Momentus Inc (MNTS) 2023 Q3 法說會逐字稿

Good afternoon. Thank you for standing by. My name is Jean and I will be your conference operator today. At this time, I would like to welcome everyone to the Momentus Inc. Third Quarter 2023 earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded. I would like now to turn the call over to Maria Horne of Investor Relations. You may begin your conference.

午安.謝謝你的支持。我叫 Jean，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 年第三季財報電話會議。 （操作員說明）謹此提醒，今天的通話正在錄音。我現在想將電話轉給投資者關係部的瑪麗亞·霍恩 (Maria Horne)。您可以開始您的會議了。

Thank you. And hello, everyone. Welcome to Momentus' Third Quarter 2023 earnings conference call. With me here today are John Rood, Chief Executive Officer of the company and Chairman of the 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。大家好。歡迎參加 Momentus 2023 年第三季財報電話會議。今天與我在一起的有公司執行長兼董事會主席約翰·魯德 (John Rood)；以及財務長艾瑞克威廉斯(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.momentous.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.momentous.space 下載新聞稿和簡報投影片的副本。

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，我們將做出1933 年《證券法》第27A 條和1934 年《交易法》第21E 條含義內的某些前瞻性陳述。推測和其他陳述。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聲明有重大差異。

You should listen to today's call with the understanding that our actual results may be materially different from the plan, intention and expectations disclosed in the forward-looking statements we make. 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.

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在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。請讀者不要過度依賴前瞻性陳述。該公司特別聲明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 reconciliations 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. With that, I'd like to turn the call over to our Chairman and Chief Executive Officer, John Rood.

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資訊。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取代或優於根據公認會計原則編製的財務績效指標。說到這裡，我想將電話轉給我們的董事長兼執行長約翰·魯德。

Thank you, Mary. It's a pleasure to be here today to provide an update on the progress we've made at Momentus over the past quarter and share our Q3 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。很高興今天能夠在這裡介紹 Momentus 在過去一個季度所取得的最新進展，並分享我們第三季的財務表現。在我發表評論後，我們的財務長埃里克威廉斯將向您介紹財務亮點和前景。

In the third quarter, Momentus made further advances towards our goal of being a market leader for satellite buses and in-space transportation and support services for US government and commercial customers. Our launch heritage places us at the forefront of this expanding market. And we believe we possess key competitive advantages with our differentiated orbital service vehicle and satellite bus.

第三季度，Momentus 朝著成為美國政府和商業客戶的衛星巴士和太空運輸及支援服務市場領導者的目標取得了進一步的進展。我們的推出傳統使我們處於這個不斷擴大的市場的最前沿。我們相信，我們憑藉差異化的軌道服務飛行器和衛星巴士擁有關鍵的競爭優勢。

First, we've seen growing demand from both new and repeat commercial customers as shown by the six new contracts we signed since mid-August. In addition, we continue to see opportunities in the US government sector at defense and intelligence agencies. And in October, we submitted a bid to the US Space Force Space Development Agency, or SDA, in response to its request for proposals for the Tranche 2 Tracking Layer program that involves producing 18 satellites to perform missile tracking and fire control.

首先，我們看到新客戶和回頭客的需求不斷增長，我們自 8 月中旬以來簽署的六份新合約就表明了這一點。此外，我們繼續在美國政府部門的國防和情報機構中看到機會。 10 月，我們向美國太空部隊太空發展局 (SDA) 提交了投標書，以回應其為第二階段追蹤層計畫徵求建議書的請求，該計畫涉及生產 18 顆衛星來執行飛彈追蹤和火力控制。

Second. Since our last earnings call, the company has raised additional capital and reduced operating expenses with the aim of extending our runway. Momentus has raised approximately $16.9 million in gross proceeds since our last earnings call. We have also taken steps to reduce our cash burn rate with a significant reduction from Q2 Q3 and a reduction in operating expenses of over 50% year over year from Q3 2022 to Q3 2023. That said, we continue to face the headwinds of navigating a shortening cash runway.

第二。自從我們上次的財報電話會議以來，該公司籌集了額外的資金並減少了營運費用，以擴大我們的跑道。自上次電話會議以來，Momentus 已籌集了約 1,690 萬美元的總收益。我們也採取措施降低現金消耗率，與第二季和第三季相比大幅減少，從2022 年第三季到2023 年第三季度，營運費用年減50% 以上。導航的阻力。

In addition to working to raise additional capital, Momentus is also pursuing and evaluating strategic alternatives. As part of the evaluation of strategic alternatives, Momentus has received multiple indications of interest from potential strategic partners. Over the past several weeks, the company has been engaged in discussions with more than half a dozen potential strategic partners pursuant to confidentiality agreements. Management discussions with interested parties are ongoing. The company continues to position itself in order to quickly capitalize on any potential opportunities with interested parties and evaluate all viable strategic options.

除了努力籌集額外資金外，Momentus 還在尋求和評估策略替代方案。作為策略替代方案評估的一部分，Momentus 已收到潛在策略合作夥伴的多種興趣跡象。過去幾週，該公司根據保密協議與六家以上潛在策略合作夥伴進行了討論。管理層與相關方的討論正在進行中。公司繼續自我定位，以便快速利用感興趣的各方的任何潛在機會，並評估所有可行的策略選擇。

It's important to note that any capital raised by the company that -- it's important to note that if any capital raised by the company is insufficient to provide a bridge to full commercial production at a profit, the company's operations could be curtailed or cease. Our CFO, Eric Williams, will provide additional information on the company's finances in a few minutes.

值得注意的是，公司籌集的任何資金——重要的是要注意，如果公司籌集的任何資金不足以為實現盈利的全面商業生產提供橋樑，那麼公司的運營可能會被削減或停止。我們的財務長埃里克威廉斯將在幾分鐘內提供有關公司財務的更多資訊。

Third, we continue to operate two of our Vigoride orbital service vehicles in orbit successfully demonstrating our core technology in gaining valuable flight heritage that we believe is a competitive advantage.

第三，我們繼續在軌道上運行兩架 Vigoride 軌道服務飛行器，成功展示了我們在獲得寶貴的飛行遺產方面的核心技術，我們認為這是一種競爭優勢。

Fourth, we continue to lean into significant markets where we believe Momentus has clear advantages. For example, we recently announced our M-1000 satellite bus offering. The M-1000 satellite bus is based on our successful and flight proven Vigoride orbital service vehicle. It offers a low-cost, flexible and capable bus for government and commercial customers. We're seeing solid interest in our satellite bus and are working toward expanding our footprint within this large and mature market.

第四，我們繼續向我們認為 Momentus 具有明顯優勢的重要市場傾斜。例如，我們最近發布了 M-1000 衛星匯流排產品。 M-1000 衛星巴士是基於我們成功且經過飛行驗證的 Vigoride 軌道服務車輛。它為政府和商業客戶提供低成本、靈活且強大的總線。我們看到人們對我們的衛星巴士產生了濃厚的興趣，並正在努力擴大我們在這個龐大而成熟的市場中的足跡。

And finally, we are driving new innovation to maximize our competitive advantage including testing of our microwave electrothermal thruster engine, continuing demonstration and testing of our Tape Spring Solar Array and preparing to conduct a demonstration of rendezvous and proximity operations early next year. We've already demonstrated our existing technology in space, including our pioneering and environmentally friendly thruster that uses water as its propellant. And we have executed well to meet our customer commitments.

最後，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，包括測試我們的微波電熱推進器發動機，繼續演示和測試我們的帶彈簧太陽能電池陣列，並準備明年初進行交會和鄰近操作演示。我們已經在太空中展示了我們現有的技術，包括我們使用水作為推進劑的開創性環保推進器。我們很好地履行了對客戶的承諾。

Since our first launch in May of 2022, Momentus has deployed 18 customer satellites using our Vigoride Orbital Service Vehicle and deployers. In addition, our hosted payload services enabled Caltech to conduct an innovative demonstration using cutting edge space technology to meet our needs on Earth by successfully collecting solar power in space and beaming it to Earth.

自 2022 年 5 月首次發射以來，Momentus 已使用我們的 Vigoride 軌道服務飛行器和部署器部署了 18 顆客戶衛星。此外，我們託管的有效載荷服務使加州理工學院能夠利用尖端太空技術進行創新演示，透過成功收集太空太陽能並將其發射到地球來滿足我們在地球上的需求。

Our Vigoride 5 mission launched in January of 2023 is ongoing and the spacecraft continues to be operational, support customer activities and demonstrate new capabilities. As a reminder, during the Vigoride 5 mission, Momentus deployed a customer satellite from Qosmosys and has provided hosted payload services to Caltech's Space Solar Power Demonstrator mission in accordance with our contract over the past six months. These types of hosted payload missions are more profitable than transportation missions, particularly for larger hosted payloads and longer duration missions.

我們於 2023 年 1 月發射的 Vigoride 5 任務正在進行中，太空船將繼續運行，支援客戶活動並展示新功能。提醒一下，在 Vigoride 5 任務期間，Momentus 部署了 Qosmosys 的一顆客戶衛星，並根據過去六個月的合約為加州理工學院的太空太陽能演示任務提供了託管有效載荷服務。這些類型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較長持續時間的任務。

Also during this mission, the Momentus team conducted testing of the Microwave Electrothermal Thruster or MET in space where we successfully operated the propulsion system at full power across the range of firing durations of planned operation for its use cases, demonstrating capability to deliver satellites to precise custom orbits and to provide in-space infrastructure services like hosted payloads. The MET uses water as its propellant. Momentus is a pioneer in commercializing this technology with safe, easy to handle propellant that is environmentally friendly.

此外，在這次任務期間，Momentus 團隊在太空中對微波電熱推進器或MET 進行了測試，我們成功地在其使用案例的計劃操作發射持續時間範圍內以全功率運行推進系統，展示了將衛星運送到精確位置的能力。 MET 使用水作為推進劑。 Momentus 是將技術商業化的先驅，該技術使用安全、易於處理且環保的推進劑。

Recently, we started using this same vehicle to advance MET testing and have achieved dual thruster firings. Dual thruster firings enable greater efficiency and quicker orbit transfer times. As of today, we have approximately 230 minutes of firing time on the MET between both thrusters. In total, we've executed approximately 6.5 kilometers in orbital raises of the Vigoride OSV or Orbital Service Vehicle by firing the MET in single or dual thruster firings. The MET technology has achieved firing times that are the operational times required for Momentus missions. Its non-toxic water propellant is intended to enable simpler, safer, and more cost-efficient operations preparing the spacecraft for launch on Earth and in operation in space. 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.

最近，我們開始使用同一輛車來推進 MET 測試，並實現了雙推進器點火。雙推進器點火可實現更高的效率和更快的軌道轉移時間。截至今天，我們在 MET 上的兩個推進器之間的點火時間約為 230 分鐘。總的來說，我們透過單推進器或雙推進器發射 MET 使 Vigoride OSV 或軌道服務飛行器完成了約 6.5 公里的軌道提升。 MET 技術已實現了 Momentus 任務所需的發射時間。其無毒水推進劑旨在實現更簡單、更安全和更具成本效益的操作，為太空船在地球上發射和在太空中運行做好準備。我們感到自豪的是，MET 已顯示出其預期運作以執行這些太空任務的能力。我們期待用它來支持商業和美國政府客戶。

Our mission with Vigoride 6 launched in April of 2023 is also ongoing. We have deployed all satellites for customers, including the REVELA payload for ARCA Dynamics, the VIREO CubeSat for C3S LLC, the DISCO-1 CubeSat for Aarhus University, the IRIS-C payload for an Asian customer booked through ISILAUNCH and two satellites for NASA.

我們在 2023 年 4 月推出的 Vigoride 6 的使命也持續。我們已經為客戶部署了所有衛星，包括ARCA Dynamics的REVELA有效載荷、C3S LLC的VIREO CubeSat、奧胡斯大學的DISCO-1 CubeSat、透過ISILAUNCH為亞洲客戶預訂的IRIS-C有效載荷以及NASA的兩顆衛星。

As a reminder, these successful commercial deployments culminated in Momentus recognizing revenue of $1.7 million in the second quarter of this year. We are proud of the performance of our Vigoride vehicle and see multiple use cases for it, particularly in support of more complex missions. We also have many customers whose mission requirements don't require the capabilities of a Vigoride vehicle in order to place them in orbit. 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 or changes in velocity and position after release from the launch vehicle.

提醒一下，這些成功的商業部署最終使 Momentus 在今年第二季實現了 170 萬美元的收入。我們對 Vigoride 車輛的性能感到自豪，並看到了它的多種用例，特別是在支援更複雜的任務方面。我們還有許多客戶的任務要求不需要 Vigoride 飛行器的功能即可將其送入軌道。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。這種方法滿足了我們的客戶的需求，他們不需要 Delta-V 或從運載火箭釋放後不需要改變速度和位置。

For example, on our most recent mission, launched on the SpaceX Transporter-9 mission on November 11, we have deployed three satellites for customers using a deployer, including the Picacho satellite for Lunasonde, which is a US sub-surface imaging company with the goal of making underground resources, like water and minerals, easier to find. The Picacho CubeSat is a technology demonstrator of Lunasonde's 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.

例如，在我們 11 月 11 日發射的 SpaceX Transporter-9 任務中，我們使用部署器為客戶部署了三顆衛星，其中包括為 Lunasonde 部署的 Picacho 衛星，Lunasonde 是一家美國地下成像公司，使水和礦物質等地下資源較容易找到的目標。 Picacho CubeSat 是 Lunasonde 感測器的技術演示器。它將測量電離層中低頻無線電訊號的功率譜密度，這將有助於為該公司未來衛星的設計提供資訊。

The Hello Test 1 & 2 satellites for Hello Space of Turkey are part of the Hello for Iot mission that that company is conducting. The two pocket cube satellites are part of Hello Space's broader mission to enable worldwide IoT ecosystems and end-to-end data services for various industries.

土耳其 Hello Space 的 Hello Test 1 和 2 衛星是該公司正在進行的 Hello for Iot 任務的一部分。這兩顆袖珍立方體衛星是 Hello Space 更廣泛使命的一部分，旨在為各行業提供全球物聯網生態系統和端到端資料服務。

Hello Test 1 and 2 are Hello Space's second and third satellites launched into orbit. There are two other satellites that Momentus carried on this flight that we cannot confirm deployment of at this time after their launch. We are coordinating with our customers as they work to establish communications with their satellites and with SpaceX to understand as well as possible the operation of the launch vehicle and our deployer system on that day.

Hello Test 1和2是Hello Space發射入軌的第二顆和第三顆衛星。 Momentus 在這次飛行中還攜帶了另外兩顆衛星，我們目前無法確認它們在發射後是否部署。我們正在與客戶協調，與他們的衛星和 SpaceX 建立通信，以盡可能了解運載火箭和我們的部署系統當天的運作情況。

Moving into next year, we expect to fly our next Vigoride vehicle, Vigoride 7, on the SpaceX Transporter 10 mission targeted for launch no earlier than March of 2024. On this mission, Momentus has contracted to support seven customers that require orbital delivery services and two customers requiring hosted payload services for a total of nine customers that we will support on this mission. We also plan to carry a Momentus hosted payload that we will use to conduct a Rendezvous and Proximity Operations demonstration.

進入明年，我們預計將在SpaceX Transporter 10 任務中駕駛我們的下一代Vigoride 飛行器Vigoride 7，該任務預計不早於2024 年3 月發射。家客戶提供支援兩個客戶需要託管有效負載服務，我們將在此任務中為總共九個客戶提供支援。我們還計劃攜帶 Momentus 託管的有效負載，用於進行交會和鄰近操作演示。

With Vigoride 7, we are planning for a fuller payload, which would improve mission economics, and we anticipate that Vigoride 7 will generate more revenue than Vigoride 6. As I mentioned, we've expanded our product offerings to include low-cost, flexible, powerful satellite buses, spearheaded by our M-1000 satellite bus. We believe this new offering is well-positioned to serve a market valued at $11.9 billion in 2020 and is projected to reach $20.8 billion by 2030, according to Allied Market Research.

對於Vigoride 7，我們正在規劃更全面的有效載荷，這將提高任務的經濟性，並且我們預計Vigoride 7 將比Vigoride 6 產生更多的收入。 ，包括低成本、靈活的，強大的衛星總線，由我們的 M-1000 衛星總線帶頭。根據 Allied Market Research 的數據，我們相信這項新產品能夠很好地服務於 2020 年價值 119 億美元的市場，預計到 2030 年將達到 208 億美元。

The M-1000 satellite bus utilizes the same core technologies as our Vigoride, but will be tailored and enhanced as needed to meet the mission requirements of different customers across both the US government, such as the Defense Department, and commercial customers. We believe our M-1000 bus can be manufactured at a rapid and scalable pace. It features high power, a flexible configuration to support individual customer needs, greater payload capacity than competing buses, and a quick production timeline to meet customer mission requirements rapidly at a low cost, making it highly competitive in the market.

M-1000 衛星匯流排採用與我們的 Vigoride 相同的核心技術，但將根據需要進行客製化和增強，以滿足美國政府（例如國防部）和商業客戶的不同客戶的任務要求。我們相信我們的 M-1000 總線能夠以快速且可擴展的速度製造。它具有高功率、靈活的配置來滿足客戶的個性化需求、比競爭客車更大的有效負載能力以及快速的生產時間表，能夠以低成本快速滿足客戶的任務要求，使其在市場上具有非常強的競爭力。

Since our last earnings call, we have signed six commercial contracts. One, we signed a contract with C3S for transportation and orbital delivery services in 2025. C3S is a repeat customer from Momentus. The C3S VIREO payload was transported to orbit on the Vigoride 6 mission launched in April of 2023.

自上次財報電話會議以來，我們已經簽署了六份商業合約。第一，我們與 C3S 簽訂了 2025 年運輸和軌道交付服務的合約。 C3S VIREO 有效載荷透過 2023 年 4 月發射的 Vigoride 6 任務被運送到軌道。

Secondly, we signed a contract with Aarhus University for transportation and orbital delivery services in late 2024. Aarhus is also a repeat customer. Momentus placed a satellite in low earth orbit for Aarhus, also on our Vigoride 6 mission that launched in April of this year.

其次，我們在2024年底與奧胡斯大學簽訂了運輸和軌道交付服務合約。 Momentus 在奧胡斯的近地軌道上放置了一顆衛星，這也是我們今年 4 月發射的 Vigoride 6 任務的一部分。

Third, we signed a contract with FOSSA Systems, a Spanish company that offers global, low power, internet of things, or IoT connectivity, and in-space services to provide hosted payload services starting in 2024. The contract also includes two options for additional hosted payloads. FOSSA is another repeat customer.

第三，我們與西班牙公司 FOSSA Systems 簽署了一份合同，該公司提供全球低功耗物聯網或物聯網連接以及太空服務，從 2024 年開始提供託管有效負載服務。託管有效負載。 FOSSA 是另一位回頭客。

Fourth, we signed a contract with RIDE! Space to transport two payloads to orbit, including the first satellite for the nation of Senegal and the second satellite for Djibouti. We signed a contract with SatRev to fly their SOWA-1 payload in the first quarter of next year and sixth, and most recently, we signed a contract with AVS to fly their LUR-1 payload in the second quarter of next year. We also continue to see interest and receive encouraging feedback from US government customers.

第四，我們與RIDE簽約！將兩個有效載荷送入軌道的空間，包括塞內加爾國家的第一顆衛星和吉布地國家的第二顆衛星。我們與SatRev 簽署了一份合同，將在明年第一季度和第六季度飛行他們的SOWA-1 有效載荷，最近，我們與AVS 簽署了一份合同，將在明年第二季度飛行他們的LUR- 1 有效載荷。我們也繼續看到美國政府客戶的興趣並收到令人鼓舞的回饋。

Earlier this year, we were awarded a Small Business Innovation Research contract from the US Defense Department's Space Force Space Development Agency, or SDA. The first contract phase is worth roughly $746,000 and includes an option for a contract modification that we expect the SDA to exercise. This option would add an additional $1.2 million, bringing the total contract value to over $1.9 million. This project's scope involves making tailored modifications to the system underlying the M-1000 satellite bus and Vigorous Orbital Service Vehicle to support a range of Department of Defense payloads. Some of these areas include adding a secure payload interface, optical communications terminals, a high-volume data recorder, and improving the modularity of the propulsion system. We recently completed the first milestone under the first phase of this SDA contract.

今年早些時候，我們獲得了美國國防部太空部隊太空發展局 (SDA) 頒發的小型企業創新研究合約。第一階段合約價值約為 746,000 美元，其中包括我們預計 SDA 將行使的合約修改選項。該選項將額外增加 120 萬美元，使合約總價值超過 190 萬美元。該專案的範圍包括對 M-1000 衛星匯流排和活力軌道服務飛行器底層的系統進行客製化修改，以支援一系列國防部有效載荷。其中一些領域包括添加安全有效載荷介面、光通訊終端、大容量數據記錄器以及改進推進系統的模組化。我們最近完成了 SDA 合約第一階段的第一個里程碑。

As mentioned earlier, we recently submitted a bid to the SDA for the Tranche 2 Tracking Layer Program, which involves building 18 satellites for tracking of ballistic and hypersonic missiles, as well as fire control, that we expect will exceed $700 million. We continue to receive favorable feedback and encouragement from the US government about our capabilities, and have been pleased to host senior government officials for visits to our headquarters this past quarter. We intend to continue to compete. We're confident in our capabilities and solutions, and we understand it may take some time to grow into the defense industry leader we aim to be. We believe that demand for our services will increase as we see heightened government and Department of Defense interest.

如前所述，我們最近向 SDA 提交了 Tranche 2 追蹤層計畫的標書，該計畫涉及建造 18 顆用於追蹤彈道飛彈和高超音速飛彈以及火控的衛星，我們預計將超過 7 億美元。我們繼續收到美國政府對我們能力的正面回饋和鼓勵，並很高興在上個季度接待高級政府官員訪問我們的總部。我們打算繼續競爭。我們對我們的能力和解決方案充滿信心，我們知道可能需要一些時間才能成長為我們目標成為的國防工業領導者。我們相信，隨著政府和國防部興趣的增加，對我們服務的需求將會增加。

In addition, as we pivot towards expanding to the large and mature satellite bus market, and continue to pursue launch aggregation as a revenue stream, we are ensuring our launch schedule is optimized to meet this anticipated demand. We marked our third mission of the year just a few days ago with the SpaceX Transporter-9 launch. As I mentioned, we deployed three customer satellites, and are working to confirm the deployment of two additional satellites. We are excited to continue the momentum in 2024, and unlike many of our competitors, are already well positioned with SpaceX to continue customer deliveries. We have reserved ports on all of the SpaceX transporter missions through the end of 2024, including the Transporter 10 mission targeted for [March of 2024] (corrected by company after the call), the Transporter 11 mission targeted for June of 2024, and the Transporter 12 mission targeted for October of 2024.

此外，隨著我們轉向擴大到大型且成熟的衛星總線市場，並繼續追求發射聚合作為收入來源，我們正在確保優化我們的發射時間表以滿足這一預期需求。幾天前，我們透過 SpaceX Transporter-9 的發射來慶祝今年的第三次任務。正如我所提到的，我們部署了三顆客戶衛星，並正在努力確認另外兩顆衛星的部署。我們很高興能夠在 2024 年繼續保持這一勢頭，並且與我們的許多競爭對手不同，我們已經與 SpaceX 合作做好了繼續向客戶交付的準備。我們已為 2024 年底之前所有 SpaceX 運輸機任務預留了端口，包括計劃於 [2024 年 3 月] 執行的 Transporter 10 任務（由公司在通話後更正）、計劃於 2024 年 6 月執行的 Transporter 11 任務以及Transporter 12 任務預計於2024 年10 月完成。

The market opportunity for Momentus is substantial and experiencing strong growth. The Space Foundation's annual space report, which was released on July 25th, shows that in 2022, the global space economy grew 8%, reaching $546 billion. The commercial space market climbed nearly 8%, reaching over $427 billion. The US government spent $69.9 billion on space programs, with the majority coming from the Department of Defense.

Momentus 的市場機會龐大且成長強勁。太空基金會7月25日發布的年度太空報告顯示，2022年，全球太空經濟成長8%，達5,460億美元。商業航太市場成長近 8%，達到超過 4,270 億美元。美國政府在太空計畫上花費了 699 億美元，其中大部分來自國防部。

Total space spending by the US Department, classified and unclassified, for all military branches and intelligence agencies, is estimated to have grown to $42.9 billion in 2022, a 21% year-over-year increase. The flexibility, payload capacity, and power available on the Vigoride OSV 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 tasks. So it comes as no surprise that the US government customers responsible for national security missions are demonstrating interest in these capabilities. Not only can our Vigoride OSV deliver national security payloads to custom orbits, to support unique mission requirements, but we're also able to move from initial customer requirements to operation in space with rapid speed, setting Momentous apart from traditional companies that support Department of Defense missions.

美國國防部所有軍事部門和情報機構的機密和非機密總太空支出預計到 2022 年將增至 429 億美元，年增 21%。 Vigoride OSV 和 M-1000 衛星匯流排的靈活性、有效載荷能力和功率使它們能夠很好地支援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。因此，負責國家安全任務的美國政府客戶對這些功能表現出興趣也就不足為奇了。我們的Vigoride OSV 不僅可以將國家安全有效載荷運送到定制軌道，以支持獨特的任務要求，而且我們還能夠從最初的客戶需求快速轉向太空操作，這使Momentous 與支持國防部的傳統公司區分開來。

Other factors, such as our ability to support power-intensive, high-end national security payloads, like sensors, communications equipment, and other electronics, and change orbital altitude and inclination, also distinguish Momentus from our competitors. Our capabilities make us well-suited to support the kind of maneuver in space that senior US officials, like Space Force Chief of Space Operations, General Saltzman, have discussed as a critical need in the highly contested space environment.

其他因素，例如我們支持能源密集型、高端國家安全有效載荷（如感測器、通訊設備和其他電子設備）以及改變軌道高度和傾角的能力，也使 Momentus 與我們的競爭對手區分開來。我們的能力使我們非常適合支援太空機動，太空部隊太空作戰主任薩爾茨曼將軍等美國高級官員認為，太空機動是競爭激烈的太空環境中的關鍵需求。

In addition, our highly experienced team of professionals and engineers with decades of national security experience gives us an edge over other US companies and international competitors who cannot meet the needs of these large Defense Department customers and the international competitors who cannot meet the needs of these large Defense Department customers.

此外，我們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和國際競爭對手更具優勢，這些公司無法滿足這些大型國防部客戶的需求，也無法滿足這些大型客戶的需求。

Momentus seeks to grow in the space market and we believe our value proposition and differentiated capabilities support that goal. We've now delivered 18 satellites to orbit in our history while demonstrating the operational capabilities of our technology along with its functionality in space. We are also 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 de-orbit markets.

Momentus 尋求在太空市場發展，我們相信我們的價值主張和差異化能力支持這一目標。目前，我們已將 18 顆衛星送入軌道，同時展示了我們技術的運作能力及其在太空中的功能。我們也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太空服務和離軌市場。

In terms of improving our vehicles we're working to develop additional features and capabilities for Vigoride and the M-1000 satellite bus to enhance their performance such as high speed mission data links, 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.

在改進我們的車輛方面，我們正在努力為 Vigoride 和 M-1000 衛星總線開發額外的特性和功能，以增強其性能，例如高速任務資料鏈路、添加擴展水箱、納入安全功能以及添加精確指向託管敏感和機密的美國政府有效負載的選項。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 which has been in space since April on our Vigoride 6 mission. The TASSA utilizes flexible solar cell technology allowing the solar array to be extended and retracted like a tape measure using its concave shape to produce rigidity.

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，它自 4 月以來一直在我們的 Vigoride 6 任務中進入太空。 TASSA 採用柔性太陽能電池技術，讓太陽能電池陣列像捲尺一樣延伸和縮回，利用其凹面形狀產生剛性。

TASSA is designed to be deployed and retracted on orbit numerous times, is configurable to varying lengths based on power requirements, and utilizes thin film solar cells that are radiation resistant and self-annealing. To date, in space testing was able to demonstrate the majority of the major performance requirements. Testing performed included boom yoke deployment, initial rollout deployment, thin film flexible solar cell basic power generation, low cost slip ring performance, and the retraction mechanism.

TASSA 設計用於在軌道上多次部署和收回，可根據功率要求配置為不同的長度，並採用抗輻射和自退火的薄膜太陽能電池。迄今為止，太空測試已經能夠證明大部分主要性能要求。進行的測試包括吊桿軛架部署、初始展開部署、薄膜柔性太陽能電池基本發電、低成本滑環性能和縮回機構。

This provides confidence as well as identifying areas for improvement as Momentus continues development of this technology. Once TASSA is fully flight qualified, Momentus estimates that replacing Vigoride's current solar array with TASSA will substantially reduce the overall recurring production cost of this spacecraft. Momentus was recently notified that our application was approved to issue the company a patent for technology behind TASSA.

隨著 Momentus 繼續開發這項技術，這不僅提供了信心，還確定了需要改進的領域。 Momentus 估計，一旦 TASSA 完全具備飛行資格，用 TASSA 取代 Vigoride 目前的太陽能電池板將大大降低該太空船的整體經常性生產成本。 Momentus 最近獲悉，我們的申請已獲批准，向該公司頒發 TASSA 背後的技術專利。

In addition, we're building out the capabilities we'll need to conduct more complex missions in the future. Our Rendezvous and Proximity Operations, or RPO technology demonstration, is planned for the Vigoride 7 mission, which is scheduled to be launched on the SpaceX Transporter 10 mission in [March of 2024] (corrected by company after the call). RPO capability would expand the menu of services that Vigoride can provide to include in-orbit inspection, maintenance, and refueling of customer satellites, as well as life extension and orbiting of satellites at the end of their useful life.

此外，我們正在建立未來執行更複雜任務所需的能力。我們的交會和鄰近操作（RPO）技術演示計劃用於 Vigoride 7 任務，該任務計劃於 [2024 年 3 月]在 SpaceX Transporter 10 任務中發射（公司在電話會議後更正）。 RPO能力將擴大Vigoride可以提供的服務範圍，包括客戶衛星的在軌檢查、維護和加油，以及衛星使用壽命結束時的壽命延長和軌道運行。

The RPO demo will allow us to perform space domain awareness and inspection services right away. The RPO mission also supports another innovation focus of ours, which is to evolve towards a reusable version of Vigoride, or refuelable version, that would stay in space and be refueled and therefore reused on later missions. Currently, after completing its mission, Vigoride will move to a lower degrading orbit and safely and responsibly burn up during re-entry. A reusable Vigoride, after completing its mission, would instead rendezvous with and provide services to additional customer satellites, thereby providing greater return on investment for each Vigoride launch.

RPO 演示將使我們能夠立即執行空間域感知和檢查服務。 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，它可以留在太空中並補充燃料，從而在以後的任務中重複使用。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 在完成任務後，將與其他客戶衛星會合併為其提供服務，為每次 Vigoride 發射提供更大的投資回報。

In summary, let me just say that Momentus continues to make progress. One, advancing our differentiated technology with demonstrated competitive advantages and gaining flight heritage. Secondly, by signing additional commercial contracts. Third, by gaining greater interest from US government and Defense Department organizations. Fourth, positioning the business for greater growth in the large and growing satellite bus market and emerging market for in-space logistics and satellite servicing, refueling, and de-orbit. And fifth, raising capital, reducing expenses, and pursuing strategic options.

總而言之，我只想說 Momentus 不斷進步。第一，推進我們的差異化技術，展現出競爭優勢並獲得飛行遺產。其次，簽訂額外的商業合約。第三，獲得美國政府和國防部組織更大的興趣。第四，將業務定位在龐大且不斷成長的衛星總線市場以及新興的太空物流和衛星服務、加油和離軌市場中實現更大成長。第五，籌集資金、減少開支並尋求策略選擇。

We are actively seeking new investors while considering the full range of strategic options. And we are continuing to drive our technology forward in concert with the demand signal that we are getting from key customers.

我們正在積極尋找新的投資者，同時考慮全方位的策略選擇。我們將根據主要客戶的需求訊號繼續推動我們的技術向前發展。

Now I'll turn things over to our CFO, Eric Williams, to provide an update.

現在我將把事情轉交給我們的財務長 Eric Williams，以提供最新情況。

Thank you, John, for the introduction. I'm pleased to present highlights of the financial results achieved by the Momentus team during our third quarter of 2023. We ended Q3 2023 with unrestricted cash and cash equivalents of $9.8 million with approximately $5.7 million and outstanding gross debt consisting of a term loan that we began to repay in March of 2022.

謝謝約翰的介紹。我很高興向大家介紹Momentus 團隊在2023 年第三季度取得的財務業績的重點。包括定期貸款在內的未償債務總額我們於2022年3月開始還款。

Similar to our Q2 earnings released earlier this year, 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 third quarter after management conducted a comprehensive evaluation of the status of our current liquidity and projected cash flows for the next 12 months.

與我們今年稍早發布的第二季收益類似，我們的 10-Q 財報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，我們在準備第三季財務報表時得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 relevant technical guidance, any projected or anticipated equity financing transactions are not generally viewed as probable for the purposes of going concern assessments. Momentus has taken and continues to take several proactive steps with respect to managing our burn rate and extending our crash runway while we continue exploring new business opportunities and working to raise additional capital.

考慮到某些外部因素，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。儘管該公司有主要透過發行股權成功籌集現金的歷史，但根據相關技術指導，任何預期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的目的。 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和延長我們的緊急跑道，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 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 on our key near-term initiatives. We invested approximately $12.8 million in operating activities during Q3 as detailed in our 10-Q statement of cash flows, sequentially down $1.8 million as compared to $14.6 million in Q2 2023 and down $12.8 million or 50% lower as compared to $25.6 million in Q3 of 2022.

到 2023 年第二季末，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。正如我們的10 季現金流量表所詳述，我們第三季在經營活動上投資了約1,280 萬美元，與2023 年第二季的1,460 萬美元相比，連續減少了180 萬美元，與2023 年第三季的2,560 萬美元相比，減少了1,280 萬美元，即50%。

In addition, the company has been working to raise additional capital while pursuing and evaluating strategic alternatives. During the quarter on September 11th, we successfully executed a registered direct offering raising $5 million in gross proceeds. In addition, since the end of this last fiscal quarter, we raised an additional $4 million in gross proceeds via a registered direct offering on October 4th, $1.35 million on October 17th from the exercise of existing warrants previously issued by the company, and $6.5 million gross proceeds via a warrant inducement agreement which closed on November 9th for a total of $11.9 million in gross proceeds since the end of the quarter.

此外，該公司一直在努力籌集額外資金，同時尋求和評估策略替代方案。在 9 月 11 日的季度中，我們成功執行了註冊直接發行，籌集了 500 萬美元的總收益。此外，自上一財季結束以來，我們透過10 月4 日的註冊直接發行籌集了400 萬美元的總收益，10 月17 日透過行使公司之前發行的現有認股權證籌集了135 萬美元，以及650 萬美元透過認股權證激勵協議獲得的總收益，該協議於 11 月 9 日結束，自本季末以來總收益總計 1,190 萬美元。

In total, the company raised approximately $16.9 million in gross proceeds since our last earnings call. As John mentioned in his prepared remarks, Momentus is also pursuing and evaluating strategic alternatives. As a result of this effort, Momentus has received multiple indications of interest from potential strategic partners. Over the past several months, the company has been engaged in discussions with more than half a dozen potential strategic partners pursuant to confidentiality agreements. Management discussions with interested parties are ongoing. While there can be no certainty that any transaction will ensue from the evaluation, the company continues to position itself in order to quickly capitalize on any potential opportunities with interested parties and evaluate all viable strategic options.

自我們上次財報電話會議以來，該公司總共籌集了約 1,690 萬美元的總收益。正如約翰在準備好的演講中提到的那樣，Momentus 也在尋求和評估策略替代方案。透過這項努力，Momentus 收到了來自潛在策略合作夥伴的多種興趣跡象。過去幾個月，該公司根據保密協議與六家以上潛在策略合作夥伴進行了討論。管理層與相關方的討論正在進行中。雖然無法確定評估是否會產生任何交易，但該公司將繼續定位自己，以便快速利用與感興趣的各方的任何潛在機會，並評估所有可行的策略選擇。

In addition, if the capital raised by the company is insufficient to provide a bridge to full commercial production at a profit, the company's operations could be curtailed or ceased. As I'm sure you can appreciate, we are unable to comment further on any of these discussions at this time. We recognized $0.34 million in revenue in Q3 2023, consisting primarily of revenue generated from meeting a variety of customer service milestones associated with our Vigoride 5 launch. This was a 162% increase year-over-year from Q3 of 2022. We had $15.3 million in operating expenses during Q3, which was a 30% year-over-year improvement from the third quarter in the year prior.

此外，如果公司籌集的資金不足以為全面商業生產提供利潤，公司的業務可能會被削減或停止。我相信您會理解，我們目前無法對任何這些討論發表進一步評論。我們在 2023 年第三季確認了 34 萬美元的收入，主要包括滿足與 Vigoride 5 發布相關的各種客戶服務里程碑所產生的收入。與 2022 年第三季相比，年增 162%。

In the quarter, we generated approximately $15.1 million in losses from operations, an improvement of 31% compared to $21.6 million in losses from operations in Q3 of 2022. On a non-GAAP basis, our adjusted EBITDA was negative $10.6 million for Q3 of 2023, a sequential improvement of approximately $4.1 million from Q2 of 2023, and $5.5 million better as compared to Q3 of 2022.

本季度，我們的營運虧損約為1,510 萬美元，與2022 年第三季的2,160 萬美元營運虧損相比，改善了31%。 1,060 萬美元，較 2023 年第二季較上季增加約 410 萬美元，較 2022 年第三季增加 550 萬美元。

Non-GAAP SG&A expenses for the third quarter of 2023 totaled $5.6 million, an improvement of $1.1 million as compared to Q3 of 2022. Non-GAAP R&D expenses for the third quarter of 2023 total approximately $5.5 million, down $4 million from Q2 of 2023. We currently have approximately 6.6 million shares outstanding.

2023 年第三季的非GAAP SG&A 費用總計560 萬美元，比2022 年第三季增加110 萬美元。萬美元我們目前擁有約 660 萬股已發行股票。

In addition, during the quarter we completed a reverse split of our stock, which has allowed us to continue to meet the NASDAQ listing requirements while also aiding in future capital raising. With respect to backlog, we have decided to work towards providing more near-term metrics as our business grows. We found backlog to be more useful during the early stages of the company, and given the long-term nature of the contracts, find the metric to be less helpful going forward. We will continue assessing the benefits of providing forward-looking financial metrics while continuing to announce commercial opportunities as they arise. Please refer to the press release issued today for the reconciliation of non-GAAP numbers to GAAP.

此外，本季我們完成了股票反向分割，這使我們能夠繼續滿足納斯達克上市要求，同時也有助於未來的融資。關於積壓工作，我們決定隨著業務的成長努力提供更多近期指標。我們發現積壓在公司的早期階段更有用，並且考慮到合約的長期性質，發現該指標對未來的幫助較小。我們將繼續評估提供前瞻性財務指標的好處，同時繼續宣佈出現的商業機會。請參閱今天發布的新聞稿，以了解非 GAAP 數據與 GAAP 數據的調整。

I will now hand the call back to Maria.

我現在將把電話轉回給瑪麗亞。

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. 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準則財務資訊、前瞻性陳述以及我們計劃服務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) Michael Mathison, Singular Research.

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

Congratulations on all the progress, you guys.

祝賀你們取得的所有進展。

Thank you, Michael.

謝謝你，麥可。

Looking forward, we talked last quarter about how when the SDA invited you to bid on Tranche 2 that that's potentially transformational for the company. Do you have a sense of when the SDA will choose the winners from that bid?

展望未來，我們在上個季度討論了當 SDA 邀請您競標第 2 期專案時，這可能會為公司帶來變革。您知道 SDA 何時會從中選出獲勝者嗎？

Thank you for the question, Michael. In July, Momentus submitted a bid, as you recall, with a group of other partner companies in response to SDA's request for proposals for a program called Tranche 2 Transport Layer Alpha. Unfortunately, the SDA recently announced the selections for contract award, and the contract was awarded to York Space and Northrop Grumman. So, Momentus was not selected for that contract. In that proposal, Momentus and our teammates submitted for the Tranche 2 Transport Layer Alpha competition. I would say that was a significant step forward for our company.

謝謝你的提問，麥可。正如您所記得的那樣，7 月份，Momentus 與其他合作夥伴公司一起提交了投標書，以響應 SDA 為名為 Tranche 2 Transport Layer Alpha 的項目徵求建議書的請求。不幸的是，SDA最近宣布了合約授予的選擇，合約授予了約克航太公司和諾斯羅普格魯曼公司。因此，Momentus 沒有被選中參加該合約。在該提案中，Momentus 和我們的隊友提交了 Tranche 2 傳輸層 Alpha 競賽的申請。我想說，這對我們公司來說是向前邁出的重要一步。

Proposals for major US Defense Department programs like this are a major undertaking. They are hundreds of pages long with detailed technical analyses and designs required. It takes time, in my experience, for bidders to become established with government agencies and to learn the nuances of their processes and the requirements that they use, as well as, importantly, the nuances that the bid evaluators use at an individual agency.

像這樣的美國國防部重大計畫的提案是一項重大任務。它們長達數百頁，包含所需的詳細技術分析和設計。根據我的經驗，投標者需要時間與政府機構建立聯繫，並了解其流程的細微差別和他們使用的要求，以及重要的是，投標評估人員在各個機構使用的細微差別。

While we were not selected, and Northrop Grumman and York Space were awarded contracts, certainly that was disappointing that we were not selected, but I would note there were a number of other companies who were not selected as well, such as Lockheed Martin and Terran Orbital. I guess, Michael, the best way I would explain is to use a baseball analogy.

雖然我們沒有被選中，諾斯羅普·格魯曼公司和約克航天公司也獲得了合同，但我們沒有被選中當然令人失望，但我要指出的是，還有許多其他公司也沒有被選中，例如洛克希德馬丁公司和人族公司軌道。我想，邁克爾，我解釋的最好方法是使用棒球類比。

It is very common that companies need some at-bats, if you will, before getting a hit. We learned a lot during the Alpha competition, and we are already implementing lessons learned. Also, I would say we are figuratively back in the batter's box. We are taking another swing at another large SDA program. We think we have an even stronger set of teammates who have previously won SDA contracts.

如果你願意的話，公司在獲得成功之前需要一些擊球，這是很常見的。我們在 Alpha 競賽中學到了很多，我們已經在實施所學到的經驗教訓。另外，我想說我們象徵性地回到了擊球手的位置。我們正在實施另一個大型 SDA 計劃。我們認為我們有一群更強大的隊友，他們之前曾贏得 SDA 合約。

As I mentioned in my earlier remarks, Momentus and the industry partners that we have pulled together for this competition submitted a proposal for the Tranche 2 tracking layer program, which involves producing 18 satellites for missile tracking and fire control. We are optimistic about our prospects here. Certainly this is a process and it's a journey, if you will, and we're improving with every proposal we submit.

正如我在先前的演講中提到的，Momentus 和我們為此次競賽召集的行業合作夥伴提交了一份 Tranche 2 追蹤層計畫提案，其中涉及生產 18 顆用於飛彈追蹤和火控的衛星。我們對這裡的前景感到樂觀。當然，如果你願意的話，這是一個過程，也是一個旅程，我們正在改進我們提交的每一個提案。

And again, we do feel like we're better positioned for a contract award under the Tranche 2 tracking layer competition than we were under the Alpha competition. And the reasons, again, are we've developed a greater familiarity with the SDA government evaluators and how they work in a more nuanced way. We've also attracted this very strong set of teammates to partner with us on the bid. So we'll stay engaged in that process and the projected award from SDA for the tracking layer bid is mid-January.

再說一遍，我們確實覺得在 Tranche 2 跟踪層競賽中我們比在 Alpha 競賽中更有能力獲得合約。原因還是在於我們對 SDA 政府評估人員以及他們如何以更細緻的方式工作有了更深入的了解。我們也吸引了這群非常強大的隊友與我們合作競標。因此，我們將繼續參與此過程，SDA 預計將於 1 月中旬授予追蹤層投標。

Okay, great. Thank you for all that information. Looking ahead a little bit to some of your ongoing technology R&D, something that's pretty attractive is the idea of a reusable Vigoride. I know you can't be precise, but do you have any sort of ballparks about how much of a reduction in your cost of service a reusable technology would provide?

好的，太好了。感謝您提供所有這些資訊。展望一下你們正在進行的一些技術研發，可重複使用的 Vigoride 的想法非常有吸引力。我知道您不能準確地說，但是對於可重複使用技術可以降低多少服務成本，您有什麼大致的了解嗎？

Well, thank you for the question again, Michael. Thus far, of course, Momentus has used an expendable version of the Vigoride orbital service vehicle. This reusable or refuelable version, of course, would stay in space after completing its initial mission where it delivered satellites or hosted payloads. And then on the subsequent mission, Momentus would launch replenishment fuel and other customer payloads that the orbital service vehicle would Rendezvous with and use its robotic arm to integrate. A reusable Vigoride, we estimate, could be reused six or seven times. Therefore, the unit economics would be a major improvement over the expendable version. There is some work that we need to do still to fully develop that reusable version.

好吧，再次感謝你提出這個問題，邁克爾。當然，到目前為止，Momentus 已經使用了 Vigoride 軌道服務飛行器的消耗型版本。當然，這種可重複使用或可加油的版本在完成其運送衛星或託管有效載荷的初始任務後將留在太空中。然後在接下來的任務中，Momentus 將發射補給燃料和其他客戶有效載荷，軌道服務飛行器將與這些有效載荷交會並使用其機械手臂進行整合。我們估計，可重複使用的 Vigoride 可以重複使用六到七次。因此，單位經濟性將比一次性版本有重大改進。為了充分開發可重複使用版本，我們還需要做一些工作。

On our next mission of Vigoride, scheduled for March of 2024, we plan to take a big step towards this capability when we do the Rendezvous and Proximity Operations demonstration. In that demo, what Vigoride will do is it will attempt to release a target satellite, and then we will manoeuvre within two meters of that satellite. This will enable us to test the software, the sensors, the algorithms, and other technology necessary for this kind of mission and for servicing and refueling of other satellites or deorbiting satellites at the end of their useful life.

在我們定於 2024 年 3 月執行的下一次 Vigoride 任務中，我們計劃在進行交會和鄰近操作演示時向這一能力邁出一大步。在該演示中，Vigoride 將嘗試釋放一顆目標衛星，然後我們將在距離該衛星兩公尺的範圍內進行機動。這將使我們能夠測試此類任務以及其他衛星或離軌衛星在使用壽命結束時的維修和加油所需的軟體、感測器、演算法和其他技術。

We also then later will add a robotic arm in the future to enable the reusable version of Vigoride to do the mission. And there's a little bit of shielding of electronics that we would need to do to allow for longer radiation exposure. Essentially, we would enclose some of our current electronics inside some shielding. So thanks again for the question, Michael.

我們稍後還將添加機械手臂，以使可重複使用的 Vigoride 版本能夠完成任務。我們需要對電子設備進行一些屏蔽，以允許更長的輻射暴露時間。本質上，我們會將目前的一些電子設備封裝在一些屏蔽內。再次感謝麥可的提問。

Okay, great. Well, and thank you for the information.

好的，太好了。好的，謝謝您提供的資訊。

Deutsche Bank.

德意志銀行。

Hi, well thank you for taking my question. My first question will be about your M-1000 progress. Could you give more color on that? And also, will you need to flex [Ph] further flight heritage with it to gain more credibility?

你好，謝謝你回答我的問題。我的第一個問題是關於您的 M-1000 進度。你能給更多的顏色嗎？而且，您是否需要利用它來進一步發揮飛行傳統以獲得更多可信度？

Well, thank you for the question. The M-1000 bus, again, is based on our Vigoride orbital service vehicle, and there is a very high degree of commonality between the two vehicles, which allows us to leverage the flight heritage of the Vigoride as we market the M-1000 bus. I would say we're very encouraged by the positive reaction we're getting to the M-1000 rollout. We have both commercial and government customers who are showing interest in the M-1000.

嗯，謝謝你的提問。 M-1000 巴士同樣基於我們的 Vigoride 軌道服務車輛，兩種車輛之間具有非常高的通用性，這使我們能夠在行銷 M-1000 巴士時利用 Vigoride 的飛行傳統。我想說，我們對 M-1000 的推出所獲得的正面反應感到非常鼓舞。我們的商業和政府客戶都對 M-1000 表現出興趣。

For instance, over the past 30 days, we've met with numerous customers about it. We received an RFI, or request for information, from a constellation provider that we're in the process of responding to. We feel the M-1000 is a differentiated product because it has higher relative power, a flexible configuration, the ability to carry a larger payload, and we're able to produce them at a low cost. Potential customers are telling us the M-1000 has a very good value proposition, and that's why they're reacting positively to it.

例如，在過去的30天裡，我們已經與許多客戶就此事進行了會面。我們收到了來自星座提供者的 RFI（資訊請求），我們正在對此做出回應。我們認為M-1000是一款差異化產品，因為它具有更高的相對功率、靈活的配置、能夠承載更大的有效載荷，並且我們能夠以較低的成本生產它們。潛在客戶告訴我們 M-1000 具有非常好的價值主張，這就是他們對此做出積極反應的原因。

Of note, the M-1000 was used in our bid to the Space Development Agency for the Tranche 2 tracking layer of 18 satellites that will be used for missile tracking. So we're very optimistic about the progress of the M-1000 and eager to leverage the flight heritage of our big ride Orbital Service Vehicle as we market it. Thanks again for the question.

值得注意的是，M-1000 在我們向太空發展局投標的第 2 階段追蹤層中使用了 18 顆衛星，這些衛星將用於飛彈追蹤。因此，我們對 M-1000 的進展非常樂觀，並渴望在行銷時利用我們的大型軌道服務飛行器的飛行傳統。再次感謝您的提問。

Well, thank you so much for the information. And my second question will be, well, I see you signed several contracts quite recently and it seems quite faster than before. And the question will be, what do you think that is helping with that? Also, I think you already talked a little bit about this, but under this market condition competition, what do you think about your future growth?

嗯，非常感謝您提供的資訊。我的第二個問題是，嗯，我看到你最近簽署了幾份合同，而且看起來比以前更快。問題是，你認為這有什麼幫助？另外，我想您已經談到了這一點，但是在這種市場競爭的情況下，您對未來的成長有何看法？

As I, thank you for the question. As I mentioned on the call, Momentus has now deployed 18 satellites to date. The progress that we've made on those earlier missions and the flight heritage we've gained has positioned us better in the market than at the start of the company because customers are sensitive to whether you have flight heritage. They want to evaluate the risk of flying with you in the future.

作為我，謝謝你的提問。正如我在電話中提到的，Momentus 迄今已部署 18 顆衛星。我們在早期任務中取得的進展以及我們獲得的飛行傳統使我們在市場上的地位比公司成立時更好，因為客戶對您是否擁有飛行傳統很敏感。他們想要評估未來搭乘您的航班的風險。

And for example, on our next mission, we plan to launch the Vigoride 7 Orbital Service Vehicle with seven customer payloads or satellites that require orbital delivery and two other customers for a total of nine. These other two customers are for hosted payload support. And of course, we plan to do our own hosted payload demonstration, hosted payload operation with a demonstration of Rendezvous and Proximity Operations on that flight. But we've also signed other contracts with customers to deliver their satellites to orbit that will fly on later missions like the SpaceX Transporter-11 and 12 missions, which are targeted for June and October of 2024. And we're actively booking customers and marketing for flights in 2024 and beyond.

例如，在我們的下一次任務中，我們計劃發射 Vigoride 7 軌道服務飛行器，其中包含 7 個需要軌道交付的客戶有效載荷或衛星，以及另外兩個客戶，總共 9 個。另外兩個客戶用於託管有效負載支援。當然，我們計劃進行自己的託管有效載荷演示、託管有效載荷操作，並在該航班上演示交會和鄰近操作。但我們也與客戶簽署了其他合同，將他們的衛星送入軌道，這些衛星將在 SpaceX Transporter-11 和 12 等後續任務中飛行，目標是 2024 年 6 月和 10 月。 2024 年及以後的航班行銷。

So we do see a growth in interest in our capability. You mentioned the six customer contracts that we've signed since August. So we're going to try to keep that momentum going. And that's the exhortation we've been giving to our sales team. So we're optimistic about the possibilities for future growth.

因此，我們確實看到人們對我們的能力越來越感興趣。您提到了我們自八月以來簽署的六份客戶合約。因此，我們將努力保持這種勢頭。這就是我們一直對銷售團隊的建議。因此，我們對未來成長的可能性持樂觀態度。

Okay, thank you for the information. Yes, that's really helpful.

好的，謝謝您的資訊。是的，這確實很有幫助。

There are no further questions at this time. This concludes today's conference call. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。您現在可以斷開連線。