Intuitive Machines(LUNR)

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Intuitive Machines: Cash Rich, Execution Poor
Seeking Alpha· 2025-08-25 17:45
Intuitive Machines, Inc. (NASDAQ: LUNR ) seems to be going through a very complex phase in its history, with second quarter results showing lower-than-expected revenues (which we will look at in detail inHi there, and welcome to my profile.I’m a finance professional with over a decade of experience across global markets, with a deep focus on macroeconomic analysis, portfolio management, and equity research. I currently serve as a Senior Analyst at a European asset management firm, where I lead multi-asset s ...
Space Stock Tracker: AST SpaceMobile Q2 Earnings, Intuitive Machines' Offering And More
Benzinga· 2025-08-18 19:25
Group 1: Rocket Lab (RKLB) - Rocket Lab completed the acquisition of Geost for $275 million, enhancing its position in defense initiatives [2] - The CEO emphasized that the acquisition accelerates the delivery of mission-critical payloads supporting U.S. national security [3] - RKLB stock increased by over 4% following the acquisition announcement [3] Group 2: Intuitive Machines (LUNR) - Intuitive Machines announced a private offering of $300 million in convertible senior notes, leading to a significant drop in stock price [4] - The anticipated net proceeds from the offering are approximately $291.8 million, potentially increasing to $333.5 million if additional notes are purchased [5] - LUNR stock fell more than 8% over the past week and 25% over the past month [5] Group 3: AST SpaceMobile (ASTS) - AST SpaceMobile reported losses of 41 cents per share and revenue of $1.16 million, missing Wall Street estimates [6] - Despite the disappointing results, the company expects significant growth in the second half of the year [6] - ASTS stock was down over 13% in the past month, although it saw a slight increase on the day of the earnings release [7] Group 4: Project Kuiper (AMZN) - Amazon's Project Kuiper successfully launched 24 satellites using a SpaceX Falcon 9 rocket, increasing its constellation to 102 satellites [8][9] - The launch took place at Cape Canaveral Space Force Station in Florida [8]
Intuitive Machines Announces Upsize and Pricing of Private Offering of $300 Million of Convertible Senior Notes Due 2030
GlobeNewswire News Room· 2025-08-14 03:42
Core Viewpoint - Intuitive Machines, Inc. has announced the pricing of $300 million in 2.500% convertible senior notes due 2030, increasing from a previously announced size of $250 million, with an option for initial purchasers to buy an additional $45 million [1][2] Use of Proceeds - The net proceeds from the Notes Offering are estimated to be approximately $291.8 million, or $335.5 million if the additional notes option is fully exercised, intended for capped call transactions and general corporate purposes including operations, research and development, and potential acquisitions [2] Additional Details of the Notes - The Notes will be senior, unsecured obligations with an annual interest rate of 2.500%, maturing on October 1, 2030, and interest payable semiannually starting April 1, 2026 [3] Conversion Rights - Noteholders can convert their Notes under specific conditions before July 1, 2030, and at any time thereafter, with an initial conversion rate of 76.2631 shares per $1,000 principal amount, representing a conversion price of approximately $13.1125 per share, a 25% premium over the last reported price of $10.49 [4] Redemption and Repurchase Rights - The Notes are not redeemable before October 6, 2028, and can be redeemed by the company under certain conditions. Noteholders can require the company to repurchase their Notes upon a "fundamental change" at 100% of the principal amount plus accrued interest [5][6][7] Capped Call Transactions - Intuitive Machines has entered into capped call transactions to reduce potential dilution upon conversion of the Notes, with an initial cap price of $20.9800 per share, a 100% premium over the last reported sale price [8] Market Activity Impact - The option counterparties may engage in derivative transactions and purchase shares of Intuitive Machines' stock, which could influence the market price of the stock and the Notes [9][10] Company Overview - Intuitive Machines is focused on space technology and services, having successfully soft-landed lunar landers in 2024 and 2025, and aims to disrupt lunar access economics through its offerings in Delivery Services, Data Transmission Services, and Infrastructure as a Service [13]
Intuitive Machines Announces Proposed Private Offering of Convertible Senior Notes
GlobeNewswire News Room· 2025-08-13 20:00
HOUSTON, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR) (“Intuitive Machines” or the “Company”), a leading space exploration, infrastructure, and services company, announced today its intent to offer, subject to market conditions and other factors, $250.0 million aggregate principal amount of convertible senior notes due 2030 (the “Notes”) in a private offering (the “Notes Offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under th ...
Intuitive Machines(LUNR) - 2025 Q2 - Quarterly Report
2025-08-07 20:27
[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) Presents Intuitive Machines' unaudited condensed consolidated financial statements for Q2 and H1 2025, including balance sheets, income statements, and cash flows [Condensed Consolidated Balance Sheets](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$475.6 million** while liabilities decreased to **$184.7 million**, improving the shareholders' deficit Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $344,901 | $207,607 | | Total current assets | $396,753 | $293,161 | | Total assets | $475,639 | $355,404 | | **Liabilities & Equity** | | | | Total current liabilities | $107,295 | $98,831 | | Earn-out liabilities | $0 | $134,156 | | Total liabilities | $184,746 | $351,483 | | Total shareholders' deficit | $(379,123) | $(1,008,034) | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue grew to **$50.3 million**, but a net loss of **$(38.2) million** was reported, while H1 net loss narrowed to **$(37.2) million** Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $50,313 | $41,641 | $112,837 | $114,860 | | Operating loss | $(28,640) | $(27,500) | $(38,717) | $(30,275) | | Net income (loss) | $(38,206) | $16,655 | $(37,231) | $(101,376) | | Net income (loss) per share - basic | $(0.22) | $0.34 | $(0.33) | $(1.73) | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow turned positive at **$0.2 million**, and financing activities provided **$151.3 million**, significantly boosting cash Six Months Ended June 30, Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $156 | $(37,702) | | Net cash used in investing activities | $(14,176) | $(3,793) | | Net cash provided by financing activities | $151,314 | $70,608 | | **Net increase in cash** | **$137,294** | **$29,113** | [Notes to Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies, financial results, and significant subsequent events including an acquisition and facility expansions - The company operates as a space technology, infrastructure, and services company focused on establishing cislunar infrastructure through three core pillars: delivery services, data transmission services, and infrastructure as a service[40](index=40&type=chunk) - One major customer, NASA, accounted for **85%** and **81%** of total revenue for the three and six months ended June 30, 2025, respectively[57](index=57&type=chunk) - All **10,000,000** Earn Out Units related to the 2023 Business Combination have vested as of June 30, 2025, eliminating the corresponding earn-out liability from the balance sheet[60](index=60&type=chunk)[61](index=61&type=chunk) - Subsequent to the quarter end, on August 6, 2025, the company entered into an agreement to acquire KinetX, Inc. for an aggregate base consideration of **$30.0 million** in cash and stock[169](index=169&type=chunk) - In July 2025, the company amended its ground lease to expand its Lunar Production and Operations Center (LPOC) with an additional investment of at least **$12.0 million**[170](index=170&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, business model, strategic developments, results of operations, key metrics, and liquidity [Overview](index=36&type=section&id=Overview) The company leads cislunar infrastructure development with successful IM-1 and IM-2 lunar missions as key achievements - The company's IM-1 Nova-C lander became the first U.S. vehicle to softly land on the lunar surface since 1972[176](index=176&type=chunk) - The IM-2 mission landed at the southernmost location of the moon, 5 degrees from the south pole, in March 2025[176](index=176&type=chunk) [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Q2 2025 revenue increased to **$50.3 million**, but operating loss widened, and net loss was **$(38.2) million**, while H1 net loss narrowed Results of Operations Comparison (in thousands) | Metric | Q2 2025 | Q2 2024 | Change | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | $50,313 | $41,641 | $8,672 | $112,837 | $114,860 | $(2,023) | | Cost of revenue | $62,156 | $57,692 | $4,464 | $118,003 | $116,891 | $1,112 | | Operating loss | $(28,640) | $(27,500) | $(1,140) | $(38,717) | $(30,275) | $(8,442) | | Net income (loss) | $(38,206) | $16,655 | $(54,861) | $(37,231) | $(101,376) | $64,145 | - The Q2 2025 revenue increase was driven by CLPS missions (+$11.7M), the NSN contract (+$9.5M), and the LTV contract (+$3.9M), partially offset by a decrease in the OMES III contract (-$19.5M) due to project cancellations[227](index=227&type=chunk) [Key Business Metrics and Non-GAAP Financial Measures](index=46&type=section&id=Key%20Business%20Metrics%20and%20Non-GAAP%20Financial%20Measures) Backlog decreased to **$256.9 million**, Adjusted EBITDA remained a loss, and free cash flow improved to an outflow of **$(14.0) million** Backlog (in thousands) | Date | Backlog | | :--- | :--- | | June 30, 2025 | $256,909 | | December 31, 2024 | $328,345 | - The decrease in backlog was primarily due to performance on existing contracts (**$112.8 million**) and mission close-out adjustments (**$8.4 million**), partially offset by **$49.8 million** in new awards[244](index=244&type=chunk) Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $(38,206) | $16,655 | $(37,231) | $(101,376) | | Adjustments | $12,838 | $(3,108) | $12,123 | $77,833 | | **Adjusted EBITDA** | **$(25,368)** | **$13,547** | **$(25,108)** | **$(23,543)** | [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$344.9 million** in cash, bolstered by **$151.3 million** from financing activities - Cash and cash equivalents were **$344.9 million** and working capital was **$289.5 million** as of June 30, 2025[254](index=254&type=chunk) - Net cash provided by financing activities was **$151.3 million** for H1 2025, mainly from **$176.6 million** in proceeds from warrant exercises, offset by a **$20.7 million** share repurchase[261](index=261&type=chunk) - The company has a **$40.0 million** secured revolving credit facility with Stifel Bank, which remained unborrowed as of June 30, 2025[255](index=255&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Intuitive Machines is exempt from providing market risk disclosures - The company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[279](index=279&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[280](index=280&type=chunk) - No material changes to internal control over financial reporting occurred during the three months ended June 30, 2025[281](index=281&type=chunk) [Part II – Other Information](index=52&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing legal proceedings, including a breach of contract lawsuit regarding Series A Preferred Stock conversion - The company is defending a breach of contract lawsuit filed by Starlight Strategies IV LLC related to the conversion of Series A Preferred Stock[144](index=144&type=chunk)[282](index=282&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors, but the company will lose its "emerging growth company" and "smaller reporting company" status, increasing compliance costs - The company will no longer qualify as an "emerging growth company" or a "smaller reporting company" as of December 31, 2025[284](index=284&type=chunk) - Losing this status will result in increased compliance requirements, such as auditor attestation of internal controls under Sarbanes-Oxley Section 404(b), and is expected to increase legal and accounting costs[287](index=287&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported during the period - None reported[285](index=285&type=chunk) [Other Information](index=53&type=section&id=Item%205.%20Other%20Information) No other information is reported for this item - None reported[288](index=288&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Quarterly Report, including CEO and CFO certifications and Inline XBRL data files
Intuitive Machines(LUNR) - 2025 Q2 - Earnings Call Presentation
2025-08-07 12:30
INVESTOR UPDATE August 7, 2025 TODAY'S PRESENTERS Steve Altemus CO-FOUNDER, PRESIDENT & CHIEF EXECUTIVE OFFICER Pete McGrath CHIEF FINANCIAL OFFICER Disclaimer & Forward Looking Statement This presentation (and oral statements made regarding the subjects of this presentation) includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These ...
Intuitive Machines(LUNR) - 2025 Q2 - Quarterly Results
2025-08-07 11:32
Mr. Altemus continued, "We will continue to remain opportunistic on further strategic M&A, while also evaluating internal investments to accelerate growth and drive long-term shareholder value. We have a detailed and robust pipeline of both tuck-in and transformative M&A opportunities and intend to remain aggressive in the marketplace, particularly in data services and National Security Space markets." Outlook • Signed purchase agreement to acquire KinetX, an industry leading space navigation and flight dyn ...
Intuitive Machines Expands Deep Space Navigation Services with Agreement to Acquire KinetX, Positioning Itself for Constellation Management and Moon-to-Mars Data Relay
Globenewswire· 2025-08-06 20:30
HOUSTON, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR) (“Intuitive Machines” or the “Company”), a leading space technology, infrastructure, and services company, today announced it has signed a definitive agreement to acquire KinetX, Inc. (“KinetX”), a privately held Arizona-based aerospace company with more than 30 years of experience delivering flight-proven deep space navigation, systems engineering, ground software, and constellation mission design to the U.S. government and ...
Intuitive Machines: Why I'm Long, Again
Seeking Alpha· 2025-07-29 12:35
Group 1 - Michael Wiggins De Oliveira is an inflection investor, focusing on buying undervalued companies at pivotal moments when their profitability is expected to increase significantly over the next year [1] - The investment strategy emphasizes technology and the Great Energy Transition, including uranium, with a concentrated portfolio of approximately 15 to 20 stocks and an average holding period of 18 months [1] - Michael has over 10 years of experience in analyzing companies, particularly in the tech and energy sectors, and has built a following of over 40,000 on Seeking Alpha [2] Group 2 - The Investing Group Deep Value Returns, led by Michael, offers insights through its concentrated portfolio of value stocks, timely updates on stock picks, and a weekly webinar for live advice [3] - The group provides "hand-holding" support for both new and experienced investors, fostering an active and vibrant community accessible via chat [3] - Seeking FCF is associated with Michael Wiggins De Oliveira, indicating a collaborative approach in investment strategies [3]
Intuitive Machines Announces Date for Second Quarter 2025 Financial Results Conference Call
Globenewswire· 2025-07-22 20:39
Group 1 - Intuitive Machines, Inc. will release its financial results for Q2 2025 on August 7, 2025, before market opens [1] - A conference call to discuss the results will take place on the same day at 8:30 am ET [1][2] - The company is focused on disrupting lunar access economics and has successfully landed lunar landers in 2024 and 2025 [3] Group 2 - Intuitive Machines operates through three pillars: Delivery Services, Data Transmission Services, and Infrastructure as a Service [3] - The company aims to commercialize space technology and services [3]