Executive Summary

First million-dollar quarter: revenue reached $1.705M, up from $0.022M in Q1 and $0.050M in Q2’22, driven by deployments on Vigoride-6; however, operating loss remained large at $(18.9)M and GAAP net loss was $(18.8)M (EPS $(0.20)) .
Backlog stood at ~$32M around quarter-end with rising DoD traction, including a signed SDA SBIR contract (initial $0.746M with a $1.196M option) and the new M‑1000 satellite bus offering .
Liquidity risks escalated: cash was $21.3M with ~$(9)M gross debt; the 10‑Q includes “substantial doubt” going concern language; management cut headcount ~30% and scheduled a reverse split vote to maintain Nasdaq compliance .
Near-term revenue cadence remains lumpy; the next major revenue event is the SpaceX Transporter‑9 mission targeted for no earlier than November 2023 (3+ customer satellites booked) .
Consensus estimates: S&P Global consensus for Q2’23 was unavailable at time of analysis; no beats/misses vs Street can be assessed (will update when accessible).

What Went Well and What Went Wrong

What Went Well
- First $1M+ revenue quarter as deployments on Vigoride‑6 contributed $1.7M: “Q2 marks our first million‑dollar quarter” .
- Technology milestones: MET thruster operated successfully with 35 firings and >3 km altitude raise on Vigoride‑5; productivity improved (Vigoride‑6 AIT 36% faster; 51% fewer non‑conformances) .
- DoD traction and product expansion: signed SDA SBIR contract (initial $0.746M; option $1.196M) and submitted bid for SDA Tranche 2 Transport Layer Alpha; launched the M‑1000 satellite bus to pursue an expanding market .
What Went Wrong
- Liquidity/going concern: company disclosed “substantial doubt” about ability to continue as a going concern; cut headcount by ~30% to reduce burn; engaged Deutsche Bank to explore strategic alternatives and capital raising .
- Mission execution issue: NASA LLITED CubeSats were deployed at the wrong inclination due to a software command mapping error (corrective actions implemented), highlighting operational risk early in the learning curve .
- Continued heavy losses and cash burn: Q2 operating loss $(18.9)M, adjusted EBITDA $(14.4)M; EPS remained negative; reverse split sought to preserve Nasdaq listing and aid future capital raises .

Financial Results

Table A: Headline P&L metrics (chronological, oldest → newest)

Metric	Q2 2022	Q1 2023	Q2 2023
Revenue ($M)	$0.050	$0.022	$1.705
Net Loss ($M)	$(22.872)	$(20.825)	$(18.835)
Adjusted EBITDA ($M)	$(18.250)	$(15.785)	$(14.412)
Net Loss per Share ($)	$(0.28)	—	$(0.20)

Notes: Adjusted EBITDA reconciliations per Q2 8‑K exhibit . EPS for Q1’23 not provided in reviewed documents.

Table B: Additional quarterly items

Metric	Q2 2022	Q1 2023	Q2 2023
Gross Profit ($M)	$0.038	—	$1.317
Cash & Equivalents (end, $M)	—	$39 (non‑restricted)	$21.298
Debt (gross, ~$M)	~15 (FY22 year-end)	~12	~9
Shares Outstanding (MM)	—	~95	~95
Backlog / Potential Revenue ($M)	$33 (FY22 YE)	$33 (as of Apr 30, 2023)	$32 (as of Jun 30, 2023)

YoY context: Q2’23 revenue $1.705M vs $0.050M in Q2’22; operating loss improved to $(18.9)M vs $(23.7)M in Q2’22 .

KPIs and operational notes:

“First million‑dollar quarter” driven by Vigoride‑6 deployments and Vigoride‑5 hosted payload milestones .
Next revenue milestone tied to Transporter‑9 (no earlier than Nov‑2023) with at least three satellites manifested and a possible fourth .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Quarter	Not provided	Not provided	Maintained (no formal guidance)
Adjusted EBITDA	FY/Quarter	Not provided	Not provided	Maintained (no formal guidance)
OpEx / Cash Burn	Near-term	Not provided	Headcount reduced ~30% to lower burn; expect full impact in Q3’23	Cost actions disclosed
Capital Plan / Listing	2023	—	Reverse split vote Aug 22 to maintain Nasdaq; exploring capital raises; engaged Deutsche Bank	New disclosures
Mission Schedule	2H23–2024	Prior plan for V7 on Transporter‑9 (Oct)	Transporter‑9 “no earlier than Nov‑2023”; ports reserved through end‑2024 (T‑10/11/12)	Timing refined

No explicit quantitative revenue, margin, or EPS guidance was provided in reviewed materials.

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4’22, Q1’23)	Current Period (Q2’23)	Trend
DoD/SDA traction	Focus on defense sales; active dialogues with Space Force, SDA, DARPA, NASA	SDA SBIR signed ($0.746M + $1.196M option); bid submitted for SDA Tranche‑2 Transport Layer Alpha	Accelerating
MET thruster maturity	Planned on-orbit testing (V5)	35 firings; +3 km orbit raise; operational across intended profiles	Maturing
TASSA solar array	Planned demo on V6; potential ~10% unit cost reduction	Demo imminent; reiterated ~10% cost reduction potential, several‑month lead time reduction	Progressing
Liquidity/going concern	Sufficient liquidity for 12 months at FY22; heavy burn	“Substantial doubt” going concern; ~30% headcount reduction; exploring capital/strategic alternatives	Deteriorated, mitigation actions
Mission cadence	V6 in Apr; V7 planned Oct; pipeline building	Transporter‑9 no earlier than Nov‑2023; ports reserved through 2024	Schedule refined; capacity secured
Regulatory (deorbit)	FCC 5‑year LEO deorbit rule supports demand	Reiterated FCC rule and debris market opportunity	Supportive backdrop
Product strategy (M‑1000 bus)	Pursuing adjacent “slim‑down” bus opportunities	M‑1000 bus launched; targeting commercial and DoD markets	Expanded offering

Management Commentary

“Q2 marks Momentus’ first million‑dollar quarter with Q2 earnings finishing at $1.7 million for the quarter.” — John Rood, CEO .
“During the Vigoride 5 mission, [we] conducted 35 firings of the [MET]…and [raised] the Vigoride [OSV] by more than three kilometers.” .
“We were recently awarded a [SDA] SBIR…first contract action is worth roughly $746,000…and…an additional $1,196,000…total…over $1.9 million.” .
“Our 10‑Q will include language…substantial doubt about our ability to continue as a going concern…we reduced headcount…by approximately 30%...expect to realize the full impact…during Q3 of 2023.” — Eric Williams, CFO .
“Our next mission is planned for…Transporter‑9…no earlier than November 2023…we will launch at least three satellites…with potential for a fourth.” .

Q&A Highlights

Revenue cadence and next milestone: CFO noted residual V5 revenue remains (Caltech hosting), but next major revenue event is Transporter‑9 in Oct/Nov timeframe .
November manifest: At least three satellites (SatRev AMAN, JINJUSat‑1 for CONTEC, Lunasonde’s Picacho) with a potential fourth customer .
Burn rate actions: Management emphasized cost reductions following ~30% headcount cuts; Q3 expected to reflect fuller savings .

Estimates Context

S&P Global consensus for Q2’23 (revenue and EPS) was not retrievable at time of analysis due to data access limits; therefore, no comparison to Street estimates can be provided. We will update when S&P Global data is available.

Key Takeaways for Investors

Revenue inflection, but small base: First $1.7M quarter shows monetization progress (V6 deployments), yet profitability remains distant with $(18.9)M operating loss and $(14.4)M adjusted EBITDA in Q2 .
Liquidity is the gating factor: “Substantial doubt” going concern, $21.3M cash and ~$(9)M debt necessitate cost cuts, potential capital raise, and reverse split; watch for financing updates and dilution risk .
DoD pipeline is the core upside: Signed SDA SBIR and bid for Tranche‑2 Transport Layer Alpha could be transformational if awarded; M‑1000 bus broadens addressable market .
Execution watch items: Transporter‑9 in Nov’23 is the next catalyst; track payload count and timing, plus continued MET/TASSA demonstrations for cost and capability validation .
Operational learning curve persists: LLITED inclination error underscores early-stage ops risk; corrective actions implemented, but quality systems remain a key diligence area .
Secured launch capacity: Reservations on all SpaceX Transporter missions through 2024 reduce schedule risk and aid bookings .
Estimate path: With consensus unavailable, the narrative and contract flow (SDA/DoD, bookings, mission cadence) will likely drive near-term stock moves until Street coverage deepens.

Citations:

Earnings press release and financial statements (Q2’23 8‑K with Exhibits 99.1/99.2):
Q2’23 earnings call transcript:
Additional Q2’23 call (duplicate source):
Prior quarters for trend: Q1’23 call ; Q4’22 call .

Momentus Inc. (MNTS)·Q2 2023 Earnings Summary