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olivLaw · US equity research

Momentus Inc. MNTS

Guided Missiles & Space Vehicles & Parts · SIC 3760 · Vertical: Guided Missiles & Space Vehicles & Parts (SIC 3760)

1.86USD0.00% · 1 dayClose 04 Nov 2026

Momentus is a U.S. commercial space company offering orbital transport, payload hosting, satellites and components to government and commercial customers. It is at a transition point, with revenue forecast at 10.0 million USD for 2026 and growing government interest in space defense, though it still depends on additional financing.

At the close of 04 Nov 2026, Momentus Inc. (MNTS) stock was 1.86 USD (+0.00% on the day), with market capitalisation 40.9 m USD, beta 2.60, 52-week range 1.82–19.50 USD. Latest reported quarter (Q2 2026): revenue of 25.0 k USD (−86.9% YoY), net income of -8.3 m USD, diluted EPS -0.70 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
40.9 m USD
shares as of 10 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -49.10 · TTM to 31 Dec 2025
E/P (TTM)
-2,639.78%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
2.60
Volatility (1y) 181%
52-week range
1.8219.50

Price history

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Technical reading

RSI (14)
18.6
oversold (≤ 30)
Bollinger (20, 2)
1.48 – 3.37
in the lower half of the band · %B 0.20 · band width 77.9%
SMA 50 / 200
3.41 / 5.59
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.48 / -0.48
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−48.0%−1.1%−46.9 pp—
3 months−56.1%−0.5%−55.7 pp—
6 months−61.3%+4.4%−65.6 pp—
Year to date−61.8%+12.3%−74.1 pp—
1 year−90.1%+13.5%−103.6 pp+13.5%
3 years−99.8%+76.4%−176.2 pp+145.2%
5 years−100.0%+63.7%−163.7 pp—
Max drawdown (1y)
−90.7%
27 May 2026 → 02 Nov 2026
Max drawdown (5y)
−100.0%
09 Nov 2021 → 02 Nov 2026
Compound annual growth (5y)
−89.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
25.0 k USD
−86.9% YoY
Net income
-8.3 m USD
unavailable YoY
Diluted EPS
-0.70
unavailable YoY
net / operating
-33,076.0% / -32,420.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue107.0 k285.0 k322.0 k191.0 k234.0 k363.0 k3.2 m25.0 k
Cost of revenue66.0 k002.0 k001.4 m0
Gross profit41.0 k285.0 k322.0 k189.0 k234.0 k363.0 k1.8 m25.0 k
Research & development2.2 m2.1 m1.9 m2.2 m2.3 m2.8 m4.2 m4.2 m
SG&A5.4 m5.0 m4.6 m3.9 m4.2 m6.5 m6.3 m3.9 m
Operating income-7.6 m-6.8 m-6.2 m-5.9 m-6.2 m-8.9 m-8.7 m-8.1 m
Interest expense43.0 k295.0 k-156.0 k91.0 k177.0 k565.0 k586.0 k116.0 k
Pre-tax income-7.8 m-11.9 m——————
Net income-7.8 m-11.9 m-6.2 m-6.5 m-11.1 m-6.8 m-9.5 m-8.3 m
Diluted EPS-6.26—-29.29-22.03-1.08—-2.15-0.70
Operating cash flow-4.5 m ≈-5.7 m-4.2 m-3.2 m ≈-5.3 m ≈-10.5 m-5.8 m-9.1 m ≈
Capex0 ≈000 ≈——197.0 k31.0 k ≈
Share repurchases0 ≈0——————

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202020212022202320242025
Revenue365.0 k330.0 k299.0 k3.1 m2.1 m1.1 m
Revenue YoYunavailable−9.6%−9.4%+933.1%−31.6%−47.5%
Net income-307.0 m120.7 m-95.4 m-68.9 m-34.9 m-30.5 m
Net income YoYunavailableunavailable−179.1%unavailableunavailableunavailable
Diluted EPS-4.901.70-58.53-323.96-414.01-49.10
Diluted EPS YoYunavailableunavailable−3,542.9%unavailableunavailableunavailable
net %-84,117.0%36,561.8%-31,921.1%-2,231.1%-1,653.1%-2,744.9%
Free cash flow-34.0 m-89.7 m-88.5 m-61.9 m-16.6 m-23.3 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
12.8 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
17.1 m USD
Total assets
40.3 m USD
Debt / equity
unavailable
Current ratio
1.39x
ROE
unavailable
ROA
-121.2%
FCF margin
-2,097.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
3.1 m
2024
2.1 m
2025
1.1 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2023
855.0 k
2024
66.0 k
2025
2.0 k

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2023
2.2 m
2024
2.0 m
2025
1.1 m

SEC (XBRL)· 31 Mar 2026verified

Research & development
2023
34.4 m
2024
9.8 m
2025
9.2 m

SEC (XBRL)· 31 Mar 2026verified

SG&A
2023
36.1 m
2024
21.9 m
2025
19.2 m

SEC (XBRL)· 31 Mar 2026verified

Operating income
2023
-68.2 m
2024
-29.7 m
2025
-27.3 m

SEC (XBRL)· 31 Mar 2026verified

Interest expense
2023
2.3 m
2024
395.0 k
2025
677.0 k

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2023
—
2024
-34.9 m
2025
-30.5 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2023
0
2024
0
2025
0

SEC (XBRL)· 31 Mar 2026verified

Net income
2023
-68.9 m
2024
-34.9 m
2025
-30.5 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
-323.96
2024
-414.01
2025
-49.10

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2023
212.7 k
2024
84.4 k
2025
622.9 k

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2023
2.1 m
2024
1.6 m
2025
12.8 m

SEC (XBRL)· 31 Mar 2026verified

Receivables
2023
0
2024
879.0 k
2025
0

SEC (XBRL)· 31 Mar 2026verified

Current assets
2023
10.7 m
2024
4.5 m
2025
22.3 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2023
3.3 m
2024
2.2 m
2025
953.0 k

SEC (XBRL)· 31 Mar 2026verified

Intangibles (excl. goodwill)
2023
341.0 k
2024
253.0 k
2025
201.0 k

SEC (XBRL)· 31 Mar 2026verified

Total assets
2023
20.6 m
2024
10.0 m
2025
40.3 m

SEC (XBRL)· 31 Mar 2026verified

Accounts payable
2023
2.8 m
2024
5.6 m
2025
4.1 m

SEC (XBRL)· 31 Mar 2026verified

Current liabilities
2023
11.1 m
2024
15.0 m
2025
16.1 m

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2023
17.5 m
2024
17.8 m
2025
23.2 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2023
3.2 m †
2024
-7.8 m †
2025
17.1 m †

SEC (XBRL)· 31 Mar 2026verified

Shares outstanding at year end
2023
—
2024
—
2025
—

SEC (XBRL)· 09 Mar 2022verified

Cash flow · USD

Operating cash flow
2023
-61.8 m
2024
-16.6 m
2025
-23.3 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
94.0 k
2024
0
2025
12.0 k

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2023
-61.9 m ≈
2024
-16.6 m ≈
2025
-23.3 m ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2023
-19.0 k
2024
94.0 k
2025
-12.0 k

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2023
1.9 m
2024
15.6 m
2025
34.6 m

SEC (XBRL)· 31 Mar 2026verified

Share repurchases
2023
10.0 m
2024
0
2025
—

SEC (XBRL)· 01 Apr 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-47.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
54.8%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
24.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
63.6%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
unavailable
input data missing
EBIT margin
-832.0%
computed by olivLawTTM to 30 Jun 2026
Net margin
-927.7%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-807.3%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-68.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-51.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-26.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-22.1x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
13.7x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
13.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-30.7 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
240.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-31.0 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
39 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
1,400 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
40.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-87.1%
computed by olivLawTTM to 30 Jun 2026
P/B
0.4x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
10.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-75.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
-3.14
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.86 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 40.9 m USD

Key indicators

Market capitalisation
40.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.4x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-68.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-927.7%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-47.5%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 10 Aug 2026
Source: SEC (XBRL)published 11 Aug 2026
verified 856derived 83

Score by group

33% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Guided Missiles & Space Vehicles & Parts (SIC 3760)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-927.7%0 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth54.8%100 (on a fixed band)25%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-22.1x0 (on a fixed band)19%
Current ratio · Balance sheet13.7x100 (on a fixed band)13%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-75.8%0 (on a fixed band)25%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Momentus Inc. (MNTS). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 1.1 m USD in 2025; YoY growth -47.5%; net margin -927.7%; ROE -68.3%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 54.8%
  • Current ratio: 13.7x

What contradicts it

  • Net margin: -927.7%
  • Interest coverage: -22.1x
  • FCF yield: -75.8%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Guided Missiles & Space Vehicles & Parts (SIC 3760) · same industry (4-digit SIC) · compared with 6 companies

Multiples and returns vs the median

P/E
—
vertical median —
EV/EBITDA
—
vertical median —
P/S
10.6x
vertical median 4.5x
above median (+135.2%)
P/B
0.4x
vertical median 2.3x
below median (−84.8%)
ROE
-68.3%
vertical median -13.6%
below median
Net margin
-927.7%
vertical median -39.4%
below median
EBIT margin
-832.0%
vertical median -39.8%
below median
Revenue YoY
-47.5%
vertical median 17.0%
below median (−379.8%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LMTLockheed Martin Corporation137.5 bn21.180.2%8.2%+5.6%+30% / +33%
RKLBRocket Lab Corp31.3 bn—-7.9%-21.5%+38.0%+24% / +1,096%
KTOSKratos Defense & Security Solutions, Inc.6.8 bn206.81.1%2.0%+18.5%−53% / +89%
FLYFirefly Aerospace Inc.2.9 bn—-238.4%-126.6%+163.0%−3% / unavailable
RDWRedwire Corporation1.9 bn—-19.2%-57.3%+10.3%+40% / +202%
MNTSMomentus Inc.40.9 m—-68.3%-927.7%−47.5%−90% / −100%
VOYGVoyager Technologies, Inc.——-38.7%-79.0%+15.4%+3% / unavailable

1- and 3-year price returns: for MNTS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Momentus is a U.S. commercial space company offering orbital transport, payload hosting, satellites and components to government and commercial customers. It is at a transition point, with revenue forecast at 10.0 million USD for 2026 and growing government interest in space defense, though it still depends on additional financing.

    SWOT

    Strengths

    • The company has water-propellant propulsion technology demonstrated in space at a high maturity level, a modular Vigoride platform and support from government agencies 123.
    • Momentus holds a Top Secret facility clearance and a new headquarters with greater production and operations capacity 3.
    • Its convertible debt was retired, and the company says it had no outstanding debt by April 2026, which could improve customer confidence 3.

    Weaknesses

    • The company has recurring net losses and a limited operating history, which makes its future performance hard to evaluate 1.
    • Revenue is very small compared with expenses, and reliance on a few large contracts could create volatility 13.
    • Some earlier missions had anomalies, and confirmation of deployment for some customer satellites was not possible 1.

    Opportunities

    • Rising defense space budgets and the Golden Dome program could open contracts for the company's technology 3.
    • Demand for hosted payloads and in-orbit services could grow if constellations need frequent maintenance 1.
    • A new revenue stream from 3D printed propulsion tanks could reduce reliance on engineering contracts 3.

    Threats

    • Larger competitors with substantial resources and government backing could lower prices or win available contracts 1.
    • Difficulty raising capital on acceptable terms could limit development and operations 1.
    • Delays in FCC, FAA or other agency authorizations could disrupt the mission schedule and revenue 1.

    Risks

    • Need for additional financinghigh

      The company has said it will require additional capital and that there is no assurance it can raise funds on acceptable terms, which could dilute shareholders 1.

    • Going concern uncertaintyhigh

      The financial statements were prepared on a going concern basis, and management concluded its mitigation plans alleviate but do not fully remove the doubt 1.

    • Technical and mission riskmedium

      Anomalies in earlier missions show failures can occur in space, and future setbacks could harm the company's reputation and results 1.

    • Dependence on regulation and authorizationsmedium

      Launches and vehicle operations require approvals from several U.S. agencies, and delays could prevent the company from operating as planned 1.

    • Dependence on government contractsmedium

      Forecast 2026 revenue depends on milestone payments from NASA and Department of Defense contracts, and delays in these payments could reduce revenue 3.

    Investment thesis

    What would need to be true (bull case)

    • If defense space spending keeps rising and Momentus wins task orders under SHIELD and SpaceWERX, revenue could exceed the current 2026 forecast 3.
    • Water-propellant propulsion, demonstrated across several missions, could offer a technical edge over conventional chemical propulsion 12.
    • Having no debt and new financing obtained in 2026 could ease immediate capital pressure and support expansion plans 3.

    What would break the thesis

    • The company remains loss-making and depends on outside financing, and if it cannot raise enough capital, operations could be limited 1.
    • The 2026 revenue forecast rests on contracts already signed and future payments, which could make results uneven 3.
    • Competition from larger players with government support could reduce the company's market share and margins 1.

    What to watch

    • Completion of the Vigoride 7 mission and results of the RPO demonstrations2026
    • Delivery against the 10.0 million USD revenue forecast for 20262026
    • Launch of Vigoride 8 and the NASA-awarded payloads2027
    • Passage of the Space Force budget and contract awards under the SHIELD programnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Momentus offers satellites, satellite buses, solar arrays and components, plus last-mile transport, payload hosting and in-orbit services using its Vigoride orbital service vehicles. Its principal customers are government and commercial satellite operators and space technology companies 1. The company began delivering vehicles into orbit after the Vigoride 3 mission in 2022 and launched Vigoride 7 on March 30, 2026 23.

    Its core technology is the water-propellant Microwave Electrothermal Thruster (MET), which the company has matured to Technology Readiness Level 9 after hundreds of firings in space 1. Momentus says the same technology is used in its satellite buses such as the M-1000 12.

    In March 2026 the company moved into a new headquarters in San Jose, which it says nearly quadruples its clean room, R&D and manufacturing capacity and houses its Mission Control Center 3. Momentus states it holds a Top Secret facility clearance, allowing it to pursue classified government programs 3.

    Segments

    Orbital transport and in-orbit services

    The transport segment delivers customer satellites to precise orbits using rideshare arrangements with launch providers such as SpaceX, with Vigoride handling the last-mile leg 1. In-orbit services such as refueling and inspection are still in development and depend on validating the technology in space 1.

    Satellites, buses and components

    Momentus offers satellites and buses for defense, government and commercial customers, including the M-500 and M-1000 variants, and is developing components such as the TASSA solar array and 3D printed propulsion tanks 12. It is testing a fuel tank built with partner Velo3D, which could open a new revenue stream if the company becomes a qualified supplier 3.

    Payload hosting and government contracts

    Hosted payload services let customers test technologies in space without building a full satellite 1. Fiscal 2025 revenue came mainly from engineering contracts with agencies such as DARPA and the Space Development Agency, while 2026 revenue depends on milestone payments under NASA and Department of Defense contracts 13.

    Market context

    Momentus points to growing demand for small satellites, satellite buses and space transport, driven by lower launch costs and expanding constellations 1. The proposed Space Force budget for fiscal 2027 is 71 billion USD, more than double the prior year, and the company could benefit if these funds reach missile defense programs 3.

    The market is competitive, and larger rivals have substantial resources and in some cases government support from their home countries 1. Space defense spending could move quickly, but there is no assurance Momentus will win awards under the large programs it pursues 3.

    Trends

    • Rising space defense spendingtailwind

      The proposed fiscal 2027 Space Force budget includes additional funding for space-based sensors and interceptors, which could open contracts for companies with proprietary technology 3.

    • Golden Dome and the SHIELD contracttailwind

      Momentus was selected for the Missile Defense Agency SHIELD IDIQ vehicle, which has a ceiling of 151 billion USD over 10 years. Selection does not guarantee work, but it could provide access to future task orders 3.

    • Dependence on financing and launchesheadwind

      The company has said it needs additional capital and that difficult financing could constrain operations, while launches depend on outside providers 1.

    • Regulation and authorizationsmixed

      Operating vehicles in space requires licenses from the FCC, FAA and other U.S. agencies, and approval delays could affect financial results 1.

    Competitive position

    Momentus competes with larger companies with much greater resources, and with emerging low-cost competitors in launch, satellites and components 1. The company argues its edge lies in its water propulsion technology, modular vehicles and relationships with several launch providers 1.

    In defense, its position depends on winning awards against other qualified participants, especially in classified programs and IDIQ vehicles 3. The company has not presented a market share or quantitative comparison with its competitors 13.

    • SpaceX

      Launch provider Momentus works with to carry customer satellites, but also a potential competitor in space transport 12.

    • Relativity Space

      Launch provider with which Momentus has relationships, which could compete in orbital transport 1.

    • Blue Origin

      Launch provider named among Momentus partners, and an actor that could offer competing space services 1.

    • United Launch Alliance

      Launch provider named in the company's relationships, with a potential role in space transport 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report25 Aug 2026
      Termination of a material agreement
    • Current report14 Aug 2026
      Item 4.01 · Financial statements and exhibits
    • Quarterly report11 Aug 2026
    • Current report18 Jun 2026
      Other events · Financial statements and exhibits
    • Current report15 Jun 2026
      Material agreement · Regulation FD disclosure · Financial statements and exhibits
    • Current report29 May 2026
      Material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
    • Current report22 May 2026
      Shareholder vote · Financial statements and exhibits
    • Quarterly report13 May 2026
    • Current report05 May 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Current report20 Apr 2026
      Termination of a material agreement

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Momentus Inc. · 31 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Momentus Inc. · 11 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Momentus Inc. · 05 May 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.