Good afternoon, everyone, and welcome to the Momentus Inc. First Quarter 2022 Earnings Conference Call. I am pleased to hand it over to your host, Darryl Genovesi, Vice President of Investor Relations. Darryl, you may proceed.

Thank you, Tom, and good afternoon, everyone. Welcome to Momentus' First Quarter 2022 Earnings Conference Call. Joining me today are John Rood, Chief Executive Officer, and Chairman of the Board of Directors, along with Jikun Kim, Chief Financial Officer. They will provide some prepared remarks, and after that, we will take questions from analysts. Earlier today, we issued a press release and made a slide presentation available on our Investor Relations website that outlines our business and financial highlights for the first quarter. You can download the press release and presentation slides at investors.momentus.space. During today's call, we will discuss forward-looking statements, referring to predictions and projections about future events based on our current expectations and assumptions, which are subject to risks and uncertainties. Many factors could lead to actual future events differing significantly from what we forecast. Please keep in mind that our actual results may differ materially from the intentions and expectations we express in our forward-looking statements. For more details on the factors that could cause this divergence, please review the earnings press release and our filings with the Securities and Exchange Commission. We urge you not to place undue reliance on these forward-looking statements, and we disclaim any obligation to update them. Additionally, we will reference certain non-GAAP financial information during today's call, and reconciliations to the most comparable GAAP measures can be found in our earnings press release. None of these non-GAAP financial measures should be seen as a substitute for or superior to measures prepared according to GAAP. Please note that the technology we plan to offer is still under development and has not been fully tested or validated in space. Our ability to carry out our business plan relies on the successful development and commercialization of this technology. Developing space technologies is highly complex, time-consuming, and costly, and there is no guarantee that our theoretical and ground-based results will be realized in operational space vehicles as expected, or at all. With that, I’ll turn the call over to our Chairman and CEO, John Rood.

Thank you, Darryl. Good afternoon. I'm delighted to be here today to talk to you about our first quarter and the progress we've made since our last earnings call in early March of this year. We are on pace to complete our inaugural Vigoride demonstration flight this month. For that, I'd like to extend a heartfelt thank you to the entire Momentus team, which continues to drive progress toward our objective of providing the backbone infrastructure services to support the emerging space economy. I'll provide some high-level comments on our activities since our last earnings call and particularly our progress toward our inaugural launch, both during Q1 and since the quarter ended, as there has been so much progress in the last six weeks. I'll then spend some time discussing our plan for that launch. After I make my comments, our CFO, Jikun Kim, will take you through the Q1 financial highlights. Turning to Slide 3. Overall, the team continues to make impressive progress on our technology as well as on the licensing and regulatory front. We've continued work to bring the Vigoride orbital transfer vehicle to market. During the first quarter, we completed system-level thermal vacuum testing on the Vigoride 3 vehicle that we plan to fly in space on its inaugural mission this month. Thermal vacuum testing is late-stage environmental testing that closely simulates the environment that the vehicle will encounter in space. In April, Vigoride 3 completed system-level vibration testing. This test, which is the last of our major ground-based environmental tests, simulates the environment that Vigoride will encounter when onboard the SpaceX launch vehicle. Our testing sequence is designed to uncover issues on the ground, where we can deal with them more readily and effectively than we could in space. Following our thermal vacuum and vibration tests, the team addressed issues that were uncovered and made improvements where necessary. We went through a checkout sequence to ensure that the Vigoride 3's many subsystems were still functioning normally after being subjected to these environments. In April, we also conducted a flight readiness review, integrated customer satellites and other hardware on the Vigoride 3, and shipped it to its launch site in Cape Canaveral, Florida. Vigoride 3 is now at Cape Canaveral, mated to the Falcon 9 launch vehicle that will carry it to orbit on the SpaceX Transporter-5 mission targeted for this month. Turning to Slide 4. This slide has some great pictures that illustrate the progress we've made in preparing the Vigoride 3 spacecraft for its operation in space. The picture at the top left shows the spacecraft in our clean room in San Jose, California. The other photo traces its journey through stages of testing in preparation for launch. We're excited to see the Vigoride vehicle integrated with the SpaceX Falcon 9 rocket that will take it to space and eager for its debut in space soon. Turning to Slide 5. While our engineers have been busy getting Vigoride ready for our inaugural mission, our legal and security teams have been working hard to further implement the compliance tasks required under our National Security Agreement or NSA with the U.S. government. This includes securing all the licenses and approvals that we need for our inaugural mission, which we have now done. In particular, we received two license updates from the National Oceanic and Atmospheric Administration, or NOAA, on March 21 and April 27. Our NOAA license authorizes Vigoride 3 to operate its camera in space. Then on April 28, we received a license from the Federal Communications Commission, or FCC, authorizing Momentus to use radio frequencies to communicate with Vigoride. Finally, on May 4, we received a favorable payload determination from the Federal Aviation Administration, or FAA. You may have previously heard this referred to as a Momentus license from the FAA. But, in fact, what we needed and have obtained is FAA "payload approval." As part of this review, the FAA consulted with other government agencies to determine whether the launch of a proposed payload would present any issues affecting public health and safety, the safety of property, U.S. national security or foreign policy interest or international obligations of the United States. The FAA payload determination was the final regulatory hurdle for the company to overcome in order to proceed with its first flight on Transporter-5, which, as I said, SpaceX is currently targeting for this month. I'm proud of our team's efforts to ready the Vigoride spacecraft for its inaugural mission. The next step is for SpaceX to deliver Vigoride safely to orbit. Given the strong SpaceX track record, we have good reason to be confident that we will soon have our vehicle in orbit. We thank SpaceX for the partnership and cooperation they are providing to support our inaugural Vigoride launch. While the company has faced several regulatory challenges in the past 18 months, our substantial progress in implementing our NSA has resulted in obtaining the necessary government licenses and approvals for our planned inaugural launch. The team's focus on implementing the NSA will continue side-by-side with bringing forward the best product we can for our customers and to the benefit of our shareholders. Turning to Slide 6. While Momentus plans to take some customer payloads to orbit and generate a small amount of revenue, the primary goals of our inaugural mission are to test Vigoride in orbit, learn from any issues encountered and incorporate the lessons learned into future Vigoride vehicles. Under our FCC license, the mission could last as long as six months. Our plans to complete test and demonstration tasks with the spacecraft in less than that time period. As mentioned earlier, Vigoride 3 is currently mated to the Falcon 9 rocket that SpaceX is targeting for launch this month on the Transporter-5 mission. The mission plan calls for Vigoride 3 to be injected into a sun synchronous orbit at approximately 500 kilometers altitude, or just over 300 miles above the surface of the earth. After separating from the launch vehicle, Vigoride 3 is slated to go through a disciplined sequence of startup procedures, including powering up, deploying its solar panels, and establishing communications with the ground stations that we will use to control the vehicle from Earth. During Vigoride 3's flight, we plan to deploy nine satellites from the vehicle. We also plan to operate space hardware to support a customer test of this hardware. All told, these services support a total of three customers using Vigoride. As customer satellites are deployed, we will recognize a small amount of revenue. Once we have fulfilled our obligations to our customers, we plan to operate Vigoride 3 in space through powered flight and test its ability to maneuver to different orbits. Over the course of the mission, we plan to operate and monitor the performance of the spacecraft and its subsystems, including our propulsion system to inform future design iterations. At the conclusion of the mission, we plan to deorbit Vigoride 3, so it burns up on reentry. In the history of space flight, it's common to experience issues, particularly on early missions. Our intention is not just to perform the planned flight demonstration mission and meet our objectives but also to find issues that we can correct on future flights. This approach is critical to our future success. We plan to learn from any anomalies we experience during our inaugural flight and apply the lessons learned to improve our technology going forward. Our core business objective is to become an industry leader, providing transportation and in-space infrastructure services for the burgeoning new space economy, and our planned inaugural mission represents a key step along that path. Turning to Slide 7. As I said on our March earnings call, we have secured two ports on the SpaceX Transporter-5 mission. Vigoride 3 has been mated to one of these ports and on the second port, a third-party deployer system has been mated to the Falcon 9 launch vehicle. This system, which is shown in the picture on this slide, is made by one of our partners who is also handling the customer launch vehicle integration work for the second port. This system is slated to deploy five satellites for four different customers in orbit. As I said in our last earnings call, this system does not provide the last mile transportation service to precise custom orbits that Vigoride can. However, it meets the needs of some of our customers in our backlog, particularly those that don't need to get to a precise orbit, have less complex requirements, and are looking for a lower cost way to reach lower orbit or LEO. This represents an effort to explore other market segments that are adjacent to our current addressable market with Vigoride. Offering a lower-cost option alongside Vigoride allows us to address the market in multiple ways and serve the diverse needs of our customers more economically than we could if we were to fly every one of them on a more capable Vigoride vehicle. Turning to Slide 8. We also continue to plan for our future beyond the first launch of Vigoride. During the first quarter, we signed launch services agreements with SpaceX that reserve space for us on four additional rideshare missions, including Transporter-6, which is targeted for October 2022; Transporter-7 targeted for January 2023; Transporter-8 targeted for April 2023; and Transporter-9 targeted for October 2023. In all, we are now manifested on each of the dedicated rideshare missions that SpaceX plans to operate from now through the end of 2023. Recall that once we've established initial product liability, we plan to broaden our service offerings with Vigoride beyond the hub-and-spoke transportation mission. Demonstrating some of the technologies for these broader offerings is part of what we plan to do during these follow-on missions. As an initial step towards broadening the product offering, we plan to carry a hosted payload customer on Transporter-6, which SpaceX is currently targeting for October 2022. This will allow us to demonstrate our hosted payload capability and grow our hosted payload business with other potential customers. Hosted payloads involve carrying a payload for a customer on Vigoride in which the payload receives different types of support, such as power, communications, or being operated to test its performance in space. We also plan to fly our first Block 2.2 Vigoride vehicle on Transporter-6. We are planning to introduce a reusable version of our Vigoride vehicle toward the middle of the decade. We expect this move to reusability will allow us to provide more economical transportation services. It will also allow us to further expand the types of services we are able to offer our customers, including in-space maintenance, refueling of satellites, removing debris, and deorbiting satellites at the end of their useful life, as well as other satellite allied services. We've been continuing to work ourselves and with partners on the technologies to enable the provision of these services, such as a robotic arm for Vigoride. We also plan to test a sensor package to enable rendezvous and proximity operations and a fluid transfer system for Vigoride to replenish its propellant tank space. We plan to begin on-orbit testing of some key technologies that we will need for reusable Vigoride on the 2023 SpaceX missions that we've booked. Turning now to Slide 9. This slide provides an overview of where we stand in production of our early vehicles. So far, we've produced three complete Vigorides with three more in various stages of production. Vigoride 1 and Vigoride 2 are fully built and tested. As we've said in the past, we learned a significant amount from the production of these early vehicles that we plan to retain in storage and potentially use as brown test articles in support of future Vigoride development. I discussed the status of Vigoride 3 earlier in this call, but this chart provides a nice visual of its comprehensive ground testing campaign. Our integration and testing process is based on industry best practices for spacecraft manufacturing and testing. We continue to stress the importance of using ground testing, not only to validate our designs and engineering processes, but also as a critical part of a disciplined approach to position us in the best possible way for success on orbit. After our inaugural mission with Vigoride 3, we plan to begin operating vehicles from our improved Block 2.2 Vigoride configuration, beginning with Vigoride 5. During the first quarter, we completed our Block 2.2 critical design review to incorporate design changes relative to the prior configuration. These changes include a new modular tank system that will allow us to swap propellant for payload depending on the mission requirements, as well as a more efficient structural design and improved payload hosting capabilities. We now have three Block 2.2 vehicles in different stages of production. Turning to Slide 10. We continue to build out and improve our executive leadership team, adding high-caliber individuals to bring the type of experience and skill sets that we need to grow our business. During the first quarter, we welcomed Jason Garkey as our new Security Officer. Jason reports to Security Director, Vic Mercado, who continues to lead our security function and implementation of our NSA, which is overseen by the Department of Defense and the Department of the Treasury. Receiving the government approvals required for the upcoming Vigoride launch is a testament to the big difference Jason has already made in implementing our NSA. We're also building out our engineering, development, manufacturing and supply chain leadership, along with restructuring the organization and making sure our people have the resources they need to succeed, including access to technical experts. Charles Chase recently joined our team full-time as Vice President of Engineering. Charles is a world-class talent in innovation and plasma technologies. He has a 30-year track record at Lockheed Martin Skunk Works, taking aerospace and defense technologies from concept to working prototype to production to retirement. Charles has already been an enormous asset to us through his participation in our Strategic Advisory Group, particularly when it comes to mentoring our junior engineering talent. We are lucky to have been able to attract him to join us full-time. We also welcome Nick Zello recently as our new Vice President of Manufacturing and Operations. Nick is another member of our Strategic Advisory Group, whom we are very fortunate to bring on full-time. Nick is an expert in product development and manufacturing with experience across the aerospace, automotive, IT, and construction industries. Most recently, Nick worked at Maxar Technologies, where he served as Vice President of Small Satellite Operations and Delivery, among other roles. Prior to that, Nick held leadership positions at a robotics company and at General Motors. Finally, Gary Bartmann also joined us recently as Vice President of Supply Chain. Gary brings deep expertise in supply chain management from his experience at Health Solutions, United Launch Alliance, and Lockheed Martin, where he led teams responsible for strategy development, execution, and supply chain solutions. Given the preponderance of supply chain issues across the U.S. and global economies, we're fortunate to have a pro like Gary on our staff who can make supply chain excellence a competitive advantage for Momentus. Consistent with the strategy we discussed on our prior call, we've also been adding engineering talent below the executive level. We look forward to continuing to populate our company with talented individuals and develop them to position the company for a bright future. Before I hand the call over to our CFO, Jikun Kim, for comments on the Q1 financials, I just want to reiterate my excitement for the progress the company is making. The road to our first launch has not been without its challenges, but with our licenses in hand and our vehicle now at the launch site, the future is bright for Momentus, particularly compared to where we sat just a year ago. I'd like to thank our dedicated team for getting us here. I would also like to thank our customers and investors for their patience through this period. I'll now hand the mic off to our CFO, Jikun Kim, and then we'll take your questions.

Thank you, John. Before I begin, I would like to take the opportunity to thank the Momentus team for their hard work and dedication as we progress towards our inaugural launch. Turning to Slide 11. Our first quarter results reflect our ongoing progress in investments toward the inaugural launch. We have cumulatively signed contracts for approximately $69 million in backlog or potential revenues as of April 30, 2022. These contracts include firm orders as well as options. These options give our customers the flexibility to quickly opt into an available launch slot on short notice without requiring a separate agreement. The breadth of these signed contracts spans across 25 companies in 15 different countries. In general, our customers have the right to cancel their contracts with the understanding that they will forgo their deposits and milestone payments. If a customer cancels a contract before all of the payments are made, the resulting revenues will be less than the full value of the backlog. We ended Q1 with non-restricted cash and cash equivalents of $136 million and approximately $24 million in outstanding gross debt. We started making principal payments on our term loan in March. We invested approximately $25 million in cash during Q1. We expect our quarterly cash investment rate to increase as the year progresses driven by higher operational tempo, increased launch vehicle milestone payments, as well as continued investments in NSA implementation, public company infrastructure and debt repayments. We did not recognize any revenue during the quarter. And as John said, we will begin to recognize revenue once we begin flying customers to space and fulfill our performance obligations. In the quarter, we generated approximately $25 million in losses from operations. On a non-GAAP basis, our adjusted EBITDA was a negative $17 million, which was approximately $1 million lower sequentially from Q4 2021. Please refer to the earnings press release issued today for the reconciliation of adjusted EBITDA to GAAP net income. Non-GAAP SG&A expenses for the quarter totaled approximately $8 million, approximately $1 million higher than the prior quarter. Non-GAAP R&D expenses for the quarter totaled approximately $9 million, unchanged from the prior quarter. We ended Q1 with approximately 81.8 million shares outstanding.

Thank you, Jikun. In a moment, we will move on to the question-and-answer portion of our call. I would like to remind participants that all disclaimers outlined at the outset of this call extend to the question-and-answer session. This includes our disclaimers relating to the non-GAAP financial information, forward-looking statements, and technology underlying our planned service offerings. Tom, would you please remind participants how to enter the queue?

And the first question today is coming from Mike Maugeri from Wolfe Research.

John, you talked a bit about the first launch coming up, but I'm just wondering, how will you be measuring success on that first mission?

Well, thank you for the question. The Vigoride 3 mission that we plan to conduct later this month is a flight demonstration mission. Our objective is to test how well the Vigoride vehicle and its subsystems work in space. We will also deliver customers to orbit and generate a small amount of revenue. There are many systems on board, including communications, the propulsion system called the microwave electrothermal thruster, power systems like solar arrays, our reaction control system, avionics, and other systems. While we rigorously tested the vehicle on the ground, there's really no substitute for actually flying the vehicle in space and testing it there. So, at a high level, the purpose of the mission is to demonstrate the performance of Vigoride, assess it, and then we'll see where we need to make improvements. With this in mind, I will say we'll learn from both sides of the coin, seeing what works the way we expect, as well as the other side of the coin where adjustments may be needed because things didn't work the way that we expected. We've defined key performance requirements that we'll aim to meet. These tasks include communications, operation of the hardware and the software, the subsystems that I mentioned earlier, like propulsion, and of course, the deployment of the customer payloads. So again, in summation, the focus is on testing the vehicle, learning from many issues, and then incorporating lessons learned on future Vigoride vehicles.

Got it. And then following on that, your relationship with SpaceX, it appears healthy while some of your competitors may not be the case to that degree. Is that something that you see as a competitive advantage or an opportunity for you guys?

We see it as a potential competitive advantage, and we do see it as an opportunity. We're very proud of our partnership with SpaceX. We appreciate the collaboration and consideration they have provided to us as we work through some of the legacy regulatory issues that the company had. Momentus is very pleased, and I'm very pleased that we've overcome a number of challenges recently. Frankly, we know how hard that can be in a business. So while I wouldn't want to comment on our competitors' relationship with SpaceX or their potential efforts to remedy their issues, I do know how hard that can be for customers and others to deal with that uncertainty. So, frankly, we plan to be opportunistic during this period, and we'll be happy to accommodate and assist satellite operators who need a ride or whose plans may have been disrupted.

Your next question is coming from Robert Stallard from Vertical Research Partners.

A couple of questions for you. First of all, on the Vigoride 3, you've got your licenses in place now. Are there any ongoing licensing risks, though, for future missions?

We don't anticipate any issues given that we've been through these processes for the Vigoride 3 launch, and we've received all the licenses and approvals we needed for our upcoming mission from the FAA, FCC, and NOAA. We appreciate the collaboration shown by these government agencies. We don't see any noteworthy risks going forward. In fact, we've been in discussions with the FCC for follow-on missions. For example, for Vigoride 3, we applied for and received a special temporary authority license. The FCC has since advised us they would like us to apply for a Part 25 conventional license for Vigoride 5, which we've already done. We don't anticipate needing to apply for an FAA payload determination or seek a modification to our NOAA license for our next mission. Of course, we'll do so if modifications are needed or mission requirements call for it. So we see this as a noteworthy area of progress for Momentus that we've overcome our challenges in this regard and secured the necessary licenses and approvals for our upcoming launch. We don't anticipate any issues going forward for future missions.

Okay. And secondly, it's obviously been a very volatile 2022 so far in terms of macroeconomic issues and geopolitical risk. I was wondering if it's fed through in any way to the market demand for your services, be it on the commercial side or on the national security side.

We continue to see strong customer interest in the capabilities we offer. We are optimistic about how our services align with the overall market trends and the development of a new space economy. In our 10-K, you'll find several third-party market forecasts that suggest the total addressable market for space transportation is rapidly expanding. Once we have the chance to fly Vigoride in orbit and showcase its capabilities, we anticipate converting more customer interest into firm orders and backlog. You're correct about the wider macroeconomic conditions. Concerns about inflation and the war in Ukraine are affecting the broader market. Like our peers, we have experienced some impact on our stock price, but operationally, we are not feeling that impact. In fact, we believe we've managed to navigate supply chain challenges that are affecting our industry and others quite well. We do experience some setbacks; for instance, one of the rooms in our facilities currently lacks doors because they are still on a ship that hasn't been unloaded yet. However, we have been able to handle these challenges while maintaining our production schedule. Our focus remains strong. While there are external factors outside our control, such as inflation and the conflict in Ukraine, my team and I are concentrating on controllable aspects and enhancing the fundamentals of the business. We believe we are making progress in addressing our regulatory and operational challenges to improve the capability and quality of the company.

Your next question is coming from David Strauss from Barclays.

You've got Brad Barton here on for David. Just quickly starting off. Now that you've got the company back on solid operational footing, is there anything you can say about the forward financial outlook?

Yes. Jikun Kim, our CFO, will take that.

Yes. Consistent with our stated strategy, our focus has been to bring Vigoride to market as early as possible, with the features and reliability that we know that our customers need. As we look at our inaugural launch, we're pleased with the success of our deliberate and disciplined approach so far, and we plan on continuing with this approach, making progress both operationally and financially. As we said on our prior earnings call, we have sufficient cash runway through the early part of 2023. These cash investments will secure future launches and funds for Vigoride vehicles that will support these missions. We continue to make investments in the Vigoride vehicle to enhance its performance and reduce its operating costs. We expect customer order activity to pick up once we establish flight heritage, but it is customary for our customers to book our orders 12-plus months out ahead of launch. So there will be some lag between receiving the orders, recognizing the revenues, and ultimately, the profitability of the company.

Okay. And then I guess with sufficient cash to early 2023, how are you thinking about accessing the capital markets given how the stock has been performing recently?

Yes. The capital markets have not been favorable. But with that, we do have sufficient cash runway to the early part of 2023. We are comfortable with the capital that we have based on our destocking efforts and our ability to support our near-term needs. We will evaluate the right timing of our next capital market raise relative to the execution of the business plan.

And I would just add, we plan to assess the market conditions based on when we think it's the correct time, and then we'll go to market and raise some additional capital. But we're feeling comfortable with where we're at, at the moment.

All right. And if I could just squeeze one more in on Transporter. I think you said last quarter that the schedule to get to Transporter-5 was pretty tight. Can you say anything about how you're looking for Transporter-6 in October?

Yes. As I mentioned, we are manifested on four follow-on rideshare missions beyond Transporter-5, starting with Transporter-6, which is scheduled for October. Then there's Transporter-7 scheduled for January 2023, Transporter-8 in April 2023, and Transporter-9 in October 2023. So we're on 5, 6, 7, and 8 going forward. Similar to what I said last quarter, the schedule to prepare Vigoride 5 is tight. As I said last quarter, we had a tight schedule to get Vigoride 3 finished and ready for launch. Our schedule for preparing Vigoride 5 for its planned launch in October is similarly tight. We're working very hard to meet that planned schedule. We expect the inaugural mission will be a learning experience. We're going to use what we learn in the Vigoride 3 flight scheduled for as early as this month. So it's a learning opportunity. If we find any anomalies or any performance that is not what we expected, depending on the nature and significance of that activity, it could affect the schedule for future launches. If we experience an issue that causes a launch delay, we would seek to fly again shortly thereafter. With the additional agreements we have with SpaceX through the end of 2023, we do have other launch slots available that we could utilize if necessary. We're working hard to make the schedule, but the launch schedule for Vigoride 5 in October is tight.

Your next question is coming from Edison Yu from Deutsche Bank.

Congratulations on hitting on the milestones. First question, I think this was alluded to earlier, SpaceX had a really high-profile breakup of a relationship with a competitor of yours. I was wondering, have you seen any sort of pickup in business or increased activity since that occurred, just given that they can obviously not fly anymore on those rideshare missions? I would think that's a pretty substantial amount of business.

Thank you again for the question, Edison. We're, as I mentioned earlier, very proud of the partnership that we've built with SpaceX. They've been a strong partner to us. They've been collaborative, they've provided consideration where we needed it, and we thank them for that. I know from experience how difficult it can be to overcome the challenges and business uncertainties that our competitors are facing. SpaceX has been the primary space launch vehicle they have used, and certainly, I wouldn't want to comment on what, if anything, they are doing to address that issue. As for us, we think we're a very attractive alternative. Now that we have overcome our regulatory issues and are poised for our first launch, we expect orders to pick up after we begin generating flight heritage from that launch. We do want to be opportunistic in this period and would be quite happy to accommodate and assist any other satellite operator whose plans have been disrupted as a result of SpaceX's decision regarding our competitor.

Understood. Understood. And following up, I know you mentioned there's actually several customers slated to launch. Are you able to disclose any of these customers coming up? Or maybe talk about the kind of payloads that will be deployed?

Yes. On our Vigoride 3 mission that is scheduled on the SpaceX Transporter-5 that is set for this month. We're going to have some paying customers on the flight. Our primary goal is to test Vigoride in orbit since it's a flight demonstration mission. However, we will release nine satellites from Vigoride and test a piece of space hardware that another customer has provided. We have three customers on Vigoride; two of them include FOSSA, F-O-S-S-A, and the second customer is Orbit NTNU from Norway, which is a university. We will also test some hardware from another customer. There is a second port, as you recall, that Momentus had purchased on the Transporter-5 mission. On one port will be the Vigoride 3 vehicle, and on the other port, a third-party deployer system has been successfully mated to that port with customer payloads, one of which is a Momentus customer, Cal Poly Pomona, who we are proud to fly and take to orbit on that mission. There are some other customers that our partner is also planning to fly. In total, five satellites will be released from that third-party deployer system. The use of that third-party deployer is part of our exploration to look at other ways of doing business, using rideshare aggregation and putting them on a lower cost, less capable system that still meets the needs for some of these customers and some in our backlog while providing a lower-cost method to meet their needs than Vigoride, which is more capable and able to take customers to precise custom orbits.

And there are no further questions in queue at this time. Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation. You may disconnect your phone lines at this time, and have a wonderful day.