Momentus Inc. Q1 FY2023 earnings call

• Technology progress: The MET thruster on Vigoride spacecraft has been successfully operated in space with over 140 minutes of firing time. The Tape Spring Solar Array (TASSA) launched on Vigoride 6 is being tested in orbit. - Customer contracts: Signed contracts with FOSSA Systems, Hello Space, Lunasonde, SatRev, etc. - Business development: Focus on U.S. government business, including teaming with Astroscale for Hubble Telescope reboost; selected for funding from the space development agency; signed MOU with Axient. Eric Williams discussed financial results and plans to reduce operating expenses.

In the first quarter of 2023, Momentus recognized $22,000 in revenue. Cumulatively, approximately $33 million in backlog of potential revenue was signed as of April 30, 2023. Non-GAAP adjusted EBITDA was negative $16.1 million. Non-GAAP SG&A expenses for the first quarter totaled $7.4 million, and non-GAAP R&D expenses were approximately $9 million.

• Expect to continue driving bookings and revenue growth. - Implement plans to reduce operating expenses and drive closure of legal matters. - Explore additional funding sources to improve liquidity and strengthen the balance sheet.

There is a risk that the company will not meet its obligations for the next 12 months due to current cash balance, as noted in the going concern qualification for the 10-Q filing.

Q: On the operational side, update on Vigoride 6 mission timeline and TASSA array testing; and on financing sources.

A: John Rood discussed Vigoride 6 mission timeline for deploying NASA satellites and TASSA testing, including the timeline for deploying NASA payloads and the long-duration testing of TASSA. Eric Williams talked about exploring capital sources and cost reduction plans.

Q: Revenue recognition and deployment estimates.

A: John Rood explained revenue recognition depends on contract value per deployment, varying by satellite size; Michael Mathison asked about deployment estimates in later quarters and John Rood provided details on revenue recognition based on contract specifics.