Space transportation company Momentus has postponed the next flight of its space module and laid off a fifth of its staff due to financial concerns. The company said it canceled the planned launch of the Vigoride-7 module due to “the inability to ensure continued operations on the expected launch date in due to limited liquidity and lack of cash“.

However, Momentus did not provide any further details. As of the end of the fiscal third quarter, it said it had $9.7 million in cash reserves. In the same quarter reported a net loss of $15.2 million on revenue of $339,000.

In addition, the company laid off 20% of its employees. This is to “reduce the rate of cash withdrawals while retaining the talent it needs to deliver on its key near-term initiatives.” This is not the first layoff. At the end of the second quarter of last year, the company laid off 30% of existing employees.

Moments last time launched the Vigoride module in April 2023 on the Transporter-7 mission. In addition, the company launched five satellites as part of the Transporter-9 mission in November, using a third-party device instead of its Vigoride module.

The company said that actively working to raise money, but does not yet have “definitive commitments” for further funding. It is also said to have been in talks with “several potential strategic partners”. The company cautioned that its “ability to continue funding operations over the next several weeks” will depend on whether it can raise additional capital or establish a strategic partnership.

Source: www.spacenews.com