Summary by Moomoo AI
Momentus Inc. reported Q3 2024 financial results, with revenue decreasing 68% year-over-year to $107,000. The net loss narrowed to $7.8 million from $15.2 million in Q3 2023. Cost reductions drove the improved bottom line, with research and development expenses down 63% and selling, general and administrative expenses down 42%.The company continues to face liquidity challenges, with only $0.8 million in cash as of September 30, 2024. Management noted substantial doubt about Momentus' ability to continue as a going concern, citing the need to raise additional capital to fund operations and execute its business plan. The company is evaluating opportunities to access more capital through various means.Momentus is developing satellite and space transportation technologies, having launched four missions to date and deployed 17 customer satellites. While facing near-term financial hurdles, the company sees potential long-term growth in the space transportation and infrastructure services markets as the commercial space economy expands.
