Momentus Inc. (MNTS) shows deeply negative liquidation recovery at the March 31, 2026 period end, consistent with the MFFAIS-reported CLV/LLV/OLV of negative $18.1 million. The company is a pre-scale space services operator with no separately tagged XBRL balance sheet items available in this filing's TAG_CONTEXT, precluding tag-level liquidation analysis. Based on filing narrative, the material balance sheet features are: cash and cash equivalents of $23.5 million (100% recovery haircut = $23.5 million gross recoverable), offset by a liability stack that includes $2.0 million in accrued probable loss contingencies (Khasis $0.4 million settled, ANV $1.3 million accrued, sublease $0.3 million), a $0.5 million asset retirement obligation for lease restoration, convertible note obligations (September 2025 and October 2024 SIV Convertible Notes, both converted post-quarter on April 17, 2026 as a subsequent event), operating lease obligations, and $1.54 million in unconditional purchase commitments due in the remainder of 2026. Non-cash assets include an $8.6 million non-current prepaid asset related to the Velo3D MSA (manufacturing services agreement) — valued at grant-date fair value of the equity issued — which carries near-zero liquidation recovery as it is a prepaid service contract with no resale market, not tangible equipment. The $2.1 million current portion of this prepaid similarly would recover minimal value under liquidation. PP&E is not separately quantified in the available narrative extract but realized loss on asset disposals of $0.3 million in Q1 2026 suggests ongoing equipment write-downs. The Vigoride mission-related deferred fulfillment costs and prepaid launch costs are single-use and would recover nothing on liquidation. The company has resolved prior going concern disclosure: management concluded in this filing that financings completed since December 31, 2025 — including $16.7 million net financing cash in Q1 2026 and a $5.0 million April 2026 private placement — plus the current cash position are sufficient to fund operations for twelve months from filing date. Substantial doubt no longer exists per management's assessment. However, the operating cash burn was $5.8 million for Q1 2026 alone, and all equity issuances to date reflect serial dilutive financing through ATM, private placements, warrant inducements, and equity-for-services arrangements. The Velo3D MSA prepaid asset ($10.7 million aggregate) is discussed extensively in the MD&A and footnotes but is not separately tagged in XBRL. The asset retirement obligation and litigation settlement contingency amounts are disclosed in footnote text but likewise absent from TAG_CONTEXT. Filing does not separately tag any balance sheet line items in XBRL per TAG_CONTEXT input.
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