Shares of Momentus Inc. ( MNTS ) are giving up prior gains after shooting up dramatically on Thursday following multiple NASA contract awards.

What To Know: The California-based commercial space company announced two new government contracts it signed with NASA totaling more than $7 million.

Momentus ( MNTS ) builds satellites and satellite components in addition to providing in-space transportation and services. Momentus ( MNTS ) shares surged to $1.92 following the news, but have since given back gains for the session, according to Benzinga Pro.

NASA’s Armstrong Flight Research Center is paying Momentus ( MNTS ) $2.5 million to conduct a demonstration on-orbit of a new thruster known as the Rotating Detonation Rocket Engine. Momentus ( MNTS ) will also provide its Vigoride satellite platform to Juno Propulsion, which won the position through a space technology challenge set up by the research center.

NASA’s Flight Opportunities program also awarded Momentus ( MNTS ) a $5.1 million contract to support the Commercial Orbital System for Microgravity In-Space Crystallization (COSMIC) demonstration. COSMIC is designed to leverage the microgravity environment of space to advance crystal growth for pharmaceuticals, semiconductors and advanced materials.

"Momentus ( MNTS ) is proud to support NASA and the COSMIC mission with our versatile Vigoride platform," said John Rood, CEO of Momentus ( MNTS ). "We're excited to play a key role in this flight test that seeks to unlock new frontiers in space-based manufacturing and usher in a new era where microgravity becomes a driver of innovation and economic growth."

MNTS Price Action: Shares of Momentus ( MNTS ) were down 8.24% at $1.56 at the time of publication on Thursday, according to Benzinga Pro.

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