AI Analysis | Feedback

Here are 1-3 brief analogies for Momentus (MNTS):

• Uber for satellites in space.
• A ferry service for satellites in orbit.
• The U-Haul for satellites in orbit.

AI Analysis | Feedback

• In-space Transportation Services: Utilizing their Vigoride Orbital Transfer Vehicle (OTV), Momentus provides "last-mile" delivery of satellites to their precise operational orbits after initial launch by a larger rocket.
• Hosted Payload Services: Momentus offers opportunities for customers to integrate their payloads directly onto the Vigoride OTV for in-orbit demonstration, testing, and operation.

AI Analysis | Feedback

Momentus (MNTS) sells primarily to other companies and government entities in the space industry, offering in-space transportation and infrastructure services.

Major Customers of Momentus (MNTS):

• Sidus Space (NASDAQ: SIDU): A public company that has contracted Momentus for the launch and deployment of their LizzieSat-XL in 2025.
• Apogeo Space: A private company that contracted Momentus for the deployment of 12 satellites in 2024.
• Kleos Space: A private company (formerly ASX: KSS) that has contracted Momentus for satellite deployment services.
• Loft Orbital: A private company that has contracted Momentus for hosted payload mission services.
• Qosmosys: A private company that has contracted Momentus for a multi-mission agreement, including the deployment of a lunar mission.

AI Analysis | Feedback

• SpaceX

AI Analysis | Feedback

John C. Rood, Chairman and Chief Executive Officer

John C. Rood joined Momentus as CEO in August 2021, overseeing its transition from a startup to a publicly traded space infrastructure services firm. He previously served as the Under Secretary of Defense for Policy in the U.S. Department of Defense from 2018 to 2020. Prior to his government service, Mr. Rood held executive positions at Lockheed Martin, including Senior Vice President of Lockheed Martin International and Vice President for Corporate Domestic Business Development, and was a Vice President for U.S. Business Development at Raytheon. He also served as CEO of John C. Rood and Associates LLC, assisting clients with growth strategies, and as an associate at SMA, Inc., a consulting firm. Mr. Rood has served as Chairman of the Board of Radisson Hospitality Inc. since September 2020.

Lon Ensler, Chief Financial Officer

Lon Ensler was appointed interim Chief Financial Officer of Momentus on April 2, 2024, and assumed the full CFO role effective August 1, 2025. He brings over 30 years of financial leadership experience from both established corporations and dynamic startups, with expertise in strategic planning, capital raising, mergers and acquisitions, and financial execution. Before Momentus, Mr. Ensler was the CFO of Ziteo Medical, Inc. from 2019 to 2024, and prior to that, he provided advisory and interim CFO services through his consulting firm, Ensler Consulting, from 2015 to 2019. He also served as Chief Financial Officer of Xradia, Inc. from 2008 to 2015.

Rob Schwarz, Chief Technology Officer

Rob Schwarz became Momentus' Chief Technology Officer in early 2020, where he is responsible for the vision and technical direction of the company's products. He has a background in spacecraft systems engineering and management, product management, and innovation. Before joining Momentus, Mr. Schwarz spent 20 years at Space Systems Loral (now part of Maxar) and Orbital Sciences (now part of Northrop Grumman). His roles included Executive Director of Systems Engineering at SSL and later CTO of the Maxar Space Division, where he supported the development, manufacturing, launch, and operations of numerous spacecraft and led the creation of a new Product Management organization, developing new product concepts like in-space servicing.

Chris Kinman, Chief Commercial Officer

Chris Kinman joined Momentus as Chief Commercial Officer effective January 9, 2023. He has over 30 years of experience in business development, engineering, program management, and driving growth in the defense, civil government, and commercial space sectors. Mr. Kinman previously served as a Senior Business Development Executive for Northrop Grumman's Space Sector, where he led efforts to capture space opportunities with the Intelligence Community and Department of Defense, including the Space Development Agency, Space Force, and U.S. Army, resulting in several billion dollars in contract value. His prior experience also includes roles at Iridium Communications, Inc. and SES Space & Defense, Inc.

Jon Layman, Chief Legal Officer

Jon Layman has served as the Chief Legal Officer of Momentus since February 2025. Before joining Momentus, he was the Chief Legal Officer and Head of Operations for The ON Platform Inc. from February 2024 to July 2024. Mr. Layman also served as General Partner, Operating Partner, and General Counsel of Prime Movers Lab LLC from January 2021 to August 2022. Additionally, he has been the Principal Member of Layman Strategic Advisory since September 2022 and was previously a Partner at prominent law firms Hogan Lovells US LLP and Wilson Sonsini Goodrich & Rosati, PC.

AI Analysis | Feedback

1. Financial Health and Going Concern Doubt: Momentus faces significant financial challenges, characterized by substantial operating losses, negative margins, and a distressing Altman Z-Score that suggests a possibility of bankruptcy within the next two years. The company has low cash reserves and requires significant additional funding to sustain operations, raising doubts about its ability to continue as a going concern. Its revenue has been declining, with a three-year growth rate of -24.6% and a recent annual revenue of $2.11 million, further highlighting its precarious financial position.
2. Nasdaq Listing Compliance: Momentus recently undertook a 1-for-17.85 reverse stock split to meet Nasdaq's minimum bid price requirement. There is no assurance that the company will continue to meet this or other Nasdaq listing requirements in the future. Failure to maintain compliance could result in the delisting of its common stock, which would adversely affect its liquidity and market price.
3. Limited Commercial Traction and Intense Competition: The company operates in the highly competitive aerospace and defense sector, offering in-space infrastructure services. Momentus has struggled to secure scalable contracts, with service revenue falling 59% year-on-year in the first nine months of 2025. This limited commercial traction and the presence of deep-pocketed rivals pose a significant risk to the company's ability to achieve profitability and growth.

AI Analysis | Feedback

• The rapidly intensifying competition in the market for in-space transportation and last-mile satellite delivery services. Companies such as D-Orbit, Impulse Space, and others are actively developing and deploying orbital transfer vehicles (OTVs) and similar platforms, directly challenging Momentus for market share, pricing power, and customer contracts.
• The continuous advancement and increasing flexibility of primary launch vehicles, particularly the growing availability of highly precise and cost-effective direct injection capabilities to a wider range of orbits. This trend could diminish the necessity of separate orbital transfer vehicle services for certain satellite missions, thereby eroding a portion of Momentus's core addressable market.

AI Analysis | Feedback

Momentus Inc. (MNTS) operates in the commercial space industry, primarily focusing on in-space infrastructure services. Their main products and services include in-space transportation, often referred to as "last-mile delivery" or orbital transfer vehicle (OTV) services, as well as in-orbit services like satellite servicing, refueling, inspection, maintenance, de-orbiting, and debris removal. The company also offers satellite buses and other satellite components.

The addressable markets for Momentus's main products and services are sizable and growing globally:

• In-Space Transportation (Orbital Transfer Vehicles / Space Last-Mile Delivery):

  • The global space transportation market was valued at $0.9 billion in 2023 and is projected to reach $2.7 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 11.9%.

  • The global space last-mile delivery market was valued at USD 48 million in 2024 and is projected to grow to USD 306.1 million by 2034, at a CAGR of 20.5%. Another report estimates this market at USD 99 million in 2024, projected to reach USD 1,144 million by 2032 with a substantial CAGR of 42.1%.

  • The global market for Satellite Orbital Transfer Vehicles (OTV) was estimated at US$ 54.6 million in 2023 and is forecast to reach US$ 195 million by 2030, with a CAGR of 18.3%.

  • The orbital transfer vehicle market size is expected to grow from $1.57 billion in 2024 to $2.98 billion in 2029 at a CAGR of 13.7%. North America was the largest region in this market in 2024.

  • North America is anticipated to lead the space last-mile delivery market, with its value reaching USD 118.5 million by 2034.

• In-Orbit Services (Satellite Servicing, Refueling, De-orbiting, Debris Removal):

  • The global on-orbit satellite servicing market size was valued at USD 2.21 billion in 2022 and is anticipated to exceed USD 6.14 billion by 2032, growing at a CAGR of 10.7%.

  • The global on-orbit services market size was valued at USD 2,332.6 million in 2023 and is projected to grow from USD 2,547.2 million in 2024 to reach USD 5,897.6 million in 2032, exhibiting a CAGR of 11.1%.

  • The global on-orbit satellite servicing market size is calculated at USD 4.67 billion in 2025 and is forecasted to reach approximately USD 11.56 billion by 2034, accelerating at a CAGR of 10.56%.

  • The on-orbit satellite servicing market is projected to grow from USD 3.1 billion in 2025 to USD 9.5 billion by 2035, at a CAGR of 11.7%.

  • North America dominated the on-orbit services market with a 45.95% share in 2023. The U.S. on-orbit satellite servicing market size was evaluated at USD 1.17 billion in 2024 and is projected to be worth around USD 3.27 billion by 2034, growing at a CAGR of 10.82%.

  • The market opportunity for de-orbiting services is expected to reach $500 million in annual revenues (globally).

Momentus also offers satellite buses and components, which fall under the broader space economy. The global space economy was valued at $469 billion in 2021.

AI Analysis | Feedback

Momentus Inc. (MNTS) is expected to drive future revenue growth over the next two to three years through several key areas:

1. Growth in In-Space Transportation and Logistics Services: As the overall space economy expands, there is an increasing demand for the precise delivery and repositioning of satellites in orbit. Momentus' core offering of in-space transportation using its Vigoride orbital transfer vehicles is positioned to capitalize on this growing market. The company aims to serve the needs of a dynamic and expanding space industry, facilitating a broader range of applications from space.
2. Expansion of In-Orbit Services and Hosted Payloads: Beyond just transportation, Momentus also provides in-orbit services and hosts customer payloads. This includes offering power, communications, and other support to satellites and scientific instruments once they are in space. Recent activities, such as supporting a hosted payload for Caltech, demonstrate the company's capabilities in this area, indicating a revenue growth driver through diversified service offerings.
3. Strategic Partnerships and New Customer Contracts: Momentus is actively pursuing and securing new contracts and partnerships. A recent example includes a collaboration with DPhi Space to deploy an edge computing payload on a Vigoride vehicle, which is anticipated to enhance service offerings, broaden market reach, and directly contribute to revenue growth. Additionally, a $15 million global agreement with Solstar Space has also been noted as a potential revenue stream.
4. Advancement and Utilization of Water Plasma-Based Propulsion Technology: The company's innovative water plasma-based propulsion system is a differentiating technology for its in-space transfer and service vehicles. Continued successful deployment and proven performance of this pioneering propulsion system, which has already achieved orbit raises, could attract more customers seeking efficient and sustainable in-space mobility solutions.
5. Penetration into Defense and National Security Markets: Momentus identifies a growing need for maneuverable, dynamic, and responsive space assets within the national security sector. The flexibility and payload capacity of their utility vehicles are well-suited to support these types of missions, suggesting a potential expansion into or increased engagement with defense and national security contracts as a future revenue driver.

AI Analysis | Feedback

Share Repurchases

• In August 2021, Momentus planned to use $40 million of the proceeds from its business combination to repurchase co-founders' shares.

Share Issuance

• Momentus raised approximately $247 million in cash proceeds through its August 2021 business combination, including a $110 million private placement.
• In September 2024, the company issued 5,000,000 shares of common stock (or equivalents) at $0.55 per share through a private placement, generating approximately $2.75 million in gross proceeds, along with warrants for up to 15,000,000 additional shares.
• Momentus conducted several offerings in 2025, including a $5 million offering in February, a $4 million offering in June, and a warrant inducement transaction in October that yielded approximately $7.0 million in gross cash proceeds by exercising 4,979,738 existing warrants while issuing new warrants for up to 7,469,607 shares.

Inbound Investments

• Momentus went public in August 2021 via a SPAC merger with Stable Road Acquisition Corp., valuing the combined entity at approximately $1.2 billion and raising about $247 million in cash proceeds, which included a $110 million private placement.
• Prior to going public, Momentus secured venture and private funding from investors such as Prime Movers Lab, Y Combinator, Tribe Capital, and liquid2VC.

Capital Expenditures

• Proceeds from share issuances, such as the $4 million offering in June 2025 and the $2.75 million private placement in September 2024, were intended for general corporate purposes, working capital, capital expenditures, and debt repayment.
• The CEO in August 2025 highlighted a focus on strategic investments in core technologies and market expansion to drive long-term value.