Slide 6: Vision: infrastructure services for industry beyond Earth
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution A future where humanity is equipped with all it needs to flourish throughout the solar system Provide the infrastructure services that support all industry beyond Earth Space economy worth ~$415B today and ex
Slide 7: Future space economy opportunities
Asteroid & Moon Mining Utilizing in situ resources for fuel and manufacturing Space Transportation Developing and operating extremely capable (ΔV and power) space platforms, which can be used to transfer cargo in space Energy & Data Processing Paving the way for future in - space energy production f
Slide 8: Hub and spoke model for space transport
Momentus makes access to space significantly more affordable by combining rideshare launch with low - cost last mile delivery through the hub and spoke model for space transport Arriving in space atop large reusable rockets like the Falcon 9, our transfer vehicles will carry customers' satellites to
Slide 9: Vigoride transfer vehicle vs. dedicated small rocket launch
Rideshare on large rocket and travel last mile with Vigoride transfer vehicle Rideshare to initial orbit and transfer with own propulsion system to final orbit Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. Any use, reproduction, or distribution without the express
Slide 10: Hosted payload
MOMENTUS TRANSFER VEHICLE HOSTED PAYLOAD Momentus offers a unique, low - cost, modular approach for hosting customers' payloads in space Our transfer vehicles are designed to move customers' payloads to a specific orbit and stay connected to provide continual power, orbit keeping, orientation and co
Slide 11: Vigoride platform
Vigoride platform Traditional satellite platforms > 1kW of power and 1 - 2 km/sec delta - V capabilities Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. If you are
Slide 12: In-orbit services
Next generation Momentus reusable vehicles, designed to be capable of performing proximity maneuvers, docking and refueling, and equipped with robotic arms, are anticipated to be well - suited for the entire range of in - orbit services. These services will include refueling or life extension for la
Slide 13: Company milestones
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly
Slide 14: Mix of large, mid-sized and small rockets
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. * NSR Global Satellite Manufacturing and Launch Markets, 10th Edition 14 Mix of large, mid - sized and small rockets Super - large rockets launc
Slide 15: Rockets are getting bigger and cheaper
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. 8,000 kg 16,000 kg 45,000 kg 150,000 kg Falcon - 9 2010 per kg New Glenn 1 2022 per kg Starship 2022 per kg Soyuz 1966 per kg ROCKETS ARE GETTIN
Slide 16: The smallsat market is expanding rapidly
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution 1,500 1,000 Smallsat to LEO TAM, ($M) THE SMALLSAT MARKET IS EXPANDING RAPIDLY The number of launched smallsats (mass < 500 kg) grew 3 X over the last four years . Almost all smallsats aim for LEO, but applic
Slide 17: Space transportation market
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution $40B 2018 2020 2022 2024 2026 $30B $20B $10B 0 Source: Stratistics Analysis SPACE TRANSPORTATION MARKET BEYOND GEOSYNCHRONOUS ORBIT GEOSYNCHRONOUS ORBIT VAN ALLEN BELT LOW EARTH ORBIT MEDIUM EARTH ORBIT VAN A
Slide 18: Market opportunity
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. 1. 2. 3. NSR Global Satellite Manufacturing and Launch Markets, 10th Edition, Satellite global manufacturing revenue 2021 – 2029 Estimated from
Slide 19: Space transportation TAM forecast
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. Capabilities 1 Up to 750 kg. Up to 4,000 kg. Up to 20,000 kg. Orbits LEO MEO/GEO/HEO/Lunar LEO/MEO/GEO/HEO Lunar, Deep Space Host Power Availabl
Slide 20: Microwave Electrothermal (MET) technology
Throttleable • Can vary thrust and ISP to optimize the trip time MICROWAVE ELECTROTHERMAL (MET) TECHNOLOGY In let Scaleable • Larger engines are even more efficient and have higher ISP Uses water as a propellant • Safe • Easy to test • Available in space High ISP • Tunable to up to 2 to 5 times comm
Slide 21: Vigoride development missions
x Multiple launches (2) with larger payload mass and volume x Small delta - v maneuver for customer payload (delta - altitude) x Larger delta - v maneuvers with empty vehicle x ESPA Grande compatible larger structure, more powerful MET thrusters (2x750W) x Radiation tolerant and fault - tolerant avi
Slide 22: Vehicle development status
Developed and built Developed and built Developed and built Developed and built Tested, flight - ready Developed and built Flight units delivered, qualifications in process Developed and built In Process Development Complete Q3 2021 Developed and built NLT Q4 2021 Flight Delivery Q3 2021 Flight Deli
Slide 23: Illustrative price vs delta-V and competitors
Source: Illustrative price to customer, inclusive of launch cost. Based on management estimates. Price $/kg 100 m/sec $10 K $50K $100K $150K 1,000 m/sec 5,000 m/sec 10,000 m/sec LEO Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consen
Slide 24: Launch partners and service lines
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. Vigor i de Ardoride Fervo r ide 1. In addition to SpaceX, Momentus has additional rideshare agreements with multiple others 24
Slide 25: Customer momentum and pipeline
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. ▪ Significant momentum from rapidly expanding smallsat market seeking low cost and regular launch access to LEO ▪ Customers include satellite op
Slide 26: Customer agreements
▪ To enable Gilmour’s capabilities beyond LEO, with options to book up to 3 Vigoride charter missions in 2023 – 2025 ▪ To arrange the 2021 launch of two satellites and to deliver to their desired orbital altitude ▪ To deploy a pathfinder for Skykraft’s constellation; agreement includes plans to laun
Slide 27: Sen customer agreement
▪ Sen is a British space company aiming to establish ultra - HD real - time video streaming to billions of people across the globe ▪ Content consists of time - sensitive information pertaining to rapidly evolving disasters and crises on Earth ▪ Planning launch of up to 100 video - streaming satellit
Slide 28: Mission volume forecast
Vigoride 6 8 16 24 30 38 47 Ardoride - - 2 6 11 17 22 Fervoride - - - - 1 2 6 Total 6 8 18 30 42 57 75 Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. 28 Vigoride - 2 8 16 24 36 54 Ardoride -
Slide 29: Unit margin per service
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution C u s tomer Price L aunch Propellant Production L ab o r Unit M a r g in ~$10,000 ( ~ $ 5 0 0) (~$ 5 0 0 ) ~ $ 1 5 ,000 (~$ 3 ,600) (~$ 6 0 0 ) (~$ 3 0 0 ) ~ $ 9,000 Customer Price L aunch Propellant Producti
Slide 30: Average operating costs
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution + 1. Average operating costs without the express consent of Momentus is strictly prohibited. 30
Slide 31: Financial forecast
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. ▪ Revenue is projected by service within the context of business outlook, market growth and expected impact of business initiatives ▪ In the for
Slide 32: GAAP to non-GAAP reconciliation
($ in millions) 2020A Net Earnings from Continuing Operations (GAAP) ( $307 . 0) I n c r e a s e i n f a i r v a l u e o f S A F E n o t e s $267.3 I n c r e a s e i n f a i r v a l u e o f w a rr a n t s $3.2 R e a l i z e d l o s s o n d i s p o s a l o f a ss e t $0.5 Dep r e c i a t i o n a n d
Slide 33: Discounted EBITDA valuation
Revised to Q1’ 21 (prev. Q4’20) @ Announcement @ 3/31/21 Non - GA A P G A A P G A A P EBITDA (2025E) @10X 1,201 10.0x 1,024 10.0x 956 10.0x Future EV 12,010 10,240 9,560 Discount 20.0% 20.0% 20.0% Discount Factor (Yrs) 4.0 4.0 3.75 Discounted Future EV 5,792 4,938 4,825 EV to Market $1,200 $1,200 $1
Slide 34: Implied enterprise value sensitivity
$1,200 $4,343 $3,619 $5,308 $6,031 2025E EBITDA at 9.0x – 11.0x Multiple +/ - 25% 2025E EBITDA at 10.0x Multiple ~75% Discount To Relative Value Enterprise Value Dis c ount e d Ba c k 3.75 Years at 20% Discount Rate Pro Forma Enterprise Value ▪ Applies a range of multiples to Momentus’ 2025E managem
Slide 35: Solar power and data centers opportunity
The largest source of energy in the Solar System is the Sun. Every sq. ft. of surface in space gets 10 times more energy in space than on Earth Traditional photovoltaic solar panels are competitive in space only for smaller power uses. Solar - thermal systems using steam turbines and generators are
Slide 36: Asteroid and Moon mining opportunity
The abundance of water in asteroids, the Moon and Mars, and ease of extraction and storage position water as the first and primary extraterrestrial mined resource Iron and nickel as primary construction materials, as well as regolith for radiation shielding, will be used to build megastructures in s
Slide 37: Investment highlights
- First mover in offering in - space transportation & infrastructure services to the space economy - Rapid near - term expected growth driven by disruptive tailwinds in commercial space Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express co
Slide 38: Management team with significant aerospace experience
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. 38 WITH SIGNIFICANT AEROSPACE EXPERIENCE
Slide 39: Management and board
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. 39 x Boeing VP Global Sales and Marketing x Executive positions at ILS and SSL (now Maxar) and Teledyne x BSEE (Electromagnetic Fields and Waves
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Slide 41: Discounted EBITDA valuation at December 31, 2020
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. $1,200 $5,212 $4,344 $6,371 $7,239 2025E EBITDA at 9.0x – 11.0x Multiple +/ - 25% 2025E EBITDA at 10.0x Multiple ~80% Discount To Relative Value
Slide 42: use, reproduction, or Source: Momentus Inc Audited Financial Statements & Stable Road S -
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. Source: Momentus Inc Audited Financial Statements & Stable Road S - 4A 3/8/21 42
Slide 43: use, reproduction, or Source: Momentus Inc Audited Financial Statements & Stable Road S -
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. Source: Momentus Inc Audited Financial Statements & Stable Road S - 4A 3/8/21 43
Slide 44: use, reproduction, or Source: Momentus Inc Audited Financial Statements & Stable Road S -
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. Source: Momentus Inc Audited Financial Statements & Stable Road S - 4A 3/8/21 44