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The Space Development Agency (SDA) has granted Momentus a small business innovation research (SBIR) award to adapt its orbital service vehicle to meet the needs of the Department of Defense (DoD). However, Momentus is currently dealing with dwindling cash reserves and requires additional funding to continue its operations.
Momentus recently reported its second-quarter financials, revealing its first million quarter with .7 million in revenue. This marks a significant increase from last year’s revenue of only ,000 during the same period.
However, the company experienced a net loss of .8 million during the quarter and ended the second quarter with only million in cash and cash equivalents. In a 10K filing to the Securities and Exchange Commission (SEC), Momentus disclosed that its current cash level is insufficient to fund operations for the next year. It urgently needs to secure “substantial additional capital” to sustain its operations.
To control expenses, Momentus implemented cost-cutting measures in the second quarter, including laying off 30% of its employees and contractors. The company is also exploring various financing options to address its financial challenges.
The SDA contract awarded to Momentus is valued at 6,073, with an option to receive an additional .2 million for further work. As part of the award, Momentus will enhance the capabilities of its Vigoride vehicle to accommodate DoD payloads and mission requirements. These enhancements will go through a critical design review (CDR).
Momentus CEO John Rood stated that the Vigoride’s flexibility, payload capacity, and power make it well-suited for supporting national security missions such as space situational awareness, surveillance, and reconnaissance. The company is excited about the opportunity to customize the Vigoride to meet the growing demands of the SDA and DoD for robust space systems required by their national security missions.

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