Momentus $MNTS: Vigoride, NASA Work and Funding Risks

01Scenarios: flight heritage has to become an economic franchise

The favorable scenario for Momentus begins with a service that customers can use repeatedly. Vigoride provides transportation, hosted payload support and a platform for mission work. Successful operations can help the company win another payload, another government task or a satellite-bus customer. If that demand grows and the company can deliver at a cost that leaves a useful contribution, the operating model becomes more credible. The cash raised in the first half gives the company capacity to pursue this transition. The important outcome is the repeatable service that capital creates.

The middle scenario is an engineering business with irregular mission revenue. Customers value the team’s work and flight demonstrations, but the intervals between major service milestones leave the company dependent on its reserve. Government formulation and development tasks contribute revenue without necessarily producing a larger follow-on mission. Hosted payload campaigns can be valuable while still lacking enough scale to support corporate overhead. In this scenario, technical credibility improves faster than financial self-sufficiency. The enterprise can make progress while the economics attributable to each share remain uncertain.

The adverse scenario combines deferred missions, limited customer conversion and continued spending. A delay can move service delivery and revenue into a later period while payroll, suppliers and facilities still require funding. The business may need additional capital before repeat customer work becomes large enough. Financing can preserve the program but dilute existing ownership. Reliability issues could also affect future bookings, making a single mission problem more consequential than the cost of the mission itself.

These scenarios are editorial interpretations. Their starting facts are observable: the company reported $107.598 million of cash at June 30, $3.240 million of first-half revenue and $14.883 million of operating cash use. The September announcement added a completed proximity-operations demonstration, while Vigoride 8 remained a scheduled future mission. Funding and technical progress are both meaningful. A durable commercial franchise requires enough customer activity and contribution to connect them to operating cash generation. The investment thesis strengthens when subsequent services validate that connection, rather than relying only on the size of the capital reserve. June financial statements

02What Momentus sells: a spacecraft platform and services around it

Momentus Inc. is a U.S. commercial space company based in San Jose, California, with common stock listed on Nasdaq as MNTS. Its offerings include satellites, satellite buses, technologies and components, as well as in-space infrastructure services. Vigoride is the orbital service vehicle around which much of this capability has developed. The business encompasses transporting payloads, hosting equipment in orbit, engineering work for government customers and potential uses of the platform as a satellite bus.

These activities have different commercial characteristics. Payload transportation involves delivery to an agreed orbital destination. Hosted payload support involves providing services during a mission. Engineering work can be paid against defined milestones. A satellite bus supplies the infrastructure on which a customer builds a mission, potentially with different manufacturing and acceptance obligations. Grouping the activities under space infrastructure is useful for describing the opportunity, while assessing their economics requires attention to the particular service being sold.

The June filing described five missions to date, including four involving Vigoride operations and one using a deployment system. It reported deployment of seventeen customer satellites. This record matters because flight heritage provides evidence about the hardware and operations team. It is more concrete than a purely prospective design. Heritage still needs to be related to the new service and conditions a customer requires. A successful previous mission can reduce some uncertainty without guaranteeing every future payload, orbit or mission profile.

The commercial challenge is to translate the same engineering base into services that customers value enough to fund. The platform may support several offerings, but pursuing too many simultaneously can spread engineering and management resources. A focused strategy would use proven elements where possible and keep the cost of new requirements visible. Customers ultimately purchase a mission result: delivery, usable data, hosted operation or a reliable bus. The company creates value when it supplies that result within the agreed constraints and can repeat the process on attractive terms. For shareholders, the relevant franchise is the collection of customer outcomes built on Vigoride, rather than the spacecraft’s existence alone. Nature of operations

03Vigoride 7: operating evidence and the limits of extrapolation

Vigoride 7 launched on March 30, 2026, with ten payloads according to the June filing. The mission supported government and commercial customers while providing additional operating experience for Momentus’ hardware. The company reported orbital maneuvers using its microwave electrothermal thrusters and continued hosted payload activity. The July mission update and September proximity-operations announcement describe later progress in the same operating campaign. These are successive developments, not separate launches of several new spacecraft.

The propulsion system uses water as propellant. The June filing described repeated operation of the thrusters across the current and earlier missions. Repeated use is relevant because propulsion capability must work over an operational sequence, rather than only in a short ground demonstration. It can support confidence in the platform’s ability to maneuver. The customer’s full requirement may also depend on precision, timing, energy availability, mission duration and interfaces. Flight experience strengthens a specific capability while leaving the rest of the mission architecture to be assessed.

The company also described operation of momentum wheels and flight testing of an additively manufactured titanium tank. These developments support a broader hardware portfolio. A component that works in orbit can become more attractive to a prospective customer than one with only ground testing. Commercial use still depends on qualification for the customer’s application, cost, production reliability and the availability of alternatives. Flight heritage creates an asset in the sales process; it is not itself a purchase order.

For investors, the mission has two roles. It delivers contracted services, which can contribute revenue. It also produces experience and data that may improve future products. The first role has a nearer financial connection; the second creates optionality that must be converted later. Evaluating the mission requires attention to both without counting the same success twice as present revenue and an assumed large future franchise. A valuable operating record would show improved reliability, useful customer results and a path toward lower delivery costs over repeated missions. Vigoride 7 operating disclosure · July mission update

04The September proximity demonstration: sensing, communications and future services

On September 29, Momentus announced successful completion of a rendezvous and proximity-operations demonstration involving Vigoride 7 and NASA’s R5-S10 satellite. The campaign collected optical, infrared and LiDAR data under different lighting conditions and distances. The work used commercially derived components adapted and qualified for the orbital environment. Solstar’s Deke terminal supported communications and the transfer of imagery. The company described completion of primary and extended objectives.

The contract supporting this effort was the previously awarded $1.86 million SpaceWERX contract. The September release reports performance under that earlier award. It is not a new second award for the same amount. This distinction matters when assessing the revenue pipeline: demonstrated completion can improve credibility and support later opportunities, but counting the original award again as a new contract would overstate commercial activity.

Proximity operations require information about another object and a way to use or transmit that information. The campaign’s sensing and communications work addresses part of that requirement. Future services such as inspection or servicing would involve additional mission-specific capability, safety requirements and customer acceptance. A sensing demonstration is a valuable step toward those applications. It is different from an announcement that the company completed a docking, captured a satellite or began a recurring servicing business.

The economic opportunity lies in combining useful capability with affordable implementation. If commercial components can provide reliable sensing after qualification, the architecture may support cost-effective services. That potential must be considered alongside integration cost, redundancy, operating constraints and the consequences of failure. Customers buying orbital services evaluate mission risk as well as hardware price. A less expensive sensor suite can be attractive when the complete system meets those needs.

The September result therefore strengthens the evidence for a particular part of Momentus’ technology portfolio. The next commercial question is whether that portfolio helps win funded work with appropriate margins and risk allocation. An additional demonstration, a task order and a full service contract would each add different information. Their value should be related to the obligations they create and the services ultimately delivered. September 29 company announcement

05FALCON-Lidar: formulation work has its own value and its own boundaries

NASA’s September 24 task order supports the competitive mission-formulation phase of FALCON-Lidar, part of an atmospheric-science initiative. Momentus is to provide services and technologies for that preparatory work. The project considers commercial satellite platforms carrying NASA-developed instruments. A potential later decision to build and fly a satellite would be a follow-on opportunity. The formulation award and the potential flight award belong to different stages of the program.

Formulation is commercially useful work. It can require engineering analysis, mission design, interface assessment and preparation of information needed for a decision. It provides an opportunity for the company to demonstrate that its platform fits a customer’s requirements. It can also deepen the team’s understanding of the mission before more capital is committed. The fact that the award is preparatory does not make it worthless; it defines the scope of the work currently funded.

The investment risk is in assuming that preparatory work inevitably leads to a larger award. Government customers can change budgets, select a different architecture, defer a program or choose among competing providers. Momentus’ performance in formulation may affect its opportunity, while the ultimate procurement decision remains separate. A financial model should assign current engineering revenue to its actual contractual stage and keep later mission value conditional.

This type of government work can complement orbital missions. It uses technical resources between larger flight events and can produce revenue tied to engineering milestones. The mix may make the business less dependent on one launch schedule. It can also add requirements that are different from commercial payload hosting, including documentation and acceptance processes. The commercial benefit depends on winning and executing the work at a cost that creates a useful contribution.

FALCON-Lidar is therefore an example of how Momentus can pursue value before a spacecraft flies. It expands the relationship and workload while leaving larger mission execution to a potential later stage. The strongest evidence from here would connect good formulation performance to another funded decision, with disclosed obligations and a credible delivery schedule. The September award supports the government-services narrative; future growth depends on the program path and on other customer work as well. NASA formulation task order

06Future missions: fully booked capacity is a service obligation

The September 29 announcement described Vigoride 8 as fully booked and scheduled to fly in 2027, including two NASA payloads. Momentus had also begun work on Vigoride 9, with capacity available for customers. These disclosures provide useful evidence about demand and preparation. A fully booked mission creates an obligation to serve the customers whose payloads are aboard. Its financial contribution depends on the contracts, launch and spacecraft costs, acceptance requirements and the services delivered.

Vigoride 8 has already passed one preparation gate. On July 28, 2026, Momentus reported that the spacecraft had completed its Critical Design Review, which the company said formally concludes the design and analysis phase and moves the program into procurement and production. The two NASA-hosted payloads are the Spaceworks COSMIC payload and the Juno Rotating Detonation Rocket Engine payload, carried under two NASA contracts. A completed design review shows that the design is defined; fabrication, testing, integration, launch and the delivery of hosted services are still ahead, and procurement is the stage at which commitments to suppliers tend to grow. July 28, 2026 announcement

Mission capacity is not a uniform commodity. Payloads differ in size, power, interfaces, operational needs and destination. A vehicle can reach one type of capacity limit while still having room in another dimension. A booked mission can also contain customers with different payment and revenue-recognition schedules. The phrase fully booked signals the company’s allocation of capacity for that mission, while leaving the economics to the underlying agreements.

The interval before a mission flies has commercial and financial consequences. Customers need time for integration and preparation, and the service provider may have to commit funds to suppliers or launch arrangements. Advance payments can support cash resources, while creating performance obligations. A later launch date can defer revenue or prolong support work. The company must manage the schedule without allowing the cost of readiness and preparation to consume the expected contribution from the mission.

Vigoride 9 introduces a different question: how quickly can available capacity become funded demand? A prospective customer inquiry is earlier in the sales process than a signed contract, and a signed contract can still have conditions. The value of the pipeline depends on conversion, pricing and customer quality. If Momentus fills later missions with repeat customers, that would support confidence in the service. If each mission requires a long sales effort and highly customized engineering, commercial scale could remain demanding.

Vigoride 9 already has a first named customer. On June 17, 2026, Momentus announced a commercial contract with the Laboratory for Atmospheric and Space Physics at the University of Colorado Boulder to host and operate LASP’s Occultation Wave Limb Sounder mission, known as OWLS, on Vigoride 9. Momentus is to integrate and operate two OWLS instruments, which use solar occultation to measure atmospheric density waves between 100 and 400 kilometers, with a targeted launch in 2027. The June quarterly report likewise refers to an initial customer contract signed for the mission. No contract value was disclosed, and the company said capacity remained available, so the agreement confirms demand for part of the vehicle rather than a filled mission or a quantified backlog. June 17, 2026 announcement · June 30, 2026 Form 10-Q

For shareholders, the useful operating progression is therefore preparation, launch, commissioning, service delivery and customer retention. A booked future mission is a positive demand signal within that sequence. Successful and economical delivery completes the commercial test. The investment case becomes stronger when the company can repeat that process across missions and show that the fixed engineering and corporate base supports a growing volume of paid services. Vigoride 8 and 9 status

07Satellite buses and components: reuse can help, qualification still matters

The June filing describes Momentus’ offering of the Vigoride system as a satellite bus and a smaller version called Vigoride Lite. It also identifies components and technologies, including the additively manufactured tank, as part of the broader product portfolio. These offerings could allow the company to sell hardware or platform capability without performing every service through its own orbital missions. The business mix may therefore develop beyond payload transportation and hosting.

Part of the manufacturing capacity behind these components was paid for in stock. Under a five-year Master Services Agreement signed on April 12, 2025, Velo3D provides design and production services for components and systems used by Momentus or its customers, with priority access to manufacturing capacity equivalent to approximately $3.0 million a year; unused capacity can earn credits of 20% of the unused value in the first year and 50% thereafter. Momentus paid with 26,749 Class A shares and 673,408 Series A preferred shares, valued at $10.7 million and recorded as a prepaid asset that is amortized as services are received. In 2025 the company received only $0.1 million of the $3.0 million annual allotment and determined that $1.7 million of the prepaid services would not be used and was not recoverable; at June 30, 2026, accounts receivable consisted primarily of amounts due from Velo3D. The agreement is prepaid production capacity, not customer revenue or additional cash, and its value depends on how much of that capacity Momentus actually uses. Note 9, June 30, 2026 Form 10-Q

A bus customer evaluates a complete infrastructure proposition: power, attitude control, communications, propulsion, interfaces and mission reliability. Hardware proven in one operating configuration can provide a useful foundation. Adapting it to a different customer’s needs can still require engineering, qualification and acceptance work. Reuse is economically attractive when it reduces development cost and delivery time without compromising the required performance. It becomes less attractive when customization recreates a large part of the engineering effort for each order.

Components have a related but distinct sales cycle. A customer may want a qualified tank or propulsion element rather than the entire bus. The supplier must demonstrate performance, quality control and production consistency for that part. The potential benefit is a broader set of customers and a product that can be delivered more frequently than a complete mission. The risk is spreading resources across too many development and qualification paths before any has achieved adequate scale.

For valuation, it is useful to separate these possibilities from revenue already reported. A product portfolio can increase the company’s opportunity while also increasing the capital required to pursue it. The operating evidence that would support a stronger hardware thesis includes funded orders, delivery and acceptance, repeat purchases and a manufacturing process that controls cost. A general expectation of rising satellite production does not determine Momentus’ market share or margins.

The most compelling strategy would build on flight experience to offer products that solve specific customer problems at a competitive total cost. Success could create another source of revenue alongside services. That would diversify the business and potentially reduce dependence on one mission cadence. The shareholder test remains whether the additional products generate enough contribution to justify the engineering and capital allocated to them. Satellite bus and component offerings

08Revenue recognition explains why the quarters can look very different

Momentus reported $3.240 million of revenue for the six months ended June 30, 2026, while revenue for the second quarter alone was $25,000. The half-year total comprised $1.643 million of hosted payload services, related to the Vigoride 7 mission, and $1.597 million of engineering project services, driven mainly by expanded work for NASA and continued work under the DARPA NOM4D and BRIDGES programs; second-quarter revenue consisted entirely of hosted payload services. Classified by customer instead, the filing attributes $2.7 million of first-half revenue, and none of the second quarter’s, to the U.S. government. Note 2 and MD&A, June 30, 2026 Form 10-Q The difference between the quarterly and half-year figures shows the uneven recognition of work in a business organized around missions and milestones. Annualizing one small quarter or assuming that the first-half growth rate continues smoothly would create a misleading forecast.

The accounting policy distinguishes the services involved. Transportation revenue is recognized when the payload is delivered to its agreed orbit. Hosted or other in-orbit services can be recognized over the service period. Engineering work for government organizations can have payments tied to completed milestones and acceptance. Cash received in advance can initially appear as a contract liability, because the company still owes the customer a service. Revenue and cash receipts can therefore arrive at different points in the mission cycle.

The reported half-year gross profit was $1.842 million, against operating expenses of $18.639 million. These figures show that a positive contribution from recognized services was still far smaller than the development and corporate expense base. Gross profit is a useful step in evaluating the economics of delivered work, while operating profitability requires enough contribution to support the broader business. The scale gap remains material even after the year-over-year increase in revenue.

For investors, contract analysis should connect the service obligation to the point at which revenue can be earned. A launch announcement can precede service delivery. A government award can precede milestone acceptance. A customer deposit can precede both. These relationships help explain financial results without requiring assumptions about undisclosed revenue. The business becomes financially stronger when the timing of receipts, commitments and service delivery supports cash generation.

Subsequent reporting will be most informative when it shows the mix of work, the associated delivery costs and the relationship between revenue and customer obligations. A single quarter’s small number does not capture all future booked work, while a booked mission does not guarantee a particular quarter’s recognized revenue. The economics must be evaluated across the actual service cycle. Revenue policy and operating results

09Cash resources: a stronger balance sheet creates a different development window

Cash and equivalents increased from $12.806 million at December 31, 2025, to $107.598 million at June 30, 2026. The June balance sheet separately reported $106,000 of current restricted cash. The increase reflects substantial financing during the first half, alongside cash spent on operations and other activities. This is a material change in the company’s ability to fund development. It is also a historical reporting-date balance, rather than cash confirmed at the end of October.

The improvement matters operationally. A spacecraft business can have to fund engineering, procurement and integration well before revenue is earned. A larger reserve can help the company prepare a mission without depending on financing at every small development step. It can also improve continuity for customers and suppliers evaluating whether the service provider has the resources to complete its commitments. That financial capacity is valuable even while the business remains unprofitable.

Capacity and adequacy remain different concepts. A reserve must support the actual operating plan, including future missions, personnel, supplier commitments and contingencies. The first-half cash-flow statement provides a measure of past consumption, while future work may have a different profile. A simple cash divided by average burn calculation assumes a steady pattern that may not fit procurement or mission timing. The company can increase or reduce spending as its plan changes, so an arithmetic runway should be treated as a scenario with explicit assumptions.

The balance sheet also includes obligations that compete for resources. Lease payments, trade payables, legal matters and purchase commitments have different timing and terms. Removing loan payable from the current liabilities does not remove those obligations. A meaningful liquidity assessment follows their interaction with expected receipts and expenditures. If a mission delay shifts service revenue but leaves suppliers payable, the timing gap can widen even when total expected contract value is unchanged.

The favorable use of the reserve would produce a sequence of services with improving economics and reduce dependence on future capital raises. The adverse use would extend development while spending outruns the contribution from customers. Investors should therefore read the larger reserve as an opportunity to execute, not as a substitute for execution. Momentus has more financial capacity than at the preceding year end; commercial delivery will determine how much durable value is created with that capacity. June balance sheet

10The financing bridge: the cash increase came with a new ownership structure

The first-half cash-flow statement reported $109.942 million of net cash from financing. The company described gross proceeds from at-the-market stock sales, private placements, a registered direct offering and warrant exercises. Issuance costs and other financing cash flows reduce the net amount available. The funding bridge is important because the cash reserve was principally replenished through capital markets, rather than through profits from spacecraft services.

The common share count illustrates the ownership effect. Momentus reported 20,342,968 Class A shares issued and outstanding at June 30, compared with 2,165,559 at December 31. The financial statements retroactively adjusted the periods for the December 2025 reverse split. The increase reflects multiple transactions, including financing, conversion and exercise activity. A valuation using the old common count would assign the current enterprise to a much smaller denominator than the one actually reported at quarter-end. The count kept rising after the quarter: the cover of the quarterly report lists 21,963,401 Class A shares outstanding as of August 10, 2026. June 30, 2026 Form 10-Q, cover page

Two institutional groups reported positions below the 5% threshold in amended Schedule 13G filings dated August 14, 2026, for an event date of June 30. The Davidson Kempner group reported beneficial ownership of 850,000 shares, 4.51% of the class, and the Citadel entities reported an aggregate 309,865 shares through Citadel Advisors and Citadel Securities. Both percentages are calculated on 18,835,815 shares outstanding as of June 18, 2026, a smaller base than the quarter-end and August counts, and passive 13G filings describe holdings at a point in time rather than an ongoing commitment. Davidson Kempner Schedule 13G/A · Citadel Schedule 13G/A

Different financing instruments create different economic effects. Common shares issue ownership immediately. A pre-funded warrant supplies most of its economic consideration up front and gives its holder the right to obtain common shares under its terms. An ordinary warrant can provide additional cash if exercised for cash, while its potential ownership effect depends on the contract and future events. A conversion exchanges one instrument for another and can reduce one obligation while increasing the common denominator. The financing history should be reconciled instrument by instrument.

The at-the-market program remains the most flexible of these channels. Momentus’ sales agreement with A.G.P./Alliance Global Partners was moved onto a new shelf registration in June: a prospectus supplement filed on June 18, 2026 provides for sales of up to $75.0 million of Class A common stock, an amount that excludes shares sold under the agreement before that date. During the first half the company sold 8,010,080 shares under the program for net proceeds of $45.5 million, and $64.4 million of capacity remained at June 30. The subsequent-events note of the quarterly report adds that in July and August Momentus issued a further 1,500,000 shares through the program for gross proceeds of $6.4 million, before estimated issuance costs of $0.2 million, leaving up to $58.0 million available. Unused capacity is not cash on hand and does not oblige the company to sell; it is the amount that can be raised through the market, at prevailing prices and subject to demand, with each sale adding to the share count. Notes 9 and 16, June 30, 2026 Form 10-Q · June 18, 2026 Form 8-K

A second facility has been closed. On August 21, 2026, Momentus terminated the equity purchase agreement it had signed with Yield Point NY LLC in September 2025, which gave the company the right, but not the obligation, to direct the investor to buy up to $50 million of Class A common stock. The company stated that it had not used the facility, that it does not intend to use it in the future and that it incurred no early-termination penalty. The termination removes one potential route to issuance; the at-the-market program remains in place. August 2026 Form 8-K

The company had no Series A preferred shares outstanding at June 30, compared with 547,408 at year-end: on February 9, 2026, Velo3D converted all of them into 306,672 Class A shares. That change is relevant to the capital structure, but it should be read together with the associated common issuance. Reducing an instrument’s balance can simplify the structure while transferring its economic interest into common shares. Looking at only one side of that transaction would miss the effect on ownership.

For shareholders, the cash raised has to be related to the value created after dilution. The enterprise can become more secure and technically capable while each share represents a smaller fraction of it. The favorable outcome is that the capital enables growth sufficient to compensate for that ownership change. The adverse outcome is repeated financing without a proportionate improvement in the business. Momentus’ stronger balance sheet and larger share count are therefore linked facts, not competing descriptions from which a reader must choose only one. Financing and stockholders’ equity

11Expense structure: gross contribution still has a large distance to travel

The six-month income statement reported research and development expense of $8.395 million and selling, general and administrative expense of $10.244 million. Together, these were $18.639 million, compared with $1.842 million of gross profit. The operating loss was $16.797 million and the net loss $17.749 million. The reported services contributed positively at the gross level, while the broader expense structure remained much larger.

This gap identifies the business problem more usefully than a single growth percentage. Momentus needs additional revenue with an adequate contribution, lower costs, or some combination of both to move toward self-supporting operations. Revenue growth that requires a similar or greater increase in delivery and development expense may improve activity without improving the cash model. A company can win more work while continuing to consume substantial resources if the work is expensive to deliver or if the overhead base expands in anticipation of scale.

The filing’s cash discussion identified personnel, professional fees, legal expense, corporate overhead and research activity as contributors to operating cash use. These costs have different degrees of flexibility. Some can be reduced if the plan is narrowed, while others support the basic readiness and reporting infrastructure of a listed spacecraft company. Cutting too much can damage the technical capability or reliability that customers require. Spending too much before demand develops can reduce the reserve available for future missions.

The net loss and operating cash use differ because accounting includes noncash items and working-capital movements. The reported $14.883 million of operating cash use is the relevant historical cash-flow measure. The loss provides additional information about the economics recognized in the period. They should be assessed together without treating one as an exact substitute for the other. A future quarter could show a better loss figure while cash is committed to procurement, or stronger cash flow while revenue recognition remains uneven.

The operating objective is therefore a cost structure that supports reliable delivery at the scale of funded demand. The company’s capital reserve provides room to pursue that objective. Future results will be more encouraging if customer work grows into the resources already in place and the contribution begins to cover a larger part of development and administration. The first-half figures show both the commercial contribution achieved and the size of the remaining transition. Results and cash-flow discussion

12Deposits, purchase commitments and working capital around a mission

At June 30, Momentus reported $209,000 of current contract liabilities and $120,000 of non-current contract liabilities. These balances represent obligations associated with consideration received before the related services are fully earned. The company also reported accounts receivable of $611,000. A spacecraft service can therefore have both cash received before performance and payments still to collect after work. The relationship among these accounts helps explain the funding requirements of a mission.

A customer deposit can reduce the provider’s need to finance preparation, while creating a commitment to deliver. Its value depends on the terms, the scope of the work and the consequences of delay or failure. A receivable can indicate work already recognized as revenue, while collection timing determines when it supports cash resources. Neither balance should be treated as equivalent to unrestricted cash in the bank. They occupy different stages of the contractual cycle.

The filing reported $3.371 million of unconditional purchase obligations for the remainder of 2026. Procurement commitments can secure the hardware or services needed for a planned mission. They can also reduce flexibility if a customer schedule or the company’s plan changes. The financing assessment should recognize both the operational reason for the commitment and its effect on future resources. A cash reserve that appears large relative to recent expense may still have designated uses that are important for delivery.

This creates a timing problem that is common to mission-based businesses but specific in its consequences for Momentus. Costs can be incurred during manufacturing and integration, while revenue may be recognized at a later milestone or over an orbital service period. Advance payments can partly bridge that gap. A launch deferral can extend it. The quality of working-capital management influences how much capital is required to support the same amount of expected contract revenue.

A financially stronger service model would align contractual payments with preparation and performance obligations, maintain adequate contingency for delays and avoid committing more resources than funded demand justifies. That model would not eliminate mission risk. It would reduce the chance that a technical schedule change becomes an avoidable financing crisis. The June balances and commitments provide a starting point for examining this issue, while the economics of future booked missions depend on their particular terms. Contracts and purchase obligations

13Reverse splits and potential shares: compare like with like

Momentus’ December 2025 reverse split combined 17.85 Class A shares into one, with adjustments to relevant equity instruments under their terms. The June financial statements present earlier periods on a retroactively adjusted basis. The split changes the unit in which ownership is expressed, rather than producing operating cash or revenue. Comparing a pre-split share count with a post-split price without adjustment would produce a distorted valuation.

The distinction is particularly important when evaluating the subsequent financing history. The June count of 20,342,968 common shares should be compared with the adjusted year-end count in the same financial statements. The large increase reflects issuance and conversion activity after the split, rather than an accounting mistake caused by the split itself. A reverse split can change the quoted unit while later issuance changes the actual fraction of the company represented by each unit.

The company also disclosed potential common shares excluded from diluted loss per share because their inclusion would have been antidilutive in a loss period. At June 30, the table included 595,350 warrants and 372,426 options and unvested stock units, among other items. Exclusion from the reported diluted loss calculation does not mean the instruments have disappeared. It means the accounting calculation for that period treats them in a particular way. Future ownership analysis must still consider their terms.

One group of instruments has since dropped out of the picture. The June warrant table, presented on a reverse-split-adjusted basis, showed public and private warrants with amounts of 691 and 903 respectively and an expiration date of August 12, 2026. On August 11, 2026, Nasdaq filed a Form 25 to remove from listing the class described as warrants expiring August 12, 2026. The removal concerns the expiring warrants only: Momentus’ Class A common stock remains listed on Nasdaq under the symbol MNTS. Given these small split-adjusted amounts, the expiry has a negligible effect on potential dilution; it mainly simplifies the list of listed securities. Warrant table, June 30, 2026 Form 10-Q · Nasdaq Form 25, August 11, 2026

Accounting and valuation therefore require different but compatible views of the denominator. The financial statements apply the rules for earnings per share. An investment scenario considers which instruments could become common shares, what cash might accompany them and when issuance could occur. A simple addition of every possible share may overstate immediate dilution, while ignoring them would understate potential ownership change. The appropriate approach preserves the distinction between outstanding shares and conditional instruments.

For Momentus, the practical implication is that historical price charts and old share counts require careful normalization before they inform valuation. The more important long-term question remains the relationship between capital raised and commercial value created. A split can alter presentation; a financing alters resources and ownership; a successful service alters the operating business. Keeping these three effects distinct allows a reader to evaluate progress without confusing a change in quoted units with economic growth. Split and potential-share disclosures

14Government customers and procurement: credibility does not remove competition

Momentus’ disclosed work includes NASA, SpaceWERX and other government-linked programs. These relationships provide evidence that the team has performed work for demanding customers. The proximity demonstration is a concrete result under a previously awarded contract. The FALCON-Lidar task order funds a defined preparatory stage. The two developments illustrate how government work can support both flight capability and engineering revenue.

A government relationship can help establish credibility, but future awards still depend on requirements, budgets, procurement decisions and performance. A formulation task may lead to a later opportunity while remaining competitive. A successful demonstration can support a future proposal while leaving the customer free to select another approach. The value of the relationship should be measured through the work awarded and delivered, together with a balanced assessment of the later opportunity.

The commercial mix also matters. Government engineering work can provide revenue between mission events, while commercial customers may demand a different combination of price, schedule and flexibility. A company serving both must manage resource allocation carefully. Highly customized development for one program may create reusable capability, or it may consume engineering capacity that another customer needs. The outcome depends on how closely the requirements align with the product roadmap.

Competitive alternatives include other spacecraft buses, payload hosting providers, transfer vehicles and engineering teams. The customer’s choice depends on total mission risk and cost, not merely the novelty of a propulsion system or sensing demonstration. Reliability, documentation, schedule confidence and the ability to support the payload throughout its intended service can all influence the decision. Momentus’ flight heritage is relevant evidence in this process, while maintaining and improving that evidence requires continued execution.

The favorable commercial path uses government work to validate useful capability and then broadens the customer base without losing cost discipline. The risk is a fragmented portfolio of bespoke programs that generates activity but limited operating leverage. A larger cash reserve makes it possible to pursue more opportunities. Capital allocation determines which opportunities deserve that funding. For shareholders, the strongest sign of a developing franchise would be repeat work in which the company can reuse proven engineering and improve the economics of delivery over time. Government work and business risks · NASA task order

15Mission, regulatory and legal risk: the reserve has more than one claimant

The company’s risk disclosures include launch and service failures or delays, licensing and government approvals, export restrictions, workforce requirements and legal proceedings. These risks affect different parts of the service chain. A payload can be ready while launch availability changes. A spacecraft can reach orbit while an operational subsystem requires additional work. A customer contract can be commercially attractive while regulatory conditions influence the delivery schedule. The mission must succeed as an integrated service.

The June balance sheet reported a litigation settlement contingency of $1.662 million and lease liabilities in both current and non-current categories. The company also described founder-related litigation and other legal matters in its notes. These disclosures are relevant to the allocation of resources. They should be read as reported liabilities and proceedings, with outcomes and estimates subject to the filing’s explanations. A cash reserve can support legal and contractual obligations while also funding new missions.

Financial reporting has also changed hands. On August 10, 2026, the Audit Committee approved the dismissal of Frank, Rimerman + Co. LLP as independent registered public accounting firm, effective August 11, and appointed Baker Tilly US, LLP, whose engagement agreement was executed on August 12, 2026. The company reported no disagreements with the former auditor on accounting principles, disclosure or audit scope during 2024, 2025 and the interim period through August 11. The only reportable event cited was a material weakness in internal control over financial reporting identified in the 2024 annual report, which the company described as remediated as of December 31, 2025. The Frank, Rimerman report on the 2025 financial statements carried no going-concern paragraph, while the report on 2024 had included one. An auditor change with no disclosed disagreements is a governance event to note rather than a finding in itself; the first audit of Momentus’ accounts by the new firm will cover a year in which the capital structure changed substantially. August 2026 Form 8-K, Item 4.01

Operational risk can have effects beyond the immediate cost of a campaign. A failure can reduce customer confidence, complicate subsequent sales and require additional testing. A delay can consume resources and affect the timing of revenue. A successful mission can improve confidence, while still requiring investment before another service is delivered. The business needs enough financial flexibility to handle uncertainty without compromising the reliability customers purchase.

The reserve materially reduces the urgency of some near-term financing questions compared with the preceding year-end balance, but it does not eliminate the underlying risks. A more ambitious operating plan can increase the uses of capital. New products can create additional qualification requirements. More booked services can create a larger delivery obligation. Financial strength is most useful when paired with a plan that prioritizes work the company can deliver economically.

The investment assessment should therefore connect each risk to its possible effect on services, spending and ownership. A licensing issue can delay a mission; a delayed mission can shift revenue; a prolonged gap can increase capital needs; financing can alter the denominator. The sequence is conditional, but it explains why technical, legal and financial risks interact. Momentus’ progress deserves evaluation alongside these constraints, with credit for completed work and appropriate caution about future service outcomes. Risk factors, commitments and contingencies

16Valuation and the next evidence: operating results must carry more weight over time

Momentus’ opportunity spans engineering services, orbital missions and hardware products, so a single sector multiple is a weak description of its economics. A satellite operator with recurring service revenue has a different financial profile from a development company preparing episodic missions. A component supplier has different capital and delivery requirements from an orbital service provider. A useful valuation framework separates the businesses that are already earning revenue from the possibilities that depend on future qualification and demand.

The cash reserve is one input, while future consumption and obligations are other inputs. Treating cash as a permanent equity-value floor would ignore the money required to operate and develop the business. Assigning a large value to future servicing would require assumptions about technical scope, procurement, customer adoption, pricing and margins. Those assumptions can be explored through scenarios, but they should remain visible. A compelling story about future space infrastructure is not a substitute for the economics of the services Momentus can actually deliver.

The June share count and potential instruments also belong in the framework. A higher enterprise value can be distributed across a much larger common denominator after financing. New capital can reduce execution risk while imposing an ownership cost. The net effect depends on how much value the capital creates. This is why company progress and share performance need not move in a simple one-to-one relationship. The business can improve while the per-share valuation remains sensitive to dilution and expectations.

The next useful evidence is concrete. For Vigoride 8, preparation and launch progress would clarify the scheduled mission. For Vigoride 9, the LASP and ARCSPACE contracts are signed customer work; their values have not been disclosed, and further bookings would clarify demand for the mission. For FALCON-Lidar, completion of formulation and any separate procurement decision would clarify the government opportunity. For the hardware portfolio, orders, qualification and repeat delivery would clarify product economics. Financial reports would show how these activities affect revenue, contribution and cash consumption.

The investment case becomes more robust when these evidence streams reinforce one another. Technical reliability can support customer confidence. Customer confidence can support repeat paid work. Repeat work with adequate margins can support operating cash. Capital discipline can preserve more of that value for each owner. Momentus has demonstrated elements of the technology and raised resources to continue development. The remaining commercial test is to turn those elements into an enduring business whose economics are supported by customers. Financial and operating basis

Frequently asked questions

What is Vigoride?

Vigoride is Momentus’ orbital service vehicle, used for transportation, hosted payloads and other in-space activities. The company also offers the platform as a satellite bus and describes a smaller Vigoride Lite version. Company filing

Was the September SpaceWERX announcement a new contract?

The September 29 release reports completion of a demonstration under a previously awarded $1.86 million SpaceWERX contract. The completed work is progress under that award. Demonstration announcement

Does FALCON-Lidar guarantee a later satellite mission?

The awarded work is the competitive formulation phase. A potential later contract to build and fly a satellite is a separate opportunity and procurement decision. NASA task order announcement

When is Vigoride 8 scheduled?

The September 29 announcement described the fully booked mission as scheduled for 2027, carrying two NASA payloads. Timing remains subject to readiness, launch and other execution conditions. Mission status

Why is first-half revenue much larger than second-quarter revenue?

The company earns revenue through services with different delivery and milestone timing. H1 revenue was $3.240 million, while Q2 revenue alone was $25,000. Deposits, milestone acceptance and orbital service periods can affect recognition. Financial statements and revenue policy

What are the main financial risks?

They include continuing cash consumption, the scale gap between gross profit and expenses, delivery obligations and potential future dilution. June cash resources improved capacity, while the first-half financing changed ownership materially. Cash flow and equity

Official sources

• Quarterly financial statements — June 30, 2026
• Investor relations
• Company website
• 2026-09-29 — Vigoride 7 completes proximity-operations demonstration
• 2026-09-24 — NASA task order supports FALCON-Lidar formulation
• 2026-08-25 — Form 8-K: termination of the Yield Point equity purchase agreement
• 2026-08-14 — Form 8-K: change in certifying accountant
• 2026-08-11 — Nasdaq Form 25: removal of warrants expiring August 12, 2026
• 2026-07-30 — Vigoride 7 mission update reports clean maneuvers
• 2026-07-28 — Vigoride 8 completes Critical Design Review
• 2026-06-18 — Form 8-K: $75 million at-the-market offering
• 2026-06-17 — Commercial contract with LASP for OWLS on Vigoride 9