Momentus Shares Gain On Q2 Results

Momentus Shares Gain On Q2 Results
  • Momentus Inc MNTS reported second-quarter revenue of $50 thousand and a gross margin of 76%.
  • EPS loss was $(0.28), compared to $(0.59) in 2Q21.
  • Momentus' net cash used in operating activities year-to-date was $(45.94) million, compared to $(44.08) million a year ago.
  • Total operating loss reduced to $(23.72) million from $(30.53) million in 2Q21.
  • Adjusted EBITDA loss totaled $(18.25) million versus a loss of $(15.53) million in 2Q21.
  • During the quarter, the company retired regulatory risk, including securing all necessary government licenses and approvals from the FAA, FCC, and NOAA to launch its first orbital transfer vehicle, Vigoride 3, to space.
  • The company plans to reduce its cash burn below previously-planned levels by reducing overhead spending and delaying longer-dated research and development projects.
  • MNTS held cash and equivalents of $110.4 million as of June 30, 2022.
  • Price Action: MNTS shares are trading higher by 9.86% at $2.34 on the last check Thursday.

Posted In: BriefsEarningsNewsPenny StocksMoversTrading Ideas