Momentus Inc (MNTS) 2023 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Momentus Inc. first-quarter 2023 earnings conference call. All lines have been placed on mute to prevent any background noise. (Operator Instructions) As a reminder, today's call is being recorded.

您好，感謝您的支持。我叫艾瑪，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Momentus Inc. 2023 年第一季度財報電話會議。所有線路均已靜音，以防止任何背景噪音。 （操作員說明）謹此提醒，今天的通話正在錄音。

I would now like to turn the conference over to [Mary Horne]. Please go ahead.

我現在想把會議交給[瑪麗·霍恩]。請繼續。

Thank you, and hello, everyone. Welcome to Momentus' first-quarter 2023 earnings conference call. With me here today are John Rood, Chief Executive Officer of the company and Chairman of its Board of Directors; as well as Eric Williams, Chief Financial Officer. Each will provide prepared remarks; following these prepared remarks, we will take questions from analysts.

謝謝大家，大家好。歡迎參加 Momentus 2023 年第一季度收益電話會議。今天與我在一起的有該公司首席執行官兼董事會主席約翰·魯德 (John Rood)；以及首席財務官埃里克·威廉姆斯(Eric Williams)。每個人都將提供準備好的評論；在這些準備好的發言之後，我們將回答分析師的問題。

Earlier today, we issued a press release and made a slide presentation available on our Investor Relations website, which provides an overview of our business and financial highlights for the quarter. You can download a copy of the release and presentation slides at investors.momentus.space.

今天早些時候，我們發布了一份新聞稿，並在我們的投資者關係網站上提供了幻燈片演示，其中概述了我們本季度的業務和財務亮點。您可以在 Investors.momentus.space 下載新聞稿和演示幻燈片的副本。

During today's call, we will make certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication.

在今天的電話會議中，我們將根據1933 年《證券法》第27A 條和1934 年《交易法》第21E 條的規定做出某些前瞻性陳述。前瞻性陳述是指對未來事件的預測、預測和其他陳述。基於當前的預期和假設，因此會受到風險和不確定性的影響。許多因素可能導致未來的實際事件與本新聞稿中的前瞻性陳述存在重大差異。

You should listen to today's call with the understanding that our actual results may be materially different from the plans, intentions, and expectations disclosed in the forward-looking statements. For more information about factors that may cause actual results to materially differ from forward-looking statements, please refer to the earnings press release we issued today as well as the company's filings with the Securities and Exchange Commission.

您在聆聽今天的電話會議時應該了解，我們的實際結果可能與前瞻性聲明中披露的計劃、意圖和期望存在重大差異。有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱我們今天發布的收益新聞稿以及該公司向美國證券交易委員會提交的文件。

Readers are cautioned not to put undue reliance on forward-looking statements, and the company specifically disclaims any obligation to update the forward-looking statements that may be discussed during this call.

請讀者不要過分依賴前瞻性陳述，並且該公司明確表示不承擔更新本次電話會議期間可能討論的前瞻性陳述的任何義務。

Please also note that we will refer to certain non-GAAP financial information on today's call. You can find reconciliation of the non-GAAP financial measures to the most comparable GAAP measures in our earnings press release. None of these non-GAAP financial measures is a substitute for or superior to measures of financial performance prepared in accordance with GAAP.

另請注意，我們將在今天的電話會議上參考某些非公認會計準則財務信息。您可以在我們的收益新聞稿中找到非公認會計準則財務指標與最具可比性的公認會計準則財務指標的調節表。這些非公認會計原則財務指標均不能替代或優於根據公認會計原則編制的財務業績指標。

With that, I'd like to turn the call over to our Chairman and Chief Executive Officer, John Rood.

說到這裡，我想將電話轉給我們的董事長兼首席執行官約翰·魯德。

Well, thank you, Mary. It's a pleasure to be here today to provide an update on the progress that we've made at Momentus over the past quarter and our Q1 financial results. I'm also pleased to have Eric Williams here for our first -- for his first earnings call as our CFO. After I make my comments, Eric will take you through the financial highlights and the outlook.

嗯，謝謝你，瑪麗。今天很高興來到這裡，介紹 Momentus 在過去一個季度取得的進展以及第一季度的財務業績。我也很高興埃里克·威廉姆斯 (Eric Williams) 第一次來到這裡，參加他作為我們的首席財務官的第一次財報電話會議。在我發表評論後，埃里克將向您介紹財務亮點和前景。

Turning to slide 4, in the first quarter, Momentus demonstrated solid progress toward our goal of being one of the market leaders in in-space transportation and infrastructure services for US government and commercial customers. We are at the forefront of this rapidly expanding market, possess key competitive advantages, and have confidence in our long-term strategy.

轉向幻燈片 4，第一季度，Momentus 在實現我們成為美國政府和商業客戶的太空運輸和基礎設施服務市場領導者之一的目標方面取得了堅實的進展。我們處於這個快速擴張的市場的前沿，擁有關鍵的競爭優勢，並對我們的長期戰略充滿信心。

In my remarks today, I'll focus on four things that fuel my excitement about the future of Momentus. First, our core technology is functional and operational in space. We've come a long way in maturing our technology, and we're delighted to be seeing our spacecraft and its key technologies performing in space. With every passing day and orbit our spacecraft around the Earth, we gain more flight heritage and increase this important advantage over competitors that have yet to fly their vehicles in space or sure they can do so successfully.

在今天的講話中，我將重點關註四件事，這些事情讓我對 Momentus 的未來感到興奮。首先，我們的核心技術在太空中具有功能性和可操作性。我們在技術成熟方面已經取得了長足進步，我們很高興看到我們的航天器及其關鍵技術在太空中發揮作用。隨著時間的推移，我們的航天器繞地球運行，我們獲得了更多的飛行遺產，並增加了相對於那些尚未在太空中駕駛飛行器或確信他們能夠成功飛行的競爭對手的這一重要優勢。

Second, we continue to see growing interest from customers, both commercial and government customers responsible for US national security missions that we plan to translate into contracts over the coming months. Third, we're driving new innovation to maximize our competitive advantage and are excited about new capabilities and technology that we will be demonstrating in space in the next few months. And fourth, one of the key reasons why we're confident about our future is the cumulative decades of experience within our veteran leadership team.

其次，我們繼續看到客戶的興趣日益濃厚，包括負責美國國家安全任務的商業和政府客戶，我們計劃在未來幾個月將其轉化為合同。第三，我們正在推動新的創新，以最大限度地提高我們的競爭優勢，並對我們將在未來幾個月在太空中展示的新功能和技術感到興奮。第四，我們對未來充滿信心的關鍵原因之一是我們經驗豐富的領導團隊積累了數十年的經驗。

We've taken great strides in our engineering and technology development, whether measured in metrics for productivity, quality, speed of production, testing, and improved capabilities. We've been able to do this by leveraging over 150 years of experience leading technology development efforts at space companies by our top six leaders in engineering and supply chain.

無論是從生產力、質量、生產速度、測試還是改進能力的指標來衡量，我們在工程和技術開發方面都取得了長足的進步。我們之所以能夠做到這一點，是因為我們的工程和供應鏈六大領導者利用了 150 多年在航天公司領導技術開發工作的經驗。

These leaders have learned the hard lessons and nuances that can only be learned through experience of what it takes to be successful in developing new technology for the harsh and unforgiving environment in space. When combined with a young, talented crop of engineers eager to change the way we operate in space and to be more agile and innovative, we have a very strong talent mix that has a competitive advantage over our peers.

這些領導人已經吸取了慘痛的教訓和細微差別，而這些教訓只能通過成功開發適用於嚴酷無情的太空環境的新技術所需的經驗來學習。與一群年輕、才華橫溢、渴望改變我們在太空運作方式並變得更加敏捷和創新的工程師相結合，我們擁有非常強大的人才組合，比同行具有競爭優勢。

Specifically, I'd like to mention Tom Malko. He was our VP of operations, but we recently expanded his role to oversee engineering and operations. Tom has more than 40 years of experience overseeing the design, production, launch, and operation of satellites and space systems at Lockheed Martin. Under his leadership, Momentus has been implementing improvements and best practice processes that have increased productivity, reduced defect rates, and allowed us to produce spacecraft faster at lower cost and better quality.

具體來說，我想提一下湯姆·馬爾科。他是我們的運營副總裁，但我們最近將他的職責擴大到監督工程和運營。 Tom 在洛克希德·馬丁公司擁有 40 多年監督衛星和空間系統設計、生產、發射和運營的經驗。在他的領導下，Momentus 一直在實施改進和最佳實踐流程，提高了生產率，降低了缺陷率，並使我們能夠以更低的成本和更好的質量更快地生產航天器。

I'd also like to highlight Charles Chase, who recently transitioned from being our VP of engineering to be our VP of special programs where he is focused on winning new business and national security business. This is part of our greater focus on growing our business supporting national security missions. Charles has a 30-year track record and notably was the founder and leader of Revolutionary Technology Programs, the organization at the technological frontend of the story of Lockheed Martin Skunk Works.

我還要強調查爾斯·蔡斯（Charles Chase），他最近從我們的工程副總裁轉任我們的特殊項目副總裁，他專注於贏得新業務和國家安全業務。這是我們更加註重發展支持國家安全任務的業務的一部分。查爾斯擁有 30 年的業績記錄，值得注意的是，他是革命性技術計劃的創始人和領導者，該組織處於洛克希德·馬丁臭鼬工廠故事的技術前沿。

Turning to slide 5, let me begin by providing an update on our technology and missions. In less than a year, Momentus has launched three Vigoride orbital service vehicles or OSVs. All three Vigoride vehicles are currently in orbit, and we are on track to launch our fourth orbital service vehicle called Vigoride-7 later this year on the SpaceX Transporter-9 mission targeted for October.

轉向幻燈片 5，讓我首先介紹我們的技術和任務的最新情況。在不到一年的時間裡，Momentus 發射了三架 Vigoride 軌道服務飛行器（OSV）。所有三艘 Vigoride 運載火箭目前都在軌道上，我們有望在今年晚些時候在 SpaceX Transporter-9 任務中發射我們的第四艘軌道服務運載火箭 Vigoride-7，該任務定於 10 月進行。

Turning to slide 6, as a reminder, Vigoride-3 was launched in May 2022, and we deployed eight customer satellites from the Vigoride-3 vehicle and a third-party deployer. We have since completed operation of this spacecraft which remains in orbit.

轉向幻燈片 6，提醒一下，Vigoride-3 於 2022 年 5 月發射，我們從 Vigoride-3 車輛和第三方部署者部署了八顆客戶衛星。我們已經完成了這艘仍在軌道上運行的航天器的運行。

Vigoride-5 was launched in January 2023, carrying a large hosted payload for Caltech and a satellite for a customer called Qosmosys. Our near-term focus with this mission has been testing of our pioneering microwave electrothermal thruster, or MET, which I'll discuss in more detail later.

Vigoride-5 於 2023 年 1 月發射，為加州理工學院運載了大型託管有效載荷，並為 Qosmosys 客戶運載了一顆衛星。我們近期的任務重點是測試我們開創性的微波電熱推進器（MET），我將在稍後詳細討論。

On Vigoride-5, we deployed a customer satellite for Qosmosys, a Singapore company and are now transitioning to support a Caltech-hosted payload called the space solar power demonstration that aims to demonstrate the ability to collect solar energy in space and transmit the electricity wirelessly in space and to Earth. We are under contract to support the Caltech mission for at least six months with an option for up to two years. Hosted payload missions like we're providing to Caltech are more profitable than transportation missions, particularly for larger hosted payloads and longer-duration missions.

在 Vigoride-5 上，我們為新加坡公司 Qosmosys 部署了一顆客戶衛星，現在正在過渡以支持加州理工學院託管的有效載荷，稱為空間太陽能演示，旨在展示在太空收集太陽能和無線傳輸電力的能力在太空和地球上。我們簽訂的合同將為加州理工學院的任務提供至少六個月的支持，並可選擇最長兩年的時間。像我們向加州理工學院提供的託管有效載荷任務比運輸任務更有利可圖，特別是對於較大的託管有效載荷和持續時間較長的任務。

Vigoride-6 was launched in April and carries two satellites from NASA that we plan to deliver in the next few weeks to a unique custom orbit. This is the NASA LLITED mission that will measure and study two features of the nighttime upper atmosphere, making an important contribution toward understanding weather in space that impacts our lives on Earth and the reentry rates of satellites. On this mission, we're also flying payloads for four other commercial customers. Vigoride-6 also carries a Momentus-developed solar array technology demo, which I'll discuss in detail later in my remarks.

Vigoride-6 於 4 月發射，搭載了 NASA 的兩顆衛星，我們計劃在未來幾週內將它們送入獨特的定制軌道。這是 NASA 的 LLITED 任務，將測量和研究夜間高層大氣的兩個特徵，為了解影響我們地球生活的太空天氣和衛星的再入率做出重要貢獻。在這次任務中，我們還為其他四個商業客戶飛行有效載荷。 Vigoride-6 還帶有 Momentus 開發的太陽能電池陣列技術演示，我將在稍後的發言中詳細討論。

We are operating Vigoride-5 and Vigoride-6 concurrently from our mission operations headquarters in San Jose, California just a few steps away from where we're calling you for this conference call. We have now successfully commissioned and operated in space all of the subsystems of our Vigoride orbital service vehicle during the Vigoride-5 mission.

我們在位於加利福尼亞州聖何塞的任務運營總部同時運營 Vigoride-5 和 Vigoride-6，距離我們召集您參加本次電話會議的地點僅幾步之遙。現在，我們已在 Vigoride-5 任務期間成功在太空調試並運行了 Vigoride 軌道服務飛行器的所有子系統。

We've also commissioned most of the subsystems of Vigoride-6 with the remainder scheduled to be completed in the next few weeks. Both spacecraft have their solar arrays deployed, are generating power normally, and we're commanding and operating both spacecraft through a network of ground stations for communications.

我們還調試了 Vigoride-6 的大部分子系統，其餘子系統計劃在未來幾週內完成。兩艘航天器都部署了太陽能電池陣列，正在正常發電，我們通過地面通信站網絡指揮和操作兩艘航天器。

In October this year we'll be launching our fourth orbital service vehicle, Vigoride-7. On that flight, we plan to carry six satellites that we plan to deploy for commercial customers as well as two hosted payloads for commercial customers. We also plan to carry a Momentus-hosted payload that we will use to conduct a rendezvous proximity operations demonstration, and I'll talk more about that later.

今年 10 月，我們將發射第四顆軌道服務飛行器 Vigoride-7。在那次航班上，我們計劃攜帶六顆為商業客戶部署的衛星以及兩顆為商業客戶託管的有效載荷。我們還計劃攜帶 Momentus 託管的有效載荷，用於進行交會近距離操作演示，稍後我將詳細討論這一點。

As you recall, our contracts are structured such that we typically recognize revenue from these customers once we deliver their satellite to orbit or complete their payloads mission. I'm proud to say that these missions in Vigoride vehicles have allowed us to quickly advance to operations in space. And the time to produce and launch each of Vigoride spacecraft is coming down with each iteration much faster than the traditional learning curve, meaning increased productivity, higher quality, and lower unit costs. For example, Vigoride-6 assembly integration and test was 36% faster than Vigoride-5.

正如您所記得的，我們的合同結構使得我們通常在將這些客戶的衛星送入軌道或完成其有效載荷任務後確認來自這些客戶的收入。我很自豪地說，Vigoride 飛行器的這些任務使我們能夠快速推進太空行動。隨著每次迭代，生產和發射每艘 Vigoride 航天器的時間都比傳統的學習曲線快得多，這意味著生產力提高、質量更高、單位成本更低。例如，Vigoride-6 裝配集成和測試比 Vigoride-5 快 36%。

We have vastly improved our engineering and operations capabilities and processes over the past year, and we continue to use the lessons learned to improve our most -- more recent spacecraft and to contribute to the success of future missions. We are also pleased to see our technology performing in space, which has increased our confidence in our technology and its capabilities.

在過去的一年裡，我們極大地提高了我們的工程和運營能力和流程，我們將繼續利用吸取的經驗教訓來改進我們最新的航天器，並為未來任務的成功做出貢獻。我們也很高興看到我們的技術在太空中的表現，這增強了我們對我們的技術及其能力的信心。

During the three Vigoride missions that we've conducted in space, we've learned a lot and are continuously improving our spacecraft and its technologies. To be sure, we've had challenges that we've worked to overcome on our initial missions. This is common on early missions in space and what we said to expect. It's part of the learning process and process of developing and demonstrating space technology.

在我們在太空執行的三項 Vigoride 任務中，我們學到了很多東西，並不斷改進我們的航天器及其技術。可以肯定的是，我們在最初的任務中遇到了一些挑戰，並努力克服。這在早期太空任務和我們所說的預期中很常見。這是學習過程以及開發和演示空間技術過程的一部分。

For example, much like the updates we commonly made to the software in our personal computers and cell phone operating systems, we've uploaded improvements and bug fixes to the software used in our spacecraft to address things observed on orbit or to automate processes and operations. We plan to continue to do so as our missions go forward to continuously improve the operation of our spacecraft. We've also designed our orbital service vehicle with redundancy and resiliency features like a fully redundant A and B side of the spacecraft, with two sets of avionics, radios, and other features that we have used and demonstrated on orbit.

例如，就像我們通常對個人電腦和手機操作系統中的軟件進行的更新一樣，我們對航天器中使用的軟件進行了改進和錯誤修復，以解決在軌道上觀察到的問題或實現流程和操作的自動化。我們計劃隨著任務的推進繼續這樣做，以不斷改進我們的航天器的運行。我們還設計了具有冗餘和彈性功能的軌道服務飛行器，例如航天器的完全冗餘的 A 側和 B 側，以及我們在軌道上使用和演示的兩套航空電子設備、無線電和其他功能。

Turning to slide 7, since our last earnings call, we've successfully operated our pioneering microwave electrothermal thruster or MET on the Vigoride spacecraft on orbit, showing it can perform our near-term use cases in space. The MET is the Vigoride orbital service vehicle's primary propulsion method that produces thrust by expelling extremely hot gases through a rocket nozzle. Unlike a conventional chemical rocket engine, which creates thrust through a chemical reaction, the MET is designed to create a plasma and thrust using solar power to drive a microwave electronic -- a microwave energy source that heats the water propellant.

轉向幻燈片 7，自上次財報電話會議以來，我們已經在軌道上的 Vigoride 航天器上成功運行了我們開創性的微波電熱推進器或 MET，這表明它可以在太空中執行我們的近期用例。 MET 是 Vigoride 軌道服務飛行器的主要推進方式，通過火箭噴嘴排出極熱的氣體來產生推力。與通過化學反應產生推力的傳統化學火箭發動機不同，MET 的設計目的是利用太陽能產生等離子體和推力，以驅動微波電子設備（一種加熱水推進劑的微波能源）。

Momentus has two patents in support of this proprietary propulsion technology. The MET is an innovative, pioneering technology that offers key efficiency, safety, and sustainability advantages. We have now performed more than 35 firings of the MET, ranging from thirty seconds to six minutes, and these burns have shown that we can execute our near-term potential use cases.

Momentus 擁有兩項專利來支持這種專有的推進技術。 MET 是一項創新、開創性的技術，具有關鍵的效率、安全性和可持續性優勢。我們現在已經執行了超過 35 次 MET 點火，時間從 30 秒到 6 分鐘不等，這些燃燒表明我們可以執行近期的潛在用例。

In total, we've achieved more than 140 minutes of firing time of the MET and have raised the orbit of the vehicle by more than 3 kilometers. In fact, we've actually exceeded the duration range for the full power or the full duration of planned firing by 20%, which we consider to be a very significant accomplishment.

總的來說，我們已經實現了 MET 發射時間超過 140 分鐘，並將飛行器的軌道提高了 3 公里以上。事實上，我們實際上已經超出了全功率或計劃發射的全部持續時間的持續時間範圍 20%，我們認為這是一項非常重大的成就。

To be clear, Momentus has now operated the MET successfully in space at full power across the range of durations for firing that we plan to operationally use to deliver satellites to precise customer orbits and to provide in-space infrastructure services like hosted payloads. For those of you familiar with Defense Department programs, this means that our MET has achieved technology readiness level nine, which is DOD's highest TRL level. Simply put, we have now shown that water heated by the sun is a viable fuel in space and that our water-based, solar-heated MET thruster can provide capabilities across a broad range of national security and commercial needs.

需要明確的是，Momentus 現已在太空中成功地在發射持續時間範圍內以全功率運行MET，我們計劃在操作中使用該發射將衛星運送到精確的客戶軌道，並提供託管有效載荷等太空基礎設施服務。對於熟悉國防部計劃的人來說，這意味著我們的 MET 已達到技術準備級別 9，這是國防部的最高 TRL 級別。簡而言之，我們現在已經證明，太陽加熱的水是太空中可行的燃料，並且我們的水基太陽能加熱 MET 推進器可以提供滿足廣泛的國家安全和商業需求的功能。

Turning to slide 8, as a result, we are seeing growing customer interest and engagement of our services. Some of our existing commercial customers are planning to launch hundreds of satellites in low-Earth orbit and some in geostationary orbit over the next few years.

轉向幻燈片 8，我們發現客戶對我們服務的興趣和參與度不斷增長。我們現有的一些商業客戶計劃在未來幾年內在近地軌道發射數百顆衛星，並在地球靜止軌道上發射一些衛星。

Since the last earnings call, we're pleased to have signed some new contracts with customers. First, in Q1, we signed two contracts with one of our Vigoride-3 customers, FOSSA Systems, which is a Spanish company that offers global low-power Internet of Things or IoT connectivity and in-space services. With a business focused on IoT that requires a wide distribution of satellites, FOSSA chose Momentus for two contracts.

自上次財報電話會議以來，我們很高興與客戶簽署了一些新合同。首先，在第一季度，我們與 Vigoride-3 客戶 FOSSA Systems 簽署了兩份合同，這是一家西班牙公司，提供全球低功耗物聯網或物聯網連接和太空服務。由於業務專注於物聯網，需要廣泛分佈衛星，FOSSA 選擇 Momentus 簽訂兩份合同。

The first contract is for the delivery of their next generation of satellites planned for launch on the SpaceX Transporter-8 mission targeted for June of 2023. Not only will this showcase the new design features of FOSSA satellites, it will also serve as a demonstration for a second batch of satellites Momentus expects to launch for FOSSA onboard a follow-on SpaceX Transporter mission in June of 2024. Combined, these two missions will kick off the deployment of a new constellation of FOSSA satellites and mark progress as Momentus works towards our first stage constellation deployment.

第一份合同是交付下一代衛星，計劃於 2023 年 6 月在 SpaceX Transporter-8 任務中發射。這不僅將展示 FOSSA 衛星的新設計特點，還將作為Momentus 預計將於2024 年6 月在後續的SpaceX Transporter 任務中為FOSSA 發射第二批衛星。這兩項任務結合起來，將啟動新的FOSSA 衛星星座的部署，並標誌著Momentus 在邁向第一批衛星的過程中取得了進展階段星座部署。

The second contract is to support FOSSA's PocketPOD, excuse me, which is a picosatellite deployer with a capacity for eight pocketqube satellites. This deployer is targeted to fly with Momentus on our October mission. It will house several small satellites serving different IoT, Earth observation, and demonstration platforms for yet-to-be-announced customers.

第二份合同是支持 FOSSA 的 PocketPOD，對不起，這是一個皮衛星部署器，可容納 8 顆 Pocketqube 衛星。該部署器的目標是與 Momentus 一起執行我們 10 月份的任務。它將容納幾顆小型衛星，為尚未宣布的客戶提供不同的物聯網、地球觀測和演示平台服務。

We have also signed service agreements with three other customers Hello Space, Lunasonde, and SatRev and a fourth customer that we'll be announcing in the near future. For Hello Space, we will be providing a hosted payload service for a deployer that will carry four pocketqube satellites. Hello Space is a Turkish Internet of Things company that is part of an alliance working toward creating a global standard for low-power, long-range, very wide area Internet of Things networks.

我們還與另外三個客戶 Hello Space、Lunasonde 和 SatRev 以及我們將在不久的將來宣布的第四個客戶簽署了服務協議。對於 Hello Space，我們將為部署者提供託管有效負載服務，該服務將攜帶四顆 pocketqube 衛星。 Hello Space 是一家土耳其物聯網公司，是致力於為低功耗、長距離、超廣域物聯網網絡創建全球標準的聯盟的一部分。

The company's deployer that it plans to demonstrate on a Momentus orbital service vehicle is a test product before full-scale manufacturing operations begin. The launch of this payload is targeted for the Vigoride-7 mission planned for October 2023. Hello Space initiated design of their deployer in 2022 and said they chose Momentus because of our flexibility and speed.

該公司計劃在 Momentus 軌道服務飛行器上演示的部署器是全面製造業務開始之前的測試產品。該有效載荷的發射目標是計劃於 2023 年 10 月進行的 Vigoride-7 任務。Hello Space 於 2022 年啟動了其部署器的設計，並表示他們選擇 Momentus 是因為我們的靈活性和速度。

For Lunasonde, a subsurface imaging company, we'll be flying a cubesat for them on our Vigoride-7 orbital service vehicle targeted for launch in October on the SpaceX Transporter-9 mission. We're also happy to announce that we've signed a contract with SatRev, a Polish Internet of Things company to deliver a cubesat to low-Earth orbit also on our Vigoride-7 mission. For the soon-to-be-announced customer, we'll be delivering the first tranche of picosatellites for a 100-satellite planned constellation.

對於地下成像公司 Lunasonde，我們將使用我們的 Vigoride-7 軌道服務飛行器為他們飛行一顆立方體衛星，該飛行器計劃於 10 月在 SpaceX Transporter-9 任務中發射。我們還很高興地宣布，我們已與波蘭物聯網公司 SatRev 簽署了一份合同，將在我們的 Vigoride-7 任務中向近地軌道運送一顆立方體衛星。對於即將宣布的客戶，我們將為計劃中的 100 顆衛星星座提供第一批皮衛星。

As I mentioned on our last earnings call, Momentus has started to focus on growing our business with the US government departments and agencies like the Defense Department and NASA. Just a few weeks ago, the Momentus team was at Space Symposium, one of the premier space industry conferences. And we received very positive feedback from defense prime contractors and government customers that Momentus has strong capabilities to support their missions for the Department of Defense, and our capabilities offer key advantages over others in the industry.

正如我在上次財報電話會議上提到的，Momentus 已開始專注於發展與美國政府部門和機構（如國防部和 NASA）的業務。就在幾週前，Momentus 團隊參加了太空研討會，這是最重要的太空行業會議之一。我們從國防主承包商和政府客戶那裡得到了非常積極的反饋，認為 Momentus 擁有強大的能力來支持他們為國防部執行的任務，而且我們的能力比業內其他公司具有關鍵優勢。

To that end, in Q1, we teamed with Astroscale US, a commercial space company and responded to an RFI or request for information from NASA with a unique and competitive offering to reboost the Hubble Space Telescope to keep this asset in space for years to come. The mission's objectives include safely relocating the Hubble Telescope and removing nearby threatening debris from the celebrated space telescope's new orbit.

為此，在第一季度，我們與商業航天公司Astroscale US 合作，響應RFI 或NASA 的信息請求，提供獨特且有競爭力的產品來重新增強哈勃太空望遠鏡的性能，使這一資產在未來幾年內保持在太空中。該任務的目標包括安全地重新安置哈勃望遠鏡，並從著名的太空望遠鏡的新軌道上清除附近的威脅碎片。

We were able to leverage Momentus' flight heritage with three orbital service vehicles on orbit today and Astroscale's expertise in RPOD or rendezvous, proximity operations, and docking to offer a commercial solution to extend the life of this important US national asset without risk to humans. The concept included launching a Momentus Vigoride orbital service vehicle to low-Earth orbit on a small-launch vehicle.

我們能夠利用Momentus 的飛行傳統（今天在軌運行的三艘軌道服務飛行器）以及Astroscale 在RPOD 或交會、鄰近操作和對接方面的專業知識，提供商業解決方案，以延長這一重要的美國國家資產的壽命，而不會對人類造成風險。該概念包括使用小型運載火箭將 Momentus Vigoride 軌道服務運載器發射到近地軌道。

Once on orbit Astroscale's RPOD technology built into the OSV or our orbital service vehicle would be used to safely rendezvous, approach, and then complete a robotic capture of the telescope. Once made it, our orbital service vehicle from Momentus would perform a series of maneuvers to raise the Hubble by 50 kilometers. Removal of surrounding and threatening space debris in Hubble's new orbit using the Vigoride and Astroscale's capabilities will be prioritized after the completion for the primary review reboost mission.

一旦進入軌道，OSV 或我們的軌道服務飛行器中內置的 Astroscale RPOD 技術將用於安全地交會、接近，然後完成望遠鏡的機器人捕獲。一旦成功，我們的 Momentus 軌道服務飛行器將執行一系列操作，將哈勃望遠鏡提升 50 公里。在完成初步審查再助推任務後，將優先利用 Vigoride 和 Astroscale 的功能清除哈勃新軌道上的周圍和有威脅的空間碎片。

We're also very pleased about the growth in our interest in our capabilities from US government customers responsible for national security missions. The flexibility, payload capacity, and power available on the Vigoride orbital service vehicle make it well positioned to support a range of national security missions like space situational awareness, surveillance, reconnaissance, and other missions.

我們還非常高興地看到，負責國家安全任務的美國政府客戶對我們的能力越來越感興趣。 Vigoride 軌道服務飛行器的靈活性、有效載荷能力和功率使其能夠很好地支持一系列國家安全任務，如空間態勢感知、監視、偵察和其他任務。

The Vigoride orbital service vehicle can also deliver national security payloads to custom orbits to support their unique mission requirements. The speed with which we can move from initial customer requirements to operation in space is a major discriminator that sets us apart from traditional companies that support Defense Department missions.

Vigoride 軌道服務飛行器還可以將國家安全有效載荷運送到定制軌道，以支持其獨特的任務要求。我們從最初的客戶需求轉向太空運營的速度是我們與支持國防部任務的傳統公司的主要區別。

Having large amounts of payload -- of power available to support intensive, high-end national security payloads like sensors, communications equipment, and other electronics also distinguishes Momentus from our competitors. Coupled with the ability to change orbital altitude and inclination, our capabilities are well suited to support the kind of maneuver in space that senior US officials like Space Force Chief of Staff, General Saltzman, have discussed as a key need in the highly contested space environment.

擁有大量的有效載荷——可用於支持傳感器、通信設備和其他電子設備等密集、高端國家安全有效載荷的電力，這也是 Momentus 與我們競爭對手的區別所在。再加上改變軌道高度和傾角的能力，我們的能力非常適合支持太空機動，太空部隊參謀長薩爾茨曼將軍等美國高級官員將其視為競爭激烈的太空環境中的關鍵需求。

Our technology offers key capabilities and attributes that give us a competitive advantage. In addition, Momentus' highly experienced team of professionals and engineers with decades of national security experience gives us an edge over other US companies and also over international competitors who are unable to meet the needs of these large customers. The combination of our leadership and our discriminating technical and mission capabilities have garnered significant interest from major Defense Department customers like the Space Development Agency, Space Force, National Reconnaissance Office, and the Naval Information Warfare Center.

我們的技術提供了賦予我們競爭優勢的關鍵功能和屬性。此外，Momentus 經驗豐富的專業人員和工程師團隊擁有數十年的國家安全經驗，這使我們比其他美國公司以及無法滿足這些大客戶需求的國際競爭對手更具優勢。我們的領導地位與我們獨特的技術和任務能力相結合，引起了航天發展局、太空軍、國家偵察辦公室和海軍信息戰中心等國防部主要客戶的極大興趣。

Additionally, major aerospace primes have stated that our system provides a strong capability, and working with us will help them with our government customer activities. We think these government customers can ultimately grow to represent a major portion of our business. And as we increase in scale, we anticipate this will help unlock additional operating leverage and stability in our revenue.

此外，主要航空航天巨頭表示我們的系統提供了強大的功能，與我們合作將幫助他們開展我們的政府客戶活動。我們認為這些政府客戶最終可以發展成為我們業務的主要部分。隨著我們規模的擴大，我們預計這將有助於釋放額外的運營槓桿和收入的穩定性。

To support our focus on the Defense Department market, we're pleased to share that we have been selected for funding from the Space Development Agency or SDA for a small business innovation research phase 2 award, which the SDA is working to complete in collaboration with the Air Force Research Lab Technology Directorate, AFWERX. We'll have more to say about that work in the near future.

為了支持我們對國防部市場的關注，我們很高興地宣布，我們已被太空發展局 (SDA) 選中，獲得小型企業創新研究第二階段獎項的資助，SDA 正在與空軍研究實驗室技術局，AFWERX 。我們將在不久的將來對這項工作進行更多討論。

We've also signed a memorandum of understanding with Axient, a well-established company with a strong track record in defense and classified work for the Defense Department, including the Air Force Research Labs as well as NASA. Momentus and Axient see advantages in our collaboration to address a variety of industry needs, including but not limited to launch services, space communication, space domain awareness, precision navigation and timing, and other related technologies and capabilities to serve customers in a variety of orbits; from low-Earth orbit to geostationary orbit, now to cislunar. We're looking forward to collaborating with Axient, which has a strong track record of bringing solutions to these government customers responsible for important national security missions.

我們還與 Axient 簽署了一份諒解備忘錄，這是一家歷史悠久的公司，在國防部（包括空軍研究實驗室和 NASA）的國防和機密工作方面擁有良好的記錄。 Momentus 和Axient 看到了我們在滿足各種行業需求方面的合作優勢，包括但不限於發射服務、太空通信、空間域感知、精確導航和授時以及其他相關技術和能力，為各種軌道上的客戶提供服務;從近地軌道到地球靜止軌道，現在到地月軌道。我們期待與 Axient 合作，該公司在為這些負責重要國家安全任務的政府客戶提供解決方案方面擁有良好的記錄。

We also recently provided a letter of support to Catalyst Space for a hosted payload they are developing. This development is supported by the Air Force Research Lab, and Catalyst said they see Momentus as a key transmission partner for this work.

我們最近還向 Catalyst Space 提供了一封支持信，支持他們正在開發的託管有效負載。這項開發得到了空軍研究實驗室的支持，Catalyst 表示，他們將 Momentus 視為這項工作的關鍵傳輸合作夥伴。

We've also begun pursuing adjacent markets using a slimmed down version of our Vigoride vehicle as a very capable high-power, low-cost satellite bus. We're very competitive as a commercial satellite bus and had begun bidding jobs with commercial and government customers who have given us great feedback about our capabilities and competitive pricing. We're also pursuing launch aggregation, which gives us the ability to earn revenue from customers who don't need Delta-v, meaning, changes in velocity once in orbit.

我們還開始利用 Vigoride 車輛的精簡版作為功能強大的高功率、低成本衛星總線來開拓鄰近市場。作為商業衛星巴士，我們非常有競爭力，並已開始與商業和政府客戶進行投標，他們對我們的能力和有競爭力的價格給予了很好的反饋。我們還在追求發射聚合，這使我們能夠從不需要 Delta-v（即進入軌道後速度發生變化）的客戶那裡賺取收入。

Turning to slide 9, to meet the anticipated demand for our services, we will be flying on the SpaceX Transporter-9 mission in October 2023, the Transporter-10 mission in January 2024, and the Transporter-11 mission in June 2024. We've also signed new launch service agreement with SpaceX for Transporter-12 in October 2024. We, therefore, have launched service agreements or contracts to reserve ports for Momentus to launch customers to space on SpaceX Transporter missions through the end of 2024.

轉向幻燈片 9，為了滿足對我們服務的預期需求，我們將在 2023 年 10 月執行 SpaceX Transporter-9 任務，在 2024 年 1 月執行 Transporter-10 任務，在 2024 年 6 月執行 Transporter-11 任務。我們還於2024 年10 月與SpaceX 簽署了新的Transporter-12 發射服務協議。因此，我們已啟動服務協議或合同，為Momentus 預留端口，以便在2024 年底之前將客戶送入太空執行SpaceX Transporter 任務。

Turning to slide 10, according to a recent report by Euroconsult, the global space market grew by 8% last year and is expected to reach over $737 billion within a decade. There are over 5,500 active satellites in orbit now, a number that's projected to grow to 58,000 by 2030 according to the Government Accountability Office or GAO. Deutsche Bank Research estimates the in-space transportation market will double from about $2 billion currently to about $4 billion by 2025, just two years from now.

轉向幻燈片 10，根據 Euroconsult 最近的一份報告，去年全球航天市場增長了 8%，預計十年內將達到超過 7,370 億美元。目前，軌道上有超過 5,500 顆活躍衛星，根據政府問責辦公室 (GAO) 的數據，預計到 2030 年這一數字將增至 58,000 顆。德意志銀行研究部估計，到 2025 年，即兩年後，太空運輸市場將從目前的約 20 億美元翻一番，達到約 40 億美元。

The Federal Communications Commission or FCC recently implemented a new regulation that requires all satellites after September 29, 2024, below 2,000 kilometers and altitude to be de-orbited within five years of mission conclusion. This will create a new market with a potential for over 2,000 satellite de-orbiting operations annually by the end of this decade, which is a large market opportunity.

美國聯邦通信委員會（FCC）最近實施了一項新規定，要求 2024 年 9 月 29 日之後的所有衛星，在任務結束後五年內，低於 2000 公里和高度的衛星必須脫離軌道。這將創造一個新市場，到本十年末，每年有超過 2000 次衛星脫軌操作的潛力，這是一個巨大的市場機會。

The US Space Force and Defense Department's base budgets average about $15 billion to $20 billion per year over the coming five years, providing a significant market opportunity for Momentus. So in sum, there are many market drivers for the growing space industry, and we are confident our solution will continue to see strengthening demand.

未來五年，美國太空軍和國防部的基本預算平均每年約為 150 億至 200 億美元，這為 Momentus 提供了重要的市場機會。總而言之，不斷增長的航天工業有許多市場驅動因素，我們相信我們的解決方案將繼續看到需求的增強。

Turning to slide 11, Momentus remains well positioned to grow in the burgeoning space industry. Key attributes of our Vigoride design are: first, the flexibility of configuration, allowing us to accommodate many different payloads with different sizes and configurations; secondly, our large payload capacity; third, we have more onboard power to provide the hosted payloads for operate sensors, communications equipment, and other systems for the full range of military and commercial missions.

轉向幻燈片 11，Momentus 仍處於在蓬勃發展的航天工業中發展的有利位置。我們的 Vigoride 設計的關鍵屬性是：首先，配置的靈活性，使我們能夠容納許多不同尺寸和配置的不同有效載荷；其次，我們的有效負載能力大；第三，我們擁有更多的機載電力，可以為各種軍事和商業任務的操作傳感器、通信設備和其他系統提供託管有效載荷。

We've also proven ourselves to be able to rapidly produce spacecraft and deliver payloads to space at low cost. We've seen many new entrants into this market, but our early-mover advantage has put Momentus ahead of some relatively inexperienced competition. Our track record of flight heritage helps build trust with target customers, and we've proven our team's ability to execute.

我們還證明了自己能夠快速生產航天器並以低成本將有效載荷運送到太空。我們已經看到許多新進入者進入這個市場，但我們的先發優勢使 Momentus 領先於一些相對缺乏經驗的競爭對手。我們的飛行傳統記錄有助於與目標客戶建立信任，並且我們已經證明了我們團隊的執行能力。

Speed and reliability are not the only factors that matter to customers. Our highly differentiated technology also enables us to win in areas of payload capacity and power at low cost. First, the flexibility of our space spacecraft's large, completely open, and flexible upper deck can accommodate a broad diversity of payloads even at larger payload volumes or those with unusual shapes. This customization ability was a key reason we were chosen by Caltech to carry their hosted payload.

速度和可靠性並不是客戶關心的唯一因素。我們高度差異化的技術還使我們能夠以低成本贏得有效負載能力和功率領域的勝利。首先，我們的航天器的大型、完全開放且靈活的上甲板具有靈活性，即使在有效載荷體積較大或形狀不尋常的情況下，也可以容納各種有效載荷。這種定制能力是加州理工學院選擇我們承載其託管有效負載的關鍵原因。

These unique payloads often have increased power requirements that our competition is not capable of supplying. Momentus can provide best-in-class power, and this makes us extremely attractive to customers whose electronics, satellites, and instruments are limited by the power available for missions like communications, data processing, sensing, surveillance, and mobility.

這些獨特的有效載荷通常會增加我們的競爭對手無法提供的功率要求。 Momentus 可以提供一流的電源，這使我們對那些電子設備、衛星和儀器受到通信、數據處理、傳感、監視和移動等任務可用電源限制的客戶極具吸引力。

Importantly, Momentus provides these benefits at a low cost with a short timeframe from requirements to operation in orbit, enabling a very attractive value proposition. To further capitalize on this, we plan to offer additional capabilities that others either cannot provide or can only offer at a substantially higher price point for missions like satellite refueling.

重要的是，Momentus 以低成本提供這些優勢，並且從需求到在軌運行的時間很短，從而實現了非常有吸引力的價值主張。為了進一步利用這一點，我們計劃為衛星加油等任務提供其他人無法提供或只能以高得多的價格提供的額外功能。

Innovating to meet future needs of the space industry remains a focus for us. We are planning to develop additional features and capabilities to further enhance Vigoride's performance for hosted payloads, which allows us to serve an even broader base of customers. These features include high-speed mission data link and adding expansion tanks to extend Vigoride's range. We're also incorporating security features and adding a precision pointing option that will allow Vigoride to host sensitive and classified US government payloads.

創新以滿足航天工業未來的需求仍然是我們的重點。我們計劃開發額外的特性和功能，以進一步增強 Vigoride 託管有效負載的性能，這使我們能夠為更廣泛的客戶群提供服務。這些功能包括高速任務數據鏈路和添加擴展水箱以擴展 Vigoride 的範圍。我們還整合了安全功能並添加了精確指向選項，使 Vigoride 能夠託管敏感且機密的美國政府有效負載。

We expect to begin introducing some of these features in 2024. In addition, we will be testing our tape spring solar array or TASSA, which launched in April on our Vigoride-6 mission. Our team led by Chief Technology Officer, Rob Schwarz, has been working on the TASSA concept for several years as a potential means of reducing Vigoride unit manufacturing costs and lead times. We've applied to patent the technology behind TASSA.

我們預計在 2024 年開始引入其中一些功能。此外，我們將測試我們的帶彈簧太陽能電池陣列或 TASSA，它於 4 月份在我們的 Vigoride-6 任務中發射。我們的團隊由首席技術官 Rob Schwarz 領導，多年來一直致力於 TASSA 概念的研究，將其作為降低 Vigoride 單位製造成本和交貨時間的潛在手段。我們已為 TASSA 背後的技術申請了專利。

You can see the task of fully unfurled on the right side of this slide; it's about 11 meters or 36 feet long. To build TASSA, the team bonded large sheets of flexible solar cells to take springs. It's concave shape provides its structural strength.

您可以在這張幻燈片的右側看到完全展開的任務；它長約 11 米或 36 英尺。為了建造 TASSA，該團隊將大片柔性太陽能電池粘合到彈簧上。它的凹形形狀提供了其結構強度。

It's very similar to the rollout tape measures you can buy from places like Home Depot that keep their stiffness and strength due to their shape, only on a much larger scale, excuse me. The 4-inch mandrel is much smaller than those used in competing rollout solar arrays, providing weight savings.

它與您可以從家得寶等地方購買的捲尺非常相似，由於其形狀而保持其剛度和強度，只是規模更大，請原諒。 4 英寸心軸比同類推出的太陽能電池陣列中使用的心軸小得多，從而減輕了重量。

Once development is complete, we estimate that replacing Vigoride third-party solar array with TASSA could reduce the overall recurring production costs of a Vigoride by as much as about 10% while potentially reducing lead time by several months. These are important improvements as we continue to transition from Vigoride development to production at lower unit costs.

一旦開發完成，我們估計用 TASSA 替換 Vigoride 第三方太陽能電池陣列可以將 Vigoride 的總體經常性生產成本降低約 10%，同時可能將交貨時間縮短幾個月。隨著我們繼續以更低的單位成本從 Vigoride 開發過渡到生產，這些都是重要的改進。

We're also seeing interest from commercial and government customers in TASSA, given the efficiency we expect to demonstrate for low-cost power in space. Vigoride-6 is equipped with its standard fold up solar arrays so TASSA will not be it's main power source, rather, TASSA is a hosted payload in the upper deck of Vigoride-6. On the bottom-right corner of the chart, you can see the TASSA in its stowed position on the Vigoride-6 upper deck.

鑑於我們期望在太空中展示低成本電力的效率，我們還看到商業和政府客戶對 TASSA 感興趣。 Vigoride-6 配備了標準的折疊式太陽能電池陣列，因此 TASSA 不會成為其主要動力源，相反，TASSA 是 Vigoride-6 上甲板上的託管有效載荷。在圖表的右下角，您可以看到 TASSA 在 Vigoride-6 上甲板上處於收起位置。

With this mission we expect to demonstrate that Momentus can generate power at 50% the cost per watt of the leading solar array in the market. With a patent pending, this is an important potential means of reducing Vigoride manufacturing costs by about 10% and lead time by months as well as supporting other commercial and government customers. We're excited about TASSA along with other significant improvements in cost and lead time as we move from development to production.

通過這一任務，我們希望證明 Momentus 的發電成本僅為市場領先太陽能電池陣列的 50%。該專利正在申請中，這是一種重要的潛在手段，可以將 Vigoride 的製造成本降低約 10%，將交貨時間縮短數月，並為其他商業和政府客戶提供支持。當我們從開發轉向生產時，我們對 TASSA 以及成本和交貨時間方面的其他重大改進感到興奮。

It's no surprise that we're seeing commercial government interest in TASSA. We have started to discuss potential business partnerships with solar array companies as a potential way to bring this innovative technology to a broader market.

我們看到商業政府對 TASSA 感興趣並不奇怪。我們已經開始討論與太陽能電池陣列公司的潛在業務合作夥伴關係，作為將這種創新技術推向更廣闊市場的潛在方式。

Additionally, we have another technology demonstration plan for our Vigoride-7 mission scheduled to be launched on the SpaceX Transporter-9 mission targeted for October 2023. On Vigoride-7, we plan to deploy a satellite and then maneuver closer and farther away as well as maintain relative distance to it in space using a sensor suite designed for remote proximity operations or RPO.

此外，我們還為Vigoride-7 任務制定了另一項技術演示計劃，該計劃計劃在2023 年10 月的SpaceX Transporter-9 任務中發射。在Vigoride-7 上，我們計劃部署一顆衛星，然後也進行更近和更遠的機動使用專為遠程近距離操作或 RPO 設計的傳感器套件在太空中保持相對距離。

RPO capability is key to our ability to expand the menu of services that Vigoride can provide to include in-orbit maintenance and refueling of customer satellites, life extension, and de-orbiting satellites at the end of their useful life. The RPO mission also supports another innovation focus of ours, which is to evolve toward a reusable version of Vigoride or refuellable that would stand space and be refueled and therefore reused on later missions.

RPO 能力是我們能夠擴展 Vigoride 提供的服務範圍的關鍵，其中包括客戶衛星的在軌維護和加油、延長壽命以及在衛星使用壽命結束時使衛星脫離軌道。 RPO 任務還支持我們的另一個創新重點，即發展可重複使用的 Vigoride 版本或可加油版本，它可以容納空間並補充燃料，從而在以後的任務中重複使用。

Currently, after completing its mission, a Vigoride moves to a decaying orbit and burns up during reentry. A reusable Vigoride after completing its mission will rendezvous with and provide services to additional customer satellites, thereby providing greater return on investment for each Vigoride launched.

目前，完成任務後，維戈萊德號將進入腐爛軌道並在重返大氣層時燃燒。可重複使用的“Vigoride”在完成任務後將與其他客戶衛星交會並為其提供服務，從而為每顆發射的“Vigoride”提供更大的投資回報。

Turning to slide 12, overall, I believe the combination of a growing space economy, favorable demand outlook for the services we provide already demonstrated competitive advantages relative to other in-space transportation and infrastructure providers. Our attractiveness for Defense Department programs and potential for margin improvement position Momentus well for the future.

轉向幻燈片 12，總體而言，我相信不斷增長的太空經濟以及我們提供的服務的良好需求前景，相對於其他太空運輸和基礎設施提供商，已經展現出競爭優勢。我們對國防部項目的吸引力和利潤改善的潛力使 Momentus 的未來前景光明。

I'd like to close by dedicated -- by thanking our dedicated team for getting us here. And we'd also like to thank our customers and investors for their continued support.

最後，我想以敬業精神感謝我們敬業的團隊讓我們來到這裡。我們還要感謝客戶和投資者的持續支持。

Now, I'd like to turn to our new CFO, Eric Williams, to cover the financial highlights from the quarter. But before Eric comments, I'd like to thank Dennis Mahoney, who recently completed his tenure as our interim CFO for his support, leadership, and expertise that he brought to Momentus.

現在，我想請我們的新任首席財務官埃里克·威廉姆斯（Eric Williams）介紹本季度的財務亮點。但在 Eric 發表評論之前，我要感謝 Dennis Mahoney，他最近剛剛完成了我們臨時首席財務官的任期，感謝他為 Momentus 帶來的支持、領導力和專業知識。

Let me now welcome our new CFO, Eric Williams, to the team here at Momentus on his first earnings call in this role. Eric brings more than 25 years of experience at tech companies in Silicon Valley, a proven track record, and a growth mindset. He has experience raising capital for early-stage tech companies and in M&A. We're delighted to have him on the team, and I look forward to working with him as we grow Momentus.

現在，請允許我歡迎我們的新任首席財務官 Eric Williams 加入 Momentus 團隊，這是他擔任該職位後的第一次財報電話會議。 Eric 擁有超過 25 年在矽谷科技公司工作的經驗、良好的業績記錄和成長心態。他擁有為早期科技公司籌集資金和併購的經驗。我們很高興他加入團隊，我期待著在我們發展 Momentus 的過程中與他合作。

I'll now hand the mic off to Eric and then we'll take your questions.

我現在將麥克風交給埃里克，然後我們將回答您的問題。

Thank you, John, for the introduction and kind words; very much appreciate joining such an experienced team and having the opportunity to contribute towards scaling the business and being a key participant and leader in the space infrastructure market. I am pleased to present highlights of the financial results achieved by the Momentus team during our first quarter of 2023.

謝謝約翰的介紹和客氣話；非常感謝加入這樣一個經驗豐富的團隊，並有機會為擴大業務做出貢獻並成為空間基礎設施市場的關鍵參與者和領導者。我很高興向您介紹 Momentus 團隊在 2023 年第一季度取得的財務業績的重點。

Our first-quarter results reflect our ongoing progress and investments towards our future launches. We have cumulatively signed contracts for approximately $33 million in backlog or potential revenue as of April 30, 2023. These contracts include firm orders as well as options. These options give our customers the flexibility to quickly opt into an available launch slot on short notice without requiring a separate agreement. The breadth of these signed contracts spans across 19 companies and 13 countries.

我們第一季度的業績反映了我們對未來產品的持續進展和投資。截至 2023 年 4 月 30 日，我們已累計簽署約 3300 萬美元的積壓訂單或潛在收入合同。這些合同包括確定訂單和期權。這些選項使我們的客戶能夠靈活地在短時間內快速選擇可用的啟動時段，而無需單獨協議。這些簽署的合同涉及 19 家公司和 13 個國家。

Typically, our customers have the right to cancel a flight reservation and when doing so will forego their deposits in milestone payments. Should a customer cancel a contract for their rescheduling needs or other reason before all of its payments are made, the resulting revenue will be less than the full value of the backlog.

通常，我們的客戶有權取消航班預訂，並且在這樣做時將放棄里程碑付款中的押金。如果客戶在支付所有款項之前因重新安排需求或其他原因取消合同，則由此產生的收入將低於積壓訂單的全部價值。

Momentus has historically included in backlog, both firm orders as well as options. These options give our customers the flexibility to opt into an available lunch slot without requiring a separate agreement. We ended Q1 2023 with non-restricted cash and cash equivalents of $39 million and approximately $12 million in outstanding gross debt, consisting of a term loan that we began to repay in March of 2022.

Momentus 歷來都包含在積壓訂單中，包括確定訂單和期權。這些選項使我們的客戶可以靈活地選擇可用的午餐時段，而無需單獨協議。截至 2023 年第一季度，我們的非限制性現金和現金等價物為 3900 萬美元，未償債務總額約為 1200 萬美元，其中包括我們於 2022 年 3 月開始償還的定期貸款。

Next, I would like to address a topic that will be mentioned in our 10-Q to be filed with the SEC. Our 10-Q will include language regarding our ability to continue as a going concern. This going concern qualification was determined as we prepared our financial statements for the first quarter after conducting an evaluation of the status of our current liquidity and projected cash flows for the next 12 months.

接下來，我想談談將在向 SEC 提交的 10-Q 中提到的一個主題。我們的 10-Q 將包括有關我們持續經營的能力的語言。這一持續經營資格是在我們對當前流動性狀況和未來 12 個月的預計現金流進行評估後準備第一季度財務報表時確定的。

When taking into account certain external factors, this analysis concluded that given our current cash balance, there is a risk that the company will not meet its obligations for the next 12 months. Momentus has already taken proactive steps to extend our cash runway in and, in addition, have evaluated our strategic business plan to identify the best course of action in clearing this going concern analysis.

考慮到某些外部因素，該分析得出的結論是，鑑於我們目前的現金餘額，公司存在未來 12 個月無法履行義務的風險。 Momentus 已採取積極措施來擴展我們的現金跑道，此外，還評估了我們的戰略業務計劃，以確定清理持續經營分析的最佳行動方案。

Going forward, we expect to continue driving bookings and revenue growth, implement the plan management has developed to further reduce our operating expenses, and drive the closure of a variety of legal matters. We expect this plan will improve our liquidity and strengthen our balance sheet to allow the company to operate well into 2024.

展望未來，我們預計將繼續推動預訂和收入增長，實施管理層制定的計劃以進一步降低我們的運營費用，並推動解決各種法律事務。我們預計該計劃將改善我們的流動性並加強我們的資產負債表，使公司能夠良好運營到 2024 年。

In addition, we continue to explore and evaluate opportunities to raise additional funds and further strengthen our balance sheet. We invested approximately $19 million in operations during Q1 compared to $17 million in Q4 2022 and $23 million in Q1 2022. We recognized $22,000 in revenue in Q1, comprised of customer deposits forfeited upon contract terminations for late payment. Vigorides 5 and 6 customer revenue will be recognized upon fulfillment of performance obligations for deployed satellites and hosted payload operations.

此外，我們繼續探索和評估籌集額外資金並進一步加強我們的資產負債表的機會。我們在第一季度的運營投資約為1,900 萬美元，而2022 年第四季度為1,700 萬美元，2022 年第一季度為2,300 萬美元。我們在第一季度確認了22,000 美元的收入，其中包括因延遲付款而終止合同時沒收的客戶押金。 Vigorides 5 和 6 客戶收入將在履行已部署衛星和託管有效載荷操作的性能義務時確認。

In the quarter, we generated approximately $21 million in losses from operations. On a non-GAAP basis, our adjusted EBITDA was negative $16.1 million or approximately $1 million better than Q1 of 2022. Non-GAAP SG&A expenses for the first quarter of 2023 totaled $7.4 million, down $0.8 million when compared to Q1 of 2022. Non-GAAP R&D expenses for the first quarter of 2023 totaled approximately $9 million, down $0.3 million when compared to Q1 of 2022.

本季度，我們的運營損失約為 2100 萬美元。在非GAAP 基礎上，我們調整後的EBITDA 為負1610 萬美元，比2022 年第一季度高出約100 萬美元。2023 年第一季度的非GAAP SG&A 費用總計740 萬美元，比2022 年第一季度減少80 萬美元。 -2023 年第一季度的 GAAP 研發費用總計約為 900 萬美元，較 2022 年第一季度減少 30 萬美元。

We ended Q1 2023 with approximately 95 million shares outstanding. Please refer to the press release issued today for the reconciliation of non-GAAP numbers to GAAP. I will now hand the call back to Mary.

截至 2023 年第一季度末，我們已發行股票約 9500 萬股。請參閱今天發布的新聞稿，了解非 GAAP 數據與 GAAP 數據的調節情況。我現在將把電話轉回給瑪麗。

Thank you, Eric. In a moment, we will move on to the question-and-answer portion of our call. I'd like to remind participants that all disclaimers outlined at the outset of this call extend to the question-and-answer session. This includes our disclaimers relating to non-GAAP financial information, forward-looking statements, and the technology underlying our planned service offerings. Operator, would you please remind participants how to enter the queue?

謝謝你，埃里克。稍後，我們將進入電話會議的問答部分。我想提醒與會者，本次電話會議開始時概述的所有免責聲明都適用於問答環節。這包括我們與非公認會計原則財務信息、前瞻性陳述以及我們計劃的服務產品所依據的技術相關的免責聲明。接線員，請您提醒參與者如何排隊？

(Operator Instructions) James Ratcliffe, Evercore.

（操作員說明）James Ratcliffe，Evercore。

Good afternoon. Thanks for taking the question. A couple if I could. On the operational side, if you could just give us a little more update on the status of the Vigoride-6 mission, including the timeline for moving those NASA satellites to the customer orbit and testing of the TASSA array? And how long will it be until we know whether both of those worked or not?

下午好。感謝您提出問題。如果可以的話，一對。在運營方面，您能否向我們提供有關 Vigoride-6 任務狀態的更多最新信息，包括將這些 NASA 衛星移至客戶軌道和 TASSA 陣列測試的時間表？我們需要多長時間才能知道這兩種方法是否有效？

And second -- getting into the financing questions and the like, can you talk about the potential sources of capital and what the process looks like for finding incremental capital in addition to the efforts to reduce burn and develop revenue? Thanks.

其次，談到融資問題等，您能否談談潛在的資本來源，以及除了努力減少燒錢和增加收入之外尋找增量資本的過程是什麼樣的？謝謝。

Well, thanks for the question. James. As you know, as you asked in your question, Vigoride-6 is the third spacecraft that we've launched and put in orbit. We launched that, of course, just under a month ago. And prior to that, we've launched Vigoride-5 in January. And so right now, we're operating both of those two spacecrafts concurrently from our mission operations center here, which is just a few steps away from me in San Jose, California.

嗯，謝謝你的提問。詹姆士。如你所知，正如你在問題中所問的那樣，Vigoride-6是我們發射並送入軌道的第三艘航天器。當然，我們是在不到一個月前推出的。在此之前，我們已在一月份推出了 Vigoride-5。所以現在，我們正在這裡的任務操作中心同時操作這兩個航天器，該中心距離我在加利福尼亞州聖何塞僅幾步之遙。

We've now successfully commissioned and operating space all of the subsystems at the Vigoride-5 orbital service vehicle. And we've also commissioned most of the subsystems of Vigoride-6 with the remainder scheduled to be completed in the next few weeks, the reason being that that was launched three months later than Vigoride-5. Both of the spacecrafts now have their solar arrays deployed; they're generating power normally. We continue to command and operate through a network of ground stations from a vendor.

我們現在已經成功調試並運行了 Vigoride-5 軌道服務飛行器的所有子系統。我們還調試了 Vigoride-6 的大部分子系統，其餘子系統計劃在未來幾週內完成，原因是它比 Vigoride-5 晚三個月啟動。兩艘航天器現在都部署了太陽能電池板；他們正在正常發電。我們繼續通過供應商的地面站網絡進行指揮和操作。

Now in terms of looking forward on the Vigoride-6 mission, which you asked about, it is carrying payloads, as you mentioned, for four commercial customers and to a NASA satellites. We will first deploy the four satellites for the commercial customers, and then we'll proceed to the NASA mission. And in the NASA mission, there is a very unique custom orbit NASA wants these payloads to be placed in so that they can study the atmospheric density and solar -- space, rather, I should say, at that location.

現在，就您所詢問的 Vigoride-6 任務的展望而言，正如您提到的，它正在為四家商業客戶和 NASA 衛星攜帶有效載荷。我們將首先為商業客戶部署四顆衛星，然後我們將繼續執行 NASA 任務。在美國宇航局的任務中，有一個非常獨特的定制軌道美國宇航局希望將這些有效載荷放置在其中，以便他們可以研究該位置的大氣密度和太陽 - 太空，更確切地說，我應該說。

So it will take us roughly two months towards the end of July as our plan to transport those payloads there with arrival around -- and deployment roughly the late July. And then after we finish the deployment of those NASA payloads, the next on the docket for the Vigoride-6 mission will be transitioning to demonstrate our tape spring solar array. That's expected again to occur -- begin roughly the end of July, and there's some variables that we'll assess as we go towards that date.

因此，我們計劃在 7 月底左右將這些有效載荷運送到那裡，大約在 7 月底左右抵達並部署。然後，在我們完成這些 NASA 有效載荷的部署後，Vigoride-6 任務的下一個任務將過渡到展示我們的帶彈簧太陽能電池陣列。預計這種情況會再次發生——大約從 7 月底開始，我們將在臨近該日期時評估一些變量。

But we'll be running the TASSA through a series of both mechanical and electrical tests on orbit that will be conducted over the remainder of the summer. Some of that, we're going to want to monitor over time the effects of things like heating and cooling in space as you complete orbits around the Earth. Some of the variations that exist, including over different parts of the Earth in the radiation fields and some of the things such as -- there's an anomaly over the South Atlantic area that creates a different set of radiation conditions.

但我們將在今年夏天剩下的時間裡對 TASSA 在軌道上進行一系列機械和電氣測試。其中一些，當你完成繞地球軌道運行時，我們將希望隨著時間的推移監測太空中加熱和冷卻等因素的影響。存在的一些變化，包括地球不同部分的輻射場以及諸如南大西洋地區的異常現象，產生了一組不同的輻射條件。

And so we'll be monitoring the solar array power output over time to better understand its performance and power generation with these different radiation exposure levels. So this will be a long duration test that we intend to conduct over a period of months. And we're really looking forward to it because again, we think this is very innovative technology at its price points.

因此，我們將隨著時間的推移監控太陽能電池陣列的功率輸出，以更好地了解其在不同輻射暴露水平下的性能和發電量。因此，這將是一項長期測試，我們打算在幾個月內進行。我們真的很期待它，因為我們再次認為，就其價位而言，這是非常創新的技術。

The ability to roll out a solar array and not have all the mass from side booms and other activities and to -- an ingenious way, use the concave shape of the material and some techniques that we've applied to keep it rigid and to generate, again, power at a very low cost and efficiency rate such that our aim is to provide a power per watt at 50% of the cost of the leading solar array on the market.

能夠展開太陽能電池陣列，而無需承受側吊桿和其他活動的所有質量，並且以一種巧妙的方式，使用材料的凹形形狀和我們應用的一些技術來保持其剛性並產生再次，以非常低的成本和效率提供電力，因此我們的目標是以市場上領先太陽能電池陣列成本的50% 提供每瓦電力。

So thanks again for the question. I'll turn now to Eric for the response to your question on the financials.

再次感謝您的提問。我現在請埃里克回答你關於財務問題的問題。

Thanks, James. And again, I think, two parts to your question, with respect to sources of capital, we have been in market and will continue to be in market in terms of looking at alternatives to raise additional funds and to support our balance sheet.

謝謝，詹姆斯。我認為，你的問題分為兩個部分，關於資金來源，我們一直在市場上並將繼續在市場上尋找籌集額外資金和支持我們的資產負債表的替代方案。

As you would expect, we'll evaluate the timing and the structure of those raised within the context of execution of our business plan and on certain market conditions. Our S-3, as a reference, universal shelf filing still provides us some flexibility to raise additional capital using the ATM over the next three years and to help us work our way through that.

正如您所期望的那樣，我們將在執行我們的業務計劃的背景下和某些市場條件下評估所提出問題的時間安排和結構。作為參考，我們的 S-3 通用貨架歸檔仍然為我們提供了一定的靈活性，可以在未來三年內使用 ATM 籌集額外資金，並幫助我們解決這個問題。

With respect to the other part of your question, we have developed the plan, and we are currently implementing such a plan to reduce our operating costs in order to provide us with runway to conduct our demonstration missions and place additional customer satellites in orbit with cash on hand and utilization of our existing balance sheet.

關於你問題的另一部分，我們已經制定了計劃，目前我們正在實施這樣的計劃，以降低我們的運營成本，以便為我們提供跑道來執行我們的演示任務，並用現金將更多的客戶衛星送入軌道。現有資產負債表和利用我們現有的資產負債表。

And as John noted in his portion of the call, we continue to see a significant amount of excitement from new business, government, commercial. So we expect on the fact that we've demonstrated flight heritage and performance that is enabling us to capture new business, therefore, expanding our top line. So our plan is a combination of growth in revenue or top line, being judicious on our spend and focusing on operating the platforms that we have, and developing key technologies in resolving certain legal issues that we have in front of us.

正如約翰在電話會議中指出的那樣，我們繼續看到來自新企業、政府和商業的大量興奮。因此，我們期望我們已經展示的飛行傳統和性能使我們能夠獲得新業務，從而擴大我們的收入。因此，我們的計劃是收入或營收增長、明智地支出、專注於運營我們擁有的平台以及開發關鍵技術來解決我們面臨的某些法律問題的結合。

So James, just to mention one other thing. Anecdotally, I attended this Space Symposium in Colorado Springs in mid-April. And if you haven't been, that's likely the largest gathering of space industry and customer folks annually that occurs. And one of the things that was really gratifying about that experience is when you sit down to talk to industry veterans or we talk to customers for their commercial or government and to hear positive feedback about how rapidly we've developed and placed our technology in orbit.

詹姆斯，我想提一提另一件事。有趣的是，我四月中旬參加了在科羅拉多斯普林斯舉行的太空研討會。如果您還沒有去過，這可能是每年舉行的航天工業和客戶最大規模的聚會。這種經歷中真正令人欣慰的事情之一是，當你坐下來與行業資深人士交談，或者我們與他們的商業或政府客戶交談，並聽到關於我們開發和將我們的技術投入軌道的積極反饋時。

And while we have had challenges we've had to overcome, the compliments about the speed at which we've done that and particularly people with their space industry veterans were really favorably impressed by the rate at which we've done that and the results that we've shown. And then the positive feedback from customers that's translating into a growth and interest. And so our business development sales teams are quite busy right now keeping up with that. But thanks again for the questions.

雖然我們面臨著必須克服的挑戰，但對我們完成這件事的速度的稱讚，尤其是那些航天工業資深人士對我們完成這件事的速度和結果印象深刻我們已經展示過。然後，客戶的積極反饋會轉化為增長和興趣。因此，我們的業務開發銷售團隊現在非常忙於跟上這一點。但再次感謝您的提問。

Thank you.

謝謝。

Michael Mathison, Singular Research.

邁克爾·馬西森，奇異研究。

Good afternoon, gentlemen. Thank you for taking my call -- the question, I mean. Just a couple of questions for you, appreciating that you recognize revenue when there's a deployment, am I sort of figuring this correct that there will be two deployments in Q2 and an estimated six in Q3?

下午好，先生們。感謝您接聽我的電話——我是說這個問題。只是想問您幾個問題，感謝您在部署時確認收入，我認為第二季度將有兩次部署，第三季度估計有六個部署是否正確？

We just, in the past few days, completed our deployment of the Qosmosys satellite from Vigoride-5. Our plan is to deploy the four commercial satellites onboard Vigoride-6 here in the coming days ahead. And so those would occur in this quarter in terms of -- as we go forward, that's how our costs -- our contracts are typically structured for revenue recognition.

在過去的幾天裡，我們剛剛完成了 Vigoride-5 的 Qosmosys 衛星的部署。我們的計劃是在未來幾天內在 Vigoride-6 上部署四顆商業衛星。因此，這些將在本季度發生——隨著我們的前進，這就是我們的成本——我們的合同通常是為了收入確認而構建的。

In assuming the NASA payloads are deployed in late January -- early July, excuse me, that would be the time at which we would begin to recognize that revenue. Concurrent with that, we have a hosted payload that we are transitioning to operate for Caltech. And depending on how long we operate it for, whether it's the six months we're under contract or if they exercise contract option for up to two years, I mean that would define how we approach revenue recognition on that as well.

假設 NASA 的有效載荷在一月下旬或七月初部署，請原諒，那將是我們開始確認收入的時間。與此同時，我們有一個託管有效負載，我們正在將其轉換為加州理工學院運營。根據我們運營的時間長短，無論是我們的合同期限為六個月，還是他們行使長達兩年的合同選擇權，我的意思是，這也將定義我們如何處理收入確認。

And then there's some other things that we plan to have -- begin the orders. And then they would -- obviously, the revenue would follow at a later date following the revenue -- excuse me, the order that we take.

然後我們還計劃做一些其他的事情——開始下訂單。然後他們會 - 顯然，收入將在收入之後的晚些時候 - 對不起，我們接受的訂單。

Sure. Thank you. I appreciate that later quarters are hard to forecast, so I understood. And just in terms of the revenue typically recognized from a deployment, appreciating that hosting is different, am I still correct to work with a figure of about $15,000 per deployment?

當然。謝謝。我知道後面幾個季度很難預測，所以我理解。就通常從部署中確認的收入而言，考慮到託管是不同的，我仍然正確地使用每個部署約 15,000 美元的數字嗎？

Per deployment? No. It would vary -- it depends upon the value of the contract in which we have concluded with that customer. And the value of the contract is heavily dependent on the mass of the items, of the satellite in this case. So the larger satellites have a higher price sense because they have a larger mass, and the smaller ones would be different. So I would not assume the same amount or revenue per satellite as a result.

每次部署？不會。情況會有所不同——這取決於我們與該客戶簽訂的合同的價值。合同的價值在很大程度上取決於物品的質量，在本例中是衛星的質量。因此，較大的衛星具有較高的價格感，因為它們具有較大的質量，而較小的衛星則不同。因此，我不會假設每顆衛星的金額或收入相同。

Got it. Okay.

知道了。好的。

So that's contracted for it.

所以這是簽約的。

Very good. So that's very helpful. Thank you for taking the questions.

非常好。這非常有幫助。感謝您提出問題。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) There are no further questions, and this concludes today's conference call. Thank you for attending. You may now disconnect.

（操作員說明）沒有其他問題了，今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。