Momentus Inc (NASDAQ: MNTS) is a space infrastructure company that provides in-space transportation, hosted payload, and in-orbit servicing using its Vigoride Orbital Service Vehicles (OSVs). Revenue is generated through service contracts, including engineering services for U.S. government and commercial customers, along with customer deposits on signed launch and payload contracts. For the year ended December 31, 2025, Momentus recognized $1.1 million in revenue, primarily from engineering services performed for U.S. government organizations. The company also offers satellite bus production based on Vigoride technologies for hosted payload integration and customer-owned satellite constellations. Momentus operates in low Earth orbit (LEO) and plans to extend to geosynchronous orbit (GEO). The company is subject to FAA, ITAR, and EAR regulatory oversight, reflecting the defense-adjacent nature of its orbital infrastructure business. As of December 31, 2025, Momentus held approximately $4.2 million in customer deposits recorded as contract liabilities.

Revenue model

Service revenue from engineering services contracts with U.S. government and commercial customers, with milestone-based payments subject to variable consideration constraints. Customer deposits collected on signed contracts for future space transportation and payload hosting missions. No recurring subscription or transactional launch revenue is disclosed as material in the FY2025 filing.

Products and services

Vigoride Orbital Service Vehicle (OSV) for in-space transportation of small payloads to LEO. Hosted payload service allowing customers to operate, test, or validate technology in orbit without building a full satellite. Satellite and constellation bus production based on Vigoride technologies. In-orbit servicing, including planned robotic arm and proximity maneuvering capabilities for future vehicles. Engineering services provided to U.S. government organizations.

Customers and end markets

U.S. government agencies (engineering services, FY2025 revenue source). Commercial and government customers seeking hosted payload capacity for communications, sensing, and technology validation in orbit. Small satellite operators and constellation operators as prospective customers for satellite bus production. As of December 31, 2025, the company held $4.2 million in customer deposits across signed contracts.

Value-chain role

Midstream space infrastructure provider sitting between launch vehicle operators (such as SpaceX) and end satellite or payload operators. Momentus procures launch services, integrates customer payloads onto its OSVs, manages government licensing, and delivers payloads to target orbits. It does not operate its own launch vehicles.

Geographic exposure

Operations primarily U.S.-based. Subject to U.S. export control regulations (ITAR, EAR) governing international transactions. Some exposure to foreign currency risk on expenses and liabilities denominated in non-U.S. dollar currencies, though the company maintains cash primarily in U.S. dollars. No specific international revenue breakdown disclosed in the FY2025 filing.

Source: SEC 10-K, filed 2026-03-31

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