Recent MNTS transcripts
Associated MNTS filings
John Rood | Chief Executive Officer & Chairman |
Eric Williams | Interim Chief Financial Officer |
James Ratcliffe | Evercore ISI |
Michael Mathison | Singular Research |
Hello and thank you for standing by. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Momentus Inc.
First Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. there a remarks, session. speaker's the will question-and-answer be After is reminder, [Operator a call being Instructions] As today's recorded.
now conference Horn] ahead. over would to I like [Mary (ph). to Please turn the go
XXXX Welcome are as today Rood, Eric as Officer. of Chief the Financial Momentus’ everyone. the me of John hello, Each Officer Williams, prepared and and Call. With Chief you, First Thank remarks. will well Quarter company Earnings Executive Board Conference here Directors, to provide Chairman of
take questions will analysts. Following these we prepared from remarks,
today, our which and business available overview Earlier the a a made release our for we press Investor issued quarter. slide presentation and of provides on financial highlights website, Relations an
release You presentation investors.momentus.space. slides can at a download of the and copy
meaning and XXA of During Securities Act XXE of Section the today's Act we within Section make call, of of XXXX will the certain of Exchange forward-looking XXXX. the statements
statements predictions, based are and on projections, expectations statements and current are Forward-looking future and. assumptions other events that about
cause Many are result, in subject a could forward-looking the materially this As events and communication. statements to uncertainties. to from differ factors actual risks future
that should understanding call the intentions, statements expectations in to actual results different today's the with and disclosed the be plans, make. listen we forward-looking from may You materially our
differ And forward-looking discussed the and to company Leaders forward statements, on be that with undue statements. disclaims the the statements may call. Securities that actual For about as filings during may company's we well more Commission. the press any Exchange are not information factors issued please the release results from to to looking earnings cause to cautioned materially specifically reliance this obligation forward-looking refer today update as put
certain that today's information note on financial we non-GAAP Please will refer to also call.
financial to comparable with performance the measures is in our reconciliation measures of to GAAP. non-GAAP measures non-GAAP financial a release. None financial of in find of for can superior substitute the these most or measures earnings press prepared GAAP You accordance
Executive Chief call over Officer, turn and to that, our Chairman like the to John I'd With Rood.
that Mary. Eric at an you, over here I'm QX past to to the thank we've results. comments, made a I here It's take pleasure his as will our outlook. be for -- the you today call progress my the After make Momentus financial and our highlights through also provide pleased for our Williams Eric CFO. Well, first the and to have on update quarter first earnings financial
leaders In the solid X. Slide for infrastructure progress being quarter, of services and transportation commercial to demonstrated government goal U.S. Turning market toward customers. Momentus in first one of our in-space the and
possess the that Momentus. at rapidly things competitive excitement strategy. at advantages market, forefront focus I'll confidence about the our my in fuel and this remarks of key expanding In four have We on term are my today, future long
so technology seeing First, in long our and With successfully. day in their around be yet earth, this our every they space. technology space can over vehicles and increase passing more and spacecraft operational come a and maturing have orbit in core we're in to or key gain way do its of spacecraft our delighted that competitors flight heritage advantage We've is to space. functional the we important sure and performing fly technologies our
to to and for missions commercial contracts from the responsible both U.S. months. Second, we translate customers we national growing continue see government and customers, security over plan interest coming into
of new measured and And productivity, of our about the cumulative is reasons production, engineering in quality, in for months. technology improved few our future in We've testing and the veteran leadership be our decades we our speed to why about maximize new experience great Third, strides confident whether taken team. within in development, metrics space we're competitive one capabilities capabilities. of will and that and innovation demonstrating technology we're edge the driving are fourth, excited key next
and years the technology engineering XXX lessons We've be technology have have in experience young of leaders with learned operate a environment in the competitive change development new companies eager our a for been leaders supply that it strong our at unforgiving only and agile developing able space efforts the in over space. combined very of talent and experience more what learned way These to leading advantage of to peers. to successful is hard harsh takes by six chain. and by nuances engineers crop innovative, When we over space, in and do leveraging through top be can this mix to talented we be that a
space Under has Lockheed systems productivity, Momentus to and implementing of quality. operations. and spacecraft and our been production, Tom experience have design, best Martin. allowed expanded launch improvements we processes and his satellites mention oversee practice of reduced rates, to more has role VP cost operation Specifically, Tom He us like recently than faster at at to Malko. overseeing leadership, the lower his and better but I'd increased XX defect that of Operations, and produce was engineering years
and I'd also and Programs VP transitioned winning Special be where new security business. of national Charles This recently our Chase, like who of being Engineering is VP he our highlight to our greater XX business Founder of front track the is was to on part the Program, from focused focus notably our of supporting on story missions. the Skunk technological Lockheed Technology business a the record Charles national security of growing Leader Revolutionary Martin at Works. year end organization has and
Turning to X. Slide
mission and an our in launched less update has missions. on SpaceX Transporter-X than Let called Vigoride technology are service fourth service three year, later a we OSVs. Vigoride and year by on our orbital launch the vehicle targeted vehicles on are Momentus X to October. providing Vigoride In orbital this or All X currently me orbit track begin for vehicles
Turning to X. Slide
customer party vehicle May and X third Vigoride satellites As a a Vigoride eight reminder, from was launched the in X we and deployer. deployed XXXX
called large XXXX payload Caltech since of in customer satellite orbit. spacecraft, hosted a Cosmosis. and We in for was Vigoride carrying operation completed launched a have this remains which for a X January
this has our term or more testing which mission electro been I'll thruster pioneering with detail in MET, of discuss thermal Our focus near microwave later.
to Caltech and larger Caltech than mission an providing to missions with duration under earth. two are transportation for a the up transmit energy satellite Caltech payload to the to missions. solar deployed in years. space Hosted a aims now We demonstrate solar we electricity and were wirelessly X, missions, more for support ability space called and support that particularly contract least we're company profitable and hosted the months to Cosmosis, Singapore customer are like collect space to payloads power payload hosted longer six the for option demonstration to Vigoride at a transitioning in On for
This in commercial also weather which array a an and was we of the nighttime also contribution impacts NASA NASA next flying on space later important four X detail Vigoride customers. few carries understanding payloads reentry mission remarks. in April the two [indiscernible], or a from will measure custom for toward carries that is the in deliver a in earth rates this mission, that Vigoride other in demo, satellites I'll unique to and features that launched plan orbit. my LLITED technology Momentus LLITED lives solar and our making discuss X we're to satellites. study of weeks two On developed
for few Mission Vigoride X we're San X steps calling are from you conference in operating headquarters this where our concurrently just Vigoride away Jose, from We call. and a Operations California
operate operating commissioned the with all service in of during X commissioned also remainder of mission. successfully space now We've of X spacecraft weeks. few our and of the subsystems be completed communications. the vehicle stations commanding and the deployed the Both arrays subsystems orbital normally Vigoride Vigoride network We've most Vigoride in for to and power a next schedule are of spacecraft those through generating their and we're ground solar
orbital vehicle as customers. we be plan to commercial as Vigride X. this our carry launching hosted two for year, for In to satellites flight, On that payloads service customers deploy well we fourth October we'll six commercial plan that
We to plan to carry about later. Momentus I'll will talk use hosted also conduct more proximity demonstration that payload that rendezvous we and operations a a
produce typically our to vehicles complete orbit proud mission. recall, customers their that that such to payload's iteration learning craft or curve. are once contracts allowed much their deliver satellite lower is and to unit you Meaning, each down revenue to traditional the quality operations productivity, increased costs. Vigoride and each than from missions quickly As with launch structured, faster Vigoride in us coming we space these space to the and these time we have advance and say higher recognize I'm
and For success capabilities operations than the We've to example, over spacecraft and lessons to of engineering the processes contribute recent more our was the we missions. to Vigoride and XX% test X improved continue assembly integration past to improve and vastly our year Vigoride use learned future faster and X.
our in its technology pleased our performance also space, technology are increased to We has confidence which our capabilities. see and
are on we conducted its the had and initial overcome and process the missions to of developing and we've to on a missions. expect. spacecraft improving continuously challenges space, we've said space what worked space in technologies. and process is demonstrating our sure, our Vigoride we've part learned During three in To that we've learning that early This be and It's of missions technology. lot common
two forward continuously automate plan improve the orbit. cell fully used that also software continue like go of address operations. designed features and spacecraft. and service a computers software observed and much to used other B and to to like of bug to in to to make systems, We've spacecraft side and we've resiliency example, the so features with on we vehicle missions or operation personal avionics, our things on phone our demonstrated For A fixes redundancy with improvements as do our commonly our radios uploaded our and we orbital and have We spacecraft the updates the the to on operating orbit processes of sets redundant
our is use through Unlike creates our Turning electro by conventional MET The spacecraft rocket an produces MET and heats gases or rocket Momentus and Vigoride source to we've drive that microwave a chemical which X. near Since MET advantages. to solar electric reaction, -- The primary space. a in extremely technology. pioneering the Vigoride support sustainability plasma through energy water that operated proprietary has innovative MET orbit vehicle's service successfully safety hot the propellant. it designed patents power last perform that thrust our thermal using on propulsion cases technology offers expelling thrust key Slide this the is chemical a on can in microwave pioneering is the call, two nozzle. method orbital term create of a thrust earnings thruster a to efficiency, engine propulsion a showing microwave
now seconds term near our And potential have than XX have XX more the performed to burns cases. can MET use ranging from these six execute we minutes. shown firings We of that
of orbit the X In total, by we've of time of achieved more more than MET than vehicle minutes the firing have XXX and the kilometers. raised
In has accomplishment. a duration XX%, be fact, the actually full power to exceeded duration the very the or which range now To firing clear, we significant MET Momentus by and precise, for custom we've planed durations to plan be use full space successfully power the operated across range of services for the in of space provide hosted at to to payloads. firing operationally like we satellites that deliver infrastructure full orbits, to consider in
that needs. For means MET which [DoDs] this Simply the our those capabilities across put highest commercial [TRL] you and MET of of range by Level is X, can readiness a achieved space broad that now familiar based is provide fuel have security (ph) solar with a thruster national we shown has technology that department water, (ph)level. programs, sun in defense and viable our heated heated water
Slide X. to Turning
we're customer growing about interest services. our seeing engagement a As result,
our call, years. in earth some few contracts and Since orbit satellites planning low signed over geostationary with next are earnings customers. some to we're hundreds in of existing customers pleased commercial have to orbit Some last launch the new
a signed offers X that in our space or customers, IoT of connectivity global low one is Systems, Things Spanish First, power, which QX, contracts services. in Internet we of with and two FOSSA company Vigoride
IoT business for contracts. satellites, requires two the that chose With on a focused FOSSA Momentus wide of distribution
to Not for new targeted of of The serve the of for design is their satellites, of a stage off next first FOSSA deployment of will XXXX. two will the expects a onboard towards Momentus for constellation Transporter a the features planned SpaceX new in kick satellites, this as deployment. these a showcase demonstration batch FOSSA June as marked progress of only on Momentus and it Combined, satellites SpaceX follow-on for Transporter-X first generation launch June delivery mission XXXX. FOSSA mission second works our the satellites missions of will for of launch also constellation contract
satellites. with IoT, Momentus deployer October a is house pocket on for demonstration It earth several observation The pod, second and This fly satellites for contract pocket small with be cube support eight picosatellite deployer serving announced is to to different platforms the which will to mission. our FOSSA's yet customers. capacity is targeted
service customers. signed other that be a with and and three announcing We Lunasonde we'll near have customer the fourth in also agreements Hello Space, future. SatRev
service that For for working Hello of pocket alliance create a Hello four Things is a part hosted Space, area, a for very wide will Turkish we will a Space global carry deployer of payload Things long company be providing toward is Internet standard cube networks. that an of low Internet range, power, satellites.
and design deployer X launch deployer a they is our orbital scale payload of of Hello their this planned mission test said begin. flexibility because Momentus the full company's speed. targeted plans manufacturing XXXX vehicle The that product on October for Space and Momentus service in demonstrate initiated The it to for XXXX. of Vigoride chose is operations before
company flying in targeted mission. them our a Transporter-X orbital the be service on on for launch a cubesat for Vigoride For imaging Lunasonde, SpaceX X sub-surface October will vehicle,
earth We're also we've of also to happy a contract SatRev, to Things low mission. on cubesat orbit deliver X Internet Polish with our to Company announce Vigoride a signed a that
to planned the delivering customer, first tranche for picosatellites a of soon be we'll be XXX satellite the For announced constellation.
I U.S. on like with focus government call, our our last the to growing has and agencies the NASA. business As Momentus department and mentioned defense departments on started earnings
and received that customers weeks Just that for of offer support the positive defense the space from Space has government team advantages industry. ago, missions industry and Symposium, conferences prime the a feedback and contractors capabilities strong Department to Momentus we few Momentus others abilities premier one at in was Defense of their the key very our over
the orbit. with The for years we include that and to or and To from to offering commercial the with without RFI in a NASA Space threatening request with humans. Astroscale in rendezvous docking We safely this relocating new competitive were and to US, RPOD important a space leverage debris nearby service information space from Telescope to for removing the orbit U.S. national on proximity orbital vehicles Hubble objectives teamed unique telescope's to and this come. QX, a life three to to today to Hubble reboost commercial solution heritage of responded asset Astroscale an risk company end, keep operations or space celebrated Telescope, and in mission's Momentus' expertise extend flight the able asset offer
to technology the orbit threatening The earth maneuvers of reboots it, OSV completion launch mission. by also Removal concept new the using the safely orbital to to service We're robotic rendezvous, of after key then Hubble Momentus abilities Hubble's made our to be and surrounding a service orbital series launching primary approach prioritized Momentus would Vigoride perform the from would of on used included orbital raise vehicle Once would Vigoride XX or vehicle a Astroscale, service kilometers. capture companies also vehicle. space sets low be requirements. very small customer and can is a debris growth the our to the that into complete of Astroscale’s RPOD orbit national in their and apart about from operation range situational missions. Once a speed service on capabilities our deliver space orbit, to the major the telescope. national built vehicle a from security initial we government which custom discriminator capacity flexibility, positioned vehicle support move of service reconnaissance interest and department that for our well from missions. orbital U.S. with security surveillance, power us traditional like defense The it Vigoride The in customers support can and space to other orbital support national responsible unique available payload payloads make vehicle and missions. Vigoride a on pleased The security awareness, orbits commission requirements
Salzmann from with Having orbital to distinguishes to also environment. space Staff US high Coupled like key discussed other national are Force, of large intensive the capabilities available and equipment the space sensors, competitors. highly Officials ability contested change of suited electronics support altitude like that as amounts of General support the our well and maneuver Momentus communications to have inclination, power Space need Chief payloads end security kind senior our in a
attributes competitive key us technology give and Our capabilities a that offers advantage.
of highly large engineers of Momentus needs experienced security meet edge companies customers. these decades experience an and In unable addition, are is with team national to and who also international the gives professionals over us other U.S. over competitors of
our firm leadership the the Warfare discriminating Recons Space Center. our and Force, National Naval and technical garnered defense Development significant major of mission The Like office from combination Agency, interest capabilities customers. and Information Space have
Additionally, major grow working as a in stated government portion will strong additional will to us have our can system a of represent ultimately customers leverage We provides scale, activities. customer our think capability unlock our stability that our government with and with in operating products increase and anticipate these major we help aerospace revenue and help this business we
defense well record a with a AFWERX. near to in understanding have on we about Axient Air focus space is memorandum the Research future. as Labs say which to of funding work Technology that To as or to more market, that well-established the the for Force in Director, been also Phase with we're strong department, agency from a department the collaboration work We'll development defense classified AFWERX, defense Lab business support working SDA and Research including a the the Award, small with for the signed share our Air SDA in We've Force innovation pleased II NASA. track company Research complete selected have for
including, to customers serve technologies other space industry and domain low navigation orbit to, collaboration our geostationary not address Axient precision limited needs, launch timing to capabilities orbit. variety variety awareness, services, from in and communication, related a advantages and of orbits, and a to Earth in Momentus but space see of
strong Axient, of Now We're bringing looking responsible solutions important to collaborating these security issues. national customers which a with for record to [indiscernible]. is track forward to government
We're capable, payload for is of We provided hosted they pursuing We've Catalyst key markets said very version Force bus power, transition work. don't bus. who've and see vehicle commercial also as meaning partner revenue need in a pricing. developing. government us jobs our very low Momentus supported velocity gives satellite launch as bidding high from who a orbit. capabilities as Vigoride commercial changes feedback and Lab customers for adjacent slim competitive also and customers with are This down given in recently development have aggregation, cost begun Space] begun us the competitive and [Catalyst support satellite (ph) pursuing to a We're letter V, a great our they to which the Delta earn ability a Air also using by this of once about Research
new meet the SpaceX To also June Turning the the Transporter-XX anticipated to Transporter-XX mission demand XXXX. XXXX. mission in Transporter-XX October for customer we our October January Transporter-X signed mission through launched in space for in will and of have XXXX. XXXX Slide service Transporter ports X. to contracts launch be We've on in flying The for services, XXXX. SpaceX SpaceX to therefore We end a to with Momentus service the on launch agreement missions reserve or agreements
transportation a are and active Research Turning in now, orbit expected by over over Deutsche X,XXX X% about $XXX will market $X According XXXX X,XXX the number Bank of to a mission to Commission below global that's the implemented deorbiting create two end projected from for $X a is decade. Euro kilometers to recent government about in just by operations billion requires XXXX, to after grew by the recently in Communications Federal year grow or will Slide market new XXXX the five be to GAO. opportunity. billion large years XXXX to to from now. annually space satellites new office XX,XXX reach currently the is within market within years double altitude a There or satellite billion decade. report over deorbited XX. estimates conclusion. a console, accountability last according space a The by that This all potential satellites regulation of Which FCC by market September this to with
Department to Momentus. Defense per about a significant budgets Space $XX five Force over average providing billion market US year coming for $XX and the opportunity years, Space billion
growing sum, will to drivers solution space are and confident our in demand. are So there many we market see industry strengthening the continue for
design configuration, Momentus positioned its Turning flexibility attributes remains well XX. us are sizes industry. with Vigoride space burgeoning to to to the the Slide in in accommodate different Key grow payloads of configurations. different many allowing first, our of
and military third payload for large also equipment and more provide rapidly our payloads host the early produce of power spacecraft Momentus but to communications we put of cost. to ahead have this low mover proven capacity, operate systems market, many payloads ourselves be other space range some to for competition. commercial seen Secondly, full missions. entrants the We've advantage able onboard to of sensors, deliver our into and inexperienced new at We've has relatively
with target Flight to execute. track Our record ability build helps trust and Heritage we've our proven team's customers of
Speed factors that not the are and customers. only to matter reliability
to power technology highly low Our also capacity cost. areas at and enables win of payload the differentiated us
provide payloads electronics, and power instruments are have customers attractive makes of increased communications, capable of limited unusual volumes can can These not shapes. key extremely or This whose Momentus payloads. to we satellites payload. by data broad missions a competition at power by unique power for payload flexibility host chosen best-in-class reason of carry larger the was those Caltech completely were open deck the and large, Even their with by surveillance requirements us customization diversity often our supplying. that upper First, and of our processing, the flexible spacecraft's ability accommodate sensing, mobility. this available is to and
we to provides attractive short for focus to space capitalize remains refueling. orbit or benefits operation for of low Innovating the can us. a at value this, requirements missions future provide very a a substantially To a higher in enabling like proposition. at cost only Momentus additional these with others meet capabilities on from Importantly, price timeframe industry to plan cannot point that offer further needs either satellite offer a
develop and payloads, high capabilities We even mission adding speed are Vigoride's additional allows of base to which enhance an link planning and performance features data range. These features for broader Vigoride's hosted extend to a to tanks serve include expansion us further customers. to
the a security precision and We're option features host adding allow payloads. also pointing that classified government sensitive to incorporating and Vigoride U.S.
of to begin some features XXXX. expect We in introducing these
In on launched will Spring our TASSA Array our or April addition, we be Tape in testing X Solar mission. Vigoride TASSA, which
team been Our costs led potential means years a lead by applied working as behind the reducing Chief patent unit times. TASSA Technology Officer, on of has technology Rob Vigoride Schwartz, and TASSA. for several concept manufacturing to We've
several due shape rolled The solar scale. providing Once to lead solar overall recurring smaller we the estimate Vigoride's development those months. that potentially of array is reducing by much is time much competing slide. Vigoride in and cells large its could unfurled larger team their complete, structural to see as out to like you stiffness arrays places solar their as on TASSA the bonded keep by much used to with sheets the TASSA Depot X-inch than cost provides XX%, side XX long. mandrel To or weight It's It's only about take TASSA, about third can savings. You reduce from while can of shape very springs. rollout strength. Its the this of similar strength concave Home feet the right measures buy build tape on replacing meters production flexible XX a fully party
so customers its to low lower we as be equipped costs. improvements demonstrate power standard hosted TASSA X. to We're payload cost from development a power for is up important Vigoride is the Rather, unit TASSA, its are efficiency main fold X government interest at source. not transition continue TASSA space. to expect seeing in Vigoride we and deck solar of also in Vigoride commercial upper from will the These arrays, production with given on
mission, expect per bottom in watt of an customers. can a the of of and With the right upper generate we can the corner in its stowed the commercial other well deck. array Vigoride by as to and X leading the potential demonstrate Vigoride the With chart, this XX% time about cost that On power TASSA the reducing pending, position of is as lead at XX% see you government at means cost important months, solar this supporting on Momentus patent manufacturing market.
with cost array we're development and improvements no potential started to We're lead we market. innovative that production. And discuss to from as this time as seeing way TASSA a excited technology move potential business in government in to and about surprise bring solar TASSA. commercial with a along other companies it's We've significant partnerships broader interest to
as plan for a it Additionally, we demonstration maneuver SpaceX relative have operations we the remote designed Vigoride proximity technology Transporter-X to farther space or On well on distance deploy to our another to for planned XXXX. maintain launched for mission using a X, in away satellite be as Vigoride RPO. suite sensor scheduled targeted X mission October and then closer and
ability another of RPO their focus the of at mission ours, end include is RPO menu capability deorbiting in The provide the to extension orbit evolve useful a toward Vigoride reusable expand is satellites, refueling also version innovation to supports life key and life. of to can satellites of to the services our which and Vigoride that maintenance of customer or customer providing refuelable services up for mission will a provide greater additional to each on be thereby therefore Vigoride satellites its A that [indiscernible] rendezvous launched. and would orbit investment its with Vigoride completing Vigoride space after later and moves missions. stay return Currently on refueled reentry. and to reused during mission reusable and after completing in burns
other competitive future. for the of economy, favorable demonstrated margin demand position growing to provide already providers, outlook programs a defense advantages potential the believe Slide and space services for infrastructure Overall, I for transportation we well attractiveness space Turning in for our combination and XX, relative Momentus the improvement to
getting I'd for customers dedicated their like also continued like to our thank for us to here team and would close by thanking support. our and investors
to thank as like expertise from I'd cover to his quarter. Dennis recently new Eric tenure But Eric like Mahoney, CFO, he that to the the leadership financial for completed to brought turn our interim CFO his who before support, Now, and our I'd to Momentus. highlights Williams, comments,
Eric We're a we and tech He here to first call of at Let growth proven brings to XX CFO, in on stage now earnings companies with look the our welcome on me companies mindset. experience grow M&A. in have his experience I record as Momentus forward raising track to Silicon tech and working momentum. early a team the him more years him at new Williams team than has for capital role. and Valley, in this delighted Eric
hand I'll then the take mic off Eric questions. your and now to we'll
John, much and you, towards having Very infrastructure joining business appreciate opportunity market. the introduction in Thank such team key to and the and space contribute leader kind experienced an participant being and the words. the for scaling
I during the team am highlights achieved results first financial by present the to our of quarter XXXX. pleased Momentus of
progress our results quarter towards reflect first Our future our investments and launches. ongoing
forgo cancel customers our We into well in across orders options spans of launch countries. flexibility The have a doing have XXXX. without contracts contracts agreement. deposits cumulatively an companies contracts when These flight, potential XX to signed the firm quickly April backlog requiring these to on a will include Typically, million reservation give short in payments. breadth signed or $XX notice available customers and opt right as so, of and These our XX separate options. approximately the for milestone their revenue as as XX, slot
options. a slot as in separate the rescheduling the their or non-restricted and cash flexibility revenue before backlog March without of historically resulting agreement. our has Momentus launch an customers of $XX than less gross million cancel full approximately of available $XX other firm backlog. to into are of began needs reason made, requiring both a debt consisting its contract the loan QX equivalents We customer opt XXXX to with of for cash well give that in will be a included all These ended as a and XXXX. repay the we outstanding in payments options million orders Should value term
would be to to XX-Q be with that mentioned I SEC. our will like Next, topic filed a in the address
that the months. was qualification cash as current is this will business course runway cash our identify flow taking meet the This evaluated plan have include the taken analysis prepared after obligations statements to the will ability concern. the XX cash in When our not of certain as a evaluation balance, first analysis. factors, current regarding for a months. concluded our next conducting and our determined quarter we XX going already risk of to clearing account our next this there an into extend steps of continue liquidity projected financial XX-Q Our concern that best its and for strategic status company language our external for the action going in concern addition proactive has going given Momentus to
of plan, has drive closure matters. Going continue and the revenue expect to variety the developed to expenses further forward, driving implement growth, bookings management our and we reduce legal of operating
We well expect this plan sheet will to operate XXXX. balance and improve our strengthen company liquidity our into allow to the
approximately our contract in $XX obligations sheet. In of balance customer upon XXXX, QX be to explore and $XX payload of satellites compared million We continue deployed in for customer further operations additional QX million forfeited late QX operations. invested strengthen during addition, we and hosted and X upon million payment. will to deposits in XXXX. and recognized comprised for $XX recognized QX termination in opportunities We fulfillment performance evaluate raise X Vigoride’s $XX,XXX in revenue funds revenue and to
QX was Non $X SG&A to than approximately of of XX we or compared XX compared of XXXX basis, million XXXX. quarter, $X.X QX the when generated reconciliation the quarter the approximately from in QX XXXX with $X.X losses million, down million the of GAAP million GAAP to On when XXXX. today GAAP totaled quarter of press In We down to $XX.X first non GAAP. the totaled operations. expenses negative million $X.X R&D approximately better $X for our non Please million first numbers million ended for to issued approximately adjusted outstanding. for a Non-GAAP QX expenses XXXX $XX XX. EBITDA release refer shares million
now call hand the back will Mary. I to
Unidentified Company Representative
planned our disclaimers forward-looking Eric. non-GAAP that remind our the portion offerings. call will question-and-answer service statements extend relating to our to disclaimers underlying This financial the moment, call. information, In I'd includes outset we you, session. the participants like of to to move Thank question-and-answer the of and all outlined a technology on this at
Operator, would enter you please how remind to participants the queue?
comes James Ratcliffe Evercore. Thank line [Operator Instructions] Your with of question from the you. first
line open. Your is
Thanks A could. Good the if afternoon. question. for couple taking I
TASSA status you long know on be operational how worked more the the little the satellites and just will could till side, the a update us it mission or whether including On NASA testing and orbit those give Vigoride custom X array of those of both of the we for timeline not? the moving to
to for about the in you and into the sources like to potential and help addition getting process the to the second, Thanks. talk incremental efforts capital what financing looks like. of reduce burn revenue? the And questions Can finding capital
James. Well, thanks question the for
know, of as that, a in prior that is ago. asked in Vigoride course, launched your X launched you just Vigoride January. And we've under orbit. launched the month and question, that, third you spacecraft we've put to X As in We
schedule space operating from which of most both subsystems here, to few of a successfully with And sub Jose, Vigoride X commissioned is the we've in operate an now vehicle. San those weeks. commissioned We've steps remainder in service few mission concurrently away the in all also operations so we're just our right of now, California. two systems And from spacecraft center the Vigoride be the of X the completed next of orbital me
have solar X. that that, power spacecraft Both though three the of months was later being their the reason Vigoride deployed, The normally. launched generating they're arrays than
from them operate stations and vendor. a network command to through a continue ground We of
satellites, a that I of And NASA carrying NASA four mentioned two atmospheric in payloads location. mission. deploy they say, orbit or customers the NASA unique solar NASA the there the custom should the mission, terms placed study payloads and for density space looking about, can in that you very is be to and in satellites asked commercial on customers commercial you Now the as and for then to it's proceed forward we'll mission X four we'll Vigoride which first rather, at the so that these wants
roughly towards docket array. Solar for the will summer. be our July. of orbit transport on TASSA deployment end date. finished transitioning there months So two roughly conducted But payloads it'll roughly we'll running then NASA those arrival expected payloads take with beginning plan the there's our the we'll in be July of of late end the to the and towards electrical Vigoride a we to mechanical the after to And tests next end of variables X again around demonstrate deployment, as mission us the over Spring the of July. the through that that assess Tape series both And will remainder some occur That's as go that be we those
of over Some to monitor things earth. you the and complete cooling the of orbits time going we're effects space heating want that in around as like to
exist South including parts there's variations and radiation the in of things Some of earth the the of different such -- as the different a anomaly creates an that that the area fields some conditions. over set Atlantic over radiation of
And power monitoring levels. generation be and so its with radiation power performance understand exposure to we'll output the array different time solar over better these
way techniques is to and not watt that point. generate duration a to XX% innovative leading rigid and all roll applied booms and in keep very test to such And be cost at provide per a of period that activities its it very at side over it have of we our market. efficiency we've months. we to to we're concave rates in is intend aim shape an again, of long the again power from to the ease the the conduct cost that technology price The array other out will a this ability because ingenious some solar of power low the material at and and looking this So think forward solar mass the really a
turn response financials? the the your on question to to Eric I'll So for now thanks for question. again the
think James. And balance additional we and been in alternatives in support again, of respect capital, market your to we With raise of question. to sheet. market terms parts will to two to at and have continue Thanks, I to in sources funds our be looking
business As structure you we'll market raised and the context timing plan execution our within and would of certain of those the expect, of evaluate conditions.
over capital the a as [indiscernible] SX some ATM three provides raise work us through years that. using the reference way additional to next us Our help flexibility still to our
sheet. noted see to of and to provide with government, we demonstration from significant as we the operating on order are other we plan utilization business, runway continue customer And call, John the in to mission new currently orbit such develop conduct excitement his to question, additional existing respect portion satellites balance cash have reduce with part With place to in plan in costs a in implementing hand a commercial. of of amount us our your our our of and a
expect line. demonstrated flight the we've we that capture new is therefore heritage to So our and us performance fact that enabling top expanding business,
judicious focusing So issues and operating in of of our we our we resolving in being that certain revenue on combination and a growth plan that or us. spend technologies have, key is in top have front developing line, legal on the platforms
in industry customer symposium largest they Yes, positive from had the rapidly things challenges, haven't feedback whether developed was Colorado speed and about placed in our to attended interest. we've space that's while space a hear and rate which that we and industry we've the other of the in mention that if one by gathering been, might which that And of folks And translating how that done our technology space we've we've and positive into the results I that shown. to at the government have growth orbit. talk the customers thing. annually the down particularly compliments the feedback James, just we experience sit industry be done or overcome you and that that about people Anecdotally, with one at veterans. We're are to customers Springs impressed you really that the then veterans we've about And to really talk and And or to gratifying when occurs. to is commercial mid-April. favorably
quite our for are keeping that. development But questions. up thanks the so again teams And sales now busy business with right
you. Thank
next Your from question comes Michael line of Singular Mathison with Research. the
line Your open. is
the Thank Good for question, taking call mean. afternoon, you gentlemen. I my or
sort Am questions of that a there when there's this revenue two estimated you, recognize in will I deployment. deployments correct six in couple a QX you Just figuring an be and of that QX? appreciating for
completed days few of from past the deployment X. Vigoride Cosmosis in satellite just We the
ahead. coming Our here X commercial Vigoride deploy plan the satellites to is the onboard four days in
transitioning this would begin recognition. of January, assuming for That's Concurrent would revenue that recognize to we as operate that contract contract quarter operate those option, it we mean the late six if In that me, with would be the to which we in so years. it's early would for typically we're forward. define occur And that time two as or how on payloads depending structured recognition to are contracts they for that, we are we in on are in the I terms deployed we at excuse exercise up NASA approach July, go for our whether revenue. under hosted have payload long a months Caltech. And how revenue that well.
revenue the follow then excuse then that a things there's they some have the -- orders And would that and me, the at we obviously, the other order later plan to the revenue we date begin would following take. from
recognized Sure. a terms that And in with Thank the to quarters later to revenue you. that correct so is per appreciating Am I hosting from are a still figure deployment about of understood. of work forecast, typically $XX,XXX just different. hard appreciate deployment? I
of value the deployment? the value on [indiscernible] dependent And case. this in that have the the heavily contract the Per upon would concluded of No. it vary That we -- with customer. the in it which is depends satellite contract --
a And ones mass they a higher smaller so, be price different. have the larger because and satellites have the hence larger would
not satellite result. amount as same would a of the I revenue assume So per
it. Got
good. Very Okay.
helpful. very for questions. taking that's So you the Thank
today's and There for concludes questions, you attending. Instructions] Thank are this no call. further [Operator conference
may disconnect. You now
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.