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)
the company itself flagged going-concern doubt

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

Going-concern warning

auditor flagged substantial doubt

The company itself flagged going-concern doubt in a filing.

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: 16 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.

Keep going: float checker · offering calendar · short-squeeze screener · full MNTS workspace