Free cash flow remains deeply negative, with a 2026Q1 FCF margin of -187% highlighting the company's inability to convert its orbital transfer services into self-sustaining cash generation.
Momentus Inc. (MNTS) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | -30.74M | -23.27M | -16.61M | -61.83M | -87.89M | -86.71M | -32.53M | -356.96K | -3.94M |
| Operating CF Margin % | - | -2096.85% | -785.76% | -2001.49% | -29393.65% | -26276.36% | -8913.42% | - | - |
| Operating CF Growth % | -320.4% | -40.12% | 73.13% | 29.65% | -1.36% | -166.53% | -9014.21% | 90.93% | - |
| Net Income | -35.59M | -30.47M | -34.95M | -68.92M | -95.44M | 120.65M | -307.03M | 62.36K | -6.23M |
| Depreciation & Amortization | 1.83M | 1.52M | 2.02M | 1.98M | 2.25M | 2.38M | 590K | 203.5K | 37.65K |
| Stock-Based Compensation | 1.76M | 3.27M | 6.49M | 8.48M | 11.58M | 18.45M | 2.77M | 128.99K | 12.88K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -332.49K | 0 |
| Other Non-Cash Items | 13.33M | 5.28M | 4.73M | 4.81M | 2.17M | -225.43M | 272.56M | -346.01K | 2.25M |
| Working Capital Changes | -12.06M | -2.88M | 5.1M | -8.18M | -8.45M | -2.77M | -1.43M | -73.31K | 0 |
| Change in Receivables | -411K | 1.19M | -1.19M | 3.9M | 0 | 0 | 0 | -166.93K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.46M | 131K | 2.79M | 453K | 373K | 1.56M | -997K | 0 | 0 |
| Cash from Investing | -228K | -12K | 94K | -19K | -733K | -3.09M | -1.6M | -172.5M | -306.52K |
| Capital Expenditures | -240K | -12K | -41K | -94K | -583K | -2.97M | -1.5M | -1.76M | -216.52K |
| CapEx % of Revenue | 6.25% | 1.08% | 1.94% | 3.04% | 194.98% | 900.61% | 411.51% | - | - |
| Acquisitions | 12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 135K | 75K | -150K | -118K | -99K | -145.93K | -90K |
| Cash from Financing | 138.54M | 34.58M | 15.6M | 1.92M | -9.51M | 226.83M | 44.65M | 173.95M | 7.51M |
| Debt Issued (Net) | -232K | 57K | 2.01M | -12.98M | -9.7M | 54.35M | 44.6M | -222.72K | 0 |
| Equity Issued (Net) | 145.04M | 36.62M | 15.71M | 16.96M | -331K | 198.35M | 0 | 174.17M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -18K | -1K | -4K | -10.09M | -331K | -40.15M | 0 | 0 | 0 |
| Other Financing | -6.27M | -2.1M | -2.12M | -2.05M | 514K | -25.88M | 53K | 0 | 7.51M |
| Net Change in Cash | 107.57M | 11.29M | -920K | -59.92M | -98.13M | 137.03M | 10.52M | -2.66M | 3.27M |
| Free Cash Flow | -30.98M | -23.29M | -16.65M | -61.96M | -88.65M | -89.8M | -34.13M | -2.11M | -4.15M |
| FCF Margin % | -807.3% | -2097.93% | -787.7% | -2005.76% | -29650.17% | -27212.73% | -9352.05% | - | - |
| FCF Growth % | -75.4% | -39.85% | 73.12% | 30.11% | 1.28% | -163.08% | -1515.74% | 49.12% | - |
| FCF per Share | -2.61 | -37.38 | -18.78 | -70.69 | -184.82 | -215.27 | -92.64 | -3.77 | -7.07 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.76x | 0.48x | 0.90x | 0.92x | -0.72x | 0.11x | -5.72x | 0.63x |
| Interest Paid | 109K | 102K | 106K | 980K | 2.44M | 2.5M | 353K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 1K | 1K | 0 | 0 |
Quick answers to the most common questions about buying MNTS stock.
Momentus Inc. (MNTS) generated $-23.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Momentus Inc. (MNTS) reported negative free cash flow of $23.3M in 2025, indicating capital requirements exceeded cash from operations.
Momentus Inc. (MNTS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Momentus Inc. (MNTS) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Imminent liquidity and solvency risk
Metrics are mathematically derived from official filings.
Earnings Disconnect Masks Cash Burn
According to quarterly financial data, the OCF/NI ratio frequently deviates from unity, with 2025Q4 showing an OCF/NI of 1.55, indicating that reported net losses significantly understate the actual cash outflow required to sustain the company's current operational and engineering activities.
The persistent gap between net income and operating cash flow suggests that non-cash charges and working capital adjustments are insufficient to bridge the fundamental disconnect in the business model. Investors should monitor this divergence as it implies that the company's accounting losses are not merely paper-based but reflect a genuine, ongoing depletion of liquid assets.
Negative FCF Margins Signal Distress
As reported in financial statements, Momentus consistently generates negative free cash flow, with margins reaching as low as -187% in 2026Q1, highlighting a trajectory where the cost of maintaining orbital transfer capabilities far exceeds the revenue generated from mission-based service contracts.
The inability to achieve positive free cash flow, even on a quarterly basis, suggests that the company remains in a perpetual state of capital consumption. This trend warrants further investigation into whether the current service pricing model can ever reach a break-even point without a fundamental shift in operational scale.
Volatile Working Capital Obscures Liquidity
Based on reported figures, working capital changes have been highly erratic, swinging from a $4.4 million outflow in 2025Q4 to a $1.5 million inflow in 2026Q1, which suggests that the company's cash position is heavily dependent on the timing of milestone-based payments and vendor settlements.
This volatility indicates that the company lacks a stable cash conversion cycle, making it difficult to forecast liquidity needs with any degree of certainty. The reliance on these fluctuations to manage short-term cash flow may expose the firm to significant risks if mission milestones are delayed or customer payments are deferred.
SBC and Capitalization Mask Reality
Data from recent filings reveals that stock-based compensation has been a recurring feature, with $2.0 million recorded in 2023Q4, which effectively serves as a non-cash expense that masks the true economic cost of retaining the specialized engineering talent required for the Vigoride platform.
While SBC preserves cash in the short term, it creates a persistent dilution risk for shareholders that is not fully captured in the operating cash flow statement. Analysts should consider this as a hidden cost of operations that complicates the assessment of the company's long-term path to self-sustaining profitability.