Momentum released its first-ever quarterly financial statements since going public on Tuesday, reporting revenue of $ 200,000 for the third quarter of 2021. The company is developing space transportation solutions, including the orbital transfer vehicle Vigorid.
The company said revenue is recognized when a customer terminates a contract for convenience and forfeits their deposits.
Gross profit for the third quarter was $ 384,000 and the net loss for the quarter was $ 5.6 million. On a non-GAAP basis, Adjusted EBITDA was – $ 15.1 million in the third quarter, which the company said was in line with second quarter performance, but $ 7.2 million lower than ‘in the third quarter of last year.
The company did not provide guidance for the full year.
Momentus started trading in August after its IPO through a Special Purpose Acquisition Merger (SPAC). The company said the net proceeds of the business combination were $ 175 million. Momentus incurred one-time costs of $ 33 million in connection with the transaction and used an additional $ 40 million to buy back the shares of the co-founders due to national security issues.
Momentus faced issues with the Russian citizenship of its co-founders, which led to a National Security Agreement (NSA) with the Committee on Foreign Investment in the United States (CFIUS) and an $ 8 million settlement with the Security and Trade Commission (SECOND).
Chairman and CEO John Rood said during the investor call on Tuesday that the company has made significant progress in implementing its deal with the NSA, settling outstanding claims with the SEC and the buyback of the founders’ shares.
The order book stands at around $ 65 million, but that’s all potential revenue as the Vigoride vehicle has yet to be validated in space. The order book includes firm and optional contracts. The company said customers generally have the right to cancel their contracts on the understanding that they will forgo their deposits and other payments.
Momentus is targeting the first flight of its Vigoride OTV on Vigoride on EspaceXof the Transporter-5 mission, scheduled for June 2022, awaiting regulatory approval.
Rood said the maiden launch is a demonstration initiative that will orbit certain customer payloads to generate a small amount of revenue.
“The main objectives of the mission are to test Vigoride in orbit, learn from any issues we are having and take important steps to establish the viability of our initial market offering,” said Rood. “While we obviously love that our first test in space went perfectly, in the history of space it’s common to run into issues that you learn from and improve upon. So we look at this first opportunity with realistic expectations born from experience and enthusiastic anticipation to find and resolve any issues that arise.