Management forecasts approximately $10.0 million of 2026 revenue, principally from milestone-based NASA and U.S. defense contracts. The March 31 balance sheet showed $23.482 million of cash. Momentus later reported approximately $76 million of cash, cash equivalents and short-term investments on June 8 after financing activity, then closed another registered direct offering on June 15 that generated approximately $23.25 million of net proceeds before subsequent operating cash use. The June 18 at-the-market facility authorizes up to $75 million of additional common-stock sales over time. That facility is financing capacity, not cash already raised.
Momentus is attempting to scale spacecraft design, manufacturing, payload integration and mission operations with a very small workforce. Its March 2026 headquarters move expanded laboratory and manufacturing space while nearly quadrupling clean-room capacity from 4,500 to 16,000 square feet. That adds industrial capacity, but it does not by itself establish a high-rate production record.
No material acquisition or divestiture was identified in Momentus' 2025-2026 SEC filings through July 27, 2026.
Momentus builds and operates spacecraft that can host customer payloads after launch, provide electrical power and communications, deploy satellites and maneuver in orbit. Its core Vigoride vehicle sits between the launch provider and the customer's mission, allowing research, technology-demonstration and commercial payloads to use a shared spacecraft rather than buying a dedicated satellite.
The company also develops small-satellite platforms, propulsion systems, payload integration, mission engineering, communications hardware and additively manufactured spacecraft components.
Momentus does not yet operate a mature commercial in-orbit servicing business. Robotic capture, fluid transfer and broader servicing require additional rendezvous and proximity operations, autonomy, sensing and manipulation capabilities. Those remain development lanes rather than proven recurring services.
Vigoride combines a spacecraft bus, payload accommodations, power, communications, guidance, navigation and control, propulsion and deployment interfaces. Before Vigoride-7, Momentus had launched four missions, operated Vigoride vehicles on three and deployed 17 customer satellites. That establishes basic flight heritage, but not a high-volume recurring service.
Vigoride-7 launched March 30, 2026 on SpaceX Transporter-16 carrying 10 customer and internal payloads. The mission supports demonstrations for the Defense Advanced Research Projects Agency, Air Force Research Laboratory SpaceWERX, NASA, Orbit Fab, Solstar Space and Velo3D. Momentus later reported that the vehicle had transitioned into hosted-payload mission operations.
Momentus completed Preliminary Design Review on April 29 for a fully booked early-2027 mission carrying SpaceWorks Enterprises' Commercial Orbital System for Microgravity In-Space Crystallization payload and NASA's Juno Rotating Detonation Rocket Engine experiment. The company targeted Critical Design Review for late May. No later Momentus release located through July 27 publicly confirmed that CDR milestone, so the profile does not treat it as complete.
The University of Colorado Boulder's Laboratory for Atmospheric and Space Physics contracted with Momentus to host and operate two Occultation Wave Limb Sounder instruments on Vigoride-9. The mission targets 2027. Contract value was not publicly disclosed and Momentus said additional payload capacity remained available.
Momentus' microwave electrothermal thruster heats water propellant with microwave energy and expels the resulting gas to produce thrust. The company reports hundreds of in-space firings and Technology Readiness Level 9. Public disclosures still lack standardized mission-performance data sufficient to prove a broad cost or maneuverability advantage over competing chemical and electric propulsion systems.
Momentus markets configurable spacecraft platforms for communications, missile warning and tracking, positioning, navigation and timing, space-domain awareness and hosted national-security payloads. Public disclosures do not establish a completed production constellation, recurring delivery rate or separate flight record for these platforms.
TASSA is Momentus' hosted-payload service architecture. The company also develops propulsion hardware, tanks and other components, including a Momentus-designed titanium tank produced by Velo3D and flown on Vigoride-7.
Momentus reported eight issued U.S. patents, four issued non-U.S. patents and one pending patent family as of December 31, 2025, covering propulsion and other spacecraft technologies.
The operating business traces its development work to 2017. Stable Road Acquisition Corp. incorporated in 2019 as a special-purpose acquisition company and later agreed to combine with Momentus.
On July 13, 2021, the Securities and Exchange Commission charged Momentus, Stable Road, Stable Road's sponsor chief executive and Momentus founder Mikhail Kokorich over statements connected to the proposed merger. The SEC alleged misleading statements about an in-space propulsion test, commercial viability, national-security concerns and merger due diligence. Momentus agreed to a $7 million penalty and governance and disclosure-control measures. The business combination closed August 12, 2021 and MNTS began Nasdaq trading the next day.
Momentus launched its first Vigoride mission in 2022. Revenue remained small and irregular while the company reduced staffing, conserved cash and repeatedly raised capital. It completed a 1-for-14 reverse stock split in December 2024 and a 1-for-17.85 reverse split in December 2025. Nasdaq notified the company in January 2026 that it had regained minimum-bid compliance.
Momentus moved into a 61,100-square-foot San Jose facility in March, expanding clean-room space to 16,000 square feet. Vigoride-7 launched March 30. First-quarter revenue rose to $3.215 million. During April, May and June, Momentus used private placements, at-the-market sales and a registered direct offering to rebuild liquidity and retire remaining convertible debt. It also advanced Vigoride-8, booked a Vigoride-9 research mission and retained access to NASA and national-security programs.
Momentus' revenue remains small and lumpy. FY2025 service revenue was $1.110 million. Q1 2026 revenue rose to $3.215 million from $322,000 a year earlier as the company recognized engineering and hosted-payload milestones. That produced the required +898% Q1 2026 year-over-year growth figure, but it should not be read as a normalized run rate.
NASA is the clearest disclosed near-term revenue driver. Momentus won a $5.1 million NASA Flight Opportunities contract for the COSMIC demonstration and a separate $2.5 million NASA contract for the Juno rotating detonation rocket engine demonstration, both planned on Vigoride-8. Other NASA work includes R5-S10 inspection and formation-flight technology plus a cislunar power-processing demonstration.
Vigoride-7 restored flight operations. Vigoride-8 and Vigoride-9 are the clearest disclosed path to additional mission revenue. Growth depends on completing design reviews, receiving and integrating payloads, environmental testing, launch-manifest execution and successful on-orbit operations.
Momentus identifies active or accessible work with DARPA, Air Force Research Laboratory SpaceWERX, the Space Development Agency and the Missile Defense Agency. It is a holder of the MDA Scalable Homeland Innovative Enterprise Layered Defense multiple-award indefinite-delivery/indefinite-quantity vehicle. The shared $151 billion ceiling is not a Momentus award, revenue commitment or backlog. No funded SHIELD task order for Momentus was identified through July 27.
M-500, M-1000, TASSA, propulsion hardware and spacecraft components could diversify the business beyond Vigoride missions. Momentus has not disclosed a recurring production order, high-rate manufacturing contract or quantified backlog for these products.
Equity issuance is not revenue, but it has become central to Momentus' ability to keep engineering and mission work funded. The 2026 financing campaign materially reduced near-term liquidity pressure and eliminated remaining convertible debt. It also expanded the share count and leaves additional dilution possible through the new $75 million at-the-market facility.
| Filed | Form | Description | Link |
|---|---|---|---|
| Jun. 18, 2026 | 424B5 / 8-K | Up to $75 million at-the-market common-stock facility. Prospectus states 18,835,815 shares outstanding before sales under the facility. | View → |
| Jun. 15, 2026 | 8-K | Closing of $25 million registered direct offering: 1,851,852 shares at $13.50 per share. | View → |
| May 29, 2026 | 8-K | Closing disclosure for approximately $25 million private placement of common shares and pre-funded warrants. | View → |
| May 13, 2026 | 10-Q | Q1 2026 financial statements, revenue, losses, liquidity, share issuance and risk factors. | View → |
| Apr. 10, 2026 | DEF 14A | 2026 proxy statement covering executive titles, board composition, ownership and compensation. | View → |
| Mar. 31, 2026 | 10-K | FY2025 audited results, business description, capital structure, risks and year-end liquidity. | View → |
Values below are Momentus-specific only when a primary source discloses them. The $151 billion SHIELD figure is a shared vehicle ceiling across more than 2,400 contract holders and is not attributed to Momentus.
| Date | Awarding Body | Program / Scope | Value | Status |
|---|---|---|---|---|
| Jun. 17, 2026 | University of Colorado Boulder LASP | Host and operate two Occultation Wave Limb Sounder instruments on Vigoride-9. | Undisclosed | Contracted |
| Dec. 2025 | Missile Defense Agency | SHIELD multiple-award IDIQ contract vehicle. Momentus may compete for future task orders. | $151B shared ceiling | Vehicle holder |
| Sep. 29, 2025 | NASA Armstrong Flight Research Center | Juno rotating detonation rocket engine in-space demonstration on Vigoride-8. | $2.5M | Awarded |
| Sep. 26, 2025 | NASA Flight Opportunities | Commercial Orbital System for Microgravity In-Space Crystallization demonstration on Vigoride-8. | $5.1M | Awarded |
| 2025-2026 | NASA Johnson Space Center | R5-S10 CubeSat inspection, relative navigation, communications and formation-flight demonstration. | Undisclosed | Active |
| 2025-2026 | NASA Armstrong Flight Research Center | Cislunar power-processing-unit demonstration supporting high-delta-V maneuver and in-space assembly technology. | Undisclosed | Active |
| 2025-2026 | DARPA | NOM4D and related Vigoride-7 in-space assembly and manufacturing demonstrations. | Not publicly disclosed in current award ledger | Active |
| 2025-2026 | AFRL SpaceWERX | Low-Cost Multispectral Rendezvous and Proximity Operations Sensor demonstration under the Sustained Space Maneuver Challenge. | Not publicly disclosed in current award ledger | Flight demo |
Momentus does not disclose a consolidated or defense-only backlog value. Do not treat the SHIELD ceiling, management's $10 million revenue forecast, financing capacity, milestone payments, customer deposits or contract liabilities as backlog.
| Date | Insider / Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| May 21, 2026 | Chris Hadfield · Director, through Hadfield Inc. | Open-market purchase | 2,000 | $7.19 | $14,380 |
| May 19, 2026 | John C. Rood · Chairperson, President & CEO | RSU grant | 40,485 | $0 | Compensation grant |
The Hadfield transaction was a discretionary open-market purchase. Rood's Form 4 reported a restricted-stock-unit compensation grant, not an open-market buy. Corporate offerings and at-the-market sales created far more share-count change than these insider transactions.
Momentus has rebuilt liquidity faster than it has rebuilt operating scale. Vigoride is back in orbit, NASA provides real contracted revenue and the new San Jose site improves manufacturing headroom. The central question is whether those assets convert into repeat missions, funded defense task orders and customer cash flow before another large round of dilution becomes necessary.
Management's approximately $10 million 2026 revenue forecast is plausible only if milestone-based NASA and defense work converts on schedule. The most important operating markers are Vigoride-7 payload results, Vigoride-8 design and integration milestones, Vigoride-9 payload preparation and any funded national-security orders.
The 61,100-square-foot San Jose facility gives Momentus more clean-room, laboratory, machine-shop and mission-operations capacity than the company had before March. The value of that expansion depends on utilization. A larger facility is strategically useful only if Momentus can win enough bus, payload-hosting, component and government work to keep it productive.
First-half 2026 financing materially reduced immediate going-concern pressure and removed the remaining convertible debt. It also shifted the risk toward dilution. The June 18 ATM can provide up to $75 million of additional gross proceeds, but every sale increases the share count. The next phase should be judged by customer-funded execution rather than financing headlines.
Momentus has access to mission areas that matter to future U.S. space architecture: distributed sensing, rendezvous and proximity operations, in-space assembly, hosted payloads and missile-defense support. Access is not production status. SHIELD and other vehicles become strategically meaningful only when they convert into funded task orders and successful flight hardware.
On-schedule Vigoride-8 and Vigoride-9 progress, successful Vigoride-7 demonstrations, one or more funded defense task orders, repeat hosted-payload customers and declining dependence on equity financing would strengthen the operating case.
Mission delays, payload failures, weak government-order conversion, launch-manifest slippage, rising facility costs or sustained cash use could force additional equity issuance and renew listing pressure.
This is scenario analysis, not an investment recommendation.
Momentus competes in several adjacent procurement lanes rather than one clean market. Direct orbital-transfer and hosted-payload competitors differ from the companies it meets in satellite-bus, defense-space and mission-integration competitions.
Related concept: What Is the Proliferated Warfighter Space Architecture (PWSA)? This link is relevant to Momentus' Space Development Agency exposure but Momentus is not presented as a major PWSA production prime.
Emerging and narrow. Momentus has credible technical assets, flight heritage and government relationships. It has not yet converted them into the mission frequency, funded backlog, manufacturing utilization or customer lock-in required for a durable long-term moat.
A spacecraft anomaly, payload failure or inability to complete a promised demonstration could damage customer confidence and reduce follow-on work.
Momentus has a limited operating history and milestone accounting can create sharp quarter-to-quarter swings. Signed work does not guarantee recognition on the schedule management expects.
Private placements, registered direct offerings, warrants and at-the-market sales have financed operations. The new ATM creates up to $75 million of additional gross financing capacity and therefore substantial potential dilution.
The company has used two reverse splits since late 2024 and previously faced minimum-bid and filing deficiencies. Renewed price weakness could create further listing pressure.
Momentus does not control launch schedules and depends on third parties for manifest slots, integration and launch execution.
A 35-person workforce is small for concurrent spacecraft development, manufacturing, payload integration, mission operations and classified-program compliance. Specialized suppliers and low production volume can also limit alternate sourcing.
The larger San Jose site expands capacity but also raises the importance of winning enough work to utilize that capacity efficiently. Production space without recurring orders does not create scale economics.
Government customers can modify or terminate contracts, audit costs and impose security, accounting and performance requirements. SHIELD vehicle membership does not guarantee a task order.
Momentus must comply with the International Traffic in Arms Regulations, Export Administration Regulations and other national-security restrictions. Violations could delay missions, block transfers or trigger penalties.
Competitors possess greater capital, staff, launch access, manufacturing infrastructure and mission history. Orbital-transfer, hosted-payload and servicing markets may also grow more slowly than company forecasts.
Rendezvous and proximity operations, autonomous inspection, robotic capture and fluid transfer introduce risks beyond hosted-payload operations. Each capability must be demonstrated before full servicing can be treated as an operating business.
The 2021 SEC enforcement action remains relevant because it involved technical claims, national-security disclosures and merger due diligence. Strong technical-verification and disclosure controls remain essential.
Vigoride-7 payload results; Vigoride-8 Critical Design Review and integration; Vigoride-9 payload integration; progress toward the $10 million 2026 revenue forecast; funded SHIELD orders; new NASA, SDA or MDA work; ATM usage; updated share count; cash use; Nasdaq compliance; customer concentration; headcount; facility utilization; material acquisitions or strategic transactions.