Momentus Inc. reported its financial results for the second quarter and the six months ended June 30, 2024, highlighting significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.

For Q2 2024, Momentus generated service revenue of $1.2 million, a decrease of 29% from $1.7 million in Q2 2023. For the six months ended June 30, 2024, total revenue was $1.7 million, slightly down from $1.727 million in the same period last year. The revenue primarily stemmed from engineering services for the U.S. government, marking a notable shift as there was no revenue from government contracts in the prior year.

The company's gross profit for Q2 2024 was $1.2 million, down from $1.3 million in Q2 2023. However, gross profit for the six months increased to $1.7 million, up 29% from $1.339 million in the previous year. Total operating expenses significantly decreased to $8.2 million in Q2 2024 from $20.2 million in Q2 2023, reflecting a 60% reduction. This decline was attributed to substantial cuts in research and development (R&D) and selling, general, and administrative (SG&A) expenses, which fell by 72% and 47%, respectively.

The loss from operations improved to $(6.96 million) in Q2 2024, compared to $(18.9 million) in Q2 2023, representing a 63% improvement. The net loss for Q2 2024 was $(7.016 million), down from $(18.835 million) in the prior year, also reflecting a 63% improvement. For the six months ended June 30, 2024, the net loss was $(15.329 million), a significant reduction from $(39.66 million) in the same period of 2023.

Momentus's cash and cash equivalents as of June 30, 2024, were $897,000, a decrease from $2.118 million at the end of 2023. Total current assets also fell to $6.159 million from $10.731 million at the end of 2023, while total assets decreased to $15.006 million from $20.649 million. The accumulated deficit worsened to $(388.376 million) from $(373.047 million) at the end of 2023.

Strategically, Momentus has made significant strides, including the successful demonstration of its Vigoride OSV in space and the launch of four missions, deploying 17 customer satellites. The company has also entered into a contract with NASA for the Venture-Class Acquisition of Dedicated Rideshare (VADR) program, which aims to deliver payloads to various orbits.

In terms of capital raising, Momentus has engaged in several financing activities, including the issuance of common stock and warrants, generating approximately $8 million in gross proceeds in early 2024. However, the company continues to face challenges, including a substantial accumulated deficit and the need for additional capital to sustain operations.