Dilution profile // every instrument, one screen, from SEC filings

Momentus Inc. (MNTS)

CIK 1781162 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$225M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
LOWwarrants = 8% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
HIGH+235% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
LOW~55.5 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2021-09-302026-08-10

Latest: 22.0M shares as of Aug 10, 2026 (10-Q). Share count fell from 97.9M to 6.6M between Aug 9, 2023 and Nov 10, 2023, a pattern consistent with a reverse split (roughly 1-for-15); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
January2026 Warrants925,926not tagged
April Pre Funded Warrants883,334not tagged
May Pre Funded Warrants768,580not tagged
October2025 Warrants418,465$13.745y
December2025 Warrants408,576$13.745y
August2025 Warrants272,385$19.815y
Common Warrant158,925$25.17
May2026 Placement Agent Warrants147,100$9.35FV $2.4M
Pre Funded Warrants120,834$0.00001
March2025 Warrant Inducement120,049$35.7
September2025 SIV Warrants112,045$19.81
June2026 Placement Agent Warrants92,592$14.85FV $700,000

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 11, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 1.7M underlying shares, as reported Nov 8, 2023 (10-K).

Reported exercise price: $4.3175 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $2.4M as of Sep 30, 2022.

Down-round (price protection) accounting has been tagged in this filer’s XBRL: some instrument carries repricing protection. Which tranche requires reading the exhibits.

Rough fully diluted estimate: 23.7M = 22.0M O/S + 1.7M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
SIV Convertible Promissory Notes$2.7M$14.115%~191,489 sh
September 2025 Convertible Note$1.6M$700,000$19.928%~80,321 sh
May Loan Agreement$1.5M$20.17~74,368 sh
AGP Convertible Promissory Notes$500,000$29.814.5%~16,773 sh
January 2026 Convertible Notenot tagged$10

If every note above converted at its tagged price: ~362,951 new shares on 22.0M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-Q filed Aug 11, 2026. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding22.0MAug 10, 2026
+ January2026 Warrants (if exercised)925,926May 31, 2026
+ April Pre Funded Warrants (if exercised)883,334Apr 14, 2026
+ May Pre Funded Warrants (if exercised)768,580May 26, 2026
+ October2025 Warrants (if exercised)418,465Dec 31, 2025
+ December2025 Warrants (if exercised)408,576Dec 31, 2025
+ August2025 Warrants (if exercised)272,385Aug 13, 2025
+ Common Warrant (if exercised)158,925Jul 1, 2025
+ May2026 Placement Agent Warrants (if exercised)147,100Jun 30, 2026
+ Pre Funded Warrants (if exercised)120,834Jul 1, 2025
+ March2025 Warrant Inducement (if exercised)120,049Mar 20, 2025
+ September2025 SIV Warrants (if exercised)112,045Jun 30, 2026
+ June2026 Placement Agent Warrants (if exercised)92,592Jun 30, 2026
+ SIV Convertible Promissory Notes (if fully converted)191,489Sep 8, 2025
+ September 2025 Convertible Note (if fully converted)80,321Sep 25, 2025
+ May Loan Agreement (if fully converted)74,368May 30, 2025
+ AGP Convertible Promissory Notes (if fully converted)16,773Jun 17, 2025
Fully diluted estimate26.8M+21.8% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $224.5Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3May 26, 2026$200.0M registeredfiling →
S-3Apr 21, 2026$10.0M registeredfiling →
S-3Feb 2, 2026$14.5M registeredfiling →

Last 12 months: 17 executed · 10 registered.

EXECUTEDJun 18, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDJun 15, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EFFECTIVEJun 4, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDJun 1, 2026S-3/A registration — capacity to sell shares, not a sale yetS-3/A
EXECUTEDMay 29, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
REGISTEREDMay 26, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EFFECTIVEApr 28, 2026SEC declared a registration effective — selling can beginEFFECT
REGISTEREDApr 21, 2026S-3 registration — capacity to sell shares, not a sale yetS-3
EXECUTEDApr 16, 2026Unregistered share sale disclosed (8-K item 3.02)8-K
EXECUTEDFeb 9, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDFeb 6, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EFFECTIVEFeb 5, 2026SEC declared a registration effective — selling can beginEFFECT

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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