Momentus Inc.

What they do

Momentus designs and manufactures satellites, satellite buses, solar arrays, and propulsion systems, including the water-based Microwave Electrothermal Thruster (MET). The company offers 'last mile' satellite transportation, payload hosting, and planned in-orbit services using its Orbital Service Vehicles (OSVs), such as Vigoride. Principal customers are government and commercial satellite operators, with a growing emphasis on U.S. defense and space agencies.

Revenue drivers

• Satellite and component sales — Revenue from selling satellites, satellite buses, and components (e.g., solar arrays). Annual revenue declined from $3.1M in 2023 to $2.1M in 2024 and $1.1M in 2025, indicating a shrinking but still core segment.
• Government contracts — Milestone-based contracts with NASA and the U.S. Department of Defense are expected to drive a forecasted revenue increase to $10.0M in 2026, up from $1.1M in 2025.
• Transportation services — Vigoride missions, such as Vigoride 7 launched on SpaceX Transporter 16 in March 2026, provide 'last mile' delivery of customer satellites to custom orbits. Vigoride 8 is fully subscribed with NASA contracts for 2027.

Recent performance

In fiscal year 2025, Momentus reported revenue of $1.1M and a net loss of $29.8M, with operating cash flow of -$23.3M. Quarterly revenue spiked to $3.2M in Q1 2026, then fell to $25,000 in Q2 2026. As of June 30, 2026, the company held $107.6M in cash and equivalents, total assets of $129.5M, and shareholder equity of $114.3M, with no outstanding debt as of April 2026.

Strategy

Momentus is pivoting toward government and defense customers, holding active contracts with DARPA, AFRL SpaceWERX, SDA, NASA, and the Missile Defense Agency. The company is developing the Tape Spring Solar Array (TASSA) and enhancing its Vigoride OSV for GEO, Lunar, and Deep Space missions. Management aims to scale operations to meet growing government demand, supported by a strengthened balance sheet and a new facility. They also plan to expand beyond transportation into refueling, inspection, maintenance, and debris removal services.

Risks

• Revenue volatility — Quarterly revenue swung from $3.2M (Q1 2026) to $25,000 (Q2 2026), showing high dependence on lumpy government milestones.
• Financing needs — Despite recent cash raises, the company has a history of negative operating cash flow and may need additional capital to execute its business plan.
• Regulatory and licensing — Operations are subject to export control licenses and government approvals, which are essential and can cause delays or cancellations.
• Technology execution — Development, testing, and validation of new technologies like TASSA and next-gen OSVs may face delays or failures, affecting customer confidence and revenue.

Outlook

Management forecasts 2026 revenue of $10.0M, a 9X increase over 2025, driven by milestone-based payments from NASA and DoD contracts already awarded. They estimate at least 12 months of operational runway based on cash of $26.2M as of April 23, 2026. Vigoride 8 is fully subscribed for 2027, and they see a historic inflection in government space spending, citing the FY2027 Space Force budget request of $71B.