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.
