Momentus Inc. (NASDAQ: MNTS) published a letter to shareholders detailing operational progress and financial improvements across its satellite technology and space transportation business.

The San Jose-based company launched its Vigoride 7 spacecraft on March 30, 2026, aboard SpaceX's Transporter 16 vehicle for technology demonstrations planned over several months. The company forecasts revenue of $10.0 million in 2026, representing a nine-fold increase from $1.1 million in 2025, driven by milestone-based contracts with NASA and the U.S. Department of Defense.

Momentus holds active contracts with multiple government agencies including DARPA, U.S. Air Force Research Labs, U.S. Space Force's Space Development Agency, NASA, and the Missile Defense Agency. The company has rights to compete for contracts under the SHIELD IDIQ program, described as a $151 billion, 10-year national defense contract vehicle.

Cash holdings increased to $26.2 million as of April 23, 2026, from $12.8 million at year-end 2025, providing an estimated 12-month operating runway. The company completed a $5 million private placement of common stock on April 16, 2026, with an institutional investor.

Momentus retired its remaining $1.35 million convertible debt as of April 17, 2026, eliminating all outstanding debt. The company's next orbital service mission, Vigoride 8, planned for 2027, has been fully subscribed with NASA-awarded contracts.

"Our team continues to demonstrate disciplined execution," said CEO John Rood. "We remain focused on delivering for our customers, strengthening our operational foundation, and positioning Momentus for long‑term growth."

The letter noted the FY2027 U.S. Space Force budget request of $71 billion, more than double the previous year's allocation.