0001781162-22-000081 | 10-Q | XBRL Viewer

Reverse Recapitalization	6 Months Ended
Reverse Recapitalization	Jun. 30, 2022
Reverse Recapitalization [Abstract]
Reverse Recapitalization	Reverse Recapitalization As discussed in Note 1, "Nature of Operations," on the Closing Date, SRAC completed the acquisition of Momentus Inc. and acquired 100% of Momentus Inc.’s shares and Momentus Inc. received gross proceeds of $247.3 million, which included $110.0 million in proceeds from the PIPE Investment, and $137.3 million in proceeds from issuance of Common Stock upon the closing of the Business Combination. Proceeds from the issuance of Common Stock comprised of $172.5 million of public investment in SRAC, reduced by redemptions of $35.6 million. SRAC had additional stockholder deficit of $8.5 million, inclusive of $0.4 million of additional cash in trust from operations, which reduced the total proceeds to $238.8 million. The Merger was accounted for as a reverse recapitalization under ASC 805, with Momentus Inc. as the accounting acquirer and SRAC as the acquired company for accounting purposes. Momentus Inc. was determined to be the accounting acquirer as Momentus Inc.'s stockholders prior to the Merger had the greatest voting interest in the combined entity, Momentus Inc. comprises all of the ongoing operations, and Momentus Inc.'s senior management directs operations of the combined entity. Accordingly, all historical financial information presented in these unaudited condensed consolidated financial statements represents the accounts of Momentus Inc. and its wholly owned subsidiary. Net assets were stated at historical cost consistent with the treatment of the transaction as a reverse recapitalization of Momentus Inc. One-time direct and incremental transaction costs incurred by the Company were recorded based on the activities to which the costs relate and the structure of the transaction. Costs of $27.8 million allocated to the issuance of equity were recorded as a reduction of equity raised, presented in additional paid in capital, while costs of $4.8 million allocated to the liability classified warrants were charged to expense. On the Closing Date, each holder of Momentus Inc. preferred and common stock received approximately 0.2467416 shares of the Company’s Common Stock, par value $0.00001 per share. See Note 11 for additional details of the Company's stockholders' equity (deficit) prior to and subsequent to the Merger. All equity awards of Momentus Inc. were assumed by the Company and converted into comparable equity awards that are settled or exercisable for shares of the Company’s Common Stock. As a result, each outstanding stock option was converted into an option to purchase shares of the Company’s Common Stock based on an exchange ratio of 0.2467416, and each outstanding restricted stock award was converted into restricted stock awards of the Company that, upon vesting, may be settled for shares of the Company’s Common Stock based on an exchange ratio of 0.2467416. Outstanding private warrants of Momentus Inc. common stock were also converted into warrants to purchase shares of the Company’s Common Stock based on an exchange ratio of 0.2467416. Each public and private warrant of SRAC that was unexercised at the time of the Merger was assumed by the Company and represents the right to purchase one share of the Company’s Common Stock upon exercise of such warrant. See Note 11 for more information. Lock-up Agreements In conjunction with the Closing, certain insider stockholders executed lock-up agreements, pursuant to which such stockholders agree not to transfer any shares of Common Stock for a period of six months after the Closing or, if earlier, the first date the closing price of the Common Stock equals or exceeds $12.00 per share for any 20 trading days within any 30-trading day period following the Closing. PIPE Investment On October 7, 2020 and July 15, 2021, SRAC entered into subscription agreements with the PIPE Investors to which such investors collectively subscribed for an aggregate of 11,000,000 shares of the Company’s Common Stock at $10.00 per share for aggregate gross proceeds of $110.0 million. The PIPE Investors were also granted an equal number of private warrants to purchase the Company’s Common Stock at $11.50 per share. The warrants were recorded as a derivative liability under ASC 815, and the warrant liability was initially valued at $30.5 million. See Note 11. The PIPE Investment was consummated concurrently with the closing of the Business Combination..

Stockholders’ Equity (Deficit) and Stock-based Compensation

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders’ Equity (Deficit) and Stock-based Compensation

Common Stock and Preferred Stock

Pursuant to the terms of the Second Amended and Restated Certificate of Incorporation, the Company is authorized and has available a total of 270,000,000 shares of stock, consisting of (i) 250,000,000 shares of Common Stock, par value $0.00001 per share, and (ii) 20,000,000 shares of preferred stock, par value $0.00001 per share (“Preferred Stock”).

At the Closing of the Business Combination, the Company had 79,772,262 shares of Common Stock outstanding and no shares of Preferred Stock outstanding. The following summarizes the Company’s Common Stock outstanding immediately after the Business Combination:


	Shares	%
Momentus Space, LLC unit holders	50,419,505	63	%
Public stockholders	13,695,257	17	%
SRAC and its affiliates	4,657,500	6	%
PIPE Investors	11,000,000	14	%
Total	79,772,262	100	%

Co-Founder Divestment and Share Repurchase

In accordance with the NSA and pursuant to certain Repurchase Agreements entered into with the Company, effective as of June 8, 2021, each of Mr. Kokorich, Nortrone Finance S.A. and Brainyspace LLC (collectively, the “Co-Founders”) sold 100% of their respective equity interests in the Company on June 30, 2021. In exchange for their equity interests, the Company initially paid each entity $1, but will additionally pay up to an aggregate of $50,000,000, out of funds legally available therefor, to the Co-Founders, on a pro rata basis, as follows: (i) an aggregate of $40,000,000 to be paid out of funds legally available therefor, within 10 business days after the earlier of (A) a business combination or capital raising transaction or series of transactions (whether in the form of debt or equity) resulting in cash proceeds of no less than $100,000,000 and (B) the Business Combination (the “First Payment Date”); and (ii) an aggregate of $10,000,000 to be paid out of funds legally available therefor, within 10 business days after a business combination or capital raising transaction or series of transactions (whether in the form of debt or equity) resulting in cash proceeds of no less than $250,000,000 (determined without any reduction for the $100,000,000 previously received in respect of the First Payment Date).

As a result of the Business Combination, which generated $247.3 million of gross proceeds (as described in Note 3), the Company paid the Co-Founders $40.0 million in addition to the initial consideration paid of $3. The Company recorded the consideration paid as a reduction of Common Stock and additional paid in capital. Pursuant to the NSA, a portion of those divestment proceeds were placed in escrow accounts, and may not be released to the divested investors until after completion of audit by a third party auditor of the investors compliance with the NSA and the lapse of a 15 day period without an objection from the CFIUS Monitoring Agencies. Following the third party audit of the investors’ NSA compliance, all of the escrowed divestment proceeds were released to the Co-Founders as of March 1, 2022 in accordance with the NSA.

If the Company were to undertake a business combination or capital raising transaction or series of transactions (whether in the form of debt or equity) resulting in cash proceeds of approximately $2.7 million or more, the Company would need to pay an aggregate of $10.0 million to the Co-Founders.

The Company evaluated and periodically re-evaluates this potential consideration as a liability under ASC 480 utilizing a probability-weighted approach. Certain factors which would enable successful fundraising were considered, including progress toward compliance with the NSA, research and development progress, and agreements with launch providers, resulting in an estimated liability of $5.8 million expected to be paid to the Co-Founders with a corresponding offset to additional paid in capital, as of June 30, 2022.

Stock Purchase Warrants

In February 2021, the Company entered into the Term Loan. In conjunction with the Term Loan, warrants up to 1% of the fully diluted capitalization (including allowance for conversion of all outstanding convertible notes, SAFE notes and such warrants) of the Company were granted to the lender exercisable at the lender’s option. 80% of the 1% of the warrants were earned by the lender upon execution of the agreement. The remaining 20% of the warrants were forfeited on June 30, 2021. The warrant’s original estimated fair value of $15.6 million was recorded as a derivative liability under ASC 815 with the offset recorded as a debt discount. The Company recorded the decrease in the estimated fair value of the warrant of $(4.1) million and $(11.1) million for three and six months ended June 30, 2021, respectively, within other income (expense) in the accompanying consolidated income statements. The warrants were exercised by the lender immediately prior to the Business Combination. The loan remains outstanding as of June 30, 2022.

In March 2020, the Company entered into an equipment financing agreement to fund the acquisition of specific and eligible equipment (the “Equipment Loan”). In conjunction with the Equipment Loan, the Company issued stock

purchase warrants to the lender, which allowed for the purchase of 191,108 shares of Common Stock in a subsequent round of financing. These warrants were also accounted for as a derivative liability and the decrease in the estimated fair value of the warrant of $(0.4) million and $(1.5) million for the three and six months ended June 30, 2021, respectively, was recorded within other income (expense) in the accompanying consolidated income statements. The warrants were exercised by the lender immediately prior to the Business Combination.

Public and Private Warrants

As of June 30, 2022, the Company had public and private warrants outstanding to purchase 8,625,000 and 11,272,500 of Common Stock, respectively, related to the Business Combination. The warrants entitle the registered holder to purchase stock at a price of $11.50 per share, subject to adjustment, at any time commencing on August 12, 2021. The public and private warrants expire on the fifth anniversary of the Business Combination, or earlier upon redemption or liquidation.

Additionally, the Company had private warrants outstanding to purchase 308,569 shares of Common Stock, with an exercise price of $0.20 per share, unrelated to the Business Combination, which were exercised on a net basis for 278,146 shares during the six months ended June 30, 2022.

The private warrants assumed in connection with the Business Combination were accounted for as a derivative liability and the decrease in estimated fair value of the warrants of $(2.3) million and $(1.8) million for the three and six months ended June 30, 2022, respectively, was recorded within other expense. The public warrants and the legacy outstanding private warrants were recorded as equity.

Contingent Sponsor Earnout Shares

As a result of the Business Combination, the Company modified the terms of 1,437,500 shares of Common Stock held by SRAC’s sponsor (the “Sponsor Earnout Shares”), such that all such shares will be forfeited if the share price of Common Stock does not reach a volume-weighted average closing sale price of $12.50, two thirds of such shares will be forfeited if the share price of Common Stock does not reach a volume-weighted average closing sale price of $15.00, and one third of such shares will be forfeited if the share price of Common Stock does not reach a volume-weighted average closing sale price of $17.50, in each case, prior to the fifth anniversary of the Business Combination. Certain events which change the number of outstanding shares of Common Stock, such as a split, combination, or recapitalization, among other potential events, will equitably adjust the target vesting prices above. The Sponsor Earnout Shares may not be transferred without the Company’s consent until the shares vest.

The Sponsor Earnout Shares are recorded within equity. Due to the contingently forfeitable nature of the shares, the Sponsor Earnout Shares are excluded from basic EPS calculations, but are considered potentially dilutive shares of the purposes of diluted EPS (refer to “Income (Loss) Per Share” below).

Stock Incentive Plans

Legacy Stock Plans

In May 2018, the Board of Directors of Momentus Inc. approved the 2018 Stock Plan (the “Initial Plan”) that allowed for granting of incentive and non-qualified stock options and restricted stock awards to employees, directors, and consultants. The Initial Plan was terminated in November 2018. Awards outstanding under the Initial Plan continue to be governed by the terms of the Initial Plan.

In February and March 2020, the Board approved the Amended and Restated 2018 Stock Plan (the “2018 Plan”). No additional grants have been made since 2020 and no new grants will be made from the 2018 Plan, however, the options issued and outstanding under the plan continue to be governed by the terms of the 2018 Plan. Forfeitures from the legacy plans become available under the 2021 Equity Incentive Plan, described below.

2021 Equity Incentive Plan

In connection with the Closing, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), under which 5,982,922 shares of Common Stock were initially reserved for issuance. The 2021 Plan allows for the issuance of incentive stock options (“ISOs”), non-qualified stock options (“NSOs”), restricted stock awards (“RSAs”), stock appreciation rights (“SARs”), restricted stock units (“RSUs”), and performance awards. The Board of Directors determines the period over which grants become exercisable. The 2021 Plan became effective

immediately following the Closing. The 2021 Plan has an evergreen provision which allows for shares available for issuance under the plan to be increased on the first day of each fiscal year beginning with the 2022 fiscal year and ending on (and including) the first day of the 2031 fiscal year, in each case, in an amount equal to the lessor of (i) three percent (3.0%) of the outstanding shares on the last day of the immediately preceding fiscal year and (ii) such number of Shares determined by the Board. During the six months ended June 30, 2022, the shares available for grant under the 2021 Plan increased by 2,436,353 and 255,017 due to the evergreen provision and forfeitures from the Initial Plan and the 2018 Plan, respectively. As of June 30, 2022, there were 1,363,167 shares remaining available for grant. Grant activity under the 2021 Plan is described below.

2021 Employee Stock Purchase Plan

In connection with the Closing, the Company adopted the Employee Stock Purchase Plan (the “2021 ESPP Plan”), under which 1,595,445 shares of Common Stock were initially reserved for issuance. The Plan provides a means by which eligible employees of the Company may be given an opportunity to purchase shares of Common Stock at a discount as permitted under the Internal Revenue Code of 1986, as amended. The 2021 ESPP Plan has an evergreen provision which allows for shares available for issuance under the plan to be increased on the first day of each fiscal year beginning with the 2022 fiscal year and ending on (and including) the first day of the 2031 fiscal year, in each case, in an amount equal to the lessor of (i) half a percent (0.5%) of the outstanding shares on the last day of the calendar month prior to the date of such automatic increase and (ii) 1,595,445 shares. The 2021 ESPP Plan became effective immediately following the Closing. During the six months ended June 30, 2022, the shares available for issuance under the 2021 ESPP Plan increased by 406,059 due to the evergreen provision. During the six months ended June 30, 2022, 77,162 shares were issued under the 2021 ESPP Plan. The Company has an outstanding liability pertaining to the ESPP of $0.1 million as of June 30, 2022, included in accrued expenses, for employee contributions to the 2021 ESPP Plan, pending issuance at the end of the offering period.

2022 Inducement Equity Plan

In February 2022, the Company adopted the 2022 Inducement Equity Plan (the “2022 Plan”), under which 4,000,000 shares of Common Stock were initially reserved for issuance. The 2022 Plan allows for the issuance of NSOs, RSAs, SARs, RSUs, and stock bonus awards, subject to certain eligibility requirements. The Board of Directors determines the period over which grants become exercisable and grants generally vest over a four-year period. As of June 30, 2022 only RSU grants have been made under the 2022 Plan and there were 2,276,253 shares remaining available for grant. Grant activity under the 2022 Plan is described below.

Options Activity

The following table sets forth the summary of options activity, under the 2018 Plan and the 2021 Plans, for the six months ended June 30, 2022:


(in thousands, except share-based data)	Total Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2021	4,043,492	$	0.27

Granted	1,064,862	2.54
Vested exercised	(1,468,551)	0.27
Forfeitures	(255,017)	0.27
Outstanding as of June 30, 2022	3,384,786	$	0.98	7.3	$	4,398
Exercisable as of June 30, 2022	1,641,510	$	0.38	5.8	$	2,956
Vested and expected to vest as of June 30, 2022	3,384,786	$	0.98	7.3	$	4,398

As of June 30, 2022, there was a total of $1.8 million in unrecognized compensation cost related to unvested options, which is expected to be recognized over a weighted-average period of 2.1 years.

The total intrinsic value of options exercised during the three and six months ended June 30, 2022, was $3.7 million and $4.1 million, respectively, and during the three and six months ended June 30, 2021 was $0.5 million and $5.3 million, respectively.

The assumptions used under the Black-Scholes-Merton Option Pricing model and weighted average fair value of options on the grant date are as follows:


	Six Months Ended June 30,
	2022	2021
Expected term (in years)	5.8	N/A
Risk-free interest rate	2.35%	N/A
Expected volatility	61.90%	N/A
Dividend yield	0.00%	N/A
Fair value on grant date	$1.46	N/A

Restricted Stock Unit and Restricted Stock Award Activity

The following table sets forth the summary of RSU and RSA activity, under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan, for the six months ended June 30, 2022. RSAs were an immaterial portion of activity for the period:


	Shares	Weighted Average Grant Date Fair Value (i.e. share price)
Outstanding as of December 31, 2021	2,812,110	$	10.87
Granted	5,825,877	2.65
Vested	(276,520)	9.82
Forfeited	(928,933)	8.01
Outstanding as of June 30, 2022	7,432,534	$	4.80

As of June 30, 2022, there was a total of $31.1 million in unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of 1.7 years. Outstanding unvested and expected to vest RSUs had an intrinsic value of $16.1 million.

Stock-based Compensation

The following table sets forth the stock-based compensation under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan by expense type:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Research and development expenses	$	514	$	66	$	887	$	134
Selling, general and administrative expenses	2,521		2,278		4,360		7,978
Total	$	3,035	$	2,344	$	5,247	$	8,112

The following table sets forth the stock-based compensation under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan by award type:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Options	$	174	$	2,344	$	251	$	8,112
RSUs & RSAs	2,909		—		4,984		—
ESPP	22		—		82		—
Performance Awards	$	(70)	$	—	(70)		—
Total	$	3,035	$	2,344	$	5,247	$	8,112

Performance Awards

Performance awards under the 2021 Plan are accounted for as liability-classified awards, as the obligations are typically a fixed monetary amount which is settled on a future date in a variable number of shares of the Company’s Common Stock. The variable number of potentially settled shares is not limited. Performance awards are measured at their fair value based on management’s estimates of potential outcomes of the performance. Successful completion of performance awards was determined to be not probable as of June 30, 2022, therefore no shares correspond to outstanding performance awards if they were settled on June 30, 2022.

Stock Option Modifications

On August 31, 2021, in connection with the resignation of one of the Company’s former officers, the Company modified the former officer’s outstanding awards, which resulted in the vesting of options for 273,571 shares. The modified option awards have an exercise price of $0.28 per share, expected term of 6.25 years, a risk-free rate of 0.86%, expected volatility of 97% and no expected dividends. This Type III modification resulted in a remeasured fair value of $10.91 per share. The incremental compensation related to the accelerated options totaled $2.9 million.

On May 22, 2021, in connection with the resignation of one of the Company’s former directors, the Company modified the former director’s outstanding award, which resulted in the vesting of options for 205,618 shares. The modified option award has an exercise price of $0.28 per share, expected term of one year, a risk-free rate of 0.04%, expected volatility of 65% and no expected dividends. This Type III modification resulted in a remeasured fair value of $10.78 per share. The incremental compensation related to the accelerated options totaled $2.2 million.

On January 25, 2021, in connection with the resignation of the Company’s former Chief Executive Officer (“CEO”), Mikhail Kokorich, the Company modified his outstanding awards, which resulted in the vesting of options for 261,070 shares. The modified option awards have exercise prices ranging from $0.04 to $0.28 per share, an expected term of one year, a risk-free interest rate of 0.10%, an expected volatility of 78% and no expected dividends. This Type III modification resulted in a remeasured fair values ranging from $20.67 to $20.91 per share. The incremental compensation related to the accelerated options totaled $5.4 million.

Income (Loss) Per Share

The following table sets forth the computation of diluted net (loss) income per share:


Diluted Net (Loss) Income Per Share	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share-based data)	2022		2021		2022		2021
Numerator:
Net (loss) income	$	(22,872)	$	64,327	$	(49,706)	$	128,998
Less:
Decrease in fair value of SAFE notes	—		(100,803)		—		(182,367)
Decrease in fair value of warrants	—		(4,448)		—		(12,529)
Net loss allocated to common stockholders for diluted net loss per share	$	(22,872)	$	(40,924)	$	(49,706)	$	(65,898)
Denominator:
Denominator for basic net loss per share - weighted average shares outstanding	81,319,533		51,474,305		80,642,670		54,620,299

Dilutive options and unvested stock units outstanding	—		5,091,392		—		5,135,631
Dilutive warrants outstanding	—		620,531		—		625,000
Dilutive SAFE notes outstanding (shares not reserved)	—		12,466,995		—		12,466,995
Denominator for diluted net loss per share - adjusted weighted average shares outstanding	81,319,533		69,653,223		80,642,670		72,847,925

Net (loss) income per share - basic	$	(0.28)	$	1.25	$	(0.62)	$	2.36
Net loss per share - diluted	$	(0.28)	$	(0.59)	$	(0.62)	$	(0.90)

Net (loss) income per share is provided in accordance with ASC 260-10, Earnings Per Share. Basic earnings per share is computed by dividing net (loss) income for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share gives effect to all dilutive potential common shares outstanding during the period. It is computed by dividing undistributed earnings allocated to common stockholders for the period by the weighted average number of common shares outstanding during the period, plus the dilutive effect of outstanding preferred shares, options and unvested stock units, and warrants outstanding pursuant to the treasury stock method.

As the Company incurred a net loss for the three and six months ended June 30, 2022, the inclusion of certain options, unvested stock units, warrants, and contingent Sponsor Earnout Shares in the calculation of diluted earnings per share would be anti-dilutive, and, accordingly, were excluded from the diluted loss per share calculation. As the Company had net income for the three and six months ended June 30, 2021, there were no exclusions from the diluted income per share calculation.

The following table summarizes potential common shares that were excluded as their effect is anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021

Options and unvested stock units outstanding	6,109,403	N/A	6,000,378	N/A
Warrant outstanding	19,897,500	N/A	20,023,655	N/A

Contingent Sponsor Earnout Shares	1,437,500	N/A	1,437,500	N/A
Total	27,444,403	N/A	27,461,533	N/A

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stockholders’ Equity (Deficit) and Stock-based Compensation - Schedule of Fair Value Inputs (Details) - Options	6 Months Ended
	Jun. 30, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 9 months 18 days
Risk-free interest rate	2.35%
Expected volatility	61.90%
Dividend yield	0.00%
Fair value on grant date (in dollars per share)	$ 1.46

Intangible Assets, net (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following as of June 30, 2022:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted average remaining amortization period (in years)
Patents/Intellectual Property	$	450	$	(110)	$	340	7.2
Capitalized cloud implementation costs	450		(70)		380		2.6
Total	$	900	$	(180)	$	720

Intangible assets, net consisted of the following as of December 31, 2021:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted average remaining amortization period (in years)
Patents/Intellectual Property	$	404	$	(91)	$	313	7.5
Capitalized cloud implementation costs	43		(7)		36		2.6
Total	$	447	$	(98)	$	349

Schedule of Future Estimated Amortization Expense

As of June 30, 2022, the future estimated amortization expense related to intangible assets is as follows:


(in thousands)
Remainder of 2022	$	99
2023	199
2024	190
2025	75
2026	49
Thereafter	108
Total	720

Nature of Operations (Details) $ / shares in Units, $ in Thousands	Jun. 09, 2022	Jul. 15, 2021 USD ($) $ / shares shares	Aug. 11, 2022 satellite	Jul. 29, 2022 satellite note	Jul. 17, 2022 satellite	Jun. 30, 2022 USD ($) $ / shares	May 31, 2022 satellite	Dec. 31, 2021 USD ($) $ / shares	Aug. 13, 2021 $ / shares	Aug. 12, 2021 $ / shares
Schedule of Reverse Recapitalization [Line Items]
Number of customer satellites deployed \| satellite							2
Number of customer satellites \| satellite							9
Special temporary authority, period	30 days
Special temporary authority, extension period	30 days
Common stock, par value (in dollars per share) \| $ / shares						$ 0.00001		$ 0.00001
Exchange ratio										0.2467416
Number of shares sold (in shares) \| shares		11,000,000
Purchase price (in dollars per share) \| $ / shares		$ 10.00
Proceeds from PIPE \| $		$ 110,000
Estimated fair value of warrants \| $		$ 30,500				$ 3,945		$ 5,749
Subsequent Event
Schedule of Reverse Recapitalization [Line Items]
Number of customer satellites deployed \| satellite				6
Number of additional customer satellites deployed \| satellite			4	2	2
Number of customer satellites in Low Earth Orbit \| note				7
Number of customer satellites in Low Earth Orbit, Vigoride \| note				6
Number of remaining customer satellites \| satellite				3
Private Warrant
Schedule of Reverse Recapitalization [Line Items]
Purchase price (in dollars per share) \| $ / shares		$ 11.50
Common Class B
Schedule of Reverse Recapitalization [Line Items]
Common stock, par value (in dollars per share) \| $ / shares										$ 0.0001
Exchange ratio										1
Common Class A
Schedule of Reverse Recapitalization [Line Items]
Common stock, par value (in dollars per share) \| $ / shares						$ 0.00001			$ 0.00001
Exchange ratio										1

Stockholders’ Equity (Deficit) and Stock-based Compensation - Narrative (Details) - USD ($)							1 Months Ended		3 Months Ended		6 Months Ended
	Aug. 31, 2021	Aug. 13, 2021	Aug. 12, 2021	Jun. 30, 2021	May 22, 2021	Jan. 25, 2021	Feb. 28, 2022	Mar. 31, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jul. 15, 2021	Feb. 22, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of stock authorized (in shares)		270,000,000
Common stock, number of shares authorized (in shares)									250,000,000		250,000,000		250,000,000
Common stock, par value (in dollars per share)									$ 0.00001		$ 0.00001		$ 0.00001
Common stock outstanding (in shares)		79,772,262							83,264,832		83,264,832		81,211,781
Preferred stock outstanding (in shares)									0		0
Percentage of equity interest sold by co-founders				100.00%						100.00%		100.00%
Consideration paid to each co-founder				$ 1
Additional payments owed to co-founders				50,000,000						$ 50,000,000		$ 50,000,000
Additional funding received in connection with business combination			$ 247,300,000	247,300,000
Payments to co-founders				40,000,000
Initial consideration paid to all co-founders				$ 3
Release period without objection from agencies				15 days
Cash proceeds				$ 2,700,000
Estimated liability									$ 5,800,000		$ 5,800,000
Estimated fair value of warrants									3,945,000		3,945,000		$ 5,749,000	$ 30,500,000
Decrease in fair value of warrants									$ 2,254,000	4,454,000	$ 1,803,000	12,537,000
Conversion of warrants to common stock, price per share (in dollars per share)									$ 11.50		$ 11.50
Options vested exercised, aggregate intrinsic value									$ 3,700,000	500,000	$ 4,100,000	5,300,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period of recognition											1 year 8 months 12 days
Unrecognized compensation cost									31,100,000		$ 31,100,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost for unvested options									1,800,000		$ 1,800,000
Unrecognized compensation cost, period of recognition											2 years 1 month 6 days
Expected term (in years)											5 years 9 months 18 days
Risk-free interest rate											2.35%
Expected volatility											61.90%
Dividend yield											0.00%
Options \| August 31, 2021 Stock Option Modifications
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of accelerated vested shares (in shares)	273,571
Exercise price (in dollars per share)	$ 0.28
Expected term (in years)	6 years 3 months
Risk-free interest rate	0.86%
Expected volatility	97.00%
Dividend yield	0.00%
Remeasured fair value (in dollars per share)	$ 10.91
Incremental compensation cost for accelerated vesting	$ 2,900,000
Options \| May 22, 2021 Stock Option Modifications
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of accelerated vested shares (in shares)					205,618
Exercise price (in dollars per share)					$ 0.28
Expected term (in years)					1 year
Risk-free interest rate					0.04%
Expected volatility					65.00%
Dividend yield					0.00%
Remeasured fair value (in dollars per share)					$ 10.78
Incremental compensation cost for accelerated vesting					$ 2,200,000
Options \| January 25, 2021 Stock Option Modification
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of accelerated vested shares (in shares)						261,070
Expected term (in years)						1 year
Risk-free interest rate						0.10%
Expected volatility						78.00%
Dividend yield						0.00%
Incremental compensation cost for accelerated vesting						$ 5,400,000
Options \| January 25, 2021 Stock Option Modification \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)						$ 0.04
Remeasured fair value (in dollars per share)						20.67
Options \| January 25, 2021 Stock Option Modification \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in dollars per share)						0.28
Remeasured fair value (in dollars per share)						$ 20.91
Outstanding Vested and Expected to Vest RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost									$ 16,100,000		$ 16,100,000
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)			5,982,922
Evergreen provision, percentage of outstanding shares			3.00%
2021 Equity Incentive Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining shares available for grant (in shares)									1,363,167		1,363,167
Evergreen Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available for grant (in shares)											2,436,353
Legacy Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares available for grant (in shares)											255,017
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)			1,595,445
Evergreen provision, percentage of outstanding shares			0.50%
Number of additional shares available for grant (in shares)											406,059
Shares issued under ESPP (in shares)											77,162
Outstanding liability									$ 100,000		$ 100,000
2022 Inducement Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance (in shares)							4,000,000
Remaining shares available for grant (in shares)									2,276,253		2,276,253
Vesting period							4 years
Public Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants outstanding (in shares)									8,625,000		8,625,000
Private Placement Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants outstanding (in shares)									11,272,500		11,272,500
Other Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants outstanding (in shares)									308,569		308,569
Conversion of warrants to common stock, price per share (in dollars per share)									$ 0.20		$ 0.20
Number of warrants exercised on net basis (in shares)									278,146		278,146
Private Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Decrease in fair value of warrants									$ 2,300,000		$ 1,800,000
Term Loan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated fair value of warrants															$ 15,600,000
Decrease in fair value of warrants										$ 4,100,000		$ 11,100,000
Term Loan \| Stock Purchase Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of preferred stock available to be called															1.00%
Preferred stock available to be called, percentage earned									80.00%		80.00%
Preferred stock available to be called, percentage forfeited				20.00%						20.00%		20.00%
Equipment Loan \| Stock Purchase Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Decrease in fair value of warrants										$ 400,000		$ 1,500,000
Number of shares available for purchase (in shares)								191,108
Consideration From Funds Legally Available
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional payments owed to co-founders				$ 40,000,000						40,000,000		40,000,000
Threshold period				10 days
Consideration Due on First Payment Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum proceeds from sale of business and other capital raising transactions				$ 100,000,000
Consideration Due within 10 Business Days
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional payments owed to co-founders				10,000,000						$ 10,000,000		$ 10,000,000
Minimum proceeds from sale of business and other capital raising transactions				$ 250,000,000
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, number of shares authorized (in shares)		250,000,000
Common stock, par value (in dollars per share)		$ 0.00001							$ 0.00001		$ 0.00001
Common Class A \| Contingent Sponsor Earnout Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares modified (in shares)		1,437,500
Common Class A \| Contingent Sponsor Earnout Shares \| Weighted Average Closing Price of $12.50
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average closing sale price (in dollars per share)		$ 12.50
Percentage of shares forfeited		66.00%
Common Class A \| Contingent Sponsor Earnout Shares \| Weighted Average Closing Price of $15.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average closing sale price (in dollars per share)		$ 15.00
Percentage of shares forfeited		33.00%
Common Class A \| Contingent Sponsor Earnout Shares \| Weighted Average Closing Price of $17.50
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average closing sale price (in dollars per share)		$ 17.50
Preferred stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, number of shares authorized (in shares)		20,000,000
Preferred stock, par value (in dollars per share)		$ 0.00001

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K filed by the Company on March 9, 2022.

Unaudited Interim Financial Information

The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The balance sheet as of December 31, 2021 was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP for audited financial statements. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (the “FASB”).

The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of June 30, 2022 and December 31, 2021, the net (loss) income for the three and six months ended June 30, 2022 and 2021, the stockholders’ equity (deficit) for the three and six months ended June 30, 2022 and 2021, and cash flows for the six months ended June 30, 2022 and 2021. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022, or for any future period. These interim condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the years ended December 31, 2021 and 2020, filed with the SEC in our Annual Report on Form 10-K filed by the Company on March 9, 2022.

Basis of Presentation

The Business Combination was accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, SRAC is treated as the acquired company and Momentus Inc. is treated as the acquirer for financial statement reporting purposes (the “Combined Company”). Momentus Inc. was determined to be the accounting acquirer as Momentus Inc.'s stockholders prior to the Merger had the greatest voting interest in the combined entity, Momentus Inc. comprises all of the ongoing operations, and Momentus Inc.'s senior management directs operations of the combined entity.

Accordingly, for accounting purposes, the financial statements of the Combined Company represent a continuation of the financial statements of Momentus with the acquisition being treated as the equivalent of Momentus issuing stock for the net assets of SRAC, accompanied by a recapitalization. The net assets of SRAC are recorded at historical cost, with no goodwill or other intangible assets recorded.

One-time direct and incremental transaction costs incurred by the Company were recorded based on the activities to which the costs relate and the structure of the transaction; cost allocated to the issuance of equity were recorded as a reduction of the amount of equity raised, presented in additional paid in capital, while all costs allocated to the liability classified warrants were charged to expense.

In connection with the Business Combination, outstanding units of Momentus were converted into Common Stock of the Company, par value $0.00001 per share, representing a recapitalization. Momentus is deemed to be the predecessor of the Company, and the consolidated assets and liabilities and results of operations prior to the date of the Closing (the “Closing Date”) are those of Momentus. The shares and corresponding capital amounts and net (loss) income per share available to common stockholders, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Merger Agreement.

Reclassifications

Certain reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. None of the reclassifications have changed the total assets, liabilities, stockholders’ equity (deficit), income, expenses or net losses previously reported.

Principles of Consolidation

The consolidated financial statements include the financial statements of all the subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Management bases its estimates on historical experience and on various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Accordingly, actual results could differ from those estimates. Significant estimates inherent in the preparation of the financial statements include, but are not limited to, accounting for useful lives of property, machinery and equipment, net, intangible assets, net, accrued liabilities, income taxes including deferred tax assets and liabilities, impairment valuation, stock-based awards, Simple Agreement for Future Equity (“SAFE”) notes and warrant liabilities.

COVID-19 Pandemic

As a result of the COVID-19 pandemic, the U.S. government and various states implemented quarantine requirements and travel restrictions. The extent of the impact of COVID-19 on the Company’s financial statements will depend on future developments, including the duration of the outbreak, resurgences and emergence of variants, all of which are highly uncertain and cannot be predicted. The potential impact of COVID-19 on the Company’s operations is inherently difficult to predict and could adversely impact the Company’s business, financial condition or results of operations.

Emerging Growth Company Status

Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can choose not to take advantage of the extended transition period and comply with the requirements that apply to non-emerging growth companies, and any such election to not take advantage of the extended transition period is irrevocable. The Company is an “emerging growth company” as defined in Section 2(a) of the Securities Act and has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards. The Company will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which the market value of Common Stock that is held by non-affiliates exceeds $700 million as of the end of that year’s second fiscal quarter, (ii) the last day of the fiscal year in which the Company after the consummation of the Business Combination has total annual gross revenue of $1.07 billion or more during such fiscal year (as indexed for inflation), (iii) the date on which the Company has issued more than $1 billion in non-convertible debt in the prior three-year period or (iv) December 31, 2024. The Company expects to continue to take advantage of the benefits of the extended transition period, although it may decide to early adopt such new or revised accounting standards to the extent permitted by such standards. This may make it difficult or impossible to compare the Company’s financial results with the financial results of another public company that is either not an emerging growth company or is an emerging growth company that has chosen not to take advantage of the extended transition period exemptions because of the potential differences in accounting standards used.

Cash and Cash Equivalents

Restricted Cash

Restricted cash primarily represents deposited cash that is restricted by financial institutions for two purposes. $0.4 million is restricted as collateral for a letter of credit issued to the Company’s landlord in accordance with the terms of a lease agreement entered into in December 2020. $0.1 million of this restricted cash is classified as a current asset as it will be returned to the Company one year following the completion of the Business Combination, while the remaining $0.3 million is classified as a non-current asset as it will be returned to the Company upon the occurrence of future events which are expected to occur beyond at least one year from June 30, 2022. $0.9 million is restricted for expenditures related to the National Security Agreement (“NSA”). See Note 12.

Deferred Fulfillment and Prepaid Launch Costs

We prepay for certain launch costs to third party providers that will carry the transport vehicle to orbit. Prepaid costs allocated to the delivery of a customers’ payload are classified as deferred fulfillment costs and recognized as cost of revenue upon delivery of the customers’ payload. Prepaid costs allocated to our payload are classified as prepaid launch costs and are amortized to research and development expense upon the release of our payload. The allocation is determined based on the distribution between customer and our payload weight on each launch.

As of June 30, 2022, and December 31, 2021, the Company had $4.6 million and $3.0 million, respectively, of deferred fulfillment and prepaid launch costs in the accompanying consolidated balance sheets. On May 21, 2021, the Company received notification from one of its launch service providers that it was terminating two launch service agreements for flights scheduled during calendar year 2021 and that they considered the Company to be in default of prior payments totaling $8.7 million. The Company believed the prepayments would be non-recoverable as this was the third time the payload was rescheduled. As a result of the notification from one of its launch service providers, the Company recorded an impairment charge of $8.7 million of prepaid launch costs during the six months ended June 30, 2021. There was an unrelated impairment of $0.8 million in the six months ended June 30, 2021.

On October 12, 2021, the Company began discussions with the same launch service provider about reestablishing a future launch schedule. As a result of the discussion, the Company signed a Launch Services Agreement on October 19, 2021 that reserved space on a launch that occurred in May 2022. The Company determined that $2.7 million of the impaired deposits were potentially recoverable in connection with the reestablished schedule. The Company did not record any adjustments as a result of the discussions. See Note 4.

On May 4, 2022, the Company received a favorable determination from the Federal Aviation Administration (the “FAA”) of its application for payload review, which was the final regulatory milestone needed to support the Company’s inaugural flight of the Vigoride orbital transfer vehicle (Vigoride 3) in May 2022. The FAA favorable determination follows a license from the Federal Communications Commission (the “FCC”) received on April 28, 2022, and updates to existing licenses from the National Oceanic and Atmospheric Administration (the “NOAA”).

On May 25, 2022, the Company launched its first demonstration flight of the Vigoride spacecraft (Vigoride 3) to low-earth orbit aboard the SpaceX Transporter-5 mission. In addition to Vigoride, Momentus used a second port on the same SpaceX mission to fly a third-party deployer from a partner company. On May 25, 2022, Momentus used the third-party deployer to place its first customer satellite in orbit.

On May 26, 2022, upon establishing two-way contact between the Vigoride spacecraft in low-earth orbit and a ground station on Earth, Momentus discovered that the Vigoride spacecraft had experienced certain anomalies after its launch, primarily relating to its deployable solar arrays, which provide power to the spacecraft and its subsystems. Since that time, the Company has been working to address the anomalies, identify root causes and deploy customer satellites.

The Company has determined that the Vigoride spacecraft's deployable solar arrays, which are produced by a third party, and are folded and stowed during launch, did not operate as intended once in orbit. This resulted in low power and communications issues with the spacecraft. Meanwhile, the spacecraft's fixed, body-mounted solar panels appear to be working as intended and are providing some power to the spacecraft. The Company has been working closely with the producer of the solar arrays and has identified a mechanical issue as the root cause of the deployable arrays not operating as intended. The Company also believes that it has identified the root cause of the anomalies that it experienced with other spacecraft systems during the low-power state.

On May 28, 2022, Momentus was able to deploy two customer satellites from Vigoride (of nine total customer satellites onboard Vigoride 3). Since that time, the Company has continued efforts to deploy other customer satellites, but did not confirm any subsequent deployments during the second quarter.

While Momentus initially established two-way communications with the Vigoride spacecraft, it has not been able to continue such two-way communication given the spacecraft's low-power state. Momentus has been using an unplanned frequency to work through the anomalies and applied for a 30-day Special Temporary Authority (“STA”) from the FCC to properly comply with the FCC’s radio frequency transmission requirements. On June 9, 2022 the Company received approval of a 30-day STA from the FCC as requested, which the FCC extended for an additional 30 days on July 13.

While Momentus has not been able to re-establish two-way communication with the Vigoride spacecraft, it has continued to broadcast commands to the spacecraft from ground stations on Earth, including commands to deploy customer satellites. Additionally, the Vigoride spacecraft is equipped with a mechanism designed to autonomously deploy customer satellites in the event that the spacecraft loses communications with ground stations.

Subsequent to the end of the second quarter of 2022, the Vigoride spacecraft deployed four additional customer satellites including two on July 17, 2022 and two on July 29, 2022. With the Vigoride spacecraft having now deployed six of its nine customer satellites, Momentus has now deployed a total of seven customer satellites in Low Earth Orbit, comprising six satellites from Vigoride 3 and one satellite from the third-party deployer system.

While Momentus is continuing efforts to address the anomalies experienced by the Vigoride spacecraft during its inaugural mission (Vigoride 3) and to deploy the three remaining customer satellites, the Company’s level of confidence that it will be able to perform some planned operations of the vehicle on this test and demonstration mission has substantially declined. The Company is working to incorporate improvements identified during the current mission in advance of its planned follow-on missions.

The Company anticipates flying its second Vigoride vehicle to low-earth orbit on a third-party launch provider as early as November 2022. All future missions remain subject to the receipt of licenses and government approvals, and successful completion of our efforts to prepare our spacecraft for flight. The Company can offer no assurances that the vehicles that it plans to operate in future missions will be ready on time, or that they will operate as intended. Refer to “Risk Factors — We may not receive all required governmental licenses and approvals,” and “Risk Factors — We are dependent on the successful development of our satellite vehicles and related technology,” under Part II, Item 1A: "Risk Factors," in this Form 10-Q and under Part I, Item 1A in our Annual Report on Form 10-K filed with the SEC on March 9, 2022.

In connection with the launch of the Company’s first Vigoride (Vigoride 3) and the third party deployer in May 2022, the Company amortized $1.2 million of prepaid launch costs. These costs were allocated proportionally based on payload weight. $12 thousand allocated to completed customer payload performance obligations was amortized to cost of revenue, $14 thousand allocated to customer payload subject to unresolved variable consideration was deferred within current deferred fulfillment costs, $0.6 million allocated to the Vigoride vehicle was amortized to research and development costs, and $0.6 million allocated to the third party deployer, intended as a demonstration of Company’s business model, was amortized to selling, general and administrative costs. As a result of the launch, the Company realized $1.8 million of benefit from the recovery of previously impaired prepaid launch costs.

Property, Machinery and Equipment, net

Property and equipment are stated at cost less accumulated depreciation. Depreciation is generally recorded using the straight-line method over the estimated useful lives of the respective assets. The estimated useful lives of fixed assets by asset category are described below:


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one year to seven years)
Machinery and equipment						Seven years

Costs of maintenance or repairs that do not extend the lives of the respective assets are charged to expenses as incurred.

Intangible Assets, net

Intangible assets consist of patents and cloud computing implementation costs (in accordance with ASU 2018-15) and are reported at cost less accumulated amortization and accumulated impairment loss, if any. Amortization is recognized on a straight-line basis over 10 years for patents, and 3 years for cloud computing implementation costs, which is the estimated useful lives of the intangible assets.

Deferred Offering Costs

Offering costs consist of legal, accounting, underwriting fees and other costs incurred that were directly related to the Business Combination. Upon completion of the Business Combination, all deferred offering costs were netted with proceeds from the Business Combination, with costs relating to the issuance of equity recorded as a reduction of additional paid in capital, while all costs related to the liability classified warrants were charged to expense. See Note 3 for more information.

Loss Contingencies

We estimate loss contingencies in accordance with ASC 450-20, Loss Contingencies, which states that a loss contingency shall be accrued by a charge to income if both of the following conditions are met: (a) information available before the consolidated financial statements are issued or are available to be issued indicates that it is probable that a liability had been incurred at the date of the consolidated financial statements and (b) the amount of loss can be reasonably estimated. We regularly evaluate current information available to us to determine whether such accruals should be adjusted and whether new accruals are required. Refer to Note 12.

Revenue Recognition

The Company enters into contracts for ‘last-mile’ satellite and cargo delivery, payload hosting and in-orbit servicing options with customers that are primarily in the aerospace industry. The Company recognizes revenue (along with any other fees that have been paid) upon the earlier of the satisfaction of the Company’s performance obligation or when the customer cancels the contract.

In connection with the May 25, 2022 flight of the Vigoride spacecraft and the third-party deployer from a partner company, the Company completed one of the intended performance obligations, resulting in $50 thousand of recognized revenue, which was previously recorded in contract liabilities. The remaining customer payloads were negatively impacted by the Vigoride anomalies and as a result did not receive the anticipated level of service. As a result, the Company offered concessions to these customers, the value of which was unresolved as of June 30, 2022. Due to this unresolved variable consideration, the Company recorded the related customer deposits of $133 thousand as deferred revenues within current contract liabilities.

For the year ended December 31, 2021, the Company recognized revenue related to customer cancelled contracts of $0.3 million, which were previously recorded as a contract liability. The Company also recorded $(135) thousand as a reduction of cost of revenue which represents the reversal of a contingency recorded during the prior year for loss contracts, partially offset by costs incurred related to one of the cancelled contracts. During the year ended December 31, 2021, in conjunction with the isolated refunds described below, the Company signed amendments with those customers considered in the contingency, such that the services will no longer be free of charge.

As of June 30, 2022, and December 31, 2021, the Company had collected $1.7 million and $1.6 million, respectively, in customer deposits related to signed contracts with customers, including firm orders and options (some of which have already been exercised by customers). These deposits are recorded as current and non-current contract liabilities in the Company’s consolidated balance sheets. Included in the collected amount as of June 30, 2022 are $1.2 million of non-current deposits.

The Company estimates variable consideration at the most likely amount, which is included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur. While the Company’s standard contracts do not contain refund or recourse provisions that enable its customers to recover any non-refundable fees that have been paid, the Company may issue full or partial refunds to customers on a case-by-

case basis as necessary to preserve and foster future business relationships and customer goodwill. As a result of the Company’s inability to complete any launches in 2021 (refer to Note 4 for additional information), the Company issued customer refunds of $1.4 million during the year ended December 31, 2021.

Fair Value Measurement

The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that the Company use observable market data, when available, and minimize the use of unobservable inputs when determining fair value:

•Level 1, observable inputs such as quoted prices in active markets;

•Level 2, inputs other than the quoted prices in active markets that are observable either directly or indirectly; and

•Level 3, unobservable inputs in which there is little or no market data, which requires that the Company develop its own assumptions.

The fair values of cash and cash equivalents, accounts payable, and certain prepaid and other current assets and accrued expenses approximate carrying values due to the short-term maturities of these instruments which fall with Level 1 of the fair value hierarchy. The carrying value of certain other non-current assets and liabilities approximates fair value. The Company had no Level 2 inputs for the six months and fiscal year ended June 30, 2022 and December 31, 2021.

The Company’s SAFE note liabilities, prior to conversion, were marked-to-market liabilities pursuant to ASC 480 and are classified within Level 3 of the fair value hierarchy as the Company is using a backsolve method within the Black Scholes Option Pricing model, which allowed the Company to solve for the implied value of the business based on the terms of the SAFE investments. Significant unobservable inputs included volatility and expected term. Volatility is based upon on the actual historical volatility of a group of comparable publicly traded companies observed over a historical period equal to the expected remaining life of the SAFE investments. The expected term was based on the anticipated time until the SAFE investments would have a conversion event. Upon conversion, the SAFE notes were valued based on the closing price of Company’s Common Stock on the Closing Date.

The Company’s warrants are recorded as a derivative liability pursuant to ASC 815 and are classified within Level 3 of the fair value hierarchy as the Company is using the Black Scholes Option Pricing model. Significant unobservable inputs include stock price, volatility and expected term. Expected stock price volatility is based on the actual historical volatility of a group of comparable publicly traded companies observed over a historical period equal to the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of valuation equal to the remaining expected life of the warrants. The expected term was based on the maturity of the warrant, which is 5 years. The dividend yield percentage is zero because the Company does not currently pay dividends, nor does it intend to do so during the expected term of the warrants. Upon conversion of the Legacy Momentus private warrants immediately prior to the business combination, the key valuation input was the closing price of Company’s Common Stock on the Closing Date, as the expected term and volatility were immaterial to the pricing model.

The Company’s performance awards under the equity incentive plans are recorded as contingent liabilities pursuant to ASC 480, measured at fair value. The performance awards are classified within Level 3 of the hierarchy as the fair value is dependent on management assumptions about the likelihood of non-market outcomes (see Note 11).

The Company’s share repurchase agreement with the Co-Founders is recorded as contingent liabilities pursuant to ASC 480, measured at fair value. The share repurchase agreement is classified within Level 3 of the hierarchy as the fair value is dependent on management assumptions about the likelihood of non-market outcomes (see Note 11). There were no transfers between levels of input during the three and six months ended June 30, 2022 and 2021.

Warrant Liability

The Company’s private warrants and stock purchase warrants are recorded as derivative liabilities pursuant to ASC 815 and are classified within Level 3 of the fair value hierarchy as the Company is using the Black Scholes Option Pricing model to calculate fair value. See Note 11. Significant unobservable inputs, prior to the Company’s stock being publicly listed, included stock price, volatility and expected term. At the end of each reporting period, changes in fair value during the period are recognized as a components of other income (expense), net within the consolidated statements of operations. The Company will continue to adjust the warrant liabilities for changes in fair value until the earlier of a) the exercise or expiration of the warrants or b) the redemption of the warrants, at which time the warrants will be reclassified to additional paid-in capital.

The warrants issued by Momentus Inc. prior to the Business Combination were exercised in connection with the Business Combination and as a result, the Company performed a fair value measurement of those warrants on the Closing Date and recorded the change in the instruments’ fair values prior to converting them to equity. The warrants assumed by the Company as a result of the Business Combination remain outstanding.

SAFE Notes

The Company issued SAFE notes to investors during the three months ended March 31, 2021 and the years ended December 31, 2020 and 2019, which were converted to shares of Common Stock in connection with the Business Combination. Prior to conversion, the Company determined that the SAFE notes were not a legal form of debt (i.e., no creditors’ rights). The SAFE notes included a provision allowing for the investors to receive a portion of the proceeds upon a change of control equal to the greater of their investment amount or the amount payable based upon a number of shares of Common Stock equal to the investment amount divided by the liquidity price, the occurrence of which is outside the control of the Company. This provision required that the SAFE notes be classified as marked-to-market liabilities pursuant to ASC 480. See Note 9.

Basic and Diluted (Loss) Income Per Share

Net (loss) income per share is provided in accordance with FASB ASC 260-10, “Earnings per Share”. Basic net (loss) income per share is computed by dividing losses by the weighted average number of common shares outstanding during the period. Diluted (loss) income per share gives effect to all dilutive potential common shares outstanding during the period. Diluted loss per share excludes all potential common shares and SAFE notes if their effect is anti-dilutive. See Note 11.

Impairment of Long-lived Assets

The Company evaluates the carrying value of long-lived assets on an annual basis, or more frequently whenever circumstances indicate a long-lived asset may be impaired. When indicators of impairment exist, the Company estimates future undiscounted cash flows attributable to such assets. In the event cash flows are not expected to be sufficient to recover the recorded value of the assets, the assets are written down to their estimated fair value. During the three and six months ended June 30, 2022 and 2021 there were immaterial impairments of long-lived assets. See Note 5 and Note 6.

Stock-based Compensation

The Company has a stock incentive plan under which equity awards are granted to employees, directors, and consultants. All stock-based payments are recognized in the consolidated financial statements based on their respective grant date fair values.

Restricted stock unit fair value is based on our closing stock price on the day of the grant. Stock option fair value is determined using the Black Scholes Merton Option Pricing model. The model requires management to make a number of assumptions, including expected volatility of the Company’s stock, expected life of the option, risk-free interest rate, and expected dividends. Employee Stock Purchase Plan (“ESPP”) compensation fair value is also determined using the Black Scholes Merton Option Pricing model, using a six month expected term to conform with the six month ESPP offering period.

The fair value of equity awards is expensed over the related service period which is typically the vesting period, and expense is only recognized for awards that are expected to vest. The Company accounts for forfeitures as they occur.

401(k) Plan

The Company has a 401(k) plan that it offers to its full-time employees. The Company did not contribute to the plan for the six months ended June 30, 2022 and 2021.

Research and Development Costs

Research and development costs are expensed as incurred. Research and development costs include activities to develop existing and future technologies for the Company’s vehicles. Research and development activities include basic research, applied research, design, development, and related test program activities. Costs incurred for developing our vehicles primarily include equipment, material, and labor hours (both internal and subcontractors).

Once the Company has achieved technological feasibility, the Company will capitalize the costs to construct any additional components of the vehicle systems.

Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities related to an executory contractual arrangement are deferred and capitalized. These advance payments are recognized as an expense as the related goods are delivered or services performed. When the related goods are no longer expected to be delivered or services rendered, the capitalized advance payment should be charged to expense.

Leases

The Company leases real estate facilities under non-cancelable operating leases with various expiration dates through February 2028. The Company determines if an arrangement contains a lease at inception based on whether there is an identified property, plant or equipment and whether the Company controls the use of the identified asset throughout the period of use.

The Company adopted the ASU No. 2016-02, Leases (Topic 842) on January 1, 2020. The Company elected the package of practical expedients for transition under which the Company did not reassess its prior conclusions about lease identification, lease classification and initial direct costs. Additionally, the Company elected the hindsight practical expedient for transition under which conclusions around lease term and impairment will not be reassessed.

Operating leases are included in the accompanying consolidated balance sheets. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term. Lease liabilities represent the Company’s obligation to make lease payments arising from the lease and are included in current and non-current liabilities. Operating lease ROU assets and lease liabilities are recognized at the lease inception date based on the present value of lease payments over the lease term discounted based on the more readily determinable of (i) the rate implicit in the lease or (ii) the Company’s incremental borrowing rate (which is the estimated rate the Company would be required to pay for a collateralized borrowing equal to the total lease payments over the term of the lease). Because the Company’s operating leases generally do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at lease commencement date for borrowings with a similar term.

The Company’s operating lease ROU assets are measured based on the corresponding operating lease liability adjusted for (i) payments made to the lessor at or before the commencement date, (ii) initial direct costs incurred and (iii) tenant incentives under the lease. The Company does not assume renewals or early terminations unless it is reasonably certain to exercise these options at commencement. The Company elected the practical expedient which allows the Company to not allocate consideration between lease and non-lease components. Variable lease payments are recognized in the period in which the obligation for those payments is incurred. In addition, the Company elected the practical expedient such that it does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less of all asset classes. Operating lease expense is recognized on a straight-line basis over the lease term.

Income Taxes

The Company accounts for income taxes in accordance with authoritative guidance, which requires the use of the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities and are

measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed.

Significant judgment is required in determining any valuation allowance recorded against deferred tax assets. In assessing the need for a valuation allowance, management considers all available evidence, including past operating results, estimates of future taxable income, and the feasibility of tax planning strategies.

In the event that management changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made.

The Company is required to evaluate the tax positions taken in the course of preparing its tax returns to determine whether tax positions are “more likely than not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the “more likely than not” threshold would be recorded as a tax expense in the current year. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount that is initially recognized.

Concentrations of Risk

Financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents in banks that management believes are creditworthy, however deposits may exceed federally insured limits.

Segment Reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing operating performance. In consideration of ASC 280, Segment Reporting, we are not organized around specific services or geographic regions. We currently operate in one service line providing in-space transportation services.

Our chief operating decision maker uses condensed financial information to evaluate our performance, which is the same basis on which our results and performance are communicated to our Board of Directors. Based on the information described above and in accordance with the applicable literature, management has concluded that we are organized and operated as one operating and reportable segment.

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that was within the scope of those models before the adoption of ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer available. The provisions of ASU 2020-06 are applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company adopted this standard on

January 1, 2022. There was no impact to the Company's condensed consolidated financial statements on the date of adoption.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), which simplified the accounting for income taxes by removing certain exceptions to the general principles in income taxes. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted this standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s financial statements.

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Components of Operating Lease Expense

The components of operating lease expense were as follows:


(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	404	$	435	$	844	$	871
Variable lease expense	142		148		292		295
Short-term lease expense	—		3		—		6
Total lease expense	$	546	$	586	$	1,136	$	1,172

Maturities of Operating Lease Liabilities

As of June 30, 2022, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
Remainder of 2022	$	778
2023	1,533
2024	1,580
2025	1,627
2026	1,674
Thereafter	2,026
Total lease payments	9,218
Less: Imputed interest	(1,370)
Present value of lease liabilities	$	7,848

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 09, 2022	May 25, 2022 USD ($)	Oct. 19, 2021 USD ($)	May 31, 2022 USD ($) satellite	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment $ / shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) agreement $ / shares	Aug. 11, 2022 satellite	Jul. 29, 2022 satellite note	Jul. 17, 2022 satellite
Cash and Cash Equivalents [Line Items]
Common stock, par value (in dollars per share) \| $ / shares					$ 0.00001		$ 0.00001		$ 0.00001
Restricted cash, current					$ 1,005		$ 1,005		$ 197
Restricted cash, non-current					325		325		314
Deferred fulfillment and prepaid launch costs					4,600		4,600		$ 3,000
Number of launch agreements terminated \| agreement									2
Impairment of prepaid launch costs								$ 8,700
Unrelated impairment costs								800
Potential recoveries of previously impaired deposits			$ 2,700
Number of customer satellites deployed \| satellite				2
Number of customer satellites \| satellite				9
Special temporary authority, period	30 days
Amortization of prepaid launch costs				$ 1,200
Cost of revenue					12	$ 0	12	48
Deferred costs				14
Research and development expenses				600	10,896	20,794	20,867	30,700
Selling, general and administrative expenses				$ 600	12,861	$ 9,740	27,714	$ 23,744
Impaired prepaid launch costs							1,800
Revenue recognized previously recorded as contract liability							1,700		$ 1,600
Revenue recognized for cancelled contracts previously recorded as contract liability									300
Revenue recognized previously recorded as contract liability		$ 50
Contract liabilities, non-current					1,206		1,206		1,554
Deferred revenue, current contract liabilities					$ 133		$ 133
Reduction in cost of revenues									(135)
Refund liability, current									$ 1,400
Term of warrants					5 years		5 years
Number of operating segments \| segment							1
Number of reportable segments \| segment							1
Subsequent Event
Cash and Cash Equivalents [Line Items]
Number of customer satellites deployed \| satellite											6
Number of additional customer satellites deployed \| satellite										4	2	2
Number of customer satellites in Low Earth Orbit \| note											7
Number of customer satellites in Low Earth Orbit, Vigoride \| note											6
Number of remaining customer satellites \| satellite											3
Patents
Cash and Cash Equivalents [Line Items]
Intangible asset useful life							10 years
Cloud Computing Implementation Intangibles
Cash and Cash Equivalents [Line Items]
Intangible asset useful life							3 years
Cash Designated for Collateral
Cash and Cash Equivalents [Line Items]
Restricted cash					$ 400		$ 400
Restricted cash, current					100		100
Restricted cash, non-current					300		300
Cash Designated For Expenditures Under National Security Agreement
Cash and Cash Equivalents [Line Items]
Restricted cash					$ 900		$ 900

Property, Machinery and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	$ 6,753		$ 6,753		$ 6,656
Less: accumulated depreciation	(2,239)		(2,239)		(1,827)
Property, machinery and equipment, net	4,514		4,514		4,829
Depreciation expense	200	$ 200	500	$ 400
Computer equipment
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	178		178		178
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	55		55		206
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	2,693		2,693		2,693
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	3,455		3,455		3,332
Construction in-progress
Property, Plant and Equipment [Line Items]
Property, machinery and equipment, gross	$ 372		$ 372		$ 247

Leases - Narrative (Details) $ in Thousands	Jun. 30, 2022 USD ($) lease	Dec. 30, 2021 lease	Jan. 31, 2021 USD ($)
Leases [Abstract]
Obligation owed under lease agreement \| $	$ 9,218		$ 11,000
Number of leases modified \| lease	1	2
Operating lease, weighted-average remaining lease term	5 years 7 months 6 days
Operating lease, weighted-average discount rate	5.60%

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021
Legal and other professional services	$	3,541	$	4,121
Compensation expense	1,722		3,862
Research and development projects	1,242		1,240

Other current expense	363		399
Payroll tax expense	163		163
Total	$	7,031	$	9,785

Property, Machinery and Equipment, net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Machinery and Equipment, Net

The estimated useful lives of fixed assets by asset category are described below:


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one year to seven years)
Machinery and equipment						Seven years

Property, machinery and equipment, net consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021
Computer equipment	$	178	$	178
Furniture and fixtures	55		206
Leasehold improvements	2,693		2,693
Machinery and equipment	3,455		3,332
Construction in-progress	372		247
Property, machinery and equipment, gross	6,753		6,656
Less: accumulated depreciation	(2,239)		(1,827)
Property, machinery and equipment, net	$	4,514	$	4,829

SAFE Notes (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
SAFE Notes (Details) - USD ($) $ in Thousands	Aug. 12, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Proceeds from issuance of SAFE notes				$ 0	$ 30,853
SAFE notes, principal amount	$ 78,000
Fair value of SAFE notes	$ 136,000
Income (loss) from decrease (increase) in estimated fair value of SAFE notes		$ 0	$ 100,803	$ 0	$ 182,367
Common Class A
Class of Stock [Line Items]
Liability conversion (in shares)	12,403,469

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jan. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2022	$ 778
2023	1,533
2024	1,580
2025	1,627
2026	1,674
Thereafter	2,026
Total lease payments	9,218	$ 11,000
Less: Imputed interest	(1,370)
Present value of lease liabilities	$ 7,848

Stockholders’ Equity (Deficit) and Stock-based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,035	$ 2,344	$ 5,247	$ 8,112
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	174	2,344	251	8,112
RSUs & RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,909	0	$ 4,984	0
Number of shares that would have been settled (in shares)	7,432,534		7,432,534		2,812,110
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 22	0	$ 82	0
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ (70)	0	$ (70)	0
Number of shares that would have been settled (in shares)	0		0
Research and development expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 514	66	$ 887	134
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,521	$ 2,278	$ 4,360	$ 7,978

Prepaids and Other Current Assets (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
Prepaids and Other Current Assets (Details) $ in Thousands	Oct. 19, 2021 USD ($)	May 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	May 21, 2021 agreement
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid launch costs, current			$ 1,064		$ 1,064		$ 0
Prepaid research and development			3,813		3,813		4,870
Prepaid insurance and other assets			2,640		2,640		4,562
Prepaids and other current assets			7,517		7,517		9,431
Non-current portion of prepaid launch costs			3,600		3,600		$ 3,000
Impairment of prepaid launch costs						$ 8,700
Number of launch service agreements terminated \| agreement								2
Unrelated impairment costs						800
Potential recoveries of previously impaired deposits	$ 2,700
Amortization of prepaid launch costs		$ 1,200
Cost of revenue			12	$ 0	12	48
Deferred costs		14
Research and development expenses		600	10,896	20,794	20,867	30,700
Selling, general and administrative expenses		$ 600	$ 12,861	$ 9,740	27,714	$ 23,744
Impaired prepaid launch costs					$ 1,800

Stockholders’ Equity (Deficit) and Stock-based Compensation - Schedule of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022
Total Options
Beginning balance (in shares)	4,043,492
Granted (in shares)	1,064,862
Vested exercised (in shares)	(1,468,551)
Forfeitures (in shares)	(255,017)
Ending balance (in shares)	3,384,786
Total options exercisable (in shares)	1,641,510
Weighted- Average Exercise Price Per Share
Options outstanding, weighted-average exercise price per share, beginning balance (in dollars per share)	$ 0.27
Granted (in dollars per share)	2.54
Vested exercised (in dollars per share)	0.27
Forfeitures (in dollars per share)	0.27
Options outstanding, weighted-average exercise price per share, ending balance (in dollars per share)	0.98
Options exercisable, weighted-average exercise price per share (in dollars per share)	$ 0.38
Stock Options Additional Disclosures
Options outstanding, weighted-average remaining contractual term (in years)	7 years 3 months 18 days
Options exercisable, weighted-average remaining contractual term (in years)	5 years 9 months 18 days
Options outstanding, aggregate intrinsic value	$ 4,398
Options exercisable, aggregate intrinsic value	$ 2,956
Vested and Expected to Vest
Total options vested and expected to vest (in shares)	3,384,786
Options vested and expected to vest, weighted-average exercise price per share (in dollars per share)	$ 0.98
Options vested and expected to vest, weighted-average remaining contractual term (in years)	7 years 3 months 18 days
Options vested and expected to vest, aggregate intrinsic value	$ 4,398

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net (loss) income	$ (49,706)	$ 128,998
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	578	448
Amortization of debt discount and issuance costs	1,462	3,357
Amortization of right-of-use asset	613	661
Decrease in fair value of warrants	(1,803)	(12,537)
Decrease in fair value of SAFE notes	0	(182,367)
Impairment of prepaid launch costs	0	9,450
Loss on disposal of fixed asset	69	0
Stock-based compensation expense	5,247	8,112
Changes in operating assets and liabilities:
Prepaids and other current assets	1,914	(10,683)
Other non-current assets	(585)	(2,108)
Accounts payable	(742)	2,696
Accrued expenses	(2,555)	2,454
Accrued interest	53	0
Other current liabilities	(6)	2,043
Contract liabilities	133	450
Lease liability and right of use asset	(626)	(50)
Other non-current liabilities	11	5,000
Net cash used in operating activities	(45,943)	(44,077)
Cash flows from investing activities:
Purchases of property, machinery and equipment	(488)	(2,185)
Proceeds from sale of property, machinery and equipment	7	0
Purchases of intangible assets	(464)	(3)
Net cash used in investing activities	(945)	(2,187)
Cash flows from financing activities:
Proceeds from issuance of SAFE notes	0	30,853
Proceeds from issuance of loan payable	0	25,000
Proceeds from exercise of stock options	393	35
Proceeds from employee stock purchase plan	190	0
Repurchase of Section 16 Officer shares for tax coverage exchange	(97)	0
Payment of loan payable	(3,763)	0
Payment of debt issuance costs	0	(144)
Payment of warrant issuance costs	0	(31)
Net cash (used in) provided by financing activities	(3,277)	55,713
(Decrease) Increase in cash, cash equivalents and restricted cash	(50,165)	9,449
Cash, cash equivalents and restricted cash, beginning of period	160,547	23,520
Cash, cash equivalents and restricted cash, end of period	110,382	32,968
Supplemental disclosure of non-cash investing and financing activities
Deferred offering costs in accounts payable and accrued expenses at period end	0	370
Deferred offering costs in loans payable at period end	0	1,500
Operating lease right-of-use assets in exchange for lease obligations	0	8,501
Share repurchase liability fair value	5,780	0
Supplemental disclosure of cash flow information
Cash paid for income taxes	0	1
Cash paid for interest	$ 1,392	$ 1,000

Commitment and Contingencies - Narrative (Details)					1 Months Ended	3 Months Ended		6 Months Ended
Commitment and Contingencies - Narrative (Details)	Jul. 20, 2022 USD ($) contract shares	Aug. 12, 2021 USD ($)	Jul. 08, 2021 USD ($)	Jun. 30, 2021 USD ($)	Feb. 28, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 shares
Loss Contingencies [Line Items]
Percentage of equity interest sold by co-founders				100.00%			100.00%		100.00%
Consideration paid to each co-founder				$ 1
Additional payments owed to co-founders				50,000,000			$ 50,000,000		$ 50,000,000
Additional funding received in connection with business combination		$ 247,300,000		247,300,000
Payments to co-founders				40,000,000
Initial consideration paid to all co-founders				3
Cash proceeds				2,700,000
Estimated liability						$ 5,800,000		$ 5,800,000
Legal expenses						$ 500,000	3,500,000	$ 1,300,000	7,400,000
Common stock issued (in shares) \| shares						83,264,832		83,264,832		81,211,781
Consideration From Funds Legally Available
Loss Contingencies [Line Items]
Additional payments owed to co-founders				40,000,000			40,000,000		40,000,000
Consideration Due on First Payment Date
Loss Contingencies [Line Items]
Minimum proceeds from sale of business and other capital raising transactions				100,000,000
Consideration Due within 10 Business Days
Loss Contingencies [Line Items]
Additional payments owed to co-founders				10,000,000			$ 10,000,000		$ 10,000,000
Minimum proceeds from sale of business and other capital raising transactions				$ 250,000,000
SEC Investigation
Loss Contingencies [Line Items]
Payments for fines			$ 2,000,000
Contingency recorded as a result of settlement			$ 5,000,000
National Security Agreement
Loss Contingencies [Line Items]
Potential liquidated damages per breach					$ 1,000,000
SAFE Note Litigation \| Subsequent Event
Loss Contingencies [Line Items]
Alleged investment amount	$ 4,000,000
Common stock issued (in shares) \| shares	724,995
SAFE Note Litigation \| Pending Litigation \| Subsequent Event
Loss Contingencies [Line Items]
Number of investment contracts breached \| contract	2
Damages sought	$ 7,600,000

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Property, Machinery and Equipment, Net

The estimated useful lives of fixed assets by asset category are described below:


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one year to seven years)
Machinery and equipment						Seven years

Property, machinery and equipment, net consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021
Computer equipment	$	178	$	178
Furniture and fixtures	55		206
Leasehold improvements	2,693		2,693
Machinery and equipment	3,455		3,332
Construction in-progress	372		247
Property, machinery and equipment, gross	6,753		6,656
Less: accumulated depreciation	(2,239)		(1,827)
Property, machinery and equipment, net	$	4,514	$	4,829

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three and six months ended June 30, 2022 and 2021 was zero percent. The effective tax rate may vary significantly from period to period and can be influenced by many factors. These factors include, but are not limited to, changes to the statutory rates in the jurisdictions where the Company has operations and changes in the valuation of deferred tax assets and liabilities. The difference between the effective tax rate and the federal statutory rate of 21% primarily relates to certain nondeductible items, state and local income taxes and a full valuation allowance for deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stockholders’ Equity (Deficit) and Stock-based Compensation - Antidilutive Shares (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	27,444,403	27,461,533
Options and unvested stock units outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	6,109,403	6,000,378
Warrant outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	19,897,500	20,023,655
Contingent Sponsor Earnout Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	1,437,500	1,437,500

Commitment and Contingencies - Unconditional Purchase Obligations (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]
2022	$ 10,444
2023	11,900
2024	600
Thereafter	0
Total	$ 22,944

Nature of Operations	6 Months Ended
Nature of Operations	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations The Company Momentus Inc. (together with its consolidated subsidiaries “Momentus” or the “Company”) is a U.S. commercial space company that plans to offer in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system that is under development. On May 4, 2022, the Company received a favorable determination from the Federal Aviation Administration (the “FAA”) of its application for payload review, which was the final regulatory milestone needed to support the Company’s inaugural flight of the Vigoride orbital transfer vehicle (Vigoride 3) in May 2022. The FAA favorable determination follows a license from the Federal Communications Commission (the “FCC”) received on April 28, 2022, and updates to existing licenses from the National Oceanic and Atmospheric Administration (the “NOAA”). On May 25, 2022, the Company launched its first demonstration flight of the Vigoride spacecraft (Vigoride 3) to low-earth orbit aboard the SpaceX Transporter-5 mission. In addition to Vigoride, Momentus used a second port on the same SpaceX mission to fly a third-party deployer from a partner company. On May 25, 2022, Momentus used the third-party deployer to place its first customer satellite in orbit. On May 26, 2022, upon establishing two-way contact between the Vigoride spacecraft in low-earth orbit and a ground station on Earth, Momentus discovered that the Vigoride spacecraft had experienced certain anomalies after its launch, primarily relating to its deployable solar arrays, which provide power to the spacecraft and its subsystems. Since that time, the Company has been working to address the anomalies, identify root causes and deploy customer satellites. The Company has determined that the Vigoride spacecraft's deployable solar arrays, which are produced by a third party, and are folded and stowed during launch, did not operate as intended once in orbit. This resulted in low power and communications issues with the spacecraft. Meanwhile, the spacecraft's fixed, body-mounted solar panels appear to be working as intended and are providing some power to the spacecraft. The Company has been working closely with the producer of the solar arrays and has identified a mechanical issue as the root cause of the deployable arrays not operating as intended. The Company also believes that it has identified the root cause of the anomalies that it experienced with other spacecraft systems during the low-power state. On May 28, 2022, Momentus was able to deploy two customer satellites from Vigoride (of nine total customer satellites onboard Vigoride 3). Since that time, the Company has continued efforts to deploy other customer satellites, but did not confirm any subsequent deployments during the second quarter. While Momentus initially established two-way communications with the Vigoride spacecraft, it has not been able to continue such two-way communication given the spacecraft's low-power state. Momentus has been using an unplanned frequency to work through the anomalies and applied for a 30-day Special Temporary Authority (“STA”) from the FCC to properly comply with the FCC’s radio frequency transmission requirements. On June 9, 2022 the Company received approval of a 30-day STA from the FCC as requested, which the FCC extended for an additional 30 days on July 13. While Momentus has not been able to re-establish two-way communication with the Vigoride spacecraft, it has continued to broadcast commands to the spacecraft from ground stations on Earth, including commands to deploy customer satellites. Additionally, the Vigoride spacecraft is equipped with a mechanism designed to autonomously deploy customer satellites in the event that the spacecraft loses communications with ground stations. Subsequent to the end of the second quarter of 2022, the Vigoride spacecraft deployed four additional customer satellites including two on July 17, 2022 and two on July 29, 2022. With the Vigoride spacecraft having now deployed six of its nine customer satellites, Momentus has now deployed a total of seven customer satellites in Low Earth Orbit, comprising six satellites from Vigoride 3 and one satellite from the third-party deployer system. While Momentus is continuing efforts to address the anomalies experienced by the Vigoride spacecraft during its inaugural mission (Vigoride 3) and to deploy the three remaining customer satellites, the Company’s level of confidence that it will be able to perform some planned operations of the vehicle on this test and demonstration mission has substantially declined. The Company is working to incorporate improvements identified during the current mission in advance of its planned follow-on missions. The Company anticipates flying its second Vigoride vehicle to low-earth orbit on a third-party launch provider as early as November 2022. All future missions remain subject to the receipt of licenses and government approvals, and successful completion of our efforts to prepare our spacecraft for flight. The Company can offer no assurances that the vehicles that it plans to operate in future missions will be ready on time, or that they will operate as intended. Refer to “Risk Factors — We may not receive all required governmental licenses and approvals,” and “Risk Factors — We are dependent on the successful development of our satellite vehicles and related technology,” under Part II, Item 1A: "Risk Factors," in this Form 10-Q and under Part I, Item 1A in our Annual Report on Form 10-K filed with the SEC on March 9, 2022. Background and Business Combination On August 12, 2021, the Company consummated a merger pursuant to certain Agreement and Plan of Merger, dated October 7, 2020, and as amended on March 5, 2021, April 6, 2021, and June 29, 2021 (the “Merger Agreement”), by and among Stable Road Acquisition Corp (“SRAC”), Project Marvel First Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of SRAC (the “First Merger Sub”), and Project Marvel Second Merger Sub, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of SRAC (the “Second Merger Sub”), pursuant to which First Merger Sub merged with and into Momentus Inc., a Delaware corporation (“Legacy Momentus”), with Legacy Momentus as the surviving corporation of the First Merger Sub, and immediately following which Legacy Momentus merged with and into the Second Merger Sub, with the Second Merger Sub as the surviving entity (the “Business Combination”). In connection with the closing of the Business Combination (the “Closing”), the Company changed its name from Stable Road Acquisition Corp. to Momentus Inc., and Legacy Momentus changed its name to Momentus Space, LLC. The Business Combination was accounted for as a reverse recapitalization under ASC Topic 805, Business Combinations, ("ASC 805") in accordance with accounting principles generally accepted in the United States (“GAAP”). Under this method of accounting, SRAC, who was the legal acquirer, is treated as the “acquired” company for financial reporting purposes and Legacy Momentus is treated as the accounting acquirer. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of a capital transaction in which Legacy Momentus issued stock for the net assets of SRAC, with no goodwill or other intangible assets recorded, and Legacy Momentus’ financial statements became those of the Company. Reported shares and earnings per share available to holders of the Company’s Common Stock, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination. See Note 3 for more information. Pursuant to the Amended and Restated Certificate of Incorporation of the Company, at the Closing, each share of SRAC’s Class B Common Stock, par value $0.0001 per share (the “Class B Common Stock”), converted into one share of SRAC’s Class A Common Stock. After the Closing and following the effectiveness of the Second Amended and Restated Certificate of Incorporation of the Company, each share of Class A Common Stock was automatically reclassified, redesignated and changed into one validly issued, fully paid and non-assessable share of the Company’s Common Stock, par value $0.00001 per share (“Common Stock”), without any further action by the Company or any stockholder thereof. Prior to the Business Combination, SRAC’s units, public shares, and public warrants were listed on the Nasdaq under the symbols “SRACU,” “SRAC,” and “SRACW,” respectively. On August 13, 2021, the Company's Common Stock and public warrants began trading on the Nasdaq, under the symbols “MNTS” and “MNTSW,” respectively. On October 7, 2020 and July 15, 2021, SRAC entered into subscription agreements with certain investors (the “PIPE Investors”) to which such investors collectively subscribed for an aggregate of 11,000,000 shares of the Company’s Common Stock at $10.00 per share for aggregate gross proceeds of $110.0 million (the “PIPE Investment”). The PIPE Investors were also granted an equal number of private warrants to purchase the Company’s Common Stock at $11.50 per share. The warrants were recorded as a derivative liability under ASC Topic 815, Derivatives and Hedging, (“ASC 815”) and the warrant liability was initially valued at $30.5 million. See Note 11 for more information. The PIPE Investment was consummated concurrently with the closing of the Business Combination.

Intangible Assets, net

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Intangible assets, net consisted of the following as of June 30, 2022:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted average remaining amortization period (in years)
Patents/Intellectual Property	$	450	$	(110)	$	340	7.2
Capitalized cloud implementation costs	450		(70)		380		2.6
Total	$	900	$	(180)	$	720

Intangible assets, net consisted of the following as of December 31, 2021:


(in thousands)	Gross Value		Accumulated Amortization		Net Value		Weighted average remaining amortization period (in years)
Patents/Intellectual Property	$	404	$	(91)	$	313	7.5
Capitalized cloud implementation costs	43		(7)		36		2.6
Total	$	447	$	(98)	$	349

Amortization expense related to intangible assets was $44 thousand and $82 thousand for the three and six months ended June 30, 2022, respectively, and $12 thousand and $22 thousand for the three and six months ended June 30, 2021, respectively.

As of June 30, 2022, the future estimated amortization expense related to intangible assets is as follows:


(in thousands)
Remainder of 2022	$	99
2023	199
2024	190
2025	75
2026	49
Thereafter	108
Total	720

There were no intangible asset impairments during both the three and six months ended June 30, 2022, and 2021.

Prepaids and Other Current Assets

6 Months Ended

Jun. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021
Prepaid launch costs, current	$	1,064	$	—
Prepaid research and development	3,813		4,870
Prepaid insurance and other assets	2,640		4,562
Total	$	7,517	$	9,431

As of June 30, 2022 and December 31, 2021, the non-current portion of prepaid launch costs recorded in other non-current assets was $3.6 million and $3.0 million, respectively.

FAA Application

On May 10, 2021, the Company received a letter from the FAA denying the Company’s application for a payload review for the then-planned June 2021 launch. According to the letter, during an interagency consultation, the FAA was informed that the launch of the Company’s payload posed national security concerns associated with the Company’s then-current corporate structure. The letter further stated that the FAA understood that the Company was undergoing a process that might resolve the national security concerns, and that the FAA could reconsider a payload application when that process was completed.

As a result of the FAA application denial, on May 21, 2021, the Company received notification from one of its launch service providers that it was terminating two launch service agreements for flights scheduled during calendar year 2021 and that they considered the Company to be in default of prior payments totaling $8.7 million. The Company believed the prepayments were non-recoverable as this was the third time the payload was rescheduled. As a result of the notification from one of its launch service providers, the Company recorded an impairment charge of $8.7 million of prepaid launch costs during the six months ended June 30, 2021. There was an unrelated impairment of $0.8 million for the three and six months ended June 30, 2021.

On October 12, 2021, the Company began discussions with the same launch service provider about reestablishing a future launch schedule. As a result of such discussion, the Company signed a Launch Services Agreement on October 19, 2021 that reserved space on a launch that occurred in May 2022. The Company determined that $2.7 million of the impaired deposits were potentially recoverable in connection with the reestablished schedule. The Company did not record any adjustments as a result of the discussions.

All future missions remain subject to the receipt of licenses and government approvals, and successful completion of current efforts to get the system ready for flight. Refer to “Risk Factors — We may not receive all required governmental licenses and approvals,” and “Risk Factors — We are dependent on the successful development of

our satellite vehicles and related technology,” under Part II, Item 1A: "Risk Factors," in this Form 10-Q and under Part I, Item 1A in our Annual Report on Form 10-K filed with the SEC on March 9, 2022.

Commitment and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Obligations

Momentus enters into purchase obligations in the normal course of business. These obligations include purchase orders and agreements to purchase goods or services that are enforceable, legally binding, and have significant terms and minimum purchases stipulated. As of June 30, 2022, the Company’s future unconditional purchase obligations are as follows:


(in thousands)
2022	$	10,444
2023	11,900
2024	600


Thereafter	—
Total	$	22,944

Legal Proceedings

Securities Class Actions

On July 15, 2021, a purported stockholder of SRAC filed a putative class action complaint against SRAC, SRC-NI Holdings, LLC ("Sponsor"), Brian Kabot (SRAC CEO), James Norris (SRAC CFO), Momentus, and the Company's co-founder and former CEO, Mikhail Kokorich, in the United States District Court for the Central District of California, in a case captioned Jensen v. Stable Road Acquisition Corp., et al., No. 2:21-cv-05744 (the "Jensen class action"). The complaint alleges that the defendants omitted certain material information in their public statements and disclosures regarding the Business Combination, in violation of the securities laws, and seeks damages on behalf of a putative class of stockholders who purchased SRAC stock between October 7, 2020 and July 13, 2021.

On July 22, 2021 and August 4, 2021, purported stockholders of SRAC filed putative class action complaints against SRAC, SRC-NI Holdings, LLC, Brian Kabot, James Norris, Momentus, and Mikhail Kokorich in the United States District Court for the Central District of California, in cases captioned Hall v. Stable Road Acquisition Corp., et al., No. 2:21-cv-05943 (the "Hall class action") and Depoy v. Stable Road Acquisition Corp., et al., No. 2:21-cv-06287 (the "Depoy class action"). The allegations in the Hall and Depoy class actions are substantially the same as the allegations in the Jensen class action (collectively, referred to as the "Securities Class Actions") and the purported class period is identical. On October 20, 2021, the Securities Class Actions were consolidated in the first filed matter. Other, similar suits may follow.

On November 12, 2021, Lead Plaintiff Hartmut Haenisch filed an Amended Consolidated Class Action Complaint (the “Amended Complaint”) against SRAC, Sponsor, Brian Kabot, Juan Manuel Quiroga, James Norris, James Hofmockel (the "Stable Road Defendants"), Momentus, Dawn Harms, Fred Kennedy (the "Momentus Defendants"), and Mikhail Kokorich. Ms. Harms and Mr. Kennedy, and others, were added as defendants in the Amended Complaint. The Amended Complaint alleges that the defendants made certain material misrepresentations, and omitted certain material information, in their public statements and disclosures regarding the Business Combination, in violation of the securities laws, and seeks damages on behalf of a putative class of stockholders who purchased SRAC stock between October 7, 2020 and July 13, 2021.

On February 14, 2022, the Momentus Defendants filed their motions to dismiss and the Stable Road Defendants filed their motion to dismiss the Amended Complaint. Mr. Kokorich has not been served, nor appeared, in the litigation. On July 13, 2022, the Court issued its ruling on the motions to dismiss, granting the Stable Road Defendants' motion as to Count 1 as against Defendants Quiroga, Norris and Hofmockel, granting the motion, granting the Momentus Defendants' motions as to Count III as against Defendants Harms and Kennedy, and denying the motions on all other counts. The remaining Defendants are required to answer all remaining counts on or before August 2, 2022, and a case management conference has been scheduled for August 22, 2022. Momentus disputes the allegations in the Amended Complaint and intends to vigorously defend the litigation.

These securities class actions and other such litigation matters may be time-consuming, divert management’s attention and resources, cause the Company to incur significant defense and settlement costs or liability, even if we believe the claims asserted against us are without merit. We intend to vigorously defend against all such claims. Because of the potential risks, expenses and uncertainties of litigation, as well as claims for indemnity from various of the parties concerned, we may from time to time, settle disputes, even where we believe that we have meritorious claims or defenses. Because litigation is inherently unpredictable, further compounded by various claims for indemnity which may or may not be fully insured, we cannot assure that the results of these actions, either individually or in the aggregate, will not have a material adverse effect on our operating results and financial condition.

SEC Settlement and CFIUS Review

On January 24, 2021, the Company received a subpoena from the Division of Enforcement of the U.S. Securities and Exchange Commission ("Division of Enforcement") requesting documents regarding the Registration Statement on Form S-4 and Amendment No. 1 thereto (the "Registration Statement") filed by SRAC in connection with the Business Combination. The Company entered into a settlement with the SEC on July 8, 2021. As a result of the settlement, in accordance with ASC Topic 450, Contingencies, (“ASC 450”) the Company paid a fine of $2 million and recorded a liability of $5 million within other current liabilities, due one year from the settlement date. The Company paid the remaining $5 million liability on July 8, 2022.

In February 2021, the Company and Mr. Kokorich, with support from SRAC, submitted a joint notice to the CFIUS for review of the historical acquisition of interests in the Company by Mr. Kokorich, his wife, and entities that they control in response to concerns of the U.S. Department of Defense regarding the Company’s foreign ownership and control. On June 8, 2021, U.S. Departments of Defense and the Treasury, on behalf of CFIUS, Mr. Kokorich, on behalf of himself and Nortrone Finance S.A. (an entity controlled by Mr. Kokorich), Lev Khasis and Olga Khasis, each in their respective individual capacities and on behalf of Brainyspace LLC (an entity controlled by Olga Khasis) entered into a National Security Agreement (the "NSA").

In accordance with the NSA and pursuant to certain Repurchase Agreements entered into with the Company, effective as of June 8, 2021, each of Mr. Kokorich, Nortrone Finance S.A. and Brainyspace LLC (collectively “the Co-Founders”) sold 100% of their respective equity interests in the Company on June 30, 2021. In exchange for their equity interests, the Company initially paid each entity $1, but will additionally pay up to an aggregate of $50,000,000, out of funds legally available therefor, to the Co-Founders, on a pro rata basis, as follows: (i) an aggregate of $40,000,000 to be paid out of funds legally available therefor, within 10 business days after the earlier of (A) a business combination or capital raising transaction or series of transactions (whether in the form of debt or equity) resulting in cash proceeds of no less than $100,000,000 and (B) the Business Combination (the “First Payment Date”); and (ii) an aggregate of $10,000,000 to be paid out of funds legally available therefor, within 10 business days after a business combination or capital raising transaction or series of transactions (whether in the form of debt or equity) resulting in cash proceeds of no less than $250,000,000 (determined without any reduction for the $100,000,000 previously received in respect of the First Payment Date).

As a result of the Business Combination, which generated $247.3 million of gross proceeds (as described in Note 3), the Company paid the Co-Founders $40.0 million in addition to the initial consideration paid of $3. The Company recorded the consideration paid as a reduction of common stock and additional paid in capital. Pursuant to the NSA, a portion of those divestment proceeds were placed in escrow accounts, and may not be released to the divested investors until after completion of audit by a third party auditor of the investors compliance with the NSA and the lapse of a 15 day period without an objection from the CFIUS Monitoring Agencies. Following the third party audit of the investors’ NSA compliance, all of the escrowed divestment proceeds were released to the Co-Founders as of March 1, 2022 in accordance with the NSA.

agreements with launch providers, resulting in an estimated liability of $5.8 million expected to be paid to the Co-Founders with a corresponding offset to additional paid in capital, as of June 30, 2022.

The NSA establishes various requirements and restrictions on the Company to protect national security, certain of which may materially and adversely affect the Company’s operating results due to the cost of compliance, limitations on the Company’s control over certain U.S. facilities, contracts, personnel, vendor selection and operations, and any potential penalties for noncompliance with such requirements and restrictions. The NSA provides for quarterly compliance auditing by an independent auditor. The NSA further provides for liquidated damages up to $1,000,000 per breach of the NSA. If the CFIUS Monitoring Agencies, the U.S. Departments of Defense and Treasury, find noncompliance, the CFIUS Monitoring Agencies could impose penalties, including liquidated damages.

The Company incurred legal expenses related to these matters of approximately $0.5 million and $1.3 million during the three and six months ended June 30, 2022, respectively, and $3.5 million and $7.4 million during the three and six months ended June 30, 2021, respectively, and expects to continue to incur legal expenses in the future.

Shareholder Section 220 Litigation

On June 16, 2022, Plaintiff and Momentus shareholder James Burk filed a verified complaint against Momentus in the Delaware Court of Chancery, Case. No. 2022-0519, to inspect the books and records of Momentus pursuant to Section 220 of the Delaware General Corporation Law. Plaintiff seeks production of books and records relating to the management of Momentus and its disclosures to potential investors in connection with the August 2021 de-SPAC merger of the Company. The matter is currently stayed pending the Company's production of certain documents to satisfy Plaintiff's requests for inspection. Plaintiff has demanded an order compelling the Company to comply with Plaintiff's production demands and granting Plaintiff an award of attorney's fees in connection with its prosecution of the matter. The Company from time to time responds to books and records requests properly submitted pursuant to applicable Delaware law. Momentus disputes the allegations and intends to vigorously defend the litigation.

Shareholder Derivative Litigation

On June 20, 2022, a shareholder derivative action was filed by Brian Lindsey, on behalf of Momentus, in the US District Court for the Central District of California, Case No. 2:22-cv-04212, against Momentus (as a nominal defendant), SRAC, Brian Kabot, Juan Manuel Quiroga, James Norris, James Hofmockel, Mikhail Kokorich, Dawn Harms, Fred Kennedy, Chris Hadfield, Mitchel B. Kugler, Victorino Mercado, Kimberly A. Reed, Linda J. Reiners, and John C. Rood. This derivative action alleges the same core allegations as stated in the securities class action litigation. Defendants dispute the allegations and intend to file a motion to dismiss the derivative action. Momentus disputes the allegations and intends to vigorously defend the litigation.

SAFE Note Litigation

On July 20, 2022, The Larian Living Trust ("TLLT") filed an action against Momentus in New Castle County Superior Court, Delaware, in the Complex Commercial Litigation Division, Case No. N22C-07-133 EMD CCLD. TLLT pleads claims for fraudulent inducement and breach of contract arising from two investment contracts pursuant to which TLLT alleges it invested $4 million in Momentus. TLLT alleges that a "liquidity event" occurred when Momentus closed the de-SPAC merger in August of 2021, such that it was entitled to the greater of its $4 million investment or its “Conversion Amount” of Momentus shares, which was a total of 724,995 shares of Momentus stock. TLLT further alleges that Momentus refused to provide it the conversion amount of shares until April 2022, at which point the value of its shares had dropped significantly from their peak value in August of 2021, in excess of $7.6 million. TLLT seeks damages in excess of $7.6 million, in addition to interests and its attorney's fees and costs. Momentus disputes the allegations and intends to vigorously defend the litigation.

Other Litigation and Related Matters

From time to time, the Company may be a party to litigation and subject to claims incident to the ordinary course of business on in connection with the matters discussed above. Although the results of litigation and claims cannot be predicted with certainty, the Company currently believes that the final outcome of these matters will not have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the

Company because of judgment, defense and settlement costs, diversion of management resources and other factors. At each reporting period, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under ASC 450, Contingencies. Legal fees are expensed as incurred.

Reverse Recapitalization (Details) $ / shares in Units, $ in Thousands	Aug. 12, 2021 USD ($) tradingDay $ / shares	Jul. 15, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Aug. 13, 2021 $ / shares
Schedule of Reverse Recapitalization [Line Items]
Percentage of voting interest sold	100.00%
Additional funding received in connection with business combination	$ 247,300		$ 247,300
Proceeds from PIPE		$ 110,000
Proceeds from issuance of common stock upon Merger	137,300
Proceeds from issuance of common stock, public investment in SRAC	172,500
Redemptions	35,600
Additional stockholder deficit	8,500
Additional cash in trust from operations	400
Total proceeds	238,800
Payments for transaction costs	27,800
Costs recorded to other expenses related to liability classified warrants	$ 4,800
Exchange ratio	0.2467416
Common stock, par value (in dollars per share) \| $ / shares				$ 0.00001	$ 0.00001
Non-transfer period under lock-up agreements	6 months
Closing price of common stock (in dollars per share) \| $ / shares	$ 12.00
Number of trading days \| tradingDay	20
Number of consecutive trading days \| tradingDay	30
Number of shares sold (in shares) \| shares		11,000,000
Purchase price (in dollars per share) \| $ / shares		$ 10.00
Estimated fair value of warrants		$ 30,500		$ 3,945	$ 5,749
Private Warrant
Schedule of Reverse Recapitalization [Line Items]
Purchase price (in dollars per share) \| $ / shares		$ 11.50
Common Class A
Schedule of Reverse Recapitalization [Line Items]
Exchange ratio	1
Common stock, par value (in dollars per share) \| $ / shares				$ 0.00001		$ 0.00001

Stockholders’ Equity (Deficit) and Stock-based Compensation - Restricted Stock Units Activity (Details) - RSUs & RSAs	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Shares
Balance at the beginning of the period (in shares) \| shares	2,812,110
Granted (in shares) \| shares	5,825,877
Vested (in shares) \| shares	(276,520)
Forfeited (in shares) \| shares	(928,933)
Balance at the end of the period (in shares) \| shares	7,432,534
Weighted Average Grant Date Fair Value (i.e. share price)
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 10.87
Granted (in dollars per share) \| $ / shares	2.65
Vested (in dollars per share) \| $ / shares	9.82
Forfeited (in dollars per share) \| $ / shares	8.01
Balance at the end of the period (in dollars per share) \| $ / shares	$ 4.80

Summary of Significant Accounting Policies - Property, Machinery and Equipment, net (Details)	6 Months Ended
	Jun. 30, 2022
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	1 year
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years

Stockholders’ Equity (Deficit) and Stock-based Compensation - Common Stock Outstanding (Details) - shares	Aug. 13, 2021	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock outstanding (in shares)	79,772,262	83,264,832	81,211,781
Percentage of common stock outstanding	100.00%
Momentus Space, LLC unit holders
Class of Stock [Line Items]
Common stock outstanding (in shares)	50,419,505
Percentage of common stock outstanding	63.00%
Public stockholders
Class of Stock [Line Items]
Common stock outstanding (in shares)	13,695,257
Percentage of common stock outstanding	17.00%
SRAC and its affiliates
Class of Stock [Line Items]
Common stock outstanding (in shares)	4,657,500
Percentage of common stock outstanding	6.00%
PIPE Investors
Class of Stock [Line Items]
Common stock outstanding (in shares)	11,000,000
Percentage of common stock outstanding	14.00%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenue from contract with customer, product and service, extensible enumeration	Service [Member]	Service [Member]	Service [Member]	Service [Member]
Service revenue	$ 50	$ 0	$ 50	$ 130
Cost of revenue	12	0	12	48
Gross margin	38	0	38	82
Operating expenses:
Research and development expenses	10,896	20,794	20,867	30,700
Selling, general and administrative expenses	12,861	9,740	27,714	23,744
Total operating expenses	23,757	30,534	48,581	54,445
Loss from operations	(23,719)	(30,534)	(48,543)	(54,363)
Other income (expense):
Decrease in fair value of SAFE notes	0	100,803	0	182,367
Decrease in fair value of warrants	2,254	4,454	1,803	12,537
Realized gain (loss) on disposal of asset	1	0	(69)	0
Interest income	5	1	5	2
Interest expense	(1,413)	(3,389)	(2,905)	(4,357)
SEC settlement	0	(7,000)	0	(7,000)
Other income (expense)	0	(8)	3	(187)
Total other income (expense)	847	94,861	(1,163)	183,362
Income (loss) before income taxes	(22,872)	64,327	(49,706)	128,999
Income tax provision	0	1	0	1
Net (loss) income	$ (22,872)	$ 64,327	$ (49,706)	$ 128,998
Net (loss) income per share, basic (in dollars per share)	$ (0.28)	$ 1.25	$ (0.62)	$ 2.36
Net (loss) income per share, diluted (in dollars per share)	$ (0.28)	$ (0.59)	$ (0.62)	$ (0.90)
Weighted average shares outstanding, basic (in shares)	81,319,533	51,474,305	80,642,670	54,620,299
Weighted average shares outstanding, diluted (in shares)	81,319,533	69,653,223	80,642,670	72,847,925

Commitment and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Unconditional Purchase Obligations

As of June 30, 2022, the Company’s future unconditional purchase obligations are as follows:


(in thousands)
2022	$	10,444
2023	11,900
2024	600


Thereafter	—
Total	$	22,944

Stockholders’ Equity (Deficit) and Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Common Stock Outstanding

The following summarizes the Company’s Common Stock outstanding immediately after the Business Combination:


	Shares	%
Momentus Space, LLC unit holders	50,419,505	63	%
Public stockholders	13,695,257	17	%
SRAC and its affiliates	4,657,500	6	%
PIPE Investors	11,000,000	14	%
Total	79,772,262	100	%

Schedule of Options Activity

The following table sets forth the summary of options activity, under the 2018 Plan and the 2021 Plans, for the six months ended June 30, 2022:


(in thousands, except share-based data)	Total Options	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2021	4,043,492	$	0.27

Granted	1,064,862	2.54
Vested exercised	(1,468,551)	0.27
Forfeitures	(255,017)	0.27
Outstanding as of June 30, 2022	3,384,786	$	0.98	7.3	$	4,398
Exercisable as of June 30, 2022	1,641,510	$	0.38	5.8	$	2,956
Vested and expected to vest as of June 30, 2022	3,384,786	$	0.98	7.3	$	4,398

Schedule of Fair Value Inputs

The assumptions used under the Black-Scholes-Merton Option Pricing model and weighted average fair value of options on the grant date are as follows:


	Six Months Ended June 30,
	2022	2021
Expected term (in years)	5.8	N/A
Risk-free interest rate	2.35%	N/A
Expected volatility	61.90%	N/A
Dividend yield	0.00%	N/A
Fair value on grant date	$1.46	N/A

Schedule of Restricted Stock Unit and Restricted Stock Award Activity


	Shares	Weighted Average Grant Date Fair Value (i.e. share price)
Outstanding as of December 31, 2021	2,812,110	$	10.87
Granted	5,825,877	2.65
Vested	(276,520)	9.82
Forfeited	(928,933)	8.01
Outstanding as of June 30, 2022	7,432,534	$	4.80

Schedule of Stock-Based Compensation Expense

The following table sets forth the stock-based compensation under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan by expense type:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Research and development expenses	$	514	$	66	$	887	$	134
Selling, general and administrative expenses	2,521		2,278		4,360		7,978
Total	$	3,035	$	2,344	$	5,247	$	8,112

The following table sets forth the stock-based compensation under the Initial Plan, the 2018 Plan, the 2021 Plan, and the 2022 Plan by award type:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Options	$	174	$	2,344	$	251	$	8,112
RSUs & RSAs	2,909		—		4,984		—
ESPP	22		—		82		—
Performance Awards	$	(70)	$	—	(70)		—
Total	$	3,035	$	2,344	$	5,247	$	8,112

Schedule of Income (Loss) per Share

The following table sets forth the computation of diluted net (loss) income per share:


Diluted Net (Loss) Income Per Share	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except share-based data)	2022		2021		2022		2021
Numerator:
Net (loss) income	$	(22,872)	$	64,327	$	(49,706)	$	128,998
Less:
Decrease in fair value of SAFE notes	—		(100,803)		—		(182,367)
Decrease in fair value of warrants	—		(4,448)		—		(12,529)
Net loss allocated to common stockholders for diluted net loss per share	$	(22,872)	$	(40,924)	$	(49,706)	$	(65,898)
Denominator:
Denominator for basic net loss per share - weighted average shares outstanding	81,319,533		51,474,305		80,642,670		54,620,299

Dilutive options and unvested stock units outstanding	—		5,091,392		—		5,135,631
Dilutive warrants outstanding	—		620,531		—		625,000
Dilutive SAFE notes outstanding (shares not reserved)	—		12,466,995		—		12,466,995
Denominator for diluted net loss per share - adjusted weighted average shares outstanding	81,319,533		69,653,223		80,642,670		72,847,925

Net (loss) income per share - basic	$	(0.28)	$	1.25	$	(0.62)	$	2.36
Net loss per share - diluted	$	(0.28)	$	(0.59)	$	(0.62)	$	(0.90)

Schedule of Antidilutive Shares

The following table summarizes potential common shares that were excluded as their effect is anti-dilutive:


	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021

Options and unvested stock units outstanding	6,109,403	N/A	6,000,378	N/A
Warrant outstanding	19,897,500	N/A	20,023,655	N/A

Contingent Sponsor Earnout Shares	1,437,500	N/A	1,437,500	N/A
Total	27,444,403	N/A	27,461,533	N/A

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Prepaids and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021
Prepaid launch costs, current	$	1,064	$	—
Prepaid research and development	3,813		4,870
Prepaid insurance and other assets	2,640		4,562
Total	$	7,517	$	9,431

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021	Aug. 13, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, number of shares authorized (in shares)	250,000,000	250,000,000
Common stock issued (in shares)	83,264,832	81,211,781
Common stock outstanding (in shares)	83,264,832	81,211,781	79,772,262

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Legal and other professional services	$ 3,541	$ 4,121
Compensation expense	1,722	3,862
Research and development projects	1,242	1,240
Other current expense	363	399
Payroll tax expense	163	163
Accrued expenses	$ 7,031	$ 9,785

Loan Payable	6 Months Ended
Loan Payable	Jun. 30, 2022
Debt Disclosure [Abstract]
Loan Payable	Loan Payable Term Loan On February 22, 2021, the Company entered into a Term Loan and Security Agreement (the “Term Loan”) which provided the Company with up to $40.0 million in borrowing capacity at an annual interest rate of 12%. $25.0 million of the Term Loan was immediately available for borrowing by the Company at the inception of the agreement, the Company borrowed this amount on March 1, 2021. The remaining $15.0 million of borrowing capacity is no longer available as the Company did not achieve certain milestones by the June 30, 2021 deadline. The repayment terms of the Term Loan provide for interest-only payments beginning March 1, 2021 through February 28, 2022. Under the original terms, the principal amount was due and payable on March 1, 2022. However, during January 2022 the Company exercised its option to pay back the principal amount of the Term Loan over two years beginning on March 1, 2022 and ending on February 28, 2024. In conjunction with the Term Loan, warrants to purchase preferred stock up to 1% of the fully diluted capitalization (including allowance for conversion of all outstanding convertible notes, SAFE notes and such warrants) of the Company were granted to the lender exercisable at the lender’s option. 80% of the 1% of the warrants were earned by the lender upon execution of the agreement. The additional 20% of the warrants was forfeited as of June 30, 2021. The warrant’s original estimated fair value of $15.6 million was recorded as a derivative liability under ASC 815 with the offset recorded as a debt discount. On August 12, 2021 the lender exercised the warrant. See Note 11. Additionally, the Company incurred debt issuance costs of $0.1 million, which were recorded as a direct deduction from the carrying amount of the Term Loan. The Company allocated the proceeds from the Term Loan agreement to the note and warrants comprising the financing agreement based on the relative fair value of the individual securities on the February 22, 2021 closing date of the agreements. The discount attributable to the note, an aggregate of $15.8 million, primarily related to the value of the warrant liability with immaterial issuance costs, is amortized using the effective interest method over the term of the note, originally maturing on March 1, 2022, but now being repaid over two years, recorded as interest expense. Because the discount on the note exceeds 63% of its initial face value, and because the discount is amortized over the period from issuance to maturity, the calculated effective interest rate up until January 2022 was 126.0%. As a result of the exercised extended repayment schedule, the unamortized discount and issuance costs were recast over the updated term of the loan and resulted in a recalculated effective interest rate of 28.2%. Interest expense amortization was $0.7 million and $1.5 million for the three and six months ended June 30, 2022, respectively, and $2.6 million and $3.4 million for the three and six months ended June 30, 2021, respectively. As of June 30, 2022, the Company’s total loan payable consisted of gross Term Loan payable of $21.2 million and accrued interest of $0.1 million, offset by unamortized debt discount and issuance costs of $2.6 million. The Term Loan principal has future scheduled maturities for the remainder of 2022 of $5.9 million, as well as $13.0 million and $2.3 million for 2023 and 2024, respectively. Promissory Notes On June 29, 2021, the Company and SRAC amended the Merger Agreement which, among other things, provided for the issuance by the Company of two second lien notes (the “Promissory Notes”). The Promissory Notes, in the amount of $1.5 million each, were held by the Company’s outside counsel and SRAC, and were for certain legal fees and expenses incurred by SRAC and the Company in relation to the Merger Agreement. As a result of the Business Combination, the amount due to SRAC became an intercompany transaction which was eliminated from the combined entity’s consolidated balance sheets. During the year ended December 31, 2021, the Company signed an agreement with its outside counsel and made a payment which settled the Promissory Notes as well as all outstanding payables. The agreement resulted in a reduction of $2.6 million in the amount due for expenses incurred during the year, which was recorded as a reduction to legal expenses.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

The Company leases office space under non-cancellable operating leases with terms expiring from November 2022 through February 2028. The leases require monthly lease payments that are subject to annual increase throughout the lease term.

In January 2021, the Company commenced a lease at a new location in San Jose, California. The lease expires in February 2028. The Company is obligated to pay approximately $11 million over the term of the lease. Prior to December 31, 2021, the Company modified two minor leases to extend access until April 2022 to aid the full transition to the San Jose facility. The Company has one additional minor lease expiring in November 2022.

The components of operating lease expense were as follows:


(in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	404	$	435	$	844	$	871
Variable lease expense	142		148		292		295
Short-term lease expense	—		3		—		6
Total lease expense	$	546	$	586	$	1,136	$	1,172

Variable lease expense consists of the Company’s proportionate share of operating expenses, property taxes, and insurance.

As of June 30, 2022, the weighted-average remaining lease term was 5.6 years and the weighted-average discount rate was 5.6%.

As of June 30, 2022, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
Remainder of 2022	$	778
2023	1,533
2024	1,580
2025	1,627
2026	1,674
Thereafter	2,026
Total lease payments	9,218
Less: Imputed interest	(1,370)
Present value of lease liabilities	$	7,848

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Aug. 05, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-39128
Entity Registrant Name	Momentus Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1905538
Entity Address, Address Line One	3901 N. First Street
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	650
Local Phone Number	564-7820
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Smaller Reporting Company	true
Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,276,728
Entity Central Index Key	0001781162
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock
Trading Symbol	MNTS
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	MNTSW
Security Exchange Name	NASDAQ

Stockholders’ Equity (Deficit) and Stock-based Compensation - Schedule of Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net (loss) income	$ (22,872)	$ (26,834)	$ 64,327	$ 64,671	$ (49,706)	$ 128,998
Decrease in fair value of SAFE notes	0		(100,803)		0	(182,367)
Decrease in fair value of warrants	0		(4,448)		0	(12,529)
Net loss allocated to common stockholders for diluted net loss per share	$ (22,872)		$ (40,924)		$ (49,706)	$ (65,898)
Denominator:
Denominator for basic net loss per share - weighted average shares outstanding (in shares)	81,319,533		51,474,305		80,642,670	54,620,299
Dilutive options and unvested stock units outstanding (in shares)	0		5,091,392		0	5,135,631
Dilutive warrants outstanding (in shares)	0		620,531		0	625,000
Dilutive SAFE notes outstanding (shares not reserved) (in shares)	0		12,466,995		0	12,466,995
Denominator for diluted net loss per share - adjusted weighted average shares outstanding (in shares)	81,319,533		69,653,223		80,642,670	72,847,925
Net (loss) income per share - basic (in dollars per share)	$ (0.28)		$ 1.25		$ (0.62)	$ 2.36
Net loss per share - diluted (in dollars per share)	$ (0.28)		$ (0.59)		$ (0.62)	$ (0.90)

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	0.00%	0.00%	0.00%	0.00%

Loan Payable (Details)			3 Months Ended		6 Months Ended		12 Months Ended
Loan Payable (Details)	Jun. 29, 2021 USD ($) note	Feb. 22, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 15, 2021 USD ($)
Short-term Debt [Line Items]
Proceeds from short-term borrowings					$ 0	$ 25,000,000
Estimated fair value of warrants			$ 3,945,000		$ 3,945,000		$ 5,749,000	$ 30,500,000
Term Loan
Short-term Debt [Line Items]
Initial borrowing capacity		$ 40,000,000
Interest rate		12.00%
Proceeds from short-term borrowings		$ 25,000,000
Amount no longer available for borrowing		$ 15,000,000
Debt term		2 years
Estimated fair value of warrants		$ 15,600,000
Unamortized debt issuance costs		100,000
Unamortized debt discount		$ 15,800,000
Percentage of debt discount in excess of initial face value		63.00%
Calculated effective interest rate		126.00%	28.20%		28.20%
Interest expense amortization			$ 700,000	$ 2,600,000	$ 1,500,000	$ 3,400,000
Loans payable			21,200,000		21,200,000
Accrued interest			100,000		100,000
Unamortized debt discount and issuance costs			2,600,000		2,600,000
Long-term debt, due the remainder of 2022			5,900,000		5,900,000
Long-term debt, due in 2023			13,000,000		13,000,000
Long-term debt, due in 2024			$ 2,300,000		$ 2,300,000
Term Loan \| Stock Purchase Warrants
Short-term Debt [Line Items]
Percentage of preferred stock available to be called		1.00%
Preferred stock available to be called, percentage earned			80.00%		80.00%
Preferred stock available to be called, percentage forfeited				20.00%		20.00%
Promissory Notes
Short-term Debt [Line Items]
Number of notes issued \| note	2
Second Lien Promissory Notes, Note One
Short-term Debt [Line Items]
Initial borrowing capacity	$ 1,500,000
Reduction in legal expenses							$ 2,600,000
Second Lien Promissory Notes, Note Two
Short-term Debt [Line Items]
Initial borrowing capacity	$ 1,500,000

Intangible Assets, net - Schedule of Intangible Assets, Net (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Value	$ 900,000		$ 900,000		$ 447,000
Accumulated Amortization	(180,000)		(180,000)		(98,000)
Net Value	720,000		720,000		349,000
Amortization expense	44,000	$ 12,000	82,000	$ 22,000
Intangible asset impairment	0	$ 0	0	$ 0
Patents/Intellectual Property
Finite-Lived Intangible Assets [Line Items]
Gross Value	450,000		450,000		404,000
Accumulated Amortization	(110,000)		(110,000)		(91,000)
Net Value	340,000		$ 340,000		$ 313,000
Weighted average remaining amortization period (in years)			7 years 2 months 12 days		7 years 6 months
Capitalized cloud implementation costs
Finite-Lived Intangible Assets [Line Items]
Gross Value	450,000		$ 450,000		$ 43,000
Accumulated Amortization	(70,000)		(70,000)		(7,000)
Net Value	$ 380,000		$ 380,000		$ 36,000
Weighted average remaining amortization period (in years)			2 years 7 months 6 days		2 years 7 months 6 days

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Preferred stock	FF Preferred stock	Common Class A	Common Class B	Common stock	Additional paid in capital	Accumulated deficit	Previously Reported	Previously Reported Preferred stock	Previously Reported FF Preferred stock	Previously Reported Common Class A	Previously Reported Common Class B	Previously Reported Common stock	Previously Reported Additional paid in capital	Previously Reported Accumulated deficit	Retroactive application of recapitalization Preferred stock	Retroactive application of recapitalization FF Preferred stock	Retroactive application of recapitalization Common Class A	Retroactive application of recapitalization Common Class B	Retroactive application of recapitalization Common stock
Beginning balance (in shares) at Dec. 31, 2020		0	0	0	0					144,875,941	20,000,000	18,398,005	70,000,000				(144,875,941)	(20,000,000)	(18,398,005)	(70,000,000)
Beginning balance (in shares) at Dec. 31, 2020						62,510,690								0							62,510,690
Beginning balance at Dec. 31, 2020	$ (289,472)					$ 1	$ 39,866	$ (329,338)	$ (289,472)					$ 0	$ 39,866	$ (329,338)					$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)						270,582
Issuance of common stock upon exercise of stock options	24						24
Stock-based compensation	5,768						5,768
Net (loss) income	64,671							64,671
Ending balance (in shares) at Mar. 31, 2021						62,781,272
Ending balance at Mar. 31, 2021	(219,009)					$ 1	45,658	(264,667)
Beginning balance (in shares) at Dec. 31, 2020		0	0	0	0					144,875,941	20,000,000	18,398,005	70,000,000				(144,875,941)	(20,000,000)	(18,398,005)	(70,000,000)
Beginning balance (in shares) at Dec. 31, 2020						62,510,690								0							62,510,690
Beginning balance at Dec. 31, 2020	(289,472)					$ 1	39,866	(329,338)	$ (289,472)					$ 0	$ 39,866	$ (329,338)					$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	128,998
Ending balance (in shares) at Jun. 30, 2021						37,219,054
Ending balance at Jun. 30, 2021	(174,326)					$ 0	26,013	(200,340)
Beginning balance (in shares) at Mar. 31, 2021						62,781,272
Beginning balance at Mar. 31, 2021	(219,009)					$ 1	45,658	(264,667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)						39,515
Issuance of common stock upon exercise of stock options	11						11
Stock-based compensation	2,344						2,344
Share repurchase (in shares)						(25,601,733)
Share repurchase	(22,000)						(22,000)
Net (loss) income	64,327							64,327
Ending balance (in shares) at Jun. 30, 2021						37,219,054
Ending balance at Jun. 30, 2021	(174,326)					$ 0	26,013	(200,340)
Beginning balance (in shares) at Dec. 31, 2021						81,211,781
Beginning balance at Dec. 31, 2021	131,888					$ 1	340,570	(208,683)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)						170,751
Issuance of common stock upon exercise of stock options	48						48
Issuance of common stock upon vesting of RSUs (in shares)						113,710
Share repurchase related to Section 16 Officer tax coverage exchange (in shares)						(18,673)
Share repurchase related to Section 16 Officer tax coverage exchange	(59)						(59)
Stock-based compensation	2,212						2,212
Share repurchase valuation adjustment	(6,000)						(6,000)
Shares issued upon exercise of warrant (in shares)						278,146
Net (loss) income	(26,834)							(26,834)
Ending balance (in shares) at Mar. 31, 2022						81,755,715
Ending balance at Mar. 31, 2022	101,255					$ 1	336,771	(235,517)
Beginning balance (in shares) at Dec. 31, 2021						81,211,781
Beginning balance at Dec. 31, 2021	$ 131,888					$ 1	340,570	(208,683)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	1,468,551
Net (loss) income	$ (49,706)
Ending balance (in shares) at Jun. 30, 2022						83,264,832
Ending balance at Jun. 30, 2022	82,205					$ 1	340,593	(258,389)
Beginning balance (in shares) at Mar. 31, 2022						81,755,715
Beginning balance at Mar. 31, 2022	101,255					$ 1	336,771	(235,517)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)						1,294,668
Issuance of common stock upon exercise of stock options	345						345
Issuance of common stock upon vesting of RSUs (in shares)						149,953
Issuance of common stock purchase of ESPP (in shares)						77,162
Issuance of common stock purchase of ESPP	190						190
Share repurchase related to Section 16 Officer tax coverage exchange (in shares)						(12,666)
Share repurchase related to Section 16 Officer tax coverage exchange	(38)						(38)
Stock-based compensation	3,105						3,105
Share repurchase valuation adjustment	220						220
Net (loss) income	(22,872)							(22,872)
Ending balance (in shares) at Jun. 30, 2022						83,264,832
Ending balance at Jun. 30, 2022	$ 82,205					$ 1	$ 340,593	$ (258,389)

Property, Machinery and Equipment, net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Machinery and Equipment, net

Property, machinery and equipment, net consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021
Computer equipment	$	178	$	178
Furniture and fixtures	55		206
Leasehold improvements	2,693		2,693
Machinery and equipment	3,455		3,332
Construction in-progress	372		247
Property, machinery and equipment, gross	6,753		6,656
Less: accumulated depreciation	(2,239)		(1,827)
Property, machinery and equipment, net	$	4,514	$	4,829

Depreciation expense related to property, machinery and equipment was $0.2 million and $0.5 million for the three and six months ended June 30, 2022, respectively, and $0.2 million and $0.4 million for the three and six months ended June 30, 2021, respectively. The Company had immaterial disposals of furniture and machinery during the three and six months ended June 30, 2022.

Accrued Expenses

6 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021
Legal and other professional services	$	3,541	$	4,121
Compensation expense	1,722		3,862
Research and development projects	1,242		1,240

Other current expense	363		399
Payroll tax expense	163		163
Total	$	7,031	$	9,785

SAFE Notes	6 Months Ended
SAFE Notes	Jun. 30, 2022
Equity [Abstract]
SAFE Notes	SAFE Notes The Company issued SAFE notes to investors. During the six months ended June 30, 2021, the Company issued SAFE notes to investors in exchange for aggregate proceeds of $30.9 million. On August 12, 2021, as a result of the Business Combination, all of the Company’s outstanding SAFE notes, representing principal of $78 million and a fair value of $136 million on the conversion date, converted into 12,403,469 shares of Common Stock of the Combined Company.Prior to conversion, the Company determined that the SAFE notes were not a legal form of debt (i.e., no creditors’ rights). The SAFE notes included a provision allowing for cash redemption upon the occurrence of a change of control, the occurrence of which was outside the control of the Company. The provision required the SAFE notes be classified as marked-to-market liabilities pursuant to ASC 480. The income (loss) reported from the decrease (increase) in the estimated fair value of the SAFE notes was $100.8 million and $182.4 million for the three and six months ended June 30, 2021, respectively. These amounts are included in other income (expense).

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 109,052	$ 160,036
Restricted cash, current	1,005	197
Prepaids and other current assets	7,517	9,431
Total current assets	117,574	169,664
Property, machinery and equipment, net	4,514	4,829
Intangible assets, net	720	349
Operating right of use asset	6,991	7,604
Restricted cash, non-current	325	314
Other non-current assets	3,650	3,065
Total assets	133,774	185,825
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	1,124	1,911
Accrued expenses	7,031	9,785
Loan payable, current	10,113	20,907
Contract liabilities, current	481	0
Operating lease liability, current	1,132	1,189
Share repurchase liability	5,780	0
Other current liabilities	5,043	5,075
Total current liabilities	30,704	38,867
Contract liabilities, non-current	1,206	1,554
Loan Payable, non-current	8,544	0
Warrant liability	3,945	5,749
Operating lease liability, non-current	6,716	7,284
Other non-current liabilities	454	483
Total non-current liabilities	20,865	15,070
Total liabilities	51,569	53,937
Commitments and Contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.00001 par value; 250,000,000 shares authorized and 83,264,832 issued and outstanding as of June 30, 2022; 250,000,000 shares authorized and 81,211,781 issued and outstanding as of December 31, 2021	1	1
Additional paid-in capital	340,593	340,570
Accumulated deficit	(258,389)	(208,683)
Total stockholders’ equity	82,205	131,888
Total liabilities and stockholders’ equity	$ 133,774	$ 185,825

Leases - Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 404	$ 435	$ 844	$ 871
Variable lease expense	142	148	292	295
Short-term lease expense	0	3	0	6
Total lease expense	$ 546	$ 586	$ 1,136	$ 1,172

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Business Combination

On August 12, 2021, the Company consummated a merger pursuant to certain Agreement and Plan of Merger, dated October 7, 2020, and as amended on March 5, 2021, April 6, 2021, and June 29, 2021 (the “Merger Agreement”), by and among Stable Road Acquisition Corp (“SRAC”), Project Marvel First Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of SRAC (the “First Merger Sub”), and Project Marvel Second Merger Sub, LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of SRAC (the “Second Merger Sub”), pursuant to which First Merger Sub merged with and into Momentus Inc., a Delaware corporation (“Legacy Momentus”), with Legacy Momentus as the surviving corporation of the First Merger Sub, and immediately following which Legacy Momentus merged with and into the Second Merger Sub, with the Second Merger Sub as the surviving entity (the “Business Combination”). In connection with the closing of the Business Combination (the “Closing”), the Company changed its name from Stable Road Acquisition Corp. to Momentus Inc., and Legacy Momentus changed its name to Momentus Space, LLC.

The Business Combination was accounted for as a reverse recapitalization under ASC Topic 805, Business Combinations, ("ASC 805") in accordance with accounting principles generally accepted in the United States (“GAAP”). Under this method of accounting, SRAC, who was the legal acquirer, is treated as the “acquired” company for financial reporting purposes and Legacy Momentus is treated as the accounting acquirer. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of a capital transaction in which Legacy Momentus issued stock for the net assets of SRAC, with no goodwill or other intangible assets recorded, and Legacy Momentus’ financial statements became those of the Company. Reported shares and earnings per share available to holders of the Company’s Common Stock, prior to the Business Combination, have been retroactively restated as shares reflecting the exchange ratio established in the Business Combination. See Note 3 for more information.

Unaudited Interim Financial Information and Basis of Presentation

Reclassifications

Principles of Consolidation

The consolidated financial statements include the financial statements of all the subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.

Use of Estimates

Emerging Growth Company Status

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of cash on hand, cash in bank with no restrictions, as well as highly liquid investments which are unrestricted as to withdrawal or use, and which have remaining maturities of three months or less when initially purchased.Restricted cash primarily represents deposited cash that is restricted by financial institutions for two purposes. $0.4 million is restricted as collateral for a letter of credit issued to the Company’s landlord in accordance with the terms of a lease agreement entered into in December 2020. $0.1 million of this restricted cash is classified as a current asset as it will be returned to the Company one year following the completion of the Business Combination, while the remaining $0.3 million is classified as a non-current asset as it will be returned to the Company upon the occurrence of future events which are expected to occur beyond at least one year from June 30, 2022.

Deferred Fulfillment and Prepaid Launch Costs

Property, Machinery and Equipment, net


Fixed Assets						Estimated Useful Life
Computer equipment						Three years
Furniture and fixtures						Five years
Leasehold improvements						Lesser of estimated useful life or remaining lease term (one year to seven years)
Machinery and equipment						Seven years

Costs of maintenance or repairs that do not extend the lives of the respective assets are charged to expenses as incurred.

Intangible Assets, net

Deferred Offering Costs

Loss Contingencies

Revenue Recognition

case basis as necessary to preserve and foster future business relationships and customer goodwill.

Fair Value Measurement

•Level 1, observable inputs such as quoted prices in active markets;

•Level 2, inputs other than the quoted prices in active markets that are observable either directly or indirectly; and

•Level 3, unobservable inputs in which there is little or no market data, which requires that the Company develop its own assumptions.

Warrant Liability

SAFE Notes

Basic and Diluted (Loss) Income Per Share

Impairment of Long-lived Assets

Stock-based Compensation

401(k) Plan

The Company has a 401(k) plan that it offers to its full-time employees. The Company did not contribute to the plan for the six months ended June 30, 2022 and 2021.

Research and Development Costs

Once the Company has achieved technological feasibility, the Company will capitalize the costs to construct any additional components of the vehicle systems.

Leases

Income Taxes

measured using the enacted tax rate expected to apply to taxable income in the years in which the differences are expected to be reversed.

Concentrations of Risk

Segment Reporting

Recently Issued and Recently Adopted Accounting Standards

Although there are several new accounting pronouncements issued or proposed by the FASB, which have been adopted or will be adopted as applicable, management does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s financial position or results of operations.In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the guidance on the issuer’s accounting for convertible debt instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that was within the scope of those models before the adoption of ASU 2020-06. Also, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer available. The provisions of ASU 2020-06 are applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company adopted this standard on

January 1, 2022. There was no impact to the Company's condensed consolidated financial statements on the date of adoption.

Intangible Assets, net - Schedule of Future Estimated Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 99
2023	199
2024	190
2025	75
2026	49
Thereafter	108
Net Value	$ 720	$ 349