Revenue remains highly inconsistent, fluctuating between $107,000 and $3.2 million, while gross margins have frequently dipped into negative territory, such as the -52.9% reported in 2025Q2.
| Sales/Revenue | 4M | 1.11M | 2.11M | 3.09M | 299K | 330K | 365K | 0 | 0 |
| Revenue Growth % | 108.16% | -47.49% | -31.56% | 933.11% | -9.39% | -9.59% | - | - | - |
| Cost of Goods Sold | 3.25M | 1.52M | 66K | 855K | 26K | 135K | 368K | 0 | 0 |
| COGS % of Revenue | - | 137.21% | 3.12% | 27.68% | 8.7% | 40.91% | 100.82% | - | - |
| Gross Profit | 754K | -413K | 2.05M | 2.23M | 273K | 195K | -3K | 0 | 0 |
| Gross Margin % | 18.84% | -37.21% | 96.88% | 72.32% | 91.3% | 59.09% | -0.82% | - | - |
| Gross Profit Growth % | - | -120.17% | -8.33% | 718.32% | 40% | 6600% | - | - | - |
| Operating Expenses | 30.52M | 26.84M | 31.73M | 70.41M | 91.55M | 100.23M | 34.66M | 236.09K | 3.69M |
| OpEx % of Revenue | - | 2418.2% | 1500.99% | 2279.25% | 30618.06% | 30371.52% | 9496.71% | - | - |
| Selling, General & Admin | 17.4M | 15.98M | 21.95M | 36.05M | 49.83M | 48.91M | 11.95M | 236.09K | 1.23M |
| SG&A % of Revenue | - | 1439.91% | 1038.27% | 1167.21% | 16664.55% | 14819.7% | 3272.6% | - | - |
| Research & Development | 11.44M | 9.19M | 9.78M | 34.35M | 41.72M | 51.32M | 22.72M | 9.84M | 2.47M |
| R&D % of Revenue | - | 827.93% | 462.72% | 1112.04% | 13953.51% | 15551.82% | 6224.11% | - | - |
| Other Operating Expenses | 1000K | 1.67M | 0 | 0 | 54K | 0 | 0 | 0 | 0 |
| Operating Income | -29.76M | -27.25M | -29.68M | -68.17M | -91.28M | -99.76M | -34.67M | -236.08K | -3.69M |
| Operating Margin % | -743.49% | -2455.41% | -1404.12% | -2206.93% | -30526.76% | -30230.61% | -9497.53% | - | - |
| Operating Income Growth % | - | 8.18% | 56.46% | 25.31% | 8.51% | -187.78% | -14584.01% | 93.61% | - |
| EBITDA | -27.91M | -25.73M | -27.67M | -66.19M | -89.02M | -98.67M | -34.08M | -32.58K | -3.65M |
| EBITDA Margin % | -697.3% | -2318.38% | -1308.8% | -2142.7% | -29773.24% | -29899.7% | -9335.89% | - | - |
| EBITDA Growth % | -8.8% | 6.99% | 58.2% | 25.65% | 9.78% | -189.56% | -104501.41% | 99.11% | - |
| D&A (Non-Cash Add-back) | 1.85M | 1.52M | 2.02M | 1.98M | 2.25M | 1.09M | 590K | 203.5K | 37.65K |
| EBIT | -29.76M | -27.25M | -34.55M | -66.58M | -90.18M | 134.88M | -306.56M | 109.93K | -3.69M |
| Net Interest Income | -1.16M | -620K | -370K | -1.11M | -4.74M | -14.23M | -463K | 346.01K | 0 |
| Interest Income | 167K | 57K | 25K | 1.23M | 522K | 2K | 7K | 346.01K | 2.54M |
| Interest Expense | 1.33M | 677K | 395K | 2.34M | 5.26M | 14.23M | 470K | 0 | 0 |
| Other Income/Expense | -4.01M | -3.21M | -5.26M | -748K | -4.17M | 220.42M | -272.36M | 346.01K | -2.53M |
| Pretax Income | -33.78M | -30.47M | -34.95M | -68.92M | -95.44M | 120.66M | -307.03M | 109.93K | -6.22M |
| Pretax Margin % | -843.77% | -2744.86% | -1653.07% | -2231.14% | -31921.07% | 36562.42% | -84116.71% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 2K | 1K | 47.57K | 800 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | -0% | 43.27% | -0.01% |
| Net Income | -33.78M | -30.47M | -34.95M | -68.92M | -99.61M | 120.65M | -307.03M | 62.36K | -6.23M |
| Net Margin % | -843.77% | -2744.86% | -1653.07% | -2231.14% | -33315.38% | 36561.82% | -84116.99% | - | - |
| Net Income Growth % | -2.96% | 12.81% | 49.29% | 30.81% | -182.56% | 139.3% | -492453.95% | 101% | - |
| Net Income (Continuing) | -33.78M | -30.47M | -34.95M | -68.92M | -95.44M | 120.65M | -307.03M | 62.36K | -6.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.68 | -49.10 | -39.44 | -393.21 | -1038.36 | 1446.19 | -4166.02 | 0.56 | -53.04 |
| EPS Growth % | -26.6% | -24.49% | 89.97% | 62.13% | -171.8% | 134.71% | -749518.96% | 101.05% | - |
| EPS (Basic) | - | -49.10 | -39.44 | -393.21 | -1038.36 | 1573.52 | -4166.02 | 0.57 | -53.04 |
| Diluted Shares Outstanding | 4.4M | 622.94K | 886.61K | 876.42K | 479.69K | 417.17K | 368.49K | 560.9K | 587.1K |
| Basic Shares Outstanding | 4.4M | 622.94K | 886.61K | 876.42K | 479.69K | 383.4K | 368.49K | 543.66K | 587.1K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Liquidity and mission failure
As reported in recent financial filings, Momentus experienced significant revenue volatility with quarterly figures fluctuating between $107,000 and $3.2 million, highlighting a lack of predictable commercial traction that suggests the company's project-based model remains highly susceptible to launch delays and mission-specific milestone recognition hurdles.
The erratic revenue trajectory indicates that the company has yet to establish a repeatable service cadence, leaving it dependent on sporadic project completions. Investors should monitor whether the recent $3.2 million revenue peak in 2026Q1 represents a sustainable shift or merely a one-time recognition event.
Based on the provided income statement data, Momentus has struggled with severe margin compression, evidenced by gross margins frequently dipping into negative territory, such as the -52.9% reported in 2025Q2, which underscores the inability of current service pricing to cover the direct costs of orbital delivery.
The persistent negative gross margins suggest that the company is effectively subsidizing its own operations to maintain flight heritage. This structural imbalance implies that the current cost of hardware and launch procurement is fundamentally misaligned with the market value of the services provided.
According to the historical income statement, Momentus maintains a rigid cost structure where R&D and SG&A expenses consistently dwarf revenue, with operating losses reaching as high as $13.8 million in 2023Q4, indicating that the company's current operational scale is insufficient to absorb its heavy overhead.
The company's reliance on specialized engineering talent creates a high fixed-cost floor that remains largely decoupled from its transactional revenue stream. Without a significant increase in mission frequency, the current expense discipline appears insufficient to prevent continued erosion of the company's limited capital base.
As indicated by the company's financial statements, the combination of extreme negative operating margins and a dwindling cash position suggests that Momentus faces a precarious liquidity outlook, potentially forcing further dilutive capital raises to sustain its R&D-heavy business model in the near term.
Short-term viability remains a primary concern, as the company's burn rate appears to be accelerating relative to its ability to generate cash from operations. The market may be underestimating the risk of a liquidity event should the company fail to secure additional funding or achieve immediate commercial scale.
Quick answers to the most common questions about buying MNTS stock.
For fiscal year 2025, Momentus Inc. (MNTS) reported total revenue of $1.1M.
Momentus Inc. (MNTS) reported a net loss of $30.5M for the fiscal year ending 2025.
Momentus Inc. (MNTS) reported an operating income of $-27.3M, resulting in an operating profit margin of -2455.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Momentus Inc. (MNTS) generated $-0.4M in gross profit for the year, representing a gross profit margin of -37.2%. This demonstrates the company's core pricing power and production efficiency.