Momentus Inc. Files 2023 10-K Report
Ticker: MNTSW · Form: 10-K · Filed: Jun 6, 2024 · CIK: 1781162
Sentiment: neutral
Topics: 10-K, space-industry, financials
TL;DR
Momentus Inc. filed its 2023 10-K. Space vehicle company. Check financials.
AI Summary
Momentus Inc. filed its 2023 10-K report, detailing its operations in the guided missiles and space vehicles sector. The company, formerly Stable Road Acquisition Corp., is based in Venice Beach, CA. The filing covers the fiscal year ending December 31, 2023, and includes financial data for the periods ending December 31, 2023, 2022, and 2021.
Why It Matters
This 10-K filing provides a comprehensive overview of Momentus Inc.'s financial health and operational status for the past fiscal year, crucial for investors and stakeholders assessing the company's performance in the space technology sector.
Risk Assessment
Risk Level: medium — As a company in the space industry, Momentus Inc. faces inherent risks related to technological development, regulatory hurdles, and market competition.
Key Numbers
- 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
- 2022-12-31 — Prior Year End (Comparative financial data)
- 2021-12-31 — Earlier Year End (Historical financial data)
Key Players & Entities
- Momentus Inc. (company) — Filer of the 10-K
- Stable Road Acquisition Corp. (company) — Former name of Momentus Inc.
- Venice Beach, CA (location) — Company headquarters
- 2023-12-31 (date) — Fiscal year end
FAQ
What is Momentus Inc.'s primary business activity?
Momentus Inc. operates in the Guided Missiles & Space Vehicles & Parts industry, with specific business segments including satellite, payload, mission, and lease.
When did Momentus Inc. change its name from Stable Road Acquisition Corp.?
The company's name change from Stable Road Acquisition Corp. to Momentus Inc. occurred on June 28, 2019.
What is the filing date of this 10-K report?
This 10-K report was filed on June 6, 2024.
What is the SIC code for Momentus Inc.?
The Standard Industrial Classification (SIC) code for Momentus Inc. is 3760, which corresponds to Guided Missiles & Space Vehicles & Parts.
What are the different classes of common stock mentioned in the filing?
The filing mentions Common Class A and Common Class B members, as well as Common Stock.
Filing Stats: 4,521 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2024-06-05 19:03:28
Key Financial Figures
- $1.73 — 31, 2023, based on the closing price of $1.73 for shares of our Class A common stock,
- $0.0001 — SRAC's Class B common stock, par value $0.0001 per share, converted into one share of
- $0.00001 — mpany's Class A common stock, par value $0.00001 per share, without any further action b
- $500.00 — f the Company's Class A common stock at $500.00 per share for aggregate gross proceeds
- $110.0 million — r share for aggregate gross proceeds of $110.0 million (the "PIPE Investment"). The PIPE Inves
- $575.00 — e the Company's Class A common stock at $575.00 per share. The warrants were recorded a
- $30.5 million — rrant liability was initially valued at $30.5 million. The PIPE Investment was consummated co
Filing Documents
- mnts-20231231.htm (10-K) — 1845KB
- consentex231.htm (EX-23.1) — 1KB
- a20231231-ex311xceo1.htm (EX-31.1) — 12KB
- a20231231-ex312xcfo1.htm (EX-31.2) — 12KB
- a20231231-ex321xceo1.htm (EX-32.1) — 7KB
- a20231231-ex322xcfo1.htm (EX-32.2) — 7KB
- a20231127compensationclowb.htm (EX-97.1) — 31KB
- consentex231001.jpg (GRAPHIC) — 66KB
- 0001628280-24-026929.txt ( ) — 9184KB
- mnts-20231231.xsd (EX-101.SCH) — 59KB
- mnts-20231231_cal.xml (EX-101.CAL) — 96KB
- mnts-20231231_def.xml (EX-101.DEF) — 361KB
- mnts-20231231_lab.xml (EX-101.LAB) — 814KB
- mnts-20231231_pre.xml (EX-101.PRE) — 572KB
- mnts-20231231_htm.xml (XML) — 1044KB
Risk Factors
Item 1A. Risk Factors 17
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 39
Cybersecurity
Item 1C. Cybersecurity 39
Properties 39
Item 2. Properties 39
Legal Proceedings
Item 3. Legal Proceedings 39
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 39 Part II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40
[ Reserved]
Item 6. [ Reserved] 41
Momentus' Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Momentus' Management's Discussion and Analysis of Financial Condition and Results of Operations 41
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 57
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 58
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 98
Controls and Procedures
Item 9A. Controls and Procedures 98
Other Information
Item 9B. Other Information 98
Disclosure Regarding Foreign Jurisdictions That Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 98 Part III.
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 98
Executive Compensation
Item 11. Executive Compensation 106
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 110
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 111
Principal Accounting Fees and Services
Item 14. Principal Accounting Fees and Services 113 Part IV.
Exhibits, Financial Statement Schedules
Item 15. Exhibits, Financial Statement Schedules 114
Form 10-K Summary
Item 16. Form 10-K Summary 116 Signature 117 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Form 10-K"), including, without limitation, statements under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations," includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). Generally, statements that are not historical facts, including statements concerning Momentus Inc.'s (the "Company," "Momentus", "we," "us," or "our") possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believes," "estimates," "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology, but the absence of these words does not mean that a statement is not forward-looking. There can be no assurance that actual results will not materially differ from expectations. The forward-looking statements contained in this Annual Report on Form 10-K are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, without limitation, the ability of the Company to raise additional capital to finance its
Business
ITEM 1. Business Unless the context otherwise requires, all references in this section to the "Company," "we," "us," or "our" refer to Momentus. Background and Business Combination On August 12, 2021, the Company consummated a merger pursuant to certain Agreement and Plan of Merger, dated October 7, 2020, and as amended on March 5, 2021, April 6, 2021, and June 29, 2021 (the "Merger Agreement"), by and among Stable Road Acquisition Corp ("SRAC"), Project Marvel First Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of SRAC ("First Merger Sub"), and Project Marvel Second Merger Sub, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of SRAC ("Second Merger Sub"), pursuant to which First Merger Sub merged with and into Momentus Inc., a Delaware corporation ("Legacy Momentus") with Legacy Momentus as the surviving corporation of the First Merger Sub, and immediately following which Legacy Momentus merged with and into the Second Merger Sub, with the Second Merger Sub as the surviving entity (the "Business Combination"). In connection with the closing of the Business Combination (the "Closing"), the Company changed its name from Stable Road Acquisition Corp. to Momentus Inc., and Legacy Momentus changed its name to Momentus Space, LLC. The Business Combination was accounted for as a reverse recapitalization under ASC 805, Business Combinations ("ASC Topic 805") in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Under this method of accounting, SRAC, who was the legal acquirer, is treated as the "acquired" company for financial reporting purposes and Legacy Momentus is treated as the accounting acquirer. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of a capital transaction in which Legacy Momentus issued stock for the net assets of SRAC, with no goodwill or other intangible assets recorded, and Legacy Momentus' f