Shares of Momentus Inc. (NASDAQ:MNTS) are giving up prior gains after shooting up dramatically on Thursday following multiple NASA contract awards.
What To Know: The California-based commercial space company announced two new government contracts it signed with NASA totaling more than $7 million.
Momentus builds satellites and satellite components in addition to providing in-space transportation and services. Momentus shares surged to $1.92 following the news, but have since given back gains for the session, according to Benzinga Pro.
NASA’s Armstrong Flight Research Center is paying Momentus $2.5 million to conduct a demonstration on-orbit of a new thruster known as the Rotating Detonation Rocket Engine. Momentus will also provide its Vigoride satellite platform to Juno Propulsion, which won the position through a space technology challenge set up by the research center.
NASA’s Flight Opportunities program also awarded Momentus a $5.1 million contract to support the Commercial Orbital System for Microgravity In-Space Crystallization (COSMIC) demonstration. COSMIC is designed to leverage the microgravity environment of space to advance crystal growth for pharmaceuticals, semiconductors and advanced materials.
"Momentus is proud to support NASA and the COSMIC mission with our versatile Vigoride platform," said John Rood, CEO of Momentus. "We're excited to play a key role in this flight test that seeks to unlock new frontiers in space-based manufacturing and usher in a new era where microgravity becomes a driver of innovation and economic growth."
MNTS Price Action: Shares of Momentus were down 8.24% at $1.56 at the time of publication on Thursday, according to Benzinga Pro.
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