$MNTS reports strong financial growth in Q4, focuses on government business expansion.
Mar 7th 2023, 9:05 pm
Analyst Summary: Momentus Inc., a US commercial space company offering transportation and other in-space infrastructure services, has released its financial results for the fourth quarter and full year ended December 31, 2022. The company has achieved significant progress in technology development and its services offerings in 2022, including conducting the first launch of its Vigoride Orbital Service Vehicle, deploying eight customer satellites in orbit, and signing multiple new and repeat commercial customers. In addition, Momentus is seeing increased interest in its services and has expanded its focus to grow its government business, including receiving a contract from NASA to fly two satellites in its next launch targeted for April 2023. The company is also seeing significant interest from US Defense Department organizations in its capabilities. According to the CEO, the space economy continues to experience significant growth, and new regulations put in place by the Federal Communications Commission have contributed to a favorable demand outlook for Momentus' services. The company has completed the thermal vacuum testing of Vigoride 5, integrated customer satellites onto it, launched it on the SpaceX Transporter-6 mission, and completed assembly, customer integration, and ground-testing of Vigoride 6, which is set to launch on the Transporter-7 mission in April 2023. Momentus also reached an agreement in principle to settle certain securities class action lawsuits, raising its cash runway. The company will host a conference call to discuss its financial results today. Forward-looking statements in the press release include the company's plans to play a key role in the growing space economy and be a market leader in in-space transportation and infrastructure services. Note: The use of non-GAAP financial measures such as adjusted EBITDA, non-GAAP selling, general, and administrative expense and non-GAAP research and development expense were included in the press release.