SAN JOSE - Momentus Inc. (NASDAQ: NASDAQ:MNTS), a company specializing in satellite buses and in-space infrastructure services, has been selected by NASA to provide launch services for future missions as part of the agency's VADR (Venture-Class Acquisition of Dedicated and Rideshare) contract. This opportunity positions Momentus to deliver a variety of payloads, including Class D satellites, CubeSats, and others that are tolerant of higher risks, to multiple orbits.
The selection by NASA enables Momentus to utilize its Vigoride spacecraft, which has been previously flight-proven, to fulfill the requirements for in-space operations. Momentus CEO John Rood expressed the company's pride in being chosen for the VADR program and their commitment to providing cost-effective services that support NASA's cutting-edge space endeavors.
Momentus, based in the United States, offers a range of services including in-space transportation, hosted payloads, and other in-orbit services. The company's capabilities are designed to enhance access to space by offering cost-effective solutions for launching and supporting payloads in orbit.
The press release also contains forward-looking statements regarding the company's future performance and are subject to inherent uncertainties. These statements are based on management's current expectations and beliefs and are not guarantees of future performance. The actual future events could differ materially from those anticipated in these statements due to various risks and uncertainties, which are detailed in the company's filings with the Securities and Exchange Commission.
This selection by NASA marks a significant step for Momentus in its mission to broaden access to space for various payloads. The company's role in supporting NASA's missions underscores the growing demand for flexible and cost-effective launch services in the space industry.
The information for this article is based on a press release statement from Momentus Inc.
In other recent news, Momentus Inc. is confronting a potential Nasdaq delisting due to non-compliance with the exchange's minimum bid price and filing requirements. The company plans to appeal this decision before a Nasdaq Hearing Panel by presenting a compliance plan. Momentus also recently secured approximately $2.75 million through a private placement of securities arranged by A.G.P./Alliance Global Partners (NYSE:GLP).
The company has projected revenues of $1.0 to $2.0 million for the first half of 2024, with an anticipated net loss between $14.0 and $16.0 million. Momentus also reached a preliminary court-approved settlement over derivative lawsuits, which includes corporate governance reforms.
In terms of partnerships, the company joined the Defense Advanced Research Projects Agency's BRIDGES consortium, marking a significant step into the U.S. Government classified market. Additionally, Momentus collaborated with London-based Lodestar Space to equip its Vigoride Orbital Service Vehicle with a new robotic arm. These are all recent developments at Momentus Inc.
InvestingPro Insights
While Momentus Inc. (NASDAQ: MNTS) has secured a promising opportunity with NASA, investors should be aware of the company's financial landscape. According to InvestingPro data, Momentus has experienced significant revenue growth, with a 933.11% increase in the last twelve months as of Q4 2023. This aligns with the company's recent selection for NASA's VADR program, potentially indicating a positive trajectory for future revenue.
However, it's crucial to note that despite this growth, Momentus faces financial challenges. An InvestingPro Tip reveals that the company is quickly burning through cash, which could be a concern given the capital-intensive nature of space technology development. Additionally, the company is not profitable over the last twelve months, with an operating income margin of -2206.93% for the same period.
On a positive note, Momentus boasts impressive gross profit margins of 72.32%, suggesting efficient management of direct costs related to its services. This could be particularly beneficial as the company scales its operations to meet NASA's requirements.
Investors considering Momentus should be aware that InvestingPro offers 15 additional tips for MNTS, providing a more comprehensive analysis of the company's financial health and market position. These insights could be valuable for those looking to make informed decisions in the volatile space technology sector.
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