Momentus Inc.

Pre-scale SPAC-origin space company with explicit going-concern doubt and ~2 quarters of cash runway.

Strengths

• Some flight heritage (4 missions, 17 satellites deployed) and a 2025 SpaceWERX SBIR award
• High reported gross margin on tiny revenue base

Risks

• Cash runway 2.2 quarters (24.7th pct), going-concern doubt, $12.8M cash
• Deeply negative margins (net -27x, operating -25x, FCF margin -21x revenue)
• Needs substantial outside capital; Nasdaq delisting risk and dilution

Notable findings

• Net lossNet loss (net margin -2744.9%)
• Cash burnNegative free cash flow (-23.3M)
• Buying back stockNet buyback — share count -81%/yr over 4y
• China exposurechanges in applicable laws or regulations and extensive and evolving government regulations that impact operations and business, including export control license requirements; the ability to attract o