Summary by Moomoo AI
Momentus Inc. reported Q3 2024 revenue of $0.1 million, down 68% from $0.3 million in Q3 2023, with a net loss of $7.8 million compared to $15.2 million loss year-over-year. The revenue decline was primarily due to lower engineering services, while reduced losses reflected significant cost-cutting measures across operations.Operating expenses decreased substantially, with research and development costs down 63% to $2.2 million and selling, general and administrative expenses reduced 42% to $5.4 million compared to Q3 2023. The improvements came from headcount reductions, lower subcontractor costs, and decreased legal and professional service expenses.The company faces significant liquidity challenges with only $0.8 million in cash as of September 30, 2024, down from $2.1 million at 2023 year-end. Management noted substantial doubt about the company's ability to continue as a going concern, though it secured new financing including a $2.3 million convertible note in July 2024 and raised additional capital through warrant offerings. The company continues to evaluate opportunities to access more capital while scaling back operations.
