TLDR
- MNTS drops 17% despite Momentus reporting $76M cash reserve.
- Momentus says Vigoride 7 has started hosted payload operations.
- MNTS slides as selling pressure offsets fresh space mission updates.
- Momentus remains debt free after ATM use, placement, and warrants.
- Vigoride 7 completes engine burns and begins customer payload work.
Momentus Inc. (MNTS) shares fell sharply on Monday, even after the company reported stronger cash levels and mission progress. MNTS traded at $12.37, down 17.01%, after late-morning selling erased earlier gains. The move left the space technology stock near session lows despite fresh operational updates.
Momentus Strengthens Balance Sheet After Capital Raise
Momentus said recent capital actions improved its financial position and gave the company more room to fund growth. The company fully used the remaining capacity under its $50 million at-the-market program. It also completed a $25 million private placement on May 28 under Nasdaq pricing rules.
The company also received more than $9.6 million from the exercise of 1,807,938 warrants. After those exercises, Momentus said only 501,162 warrants remained unexercised. Consequently, the company reported about $76 million in cash and no debt.
Momentus also reported 16,983,959 shares outstanding, including 765,580 pre-funded warrants. The company said the stronger balance sheet supports research and development across satellite technology and orbital services. However, the stock still declined as traders reacted to dilution pressure and sharp intraday volatility.
Vigoride 7 Moves Into Hosted Payload Operations
Momentus also reported progress on its Vigoride 7 Orbital Service Vehicle mission. The spacecraft launched on March 30 aboard the SpaceX Transporter-16 mission. After separation from the Falcon 9 rocket, Vigoride 7 entered low Earth orbit and remained healthy.
The vehicle carried 10 payloads and began hosted payload operations for multiple customers. Its customer list includes U.S. Defense Department groups, NASA, and commercial space clients. Besides, the company plans further in-space operations over the coming months.
Vigoride 7 started from an orbit near 517 kilometers before beginning a planned descent. The spacecraft completed more than 30 short engine burns using Momentus’ water-based propulsion system. Moreover, its thrusters and control hardware maintained stable attitude throughout the maneuver.
DARPA Payload Begins In-Orbit Assembly Work
The largest hosted payload on the mission operates under a DARPA contract. Caltech produced the payload, known as ASTRA, for in-space assembly work. It has started using robotic arms and precision systems to build a lightweight truss in orbit.
Momentus also tested a titanium pressure tank made with Velo3D’s advanced 3D metal printing process. The tank has maintained stable pressure during current orbital operations. Therefore, the mission supports additive manufacturing use in key spacecraft components.
Other payloads have started commissioning, while more operations remain scheduled in the coming months. Planned work includes a NASA satellite release and a SpaceWERX proximity operations demonstration. Even so, MNTS stock closed lower as selling pressure outweighed the company’s cash and mission updates.
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