2024 Q1 Form 10-Q Financial Statement

#000178116224000009 Filed on October 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q1
Revenue $500.0K $1.023M $22.00K
YoY Change 2172.73% 752.5%
Cost Of Revenue $348.0K
YoY Change
Gross Profit $513.0K $675.0K $22.00K
YoY Change 2231.82% 462.5%
Gross Profit Margin 102.6% 65.98% 100.0%
Selling, General & Admin $6.164M $6.484M $10.27M
YoY Change -39.98% -40.67% -30.86%
% of Gross Profit 1201.56% 960.59% 46681.82%
Research & Development $2.676M $8.036M $10.12M
YoY Change -73.55% -21.85% 1.48%
% of Gross Profit 521.64% 1190.52% 45995.45%
Depreciation & Amortization $200.0K $227.0K $200.0K
YoY Change 0.0% -12.36% -33.33%
% of Gross Profit 38.99% 33.63% 909.09%
Operating Expenses $8.840M $14.52M $20.39M
YoY Change -56.64% -31.55% -17.87%
Operating Profit -$8.327M -$13.85M -$20.37M
YoY Change -59.12% -34.36% -17.95%
Interest Expense -$39.00K -$58.00K $920.0K
YoY Change -104.24% -90.44% -38.34%
% of Operating Profit
Other Income/Expense, Net $14.00K -$198.0K -$458.0K
YoY Change -103.06% -110.92% -77.21%
Pretax Income -$8.313M -$14.10M -$20.83M
YoY Change -60.08% -42.3% -22.39%
Income Tax
% Of Pretax Income
Net Earnings -$8.313M -$14.10M -$20.80M
YoY Change -60.03% -42.3% -22.49%
Net Earnings / Revenue -1662.6% -1378.4% -94545.45%
Basic Earnings Per Share -$0.66 -$0.24
Diluted Earnings Per Share -$0.66 -$2.30 -$0.24
COMMON SHARES
Basic Shares Outstanding 12.59M shares 6.562M shares 94.06M shares
Diluted Shares Outstanding 12.59M shares 87.56M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.672M $2.118M $38.63M
YoY Change -95.67% -96.53% -71.51%
Cash & Equivalents $1.700M $2.100M $38.60M
Short-Term Investments
Other Short-Term Assets $7.224M $8.513M $10.40M
YoY Change -30.56% -23.86% 28.69%
Inventory
Prepaid Expenses
Receivables $15.00K $0.00
Other Receivables $408.0K
Total Short-Term Assets $9.319M $10.73M $53.03M
YoY Change -82.43% -85.93% -63.09%
LONG-TERM ASSETS
Property, Plant & Equipment $3.045M $3.252M $3.844M
YoY Change -20.79% -19.02% -18.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $584.0K $602.0K $4.670M
YoY Change -87.49% -87.22% -18.78%
Total Long-Term Assets $9.420M $9.918M $15.81M
YoY Change -40.41% -38.58% -15.63%
TOTAL ASSETS
Total Short-Term Assets $9.319M $10.73M $53.03M
Total Long-Term Assets $9.420M $9.918M $15.81M
Total Assets $18.74M $20.65M $68.84M
YoY Change -72.78% -77.66% -57.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.831M $2.805M $2.092M
YoY Change 35.33% 25.28% -36.39%
Accrued Expenses $4.458M $4.754M $6.496M
YoY Change -31.37% -40.77% -32.11%
Deferred Revenue $495.0K $0.00 $2.136M
YoY Change -76.83% -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $2.273M $11.29M
YoY Change -100.0% -80.45% 19.7%
Total Short-Term Liabilities $9.614M $11.11M $31.73M
YoY Change -69.7% -74.3% -8.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $171.0K
YoY Change -100.0% -100.0% -98.49%
Other Long-Term Liabilities $496.0K $489.0K $471.0K
YoY Change 5.31% 5.16% -3.48%
Total Long-Term Liabilities $5.640M $6.353M $8.165M
YoY Change -30.92% -40.01% -69.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.614M $11.11M $31.73M
Total Long-Term Liabilities $5.640M $6.353M $8.165M
Total Liabilities $15.25M $17.46M $39.90M
YoY Change -61.77% -67.55% -34.78%
SHAREHOLDERS EQUITY
Retained Earnings -$381.4M -$373.0M -$325.0M
YoY Change 17.35% 22.65% 37.99%
Common Stock $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.485M $3.187M $28.95M
YoY Change
Total Liabilities & Shareholders Equity $18.74M $20.65M $68.84M
YoY Change -72.78% -77.66% -57.62%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income -$8.313M -$14.10M -$20.80M
YoY Change -60.03% -42.3% -22.49%
Depreciation, Depletion And Amortization $200.0K $227.0K $200.0K
YoY Change 0.0% -12.36% -33.33%
Cash From Operating Activities -$5.300M -$15.84M -$18.70M
YoY Change -71.66% -3.37% -18.91%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $12.00K $43.00K
YoY Change -100.0% -89.92% -85.17%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$39.00K -$12.00K -$52.00K
YoY Change -25.0% -86.96% -90.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$8.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.849M 7.829M -$3.793M
YoY Change -227.84% -339.42% 304.37%
NET CHANGE
Cash From Operating Activities -$5.300M -15.84M -$18.70M
Cash From Investing Activities -$39.00K -12.00K -$52.00K
Cash From Financing Activities $4.849M 7.829M -$3.793M
Net Change In Cash -$443.0K -8.022M -$22.54M
YoY Change -98.03% -59.39% -8.07%
FREE CASH FLOW
Cash From Operating Activities -$5.300M -$15.84M -$18.70M
Capital Expenditures $0.00 $12.00K $43.00K
Free Cash Flow -$5.300M -$15.85M -$18.74M
YoY Change -71.72% -4.0% -19.74%

Facts In Submission

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CY2024Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
829000 usd
CY2023Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
700000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4849000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3793000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-443000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-22541000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2492000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62413000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2049000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
39872000 usd
CY2024Q1 mnts Purchases Of Intangibles Assets During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
PurchasesOfIntangiblesAssetsDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
1000 usd
CY2023Q1 mnts Purchases Of Intangibles Assets During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
PurchasesOfIntangiblesAssetsDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
7000 usd
CY2024Q1 mnts Deferred Offering Costs Incurred During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncurredDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
0 usd
CY2023Q1 mnts Deferred Offering Costs Incurred During Noncash Or Partial Noncash Transaction Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncurredDuringNoncashOrPartialNoncashTransactionIncludedInAccountsPayableAndAccruedExpenses
64000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
12000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
389000 usd
CY2024Q1 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 satellites, satellite buses, satellite technologies, and 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-top:8pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Momentus has launched four missions to date, deployed 17 customer satellites, and provided hosted payload services. Three of these missions involved operation of the Vigoride OSV in orbit. During these three Vigoride missions, the system and technology were tested repeatedly. Improvements based on lessons learned during these missions were rapidly incorporated. As a result of these three missions, the Vigoride OSV has been successfully demonstrated in space and accumulated significant flight heritage. The Company has produced its next Orbital Service Vehicle, Vigoride 7, that it intends to utilize on a future mission or for use as a satellite bus. </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 completed work in support of its Small Business Innovation Research contract from the Space Development Agency that was signed in August 2023. This project's scope involved 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.</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 Topic 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 consolidated interim 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 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 </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%">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 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 loss of $8.3 million for the three months ended March 31, 2024, and accumulated deficit of $381.4 million as of March 31, 2024. Additionally, the Company used net cash of $5.3 million to fund its operating activities for the three months ended March 31, 2024, and had cash and cash equivalents of $1.7 million as of March 31, 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%">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 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 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 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 Company’s ability to continue as a going concern within one year after the date that the 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 consolidated interim financial statements for the three months ended March 31, 2024, 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 consolidated interim financial statements. The Company believes that its current level of cash and cash equivalents are not sufficient to fund its regular operations, scaling of commercial production, and maintain its existing 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 consolidated interim 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 continues to seek and evaluate all opportunities to access additional capital through any available means.</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, or win new business, 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 consolidated interim financial statements have been prepared on a going concern basis of accounting. The accompanying consolidated interim 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. Both the Company’s Class B common stock and the Company’s preferred stock were 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 </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%">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>
CY2024Q1 mnts Number Of Spacecraft Missions
NumberOfSpacecraftMissions
4 mission
CY2024Q1 mnts Number Of Customer Satellites Deployed In Orbit
NumberOfCustomerSatellitesDeployedInOrbit
17 satellite
CY2024Q1 mnts Number Of Spacecraft Missions In Orbit
NumberOfSpacecraftMissionsInOrbit
3 mission
CY2024Q1 mnts Number Of Spacecraft Missions In Orbit
NumberOfSpacecraftMissionsInOrbit
3 mission
CY2024Q1 mnts Number Of Spacecraft Missions In Orbit
NumberOfSpacecraftMissionsInOrbit
3 mission
CY2021Q3 mnts Reverse Recapitalization Proceeds Received From Shareholders
ReverseRecapitalizationProceedsReceivedFromShareholders
247300000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-8300000 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-381400000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5300000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1700000 usd
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 preparation of consolidated interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated interim 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 consolidated interim 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.</span></div>
CY2024Q1 mnts Deferred Fulfillment And Prepaid Launch Costs
DeferredFulfillmentAndPrepaidLaunchCosts
400000 usd
CY2023Q4 mnts Deferred Fulfillment And Prepaid Launch Costs
DeferredFulfillmentAndPrepaidLaunchCosts
1700000 usd
CY2024Q1 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueModificationOfContract
500000 usd
CY2023Q1 us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueModificationOfContract
0 usd
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1100000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1000000.0 usd
CY2024Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
600000 usd
CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1000000.0 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
500000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
500000 usd
CY2023 mnts Contract With Customer Liability Revenue Recognized Excluding Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedExcludingOpeningBalance
35000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
513000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22000 usd
CY2024Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2023Q1 mnts Sale Of Stock Payment Of Liability
SaleOfStockPaymentOfLiability
10000000 usd
CY2024Q1 mnts Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Other Comprehensive Income Extensible List Not Disclosed Flag
FairValueRecurringBasisUnobservableInputReconciliationLiabilityGainLossStatementOfOtherComprehensiveIncomeExtensibleListNotDisclosedFlag
Change in Fair Value
CY2024Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2023Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0 usd
CY2024Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0 usd
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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%">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.</span></div>
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
500000 usd
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2024Q1 mnts Prepaid Launch Costs Current
PrepaidLaunchCostsCurrent
0 usd
CY2023Q4 mnts Prepaid Launch Costs Current
PrepaidLaunchCostsCurrent
1260000 usd
CY2024Q1 mnts Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
2377000 usd
CY2023Q4 mnts Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
2415000 usd
CY2024Q1 mnts Prepaid Insurance And Other Assets Current
PrepaidInsuranceAndOtherAssetsCurrent
4847000 usd
CY2023Q4 mnts Prepaid Insurance And Other Assets Current
PrepaidInsuranceAndOtherAssetsCurrent
4838000 usd
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7224000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8513000 usd
CY2024Q1 mnts Prepaid Launch Costs Noncurrent
PrepaidLaunchCostsNoncurrent
400000 usd
CY2023Q4 mnts Prepaid Launch Costs Noncurrent
PrepaidLaunchCostsNoncurrent
400000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5815000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5815000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2770000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2563000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3045000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3252000 usd
CY2024Q1 us-gaap Depreciation
Depreciation
200000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
200000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
540000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
193000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
347000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
519000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
177000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
341000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
46000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
61000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
61000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
61000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
52000 usd
CY2024Q1 mnts Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
66000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
347000 usd
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10500000 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
368000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
368000 usd
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
150000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
122000 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
518000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
490000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y10M24D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1185000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1627000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1674000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1729000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
297000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6512000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
691000 usd
CY2024Q1 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Accrued Professional Fees Current
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CY2024Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
81000 usd
CY2023Q4 us-gaap Accrued Salaries Current
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392000 usd
CY2024Q1 mnts Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
266000 usd
CY2023Q4 mnts Accrued Research And Development Expenses Current
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CY2024Q1 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2024Q1 us-gaap Accrued Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
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CY2023Q3 mnts Common And Preferred Stock Shares Authorized
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CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2024Q1 us-gaap Proceeds From Issuance Of Warrants
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CY2024Q1 us-gaap Warrants And Rights Outstanding Term
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CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2024Q1 us-gaap Proceeds From Issuance Of Warrants
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CY2024Q1 us-gaap Warrants And Rights Outstanding Term
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CY2021Q2 mnts Reverse Recapitalization Percentage Of Voting Interests Acquired
ReverseRecapitalizationPercentageOfVotingInterestsAcquired
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CY2021Q2 us-gaap Business Combination Contingent Consideration Liability
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CY2021Q2 mnts Proceeds From Sale Of Business And Other Capital Raising Transactions Minimum
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CY2023Q1 mnts Reverse Recapitalization Proceeds Received From Shareholders
ReverseRecapitalizationProceedsReceivedFromShareholders
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CY2023Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
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CY2023Q1 mnts Sale Of Stock Payment Of Liability
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
23912 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
70.77
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
19213 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
59.48
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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23082 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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0 usd
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
200000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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1443000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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1720000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1443000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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1720000 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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14823062 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
822825 shares
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
3097000 usd
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
2975000 usd
CY2024Q1 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
6072000 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
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10000000 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Liability
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10000000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2024Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 usd
CY2023Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
376234000 usd
CY2024Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
18739000 usd

Files In Submission

Name View Source Status
mnts-20240331_htm.xml Edgar Link completed
mnts-20240331_cal.xml Edgar Link unprocessable
mnts-20240331_cal.xml Edgar Link unprocessable
0001781162-24-000009-index-headers.html Edgar Link pending
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