Momentus Inc. · NASDAQ:MNTS
Momentus — SPAC Merger (October 2020)
33 slides from Momentus's SPAC merger presentation, Oct 7, 2020
Slide 1: Momentus Investor Presentation, October 2020
O c t ob e r 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 associated
Slide 2: Confidentiality and Important Notices
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 and Presenters
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 at a Glance
Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. Any use, reproduction, or distribution without the express consent of $2 $19 $152 $598 $ 1 ,200 $ 1 ,960 $ 2 ,987 $ 4 ,035 ƒ ‒ – first hub and spoke model of space, providing last mile delivery in partnership with key l
Slide 7: Significant Aerospace Experience Led by Visionary Founder
SIGNIFICANT AEROSPACE EXPERIENCE LED BY VISIONARY FOUNDER Visionary space entrepreneur and innovator. Mikhail founded Momentus in 2017 with an idea to enable industrialization in space He has more than 20 years of experience in industries ranging from manufacturing and retail to space technologies.
Slide 8: Vision and Space Economy
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 expected to grow to ~$1.4T 1 over the next decade Copyright 2020. Momentus Inc. Proprietary &
Slide 9: First Mover in Space Transportation and Infrastructure Services
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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 Transfer Vehicle
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: Transfer Vehicle 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
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Slide 15: Company Milestones and Signed Contracts
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Slide 16: Growing Satellite Launch Demand
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Slide 17: Rockets Are Getting Bigger and Cheaper
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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 Space Transportation TAM
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Slide 21: Microwave Electrothermal Propulsion 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
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Slide 23: Customer Pipeline and Demand
▪ Significant momentum from rapidly expanding smallsat market seeking low cost and regular launch access to LEO ▪ Customers include satellite operators, satellite manufacturers, launch providers, defense primes and government agencies ▪ ~ $ 230 M in proposals submitted and / or under late - stage ne
Slide 24: Mission Volume Forecast by Vehicle
Vi g oride 1 5 8 16 24 30 38 47 Ardoride - - 1 2 6 11 17 22 Fervoride - - - - 1 4 8 12 Total 1 5 9 18 31 45 63 81 Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. If
Slide 25: Financial Projections 2020E-2027E
($ in millions) 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E Satellite Transportation Services $2 $19 $122 $435 $852 $1,089 $1,453 $1,717 Satellite as a Service - - 30 153 319 721 1,192 1,650 In - Orbit Services - - - 10 29 150 343 669 Revenue $2 $19 $152 $598 $1,200 $1,960 $2,987 $4,035 % Growth
Slide 26: 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 27: 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 28: 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
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Slide 30: Transaction Summary: Sources, Uses and Pro Forma Ownership
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Slide 31: Peer Growth and Margin Benchmarking
100.6% 63.4% 77.2% 24.7% 3.2% 1.1% 10.0% 9.9% 6.4% 6.0% 5.9% 5.8% 4.5% Median: 2.2% Median: 6.0% 282.8% 193.8% NM 20.7% 12.3% 4.2% 26.3% 22.2% 19.4% 12.1% 6.3% 6.0% 3.2% Median: 8.3% Median: 12.1% 34.1% 61.3% 30.8% 29.8% 14.0% 7.3% 24.0% 20.9% 15.6% 13.0% 11.6% 10.8% Median: 10.6% Median: 14.3% 14.3
Slide 32: Peer Valuation Multiples
2.9x 1.0x 35.7x 29.6x 10.9x 10.7x 16.1x 13.0x 12.1x 10.9x 9.3x 9.1x 8.0x Median: 10.8x Median: 10.9x 1.0x 0.6x 1.5x 0.8x 2.3x 2.2x 1.9x 1.9x 1.7x 1.1x 1.0x Median: 1.2x Median: 1.9x ’24E ’25E ’24E ’25E ’24E ’25E ’24E Copyright 2020. Momentus Inc. Proprietary & Confidential. Not Export Controlled. An
Slide 33: Implied Discounted Enterprise Value
$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 Enterprise Value Discounted Back 4 Years at 20% Discount Rate Pro Forma Enterprise Value ▪ Applies a range of multiples to Momentus’ 2025E EBITDA to arrive