Momentus Inc. Files Q1 2024 10-Q

TL;DR

Momentus Q1 2024 10-Q is in. Check financials for space vehicle biz.

AI Summary

Momentus Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly Stable Road Acquisition Corp., reported its financial results for the first quarter of 2024. The filing details its business operations in the guided missiles & space vehicles sector.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Momentus Inc., a company involved in space vehicle technology.

Risk Assessment

Risk Level: medium — As a company in the aerospace sector, Momentus faces inherent risks related to technological development, regulatory approvals, and market demand.

Key Numbers

• 2024 Q1 — Reporting Period (First quarter of 2024 financial results)
• 1231 — Fiscal Year End (Indicates the company's fiscal year closes on December 31st)

Key Players & Entities

• Momentus Inc. (company) — Filer of the 10-Q
• Stable Road Acquisition Corp. (company) — Former name of Momentus Inc.
• 20240331 (date) — End of the reporting period
• 2024-01-01 (date) — Start of the reporting period
• 1345 ABBOT KINNEY BLVD. (address) — Business and mailing address

FAQ

Filing Documents

• mnts-20240331.htm (10-Q) — 941KB
• a20240331-ex311xceo.htm (EX-31.1) — 12KB
• a20240331-ex312xcfo.htm (EX-31.2) — 12KB
• a20240331-ex321xceo.htm (EX-32.1) — 7KB
• a20240331-ex322xcfo.htm (EX-32.2) — 7KB
• 0001781162-24-000009.txt ( ) — 6860KB
• mnts-20240331.xsd (EX-101.SCH) — 54KB
• mnts-20240331_cal.xml (EX-101.CAL) — 66KB
• mnts-20240331_def.xml (EX-101.DEF) — 317KB
• mnts-20240331_lab.xml (EX-101.LAB) — 701KB
• mnts-20240331_pre.xml (EX-101.PRE) — 516KB
• mnts-20240331_htm.xml (XML) — 780KB

- Financial Information

Part I - Financial Information 5

Consolidated Interim Financial Statements

Item 1. Consolidated Interim Financial Statements 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Stockholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to the Consolidated Interim Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 44

Controls and Procedures

Item 4. Controls and Procedures 45

- Other Information

Part II - Other Information 46

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46

Other Information

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 47

Signatures

Signatures 48 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Form 10-Q"), 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 Form 10-Q 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 operations and business plan; the results of th

Financial Statements

ITEM 1. Financial Statements MOMENTUS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands except number of shares and par value) March 31, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,672 $ 2,118 Accounts receivable 15 — Insurance receivable 408 100 Prepaids and other current assets 7,224 8,513 Total current assets 9,319 10,731 Property, machinery and equipment, net 3,045 3,252 Intangible assets, net 347 341 Operating right-of-use asset 5,067 5,350 Restricted cash, non-current 377 373 Other non-current assets 584 602 Total assets $ 18,739 $ 20,649 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,831 $ 2,805 Accrued liabilities 4,458 4,754 Loan payable, current — 2,273 Contract liabilities, current 495 — Operating lease liability, current 1,298 1,268 Litigation settlement contingency 526 — Other current liabilities 6 9 Total current liabilities 9,614 11,109 Contract liabilities, non-current 618 998 Warrant liability 3 3 Operating lease liability, non-current 4,523 4,863 Other non-current liabilities 496 489 Total non-current liabilities 5,640 6,353 Total liabilities 15,254 17,462 Commitments and Contingencies (Note 12) Stockholders' equity: Preferred stock, $ 0.00001 par value; 20,000,000 shares authorized and 0 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — — Class A common stock, $ 0.00001 par value; 250,000,000 shares authorized and 16,625,778 issued and outstanding as of March 31, 2024; 250,000,000 shares authorized and 8,283,865 issued and outstanding as of December 31, 2023 — — Class B common stock, $ 0.00001 par value; 4,312,500 shares authorized and 0 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — — Additional paid-in capital 384,845 376,234 Accumulated deficit ( 381,360 ) ( 373,047 ) Total stockholders' equity 3,485 3,187 Total liabilities and s

View Full Filing

View this 10-Q filing on SEC EDGAR