The company's financial position is strained by an accumulated deficit of $448.1 million and a reliance on $9.6 million in total debt to fund ongoing operations.
Momentus Inc. (MNTS) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Current Assets | 113.11M | 22.28M | 4.53M | 10.73M | 76.27M | 169.66M | 27.61M | 1.36M | 4.68M |
| Cash & Short-Term Investments | 107.6M | 12.81M | 1.57M | 2.12M | 61.09M | 160.04M | 23M | 1.09M | 3.75M |
| Cash Only | 107.6M | 12.81M | 1.57M | 2.12M | 61.09M | 160.04M | 23M | 1.09M | 3.75M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 611K | 100K | 1.29M | 100K | 4M | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 31.08 | 32.88 | 222.21 | 11.82 | 4.88K | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 106K | 2.75M | 1.67M | 4.84M | 5.34M | 4.76M | 100K | 0 | 928.18K |
| Total Non-Current Assets | 16.42M | 18.04M | 5.43M | 9.92M | 16.15M | 16.16M | 8.71M | 172.85M | 306.87K |
| Property, Plant & Equipment | 7.55M | 8.64M | 2.53M | 8.6M | 10.46M | 12.43M | 2.64M | 1.79M | 219.51K |
| Fixed Asset Turnover | 0.60x | 0.13x | 0.84x | 0.36x | 0.03x | 0.03x | 0.14x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 175K | 201K | 253K | 341K | 337K | 349K | 305K | 217.91K | 87.36K |
| Long-Term Investments | 0 | 0 | 0 | 373K | 312K | 314K | 415K | 172.85M | 0 |
| Other Non-Current Assets | 8.7M | 9.2M | 2.64M | 602K | 5.36M | 3.38M | 5.76M | -2M | -306.87K |
| Total Assets | 129.53M | 40.32M | 9.95M | 20.65M | 92.42M | 185.82M | 36.32M | 174.21M | 5.02M |
| Asset Turnover | 0.07x | 0.03x | 0.21x | 0.15x | 0.00x | 0.00x | 0.01x | - | - |
| Asset Growth % | 1944.39% | 305.13% | -51.8% | -77.66% | -50.26% | 411.63% | -79.15% | 3369.06% | - |
| Total Current Liabilities | 8.25M | 16.07M | 15.01M | 11.11M | 43.23M | 38.87M | 7.31M | 195.31K | 290.07K |
| Accounts Payable | 3.99M | 4.08M | 5.6M | 2.81M | 2.24M | 1.91M | 1.86M | 0 | 161.56K |
| Days Payables Outstanding | 737.91 | 978.05 | 981.52 | 1.2K | 31.43K | -5.17K | 1.85K | - | - |
| Short-Term Debt | 0 | 3.48M | 4.96M | 2.27M | 11.63M | 20.91M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 7.65M | 4.06M | 345K | 0 | 1.65M | 0 | 1.91M | 0 | 0 |
| Other Current Liabilities | 2.28M | 1.44M | 505K | 401K | 22.11M | 8.94M | 1.59M | -500.3K | 128.51K |
| Current Ratio | 13.70x | 1.39x | 0.30x | 0.97x | 1.76x | 4.37x | 3.78x | 6.97x | 16.14x |
| Quick Ratio | 13.70x | 1.39x | 0.30x | 0.97x | 1.76x | 4.37x | 3.78x | 6.97x | 16.14x |
| Cash Conversion Cycle | -706.83 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 7.02M | 7.11M | 2.75M | 6.35M | 10.59M | 15.07M | 318.48M | 6.9M | 0 |
| Long-Term Debt | 6.9M | 0 | 0 | 0 | 2.4M | 0 | 314.44M | 2.5M | 0 |
| Capital Lease Obligations | 13.96M | 6.99M | 333K | 4.86M | 6.13M | 7.28M | 72K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3K | 3K | 518K | 492K | 1.03M | 6.23M | 3.25M | 4.4M | 0 |
| Total Liabilities | 15.27M | 23.18M | 17.76M | 17.46M | 53.82M | 53.94M | 325.79M | 7.1M | 290.07K |
| Total Debt | 7.85M | 11.3M | 5.97M | 8.4M | 21.32M | 29.38M | 314.77M | 0 | 0 |
| Net Debt | -99.75M | -1.5M | 4.4M | 6.29M | -39.78M | -130.66M | 291.76M | -1.09M | -3.75M |
| Debt / Equity | 0.07x | 0.66x | - | 2.64x | 0.55x | 0.22x | - | - | - |
| Debt / EBITDA | -0.26x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 3.29x | - | - | - | - | - | - | - | - |
| Interest Coverage | -23.65x | -44.00x | -87.47x | -28.49x | -17.14x | 9.48x | -652.25x | - | - |
| Total Equity | 114.26M | 17.14M | -7.81M | 3.19M | 38.61M | 131.89M | -289.47M | 167.11M | 4.3M |
| Equity Growth % | 2207.42% | 319.46% | -345.06% | -91.75% | -70.73% | 145.56% | -273.22% | 3781.92% | - |
| Book Value per Share | 9.61 | 27.51 | -8.81 | 3.64 | 80.48 | 316.15 | -785.56 | 297.94 | 7.33 |
| Total Shareholders' Equity | 114.26M | 17.14M | -7.81M | 3.19M | 38.61M | 131.89M | -289.47M | 167.11M | 4.3M |
| Common Stock | 0 | 0 | 0 | 0 | 1K | 1K | 1K | 162.11M | 115 |
| Retained Earnings | -456.33M | -438.58M | -407.99M | -373.05M | -304.13M | -208.68M | -329.34M | 62.36K | -6.55M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -162.11M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MNTS stock.
As of 2025, Momentus Inc. (MNTS) had total assets of $40.3M including $22.3M in current assets.
Momentus Inc. (MNTS) carries total debt of $11.3M, offset by $12.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Momentus Inc. (MNTS) has total shareholders' equity (book value) of $17.1M ($27.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Momentus Inc. (MNTS) reported a current ratio of 1.39x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Imminent liquidity and solvency
Metrics are mathematically derived from official filings.
Eroding Capital Base Signals Distress
As reported in recent financial filings, Momentus has seen its equity position fluctuate from a positive $3.5 million in 2024Q1 to a deficit-ridden state, with retained earnings plummeting to -$448.1 million by 2026Q1, illustrating a persistent and accelerating erosion of shareholder value over the observed period.
The consistent decline in retained earnings suggests that the company's operational model is fundamentally unable to generate the returns necessary to offset its massive R&D and administrative overhead. This trajectory indicates that the business is currently consuming its capital base rather than building a sustainable industrial foundation.
Precarious Cash Runway Limits Flexibility
Based on the company's 2026Q1 balance sheet, cash reserves of $23.5 million provide a temporary buffer, yet the historical volatility in liquidity—evidenced by a current ratio that dipped as low as 0.22 in 2025Q2—suggests that the company remains highly susceptible to sudden funding shocks.
While the current ratio of 2.52 in 2026Q1 appears improved, investors should monitor whether this is a result of sustainable operational cash flow or merely the timing of capital raises. Given the company's history of burning through cash to support mission-specific milestones, this liquidity may be insufficient to cover long-term development costs.
Leverage Dynamics Reflect Financial Necessity
According to reported financial statements, Momentus maintains a debt load of $9.6 million as of 2026Q1, representing a strategic reliance on external financing to bridge the gap between its high-cost engineering requirements and its currently negligible revenue generation capabilities.
The debt-to-equity ratio of 0.35 in the most recent quarter suggests that while leverage is not yet at extreme levels, the company's ability to service this debt is questionable given its negative operating margins. Any further reliance on debt financing may increase the risk of insolvency if mission success remains elusive.
Asset Base Lacks Commercial Scale
As indicated by the balance sheet, net property, plant, and equipment (PPE) has fluctuated significantly, reaching $7.8 million in 2026Q1, which suggests that the company's asset-heavy approach to orbital transfer technology has yet to translate into a scalable or productive commercial infrastructure.
The relatively low level of PPE relative to the company's massive accumulated deficit implies that much of the capital invested has been consumed by intangible R&D expenses rather than tangible, revenue-generating assets. This asset mix warrants further investigation into whether the company possesses the physical capacity to meet future demand if it were to materialize.
Accumulated Deficit Masks Operational Reality
Data from the balance sheet reveals an accumulated deficit of $448.1 million, which serves as a stark reminder that the company's historical capital allocation has failed to produce a self-sustaining business model, potentially rendering current book value metrics misleading for long-term valuation purposes.
Investors should be wary of focusing on short-term balance sheet improvements, as the massive historical losses suggest that the company's core technology may be too costly to commercialize under current market conditions. The persistent negative retained earnings indicate that the company is effectively a distressed R&D venture rather than a functional industrial entity.