Momentus Inc (MNTS) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Momentus second quarter 2023 earnings conference call. (Operator Instructions) And please be advised that this call is being recorded. (Operator Instructions)

女士們、先生們，下午好。歡迎參加 Momentus 2023 年第二季度收益電話會議。 （操作員說明）請注意，此通話正在錄音。 （操作員說明）

And at this time, I would like to turn the call over to [Mary Horn], Investor Relations for Momentus. Please go ahead, Mary.

此時，我想將電話轉給 Momentus 投資者關係部門的 [Mary Horn]。請繼續，瑪麗。

Thank you and hello, everyone. Welcome to Momentus' second 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 年第二季度收益電話會議。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)。每個人都會提供準備好的評論。在這些準備好的評論之後，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.

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。

Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. 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 we make.

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。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我們做出的前瞻性聲明中披露的計劃、意圖和期望存在重大差異。

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. 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.

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。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。

Thank you, Mary. It's a pleasure to be here today to provide an update on the progress we have made at Momentus over the past quarter and our Q2 financial results. After I make my comments, our CFO, Eric Williams, will take you through the financial highlights and outlook.

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二季度的財務業績。在我發表評論後，我們的首席財務官埃里克·威廉姆斯將向您介紹財務亮點和前景。

In the second quarter, Momentus made solid progress toward our goal of being one of the market leaders in providing satellite buses and in-space transportation and support services for US government and commercial customers. We are at the forefront of this expanding market and possess key competitive advantage.

第二季度，Momentus 朝著成為為美國政府和商業客戶提供衛星總線和太空運輸及支持服務的市場領導者之一的目標取得了堅實的進展。我們處於這個不斷擴大的市場的前沿，並擁有關鍵的競爭優勢。

Notably, Q2 marks Momentus' first million-dollar-revenue quarter, with Q2 earnings finishing at $1.7 million for the quarter. In my remarks today, I'll discuss the progress we have made in our long-term strategy for growth and profitability.

值得注意的是，第二季度標誌著 Momentus 首個收入達到 100 萬美元的季度，該季度的盈利為 170 萬美元。在今天的講話中，我將討論我們在長期增長和盈利戰略方面取得的進展。

First, we continue to see growing interest from both government and commercial customers, which are expected to translate into contracts over the coming months, and I'm happy to have more details to share today on an important contract with the Space Development Agency. We have also signed a contract for a new hosted payload customer. I'll discuss these in further detail later.

首先，我們繼續看到政府和商業客戶的興趣不斷增長，預計這些興趣將在未來幾個月內轉化為合同，我很高興今天能分享有關與太空開發局簽署的重要合同的更多細節。我們還與新的託管有效負載客戶簽訂了合同。稍後我將更詳細地討論這些內容。

Second, we continue to operate two Vigoride orbital service vehicles, or OSVs, in low-Earth orbit, which are the second and third Vigoride that we launched in January and April 2023, respectively. On our three Vigoride missions conducted to date, we have successfully demonstrated our core technology, which is operational in space. With three spacecraft on orbit, we've accrued significant flight heritage with about a year of in-space flying time.

其次，我們繼續在近地軌道運行兩艘 Vigoride 軌道服務飛行器（OSV），它們分別是我們於 2023 年 1 月和 2023 年 4 月發射的第二顆和第三顆 Vigoride。在迄今為止執行的三項 Vigoride 任務中，我們成功展示了可在太空中運行的核心技術。憑藉在軌運行的三艘航天器，我們通過大約一年的太空飛行時間積累了重要的飛行遺產。

Third, we're evolving our business strategy to lean into significant markets where Momentus has clear advantage. For example, we recently announced our M-1000 satellite bus offering. The M-1000 satellite bus is based on our successful Vigoride orbital service vehicle and builds on its flight heritage to offer a low-cost, flexible, and capable bus for government and commercial customers.

第三，我們正在發展我們的業務戰略，以進軍 Momentus 具有明顯優勢的重要市場。例如，我們最近發布了 M-1000 衛星總線產品。 M-1000 衛星巴士基於我們成功的 Vigoride 軌道服務車輛，並以其飛行傳統為基礎，為政府和商業客戶提供低成本、靈活且功能強大的巴士。

In fact, over the past quarter, we have submitted proposals to US government customers like the defense department's Space Development Agency, and to commercial companies to produce satellites using this bus.

事實上，在過去的一個季度，我們已經向國防部太空發展局等美國政府客戶以及商業公司提交了使用該總線生產衛星的建議。

Fourth, we are driving new innovation to maximize our competitive edge and plan to demonstrate the functionality and operability of this technology in space over the coming months.

第四，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，併計劃在未來幾個月內在太空中展示這項技術的功能和可操作性。

Turning to slide 5, Momentus launched three orbital service vehicles in less than a year from May 2022 to April 2023. During these missions, we've deployed a total of 15 customer satellites and provided hosted payload services for a groundbreaking scientific mission from Caltech, a leading technical university. We've demonstrated our technology in space, including our pioneering and environmentally friendly thruster that uses water as its propellant and shown our ability to perform on our commitments for our customers.

轉向幻燈片5，從2022 年5 月到2023 年4 月，Momentus 在不到一年的時間裡發射了三架軌道服務飛行器。在這些任務期間，我們總共部署了15 顆客戶衛星，並為加州理工學院的突破性科學任務提供了託管有效載荷服務，一所領先的技術大學。我們在太空中展示了我們的技術，包括我們使用水作為推進劑的開創性環保推進器，並展示了我們履行對客戶承諾的能力。

Turning to slide 6, our Vigoride-5 mission, which was launched in January 2023, is ongoing, and the spacecraft remains in good health. During the Vigoride-5 mission, Momentus deployed a customer satellite from Cosmosis in Singapore into low-Earth orbit, and also carried a large, hosted payload for Caltech.

轉向幻燈片 6，我們於 2023 年 1 月發射的 Vigoride-5 任務正在進行中，並且航天器仍處於良好狀態。在 Vigoride-5 任務期間，Momentus 將新加坡 Cosmosis 的一顆客戶衛星部署到近地軌道，並為加州理工學院運載了大型託管有效載荷。

Since then, Momentus has been providing ongoing hosted payload services to Caltech's Space Solar Power Demonstrator, or SSPD mission, and Caltech reported that its payload recently demonstrated its ability to wirelessly transmit power in space and beam power to Earth. Momentus will continue to provide hosted payload support to the SSPD over the coming months as it continues its operations.

從那時起，Momentus 一直為加州理工學院的太空太陽能演示器（SSPD 任務）提供持續的託管有效載荷服務，加州理工學院報告稱，其有效載荷最近證明了其在太空無線傳輸電力並將電力傳輸到地球的能力。 Momentus 將在未來幾個月繼續運營時繼續為 SSPD 提供託管有效負載支持。

Our contract calls for us to provide hosted payload support to the SSPD mission for at least six months and up to two years under a contract option. Hosted payload missions like we are providing to Caltech are more profitable than transportation missions, particularly for larger hosted payloads and longer duration missions.

我們的合同要求我們根據合同選項為 SSPD 任務提供至少六個月、最長兩年的託管有效載荷支持。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，特別是對於更大的託管有效載荷和較長持續時間的任務。

During the Vigoride-5 mission, the Momentus team conducted inaugural testing of the microwave electrothermal thruster, or MET, used on the spacecraft that uses water as a propellant. This has included 35 firings of the thruster and a successful altitude raise of the Vigoride orbital service vehicle by more than 3 kilometers.

在 Vigoride-5 任務期間，Momentus 團隊對微波電熱推進器 (MET) 進行了首次測試，該推進器用於用水作為推進劑的航天器。其中包括推進器的 35 次點火以及 Vigoride 軌道服務飛行器的高度成功提升超過 3 公里。

On the Vigoride-5 mission, we operated the MET successfully in space at full power across the range of durations for firing that we plan to use operationally to deliver satellites to precise custom orbits and to provide in-space infrastructure services like hosted payloads.

在Vigoride-5 任務中，我們在太空中以全功率成功地在發射持續時間範圍內操作了MET，我們計劃在操作中使用它來將衛星送入精確的定制軌道，並提供託管有效載荷等太空基礎設施服務。

Momentus is a pioneer in bringing this efficient and environmentally friendly propulsion technology to market. We're proud that the MET has shown its ability to operate as intended to perform these missions in space, and we look forward to using it to support commercial and US government customers.

Momentus 是將這種高效、環保的推進技術推向市場的先驅。我們感到自豪的是，MET 已顯示出其按預期運行以執行這些太空任務的能力，我們期待使用它來支持商業和美國政府客戶。

On Vigoride-6, which was launched in April 2023 and is ongoing, we have deployed all customer satellites, including the REVELA payload for ARCA Dynamics, the VIREO CubeSat for C3S LLC., the DISCO-1 CubeSat for Aarhus University, and the IRIS-C payload for an Asian customer booked through ISILAUNCH. The culmination of the Vigoride-6 commercial deployments contributed to Momentus recognizing revenue of $1.7 million in the second quarter. This is a significant milestone in our progress as a company and makes Q2 our first million-dollar quarter.

在 2023 年 4 月發射並正在進行的 Vigoride-6 上，我們部署了所有客戶衛星，包括 ARCA Dynamics 的 REVELA 有效載荷、C3S LLC 的 VIREO CubeSat、奧胡斯大學的 DISCO-1 CubeSat 和 IRIS -C 一位亞洲客戶通過ISILAUNCH 預訂的有效負載。 Vigoride-6 商業部署的最終成果使 Momentus 在第二季度實現了 170 萬美元的收入。這是我們公司進步的一個重要里程碑，使第二季度成為我們的第一個百萬美元季度。

During the Vigoride-6 mission, Momentus also deployed two CubeSats into low-Earth orbit as part of the NASA LLITED, L-L-I-T-E-D, or Low-Latitude Ionosphere/Thermosphere Enhancements in Density mission. These CubeSats housed behind a single-deployer door were released from the Vigoride OSV earlier than scheduled. While the CubeSats were deployed at the intended altitude of 495 kilometers, they were deployed at a different inclination than the intended target orbit needed for the science experiment.

在 Vigoride-6 任務期間，Momentus 還將兩顆立方體衛星部署到近地軌道，作為 NASA LLITED、L-L-I-T-E-D 或低緯度電離層/熱層密度增強任務的一部分。這些安裝在單部署門後面的立方體衛星比計劃提前從 Vigoride OSV 釋放。雖然立方體衛星部署在 495 公里的預定高度，但它們部署的傾角與科學實驗所需的預定目標軌道不同。

NASA has confirmed the two CubeSats are functional, and the team will be able to operate the science instruments aboard. Momentus conducted a thorough investigation and identified the root cause as human error in the mapping of a software command. The company has implemented corrective actions to prevent a recurrence.

美國宇航局已確認兩顆立方體衛星可以正常運行，該團隊將能夠操作船上的科學儀器。 Momentus 進行了徹底調查，並將根本原因確定為軟件命令映射中的人為錯誤。該公司已採取糾正措施以防止再次發生。

Vigoride-6 remains in good health and the team is working towards some of our mission milestones, like our solar array demonstration, which I'll speak about in more detail later in the presentation. We are proud of the performance of our Vigoride vehicle and see multiple use cases for it, particularly in support of more complex missions.

Vigoride-6 仍然保持良好的健康狀況，團隊正在努力實現我們的一些任務里程碑，例如我們的太陽能電池陣列演示，我將在稍後的演示中更詳細地討論這一點。我們對 Vigoride 車輛的性能感到自豪，並看到了它的多種用例，特別是在支持更複雜的任務方面。

We also have many customers whose mission requirements don't require the pedigree of a Vigoride. In those cases, we will use another mechanism, like a deployer, to deliver our customers to their intended orbits. This approach serves the needs of our customers who don't require Delta-V and further improves the economics of Vigoride.

我們還有許多客戶的任務要求不需要 Vigoride 的血統。在這些情況下，我們將使用另一種機制（例如部署程序）將我們的客戶交付到他們的預期軌道。這種方法滿足了不需要 Delta-V 的客戶的需求，並進一步提高了 Vigoride 的經濟效益。

For example, our next mission is planned for launch on the SpaceX Transporter-9 mission targeted for no earlier than November 2023 to low-Earth orbit. Rather than using a Vigoride OSV on this mission, we are carrying our customers on a deployer. The payloads we are flying on the November mission include a satellite from SatRev in Poland called the AMAN -1 Earth observation satellite. The satellite can be used for services such as land survey, precision health, agriculture, and data for weather, environmental, and smart cities applications.

例如，我們的下一次任務計劃在 SpaceX Transporter-9 任務中發射，目標不早於 2023 年 11 月發射到近地軌道。我們沒有使用 Vigoride OSV 來執行此任務，而是使用部署器來承載我們的客戶。我們在 11 月任務中飛行的有效載荷包括來自波蘭 SatRev 的一顆衛星，稱為 AMAN -1 地球觀測衛星。該衛星可用於土地調查、精準健康、農業以及天氣、環境和智慧城市應用數據等服務。

The JINJUSat-1 satellite will be deployed for CONTEC Company of the Republic of Korea. Once in orbit, cameras mounted on the satellite will carry out a mission to take pictures of the Earth. The Picacho satellite will be deployed for Lunasonde, a US sub-surface imaging company with the goal of making underground resources like water and minerals easier to find.

JINJUSat-1衛星將為韓國CONTEC公司部署。一旦進入軌道，安裝在衛星上的攝像機將執行拍攝地球照片的任務。 Picacho 衛星將部署給美國地下成像公司 Lunasonde，其目標是讓水和礦物質等地下資源更容易被發現。

The Picacho CubeSat is a technology demonstration of Lunasonde sensors. It will measure the power spectral density of low-frequency radio signals in the ionosphere, which will help inform designs for the company's future satellites.

Picacho CubeSat 是 Lunasonde 傳感器的技術演示。它將測量電離層中低頻無線電信號的功率譜密度，這將有助於為該公司未來衛星的設計提供信息。

Moving into next year, we do aim to fly our next Vigoride vehicle on the SpaceX Transporter-10 mission targeted for launch no earlier than February 2024. On this mission, we will carry satellites that require orbital delivery services, as well as 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.

進入明年，我們的目標是在SpaceX Transporter-10 任務中駕駛我們的下一代Vigoride 飛行器，該任務預計不早於2024 年2 月發射。在這次任務中，我們將攜帶需要軌道交付服務的衛星，以及為商業客戶。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。

I am also pleased to see the operational progress that our talented engineering and operations team continues to make in increasing productivity, improving quality, and lowering unit costs. For example, Vigoride-6 assembly integration and test was 36% faster than Vigoride-5 with a 51% decline in non-conformances.

我還很高興看到我們才華橫溢的工程和運營團隊在提高生產力、提高質量和降低單位成本方面不斷取得運營進展。例如，Vigoride-6 裝配集成和測試比 Vigoride-5 快 36%，不合格率下降 51%。

With Vigoride-7, we plan for a fuller load of payloads and better mission economics. And we anticipate that Vigoride-7 will generate more revenue than Vigoride-6.

通過 Vigoride-7，我們計劃實現更全面的有效載荷和更好的任務經濟性。我們預計 Vigoride-7 將比 Vigoride-6 產生更多的收入。

Turning to slide 7. As I mentioned earlier, we've expanded our product offerings to include low-cost, flexible, and powerful satellite buses. We are pleased to have recently announced our M-1000 satellite bus, which is well positioned for a large and growing market. For example, Allied Market Research reports that the global satellite bus market was valued at $11.9 billion in 2020 and is projected to reach $20.8 billion by 2030.

轉向幻燈片 7。正如我之前提到的，我們已經擴展了我們的產品範圍，包括低成本、靈活且功能強大的衛星總線。我們很高興最近推出了 M-1000 衛星總線，它為龐大且不斷增長的市場做好了準備。例如，Allied Market Research 報告稱，2020 年全球衛星總線市場價值為 119 億美元，預計到 2030 年將達到 208 億美元。

The M-1000 satellite bus is based on our space-proven Vigoride OSV. Its core technologies are the same as Vigoride, and the newly branded M-1000 satellite bus is tailored and enhanced as needed to meet the mission requirements of different customers in both the US government, such as the defense department, as well as for commercial customers.

M-1000 衛星總線基於我們經過太空驗證的 Vigoride OSV。其核心技術與Vigoride相同，新品牌的M-1000衛星總線根據需要進行定制和增強，以滿足美國政府（例如國防部）以及商業客戶不同客戶的任務需求。

Our M-1000 bus has attributes that we expect to make it highly competitive in the market. It has high power, a flexible configuration to support individual customer needs, can carry more payload than competing buses, and can be produced to meet customer needs rapidly, all at low cost.

我們的 M-1000 總線具有我們期望使其在市場上具有高度競爭力的屬性。它具有高功率、靈活的配置來支持個性化客戶需求，可以比競爭客車承載更多的有效負載，並且可以以低成本快速生產以滿足客戶需求。

Turning to slide 8. According to the Space Foundation, which released its annual space report on July 25, the global space economy grew by 8% in 2022 to $546 billion. Of note, Space Foundation also estimates the total space spending by the US defense department, both classified and unclassified spending for all military branches and intelligence agencies, grew to $42.9 billion in 2022, a 21% year-over-year increase.

轉向幻燈片 8。根據太空基金會 7 月 25 日發布的年度太空報告，2022 年全球太空經濟增長 8%，達到 5460 億美元。值得注意的是，太空基金會還估計，美國國防部的太空支出總額（包括所有軍事部門和情報機構的機密和非機密支出）到 2022 年將增至 429 億美元，同比增長 21%。

The M-1000 satellite bus is well-positioned for these growing, attractive markets, and we're starting to see some traction. We were recently awarded a small business innovation research contract from the US defense department's Space Development Agency, or SDA. And I'm pleased to share we have signed the contract for that work.

M-1000 衛星總線為這些不斷增長、有吸引力的市場做好了充分的準備，我們已經開始看到一些吸引力。我們最近獲得了美國國防部太空發展局 (SDA) 頒發的小型企業創新研究合同。我很高興地告訴大家，我們已經簽署了這項工作的合同。

The first contract action is worth roughly $746,000 and includes an option for a contract modification at a later date to add an additional $1,196,000 that we expect the SDA to exercise that will bring the total contract value to over $1.9 million.

第一份合同價值約為 746,000 美元，包括稍後修改合同的選項，以增加 1,196,000 美元的額外金額，我們預計 SDA 執行該選項後，合同總價值將超過 190 萬美元。

The scope of this project involves making tailored modifications to the system underlying the M-1000 satellite bus and Vigoride orbital service vehicle, so that it's even better positioned to be used for SDA's future needs.

該項目的範圍包括對 M-1000 衛星總線和 Vigoride 軌道服務車的底層系統進行定制修改，以便更好地滿足 SDA 的未來需求。

Last month, we also submitted a bid to the SDA for the Tranche 2 Transport Layer Alpha program that involves building 50 satellites. These 50 satellites will be part of a global constellation of communications satellites supporting the needs of the US defense department and military services.

上個月，我們還向 SDA 提交了 Tranche 2 Transport Layer Alpha 計劃的投標，該計劃涉及建造 50 顆衛星。這 50 顆衛星將成為支持美國國防部和軍事部門需求的全球通信衛星星座的一部分。

As a reference point, awards made by SDA for Tranche 1 of the transport layer satellites were about $700 million to Lockheed Martin, $692 million to Northrop Grumman, and $382 million to York Space Systems for a slightly smaller number of 42 satellites, which gives you a rough sense of the size of the contracts expected under Tranche 2.

作為參考，SDA 為第一批傳輸層衛星授予的合同中，洛克希德·馬丁公司獲得了約7 億美元，諾斯羅普·格魯曼公司獲得了6.92 億美元，約克空間系統公司獲得了3.82 億美元，用於數量稍少的42 顆衛星。對第二批預期合同規模的粗略了解。

For our proposal for the Tranche 2 Transport Layer Alpha program, Momentus is the prime contractor on this effort, and we've pulled together a team of traditional and non-traditional defense contractors that we are confident can deliver for the SDA. We believe we are well-positioned for this project due to the differentiated capabilities, low cost, and strong team we have put forward to the SDA.

對於我們的 Tranche 2 傳輸層 Alpha 計劃提案，Momentus 是這項工作的主要承包商，我們組建了一支由傳統和非傳統國防承包商組成的團隊，我們有信心可以為 SDA 提供服務。我們相信，由於我們向 SDA 提出的差異化能力、低成本和強大的團隊，我們在該項目中處於有利地位。

This proposal is now under evaluation by SDA, and we expect that agency to make contract awards in late September or early October to two teams to build 50 satellites each. We've also included our M-1000 bus as the featured product in other proposals that are undergoing reviews by both government and commercial customers.

該提案目前正在由 SDA 進行評估，我們預計該機構將在 9 月底或 10 月初向兩個團隊授予合同，每隊建造 50 顆衛星。我們還將 M-1000 巴士作為特色產品納入其他提案中，這些提案正在接受政府和商業客戶的審查。

In addition to the M-1000, we're continuing to offer orbital delivery and hosted payload services. Momentus submitted a proposal to the Defense Innovation Unit, or DIU, for novel approaches to operationally responsive space. This project requires precise point-to-point delivery of cargo in a cost-effective manner at scale, a need for which our capabilities and technology are well-suited. Therefore, we are optimistic about our chances of winning this bid, as Momentus' value proposition lies right in the sweet spot.

除了 M-1000 之外，我們還將繼續提供軌道交付和託管有效載荷服務。 Momentus 向國防創新部門 (DIU) 提交了一份提案，提出太空作戰響應的新方法。該項目需要以具有成本效益的方式大規模、精確地點對點交付貨物，我們的能力和技術非常適合這一需求。因此，我們對贏得此次競標的機會持樂觀態度，因為 Momentus 的價值主張正處於最佳位置。

The DIU has indicated they will make a contract award within 60 days to 90 days, so we're currently awaiting notification.

DIU 表示他們將在 60 至 90 天內授予合同，因此我們目前正在等待通知。

Momentus has signed a contract with FOSSA Systems to provide hosted payload services starting in 2024. Momentus provided orbital delivery services to FOSSA on the inaugural mission of Vigoride in 2022, and most recently provided mission management and integration support for the launch of the FOSSA FEROX-1 satellite in June 2023.

Momentus 與FOSSA Systems 簽署了一份合同，從2024 年開始提供託管有效載荷服務。Momentus 在2022 年Vigoride 的首次任務中為FOSSA 提供了軌道交付服務，最近還為FOSSA FEROX 的發射提供了任務管理和集成支持。 2023 年 6 月發射 1 顆衛星。

We are pleased that FOSSA has selected Momentus again to support its growing needs and innovation that they are bringing to the market. They are a valued repeat customer.

我們很高興 FOSSA 再次選擇 Momentus 來支持其不斷增長的需求和他們為市場帶來的創新。他們是尊貴的回頭客。

Commercial and government customers have shared very positive feedback about our capabilities and competitive pricing. This gives us confidence that we're well positioned to succeed in this market.

商業和政府客戶對我們的能力和有競爭力的價格提供了非常積極的反饋。這讓我們相信我們已經做好了在這個市場取得成功的準備。

Turning to slide 9. The anticipated demand for our services is only expected to increase, especially as we're seeing heightened government and DoD interest. In addition, as we pivot towards expanding to the large and mature satellite bus market and continue to pursue launch aggregation as a potential revenue stream, we are taking steps to ensure our launch schedule is optimized to meet this anticipated demand.

轉向幻燈片 9。對我們服務的預期需求預計只會增加，特別是當我們看到政府和國防部的興趣日益濃厚時。此外，隨著我​​們轉向擴大到大型成熟的衛星總線市場，並繼續追求發射聚合作為潛在的收入來源，我們正在採取措施確保優化我們的發射時間表以滿足這一預期需求。

Momentus differentiates itself by reserving space on SpaceX launch vehicles used for rideshare transportation missions that we then make available to customers. Other companies will take your reservation and then try to find a spot for your payload in a rapidly crowding launch vehicle manifest, introducing significant schedule risk to customers. We've already got space dedicated, and we're ready to help customers make the most of it.

Momentus 的與眾不同之處在於，它在 SpaceX 運載火箭上預留了用於拼車運輸任務的空間，然後我們將這些空間提供給客戶。其他公司會接受您的預訂，然後嘗試在迅速擁擠的運載火箭清單中為您的有效載荷找到一個位置，這給客戶帶來了巨大的時間表風險。我們已經擁有專用空間，並已準備好幫助客戶充分利用它。

First, we will be flying on the SpaceX Transporter-9 mission, targeted for no earlier than November 2023 to low-Earth orbit. Momentus has also reserved ports on all the SpaceX Transporter missions through the end of 2024, including Transporter-10 targeted for February 2024, the Transporter-11 mission targeted for June 2024, and the Transporter-12 mission targeted for October of 2024.

首先，我們將執行 SpaceX Transporter-9 任務，目標是不早於 2023 年 11 月飛往近地軌道。 Momentus 還為2024 年底之前所有SpaceX Transporter 任務預留了端口，包括計劃於2024 年2 月執行的Transporter-10、計劃於2024 年6 月執行的Transporter-11 任務以及計劃於2024 年10 月執行的Transporter -12 任務。

Turning to slide 10. The market opportunity for Momentus is substantial and experiencing strong growth. For example, as I mentioned, the Space Foundation's annual space report released last month shows that in 2022, the global space economy grew 8%, reaching $546 billion, the commercial space market climbed nearly 8%, reaching over $427 billion, and the US government spent $69.9 billion on space programs, with the majority coming from the Department of Defense.

轉向幻燈片 10。Momentus 的市場機會巨大，並且正在經歷強勁增長。例如，正如我提到的，太空基金會上個月發布的年度太空報告顯示，2022年，全球太空經濟增長8%，達到5460億美元，商業太空市場增長近8%，達到4270億美元以上，美國太空經濟增長近8%，達到4270億美元。政府在太空計劃上花費了 699 億美元，其中大部分來自國防部。

We are pleased about the interest in our capabilities from US government customers responsible for national security missions. The flexibility, payload capacity, and power available in the Vigoride orbital service vehicle and M-1000 satellite bus make them well positioned to support a range of national security missions like space situational awareness, surveillance, reconnaissance, and other missions.

我們很高興負責國家安全任務的美國政府客戶對我們的能力感興趣。 Vigoride 軌道服務車和 M-1000 衛星總線的靈活性、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 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 high-tech contested space environment.

擁有大量可用電力來支持傳感器、通信設備和其他電子設備等密集型高端國家安全有效負載，這也是 Momentus 與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高科技競爭太空環境中的關鍵需求。

In addition, Momentus has a highly experienced team of professionals and engineers with decades of national security experience that gives us an edge over other US companies and also over international competitors who are unable to meet the needs of these large defense department customers.

此外，Momentus 擁有一支經驗豐富的專業人士和工程師團隊，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型國防部客戶需求的國際競爭對手更具優勢。

New regulations are also playing a role in expanding the opportunity for Momentus. For instance, last year, the FCC, or Federal Communications Commission, adopted a rule that will require satellite operators to remove their satellites from low-Earth orbit within five years following mission conclusion.

新法規也在擴大 Momentus 的機會方面發揮了作用。例如，去年，美國聯邦通信委員會（FCC）通過了一項規則，要求衛星運營商在任務結束後五年內將其衛星從近地軌道移出。

With the number of satellite deployments growing rapidly, the problem of debris in space is accelerating rapidly. The rule from the FCC acknowledges the problem, and we expect will create significant customer demand for satellite deorbiting services.

隨著衛星部署數量的快速增長，太空碎片問題正在迅速加劇。美國聯邦通信委員會的規定承認了這個問題，我們預計這將為衛星脫軌服務創造巨大的客戶需求。

NASA and the US defense department have also been letting contracts for studies and demonstration missions for work on addressing the problem of growing orbital debris. Satellite deorbiting is a complex mission, but I'm proud to say that Momentus anticipated a more active stance on debris removal from regulators and has been investing in developing this capability for several years. We think our early investments and upcoming technology demonstrations provide us with a competitive advantage over others.

美國宇航局和美國國防部也一直在簽訂研究和示範任務合同，以解決軌道碎片日益增多的問題。衛星脫軌是一項複雜的任務，但我很自豪地說，Momentus 預計監管機構會對碎片清除採取更積極的立場，並且多年來一直在投資開發這種能力。我們認為我們的早期投資和即將到來的技術演示為我們提供了相對於其他公司的競爭優勢。

If you consider that roughly 2,500 satellites were placed in orbit last year and that annual deployments are forecasted to roughly triple by 2028 according to Deutsche Bank, it's not hard to envision a scenario in which thousands of satellites need to be deorbited annually within the next decade, creating a multi-billion-dollar addressable market.

如果考慮到去年大約有2,500 顆衛星被送入軌道，並且根據德意志銀行的預測，到2028 年，每年的部署量將增加大約兩倍，那麼不難想像未來十年內每年需要將數千顆衛星離軌的情況，創造了一個價值數十億美元的潛在市場。

Turning to slide 11. Momentus is well positioned to grow in the space market, thanks to our value proposition with differentiated capabilities. We have now delivered 15 satellites to orbit in our history while demonstrating the maturity and operational capabilities of our technology along with its functionality in space. We are continuing to develop new differentiated technology and are expanding our product offerings to the large mature satellite bus market and to the expanding space servicing and deorbit markets.

轉向幻燈片 11。由於我們具有差異化能力的價值主張，Momentus 在航天市場中處於有利地位。目前，我們已將 15 顆衛星送入軌道，同時展示了我們技術的成熟度和運行能力及其在太空中的功能。我們正在繼續開發新的差異化技術，並將我們的產品範圍擴展到大型成熟的衛星總線市場以及不斷擴大的空間服務和脫軌市場。

We're working to develop additional features and capabilities for our Vigoride and M-1000 bus performance, such as a high-speed mission data link, adding expansion tanks, incorporating security features, and adding a precision pointing option to host sensitive and classified US government payloads. We expect to begin introducing some of these features in 2024.

我們正在努力開發 Vigoride 和 M-1000 總線性能的附加特性和功能，例如高速任務數據鏈路、添加膨脹水箱、納入安全功能以及添加精確指向選項以託管敏感和機密的美國信息政府有效載荷。我們預計將於 2024 年開始引入其中一些功能。

A great example of our innovation is our Tape Spring Solar Array, or TASSA, T-A-S-S-A, which has been in space since April on our Vigoride-6 mission. We expect to soon unfurl and demonstrate this technology in the coming weeks.

我們的創新的一個很好的例子是我們的帶彈簧太陽能電池陣列，或 TASSA，T-A-S-S-A，它自 4 月份以來一直在我們的 Vigoride-6 任務中進入太空。我們預計將在未來幾週內盡快展開並演示這項技術。

Our team, led by Chief Technology Officer, Rob Schwarz, has been working on the TASSA construct for several years as a potential means of reducing Vigoride unit manufacturing costs and lead times.

我們的團隊由首席技術官 Rob Schwarz 領導，多年來一直致力於 TASSA 構造，將其作為降低 Vigoride 單位製造成本和交貨時間的潛在手段。

The TASSA array is about 11 meters, or 36 feet long. To build TASSA, the team bonded large sheets of flexible solar cells to tape springs. Its concave shape provides its structural strength.

TASSA 陣列長約 11 米，即 36 英尺。為了建造 TASSA，該團隊將大片柔性太陽能電池粘合到帶狀彈簧上。其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. They keep their stiffness and strength due to their shape, only on a much larger scale. The four-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 (Home Depot) 等地方購買的捲尺非常相似。由於其形狀，它們保持了剛度和強度，只是在更大的範圍內。四英寸的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's third-party solar array with TASSA could reduce the overall recurring production cost of Vigoride by as much as 10%, while potentially reducing lead times by several months. We've applied to patent the technology behind TASSA, and we're seeing interest from commercial and government customers, given the efficiency we expect to demonstrate for low-cost power in space.

一旦開發完成，我們估計用 TASSA 替換 Vigoride 的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多達 10%，同時可能將交貨時間縮短幾個月。我們已經為 TASSA 背後的技術申請了專利，考慮到我們期望在太空中展示低成本電力的效率，我們看到了商業和政府客戶的興趣。

Finally, our Rendezvous & Proximity Operations, or RPO technology demonstration, is planned for our Vigoride-7 mission, which is scheduled to be launched on the SpaceX Transporter-10 mission in February 2024. 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 deorbiting of satellites at the end of their useful life.

最後，我們計劃在 Vigoride-7 任務中進行交會和鄰近操作（RPO 技術演示），該任務計劃於 2024 年 2 月在 SpaceX Transporter-10 任務中發射。RPO 能力是我們擴展菜單能力的關鍵Vigoride 可以提供的服務包括客戶衛星的在軌維護和加油、壽命延長以及衛星在使用壽命結束時的脫軌。

The RPO mission also supports another innovation focus of ours, which is to evolve towards a reusable version of Vigoride, or a refuellable version that would stay in space and be refueled, and therefore, reused on later missions.

RPO 任務還支持我們的另一個創新重點，那就是發展出可重複使用的 Vigoride 版本，或者可加油版本，可以留在太空中並補充燃料，從而在以後的任務中重複使用。

Currently, after completing its mission, Vigoride will move to a lower degrading orbit and safely and responsibly burn 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，維戈萊德將移至較低的退化軌道，並在重返大氣層時安全、負責任地燃燒。可重複使用的 Vigoride 衛星在完成任務後，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 衛星提供更大的投資回報。

Turning to slide 12. In summary, Momentus is well-positioned for the future. We have a favorable demand outlook, demonstrated competitive advantages, attractiveness for growing US government and defense department programs, and significant potential for margin improvement.

轉向幻燈片 12。總而言之，Momentus 為未來做好了充分的準備。我們擁有良好的需求前景、展示出的競爭優勢、對不斷增長的美國政府和國防部項目的吸引力以及利潤率改善的巨大潛力。

In a moment, our CFO, Eric Williams, will walk us through the financials. But before he does that, I'll comment briefly on where we've come from and where we stand on our journey.

稍後，我們的首席財務官埃里克·威廉姆斯將向我們介紹財務狀況。但在他這樣做之前，我將簡要評論一下我們從哪裡來以及我們在旅程中所處的位置。

It is clear that we've faced some headwinds in the recent risk-off environment in the market and seen our stock price reflect that. Clearly, we would have liked for the market to have given greater value to the achievements that have put us in position to achieve substantial growth as we look forward. I would just conclude by commenting that it's worth stepping back and remembering what Momentus has achieved since becoming a public company just over two years ago.

顯然，我們在最近的市場避險環境中面臨著一些阻力，我們的股價也反映了這一點。顯然，我們希望市場對我們所取得的成就給予更大的重視，這些成就使我們能夠在未來實現大幅增長。最後，我想說的是，值得退後一步，記住 Momentus 自兩年多前成為上市公司以來所取得的成就。

In August of 2021, our relationship with the defense department was not good, to put it charitably, and some in the market did not believe we would be able to repair it. That is most clearly not the case today, as indicated by our recent contract award from the defense department's Space Development Agency and its positive comments to us about our capabilities.

2021 年 8 月，我們與國防部的關係不好，說得客氣一點，市場上的一些人不相信我們能夠修復它。今天的情況顯然不是這樣，正如我們最近從國防部太空發展局授予的合同及其對我們能力的積極評價所表明的那樣。

In August of 2021, we had yet to test our microwave electrothermal thruster on the Vigoride orbital service vehicle in space, and some doubted we ever would. Today, we have tested it successfully in space on Vigoride, and not once or twice, but dozens of times in space, the ultimate test.

2021 年 8 月，我們尚未在太空 Vigoride 軌道服務飛行器上測試我們的微波電熱推進器，有些人懷疑我們是否會這麼做。今天，我們在Vigoride上在太空中成功測試了它，而且不是一次兩次，而是在太空中進行了數十次，終極測試。

In August of 2021, we hadn't begun to contemplate the ability to expand into the satellite bus market. Today, we have what is arguably the best value small sat bus available, based on comments by defense department officials to us. And we have recently submitted a major proposal to join the defense department's proliferated low-Earth orbit satellite constellation.

2021年8月，我們還沒有開始考慮是否能夠進軍衛星巴士市場。今天，根據國防部官員向我們提供的評論，我們擁有可以說是最有價值的小型衛星巴士。我們最近提交了一項加入國防部不斷擴散的近地軌道衛星星座的重大提案。

In August of 2021, we had a young workforce. Today, this workforce, the foundation of our company's value, has matured to the point of having put three Vigoride orbital service vehicles in space, deployed 15 customer satellites, and is, at this very moment, managing and controlling two of our Vigorides simultaneously in orbit.

2021 年 8 月，我們擁有一支年輕的員工隊伍。如今，這支作為我們公司價值基礎的員工隊伍已經成熟，已經將三架 Vigoride 軌道服務飛行器送入太空，部署了 15 顆客戶衛星，並且此刻正在同時管理和控制我們的兩架 Vigorides軌道。

During our launch campaigns for the three Vigoride missions, when I'm here late at night and on weekends, I've been invigorated by walking around and seeing the passion of our employees hard at work despite the day or hour. I'm tremendously proud and could not be more appreciative of every single Momentus employee, and we're working hard to retain them.

在我們為三個 Vigoride 任務啟動活動期間，當我在深夜和周末來到這裡時，我到處走走，看到我們的員工不分晝夜地努力工作，充滿熱情，這讓我感到精神振奮。我對每一位 Momentus 員工感到非常自豪和感激，我們正在努力留住他們。

Momentus is pushing ahead on our growth path. We are competing vigorously in the defense, government, and commercial markets. We have several promising near-term opportunities in our sweet spot.

Momentus 正在推動我們的成長道路。我們在國防、政府和商業市場上展開激烈競爭。我們的最佳位置有幾個有前途的近期機會。

We are actively seeking new investors while considering the full range of strategic options, which is why we engaged Deutsche Bank recently. And we are continuing to drive our technology forward in concert with the demand signal we are getting from customers.

我們正在積極尋找新投資者，同時考慮全方位的戰略選擇，這就是我們最近與德意志銀行合作的原因。我們將根據客戶的需求信號繼續推動我們的技術向前發展。

With that, I'll turn the microphone over to our CFO, Eric Williams.

接下來，我將把麥克風交給我們的首席財務官埃里克·威廉姆斯。

Thank you, John, for the introduction. I am pleased to present highlights of the financial results achieved by the Momentus team during our second quarter of 2023.

謝謝約翰的介紹。我很高興向您介紹 Momentus 團隊在 2023 年第二季度取得的財務業績的重點。

Turning to slide 14. Our second-quarter results reflect our ongoing progress and investments towards our future launches. We have cumulatively signed contracts for approximately $32 million in backlog or potential revenue as of July 31, 2023. These contracts include firm orders, as well as options.

轉向幻燈片 14。我們第二季度的業績反映了我們持續取得的進展以及對未來產品發布的投資。截至 2023 年 7 月 31 日，我們已累計簽署約 3200 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。

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 18 companies in 14 countries. Typically, our customers have the right to cancel a flight reservation, and when doing so, will forego their deposits and milestone payment.

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，而無需單獨的協議。這些簽署的合同涉及 14 個國家的 18 家公司。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押金和里程碑付款。

Should a customer cancel a contract for their rescheduling needs or other reasons before all of its payments are made, the resulting revenue will be less than the full value of the backlog. 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 launch slot without requiring a separate agreement.

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 歷來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啟動時段，而無需單獨的協議。

We ended Q2 2023 with unrestricted cash and cash equivalents of $21.3 million, and approximately $9 million in outstanding gross debt, consisting of a term loan that we began to repay in March of 2022.

截至 2023 年第二季度，我們的無限制現金和現金等價物為 2130 萬美元，未償債務總額約為 900 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 evaluating whether there are conditions and events that raise substantial doubt about our ability to continue as a going concern. This going concern determination was concluded as we prepared our financial statements for the second quarter after management conducted a comprehensive 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 將包括評估是否存在對我們持續經營能力產生重大懷疑的條件和事件的語言。在管理層對我們當前的流動性狀況和未來 12 個月的預計現金流量進行全面評估後，我們在準備第二季度的財務報表時做出了持續經營的決定。

When taking into account certain external factors, this analysis concluded that given our current cash balance, the company is unable to meet its obligations for the next 12 months. Although the company has a history of successfully raising cash primarily through the issuance of equity, consistent with the relevant technical guidance, any projected or anticipated equity financing transactions are not generally viewed as probable for the purposes of going concern assessment.

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，該公司無法履行未來 12 個月的義務。儘管該公司有主要通過發行股權成功籌集現金的歷史，但根據相關技術指導，任何預計或預期的股權融資交易通常不被視為可能用於持續經營評估。

Momentus has taken and continues to take several proactive steps with respect to managing our burn rate, and extending our cash run rate while we continue exploring new business opportunities and working to raise additional capital.

Momentus 已經並將繼續採取一些積極主動的措施來管理我們的燒錢率，並提高我們的現金運行率，同時我們繼續探索新的商機並努力籌集更多資金。

Towards the end of Q2 of 2023, we reduced our headcount consisting of both full-time employees and contractors by approximately 30% to substantially reduce our burn rate while retaining the talent we need to execute our key near-term initiative. We expect to realize the full impact of those cost reductions during Q3 of 2023.

到 2023 年第二季度末，我們將全職員工和承包商的員工人數減少了約 30%，以大幅降低我們的燒錢率，同時保留執行關鍵近期計劃所需的人才。我們預計將在 2023 年第三季度實現這些成本削減的全部影響。

In addition, the company has been working to raise additional capital while pursuing and evaluating strategic alternatives. To that end, the company engaged Deutsche Bank as a financial advisor.

此外，該公司一直在努力籌集額外資金，同時尋求和評估戰略替代方案。為此，該公司聘請德意志銀行作為財務顧問。

We invested approximately $14.6 million in operations during Q2 compared to $18.7 million in Q1 2023 and $22.9 million in Q2 2022. We recognized $1.7 million in revenue in Q2 as a result of meeting a variety of customer service milestones associated with our Vigoride-5 and Vigoride-6 launches.

我們在第二季度的運營投資約為1460 萬美元，而2023 年第一季度為1870 萬美元，2022 年第二季度為2290 萬美元。由於實現了與Vigoride-5 和Vigoride 相關的各種客戶服務里程碑，我們在第二季度確認了170 萬美元的收入-6 次發射。

In the quarter, we generated approximately $18.9 million in losses from operations compared to $23.2 million in losses from operations in Q2 of 2022. On a non-GAAP basis, our adjusted EBITDA was negative $14.4 million for Q2 2023, a sequential improvement of approximately $1.4 million from Q1 of 2023 and $3.8 million better as compared to Q2 of 2022.

本季度，我們的運營虧損約為1,890 萬美元，而2022 年第二季度的運營虧損為2,320 萬美元。按照非GAAP 計算，我們2023 年第二季度的調整後EBITDA 為負1,440 萬美元，環比改善約1.4 美元比 2023 年第一季度增加 100 萬美元，比 2022 年第二季度增加 380 萬美元。

Non-GAAP SG&A expenses for the second quarter of 2023 totaled $6.4 million, an improvement of $1.8 million as compared to Q2 of 2022. Non-GAAP R&D expenses for the second quarter of 2023 totaled approximately $9.5 million, down $0.9 million from Q2 of 2022. We ended Q2 2023 with approximately 95 million shares outstanding.

2023 年第二季度的非GAAP SG&A 費用總計640 萬美元，比2022 年第二季度增加180 萬美元。2023 年第二季度的非GAAP 研發費用總計約950 萬美元，比2022 年第二季度減少90萬美元截至 2023 年第二季度，我們已發行約 9500 萬股。

In addition, we have filed proxy materials and are scheduled to have a shareholders' meeting on August 22 to approve a reverse split of our stock. We expect this to allow us to continue to meet the Nasdaq listing requirements and aid in future capital raise. Please refer to the press release issued today for the reconciliation of non-GAAP numbers to GAAP.

此外，我們已提交委託書材料，併計劃於8月22日召開股東大會，批准反向分割我們的股票。我們預計這將使我們能夠繼續滿足納斯達克上市要求並有助於未來的融資。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。

I will now hand the call back to Mary.

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 would 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.

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。

Operator, would you please remind participants of the entry to queue?

接線員，請您提醒參加者進入隊列嗎？

(Operator Instructions) Michael Mathison, Singular Research.

（操作員說明）Michael Mathison，Singular Research。

Good afternoon, everyone. Congratulations on all that revenue.

大家下午好。恭喜你獲得了所有這些收入。

Thank you, Michael. Appreciate it.

謝謝你，邁克爾。欣賞它。

Just looking into the dynamic of the going concern issue versus revenue versus the burn rate, I'm sure that's an equation you sit there solving every afternoon. If I'm following it, it looks like you booked all the revenue that was available from the Vigoride-5 and Vigoride-6 missions having deployed all the satellites. Looks to me like the next revenue opportunity would be the November mission, is that fair?

只要研究一下持續經營問題與收入與燒錢率的動態關係，我確信這是您每天下午坐在那裡解決的一個方程式。如果我關注的話，看起來您已經預訂了部署所有衛星後的 Vigoride-5 和 Vigoride-6 任務的所有可用收入。在我看來，下一個收入機會將是 11 月的任務，這公平嗎？

We have not totally finished recognizing revenue on V5, but we have completed revenue associated with V6. We do have some residual revenue to be recognized relating to the support of the Caltech mission, which we're hosting, currently still hosting.

我們尚未完全完成 V5 的收入確認，但我們已經完成了與 V6 相關的收入。我們確實有一些剩餘收入需要確認，這些收入與我們正在主持、目前仍在主持的加州理工學院任務的支持有關。

Our next -- and as you know that next revenue event would be the Transporter-9 mission in -- around the October timeframe -- October, November.

我們的下一個——正如你們所知，下一個收入事件將是 Transporter-9 任務——大約在 10 月份的時間範圍內——10 月、11 月。

And just following up on that mission. Is all the capacity booked for that launch? And how many deployments would full capacity represent?

並繼續執行該任務。此次發射的所有容量都已預訂嗎？滿負荷意味著多少部署？

In November -- its John, Michael. Thank you for the question. In November, we will launch at least three satellites, mentioned and potentially one additional one that we're working with a customer on. The three satellites would be from SatRev in Poland, also one from -- called JINJUSat-1, one from CONTEC in South Korea, and a third one from Lunasonde, which is a US-based company.

十一月——是約翰，邁克爾。感謝你的提問。 11 月，我們將發射至少三顆衛星（上面提到的），並且可能還會發射一顆我們正在與客戶合作的衛星。這三顆衛星將來自波蘭的 SatRev，一顆來自名為 JINJUSat-1 的衛星，一顆來自韓國 CONTEC，第三顆來自美國公司 Lunasonde。

And then, as I said, there is the potential for a fourth satellite, but that has not yet been confirmed for November.

然後，正如我所說，有可能發射第四顆衛星，但 11 月份尚未得到證實。

Perfect. All right. Thank you for the information.

完美的。好的。感謝您的信息。

Thank you, Michael.

謝謝你，邁克爾。

(Operator Instructions) Michael Mathison, Singular Research.

（操作員說明）Michael Mathison，Singular Research。

All right. Thank you, guys. It looks like the way was clear for me to ask a follow-up. So again, just solving that equation of burn rate versus the cash on hand, you mentioned that you've taken a lot of steps to reduce the burn rate. Would you feel comfortable giving us any figure to work with, or just lower as far as you wanted to go?

好的。感謝你們。看起來我詢問後續問題的方式已經很明確了。再說一遍，在求解燒錢率與手頭現金的方程式時，您提到您已經採取了很多措施來降低燒錢率。您是否願意給我們任何可以使用的數字，或者只是您想要的更低的數字？

I'd say lower is probably about as far as we want to go. I think if you wanted to think about the subsequent quarter, definitely lower than our past quarter, right? We did that 30% reduction in headcount. And through the financials, you can get a sense that it wouldn't be a full 30% across the board with respect to cash on the quarter, but you can view it as we're pushing on it fairly hard to be able to get as much runaway as we can out of that.

我想說，更低的水平可能就是我們想要的。我想如果你想考慮下一個季度，肯定會低於上個季度，對嗎？我們削減了 30% 的員工人數。通過財務數據，你可以感覺到本季度的現金不會全面達到 30%，但你可以看到這一點，因為我們正在努力推動這一目標，以便能夠獲得我們可以盡可能地逃脫。

Yeah, exactly. Okay. Well, thank you again for the information.

是的，完全正確。好的。嗯，再次感謝您提供的信息。

Thanks, Michael.

謝謝，邁克爾。

Thank you. And gentlemen, it appears we have no further questions this afternoon. So that will bring us to the inclusion of the Momentus second quarter earnings call. I'd like to thank you all so much for joining us today and wish you all a great evening. Goodbye.

謝謝。先生們，看來今天下午我們沒有其他問題了。因此，我們將把 Momentus 第二季度財報電話會議納入其中。我非常感謝大家今天加入我們，並祝大家度過一個愉快的夜晚。再見。