Momentus Inc. Q4 FY2021 earnings call

John Rood discussed progress on the Vigoride orbital transfer vehicle, including completion of assembly, initial system level functional testing, and recent thermal vacuum testing of Vigoride 3. Launch services agreements were signed for multiple SpaceX Transporter missions. A Strategic Advisory Group was established with experts to advise on programmatic, technical, and operational matters. The company has been building out executive leadership, adding a Security Officer and making progress on NSA implementation, including IT modernization. Jikun Kim mentioned cumulative backlog of approximately $67 million, cash and cash equivalent of $160 million, and $25 million in outstanding gross debt, with $19 million invested in Q4.

Plans for Vigoride 3 inaugural launch in June 2022 subject to licenses and approvals. Signed launch services agreements for SpaceX Transporter 6, 7, 8, and 9 missions. Progress on NSA implementation and regulatory approvals, including FCC application and FAA payload review plans.

Uncertainties in space technology development where theoretical and ground-based results may not translate to operational space vehicles. Regulatory approvals are necessary and can be a limiting factor. Potential impacts of external events like the Ukraine situation, though no impact seen yet.

Q: What's the progress on NSA implementation and potential timing for launch in June?

A: NSA implementation is making progress, with bulk of IT modernization plan completed. Regulatory approvals from FCC and FAA needed, with plans to submit FAA payload review later. Launch in June subject to receipt of licenses and approvals.

Q: Details on the incremental capacity from SpaceX transporter missions?

A: Signed launch services agreements for ports on SpaceX Transporter missions for remainder of 2022 and 2023. Initial mission is demonstration to learn and win follow-on business. Follow-on vehicles in production.

Q: Impact of Russia-Ukraine situation on manifest and supply chain?

A: No impact seen, Russian founders divested, and events not related to business.

Q: Status of thruster development and launch version?

A: Progress on microwave electrodermal thruster, current generation planned for June launch, next generation for future designs.

Q: Economics of the second port for rideshare aggregation?

A: Exploring rideshare aggregation for lower cost, serving customers who don't need precise orbit delivery, potential to expand market but uncertain long-term viability.

Q: Expectations for profitability and positivity timeframe?

A: Stopped giving long-term guidance, nascent stage. Impact of Starship pricing on customer appetite for Vigoride services discussed, with orbital transfer vehicle seen as more economical for certain customers.

Q: Order activity and sales pipeline?

A: Backlog increased by $2 million due to retaining a key customer. Pipeline has customer opportunities, with flight heritage expected to convert interest to firm orders once Vigoride is launched.