2023 Q4 Form 10-Q Financial Statement

#000178116223000059 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.023M $339.0K
YoY Change 752.5% 162.79%
Cost Of Revenue $348.0K $119.0K
YoY Change 750.0%
Gross Profit $675.0K $220.0K
YoY Change 462.5% 91.3%
Gross Profit Margin 65.98% 64.9%
Selling, General & Admin $6.484M $9.294M
YoY Change -40.67% -16.9%
% of Gross Profit 960.59% 4224.55%
Research & Development $8.036M $5.992M
YoY Change -21.85% -43.32%
% of Gross Profit 1190.52% 2723.64%
Depreciation & Amortization $227.0K $200.0K
YoY Change -12.36% 0.0%
% of Gross Profit 33.63% 90.91%
Operating Expenses $14.52M $15.29M
YoY Change -31.55% -29.74%
Operating Profit -$13.85M -$15.07M
YoY Change -34.36% -30.38%
Interest Expense -$58.00K $530.0K
YoY Change -90.44% -57.97%
% of Operating Profit
Other Income/Expense, Net -$198.0K -$93.00K
YoY Change -110.92% -127.19%
Pretax Income -$14.10M -$15.16M
YoY Change -42.3% -28.82%
Income Tax
% Of Pretax Income
Net Earnings -$14.10M -$15.20M
YoY Change -42.3% -28.63%
Net Earnings / Revenue -1378.4% -4483.78%
Basic Earnings Per Share -$7.20
Diluted Earnings Per Share -$2.30 -$7.20
COMMON SHARES
Basic Shares Outstanding 6.562M shares 97.87M shares
Diluted Shares Outstanding 2.107M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.118M $9.750M
YoY Change -96.53% -88.05%
Cash & Equivalents $2.100M $9.700M
Short-Term Investments
Other Short-Term Assets $8.513M $10.86M
YoY Change -23.86% -3.23%
Inventory
Prepaid Expenses
Receivables $0.00 $44.00K
Other Receivables $500.0K
Total Short-Term Assets $10.73M $21.16M
YoY Change -85.93% -77.2%
LONG-TERM ASSETS
Property, Plant & Equipment $3.252M $3.353M
YoY Change -19.02% -22.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $602.0K $2.068M
YoY Change -87.22% -46.89%
Total Long-Term Assets $9.918M $12.33M
YoY Change -38.58% -22.46%
TOTAL ASSETS
Total Short-Term Assets $10.73M $21.16M
Total Long-Term Assets $9.918M $12.33M
Total Assets $20.65M $33.49M
YoY Change -77.66% -69.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.805M $2.517M
YoY Change 25.28% 57.71%
Accrued Expenses $4.754M $7.422M
YoY Change -40.77% -5.82%
Deferred Revenue $0.00 $1.162M
YoY Change -100.0% -5.22%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.273M $5.740M
YoY Change -80.45% -47.07%
Total Short-Term Liabilities $11.11M $23.10M
YoY Change -74.3% -29.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $489.0K $483.0K
YoY Change 5.16% 5.23%
Total Long-Term Liabilities $6.353M $6.095M
YoY Change -40.01% -61.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.11M $23.10M
Total Long-Term Liabilities $6.353M $6.095M
Total Liabilities $17.46M $29.20M
YoY Change -67.55% -40.18%
SHAREHOLDERS EQUITY
Retained Earnings -$373.0M -$358.9M
YoY Change 22.65% 28.32%
Common Stock $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.187M $4.292M
YoY Change
Total Liabilities & Shareholders Equity $20.65M $33.49M
YoY Change -77.66% -69.19%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$14.10M -$15.20M
YoY Change -42.3% -28.63%
Depreciation, Depletion And Amortization $227.0K $200.0K
YoY Change -12.36% 0.0%
Cash From Operating Activities -$15.84M -$12.76M
YoY Change -3.37% -50.07%
INVESTING ACTIVITIES
Capital Expenditures $12.00K $40.00K
YoY Change -89.92% -86.84%
Acquisitions
YoY Change
Other Investing Activities $0.00 $53.00K
YoY Change -100.0%
Cash From Investing Activities -$12.00K $13.00K
YoY Change -86.96% -95.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.829M 1.115M
YoY Change -339.42% -137.58%
NET CHANGE
Cash From Operating Activities -15.84M -12.76M
Cash From Investing Activities -12.00K 13.00K
Cash From Financing Activities 7.829M 1.115M
Net Change In Cash -8.022M -11.63M
YoY Change -59.39% -58.78%
FREE CASH FLOW
Cash From Operating Activities -$15.84M -$12.76M
Capital Expenditures $12.00K $40.00K
Free Cash Flow -$15.85M -$12.80M
YoY Change -4.0% -50.51%

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44000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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297000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
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us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
901000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
278000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-328000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-610000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1873000 usd
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
118000 usd
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
92000 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-2000 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1098000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
851000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-859000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-908000 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
18000 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-23000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
94000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
618000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
113000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
7000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
26000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
30000 usd
us-gaap Net Cash Provided By Used In Investing Activities
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NetCashProvidedByUsedInInvestingActivities
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130000 usd
us-gaap Proceeds From Stock Options Exercised
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517000 usd
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31000 usd
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190000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
87000 usd
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265000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
6686000 usd
mnts Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
252000 usd
mnts Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
0 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10000000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15000000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1135000 usd
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PaymentsOfStockIssuanceCosts
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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-51899000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-78380000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62413000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
160547000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10514000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82167000 usd
mnts Purchases Of Intangibles Assets During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
PurchasesOfIntangiblesAssetsDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
5000 usd
mnts Purchases Of Intangibles Assets During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
PurchasesOfIntangiblesAssetsDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
0 usd
mnts Issuance Costs Related To Warrant Modification
IssuanceCostsRelatedToWarrantModification
648000 usd
mnts Issuance Costs Related To Warrant Modification
IssuanceCostsRelatedToWarrantModification
0 usd
mnts Deferred Offering Costs Incurred During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncurredDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
0 usd
mnts Deferred Offering Costs Incurred During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncurredDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
238000 usd
us-gaap Accelerated Share Repurchases Adjustment To Recorded Amount
AcceleratedShareRepurchasesAdjustmentToRecordedAmount
0 usd
us-gaap Accelerated Share Repurchases Adjustment To Recorded Amount
AcceleratedShareRepurchasesAdjustmentToRecordedAmount
10000000 usd
us-gaap Interest Paid Net
InterestPaidNet
882000 usd
us-gaap Interest Paid Net
InterestPaidNet
1960000 usd
us-gaap Nature Of Operations
NatureOfOperations
<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1. Nature of Operations</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">The Company</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Momentus Inc. (together with its consolidated subsidiaries “Momentus” or the “Company”) is a U.S. commercial space company that offers satellite buses, in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus is making new ways of operating in space possible with its in-space transfer and service vehicles, powered by an innovative, space-proven water plasma-based propulsion system.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 25, 2022, the Company launched its Vigoride 3 Orbital Service Vehicle (OSV) to Low-Earth Orbit aboard the SpaceX Transporter-5 mission. In addition to Vigoride 3, Momentus used a second port on the same SpaceX mission to fly a third-party deployer from a partner company. Momentus deployed a total of eight customer satellites in low-earth orbit during its inaugural mission, comprising seven satellites from Vigoride 3 and one satellite from the third-party deployer system. The Company incorporated improvements identified during its inaugural mission in advance of its first follow-on mission and other planned follow-on missions.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 3, 2023, the Company launched its Vigoride 5 OSV to Low-Earth Orbit aboard the SpaceX Transporter-6 mission. The mission is ongoing and the Vigoride 5 OSV is maneuvering under its own power in low-earth orbit. The primary mission objective is to test the spacecraft on orbit, learn from any issues that are encountered and implement lessons-learned on future Vigoride vehicles and missions. The mission also supported two customers: the Qosmosys Zeus-1 payload which was deployed on orbit on May 10, 2023, and Caltech’s Space Solar Power Demonstrator project, a hosted payload for which the Vigoride 5 continues to provide thrusting maneuvers and on-orbit support, including providing data, power, communication, commanding and telemetry, and resources for optimal picture taking and solar cell lighting. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As part of the Vigoride 5 mission, we successfully completed the initial tests on-orbit of the pioneering Microwave Electrothermal Thruster (MET) that relies on solar power and uses distilled water as a propellant. The MET is the Vigoride OSV’s primary propulsion method that produces thrust by expelling extremely hot gases through a rocket nozzle. Unlike a conventional chemical rocket engine, which creates thrust through a chemical reaction, the MET is designed to create a plasma and thrust using solar power to drive a microwave energy source that heats the water propellant. Momentus has two patents in support of this proprietary propulsion technology. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The recent MET testing done on-orbit included dozens of firings of the thruster that imparted forces on the Vigoride 5 spacecraft. These forces can change the orbital velocity of the spacecraft, allowing the orbit to be adjusted, changing parameters such as altitude and orbital inclination. This capability allows Momentus to deliver its customers’ payloads to custom orbits. Momentus has used the MET to change the spacecraft altitude during the current Vigoride 5 mission. </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Vigoride OSV’s Attitude Control and Reaction Control Systems also use water as a propellant and were recently tested and fully commissioned. With its water-based propulsion systems, Momentus aims to offer cost-effective, efficient, safe, and environmentally friendly propulsion to meet the demands for in-space transportation and infrastructure services.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 15, 2023, the Company launched its Vigoride 6 OSV to low-earth orbit aboard the SpaceX Transporter-7 mission and used Vigoride 6 OSV to support the deliveries of six customer payloads, including two satellites for the NASA LLITED mission. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Vigoride 6 mission is also hosting a Momentus technology demonstration of a new kind of solar array. The Tape Spring Solar Array (TASSA) technology features large sheets of flexible solar cells bonded to tape springs. To stow, they are tightly coiled around a mandrel. After launch, motors unroll the mandrel, deploying the solar array. Momentus aims to drive down vehicle production costs and streamline on-orbit operations, while reducing the cost of power for the satellite, with this technology once operational.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Momentus has entered a new phase by operating two spacecraft in orbit concurrently as the Company continues to grow its capabilities. To date, Momentus has executed four missions, deployed 20 customer satellites in orbit, and </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">provided hosted payload support, for Caltech’s Solar Power Project Demonstrator mission that recently demonstrated its ability to wirelessly transmit power in space and to beam detectable power to Earth. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to the Vigoride Orbital Service Vehicle, Momentus is now also offering its M-1000 satellite bus which has substantial commonality with Vigoride. With a growing demand for satellite bus services, Momentus is positioned to advance its hardware and flight-proven technology for this market. The M-1000 bus is a flexible option to meet various mission requirements. Innovations to improve sensor capability, maneuverability, increased power, and lower costs are integrated into the product. Momentus believes it can manufacture satellite buses like the M-1000 at a rapid and scalable pace. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Momentus has started work in support of its Small Business Innovation Research award from the Space Development Agency. This project's scope involves making tailored modifications to the system underlying the M-1000 satellite bus and Vigoride OSV to support a full range of U.S. Department of Defense (DoD) payloads. Some of these areas include adding a secure payload interface, optical communications terminals, a high-volume data recorder, and improving the modularity of the propulsion system. Completion of this work is expected in mid-2024. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Momentus submitted a bid for the Tranche 2 Tracking Layer to the U.S. Space Force Space Development Agency (SDA) to produce 18 satellites for missile tracking and fire control. Under this proposal to the SDA, Momentus is the prime contractor with a strong team of traditional and non-traditional space companies. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Momentus' next mission is scheduled to deliver customers to orbit during the SpaceX Transporter-10 mission, which is targeted to launch no earlier than March 2024 and will feature a Rendezvous and Proximity Operations demonstration of a new Momentus capability that has application to future satellite inspection, servicing, refueling, and de-orbit missions. During this demonstration, Momentus plans to release a satellite and then maneuver into close proximity utilizing its Vigoride Orbital Service Vehicle. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has space reserved on every SpaceX Transporter mission through the end of 2024 and is actively booking customers. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Business Combination</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 12, 2021, the Company consummated a merger pursuant to the terms of the Agreement and Plan of Merger, dated October 7, 2020, and as amended on March 5, 2021, April 6, 2021, and June 29, 2021 (the “Merger Agreement”), by and among Stable Road Acquisition Corp (“SRAC”), Project Marvel First Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of SRAC (“First Merger Sub”), and Project Marvel Second Merger Sub, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of SRAC (“Second Merger Sub”), pursuant to which First Merger Sub merged with and into Momentus Inc., a Delaware corporation (“Legacy Momentus”) with Legacy Momentus as the surviving corporation of the First Merger Sub, and immediately following which Legacy Momentus merged with and into the Second Merger Sub, with the Second Merger Sub as the surviving entity (the “Business Combination”). In connection with the closing of the Business Combination (“Closing”), the Company changed its name from Stable Road Acquisition Corp. to Momentus Inc., and Legacy Momentus changed its name to Momentus Space, LLC. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Business Combination was accounted for as a reverse recapitalization under ASC 805, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Business Combinations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, with SRAC and its two wholly owned subsidiaries. The Company received gross proceeds of $247.3 million upon the closing of the Business Combination. Public and private warrants of SRAC were assumed by the Company as a result of the Business Combination.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Going Concern</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The going concern basis of presentation assumes that the Company will continue in operation one year after the date these unaudited condensed consolidated interim financial statements are issued and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company’s ability to continue as a going concern is dependent on the Company’s ability to successfully raise capital to fund its business operations and execute on its business plan. To date the Company remains heavily focused on growth and continued development of its proprietary technology, and as a result, it has not generated sufficient revenues to provide cash flows that enable the Company to finance its operations internally and the Company’s financial </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">position and operating results raise substantial doubt about the Company’s ability to continue as a going concern. This is reflected by the Company’s incurred net losses of $15.2 million and $54.8 million for the three and nine months ended September 30, 2023, respectively, and accumulated deficit of $358.9 million as of September 30, 2023. Additionally, the Company used net cash of $46.0 million to fund its operating activities for the nine months ended September 30, 2023, and had cash and cash equivalents of $9.7 million as of September 30, 2023. </span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the requirements of ASC Topic 205-40, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year from the date these unaudited condensed consolidated interim financial statements are issued. This evaluation does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented or are not within control of the Company as of the date the unaudited condensed consolidated interim financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the unaudited condensed consolidated Interim financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the unaudited condensed consolidated interim financial statements are issued.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the preparation of the condensed consolidated financial statements for the three and nine months ended September 30, 2023, management conducted an evaluation and concluded that there were conditions and events, considered in the aggregate, which raised substantial doubt as to the Company’s ability to continue as a going concern within twelve months after the date of the issuance of such financial statements. The Company believes that its current level of cash and cash equivalents are not sufficient to fund its regular operations and commercial scale production and sale of its services and products. These conditions raise substantial doubt regarding its ability to continue as a going concern for a period of at least one year from the date of issuance of these unaudited condensed consolidated financial statements. In order to proceed with the Company’s business plan and operating strategy, the Company will need to raise substantial additional capital to fund its operations. Until such time, if ever, the Company can generate revenues sufficient to achieve profitability, the Company expects to finance its operations through equity or debt financings, which may not be available to the Company on the timing needed or on terms that the Company deems to be favorable. In an effort to alleviate these conditions, the Company has executed a term sheet to raise capital with Deutsche Bank, and continues to seek and evaluate all opportunities to access additional capital through any available means.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 11th and October 4th of 2023, the Company executed registered directed offerings of its Class A common stock that raised net proceeds of approximately $8 million.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of these uncertainties, and notwithstanding management’s plans and efforts to date, there is substantial doubt about the Company’s ability to continue as a going concern. If the Company is unable to raise substantial additional capital in the near term, the Company's operations and business plan will need to be scaled back or halted altogether. Additionally, if the Company is able to raise additional capital but that capital is insufficient to provide a bridge to full commercial production at a profit, the Company's operations could be severely curtailed or cease entirely and the Company may not realize any significant value from its assets.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements have been prepared on a going concern basis of accounting. The accompanying condensed consolidated financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern.</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:107%">Reverse Stock Split</span></div><div style="margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective August 22, 2023, the Company’s stockholders approved a 1-for-50 reverse stock split of the Company’s Class A common stock. As a result of the reverse stock split, every 50 shares of Class A common stock issued and outstanding on August 22, 2023, were automatically combined into one share of Class A common stock. Any fractional shares resulting from the reverse stock split were rounded up to the next nearest whole share of Class A common stock. The reverse stock split did not affect the stated par value of the Class A common stock nor did it change the total number of the Company’s authorized shares of Class A common stock. The Company’s preferred stock was not affected by the reverse stock split.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Also on the effective date of the reverse stock split, all options, warrants and other convertible securities of the Company outstanding immediately prior to the reverse stock split were adjusted by dividing the number of shares of Class A common stock into which the options, warrants and other convertible securities are exercisable or convertible by 50 and multiplying the exercise or conversion price thereof by 50, all in accordance with the terms of the plans, agreements or arrangements governing such options, warrants and other convertible securities and subject to rounding to the nearest whole share. Such proportional adjustments were also made to the number of shares and restricted stock units issued and issuable under the Company’s equity compensation plan.</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has retroactively adjusted all periods presented for the effects of the stock split. See Note 9 for additional information.</span></div>
CY2022Q2 mnts Number Of Customer Satellites Deployed In Low Earth Orbit
NumberOfCustomerSatellitesDeployedInLowEarthOrbit
8 satellite
CY2022Q2 mnts Number Of Internal Customer Satellites Deployed In Low Earth Orbit
NumberOfInternalCustomerSatellitesDeployedInLowEarthOrbit
7 satellite
CY2022Q2 mnts Number Of Third Party Customer Satellites Deployed In Low Earth Orbit
NumberOfThirdPartyCustomerSatellitesDeployedInLowEarthOrbit
1 satellite
CY2023Q1 mnts Number Of Customer Payloads
NumberOfCustomerPayloads
2 payload
CY2023Q1 mnts Number Of Patents
NumberOfPatents
2 patent
CY2023Q2 mnts Number Of Customer Payloads
NumberOfCustomerPayloads
6 payload
CY2023Q2 mnts Number Of Customer Satellites
NumberOfCustomerSatellites
2 satellite
CY2023Q3 mnts Number Of Spacecraft Missions
NumberOfSpacecraftMissions
4 mission
CY2023Q3 mnts Number Of Customer Satellites Deployed In Orbit
NumberOfCustomerSatellitesDeployedInOrbit
20 satellite
CY2023Q3 mnts Number Of Satellites To Be Produced Under Bid
NumberOfSatellitesToBeProducedUnderBid
18 satellite
CY2021Q3 mnts Reverse Recapitalization Proceeds Received From Shareholders
ReverseRecapitalizationProceedsReceivedFromShareholders
247300000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-15200000 usd
us-gaap Net Income Loss
NetIncomeLoss
-54800000 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-358900000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-46000000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9700000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10173000 usd
CY2023Q3 mnts Prepaid Launch Costs Noncurrent
PrepaidLaunchCostsNoncurrent
1900000 usd
CY2022Q4 mnts Prepaid Launch Costs Noncurrent
PrepaidLaunchCostsNoncurrent
4400000 usd
us-gaap Use Of Estimates
UseOfEstimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates. Significant estimates inherent in the preparation of the condensed consolidated financial statements include, but are not limited to, the timing of revenue recognition, accounting for useful lives of property, machinery and equipment, net, intangible assets, net, accrued liabilities, leases, income taxes including deferred tax assets and liabilities, impairment valuation, stock-based compensation, warrant liabilities, and litigation contingencies.
CY2023Q3 mnts Deferred Fulfillment And Prepaid Launch Costs
DeferredFulfillmentAndPrepaidLaunchCosts
6400000 usd
CY2022Q4 mnts Deferred Fulfillment And Prepaid Launch Costs
DeferredFulfillmentAndPrepaidLaunchCosts
7400000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
329000 usd
mnts Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
1600000 usd
CY2022 mnts Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
2700000 usd
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11000000 usd
CY2021Q4 mnts Lessee Operating Lease Number Of Leases Modified
LesseeOperatingLeaseNumberOfLeasesModified
2 lease
CY2023Q3 mnts Lessee Operating Lease Number Of Leases Modified
LesseeOperatingLeaseNumberOfLeasesModified
1 lease
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
339000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
129000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2066000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
179000 usd
CY2023Q3 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2023Q1 mnts Sale Of Stock Payment Of Liability
SaleOfStockPaymentOfLiability
10000000 usd
CY2023Q3 mnts Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
1
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
575.00
CY2022Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2023Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2023Q3 mnts Prepaid Launch Costs Current
PrepaidLaunchCostsCurrent
4493000 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
10067 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents in banks that management believes are creditworthy, however deposits may exceed federally insured limits.
mnts Number Of Operating Service Lines
NumberOfOperatingServiceLines
1 service_line
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022Q4 mnts Prepaid Launch Costs Current
PrepaidLaunchCostsCurrent
3000000 usd
CY2023Q3 mnts Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
2377000 usd
CY2022Q4 mnts Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
2841000 usd
CY2023Q3 mnts Prepaid Insurance And Other Assets Current
PrepaidInsuranceAndOtherAssetsCurrent
3599000 usd
CY2022Q4 mnts Prepaid Insurance And Other Assets Current
PrepaidInsuranceAndOtherAssetsCurrent
4332000 usd
CY2023Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10469000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5702000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5808000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2349000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1792000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3353000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4016000 usd
CY2023Q3 us-gaap Depreciation
Depreciation
200000 usd
us-gaap Depreciation
Depreciation
600000 usd
CY2022Q3 us-gaap Depreciation
Depreciation
200000 usd
us-gaap Depreciation
Depreciation
700000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
492000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
163000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
329000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
461000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
124000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
337000 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10000.00 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
40000.00 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10000.00 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
13000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
54000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
54000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
54000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
54000 usd
CY2023Q3 mnts Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
100000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
368000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
385000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1103000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1229000 usd
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
136000 usd
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
138000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
394000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
429000 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 usd
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
21000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
22000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
504000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
544000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y4M24D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
383000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1580000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1627000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1674000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1729000 usd
CY2023Q3 mnts Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
298000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7291000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
865000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
6426000 usd
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
12.95
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
15298 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
85.82
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
25801 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
64.42
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3882000 usd
CY2023Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2947000 usd
CY2023Q3 mnts Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
451000 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
142000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7422000 usd
CY2021Q3 mnts Common And Preferred Stock Shares Authorized
CommonAndPreferredStockSharesAuthorized
270000000 shares
CY2021Q2 mnts Reverse Recapitalization Percentage Of Voting Interests Acquired
ReverseRecapitalizationPercentageOfVotingInterestsAcquired
1
CY2021Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
10000000 usd
CY2021Q2 mnts Proceeds From Sale Of Business And Other Capital Raising Transactions Minimum
ProceedsFromSaleOfBusinessAndOtherCapitalRaisingTransactionsMinimum
250000000 usd
CY2021Q3 mnts Reverse Recapitalization Proceeds Received From Shareholders
ReverseRecapitalizationProceedsReceivedFromShareholders
247300000 usd
CY2023Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
10000000 usd
CY2023Q1 mnts Sale Of Stock Payment Of Liability
SaleOfStockPaymentOfLiability
10000000 usd
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
575.00
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
51166 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
60.69
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M18D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
19067 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
47.89
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M18D
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
25801 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
64.42
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y9M18D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
200000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
700000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4900000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2156000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3289000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6453000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8535000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2156000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3289000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6453000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8535000 usd
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
954882 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
638521 shares
CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Due In Remainder Of Fiscal Year
UnrecordedUnconditionalPurchaseObligationDueInRemainderOfFiscalYear
15226000 usd
CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
600000 usd
CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
15826000 usd
CY2021Q2 mnts Reverse Recapitalization Percentage Of Voting Interests Acquired
ReverseRecapitalizationPercentageOfVotingInterestsAcquired
1
CY2021Q2 mnts Reverse Recapitalization Payments To Co Founders
ReverseRecapitalizationPaymentsToCoFounders
40000000 usd
CY2023Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
10000000 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
10000000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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mnts-20230930_cal.xml Edgar Link unprocessable
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0001781162-23-000059-index.html Edgar Link pending
0001781162-23-000059.txt Edgar Link pending
0001781162-23-000059-xbrl.zip Edgar Link pending
a20230930-ex311xceo.htm Edgar Link pending
a20230930-ex312xcfo.htm Edgar Link pending
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a20230930-ex322xcfo.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
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mnts-20230930.htm Edgar Link pending
mnts-20230930.xsd Edgar Link pending
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mnts-20230930_lab.xml Edgar Link unprocessable
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mnts-20230930_htm.xml Edgar Link completed
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