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Momentus Inc. (MNTS+2.45%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in service revenue to $107,000 from $339,000 in the same quarter the previous year. The decrease is attributed to a reduction in engineering project services.
Cost of revenue for the quarter was $66,000, compared to $119,000 in the same quarter of the previous year. This decrease is due to reduced costs associated with engineering services.
The company reported a gross profit of $41,000 for the quarter, compared to $220,000 in the previous year, with the decline attributed to lower revenue.
Research and development expenses decreased to $2,205,000 from $5,992,000, primarily due to reduced headcount costs and subcontractor expenses.
Selling, general, and administrative expenses decreased to $5,429,000 from $9,294,000, primarily due to lower payroll costs and legal expenses.
Net loss for the quarter was $7,758,000, down from $15,159,000 in the previous year. The reduction in net loss is primarily due to decreased operating expenses.
Cash used in operating activities was $10,874,000, while cash provided by investing and financing activities was $94,000 and $9,586,000, respectively.
Momentus had cash and cash equivalents of $798,000 as of September 30, 2024. The company acknowledges its dependence on raising additional capital to continue operations.
The filing also details various legal proceedings, including securities class actions and shareholder derivative actions.
Momentus continues to focus on developing its satellite and space infrastructure services, despite challenges in generating sufficient revenue to cover operational costs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Momentus Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.