MNTS

Momentus is a pre-revenue-in-all-but-name space-tug company that the numbers and the filing both flag as a survival story, not an investment. FY2025 revenue was just $1.11M and fell 47.5% year over year — the third straight annual decline from a $3.09M peak in 2023 — while the company posted a $30.5M net loss and burned $23.3M in operating cash. With only $12.8M of cash on the balance sheet at year-end, that burn rate implies well under a year of runway, and management says so explicitly: the 10-K states substantial doubt about the ability to continue as a going concern, alleviated only by unfunded 'mitigation plans' and the ability to 'generate revenues and raise capital' it has so far failed to do.

The capital structure is the whole story. The accumulated deficit is $439M against $17.1M of equity, and the diluted EPS of -$49.10 on 5.73M shares (up ~20% YoY) reflects a heavy reverse split layered on top of relentless dilution. The risk factors telegraph exactly how the next chapter is funded: 'we will require substantial additional funding,' likely via equity, convertibles, and pre-funded warrants that 'will' dilute current stockholders on terms that 'may not be favorable.' Buying here is buying ahead of an almost-certain, size-unknown raise at a distressed price.