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Balance Sheet Components | 6 Months Ended
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Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | Note 6. Balance Sheet Components Accounts Receivable, Net Accounts receivable, net consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Trade receivables |  | $ | 9,204 |  |  | $ | 7,110 |
Less: Allowances for credit losses |  |  | (848 | ) |  |  | (847 | )
Total |  | $ | 8,356 |  |  | $ | 6,263 |
Inventories Inventories consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Raw materials |  | $ | 18,216 |  |  | $ | 17,497 |
Work-in-progress |  |  | 6,632 |  |  |  | 6,281 |
Finished goods |  |  | 2,730 |  |  |  | 3,305 |
Total |  | $ | 27,578 |  |  | $ | 27,083 |
The Company recorded $24.1 million and $25.2 million in inventory reserves related to the valuation of inventory as of June 30, 2026 and December 31, 2025, respectively. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Prepaid insurance and other |  | $ | 2,953 |  |  | $ | 1,335 |
Net investments in sales type lease |  |  | — |  |  |  | 1,729 |
Vendor prepayments |  |  | 13,943 |  |  |  | 1,500 |
Customer deposit — noncash consideration |  |  | — |  |  |  | 1,158 |
Total |  | $ | 16,896 |  |  | $ | 5,722 |
The Company entered into a sales-type lease on July 11, 2024 with a customer for a Sapphire XC system. The lease term was 21 months and carried an effective interest rate of 0.78%. An amendment to the original agreement modified the monthly payment schedule and included a purchase option of approximately $1.2 million at the end of the initial lease term. During the three months ended June 30, 2026, the customer declined to exercise the purchase option, and the system was returned to the Company. Upon return of the system, the Company derecognized the net investment in the lease and recorded the returned system to inventory in accordance with ASC 842. For a full description of the customer deposit — noncash consideration, see Note 15, Momentus Master Service Agreement. Property and Equipment, Net Property and equipment, net consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Computers and software |  | $ | 1,344 |  |  | $ | 461 |
Lab equipment and other equipment |  |  | 12,425 |  |  |  | 11,379 |
Furniture and fixtures |  |  | 165 |  |  |  | 157 |
Leasehold improvements |  |  | 15,749 |  |  |  | 14,254 |
Construction in progress |  |  | 329 |  |  |  | 3 |
Total property, plant and equipment |  |  | 30,012 |  |  |  | 26,254 |
Less: Accumulated depreciation and amortization |  |  | (13,860 | ) |  |  | (13,160 | )
Property, plant and equipment, net |  | $ | 16,152 |  |  | $ | 13,094 |
Depreciation expense for the three months ended June 30, 2026 and 2025 was $0.8 million and $0.8 million, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 was $1.5 million and $1.7 million, respectively Other Assets Other assets consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Right of use assets |  | $ | 20,921 |  |  | $ | 7,633 |
Non-current prepaid expenses and other assets |  |  | 5,917 |  |  |  | 2,872 |
Total Other assets |  | $ | 26,838 |  |  | $ | 10,505 |
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Accrued expenses |  | $ | 943 |  |  | $ | 2,103 |
Accrued salaries and benefits |  |  | 964 |  |  |  | 1,483 |
Customer liabilities — prepaid reserve |  |  | 2,953 |  |  |  | 1,072 |
Customer liabilities — noncash consideration |  |  | — |  |  |  | 1,158 |
Lease liability — current portion |  |  | 107 |  |  |  | 2,099 |
Total Accrued expenses and other current liabilities |  | $ | 4,967 |  |  | $ | 7,915 |
For a full description of the customer liabilities - prepaid reserve, and customer liabilities - noncash consideration, see Note 15, Momentus Master Service Agreement. On August 14, 2025, an amendment to the Momentus Master Service Agreement triggered changes to the accounting treatment, which required an independent valuation appraisal. The customer deposit - prepaid reserve are net cash proceeds after fees from the sale of the customer noncash consideration, and the customer deposit - noncash consideration was based on an independent valuation appraisal as of December 31, 2025. The December 31, 2025 valuation was based on a Black-Scholes model including inputs from the current stock price, volatility, remaining term and risk-free rate. A discount for lack of marketability was applied and certain restrictions on trading activity limitations were considered in the model. The fair value assumptions used in the Black-Scholes model for the valuation of the liability was as follows:
|  | As of December 31, 2025 |
Current stock price |  | $ | 4.87 |
Expected volatility |  | 182% - 195% |
Risk-free interest rate |  | 3.53% - 3.61% |
Dividend rate |  |  | — |
Expected term (years) |  | 0.25 - 0.50 |
Other Noncurrent Liabilities Other noncurrent liabilities consisted of the following:
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Lease liabilities — noncurrent portion |  | $ | 22,538 |  |  | $ | 7,115 |
Other noncurrent liabilities |  |  | 1,298 |  |  |  | 1,455 |
Total other noncurrent liabilities |  | $ | 23,836 |  |  | $ | 8,570 |

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