Static market metrics use the Sep. 2, 2026 completed trading session: MNTS closed at $4.20. Market capitalization is based on published market data and is approximate. The 52-week range is split-adjusted. Revenue TTM is Defense Briefing calculation: FY2025 revenue of $1.110M + H1 2026 revenue of $3.240M − H1 2025 revenue of $0.513M = $3.837M. P/S uses the same TTM revenue denominator. Fundamental figures come from Momentus SEC filings, not TradingView Financials.
Momentus ended June with $107.598 million of cash after generating $109.942 million of financing cash flow in H1 2026. Q2 revenue was only $25,000 and Q2 net loss was $8.269 million. The balance sheet is materially stronger than at year-end 2025, but operating scale has not caught up with the capital raised.
Momentus is a Delaware corporation and U.S. public issuer whose Class A common stock trades on Nasdaq. The company reports as a single operating segment. Its principal challenge is converting a technically broader spacecraft portfolio and government-program access into repeat mission revenue with a small organization.
The company's publicly traded MNTSW warrants expired Aug. 12, 2026 and should no longer be treated as a current listed security. An authoritative ISIN was not confirmed in the supplied primary record, so this profile does not infer one.
Momentus designs and operates spacecraft for satellite transport, hosted payloads, mission support and satellite-bus applications. Its Vigoride spacecraft can provide power, communications, attitude control and propulsion after launch, allowing customer payloads to ride on a shared platform instead of requiring a dedicated spacecraft.
The company also offers satellite buses, a smaller Vigoride Lite concept, propulsion systems, payload integration, mission engineering and spacecraft components including additively manufactured tanks.
Momentus markets broader in-orbit-service ambitions, but robotic capture, refueling and other complex servicing should still be treated as development lanes unless and until those capabilities are demonstrated in flight and sold as repeat services.
Momentus has launched five missions, including four missions involving Vigoride spacecraft, and says it has deployed 17 customer satellites. The vehicle combines spacecraft-bus functions with hosted-payload accommodations, propulsion and deployment capability.
Vigoride 7 launched March 30, 2026 with 10 payloads. By the Aug. 11 10-Q, the spacecraft had lowered its orbit by nearly 20 kilometers through more than 50 controlled operations of its water-based Microwave Electrothermal Thrusters. Momentus said the propulsion system had accumulated more than 400 uses across missions since 2023. Hosted payload work continued for government and commercial customers, including DARPA, SpaceWERX, the Air Force Research Laboratory and NASA.
The fully booked Vigoride 8 mission is planned for 2027 with two NASA payloads. Momentus announced completion of Critical Design Review on July 28 after completing Preliminary Design Review in April. The mission includes the COSMIC microgravity crystallization payload and the Juno rotating detonation rocket engine demonstration.
Momentus has begun work on Vigoride 9. The University of Colorado Boulder's Laboratory for Atmospheric and Space Physics contracted for hosted operation of two Occultation Wave Limb Sounder instruments. Momentus said additional payload capacity remained available; contract value was not disclosed.
Momentus is offering Vigoride as a satellite bus and describes Vigoride Lite as a smaller derivative. These products may broaden the addressable market, but public disclosures do not yet establish high-rate production or a recurring bus-delivery cadence.
The proprietary Microwave Electrothermal Thruster uses water propellant heated by microwave energy. Flight use is a real differentiator, but public disclosures still do not provide standardized performance comparisons sufficient to prove a broad cost or maneuverability advantage over competing propulsion systems.
Momentus is flight-testing a company-designed titanium tank produced additively for Vigoride 7. The company also develops momentum wheels, communications hardware and other spacecraft components.
Values below are Momentus-specific only when the public record discloses them. The Missile Defense Agency's $151 billion SHIELD figure is a shared indefinite-delivery/indefinite-quantity ceiling across the vehicle, not Momentus revenue, backlog or obligated funding.
| Date | Awarding Body | Program / Scope | Value | Status |
|---|---|---|---|---|
| Jun. 17, 2026 | University of Colorado Boulder LASP | Host and operate two Occultation Wave Limb Sounder instruments on Vigoride 9. | Undisclosed | Contracted |
| Dec. 2025 | Missile Defense Agency | SHIELD multiple-award IDIQ contract vehicle. Momentus may compete for future task orders. | $151B shared ceiling | Vehicle holder |
| Sep. 29, 2025 | NASA Armstrong Flight Research Center | Juno rotating detonation rocket engine in-space demonstration on Vigoride 8. | $2.5M | Awarded |
| Sep. 26, 2025 | NASA Flight Opportunities | Commercial Orbital System for Microgravity In-Space Crystallization demonstration on Vigoride 8. | $5.1M | Awarded |
| 2025–2026 | NASA Johnson Space Center | R5-S10 CubeSat inspection, relative navigation, communications and formation-flight demonstration work. | Undisclosed | Active / disclosed |
| 2025–2026 | DARPA | NOM4D-related in-space assembly and manufacturing demonstrations carried into Vigoride 7 activity. | Undisclosed in current ledger | Active / disclosed |
| 2025–2026 | AFRL / SpaceWERX | Low-cost multispectral rendezvous and proximity-operations sensor demonstration associated with Vigoride 7. | Undisclosed in current ledger | Flight demonstration |
Momentus does not disclose a consolidated backlog value. At June 30 it reported approximately $0.3 million of customer deposits recorded as contract liabilities. Customer deposits, contract ceilings and the May revenue forecast are not interchangeable with backlog.
H1 2026 service revenue was $3.240 million versus $513,000 in H1 2025, but nearly all of the 2026 revenue arrived in Q1. Q2 revenue fell to $25,000 from $191,000 a year earlier. The business therefore should be evaluated on completed milestones and mission cadence rather than annualizing a single quarter.
Momentus recorded $2.7 million of H1 2026 revenue from U.S. government work. NASA's Vigoride 8 contracts are the clearest disclosed near-term revenue pool, with the $5.1 million COSMIC award and $2.5 million Juno demonstration award tied to mission progress.
Vigoride 8's completed Critical Design Review reduces one execution step on the path to a 2027 launch. Vigoride 9 now has an initial commercial customer. Converting those missions into recognized revenue depends on payload integration, testing, launch execution and on-orbit performance.
Vigoride bus, Vigoride Lite, propulsion hardware and components could diversify revenue beyond hosted-payload missions. Public filings do not yet show recurring production volume sufficient to treat these as scaled businesses.
On May 5, management forecast approximately $10 million of 2026 revenue. The Aug. 11 10-Q did not present a fresh reaffirmation of that guidance, so this profile treats it as a May management forecast, not a current quarter-end run rate.
Momentus terminated the equity purchase agreement that had allowed up to $50 million of future stock sales to Yield Point. The company said it never used the facility, did not intend to use it and incurred no early-termination penalty. This removes one potential dilution channel, although the separate ATM remains available.
The Audit Committee dismissed Frank, Rimerman + Co. effective Aug. 11 and engaged Baker Tilly US, LLP after the engagement agreement was executed Aug. 12. Momentus reported no accounting disagreements with the outgoing auditor. A previously reported internal-control material weakness had been remediated as of Dec. 31, 2025.
The Q2 10-Q reported $107.598 million of cash at June 30, Q2 revenue of $25,000 and a Q2 net loss of $8.269 million. H1 financing cash flow reached $109.942 million.
Momentus reported clean maneuvering and continued payload execution. The company said the vehicle had completed more than 50 controlled thruster operations and that other hosted payloads involving communications, onboard computing and in-space assembly remained in operation.
The milestone advances the fully booked 2027 mission carrying two NASA-hosted payloads beyond Preliminary Design Review and into later integration and test work.
The University of Colorado Boulder Laboratory for Atmospheric and Space Physics contracted for hosted operation of two Occultation Wave Limb Sounder instruments. Value was not disclosed.
Momentus has solved the immediate balance-sheet crisis faster than it has solved the revenue problem. Cash exceeded its September market capitalization at June 30, but Q2 revenue was only $25,000. The next proof point is not another financing. It is repeat customer-funded mission execution.
Liquidity, debt position and mission activity improved sharply in 2026. Vigoride 7 is producing additional flight heritage, Vigoride 8 cleared Critical Design Review and Vigoride 9 has an initial customer. Management also removed an unused $50 million equity facility in August.
Revenue remains irregular, operating losses remain large and the share base expanded dramatically during H1. Momentus still lacks a disclosed consolidated backlog and a high-frequency launch or satellite-bus production record.
Successful completion of Vigoride 7 payload work, Vigoride 8 integration milestones, additional Vigoride 9 bookings, funded defense task orders and proof of recurring satellite-bus or component sales would strengthen the operating case.
Mission delays, poor payload results, failure to convert government access into funded work, substantial new ATM issuance or renewed Nasdaq compliance pressure would weaken it.
Defense Briefing analysis. This is not an investment recommendation.
Momentus overlaps several markets rather than facing one peer set: orbital transfer, hosted payloads, small-satellite buses, propulsion, mission integration and government technology demonstrations.
Technically credible, commercially narrow. Momentus has flight heritage and differentiated propulsion, but durable moat status requires repeat missions, recurring customer revenue and evidence that competitors cannot easily substitute for the service.
Q2 revenue was only $25,000. Government and hosted-payload work is milestone-driven, so schedule slippage can produce large quarter-to-quarter swings.
Payload failures, spacecraft anomalies or incomplete demonstrations could reduce follow-on work and undermine claims based on flight heritage.
Momentus raised more than $100 million of financing cash in H1 2026 and the outstanding common-share count reached 21.963 million by Aug. 10. The company terminated the unused Yield Point facility, but $64.4 million of aggregate offering capacity remained available under the ATM as of June 30.
H1 operating cash use was $14.883 million. Current liquidity is strong relative to the company's size, but sustained losses without revenue growth can again make external financing important.
Momentus completed reverse stock splits in December 2024 and December 2025. Renewed price weakness could create future listing-compliance pressure.
The last formally disclosed employee count was 35 as of March 15. Fourteen new employees received inducement awards in August, but the company has not disclosed an updated total headcount. A small organization must cover engineering, manufacturing, mission operations and public-company compliance.
Momentus does not control its launch providers' schedules or integration process.
Contract vehicles do not guarantee task orders. Government customers can modify work, delay milestones, audit costs and impose security requirements.
Space hardware and national-security work create International Traffic in Arms Regulations, Export Administration Regulations and security-compliance obligations.
The 2021 SEC enforcement action remains relevant because it involved technical claims, national-security disclosures and merger due diligence. Current technical and financial claims require unusually disciplined verification.
Vigoride 7 payload results; Vigoride 8 integration and 2027 launch schedule; additional Vigoride 9 bookings; 2026 revenue versus the May forecast; funded SHIELD work; ATM usage; updated share count; operating cash use; new customer concentration data; updated headcount; and any change in Nasdaq compliance.
Current board: John C. Rood, Linda J. Reiners as Lead Independent Director, Chris Hadfield, Brian Kabot, Mitchel B. Kugler, Victorino Mercado and Kimberly A. Reed. Stockholders re-elected Hadfield and Rood at the May 19 annual meeting for terms ending at the 2029 annual meeting.
Baker Tilly US, LLP became Momentus' independent registered public accounting firm in August 2026, replacing Frank, Rimerman + Co. LLP. Momentus said there were no disagreements with the outgoing auditor.
| Filed | Form | Description | Link |
|---|---|---|---|
| Aug. 25, 2026 | 8-K | Termination of the unused $50 million Yield Point equity purchase facility, effective Aug. 21, with no termination penalty. | View → |
| Aug. 14, 2026 | 8-K | Dismissal of Frank, Rimerman + Co. and engagement of Baker Tilly US, LLP as independent auditor. | View → |
| Aug. 11, 2026 | 10-Q | Quarter ended June 30, 2026: financial statements, capital raises, Vigoride 7 mission status, revenue and risk disclosures. | View → |
| Jun. 18, 2026 | 424B5 | Prospectus supplement for an at-the-market offering facility authorizing up to $75 million of common-stock sales. | View → |
| Jun. 15, 2026 | 8-K | Closing of 1,851,852-share registered direct offering at $13.50 per share for approximately $25 million gross proceeds. | View → |
| May 29, 2026 | 8-K | Closing of approximately $25 million private placement including common stock and pre-funded warrants. | View → |
| Apr. 10, 2026 | DEF 14A | 2026 proxy statement covering board, executive officers, compensation and beneficial ownership. | View → |
| Mar. 31, 2026 | 10-K | FY2025 audited results, business description, risks, employee count and year-end liquidity. | View → |
| Date | Insider / Role | Type | Shares | Price | Value / Note |
|---|---|---|---|---|---|
| May 21, 2026 | Chris Hadfield · Director, through Hadfield Inc. | Open-market purchase | 2,000 | $7.19 | $14,380 |
| May 19, 2026 | John C. Rood · Chairman & CEO | RSU grant | 40,485 | $0 | Compensation grant |
A Schedule 13G filed April 22 reported that Citadel-related reporting persons and Kenneth Griffin could be deemed to beneficially own up to 635,792 shares, or 9.99% based on the filing's then-current denominator. That percentage is not current: Momentus subsequently issued millions of additional shares and reported 21.963 million shares outstanding by Aug. 10. No later primary filing located for this refresh establishes Citadel's present percentage.
The dominant ownership change in 2026 came from corporate financing rather than insider trading. Common shares outstanding increased from roughly 2.17 million at Dec. 31, 2025 to 20.34 million at June 30 and 21.963 million by Aug. 10. Any older beneficial-ownership percentage must therefore be read against its filing-date denominator.
The operating business traces its development work to 2017. Stable Road Acquisition Corp. incorporated in 2019 as a special-purpose acquisition company and later agreed to combine with Momentus.
In July 2021, the SEC charged Momentus, Stable Road and related parties over statements tied to the planned merger, including claims concerning an in-space propulsion test, commercial viability, national-security concerns and due diligence. Momentus agreed to a $7 million penalty and governance and disclosure-control measures. The business combination closed Aug. 12, 2021 and MNTS began Nasdaq trading the following day.
Momentus launched its first Vigoride mission in 2022. Revenue remained small and irregular while the company reduced spending and repeatedly raised capital. It completed reverse stock splits in December 2024 and December 2025.
Momentus moved into its current San Jose facility in March and launched Vigoride 7 on March 30. During H1 it raised more than $100 million of financing cash, ended June with $107.598 million of cash and removed remaining current loan payable. Vigoride 8 advanced through Critical Design Review, Vigoride 9 signed an initial customer and the company changed auditors in August. The unresolved question is whether that stronger balance sheet will translate into recurring revenue before another large dilution cycle.