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Momentus Inc. (MNTS-2.64%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Momentus Inc.'s operations as a U.S. commercial space company offering satellites, satellite buses, and space infrastructure services. The company has launched four missions to date and deployed 17 customer satellites.
The company reported a net loss of $34.9 million for the year ended December 31, 2024, compared to a net loss of $68.9 million in the previous year. The decrease in net loss is attributed to a reduction in research and development expenses and selling, general and administrative expenses.
Revenue for the year was $2.1 million, primarily from engineering services performed for the Space Development Agency and forfeited customer deposits. This compares to $3.1 million in revenue for the previous year.
Research and development expenses decreased to $9.8 million from $34.4 million in the previous year. The decrease was due to reductions in payroll costs, subcontractor costs, and launch costs.
Selling, general and administrative expenses decreased to $21.9 million from $36.1 million in the previous year. This was primarily due to decreases in payroll-related expenses, legal services expenses, and compliance spending.
The company ended the year with $1.6 million in cash and cash equivalents, down from $2.1 million at the end of the previous year. The company also reported an accumulated deficit of $408.0 million.
Momentus Inc. continues to face challenges in raising capital to fund its operations and execute its business plan. The company is actively seeking additional capital through various means.
The filing also notes a material weakness in internal control over financial reporting related to misclassification errors in accounting for certain matters.
The company has entered into several financing arrangements, including convertible promissory notes and a loan agreement, to support its operations. These arrangements include warrants to purchase shares of Class A common stock.
Momentus Inc. is subject to various legal proceedings, including securities class actions and shareholder derivative litigation. The company has reached settlements in some of these cases, while others are ongoing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Momentus Inc. annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.