Momentus delays next orbital tug mission due to lack of funds
The orbital tug startup Momentus has now delayed its next orbital tug mission, scheduled to launch in March on a SpaceX Falcon 9 rocket, due to shortage of cash in the bank.
In a filing with the U.S. Securities and Exchange Commission Jan. 12, Momentus announced it did not plan to fly its next tug, Vigoride-7, on SpaceX’s Transporter-10 rideshare launch in March. The company said it called off the flight because of its “inability to support continuing operations for the expected launch date as a result of the Company’s limited liquidity and cash balance.”
The company said in November that it has signed up seven customers who planned to deploy satellites on Vigoride-7 and two other customers who would operate hosted payloads on the vehicle, but did not identify then. Momentus also intended to fly a rendezvous and proximity operations demonstration on the vehicle as part of its long-term plans for reusable tugs.
Momentus also announced the layoff of 20% of its full-time workforce, on top of the 30% layoffs which occurred in the third quarter in 2023. It appears from the SEC filing that these layoffs are a result of not winning the military contract to build its Tranche-2 constellation, won by Rocket Lab earlier this week.
The company is presently seeking new investment capital.
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The orbital tug startup Momentus has now delayed its next orbital tug mission, scheduled to launch in March on a SpaceX Falcon 9 rocket, due to shortage of cash in the bank.
In a filing with the U.S. Securities and Exchange Commission Jan. 12, Momentus announced it did not plan to fly its next tug, Vigoride-7, on SpaceX’s Transporter-10 rideshare launch in March. The company said it called off the flight because of its “inability to support continuing operations for the expected launch date as a result of the Company’s limited liquidity and cash balance.”
The company said in November that it has signed up seven customers who planned to deploy satellites on Vigoride-7 and two other customers who would operate hosted payloads on the vehicle, but did not identify then. Momentus also intended to fly a rendezvous and proximity operations demonstration on the vehicle as part of its long-term plans for reusable tugs.
Momentus also announced the layoff of 20% of its full-time workforce, on top of the 30% layoffs which occurred in the third quarter in 2023. It appears from the SEC filing that these layoffs are a result of not winning the military contract to build its Tranche-2 constellation, won by Rocket Lab earlier this week.
The company is presently seeking new investment capital.
Readers!
My annual February birthday fund-raising drive for Behind the Black is now over. Thank you to everyone who donated or subscribed. While not a record-setter, the donations were more than sufficient and slightly above average.
As I have said many times before, I can’t express what it means to me to get such support, especially as no one is required to pay anything to read my work. Thank you all again!
For those readers who like my work here at Behind the Black and haven't contributed so far, please consider donating or subscribing. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
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With all the ads for cheap bathroom makeovers, an orbital tub mission couldn’t be THAT expensive!?
Ray Van Dune: Fixed, though I was lucky to figure out what the issue was, with you being so cute about it. I really appreciate people telling me when I make typos (especially because I am making so many these days), but please don’t make it a riddle for me.
Thanks regardless.
“… has now delayed its next orbital tub mission …’
Well, actually …
Call Me Ishmael-
Har!
well those keys are adjacent…
Well, I have made many editorial corrections, so I thought I could be forgiven a little fun.
Yes those keys are adjacent, and so are T and Y. In my last job I had a lady boss who was excellent. On my last day (leaving amicably) I sent her a note asking her for some small favor that I can’t even remember now, remarking that she might find it difficult because she was very busy.
At the swell retirement party they threw me, she suddenly put up a slide of the message I had sent her, saying it was an example of how careless people become when they think they are safely leaving. Sure enough, in my message, I had written that I knew that she might have difficulty doing.what I asked… because she was very “busty”!
Like I said, she was a great boss!
Ray Van Dune: I don’t mind the fun, not at all. I just wish that AFTER the joke you had the stated the issue precisely, to help.
It is not a big deal, believe me. I thank you (and everyone) again for your help.