Momentus Inc. Reports 32% Revenue Decline and $34.9 Million Net Loss for Fiscal Year 2024

Momentus Inc. has reported its financial results for the fiscal year ending December 31, 2024, revealing a significant decline in revenue and ongoing challenges in achieving profitability. The company generated $2.1 million in service revenue, a decrease of 32% from $3.1 million in 2023. This decline is attributed primarily to a reduction in engineering services performed for U.S. government contracts, which accounted for $1.8 million of the total revenue. The company also reported a net loss of $34.9 million, a 49% improvement from the previous year's loss of $68.9 million, indicating a reduction in operating expenses.

Momentus has made substantial changes to its operational structure, resulting in a 72% decrease in research and development expenses, which fell from $34.4 million in 2023 to $9.8 million in 2024. This reduction was largely due to decreased headcount and related costs, as well as a significant drop in launch costs associated with prior missions. Selling, general, and administrative expenses also decreased by 39%, from $36.1 million to $21.9 million, reflecting the company's efforts to streamline operations amid financial constraints.

The company has focused on strategic developments, including the introduction of its M-1000 satellite bus and the ongoing development of its Vigoride Orbital Service Vehicle (OSV). Momentus has successfully launched four missions to date, deploying 17 customer satellites and providing hosted payload services. However, the company continues to face challenges in securing necessary government licenses and approvals, which are critical for its operations. As of December 31, 2024, Momentus had cash and cash equivalents of $1.6 million, raising concerns about its ability to continue as a going concern without additional capital.

Looking ahead, Momentus has indicated that it will need to raise substantial additional capital to fund its operations and execute its business plan. The company is actively seeking opportunities to access additional funding through various means, including equity and debt financing. However, there is substantial doubt about its ability to continue as a going concern, as it has not generated sufficient revenues to finance its operations internally. The company’s management has acknowledged the need for ongoing efforts to improve its financial position and operational capabilities.

In summary, while Momentus has made strides in reducing its losses and streamlining operations, it faces significant challenges in revenue generation and capital acquisition. The company's future will depend on its ability to secure funding and navigate the complexities of the regulatory environment in the aerospace industry.