Momentus spent the first half of the year buying itself out of a going-concern corner and putting a live orbital service vehicle back on station. The residual claim is no longer a near-term solvency story. It is a conversion story: whether Vigoride flight heritage and a booked NASA follow-on mission become a cadence of paid work rather than another one-and-done demonstration. Cash at mid-year reached $108 million after a financing wave that rebuilt equity and retired the remaining current loan. The market still prices the franchise below that cash pile, which is the honest starting point.
The operating print tells a different story from the balance sheet. First-half service revenue rose to $3 million, almost entirely from hosted-payload and engineering work recognized around the late-March launch. The second quarter then printed only $25 thousand of service revenue, which is the tell that this remains a milestone business rather than a run-rate one. Operating expenses for the half still sat near $19 million, several times the revenue base. Dilution paid for the cash. Class A shares outstanding jumped from just over two million at year-end to more than twenty million by mid-year.
Vigoride 7 is flying. The vehicle launched on a SpaceX rideshare in late March with ten payloads for NASA, DARPA, SpaceWERX, and commercial hosts, and it has already executed dozens of water-thruster burns to lower orbit. Vigoride 8 later cleared spacecraft design review for a fully booked NASA mission slated for next year. None of that answers the investment question facing residual holders. Does the next year of operations produce sequential service revenue that looks like a business, or another quiet quarter after the last milestone is recognized?