Momentus Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.

For the three months ended September 30, 2024, Momentus generated service revenue of $107,000, a decline from $339,000 in the same period of 2023. For the nine months, total revenue was $1.829 million, down from $2.066 million year-over-year. Despite the decrease in revenue, gross profit for the nine-month period increased to $1.763 million, up from $1.559 million in 2023, indicating improved cost management.

Operating expenses saw a substantial reduction, totaling $7.634 million for the third quarter, down from $15.286 million in 2023. For the nine months, operating expenses decreased to $24.647 million from $55.886 million, reflecting a strategic effort to cut costs, particularly in research and development and selling, general, and administrative expenses. The loss from operations improved to $(7.593 million) for the third quarter, compared to $(15.066 million) in the prior year, and for the nine months, the loss was $(22.884 million), a significant improvement from $(54.327 million) in 2023.

Net loss for the third quarter was $(7.758 million), down from $(15.159 million) in 2023, while the nine-month net loss was $(23.087 million), compared to $(54.819 million) in the previous year. The net loss per share for the third quarter was $(0.45), a notable improvement from $(7.20) in the same quarter of 2023.

Momentus's cash and cash equivalents decreased to $798,000 as of September 30, 2024, down from $2.118 million at the end of 2023. Total current assets also fell to $5.393 million from $10.731 million. Current liabilities increased to $14.026 million, up from $11.109 million, contributing to a total liabilities rise to $19.509 million from $17.462 million.

The company has been actively raising capital, with net cash provided by financing activities amounting to $9.586 million for the nine months ended September 30, 2024, compared to $(5.905 million) in the same period of 2023. This included proceeds from the issuance of common stock and convertible notes.

Strategically, Momentus completed a reverse stock split on August 22, 2023, and entered into a Securities Purchase Agreement in September 2024, generating approximately $2.8 million in gross proceeds. The company continues to focus on its core offerings in satellite technologies and space infrastructure services, while also addressing ongoing legal challenges and the need for additional capital to sustain operations.