SAN JOSE, Calif. - Momentus Inc. (NASDAQ: NASDAQ:MNTS), a provider of satellite buses and in-space infrastructure services, has been notified by the Nasdaq Capital Market of non-compliance with its listing rules due to delayed financial filings. The company has not submitted its Form 10-Q for the first quarter of 2024 and its annual Form 10-K for 2023 on time, as required under Nasdaq Listing Rule 5250(c)(1).
The notice, received today, does not immediately affect the trading of Momentus' shares on the Nasdaq exchange. However, the company risks delisting if it does not regain compliance within the set deadlines. Momentus is expected to present a plan to address the filing delays by June 17, 2024. If granted an exception by Nasdaq staff, the company will have until October 14, 2024, to comply.
Momentus has expressed its intention to file the overdue documents within the next 60 days, which would preclude the need for a formal compliance plan. The company's management is actively working to resolve the issue and anticipates meeting the necessary requirements within the specified timeframe.
This development follows the company's previous annual report, filed on March 8, 2023, which outlined various risks and uncertainties that could impact its operations and financial performance. Momentus specializes in offering a range of services in the commercial space sector, including transportation, hosted payloads, and other in-orbit services.
The information in this article is based on a press release statement from Momentus Inc. and does not constitute an endorsement or an opinion on the company's situation. The company's future filings and plans to regain compliance will be closely monitored by investors and regulatory bodies.
InvestingPro Insights
Momentus Inc. (NASDAQ: MNTS), while navigating through compliance challenges, exhibits some notable financial metrics and analyst expectations as per the latest data from InvestingPro. Analysts are optimistic about the company's sales growth in the current year, which aligns with the substantial revenue growth of 1121.23% in the last twelve months as of Q3 2023. This surge in sales could signal a positive trajectory for the company's future revenue streams.
Another strong aspect of Momentus' financials is its impressive gross profit margin of 76.81% in the same period. Such a high margin indicates that the company is effective in controlling its cost of goods sold relative to sales, which is a crucial factor for its financial health.
However, investors should note that Momentus is quickly burning through cash and analysts do not anticipate the company to be profitable this year. The company's stock has also experienced high price volatility, which may be a point of consideration for risk-averse investors. Additionally, with a market cap of just 8.65 million USD and a previous close price of 0.52 USD, Momentus' valuation reflects the challenges it faces.
For those interested in a deeper analysis, InvestingPro offers additional insights and tips. There are 15 more InvestingPro Tips available for Momentus, which might provide further clarity on the company's financial health and market performance. To explore these insights, visit https://www.investing.com/pro/MNTS and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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