Momentus Inc. (MNTS): Business Model Canvas [Dec-2025 Updated]

You're looking at a company, Momentus Inc., that's betting big on orbital services with its Vigoride vehicle and water-based propulsion, but the financials tell a tough story right now. Honestly, while they've locked down key partnerships with NASA and the Space Development Agency, the Trailing Twelve Month revenue as of September 2025 sits at a thin $1.03 million, which is being eaten up by significant burn-think $2.2 million in R&D and $3.9 million in SG&A just in Q2 2025. This canvas lays out exactly how they plan to bridge that gap between high-potential government tech demos and sustainable commercial cash flow; you need to see the nine building blocks to understand the near-term risk versus the long-term orbital payoff.

Momentus Inc. (MNTS) - Canvas Business Model: Key Partnerships

You're hiring before product-market fit, so locking in key partnerships that de-risk technology demonstration and provide near-term revenue visibility is absolutely critical for Momentus Inc. (MNTS). These alliances are the backbone of your in-space infrastructure play, turning proprietary technology into contracted services.

The relationships with government agencies are foundational, providing validation and significant contract value. For instance, NASA's Flight Opportunities program awarded Momentus a $5.1 million contract on September 26, 2025, to support the Commercial Orbital System for Microgravity In-Space Crystallization (COSMIC) demonstration. This mission utilizes the Vigoride orbital service vehicle to host payloads for crystal growth in pharmaceuticals and semiconductors. To be fair, this isn't a one-off; this $5.1 million award is reportedly the sixth contract from NASA in recent months. Furthermore, Momentus secured an additional $2.5 million contract from NASA's Armstrong Flight Research Center to test a Rotating Detonation Rocket Engine (RDRE) in space. Both NASA technology demonstrations are slated to fly together on a single Vigoride mission, currently planned for launch no earlier than October 2026.

Working with the Space Development Agency (SDA) is another major pillar, focusing on national security applications. Momentus secured a prototype order contract under the SDA's Hybrid Acquisition for Proliferated LEO (HALO) program. The HALO program is designed for rapid, end-to-end mission demonstrations, typically aiming for launch 12-18 months after the award. Momentus is one of 19 vendors selected for the initial HALO pool, which means they can compete for these high-value prototyping efforts. As part of this selection, each vendor received an initial Other Transaction Agreement (OTA) valued at $20,000 to cover administrative costs.

Commercial partnerships are scaling up the service offering. The three-year reciprocal services agreement with Solstar Space, announced on October 13, 2025, is valued at up to $15 million. This deal integrates Momentus' logistics and deployment services with Solstar's space-based communications products, like the Deke Narrowband and Slayton Wideband Space Communicators. The first joint spaceflight under this arrangement is targeted for February 2026. Also, the partnership with Velo3D, announced in April 2025, is a five-year master services agreement worth $15 million. This agreement sees Momentus leverage Velo3D's metal 3D printing expertise for component manufacturing efficiency, in exchange for stock-Velo3D will not exceed 9.99% ownership in Momentus.

Launch services are secured through established providers, which is essential for mission cadence. The company continues to rely on SpaceX for launch services, with the next mission scheduled for February 2026 aboard a SpaceX Transporter rideshare. This is consistent with past operations, such as the payload integration onto the SpaceX Transporter-6 mission in 2023.

Here's a quick look at the key contractual and service agreements as of late 2025:

The reliance on these partnerships is evident when you look at the financial context; for example, the Q3 2025 net loss was $11.07 million, making these contract awards vital for cash flow management.

The core elements of these strategic relationships include:

• NASA contracts provide crucial funding for technology maturation and in-space demonstration.
• SDA selection positions Momentus Inc. (MNTS) to compete for future operational layer contracts.
• The Solstar Space agreement targets LEO solutions for ISTAR and on-orbit servicing needs.
• The Velo3D MSA secures advanced manufacturing capability without immediate capital expenditure on equipment.
• SpaceX rideshare access ensures a relatively low-cost path to orbit for initial missions.

Finance: draft 13-week cash view by Friday.

Momentus Inc. (MNTS) - Canvas Business Model: Key Activities

You're looking at the core engine of Momentus Inc. (MNTS) operations as of late 2025. This is where the actual work happens to move the business from demonstration to consistent service delivery, though the financial results show the strain of this development phase.

Developing and operating the Vigoride Orbital Service Vehicle (OSV)

The Vigoride platform is the physical asset for service delivery. While the search results point to past operational milestones, the key activity remains the continued operation and refinement of this vehicle. The Vigoride-6 OSV launched in April 2023, and by July 2023, Momentus Inc. had placed a total of three Vigoride Orbital Service Vehicles into orbit across its initial missions. The company is focused on using this vehicle to provide transportation and in-orbit services.

Here's a snapshot of the operational context:

• Total customer satellites deployed across three missions (as of July 2023): 15.
• The Vigoride OSV is designed to be powered by the innovative water plasma-based propulsion system.

Advancing Microwave Electrothermal Thruster (MET) water propulsion technology

Advancing the proprietary Microwave Electrothermal Thruster (MET) technology, which uses water as a propellant, is central to Momentus Inc.'s value proposition. This is an ongoing R&D and testing activity, even as the company seeks revenue from services.

The historical testing data provides context for the current state of this key activity:

The company also announced a contract in October 2025 to test a different, groundbreaking thruster technology, the Rotating Detonation Rocket Engine (RDRE), using the Vigoride platform, indicating continued propulsion technology advancement.

Securing and executing U.S. government and defense technology demonstration contracts

Securing government work validates the technology and provides crucial funding streams. This activity is clearly a focus, especially given the CEO's background in national security and defense analysis.

Recent contract activity highlights this focus:

• Momentus Inc. was awarded a $2.5 million contract by NASA's Armstrong Flight Research Center on September 29, 2025, for an on-orbit demonstration of the RDRE thruster.
• This NASA contract was noted as the sixth contract awarded by NASA in recent months (as of October 2025).
• Momentus Inc. is also executing contracts to support U.S. Defense Department organizations like the Defense Advanced Research Project Agency (DARPA) and SpaceWERX (Air Force Research Labs innovation organization).
• The company signed a $15 Million Global Agreement with Solstar Space on October 13, 2025.

Integrating and deploying customer payloads in specific orbits

This is the direct service delivery component, translating the OSV operation into recognized revenue. The financial results show the difficulty in consistently executing this activity in 2025.

Revenue figures for 2025 reflect the execution level:

• Q3 2025 Quarterly Revenue: $0.23 million.
• Q2 2025 Revenue: $0.2 million, a sharp drop from $1.2 million in Q2 2024.
• First Half of 2025 Total Revenue: $0.4 million, down from $1.7 million in the first half of 2024.

The decline in revenue is attributed to reduced contract performance and customer deposit forfeitures, which definitely points to near-term execution challenges.

Raising capital to address significant liquidity challenges

Given the financial state, capital raising is a critical, ongoing key activity for Momentus Inc. to sustain operations. The company's balance sheet shows significant strain.

Financial indicators underscoring the need for capital:

Capital raising efforts in 2025 included:

• Closing a $5 million offering in February 2025.
• An expected closing of a $4 million offering around July 1, 2025.
• Announcing a Warrant Inducement Transaction for $7.0 million in Gross Proceeds in October 2025.
• Amending a Loan Agreement in June 2025 to allow borrowing up to $1.5 million.

The Q3 2025 report explicitly stated an urgent capital raise is needed to sustain operations. That's the bottom line you need to see. Finance: draft 13-week cash view by Friday.

Momentus Inc. (MNTS) - Canvas Business Model: Key Resources

You're looking at the core assets Momentus Inc. (MNTS) relies on to execute its in-space infrastructure and transportation services. These aren't just ideas; they are tangible assets, proven capabilities, and secured agreements that underpin their valuation.

Vigoride Orbital Service Vehicle (OSV) flight heritage and design

The flight heritage of the Vigoride OSV is a critical resource, demonstrating on-orbit reliability. As of late 2025, Momentus Inc. (MNTS) has successfully completed three demonstration missions using the Vigoride vehicle: the inaugural flight (Vigoride-3) in May 2022, and the second demonstration (Vigoride-5) in January 2023. The third mission (Vigoride-6) was targeted for April 2023. The next planned mission, Vigoride 7, is targeted for launch in early 2026, which will carry a mix of commercial and U.S. Department of Defense (DoD) payloads. This heritage is a competitive discriminator for customers seeking reliability. The vehicle is designed to support services in Low-Earth Orbit (LEO) and is capable of delivering microsatellites up to 200 kg and CubeSats, providing average power up to 1kW, and operating in orbits above 500 km.

Proprietary Microwave Electrothermal Thruster (MET) propulsion system

The Microwave Electrothermal Thruster (MET) is central to Momentus Inc. (MNTS)'s service offering, using distilled water as a non-toxic propellant. This is a significant operational advantage over systems using materials like Argon or Xenon. Ground testing of the latest-generation MET achieved 350 test cycles with no detectable performance degradation, as reported in 2021. In-space validation on the Vigoride-5 mission included completing more than a dozen test firings, incrementally increasing duration up to five minutes, which is consistent with standard mission requirements. The MET relies on solar power to generate thrust by heating the water propellant into a hot plasma.

Here are the key performance and testing metrics for this core technology:

Key government contracts, like the NASA VADR and SDA HALO agreements

Secured government work validates the technology and provides significant revenue visibility. Momentus Inc. (MNTS) is a selected supplier under NASA's VADR (Venture-Class Acquisition of Dedicated and Rideshare) contract. This contract is a firm-fixed-price, indefinite-delivery/indefinite-quantity instrument with a maximum total value of $300 million across all VADR contracts, with an ordering period through February 3, 2027. More recently, the company secured specific task orders:

• NASA COSMIC demonstration contract awarded September 26, 2025, valued at $5.1 million.
• SpaceWERX (U.S. Space Force) Direct to Phase II SBIR contract for RPO demonstration, valued at $1.86 million (awarded June 2025).
• A DoD contract expansion for in-orbit demonstration of assembly of large scale structures (mentioned February 2025).

The company also signed a $15 million Global Agreement with Solstar Space in October 2025.

Specialized engineering talent for in-space infrastructure

The capability to design, build, test, and operate complex space vehicles like Vigoride and the MET system is rooted in the specialized engineering team. This talent pool is responsible for the development of the water plasma-based propulsion system and the integration of advanced systems like the Tape Spring Solar Array (TASSA) technology. The team is also developing machine vision algorithms and advanced data fusion for autonomous operations.

Intellectual property surrounding Rendezvous and Proximity Operations (RPO) systems

The IP portfolio is being actively expanded, particularly in the area of autonomous operations. Momentus Inc. (MNTS) was selected by the US Air Force in February 2025 to demonstrate low-cost sensors for in-space Rendezvous and Proximity Operations (RPO). This demonstration, supported by the $1.86 million SpaceWERX contract, involves an internally developed RPO system equipped with optical, infrared, and lidar sensors. This technology is key for future servicing, refueling, and debris mitigation missions, representing a valuable, protected asset.

Momentus Inc. (MNTS) - Canvas Business Model: Value Propositions

You're looking at the core value Momentus Inc. delivers to its customers, which is all about getting things where they need to be in space, reliably and affordably.

The company's offering centers on providing cost-effective, precise, last-mile satellite transportation in orbit. This service is enabled by their proprietary propulsion technology.

The sustainable, non-toxic water plasma-based propulsion, the Microwave Electrothermal Thruster (MET), has demonstrated operational capability. On the Vigoride-5 mission, the MET successfully raised the orbital altitude by more than 3 km. The total MET firing time achieved stands at approximately 230 minutes, with more than 35 firings completed.

Momentus Inc. provides a platform for hosted payload services, which is a key value for in-orbit research and technology testing. For instance, the company secured a $5.1 million NASA contract to support a microgravity technology demonstration using the Vigoride orbital service vehicle. Another contract from NASA will support the in-orbit testing of a Power Processing Unit (PPU) for Hall Thrusters aboard the Vigoride 7 Orbital Service Vehicle.

Orbital customization and delivery for small and microsatellites is a core transportation service. Since May 2022, Momentus Inc. has deployed 18 customer satellites using Vigoride and deployers.

The Vigoride vehicle also serves as a platform for in-space manufacturing and robotics demonstrations. This is evidenced by a $1.86M Direct to Phase II SBIR contract with SpaceWERX to demonstrate an internally developed Rendezvous and Proximity Operations (RPO) system. Furthermore, the company signed a $15 Million Global Agreement with Solstar Space.

Here's a quick look at some of the contract values and performance metrics that define these value propositions as of late 2025:

The company's financial structure reflects this service focus, with a Trailing Twelve Month Revenue as of September 30, 2025, reported at $1.03M. The gross profit margin is reported at 92.49%. As of November 19, 2025, the stock price was $0.71, with a market capitalization of $16.3M.

The specific capabilities Momentus Inc. offers include:

• Successful orbital raise maneuvers using the MET.
• Delivery of customer satellites to precise and custom orbits.
• Hosting payloads for technology validation, such as CisLunar Industries\' PPU.
• Demonstrating in-orbit autonomous operations capabilities.

Finance: review the cash runway against the current ratio of 0.41 by next Tuesday.

Momentus Inc. (MNTS) - Canvas Business Model: Customer Relationships

You're looking at how Momentus Inc. builds and maintains its connections with the entities paying for its in-space transportation and services. It's a mix of deep government ties and newer, innovative commercial collaborations.

High-touch, long-term strategic relationships with government agencies define a core part of the business. These relationships often involve complex technology demonstrations and future capability development. For instance, as of late 2025, Momentus Inc. was awarded a contract from NASA's Armstrong Flight Research Center valued at $2.5 million to demonstrate a Rotating Detonation Rocket Engine in orbit. Furthermore, following an initial study contract, Momentus was one of two companies under evaluation in September 2025 for a larger, follow-on mission contract from NASA. The company also has existing contracts with the U.S. Government, including one awarded from the U.S. Defense Department's Space Development Agency (SDA) for the Hybrid Acquisition for Proliferated LEO (HALO) program.

Direct engagement with commercial customers for mission planning and integration is how they secure service contracts for their Vigoride orbital service vehicles. This direct approach is necessary because mission planning for space transportation is highly customized. A significant example is the three-year reciprocal services agreement signed in October 2025 with Solstar Space, which provides a service value of up to $15 million for Momentus logistics, launch, payload deployment, and on-orbit services. To be fair, the company's Q2 2025 revenue was only $0.2 million, showing that many of these large contracts translate into revenue over multi-year performance periods, not immediately.

The company is actively pursuing co-development and revenue-sharing models for new in-orbit services, moving beyond simple transportation. The partnership with DPhi Space, announced in October 2025, to launch the Clustergate-2 payload on Vigoride 7 is a prime example. The CEO noted that this type of partnership is expected to 'open up a new market segment and provide additional revenue from our future missions.' This model allows customers like DPhi Space to upload code and test applications over months or years via a cloud-like dashboard, suggesting a recurring revenue potential tied to mission duration.

Dedicated customer success for complex, multi-phase space missions is critical, though specific staffing numbers aren't public. The nature of the services-in-space transportation, hosted payloads, and on-orbit servicing-demands close coordination. The company has stated it offers satellites to support government and commercial customers for missions like communications and missile tracking. The successful deployment of all customer payloads on the Vigoride-6 mission, which included payloads for ARCA Dynamics, C3S LLC., Aarhus University, and an Asian customer booked through ISILAUNCH, demonstrates this execution capability.

Here's a quick look at the value associated with some of these key customer relationships as of late 2025:

The company has shifted away from reporting traditional backlog metrics, finding them less useful given the long-term nature of these contracts. Still, securing these agreements is the primary driver for future revenue recognition.

Finance: draft 13-week cash view by Friday.

Momentus Inc. (MNTS) - Canvas Business Model: Channels

You're looking at how Momentus Inc. (MNTS) gets its in-space transportation and infrastructure services in front of paying customers as of late 2025. It's a mix of direct government engagement and commercial partnerships.

Direct sales and contracting with U.S. government agencies (NASA, DoD, SpaceWERX)

The government segment is clearly a key channel, evidenced by specific contract wins. For instance, Momentus Inc. (MNTS) secured a $2.5 million contract from NASA for a Rotating Detonation Rocket Engine demonstration scheduled for 2025.

This direct engagement also includes work under NASA's Venture-Class Acquisition of Dedicated and Rideshare (VADR) contract, which positions Momentus Inc. (MNTS) as a supplier for future agency missions. Furthermore, the company was awarded a contract expansion by the DoD to conduct an in-orbit demonstration of large-scale structure assembly. They were also selected by the US Air Force in February 2025 to demonstrate low-cost sensors for in-space Rendezvous and Proximity Operations (RPO).

Here's a quick look at some of the recent government-related channel activity:

• NASA contract for RDRE demonstration: $2.5 million.
• DoD contract expansion for in-orbit assembly demonstration.
• US Air Force selection for RPO sensor demonstration (February 2025).
• NASA VADR contract participation for future launch services.

Third-party launch providers (e.g., SpaceX) for rideshare missions

While Momentus Inc. (MNTS) primarily uses its own Vigoride orbital service vehicle, securing rideshare capacity on established providers remains a component of their overall service delivery and market access strategy, though recent data focuses more on their own vehicle's manifest. The company has a history of reserving ports on third-party missions, such as planning on flying on three SpaceX missions in 2024, inclusive of Transporter-10, 11, and 12.

The channel for in-orbit demonstration services is validated by contracts that utilize their vehicle, which itself is the service being sold. For example, a contract was signed to showcase Pulsar Fusion's Hall Effect Thruster (HET) technology on a late 2026 launch aboard the Vigoride vehicle.

The following table summarizes key recent agreements that validate the service delivery channel:

Direct sales team targeting commercial satellite operators and integrators

The commercial side of the business relies on direct sales to secure payload transport and in-orbit service contracts. As of October 2025, Momentus Inc. (MNTS) signed a $15 million Global Agreement with Solstar Space for logistics, launch, payload deployment, and on-orbit services.

Another commercial channel validation came with a new contract signed on October 30, 2025, with DPhi Space to fly an Edge Computing Payload on the next mission, which includes future revenue sharing. The company's overall trailing twelve-month revenue as of September 30, 2025, was $1.03M.

Industry conferences and defintely government procurement portals

Accessing government contracts is heavily dependent on navigating procurement portals and participating in industry events where relationships are built. The selection by NASA under the Flight Opportunities program is a direct result of engaging with government technology solicitation channels. The company's market capitalization as of November 19, 2025, was $16.3M, with a stock price of $0.71.

The sales effort is supported by the company's stated goal to provide services at commercially viable price points for space robotics applications.

Momentus Inc. (MNTS) - Canvas Business Model: Customer Segments

You're looking at the customer base for Momentus Inc. as of late 2025. It's a mix of high-stakes government work and commercial deployment needs, which is typical for a company building out in-space infrastructure. Here's the quick math on who is paying for their transportation and service capabilities.

U.S. Government and Defense

This segment is anchored by specific, high-value technology demonstration contracts. These customers need to validate capabilities like autonomous operations in orbit, which Momentus Inc. is positioned to support with its Vigoride orbital service vehicle.

• Secured a $1.86M Direct to Phase II SBIR contract with SpaceWERX, the U.S. Space Force innovation arm, for an in-space flight demonstration of a multi-spectral sensor suite for Rendezvous and Proximity Operations (RPO).
• Received a contract expansion from the Defense Advanced Research Projects Agency (DARPA) for an in-orbit demonstration of large scale structure assembly under the NOM4D program.
• Awarded a contract by NASA to perform a study for flying critical foundational robotics technologies, with a follow-on mission proposal expected.
• The company is targeting support for Department of Defense customers planning missions in early 2026.

Commercial Satellite Operators

Commercial operators, from large constellations to smaller entities, use Momentus Inc. for cost-effective delivery to specific orbits or for hosting payloads. The total TTM revenue as of September 30, 2025, was $1.03M.

In-Orbit Research and Manufacturing firms

This segment is about providing a platform for advanced in-space activities beyond simple deployment. The company is focused on demonstrating capabilities like on-orbit servicing, refueling, and assembly, which are key for future manufacturing and maintenance operations.

• Momentus Inc. offers hosted payload services for customers needing to operate payloads in orbits below the International Space Station.
• The Solstar agreement includes integration of Solstar communications solutions on the Momentus Orbital Service Vehicle, enabling resilient spacecraft-to-spacecraft operations like refueling and repair.
• The company is working on a demonstration mission for Pulsar Fusion's Advanced HET Propulsion System.

Academic and institutional organizations

Academic and institutional payloads are often flown as hosted payloads on Vigoride missions to demonstrate new technology or conduct science experiments. The company's Q3 2025 revenue was $234.00K, representing a 118.69% increase year-over-year for that quarter.

The annual revenue for the last reported full fiscal year, 2024, was $2.11M.

The company has 131 total employees as of late 2025.

Finance: review the cash burn rate against the $1.03M TTM revenue by end of Q3 2025.

Momentus Inc. (MNTS) - Canvas Business Model: Cost Structure

You're hiring before product-market fit, so understanding where every dollar goes in the Cost Structure block of the Business Model Canvas is critical for Momentus Inc. (MNTS). Here's the quick math on the major outflows as of late 2025, based on the latest reported figures.

The primary recurring operational costs are concentrated in personnel and overhead, although R&D remains a significant, albeit recently reduced, expenditure area. The company is actively managing its burn rate, as evidenced by reductions in both R&D and SG&A payroll components.

The workforce size directly impacts payroll, a major component of both R&D and SG&A. As of late 2025 reporting contexts, the engineering and corporate staff level is noted at approximately 131 employees. This headcount level is a key driver in the reported decrease in payroll expenses across operating categories.

Beyond direct operational expenses, Momentus Inc. incurs costs related to maintaining its public status and fulfilling contractual obligations. The company has faced compliance activities, including a delay in filing its Form 10-Q for the period ending September 30, 2025, which required additional time to finalize accounting treatment for certain financial instruments related to an equity purchase agreement.

• Payroll and engineering expenses tied to the workforce of approximately 131 employees.
• Launch and subcontractor costs associated with third-party launch services for in-space infrastructure missions.
• Legal and compliance costs, including expenses related to derivative lawsuits and ongoing SEC filing requirements.
• The last reported earnings date for the fiscal year was Thursday, November 20, 2025.

Finance: draft 13-week cash view by Friday.

Momentus Inc. (MNTS) - Canvas Business Model: Revenue Streams

You're looking at the core ways Momentus Inc. brings in cash right now, which is critical when you see the current top-line numbers. Honestly, the revenue streams are a mix of immediate service delivery and securing future value through significant contract wins.

The current financial reality shows that the Trailing Twelve Month (TTM) revenue is low at $1.03 million as of September 2025. This figure reflects the immediate cash flow from completed services over the preceding year.

Momentus Inc. generates service revenue from government and commercial contracts. For instance, looking at the first half of 2025, the revenue from U.S. Government organizations was reported:

• For the three months ended June 30, 2025: $0.2 million.
• For the six months ended June 30, 2025: $0.4 million.

This is a notable drop from the prior year's comparable periods, where revenue from the U.S. Government was $1.2 million (three months) and $1.7 million (six months) ended June 30, 2024.

Another component feeding into the current revenue is revenue from forfeited customer deposits due to contract non-performance. For the three and six months ended June 30, 2025, the Company recognized $0.2 million and $0.5 million in revenue, respectively, from forfeited customer deposits, primarily related to expired options. You should note that as of June 30, 2025, the Company held customer deposit balances of $3.1 million, which are recorded as contract liabilities until earned. That's a lot of potential future revenue sitting on the balance sheet.

The future revenue picture is significantly bolstered by major contract awards for technology demonstrations. Most recently, Momentus Inc. secured two major NASA contracts totaling $7.6 million in October 2025. One of these specific awards, for the COSMIC demonstration, was valued at $5.1 million. These awards are key indicators of future service delivery revenue.

Furthermore, Momentus Inc. is building out its recurring and partnership-based revenue through agreements like the one with DPhi Space. This involves future revenue sharing from hosted payload partnerships. The partnership with DPhi Space, announced in late October 2025, is set to fly the Clustergate-2 payload on the Vigoride 7 mission, targeted for early 2026, and the company expects this to open up a new market segment providing additional revenue from future missions.

Here's a quick look at some of the key financial and contract figures shaping the revenue stream:

The business is clearly transitioning, relying on current, albeit low, service revenue while securing substantial, non-immediate revenue from technology demonstration contracts and partnership agreements. Finance: draft 13-week cash view by Friday.