Momentus Inc. · NASDAQ:MNTS
Momentus — SPAC Merger (October 2020)
38 slides from Momentus's SPAC merger presentation, Oct 13, 2020
Slide 1: Momentus Investor Presentation October 12, 2020
O c t ob e r 12 , 202 0 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 not the intended recipient, please immediately delete this document and any assoc
Slide 2: Confidentiality and private placement notice
This presentation (together with oral statements made in connection herewith, this “Presentation”) contains selected confidential information about Momentus Inc . (“Momentus”) and Stable Road Acquisition Corp . (“Stable Road” or “SRAC”) . By participating in this Presentation, you expressly agree to
Slide 3: Projected financial information and non-GAAP notice
This Presentation contains estimated or projected financial information with respect to Momentus, namely Momentus’ projected revenue, customer demand, market share, EBITDA, EBITDA margin and free cash flow for 2020 - 2027 . Such estimated or projected financial information constitutes forward - look
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: Transaction overview
Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. Any use, reproduction, or distribution without the express consent of ▪ Stable Road (NASDAQ: SRAC) is a publicly listed special purpose acquisition company with ~$173M cash held in trust ▪ Raised $175M in PIPE commitmen
Slide 6: Momentus company overview
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 not the intended recipient, please immediately delete this document and any associated communications. $2
Slide 7: Significant aerospace experience led by visionary founder
Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. Any use, reproduction, or distribution without the express consent of SIGNIFICANT AEROSPACE EXPERIENCE LED BY VISIONARY FOUNDER Visionary space entrepreneur and innovator. Mikhail founded Momentus in 2017 with an idea t
Slide 8: Vision and space economy
Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. Any use, reproduction, or distribution without the express consent of A future where humanity is equipped with all it needs to flourish throughout the solar system Provide the infrastructure services that support all in
Slide 9: First mover in space transportation and infrastructure services
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 not the intended recipient, please immediately delete this document and any associated communications. Co
Slide 10: Hub and spoke model of space
Momentus makes access to space significantly more affordable by combining rideshare launch with low - cost last mile delivery through the hub and spoke model of space Arriving in space atop large reusable rockets like the Falcon 9, our transfer vehicles will carry customers' satellites to very speci
Slide 11: Rideshare with Vigoride last mile transfer
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 12: Hosted payload
MOMENTUS TRANSFER VEHICLE HOSTED PAYLOAD Momentus provides 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
Slide 13: 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 14: In-orbit services
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 not the intended recipient, please immediately delete this document and any associated communications. Co
Slide 15: Company milestones
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 not the intended recipient, please immediately delete this document and any associated communications. Vi
Slide 16: Growth in satellites launched
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 not the intended recipient, please immediately delete this document and any associated communications. *N
Slide 17: Rockets are getting bigger and cheaper
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 not the intended recipient, please immediately delete this document and any associated communications. 10
Slide 18: The smallsat market is expanding rapidly
Smallsat to LEO TAM, ($M) 0 2018 2020 2022 2024 TAM and launched mass calculated based on data from NSR’s Small Satellite Markets, 6th Edition 20 0 ,000 1,5 0 0 15 0 ,000 1,000 10 0 ,000 50, 0 00 500 0 2018 2020 2022 2024 THE SMALLSAT MARKET IS EXPANDING RAPIDLY The number of launched smallsats (mas
Slide 19: Space transportation market
$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 ALLEN BELT Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. A
Slide 20: Vehicle capabilities and TAM forecast
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 not the intended recipient, please immediately delete this document and any associated communications. Ca
Slide 21: Microwave Electrothermal (MET) technology
Throttleable • Can vary thrust and ISP to optimize the trip time MICROWAVE ELECTROTHERMAL (MET) TECHNOLOGY In l et 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 • 2 to 5 times any chemical propuls
Slide 22: Vehicle 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 23: Development and delivery status
Developed and built Developed and built Developed and built Developed and built Tested, flight - ready Developed Flight Delivery October, 2020 Developed, Build in Process Nov 2020 – Jan 2021 Development Complete Q3 2021 Flight Delivery October, 2020 Septem be r 2021 Flight Delivery Q2 2021 Flight De
Slide 24: Export of
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 not the intended recipient, please immediately delete this document and any associated communications. 24
Slide 25: Customer momentum and pipeline
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 not the intended recipient, please immediately delete this document and any associated communications. ▪
Slide 26: Vehicle deployment forecast
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 not the intended recipient, please immediately delete this document and any associated communications. Vi
Slide 27: Financial projections 2020E-2027E
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 not the intended recipient, please immediately delete this document and any associated communications. ($
Slide 28: Solar power and data centers opportunity
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 not the intended recipient, please immediately delete this document and any associated communications. Co
Slide 29: 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 30: Investment highlights
- First mover in providing in - space transportation & infrastructure services to the space economy - Rapid near - term expected growth driven by disruptive tailwinds in commercial space Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. Any use, reproduction, or distri
Slide 31: Export of
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 not the intended recipient, please immediately delete this document and any associated communications.
Slide 32: Transaction summary, sources and uses
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 not the intended recipient, please immediately delete this document and any associated communications. No
Slide 33: Peer growth and margin benchmarking
100.6% 63.4% 84.0% 25.1% 5.9% 3.2% 10.0% 9.9% 8.1% 6.3% 5.9% 5.9% 4.5% Median: 4.6% Median: 6.3% 34.1% 61.3% 25.9% 29.8% 14.0% 7.6% 24.0% 20.9% 15.6% 14.3% 13.0% 11.1% 10.4% Median: 10.8% Median: 14.3% 282.8% 193.8% NM 43.6% 9.4% 4.2% 31.2% 22.2% 28.0% 12.9% 6.3% 5.9% 3.2% Median: 6.8% Median: 12.9%
Slide 34: Peer valuation multiples
2.9x 1.0x 43.9x 30.6x 11.3x 11.2x 16.7x 13.0x 12.2x 11.0x 10.1x 9.4x 8.3x Median: 11.2x Median: 11.0x 1.0x 0.6x 1.6x 0.9x 2.3x 2.3x 1.9x 1.9x 1.7x 1.1x 1.1x Median: 1.2x Median: 1.9x ’24E ’25E ’24E ’25E ’24E ’25E ’24E Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. A
Slide 35: Discounted future enterprise value analysis
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 not the intended recipient, please immediately delete this document and any associated communications. $1
Slide 36: Export of
Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. If you are not the intended recipient, please immediately delete this document and any associated communications.
Slide 37: Unit economics per mission
Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. If you are not the intended recipient, please immediately delete this document and any associated communications. ~
Slide 38: Non-GAAP to ASC 606 reconciliation
($ in millions) Satellite Transportation Services 2020E $2 2021E $19 2022E $122 2023E $435 2024E $852 2025E $1,089 2026E $1,453 2027E $1,717 ($ in millions) Satellite Transportation Services 2020E $0.4 2021E $11 2022E $89 2023E $277 2024E $804 2025E $998 2026E $1,364 2027E $1,717 Satellite as a Serv