Momentus rallies after Vigoride orbital transfer vehicle gain momentum: Q2 Results

Aug. 11, 2022 11:00 AM ETMomentus Inc. (MNTS)By: Shweta Agarwal, SA News Editor

Planet earth from the space at night

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  • The micro-cap aerospace stock Momentus (NASDAQ:MNTS) gains 14% in early trading session on Thursday after the release of second quarter's results.
  • The company's service revenue for the quarter is reported at $0.05M at gross margin of 38%.
  • GAAP EPS was -$0.28.
  • As at June 30, Momentus' cash and cash equivalents balance stood at $109.5M.
  • The company said it plans to reduce its cash burn below previously-planned levels by reducing overhead spending and delaying longer-dated research and development projects to extend cash runway through the end of 2023.
  • Following ground testing, the company launched Vigoride 3 to low earth orbit onboard SpaceX’s Transporter-5 mission. It has confirmed that two customer satellites were deployed from Vigoride 3 during the second quarter of 2022 while four customer satellites have since been deployed in the third quarter, taking the total to six, thus far.
  • Momentus said it plans to continue development of the Vigoride orbital transfer vehicle, including planned launches on SpaceX rideshare missions targeted for November 2022, February 2023, and May 2023.
  • The stock has lost 80% in the past 1-year after getting public in reverse merger deal with SPAC Stable Road Acquisition. IT is currently trading at $2.47 vs. 52-week range of $1.61 to $12.87.
  • On Jun 9, Seeking Alpha Quant System issued Sell rating on Momentus, warning "MNTS is at the high risk of performing badly" due to negative EPS revisions and inferior profitability when compared to other industrials stocks.

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