Is Momentus Inc. (NASDAQ:MNTS) a buy in 2026?

Where MNTS is headed

By late 2027, Momentus will likely have faced a stark binary: either it has secured a lifeline — a deeply dilutive capital raise, a strategic acquisition at pennies on the dollar, or an outright merger — or it has ceased operations entirely. The math is brutally simple. At roughly $10M in annual cash burn and a $7M market cap, the company is literally worth less than one year of its own operating losses. Even with 118% revenue growth, you're growing off a negligible base — we're talking about a company generating perhaps $2-3M in annual revenue while losing multiples of that every quarter. The 99.8% gross margin is a mirage; it tells you cost of goods is near-zero because there's almost no goods being delivered at scale. The -2,669% operating margin is the real story: massive fixed costs (engineering, launch infrastructure, regulatory compliance, insurance) against trivial revenue.