Momentus Inc.(NASDAQ:MNTS) 
Momentus Inc. provides water-powered transportation services for spacecraft. It engages in providing a shuttle service for satellites. Its shuttles, powered by water plasma engines, then transport these satellites to their target orbits. The company was incorporated in 2017 and is based in Santa Cla...
Website: http://www.momentus.space
Founded: 2017
CEO: John C. Rood
Sector: Industrials
Industry: Aerospace & Defense
Share this website to your friends
• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
• Beta:
• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
• EPS ttm:
• Book value per Share:
• Cash per Share:
• Current ast per Share:
• P/E ttm:
• P/E forward:
• P/E ttm high:
• P/E ttm low:
• P/S ttm:
• P/B ttm:
• P/FCF ttm:
• PEG ratio:
• Cash Ratio ttm:
• Quick Ratio ttm:
• Current Ratio ttm:
• Gross Mgn ttm:
• EBITDA Mgn ttm:
• Operating Mgn ttm:
• Net Income Mgn ttm:
• Trailing Div yield:
• Forward Div yield:
• Payout Ratio ttm:
• Ex-Dividend date:
• Target Price High:
• Target Price Low:
• Target Price Mean:
• Number of Analysts:
• Debt Ratio ttm:
• Debt to Equity ttm:
• Total Net Debt:
At a glance:
- Early-Stage Space Infrastructure Company with Execution Risk: Momentus is developing in-space transportation and logistics services; as an early-stage player, timelines, technical milestones, and customer conversion are key swing factors.
- Revenue Base Likely Limited While Business Model Scales: Near-term results may be driven by a small number of missions or service contracts, creating lumpy revenue and making growth dependent on expanding flight cadence and backlog.
- Cash Burn and Funding Needs Remain Central to the Equity Story: As a development-stage company, ongoing operating losses and negative free cash flow can necessitate additional financing, raising dilution and liquidity considerations.
- Regulatory, Compliance, and Geopolitical Sensitivities: Space and defense-adjacent operations can face licensing, export control, and compliance requirements that may affect partnerships, costs, and the pace of commercialization.
- Competitive Market with Differentiation Dependent on Reliability and Cost: Momentus competes in an evolving in-space services market; demonstrating reliable performance, repeatable operations, and compelling unit economics is crucial to winning customers.
Bull Thesis:
- Successful Mission Execution & Technology Validation: Momentus has successfully deployed and operated its Vigoride orbital transfer vehicles (OTVs) on multiple missions, demonstrating the viability of its core technology and ability to deliver customer payloads. This de-risks the fundamental technical capabilities of the company and builds confidence in its service offering.
- Growing Demand for In-Space Logistics: The proliferation of LEO satellite constellations, the increasing complexity of space missions, and the need for flexible last-mile delivery are driving a significant and expanding demand for in-space transportation and satellite servicing. Momentus is well-positioned to capitalize on this secular growth trend in the space economy.
- Strategic Partnerships & Customer Pipeline: Momentus has secured contracts and partnerships with various satellite operators, government agencies (like NASA), and launch providers (e.g., SpaceX), indicating market acceptance and a growing customer base for its Vigoride services. These relationships provide a foundation for future revenue and market expansion.
Bear Thesis:
- High Cash Burn & Dilution Risk: Momentus is still in its early commercialization phase, incurring substantial operating expenses and burning significant cash. This necessitates frequent capital raises, leading to ongoing shareholder dilution and uncertainty about long-term financial stability without a clear and rapid path to profitability.
- Intense Competition in a Nascent Market: The in-space transportation and logistics market is attracting numerous competitors, including well-funded startups and established aerospace companies. Momentus faces significant challenges in differentiating its services and securing market share against rivals with potentially deeper pockets, more established track records, or alternative technologies.
- Limited Revenue & Unclear Path to Profitability: Despite successful missions, Momentus's revenue generation remains low relative to its high operating costs. The company's business model relies on scaling missions, but the high cost per mission and the nascent nature of the market make the path to sustainable, significant revenue and eventual profitability long and uncertain.
- Operational Risks & Scalability Challenges: Space operations inherently involve high risks, including launch delays, technical failures, and the complexities of managing multiple missions simultaneously. Scaling the Vigoride service to a regular, high-cadence operation while maintaining reliability and cost-efficiency presents significant operational and engineering challenges that could impact growth.
Main Competitors:
- D-Orbit S.p.A. (ION Satellite Carrier), Directly competes with Momentus's Vigoride OTV by offering in-orbit transportation, precise satellite deployment, and hosted payload services using its ION Satellite Carrier. They target the same small satellite market needing last-mile delivery and orbital maneuvering.
- Spaceflight Inc. (Sherpa OTVs (Sherpa-FX, Sherpa-LTC)), A key competitor in the in-space transportation market, Spaceflight provides launch integration and operates its Sherpa series of orbital transfer vehicles, directly competing with Vigoride for satellite deployment, orbit raising, and precise orbital insertion services.
- Exolaunch GmbH (Exolaunch Reliant OTV), Primarily known for launch services integration, Exolaunch has expanded into in-space transportation with its Reliant OTV, directly competing with Momentus for customers requiring last-mile delivery and orbital maneuvering for small satellites.
- Rocket Lab USA, Inc. ($RKLB) (Photon satellite bus / Electron launch vehicle), While primarily a launch provider, Rocket Lab's Photon satellite bus can perform OTV-like functions, offering integrated solutions for customers that include launch, orbit raising, and precise deployment, potentially negating the need for a separate OTV service like Momentus's.
Moat:
Momentus Inc. operates in the rapidly evolving and increasingly competitive in-space transportation and logistics market. Its primary moat lies in its unique microwave electrothermal (MET) propulsion technology, which offers potential advantages in efficiency and mission flexibility for certain orbital maneuvers. However, the market is crowded with both established players and new entrants offering chemical, electric, or hybrid propulsion OTVs. Competitors also include launch providers offering more precise direct injection or integrated satellite bus solutions that can perform similar functions. Momentus's ability to secure market share will depend on demonstrating reliable, cost-effective, and timely service delivery, overcoming past operational challenges, and effectively differentiating its MET propulsion technology in a price-sensitive market.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
service revenue | 3,215,000 | 363,000 | 234,000 | 191,000 | 322,000 | 285,000 | 107,000 | 1,209,000 | 513,000 | 1,023,000 | 339,000 | 1,705,000 | 22,000 | 120,000 | 129,000 | 50,000 | 200,000 | |||||||
cost of revenue | 1,398,000 | 2,000 | 66,000 | 348,000 | 119,000 | 388,000 | 6,500 | 14,000 | 12,000 | -33,750 | -184,000 | |||||||||||||
gross profit | 1,817,000 | 363,000 | 234,000 | 189,000 | 322,000 | 285,000 | 41,000 | 1,209,000 | 513,000 | 675,000 | 220,000 | 1,317,000 | 22,000 | |||||||||||
yoy | 464.29% | 27.37% | 470.73% | -84.37% | -37.23% | -57.78% | -81.36% | -8.20% | 2231.82% | |||||||||||||||
qoq | 400.55% | 55.13% | 23.81% | -41.30% | 12.98% | 595.12% | -96.61% | 135.67% | -24.00% | 206.82% | -83.30% | 5886.36% | ||||||||||||
operating expenses: | ||||||||||||||||||||||||
research and development expenses | 4,169,000 | 2,754,000 | 2,328,000 | 2,193,000 | 1,915,000 | 2,051,000 | 2,205,000 | 2,850,000 | 2,676,000 | 8,036,000 | 5,992,000 | 10,204,000 | 10,119,000 | 10,283,000 | 10,571,000 | 10,896,000 | 9,971,000 | 11,574,000 | 9,047,000 | |||||
selling, general and administrative expenses | 6,340,000 | 6,489,000 | 4,152,000 | 3,940,000 | 4,592,000 | 5,033,000 | 5,429,000 | 5,323,000 | 6,164,000 | 6,484,000 | 9,294,000 | 10,007,000 | 10,270,000 | 10,929,000 | 11,184,000 | 12,861,000 | 14,853,000 | 13,103,000 | 12,057,000 | |||||
total operating expenses | 10,509,000 | 9,243,000 | 6,480,000 | 6,133,000 | 6,507,000 | 7,084,000 | 7,634,000 | 8,173,000 | 8,840,000 | 14,520,000 | 15,286,000 | 20,211,000 | 20,389,000 | 21,212,000 | 21,755,000 | 23,757,000 | 24,824,000 | 24,677,000 | 21,104,000 | |||||
income from operations | -8,692,000 | -8,880,000 | -6,246,000 | -5,944,000 | -6,185,000 | -6,799,000 | -7,593,000 | -6,964,000 | -8,327,000 | -13,845,000 | -15,066,000 | -18,894,000 | -20,367,000 | -21,092,000 | -21,640,000 | -23,719,000 | -24,824,000 | -24,677,000 | -20,721,000 | -3,793,296 | -2,972,323 | -2,944,459 | -223,942 | -315,695 |
yoy | 40.53% | 30.61% | -17.74% | -14.65% | -25.72% | -50.89% | -49.60% | -63.14% | -59.12% | -34.36% | -30.38% | -20.34% | -17.95% | -14.53% | 4.44% | 525.29% | 735.17% | 738.08% | 9152.84% | 1101.57% | ||||
qoq | -2.12% | 42.17% | 5.08% | -3.90% | -9.03% | -10.46% | 9.03% | -16.37% | -39.86% | -8.10% | -20.26% | -7.23% | -3.44% | -2.53% | -8.77% | -4.45% | 0.60% | 19.09% | 446.25% | 27.62% | 0.95% | 1214.83% | -29.06% | |
other income, net: | ||||||||||||||||||||||||
realized loss on disposal of assets | -326,000 | -133,000 | -55,000 | |||||||||||||||||||||
interest income | 114,000 | 51,000 | 2,000 | 4,000 | 1,000 | 2,000 | 4,000 | 18,000 | 97,000 | 216,000 | 357,000 | 555,000 | 489,000 | 28,000 | 5,000 | |||||||||
interest expense | -586,000 | -565,000 | -177,000 | -91,000 | 156,000 | -295,000 | -43,000 | -57,000 | -155,000 | -530,000 | -732,000 | -920,000 | -1,096,000 | -1,261,000 | -1,413,000 | -1,492,000 | -5,544,000 | -4,328,000 | ||||||
gain on debt extinguishment | 13,000 | 58,000 | ||||||||||||||||||||||
other income | 10,000 | -388,250 | -1,753,000 | 405,000 | -205,000 | 15,250 | 9,000 | -1,000 | 53,000 | -200,000 | 19,000 | 10,000 | 41,000 | 3,000 | 5,000 | -4,778,000 | ||||||||
total other income | -788,000 | 2,108,000 | -4,828,000 | -506,000 | 13,000 | -5,060,000 | -165,000 | -52,000 | 14,000 | -256,000 | -93,000 | 59,000 | -3,348,000 | 342,000 | 847,000 | -2,010,000 | 21,948,000 | 15,107,000 | 908,461 | |||||
net income | -9,480,000 | -6,772,000 | -11,074,000 | -6,450,000 | -6,172,000 | -11,859,000 | -7,758,000 | -7,016,000 | -8,313,000 | -14,101,000 | -15,159,000 | -18,835,000 | -20,825,000 | -24,440,000 | -21,298,000 | -22,872,000 | -26,834,000 | -2,730,000 | -5,614,000 | -2,884,835 | 5,766,486 | -2,896,683 | -164,610 | 36,372 |
yoy | 53.60% | -42.90% | 42.74% | -8.07% | -25.75% | -15.90% | -48.82% | -62.75% | -60.08% | -42.30% | -28.82% | -17.65% | -22.39% | 795.24% | 279.37% | 692.84% | -565.34% | -5.75% | 3310.49% | -8031.47% | ||||
qoq | 39.99% | -38.85% | 71.69% | 4.50% | -47.96% | 52.86% | 10.58% | -15.60% | -41.05% | -6.98% | -19.52% | -9.56% | -14.79% | 14.75% | -6.88% | -14.76% | 882.93% | -51.37% | 94.60% | -150.03% | -299.07% | 1659.72% | -552.57% | |
net income per share | -2.15 | -45.42 | -1.08 | -1.23 | -1.64 | -21.7 | -0.45 | -0.42 | -0.66 | 5.32 | -7.2 | -0.2 | -0.24 | -0.29 | -0.26 | -0.28 | -0.34 | 0.515 | -0.09 | |||||
weighted-average shares outstanding, basic and diluted | 4,399,749 | 622,937 | 10,276,939 | 5,226,377 | 3,761,542 | 1,507,230 | 17,357,896 | 16,597,027 | 12,586,953 | 2,979,845 | 2,106,707 | |||||||||||||
loss on debt extinguishment | -2,898,000 | |||||||||||||||||||||||
change in fair value of convertible debt carried at fair value | -835,000 | |||||||||||||||||||||||
change in fair value of warrant liability | 2,000 | 221,000 | 451,000 | -112,000 | ||||||||||||||||||||
income before income taxes | -5,771,750 | -7,758,000 | -24,440,000 | -21,298,000 | -22,872,000 | -2,729,000 | -5,614,000 | |||||||||||||||||
weighted-average shares outstanding, fully diluted | 17,357,896 | 95,978,588 | 87,559,611 | 81,546,648 | 70,918,777 | |||||||||||||||||||
other income: | ||||||||||||||||||||||||
realized gain on disposal of asset | -17,000 | 1,000 | ||||||||||||||||||||||
litigation settlement | ||||||||||||||||||||||||
weighted-average shares outstanding, basic | 95,978,588 | 87,559,611 | 81,546,648 | 82,066,795 | 81,319,533 | 79,958,383 | 65,177,873 | 60,589,566 | ||||||||||||||||
realized loss on disposal of asset | -54,000 | -45,000 | -70,000 | |||||||||||||||||||||
total other expense | -458,000 | |||||||||||||||||||||||
gross margin | 38,250 | 115,000 | 38,000 | 384,000 | ||||||||||||||||||||
decrease in fair value of safe notes | 26,924,000 | |||||||||||||||||||||||
decrease in fair value of warrants | 1,803,000 | 1,579,000 | 2,254,000 | -451,000 | 27,504,000 | -2,712,000 | ||||||||||||||||||
sec settlement | -1,000,000 | |||||||||||||||||||||||
income tax provision | 1,000 | |||||||||||||||||||||||
weighted-average shares outstanding, diluted | 82,066,795 | 81,319,533 | 79,958,383 | 60,589,566 | ||||||||||||||||||||
general and administrative expenses | 3,793,296 | 2,972,323 | 2,944,459 | 223,942 | 315,695 | |||||||||||||||||||
change in fair value of warrant liabilities | 1,904,150 | 8,719,763 | ||||||||||||||||||||||
interest earned on marketable securities held in trust account | 4,311 | 19,046 | 47,237 | 61,541 | 355,824 | |||||||||||||||||||
income before provision for income taxes | -1,884,835 | 5,766,486 | -2,897,222 | -162,401 | 40,129 | |||||||||||||||||||
provision for income taxes | 539 | -2,209 | -3,757 | |||||||||||||||||||||
weighted-average shares outstanding of class a redeemable common stock | 17,240,709 | 17,250,000 | 17,250,000 | 17,250,000 | 17,250,000 | |||||||||||||||||||
basic and diluted income per share, class a | 0.02 | |||||||||||||||||||||||
weighted-average shares outstanding of class a and class b non-redeemable common stock | 4,857,500 | 4,857,500 | 4,857,500 | 4,857,500 | 4,857,500 | |||||||||||||||||||
basic net income per share, class a and class b | -0.59 | |||||||||||||||||||||||
diluted net income per share, class a and class b | -0.59 | |||||||||||||||||||||||
basic net loss per share, class a and class b | 1.19 | |||||||||||||||||||||||
diluted net loss per share, class a and class b | -0.35 | |||||||||||||||||||||||
basic and diluted income per share, class a redeemable common stock | 0.01 | |||||||||||||||||||||||
basic and diluted net loss per share, class a and class b non-redeemable common stock | -0.59 | -0.04 | ||||||||||||||||||||||
basic and diluted net loss per share, class a and class b | -0.05 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||
current assets: | ||||||||||||||||||||
cash and cash equivalents | 23,482,000 | 12,806,000 | 670,000 | 132,000 | 3,398,000 | 1,572,000 | 798,000 | 897,000 | 1,672,000 | 2,118,000 | 9,750,000 | 21,298,000 | 38,630,000 | 61,094,000 | 81,570,000 | 109,052,000 | 135,602,000 | 160,036,000 | 178,059,000 | |
restricted cash, current | 105,000 | 55,000 | 394,000 | 488,000 | 879,000 | 1,007,000 | 287,000 | 1,005,000 | 100,000 | 197,000 | 820,000 | |||||||||
accounts receivable | 396,000 | 200,000 | 879,000 | 15,000 | 15,000 | 44,000 | 434,000 | |||||||||||||
insurance receivable | 100,000 | 100,000 | 100,000 | 100,000 | 408,000 | 408,000 | 408,000 | 408,000 | 408,000 | 100,000 | 500,000 | 4,000,000 | 4,000,000 | 4,000,000 | ||||||
prepaids and other current assets | 5,173,000 | 9,321,000 | 6,284,000 | 3,832,000 | 3,031,000 | 1,667,000 | 4,187,000 | 4,839,000 | 7,224,000 | 8,513,000 | 10,469,000 | 6,771,000 | 9,524,000 | 10,173,000 | 10,939,000 | 7,517,000 | 7,984,000 | 9,431,000 | 10,408,000 | |
total current assets | 29,256,000 | 22,282,000 | 7,054,000 | 4,264,000 | 6,837,000 | 4,526,000 | 5,393,000 | 6,159,000 | 9,319,000 | 10,731,000 | 21,157,000 | 32,991,000 | 53,033,000 | 76,274,000 | 92,796,000 | 117,574,000 | 143,686,000 | 169,664,000 | 189,287,000 | 381,756 |
property, machinery and equipment | 498,000 | 953,000 | 1,251,000 | 1,561,000 | 1,871,000 | 2,182,000 | 2,369,000 | 2,837,000 | 3,045,000 | 3,252,000 | 3,353,000 | 3,605,000 | 3,844,000 | 4,016,000 | 4,333,000 | 4,514,000 | 4,726,000 | 4,829,000 | 4,786,000 | |
intangible assets | 188,000 | 201,000 | 214,000 | 227,000 | 240,000 | 253,000 | 265,000 | 279,000 | 347,000 | 341,000 | 329,000 | 335,000 | 340,000 | 337,000 | 343,000 | 720,000 | 656,000 | 349,000 | 344,000 | |
operating right-of-use asset | 7,290,000 | 7,686,000 | 282,000 | 308,000 | 288,000 | 347,000 | 4,780,000 | 5,067,000 | 5,350,000 | 5,629,000 | 5,903,000 | 6,174,000 | 6,441,000 | |||||||
other non-current assets | 8,631,000 | 9,197,000 | 10,655,000 | 2,149,000 | 2,491,000 | 2,644,000 | 1,090,000 | 571,000 | 584,000 | 602,000 | 2,068,000 | 5,048,000 | 4,670,000 | 4,712,000 | 3,894,000 | 3,650,000 | 5,750,000 | 3,065,000 | 3,065,000 | |
total assets | 45,863,000 | 40,319,000 | 19,601,000 | 9,192,000 | 11,727,000 | 9,952,000 | 14,105,000 | 15,006,000 | 18,739,000 | 20,649,000 | 33,489,000 | 48,716,000 | 68,842,000 | 92,423,000 | 108,700,000 | 133,774,000 | 162,424,000 | 185,825,000 | 205,640,000 | 173,131,247 |
liabilities and stockholders’ equity | ||||||||||||||||||||
current liabilities: | ||||||||||||||||||||
accounts payable | 3,740,000 | 4,081,000 | 5,352,000 | 6,738,000 | 6,312,000 | 5,596,000 | 5,677,000 | 3,610,000 | 2,831,000 | 2,805,000 | 2,517,000 | 2,498,000 | 2,092,000 | 2,239,000 | 1,596,000 | 1,124,000 | 3,289,000 | 1,911,000 | 4,755,000 | |
accrued liabilities | 2,244,000 | 2,272,000 | 3,686,000 | 3,385,000 | 2,887,000 | 3,006,000 | 3,629,000 | 5,186,000 | 4,458,000 | 4,754,000 | 7,422,000 | 6,785,000 | ||||||||
loan payable, current | 1,897,000 | 3,479,000 | 4,068,000 | 4,559,000 | 3,759,000 | 4,957,000 | 2,337,000 | 350,000 | 2,273,000 | 5,740,000 | 8,702,000 | 11,290,000 | 11,627,000 | 10,844,000 | 10,113,000 | 9,432,000 | 20,907,000 | 17,613,000 | ||
contract liabilities, current | 357,000 | 4,058,000 | 3,025,000 | 2,958,000 | 2,765,000 | 345,000 | 495,000 | 495,000 | 495,000 | 1,162,000 | 1,237,000 | 2,136,000 | 1,654,000 | 1,226,000 | 481,000 | |||||
operating lease liability, current | 726,000 | 836,000 | 558,000 | 716,000 | 827,000 | 685,000 | 1,358,000 | 1,328,000 | 1,298,000 | 1,268,000 | 1,239,000 | 1,210,000 | 1,181,000 | 1,153,000 | 1,140,000 | 1,132,000 | 1,143,000 | 1,146,000 | ||
litigation settlement contingency | 2,062,000 | 802,000 | 112,000 | 112,000 | 420,000 | 420,000 | 526,000 | 526,000 | 526,000 | 5,000,000 | 8,500,000 | 8,500,000 | 8,500,000 | |||||||
other current liabilities | 571,000 | 541,000 | 523,000 | 505,000 | 3,000 | 1,000 | 4,000 | 6,000 | 6,000 | 9,000 | 22,000 | 24,000 | 36,000 | 27,000 | 110,000 | 5,043,000 | 5,090,000 | 5,075,000 | 5,066,000 | |
total current liabilities | 11,597,000 | 16,069,000 | 17,324,000 | 18,973,000 | 16,973,000 | 15,010,000 | 14,026,000 | 11,501,000 | 9,614,000 | 11,109,000 | 23,102,000 | 28,956,000 | 31,731,000 | 43,226,000 | 32,797,000 | 30,704,000 | 34,522,000 | 38,867,000 | 35,313,000 | 8,823,583 |
contract liabilities, non-current | 120,000 | 120,000 | 120,000 | 187,000 | 239,000 | 1,901,000 | 1,143,000 | 618,000 | 618,000 | 998,000 | 420,000 | 794,000 | 1,026,000 | 1,026,000 | 1,178,000 | 1,206,000 | 1,654,000 | 1,554,000 | 1,554,000 | |
warrant liability | 3,000 | 3,000 | 2,747,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 5,000 | 226,000 | 676,000 | 564,000 | 2,367,000 | 3,945,000 | 6,200,000 | 5,749,000 | 33,254,000 | |
operating lease liability, non-current | 6,978,000 | 6,987,000 | 333,000 | 3,829,000 | 4,178,000 | 4,523,000 | 4,863,000 | 5,187,000 | 5,506,000 | 5,821,000 | 6,131,000 | 6,425,000 | 6,716,000 | 7,002,000 | 7,565,000 | |||||
total non-current liabilities | 7,101,000 | 7,110,000 | 2,971,000 | 190,000 | 726,000 | 2,752,000 | 5,483,000 | 5,301,000 | 5,640,000 | 6,353,000 | 6,095,000 | 7,003,000 | 8,165,000 | 10,590,000 | 16,012,000 | 20,865,000 | 26,647,000 | 15,070,000 | ||
total liabilities | 18,698,000 | 23,179,000 | 20,295,000 | 19,163,000 | 17,699,000 | 17,762,000 | 19,509,000 | 16,802,000 | 15,254,000 | 17,462,000 | 29,197,000 | 35,959,000 | 39,896,000 | 53,816,000 | 48,809,000 | 51,569,000 | 61,169,000 | 53,937,000 | 78,122,000 | 54,177,558 |
commitments and contingencies | ||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||
series a preferred stock, 0.00001 par value... | ||||||||||||||||||||
class a common stock, 0.00001 par value... | ||||||||||||||||||||
class b common stock, 0.00001 par value... | ||||||||||||||||||||
additional paid-in capital | 475,223,000 | 455,718,000 | 430,995,000 | 410,644,000 | 408,193,000 | 400,183,000 | 390,730,000 | 386,580,000 | 384,845,000 | 376,234,000 | 363,238,000 | 356,543,000 | 353,897,000 | 342,733,000 | 339,576,000 | 340,593,000 | 336,771,000 | 340,570,000 | 333,471,000 | 42,535,328 |
accumulated deficit | -448,058,000 | -438,578,000 | -431,689,000 | -420,615,000 | -414,165,000 | -407,993,000 | -396,134,000 | -388,376,000 | -381,360,000 | -373,047,000 | -358,946,000 | -343,787,000 | -324,952,000 | -304,127,000 | -279,686,000 | -258,389,000 | -235,517,000 | -208,683,000 | -205,954,000 | -37,536,388 |
total stockholders’ equity | 27,165,000 | 17,140,000 | -7,810,000 | -5,404,000 | -1,796,000 | 3,485,000 | 3,187,000 | 4,292,000 | 12,757,000 | 28,946,000 | 59,891,000 | 82,205,000 | 101,255,000 | 131,888,000 | 127,518,000 | 5,000,009 | ||||
total liabilities and stockholders’ equity | 45,863,000 | 40,319,000 | 9,952,000 | 14,105,000 | 15,006,000 | 18,739,000 | 20,649,000 | 33,489,000 | 48,716,000 | 68,842,000 | 108,700,000 | 133,774,000 | 162,424,000 | 185,825,000 | 205,640,000 | 173,131,247 | ||||
other non-current liabilities | 104,000 | 484,000 | 515,000 | 508,000 | 502,000 | 496,000 | 489,000 | 483,000 | 477,000 | 471,000 | 465,000 | 459,000 | 454,000 | 488,000 | 483,000 | 437,000 | ||||
stockholders’ equity | ||||||||||||||||||||
deferred offering costs | 145,000 | 683,000 | 583,000 | 468,000 | 418,000 | 331,000 | 309,000 | |||||||||||||
liabilities and stockholders’ deficit | ||||||||||||||||||||
stockholders’ deficit: | ||||||||||||||||||||
total stockholders’ deficit | -694,000 | -9,971,000 | -5,972,000 | |||||||||||||||||
total liabilities and stockholders’ deficit | 19,601,000 | 9,192,000 | ||||||||||||||||||
preferred stock, 0.00001 par value... | ||||||||||||||||||||
total liabilities and stockholders’ equity deficit | 11,727,000 | |||||||||||||||||||
restricted cash, non-current | 500,000 | 380,000 | 377,000 | 373,000 | 370,000 | 366,000 | 363,000 | 312,000 | 310,000 | 325,000 | 324,000 | 314,000 | 313,000 | |||||||
operating lease right-of-use asset | 4,488,000 | |||||||||||||||||||
stock repurchase liability | 10,000,000 | 10,000,000 | ||||||||||||||||||
loan payable, non-current | 171,000 | 2,404,000 | 5,583,000 | 8,544,000 | 11,303,000 | |||||||||||||||
common stock, 0.00001 par value... | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | ||||||||||||
accrued expenses | 6,496,000 | 8,026,000 | 7,881,000 | 7,031,000 | 9,568,000 | 9,785,000 | 6,733,000 | |||||||||||||
liabilities and shareholders’ equity | ||||||||||||||||||||
shareholders’ equity: | ||||||||||||||||||||
total shareholders’ equity | 38,607,000 | |||||||||||||||||||
total liabilities and shareholders’ equity | 92,423,000 | |||||||||||||||||||
operating right of use asset | 6,715,000 | 6,991,000 | 7,282,000 | 7,846,000 | ||||||||||||||||
share repurchase liability | 5,780,000 | |||||||||||||||||||
share repurchase liability, current | 6,000,000 | |||||||||||||||||||
operating right-of-use assets | 7,604,000 | |||||||||||||||||||
current liabilities | ||||||||||||||||||||
operating lease liabilities, current | 1,189,000 | |||||||||||||||||||
safe notes | ||||||||||||||||||||
operating lease liabilities, non-current | 7,284,000 | |||||||||||||||||||
current assets | ||||||||||||||||||||
cash | 9,296 | |||||||||||||||||||
prepaid expenses and other current assets | 43,922 | |||||||||||||||||||
prepaid income taxes | 328,538 | |||||||||||||||||||
cash and investments held in trust account | 172,749,491 | |||||||||||||||||||
accounts payable and accrued expenses | 9,180,583 | |||||||||||||||||||
promissory note – third party | 321,500 | |||||||||||||||||||
promissory note – related party | 321,500 | |||||||||||||||||||
deferred underwriting fee payable | 6,900,000 | |||||||||||||||||||
warrant liabilities | 37,453,975 | |||||||||||||||||||
class a common stock | 113,953,680 | |||||||||||||||||||
preferred stock, 0.0001 par value... | ||||||||||||||||||||
class a common stock, 0.0001 par value... | 638 | |||||||||||||||||||
class b common stock, 0.0001 par value... | 431 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||
net loss | -9,480,000 | -6,772,000 | -11,074,000 | -6,450,000 | -6,172,000 | -11,859,000 | -7,758,000 | -7,016,000 | -8,313,000 | -14,101,000 | -15,159,000 | -18,835,000 | -20,825,000 | |||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||
depreciation and amortization | 328,000 | 323,000 | 323,000 | 323,000 | 324,000 | 200,000 | 214,000 | 221,000 | 222,000 | 227,000 | 215,000 | 223,000 | 229,000 | 259,000 | 253,000 | 284,000 | 294,000 | 324,000 |
amortization of debt (premium) and issuance costs | 480,000 | 319,000 | 74,000 | -66,000 | -315,000 | |||||||||||||
amortization of right-of-use assets | 396,000 | |||||||||||||||||
loss on disposal of fixed assets | 326,000 | |||||||||||||||||
loss on debt extinguishment | 0 | |||||||||||||||||
stock-based compensation expense | 322,000 | 558,000 | 691,000 | 967,000 | 1,057,000 | 1,608,000 | 1,707,000 | 1,735,000 | 1,443,000 | 2,027,000 | 2,156,000 | 2,577,000 | 1,720,000 | 3,016,000 | 3,317,000 | 3,035,000 | 2,212,000 | 7,265,000 |
change in fair value of convertible notes for legal services | 275,000 | |||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||
accounts receivable | -396,000 | 0 | 200,000 | -200,000 | 879,000 | 0 | -15,000 | |||||||||||
prepaids and other current assets | 4,148,000 | -2,873,000 | -2,452,000 | -802,000 | -1,363,000 | 2,519,000 | 652,000 | 2,386,000 | 1,288,000 | -268,000 | -3,698,000 | 2,697,000 | 704,000 | -635,000 | -3,485,000 | 467,000 | 1,447,000 | 977,000 |
other non-current assets | 566,000 | -211,000 | 2,167,000 | 342,000 | 153,000 | -1,555,000 | -518,000 | 13,000 | 18,000 | 5,000 | 2,981,000 | -378,000 | 41,000 | 754,000 | -316,000 | 2,100,000 | -2,685,000 | 2,583,000 |
accounts payable | -245,000 | -1,271,000 | -78,000 | 764,000 | 716,000 | -81,000 | 2,067,000 | 779,000 | 26,000 | 175,000 | 20,000 | 469,000 | -211,000 | 701,000 | 414,000 | -2,129,000 | 1,387,000 | -2,795,000 |
accrued liabilities | -28,000 | -1,414,000 | 301,000 | 498,000 | -119,000 | -623,000 | -1,556,000 | 727,000 | -276,000 | -2,683,000 | 688,000 | |||||||
accrued interest | 24,000 | 65,000 | 209,000 | 143,000 | 127,000 | -249,000 | 39,000 | 40,000 | 39,000 | 39,000 | 39,000 | 40,000 | 13,000 | |||||
other current liabilities | 31,000 | 17,000 | 18,000 | 1,000 | -2,000 | 0 | -4,000 | -12,000 | -3,000 | -11,000 | 12,000 | -53,000 | -4,961,000 | -20,000 | 14,000 | -19,000 | ||
contract liabilities | -3,701,000 | 1,034,000 | -1,000 | 142,000 | 758,000 | 607,000 | 525,000 | 0 | 115,000 | -583,000 | -450,000 | -1,129,000 | 481,000 | 275,000 | 718,000 | 33,000 | 100,000 | 0 |
operating lease liability | -120,000 | -301,000 | -159,000 | -111,000 | -191,000 | -324,000 | -319,000 | -315,000 | -310,000 | |||||||||
litigation settlement contingency | 1,260,000 | 690,000 | 0 | -106,000 | 0 | 0 | 526,000 | |||||||||||
other non-current liabilities | -105,000 | 104,000 | -485,000 | -30,000 | 6,000 | 6,000 | 7,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 46,000 | -34,000 | 5,000 | 6,000 | 6,000 | |
net cash from operating activities | -5,814,000 | -10,530,000 | -5,323,000 | -3,247,000 | -4,175,000 | -5,737,000 | -4,500,000 | -1,121,000 | -5,253,000 | -15,839,000 | -12,759,000 | -14,532,000 | -18,696,000 | -16,392,000 | -25,552,000 | -22,881,000 | -23,062,000 | -14,583,000 |
capital expenditures | -197,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -41,000 | -10,000 | -43,000 | 35,000 | -130,000 | -198,000 | -290,000 | -137,000 | |
free cash flows | -6,011,000 | -10,530,000 | -5,323,000 | -3,247,000 | -4,175,000 | -5,737,000 | -4,500,000 | -1,121,000 | -15,839,000 | -12,800,000 | -14,542,000 | -18,739,000 | -16,357,000 | -25,682,000 | -23,079,000 | -23,352,000 | -14,720,000 | |
cash flows from investing activities: | ||||||||||||||||||
purchases of property, machinery and equipment | -197,000 | 0 | -41,000 | -10,000 | -43,000 | 35,000 | -130,000 | -198,000 | -290,000 | -137,000 | ||||||||
proceeds from sale of property, machinery and equipment | 12,000 | 0 | 0 | 50,000 | 27,000 | 0 | ||||||||||||
net cash from investing activities | -185,000 | 0 | 134,000 | -1,000 | -39,000 | -12,000 | 8,000 | 37,000 | -52,000 | -92,000 | 304,000 | -424,000 | -521,000 | -238,000 | ||||
cash flows from financing activities: | ||||||||||||||||||
payment of convertible notes | -783,000 | -131,000 | -1,390,000 | -384,000 | -288,000 | |||||||||||||
proceeds from exercise of warrants | 10,808,000 | 2,698,000 | 0 | 2,068,000 | ||||||||||||||
payments for issuance costs related to exercise of warrants | -1,012,000 | -293,000 | -25,000 | -179,000 | ||||||||||||||
repurchase of section 16 officer shares for tax coverage exchange | 0 | 0 | 0 | -1,000 | -1,000 | 0 | 0 | -3,000 | -1,000 | -27,000 | 0 | -60,000 | -66,000 | -168,000 | -38,000 | -59,000 | ||
proceeds from issuance of common stock, pre-funded warrants and related warrants | 18,335,000 | |||||||||||||||||
payments for issuance costs related to common stock, pre-funded warrants and related warrants | -826,000 | |||||||||||||||||
net cash from financing activities | 16,726,000 | 22,733,000 | 5,861,000 | -19,000 | 6,001,000 | 6,011,000 | 4,387,000 | 350,000 | 4,849,000 | 7,829,000 | 1,113,000 | -3,225,000 | -3,793,000 | -3,270,000 | -2,967,000 | -2,339,000 | -938,000 | -3,824,000 |
increase in cash, cash equivalents and restricted cash | 10,727,000 | 1,826,000 | -19,754,000 | -28,215,000 | -25,644,000 | -24,521,000 | -18,645,000 | |||||||||||
cash, cash equivalents, and restricted cash, beginning of period | 12,861,000 | |||||||||||||||||
cash, cash equivalents, and restricted cash, end of period | 23,588,000 | |||||||||||||||||
change in fair value of warrant liability | -2,000 | -221,000 | -450,000 | 112,000 | ||||||||||||||
change in fair value of convertible debt carried at fair value | 0 | 0 | ||||||||||||||||
change in fair value of the credit provision derivative | ||||||||||||||||||
impairment of prepaid services | ||||||||||||||||||
loss on disposal of fixed and intangible assets | 0 | 133,000 | 47,000 | |||||||||||||||
debt issuance costs expensed for convertible debt carried at fair value | ||||||||||||||||||
loss on issuance of warrant liabilities | 0 | |||||||||||||||||
issuance of convertible notes for legal services | -92,000 | 39,000 | ||||||||||||||||
insurance receivable | 0 | 0 | 0 | 0 | 0 | -308,000 | ||||||||||||
purchases of intangible assets | 0 | -1,000 | -1,000 | -39,000 | -12,000 | -1,000 | -16,000 | -9,000 | -154,000 | 434,000 | -233,000 | -231,000 | -102,000 | |||||
proceeds from issuance of convertible notes and warrants | 0 | |||||||||||||||||
proceeds from issuance of loan payable | 0 | |||||||||||||||||
proceeds from issuance of related party notes | ||||||||||||||||||
principal payments on related party notes | ||||||||||||||||||
principal payments on loan payable | -2,400,000 | 0 | 0 | -2,319,000 | -3,392,000 | -3,294,000 | -3,196,000 | -3,102,000 | ||||||||||
payment of debt issuance costs | -179,000 | -167,000 | 0 | |||||||||||||||
proceeds from issuance of common stock and related warrants | 13,552,000 | 4,000,000 | 0 | 5,000,000 | 4,960,000 | 2,750,000 | 0 | 8,000,000 | 4,000,000 | 5,000,000 | 0 | 10,000,000 | ||||||
payments for issuance costs related to common stock and related warrants | -450,000 | -625,000 | 1,000 | -599,000 | -540,000 | -308,000 | 0 | -829,000 | -913,000 | -435,000 | 0 | -700,000 | ||||||
increase in cash, cash equivalents, and restricted cash | ||||||||||||||||||
amortization of right-of-use asset | 26,000 | -20,000 | 59,000 | 296,000 | 292,000 | 287,000 | 283,000 | 278,000 | 275,000 | 270,000 | 267,000 | 274,000 | 276,000 | |||||
payment of deferred offering costs | 138,000 | -131,000 | -98,000 | -23,000 | ||||||||||||||
decrease in cash and cash equivalents | 538,000 | |||||||||||||||||
cash and cash equivalents, beginning of period | 0 | |||||||||||||||||
cash and cash equivalents, end of period | 538,000 | |||||||||||||||||
gain on debt extinguishment | -13,000 | -58,000 | ||||||||||||||||
proceeds from issuance of convertible notes | 3,005,000 | |||||||||||||||||
proceeds from issuance of warrants | ||||||||||||||||||
cash, cash equivalents and restricted cash, beginning of period | 1,572,000 | 0 | 0 | 2,492,000 | 0 | 0 | 62,413,000 | 0 | 0 | 0 | 160,547,000 | 0 | ||||||
cash, cash equivalents and restricted cash, end of period | 3,398,000 | 21,000 | -772,000 | 2,049,000 | -11,638,000 | -17,720,000 | 39,872,000 | -19,754,000 | -28,215,000 | -25,644,000 | 136,026,000 | -18,644,000 | ||||||
amortization of debt discount and issuance costs | 59,000 | 42,000 | 0 | 46,000 | 175,000 | 292,000 | 398,000 | 492,000 | 576,000 | 652,000 | 720,000 | 742,000 | 4,794,000 | |||||
impairment of prepaid launch costs | 0 | |||||||||||||||||
write-off of deferred offering costs | ||||||||||||||||||
issuance of common stock for consulting services | ||||||||||||||||||
proceeds from exercise of stock options | 0 | 0 | 38,000 | 92,000 | 57,000 | 124,000 | 345,000 | 48,000 | 58,000 | |||||||||
proceeds from employee stock purchase plan | 2,000 | 0 | 81,000 | 0 | ||||||||||||||
payment for repurchase of common shares | 0 | 0 | 0 | -10,000,000 | ||||||||||||||
decrease in cash, cash equivalents and restricted cash | 274,000 | 21,000 | -772,000 | -443,000 | -8,022,000 | -11,638,000 | -17,720,000 | -22,541,000 | ||||||||||
cash, cash equivalents and restricted cash, beginning of year | ||||||||||||||||||
cash, cash equivalents and restricted cash, end of year | ||||||||||||||||||
supplemental disclosure of non-cash investing and financing activities | ||||||||||||||||||
purchases of intangible assets in accounts payable and accrued expenses at period end | 2,000 | 17,000 | 1,000 | |||||||||||||||
issuance costs related to warrant modification | 1,482,000 | |||||||||||||||||
issuance costs related to placement agent warrants | ||||||||||||||||||
supplemental disclosure of cash flow information | ||||||||||||||||||
cash paid for interest | 0 | 0 | 12,000 | 98,000 | 198,000 | 295,000 | 389,000 | 480,000 | 568,000 | 642,000 | 750,000 | 750,000 | ||||||
purchases of property, machinery and equipment in accounts payable and accrued expenses at period end | ||||||||||||||||||
deferred offering costs in accounts payable and accrued expenses at period end | -48,000 | 64,000 | ||||||||||||||||
litigation settlement | ||||||||||||||||||
purchases of intangible assets in accounts payable and accrued expenses at year end | ||||||||||||||||||
stock repurchase liability fair value | 0 | |||||||||||||||||
loss on disposal of property, machinery, equipment and intangible assets | 0 | |||||||||||||||||
non-cash consulting expense | 0 | 55,000 | 57,000 | |||||||||||||||
lease liability | -290,000 | -287,000 | -282,000 | -281,000 | ||||||||||||||
purchases of intangible assets in accounts payable and accrued liabilities at period end | ||||||||||||||||||
deferred offering costs in accounts payable and accrued liabilities at period end | ||||||||||||||||||
accounts receivables | ||||||||||||||||||
accrued expenses | -1,538,000 | 333,000 | 682,000 | -2,282,000 | -273,000 | 2,496,000 | ||||||||||||
purchases of intangibles assets in accounts payable and accrued expenses at period end | 7,000 | |||||||||||||||||
net income | -24,440,000 | -21,298,000 | -22,872,000 | -26,834,000 | -2,730,000 | |||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||
decrease in fair value of warrants | -1,803,000 | -1,579,000 | ||||||||||||||||
decrease in fair value of safe notes | ||||||||||||||||||
proceeds from issuance of safe notes | 0 | |||||||||||||||||
payment of loan payable | -3,011,000 | -2,923,000 | ||||||||||||||||
payment of warrant issuance costs | 0 | |||||||||||||||||
proceeds from issuance of common shares in pipe | ||||||||||||||||||
payments of issuances costs related to pipe | ||||||||||||||||||
proceeds from issuance of common stock upon business combination | ||||||||||||||||||
payments for issuance costs related to business combination | ||||||||||||||||||
issuance of common stock related to conversion of safe notes | ||||||||||||||||||
issuance of common stock related to exercise of warrant liabilities | ||||||||||||||||||
reclassification of deferred offering costs | ||||||||||||||||||
assumption of merger warrants liability | ||||||||||||||||||
operating lease right-of-use assets in exchange for lease obligations | 0 | |||||||||||||||||
cash paid for income taxes | 0 | |||||||||||||||||
loss on disposal of fixed asset | -1,000 | 70,000 | ||||||||||||||||
lease liability and right of use asset | -620,000 | -6,000 | ||||||||||||||||
deferred offering costs in loans payable at period end | ||||||||||||||||||
share repurchase liability fair value | -220,000 | 6,000,000 | ||||||||||||||||
increase in fair value of warrants | 451,000 | -27,504,000 | ||||||||||||||||
payment of notes payable | -927,000 | |||||||||||||||||
increase in fair value of safe notes | 0 | |||||||||||||||||
lease liabilities and right-of-use assets | ||||||||||||||||||
payment for repurchase of section 16 officer common shares for tax coverage exchange | ||||||||||||||||||
fair value of common stock issued upon conversion of safe notes | ||||||||||||||||||
fair value of common stock issued upon conversion of warrants | ||||||||||||||||||
reclassification of deferred offering costs to apic | ||||||||||||||||||
fair value of warrants assumed upon business combination | ||||||||||||||||||
payment for share repurchase | ||||||||||||||||||
proceeds from pipe | ||||||||||||||||||
proceeds from issuance of common stock upon merger | ||||||||||||||||||
payments for transaction costs |