Momentus Inc. · NASDAQ:MNTS
Momentus — SPAC Merger (August 2021)
34 slides from Momentus's SPAC merger presentation, August 2021
Slide 1: August 2021
Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited. August 2021
Slide 2: Disclaimer and Cautionary Note Regarding Forward-Looking Statements
Disclaimer and Cautionary Note Regarding Forward-Looking Statements 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 “solicitatio
Slide 3: Disclaimer and Cautionary Note Regarding Forward-Looking Statements (Cont'd)
Disclaimer and Cautionary Note Regarding Forward-Looking Statements (Cont'd) 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
Slide 4: Disclaimer and Cautionary Note Regarding Forward-Looking Statements (Cont'd)
Disclaimer and Cautionary Note Regarding Forward-Looking Statements (Cont'd) 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 st
Slide 5: Cautionary Note Regarding Status of Momentus' Technology
Cautionary Note Regarding Status of Momentus’ Technology The technology underlying Momentus’ anticipated service offerings is still in the process of being developed, and has not been fully tested or validated in space. Momentus’ ability to execute on its business plan is dependent on the successful
Slide 6: Exceptional team with significant space & defense experience
Exceptional team WITH SIGNIFICANT SPACE & DEFENSE EXPERIENCE John Rood Chief Executive Officer Alex Fishkin Chief Business Affairs & Legal Officer Fred Kennedy President Aaron Mitchell Chief of Product Dawn Harms Chief Revenue Officer Nathan Orr Chief Engineer Jikun Kim Chief Financial Officer Aliki
Slide 7: Momentus at a Glance
Momentus at a Glance Company Overview Partnerships, customers and backlog development ▪ early mover planning to offer key in-space transportation Key Partners and infrastructure services. Rideshare Partnership 1 In-space robotics Global Ground Station ▪ Anticipated services: ‒ Space Transportation –
Slide 8: Space Transportation: Hub and Spoke Model
Space Transportation 3) Transfer vehicle delivers satellites to 4) Transfer vehicle deorbits or refuels and returns to initial orbit Hub and Spoke Model custom, final orbits for reuse. Momentus plans to make access to space significantly more affordable by combining rideshare launch with low-cost la
Slide 9: Space Transportation: Significant Price Advantages
Space Transportation Significant Price Advantages Price estimates for small satellites + + + Rideshare to initial orbit and Rideshare on large rocket Dedicated small rocket transfer with own propulsion and travel last mile with launch to final orbit system to final orbit Vigoride transfer vehicle >$
Slide 10: Hosted Payloads
Hosted Payloads MOMENTUS TRANSFER VEHICLE Low-Cost & Modular Approach HOSTED PAYLOAD Our transfer vehicles are being designed to move customers' payloads to a specific orbit and stay connected to provide continual power, orbit keeping, orientation and communication for the mission duration. Copyrigh
Slide 11: In-Orbit Servicing
In-Orbit Servicing Capabilities for Entire Range of In-Orbit Services Next-generation Momentus reusable vehicles are being designed to perform proximity maneuvers, docking and refueling, and equipped with robotic arms. They are anticipated to be well-suited for a wide range of in-orbit services. Lif
Slide 12: Rapid Growth in Space Transportation
Rapid Growth in Space Transportation 2010 2020 By 2028 70 1,000+ 12,000+ Satellites Satellites Satellites* Mid-sized rockets launch mid-sized Mix of large, Super-large rockets spacecrafts into many mid-sized and launch the majority small rockets of the mass to space orbits Copyright 2021. Momentus I
Slide 13: Why the Disruption?
Why the Disruption? per kg $250 per kg Starship 2022 $1,750 per kg New Glenn1 ROCKETS ARE $3,750 2022 GETTING $8,000 per kg Falcon-9 2010 BIGGER AND Soyuz CHEAPER 1966 8,000 kg 16,000 kg 45,000 kg 150,000 kg Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution
Slide 14: Smallsat to LEO Market and beyond
Smallsat to LEO Market and beyond Rapid Short-Term Growth, long-term potential Smallsat to LEO TAM, ($M) $40B SPACE TRANSPORTATION MARKET 1,500 $30B 1,000 $20B 500 $10B 0 0 2018 2020 2022 2024 2018 2020 2022 2024 2026 TAM based on data from NSR’s Small Satellite Markets, 6th Edition Source: Stratist
Slide 15: Vehicle Roadmap Addresses all markets
Vehicle Roadmap Addresses all markets Debuts 2022 Debuts 2024 Debuts 2026 Roadmap Capabilities1,2,3 Vigoride Ardoride Fervoride Payload mass4 Up to 750 kg. Up to 4,000 kg. Up to 20,000 kg. LEO/MEO/GEO/HEO Orbits LEO MEO/GEO/HEO/Lunar Lunar, Deep Space Host Power Available Up to 1 kW Up to 10 kW Up t
Slide 16: Water plasma Propulsion Innovation
Water plasma Propulsion MICROWAVE ELECTROTHERMAL Innovation (MET) TECHNOLOGY Scalable Our propulsion system is • Larger engines are even more efficient and have higher ISP designed to be low-cost, efficient, low-risk, safe, easy to Throttleable refuel, reusable and scalable. • Can vary thrust and IS
Slide 17: Vigoride MET Development
Vigoride Met Development 2020 2021 2021 2022 v2 V3/v4 V5/v6 V7+ Power 550w 750w Thrust 70mN 115mN Incremental • Substantial increase in power & thrust from X- • Increased power/thrust • Manufacturability improvements • Increased total lifetime for Increased lifetime extended range & reusability Enha
Slide 18: Execution Plan
Execution Plan Vigoride-1 Vigoride-2 Vigoride-3 Vigoride-4 (engineering model) MOMENTUS USES INDUSTRY STANDARD DESIGN & VERIFICATION PROCESSES Design Phase System Build & Verification Phase Sys Post- C0DR PDR CDR Unit Qual Sys Pre-Env TVAC Vibe Cust. Int. LV Int. Launch Env Vigoride 1 Complete Vigor
Slide 19: Competitive Landscape
Competitive Landscape Small Launch Vehicles Electric Tugs Chemical Tugs w/upper stage ‒ Spaceflight ‒ Spaceflight ‒ Rocket lab (chemical) ‒ Exolaunch ‒ Exolaunch ‒ Astra (electric) ‒ Moog ‒ Moog ‒ Firefly (electric) ‒ D-orbit ‒ Vega (electric) ‒ Skyora ‒ Launcher ‒ RFA ONe Momentus is optimizing its
Slide 20: Compatibility with Leading Launchers
Compatibility with Leading Launchers Vigoride Ardoride Fervoride Copyright 2021. Momentus Inc. Not Export Controlled. Any use, reproduction, or distribution without the express consent of Momentus is strictly prohibited.
Slide 21: Business Update
Business Update Key Partners Rideshare Partnership 1 In-space robotics Global Ground Station Current Customers Strong backlog 3,4 Pipeline Under Negotiation / $2,185 ~11% ~$66M conversations 4,5 Satellite Operators ~$1.7b Revenue ($M) 2 $1,425 ~16% Satellite Manufacturers $805 $419 $0 $5 $66 US Gove
Slide 22: Target 2025 Space Transportation Vigoride Unit Economics
Target 2025 Space transportation Vigoride unit economics Expendable Reusable reusable with large rockets Unit Margin of ~45% $15,000 Unit Margin of ~60% Unit Margin of ~75% $15,000 $10,000 ($1,000) E ($3,500) E ($500) ($500) ($1,500) A ($500) $7,500 ($5,400) A ($500) ($500) $9,000 D ($1,200) D A C (
Slide 23: Illustrative Per Vigoride Mission Economics
Illustrative Per vigoride mission economics Space Transportation mission economics Satellite as a service mission economics (Excluding Space Transportation Economics) + % Margin % Margin Revenue ~500 kg x $15,000/kg $7.5M annual fee 3 years x $800,000 $2.4M Launch, labor and production ~500 kg x $8,
Slide 24: Financial Projections
Financial Projections 2020A and 2021-27 forecast Using ASC 606 accounting standards Basis of Financial Projections ($ in millions) 2020A 2021E 2022E 2023E 2024E 2025E 2026E 2027E ▪ Revenue is projected by service within the context Satellite Transportation Services $0 $0 $5 $51 $350 $579 $874 $1,074
Slide 25: Detailed Transaction Overview
Detailed Transaction Overview Sources & Uses ($ in millions) Pro Forma Valuation ($ in millions) Sources Amount % Amount 2 Existing Momentus Shareholders $554 66% PF shares outstanding 86.9 SRAC Cash in Trust 173 21% Share price $10.00 Sponsor Co-Investment 15 2% PF Equity Value $869 Additional PIPE
Slide 26: SPAC Valuation Comparison
SPACe SPAC valuation Comparison Ev / revenue (based on 2025 guidance) Ev / ebitda (based on 2025 guidance) SPCE / Virgin Galactic 12.0x DMYQ / Planet Labs 33.0x VACQ / Rocket Lab 5.6x VACQ / Rocket Lab 24.8x SPCE / Virgin DMYQ / Planet Labs 4.9x 18.4x Galactic SFTW / Black Sky 2.0x SFTW / Black Sky
Slide 27: Recent progress toward De-SPAC
Recent progress toward De-spac Repurchased Momentus co-founders’ shares at steep discount (6/8). Signed National Security Agreement with CFIUS (6/8). Amended merger agreement to reduce pre-transaction Momentus valuation, giving Stable Road holders a bigger slice of the Momentus pie (6/29). Filed ame
Slide 28: Momentus opportunity
Momentus opportunity - Early mover planning to offer in-space transportation & infrastructure services. - Innovative water-based propulsion technology. - Customer traction. - Attractive unit economics at scale. - Long-term growth opportunities beyond current business plan. - Compelling valuation und
Slide 29: Appendix
appendix
Slide 30: Planned launch schedule
planned launch schedule (# of missions) Space Transportation 2021E 2022E 2023E 2024E 2025E 2026E 2027E Vigoride - 5 12 24 30 36 42 Ardoride - - - 2 6 11 17 Fervoride - - - - - 1 2 Total - 5 12 26 36 48 61 Satellite as a Service (SATaas) 2021E 2022E 2023E 2024E 2025E 2026E 2027E Vigoride - - 2 8 16 2
Slide 31: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation GAAP Net Loss to EBITDA (Non-GAAP) reconciliation Commentary ($ in millions) 2020A ▪ SAFE note fair value increases are related to mark to market estimates Net Earnings from Continuing Operations (GAAP) ($307.0) ▪ Warrant fair value increases are related to mark to ma
Slide 32: Momentus Income Statement
Momentus Income Statement 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 7/21/21
Slide 33: Momentus Balance Sheet
Momentus Balance Sheet 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 7/21/21
Slide 34: Momentus Cash Flow Statement
Momentus Cash Flow Statement 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 7/21/21