INFLECTION POINT(IPAX)

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INFLECTION POINT(IPAX) - 2025 Q2 - Quarterly Report
2025-08-07 20:27
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ____________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-40823 ____________________________ INTUITIVE MACHINES, INC. (Exact name of registrant ...
INFLECTION POINT(IPAX) - 2025 Q2 - Quarterly Results
2025-08-07 11:32
Exhibit 99.1 • Signed purchase agreement to acquire KinetX, an industry leading space navigation and flight dynamics software company, which positions Intuitive Machines for Earth Orbit, Moon, and Mars constellation management across commercial, civil, and national security customers • Strategically invested in in-house satellite production to control delivery of our satellites to support the Near Space Network Services (NSNS) contract, and aligned Mission 3 to support deployment and operation of our first ...
INFLECTION POINT(IPAX) - 2025 Q1 - Quarterly Report
2025-05-13 20:36
[Part I – Financial Information](index=6&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) The company's Q1 2025 net income improved to $0.975 million due to favorable warrant liability changes and increased assets [Unaudited Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $500.0 million while liabilities decreased to $172.4 million, significantly improving the shareholders' deficit Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $373,253 | $207,607 | | Total current assets | $431,312 | $293,161 | | Total assets | $500,014 | $355,404 | | **Liabilities & Equity** | | | | Total current liabilities | $98,148 | $98,831 | | Earn-out liabilities | $0 | $134,156 | | Warrant liabilities | $25,776 | $68,778 | | Total liabilities | $172,400 | $351,483 | | Total shareholders' deficit | $(135,223) | $(1,008,034) | [Unaudited Condensed Consolidated Statements of Operations](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2025 revenue decreased to $62.5 million, but non-operating income drove a net income of $0.975 million Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $62,524 | $73,219 | | Operating loss | $(10,077) | $(2,775) | | Change in fair value of warrant liabilities | $43,002 | $(23,964) | | Loss on issuance of securities | $0 | $(68,676) | | Net income (loss) | $975 | $(118,031) | | Net loss per share of Class A common stock | $(0.11) | $(2.68) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased by $165.6 million in Q1 2025, driven by strong financing activities from warrant exercises Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $19,419 | $(6,442) | | Net cash used in investing activities | $(6,122) | $(1,588) | | Net cash provided by financing activities | $152,349 | $60,754 | | **Net increase in cash** | **$165,646** | **$52,724** | | Cash and cash equivalents at end of period | $373,253 | $55,242 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a revenue shift to fixed-price contracts, significant liquidity from warrant exercises, and major purchase commitments - The company operates in one reportable segment focused on cislunar infrastructure and commerce, with its business structured around three pillars: delivery services, data transmission services, and infrastructure as a service[31](index=31&type=chunk)[152](index=152&type=chunk) - A single major customer, **NASA**, accounted for **78% of total revenue** for the three months ended March 31, 2025, down from 92% in the same period of 2024[47](index=47&type=chunk) - In February 2025, the company redeemed all outstanding public and private warrants, generating approximately **$176.6 million in gross proceeds** from exercises before the redemption date[56](index=56&type=chunk)[98](index=98&type=chunk) - As of March 31, 2025, the company had remaining purchase obligations under non-cancelable commitments totaling **$93.8 million**, with payments extending through 2027[136](index=136&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses decreased Q1 revenue, a strengthened liquidity position from warrant exercises, and a backlog of $272.3 million - The company's Nova-C lander became the first U.S. vehicle to softly land on the lunar surface since 1972 in February 2024 (IM-1 mission), followed by a second landing at the southernmost location of the moon in March 2025 (IM-2 mission)[160](index=160&type=chunk) - Backlog decreased to **$272.3 million** as of March 31, 2025, from $328.3 million at the end of 2024, mainly due to revenue recognition of $62.5 million on existing contracts, partially offset by $6.5 million in new awards[219](index=219&type=chunk)[220](index=220&type=chunk) - The company's liquidity position was significantly enhanced, with cash and cash equivalents increasing to **$373.3 million** as of March 31, 2025, primarily due to **$176.6 million in proceeds from warrant exercises**[232](index=232&type=chunk) Financial Results Comparison (in thousands) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $62,524 | $73,219 | $(10,695) | | Operating Loss | $(10,077) | $(2,775) | $(7,302) | | Net Income (Loss) | $975 | $(118,031) | $119,006 | | Adjusted EBITDA | $(6,610) | $1,565 | $(8,175) | [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exempt from this disclosure requirement as a smaller reporting company - As a smaller reporting company, Intuitive Machines is not required to provide quantitative and qualitative disclosures about market risk[256](index=256&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective as of March 31, 2025 - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[257](index=257&type=chunk) - No changes occurred during the first quarter of 2025 that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[258](index=258&type=chunk) [Part II – Other Information](index=48&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending a breach of contract lawsuit related to stock conversion and faces other routine legal proceedings - The company is defending a breach of contract action filed by Starlight Strategies IV LLC related to the conversion of Series A Preferred Stock, and intends to **vigorously defend the litigation**[135](index=135&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) No material changes have been made to the risk factors disclosed in the 2024 Annual Report on Form 10-K - No material changes to the risk factors disclosed in the 2024 Annual Report on Form 10-K have occurred as of the date of this quarterly report[261](index=261&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Information regarding unregistered sales of equity securities was previously disclosed in a Form 8-K filing - Details on unregistered sales of equity securities were previously reported on a Form 8-K filed on February 4, 2025[262](index=262&type=chunk) [Defaults Upon Senior Securities](index=48&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None [Mine Safety Disclosures](index=48&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable [Other Information](index=48&type=section&id=Item%205.%20Other%20Information) None [Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including required CEO and CFO certifications
INFLECTION POINT(IPAX) - 2025 Q1 - Quarterly Results
2025-05-13 11:31
Exhibit 99.1 Intuitive Machines Reports First Quarter 2025 Financial Results Houston, TX, May 13, 2025 -- Intuitive Machines, Inc. (Nasdaq: LUNR, "Intuitive Machines," or the "Company"), a leading space technology and infrastructure services company, today announced its financial results for the first quarter ended March 31, 2025. Intuitive Machines CEO Steve Altemus said, "We continue to emphasize execution as we see the administration rethinking how the federal government acquires emerging technologies an ...
INFLECTION POINT(IPAX) - 2024 Q4 - Annual Report
2025-03-25 20:25
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ____________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-40823 ____________________________ INTUITIVE MACHINES, INC. (Exact name ...
INFLECTION POINT(IPAX) - 2024 Q4 - Annual Results
2025-03-24 11:32
Exhibit 99.1 Intuitive Machines Reports Fourth Quarter and Full-Year 2024 Financial Results Houston, TX, March 24, 2025 -- Intuitive Machines, Inc. (Nasdaq: LUNR, "Intuitive Machines," or the "Company"), a leading space technology, infrastructure, and services company, today announced its financial results for the fourth quarter and full-year ended December 31, 2024. Intuitive Machines CEO Steve Altemus said, "Just two years ago, we became a public company with a bold vision for the future. Over the past ye ...
INFLECTION POINT(IPAX) - 2024 Q3 - Quarterly Report
2024-11-15 02:13
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ____________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-40823 ____________________________ INTUITIVE MACHINES, INC. (Exact name of regist ...
INFLECTION POINT(IPAX) - 2024 Q3 - Quarterly Results
2024-11-14 12:33
[Q3 2024 Highlights and Management Commentary](index=1&type=section&id=Q3%20Highlights) Intuitive Machines achieved record revenue, cash, and backlog in Q3 2024, driven by strategic contract wins and a focus on core service pillars and cost efficiency - CEO Steve Altemus emphasized the company's focus on three core service pillars: delivery, data transmission, and infrastructure services, which are foundational to commercial and government lunar exploration[3](index=3&type=chunk)[5](index=5&type=chunk) - CFO Pete McGrath stated a new focus on managing costs efficiently to drive the company towards profitability and achieve financial targets[5](index=5&type=chunk) Q3 2024 Key Financial & Operational Metrics (in millions) | Metric | Value | Note | | :--- | :--- | :--- | | **Revenue** | $58.5 | Up 359% YoY | | **Gross Margin** | $4.1 | Positive | | **Ending Cash** | $89.6 | Highest in company history | | **Ending Backlog** | $316.2 | Highest in company history | - Awarded a **$116.9 million** contract through NASA's CLPS initiative, marking the company's fourth such award, more than any other vendor[7](index=7&type=chunk) - Secured a sole awardee Near Space Network (NSN) data services contract from NASA with a maximum potential value of **$4.82 billion**[7](index=7&type=chunk) [2024 Outlook](index=1&type=section&id=2024%20Outlook) The company narrowed its full-year 2024 revenue guidance to **$215-$235 million** and anticipates strong year-end cash and further backlog growth Full-Year 2024 Financial Outlook (in millions) | Metric | Guidance/Projection | | :--- | :--- | | **Revenue Outlook** | $215 - $235 | | **Cash Balance (as of Oct 2024)** | $106.9 | - The company expects backlog to grow, driven by potential awards such as Near Space Network 1.2 / 1.3 Direct to Earth, LTVS Phase 2, and additional task orders for OMES and Near Space Network 2.2 - Cislunar Relay[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) Consolidated financial statements for Q3 2024 show significant asset and liability growth, substantial revenue increase, and a net loss primarily due to non-cash expenses [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2024, total assets significantly increased to **$224.8 million**, with total liabilities rising to **$229.3 million**, primarily due to earn-out and warrant liabilities Balance Sheet Highlights (in thousands) | Account | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $89,605 | $4,498 | | **Total current assets** | $168,267 | $31,611 | | **Total assets** | $224,798 | $85,908 | | **Total current liabilities** | $95,314 | $81,533 | | **Total liabilities** | $229,335 | $137,480 | | **Total shareholders' deficit** | ($495,353) | ($261,435) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2024 revenue surged **359%** to **$58.5 million**, with operating loss narrowing, but a **$55.5 million** net loss for Class A shareholders due to non-cash charges Statement of Operations Highlights - Three Months Ended Sep 30 (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | **Revenue** | $58,478 | $12,731 | | **Operating loss** | ($13,724) | ($24,004) | | **Net income (loss) attributable to Class A common shareholders** | ($55,543) | $32,629 | Statement of Operations Highlights - Nine Months Ended Sep 30 (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | **Revenue** | $173,338 | $48,960 | | **Operating loss** | ($43,999) | ($53,628) | | **Net income (loss) attributable to Class A common shareholders** | ($134,966) | $51,678 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$55.6 million** for the nine months ended September 30, 2024, largely offset by **$147.9 million** from financing activities, increasing cash to **$89.6 million** Cash Flow Summary - Nine Months Ended Sep 30 (in thousands) | Cash Flow Category | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash used in operating activities** | ($55,622) | ($22,933) | | **Net cash used in investing activities** | ($5,185) | ($27,668) | | **Net cash provided by financing activities** | $147,894 | $65,489 | | **Net increase in cash** | $87,087 | $14,888 | | **Cash and cash equivalents at end of period** | $89,605 | $40,652 | [Non-GAAP Financial Measures & Other Metrics](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Other%20Metrics) The company utilizes non-GAAP measures like Adjusted EBITDA and Free Cash Flow, alongside record backlog, to provide additional insight into its financial and operational performance [Adjusted EBITDA](index=7&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA loss significantly improved to **$6.9 million** in Q3 2024 and **$30.5 million** for the nine-month period, reflecting enhanced operational performance Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands) | Period | Net Income (Loss) | Adjusted EBITDA | | :--- | :--- | :--- | | **Three Months Ended Sep 30, 2024** | ($80,411) | ($6,913) | | **Three Months Ended Sep 30, 2023** | $14,311 | ($22,119) | | **Nine Months Ended Sep 30, 2024** | ($181,787) | ($30,456) | | **Nine Months Ended Sep 30, 2023** | $7,163 | ($49,936) | [Free Cash Flow](index=7&type=section&id=Free%20Cash%20Flow) Free cash flow for the nine months ended September 30, 2024, was an outflow of **$60.8 million**, primarily due to increased net cash used in operating activities Free Cash Flow Reconciliation - Nine Months Ended Sep 30 (in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash used in operating activities** | ($55,622) | ($22,933) | | **Purchases of property and equipment** | ($5,185) | ($27,668) | | **Free cash flow** | **($60,807)** | **($50,601)** | [Backlog](index=8&type=section&id=Backlog) Contracted backlog reached a record **$316.2 million** as of September 30, 2024, driven by **$235.6 million** in new awards, primarily from a new IM-4 CLPS contract Backlog Growth (in thousands) | Date | Backlog Amount | | :--- | :--- | | **September 30, 2024** | $316,164 | | **December 31, 2023** | $268,566 | - The backlog increase was driven by **$235.6 million** in new awards, offset by **$173.4 million** in revenue recognized and **$14.6 million** in contract value adjustments[30](index=30&type=chunk)
INFLECTION POINT(IPAX) - 2024 Q2 - Quarterly Report
2024-08-13 11:57
For the quarterly period ended June 30, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ____________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-40823 ____________________________ INTUITIVE MACHINES, INC. (Exact name of registrant ...
INFLECTION POINT(IPAX) - 2024 Q1 - Quarterly Report
2024-05-14 11:48
[Part I – Financial Information](index=6&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Q1 2024 saw revenue rise to **$73.1 million**, but net loss widened to **$120.7 million** due to non-operating items [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $55,242 | $4,498 | | Total current assets | $115,728 | $31,611 | | Total assets | $170,771 | $85,908 | | Total current liabilities | $104,813 | $83,380 | | Total liabilities | $214,708 | $139,327 | | Total shareholders' deficit | $(492,678) | $(263,282) | Condensed Consolidated Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Revenue | $73,068 | $18,236 | | Operating loss | $(5,400) | $(13,963) | | Total other expense, net | $(115,256) | $(6,269) | | Net loss | $(120,656) | $(23,447) | | Net loss per share (basic and diluted) | $(2.70) | $(0.64) | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,442) | $(18,666) | | Net cash used in investing activities | $(1,588) | $(8,565) | | Net cash provided by financing activities | $60,754 | $48,268 | | Net increase in cash | $52,724 | $21,037 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company designs, manufactures, and operates space products and services with a near-term focus on lunar systems and infrastructure, becoming publicly traded in February 2023 through a SPAC business combination[29](index=29&type=chunk)[31](index=31&type=chunk) - A single major customer, NASA, accounted for **93%** of total revenue for the three months ended March 31, 2024[44](index=44&type=chunk) Revenue by Contract Type (in thousands) | Contract Type | Q1 2024 Revenue | % of Total | Q1 2023 Revenue | % of Total | | :--- | :--- | :--- | :--- | :--- | | Cost reimbursable | $42,040 | 58% | $0 | 0% | | Fixed price | $29,208 | 40% | $16,595 | 91% | | Time and materials | $1,820 | 2% | $1,641 | 9% | | **Total** | **$73,068** | **100%** | **$18,236** | **100%** | - The company recorded a favorable change in net losses on contracts of **$8.2 million** in Q1 2024, primarily due to the successful completion of the first lunar payload services contract in February 2024, which allowed for the recognition of **$11.6 million** in previously constrained variable consideration[58](index=58&type=chunk)[61](index=61&type=chunk) - In Q1 2024, the company raised significant capital through warrant exercises providing approximately **$50.6 million** in cash proceeds, and a **$10.0 million** bridge loan converted into Class A Common Stock and new warrants[76](index=76&type=chunk)[101](index=101&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Successful lunar landing drove **301%** revenue growth, but net loss expanded; liquidity improved with **$55.2 million** cash [Overview and Key Performance Factors](index=32&type=section&id=Overview%20and%20Key%20Performance%20Factors) - The company's Nova-C lander became the first U.S. vehicle to soft-land on the lunar surface since 1972, a key milestone demonstrating its capabilities[150](index=150&type=chunk) - The business operates through four units: Lunar Access Services, Orbital Services, Lunar Data Services, and Space Products and Infrastructure[155](index=155&type=chunk) - Future success depends on the ability to commence and expand spaceflight missions, expand product offerings, improve profit margins, and capitalize on government and private investment in the space economy[171](index=171&type=chunk)[173](index=173&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Comparison of Results of Operations (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | $ Change | | :--- | :--- | :--- | :--- | | Revenue | $73,068 | $18,236 | $54,832 | | Cost of revenue | $60,911 | $23,126 | $37,785 | | Operating loss | $(5,400) | $(13,963) | $8,563 | | Total other expense, net | $(115,256) | $(6,269) | $(108,987) | | Net loss | $(120,656) | $(23,447) | $(97,209) | - Revenue increased by **301%** (**$54.8 million**), primarily driven by the successful completion of the IM-1 mission, which resulted in the release of **$12.3 million** in previously constrained revenue, and **$41.8 million** in revenue from the new OMES III contract[200](index=200&type=chunk)[201](index=201&type=chunk) - The increase in total other expense was primarily due to a **$68.7 million** loss on issuance of securities and unfavorable changes in the fair value of earn-out liabilities (**$18.9 million**) and warrant liabilities (**$24.0 million**)[207](index=207&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2024, the company had cash and cash equivalents of **$55.2 million** and working capital of **$10.9 million**[223](index=223&type=chunk) - In Q1 2024, the company received approximately **$60.6 million** in gross proceeds from warrant exercises and other equity transactions, significantly bolstering its cash position[223](index=223&type=chunk) - Management believes current cash, along with available liquidity from the Cantor Purchase Agreement and a Controlled Equity Offering Sales Agreement, is sufficient to fund operations for at least the next twelve months[225](index=225&type=chunk) [Key Business Metrics and Non-GAAP Financial Measures](index=41&type=section&id=Key%20Business%20Metrics%20and%20Non-GAAP%20Financial%20Measures) Backlog (in thousands) | Date | Backlog | | :--- | :--- | | March 31, 2024 | $222,380 | | December 31, 2023 | $268,566 | Adjusted EBITDA Reconciliation (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net loss | $(120,656) | $(23,447) | | Adjustments | $119,596 | $10,000 | | **Adjusted EBITDA** | **$(1,060)** | **$(13,460)** | Free Cash Flow (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,442) | $(18,666) | | Purchases of property and equipment | $(1,588) | $(8,565) | | **Free cash flow** | **$(8,030)** | **$(27,231)** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is a smaller reporting company and is not required to provide the information for this item - As a smaller reporting company, Intuitive Machines is exempt from providing quantitative and qualitative disclosures about market risk[256](index=256&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2024 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[257](index=257&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[258](index=258&type=chunk) [Part II – Other Information](index=49&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company faces ordinary course litigation, with management not expecting a material adverse financial impact - The company is party to various lawsuits, claims, and legal proceedings that arise in the ordinary course of business, but management does not expect them to have a material adverse effect[260](index=260&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) New risk factor highlights litigation vulnerability, including a recent threat over preferred stock conversion - A new risk factor highlights that periods of high stock price volatility may result in securities class action litigation or shareholder activism, which could be costly and divert management's attention[263](index=263&type=chunk) - The company disclosed receiving a letter on April 8, 2024, threatening litigation over the number of shares issued in a preferred stock conversion, believing it has strong defenses to any claim[263](index=263&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Unregistered equity sales details were previously disclosed in January 2024 Form 8-K filings - Details on unregistered sales of equity securities were previously reported on Form 8-K filings on January 11, 2024, and January 30, 2024[264](index=264&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) Several company insiders adopted Rule 10b5-1 trading plans for Class A common stock sales in Q1 2024 Insider Trading Arrangements Adopted in Q1 2024 | Name | Title | Date Entered | | :--- | :--- | :--- | | Kamal Ghaffarian | Chairman of the Board | 03/22/2024 | | Stephen Altemus | Chief Executive Officer and Director | 03/22/2024 | | Timothy Crain | Chief Growth Officer | 03/22/2024 | [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report, including management certifications and XBRL data - The report includes standard exhibits such as CEO and CFO certifications pursuant to SEC rules and the Sarbanes-Oxley Act, along with Inline XBRL documents[271](index=271&type=chunk)