Earlier this week, I suggested three space stocks that have gotten cheap enough after their SPAC-frenzy IPOs to be worth buying today. It seems someone on Wall Street was paying attention. What's up with that? This morning, shares of one of my three space stock picks, lunar lander specialist Intuitive Machines (LUNR -6.89%), surged 12% on a new buy recommendation from investment bank B. Riley. The stock has turned around and resumed falling again, however, and as of 12:20 p.m. ET is now down 4% from Thursda ...

HOUSTON, June 25, 2024 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. ("Intuitive Machines" or the "Company"), a leading space exploration, infrastructure, and services company, announced today that the City of Houston will proclaim July 20, 2024, as 'Intuitive Machines Day' in recognition of the successful IM-1 lunar landing on February 22, 2024. This historic achievement marked the first U.S. lunar landing since 1972, aligning symbolically with the anniversary of the Apollo 11 Moon landing on July 20, 1969. ...

This question popped into my mind last year as I watched shares of SPAC-sponsored space companies crater in price. Boosted by low interest rates and lots of free government stimulus money handed out during the pandemic, multiple space stocks with big dreams but tiny (or no) profits went "to the moon." But as the money dried up and the dreams toned down, share prices followed. 1. Intuitive Machines At today's valuation, I see the stock having a lot of potential, and not much risk -- assuming it can raise eno ...

Intuitive Machines, Inc. (LUNR) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. The ...

Core Insights - Intuitive Machines has been included in TIME's 100 Most Influential Companies list, highlighting its significant global impact in the space exploration sector [1][3] - The company achieved a historic milestone by delivering commercial and NASA payloads to the Moon, marking the first lunar landing for the United States in over 50 years on February 22, 2024 [2][4] - CEO Steve Altemus emphasized the transformation of the space industry through innovative solutions that reduce the cost of lunar access, which has traditionally been underdeveloped [3] Company Overview - Intuitive Machines is a diversified company focused on space exploration, infrastructure, and services, aiming to disrupt lunar access economics [4] - The company successfully soft-landed its Nova-C class lunar lander, Odysseus, on the Moon in 2024, marking the return of the United States to the lunar surface since 1972 [4] - The company's offerings are categorized into four business units: Lunar Access Services, Orbital Services, Lunar Data Services, and Space Products and Infrastructure [4]

In February, following the landing of Intuitive Machine's Odysseus Lunar Lander, I pointed out that engineering, scientific, commercial and investing success are different things. The share price development has shown this extremely well, with the stock prices being cut by a third since the successful landing, even though the company received contract funds that were tied to mission success. In this report, I will be discussing the most recent results and highlight the opportunities in Intuitive Machines, I ...

Intuitive Machines is looking to help reshape the Mars Sample Return mission architecture with its own technology, based on architecture it has been developing for the moon, executives told investors during a quarterly earnings call Tuesday. "Intuitive Machines has engaged the agency and intends to provide a solution set based on technology architecture we have been developing for lunar material return," Intuitive Machines CEO Steve Altemus said. The Mars Sample Return (MSR) program is the agency's $11 bill ...

Financial Data and Key Metrics Changes - Revenue for the first quarter of 2024 was $73.1 million, representing an increase of over 300% compared to $18.2 million in the first quarter of 2023, driven primarily by the successful IM-1 mission and OMS-3 operations [86][94] - Gross margin improved to a positive $12.2 million, primarily due to IM-1 mission success milestones and modifications on other missions, with an operating loss of $5.4 million compared to $14 million in the first quarter of 2023 [6][94] - The company ended Q1 with a cash balance of $55.2 million, the strongest quarter in cash position ever, driven by $50.6 million in proceeds from warrant exercises [16][94] Business Line Data and Key Metrics Changes - The IM-1 mission contributed approximately $12 million in revenue from success milestones, with an additional $5.6 million from IM-2 and IM-3 related contract modifications [15] - The company reported a contracted backlog of $222.3 million, with an expected decline of about $46.3 million as contracts were executed [96] Market Data and Key Metrics Changes - The company anticipates a revenue outlook for 2024 between $200 million and $240 million, representing an increase of 2.5 to 3 times prior year revenues [17] - The Lunar Terrain Vehicle (LTV) contract has a total program value of over $4.6 billion, structured across multiple phased awards [91] Company Strategy and Development Direction - The company is focused on establishing a cislunar economy through advancements in command and control, communications infrastructure, and autonomous operations [4][12] - Intuitive Machines aims to position itself as a national asset supporting global space endeavors, emphasizing the importance of stable funding and commercial utilization [88][92] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting the successful execution of the business plan and the anticipation of significant NASA awards [5][17] - The management acknowledged the competitive landscape, noting the strategic importance of the moon and the need for the U.S. to maintain a strong presence in lunar exploration [88][92] Other Important Information - The company is preparing for its IM-2 mission launch expected later in 2024, with plans for a third mission in 2025 [5][15] - The company is actively engaging with NASA to provide solutions for the Mars Sample Return Program, leveraging technology developed for lunar material return [14] Q&A Session All Questions and Answers Question: What is the current status of the backlog and how much of it covers the 2024 guidance? - Approximately 80% of the backlog is currently at about $222 million, with expectations that about 80% will be utilized through the remainder of the year [18] Question: What are the large draws in cash burn as the year progresses? - The indirect support is about $3.3 million a month, with significant payments related to booster payments for IM-2 and IM-3 missions being the largest cash draws [24] Question: How does the company view competition from other nations' lunar missions? - The management believes that while the U.S. may appear to be behind in frequency and complexity of missions, it will catch up quickly due to more opportunities for lunar missions [25] Question: What are the expected margins for IM-2 and OMES contracts? - IM-2 and IM-3 missions are expected to be loss projects or close to break-even, while OMES margin is running in the 5% range on a consolidated basis [43] Question: What are the next catalysts for the Lunar Terrain Vehicle contract? - The company expects a $30 million task order from NASA to kick off the preliminary design phase for the LTV, with a demonstration portion to follow [44]

Financial Performance - Revenue for the three months ended March 31, 2024, was $73,068,000, a significant increase from $18,236,000 in the same period of 2023, representing a growth of 300%[16] - Operating loss for the three months ended March 31, 2024, was $5,400,000, an improvement from a loss of $13,963,000 in the same period of 2023[16] - Net loss attributable to the Company for the three months ended March 31, 2024, was $98,337,000, compared to a net loss of $9,360,000 in the same period of 2023[16] - Net loss for the three months ended March 31, 2024, was $120.656 million, compared to a net loss of $23.447 million for the same period in 2023[27] - Total operating expenses increased by $46.3 million, or 144%, to $78.5 million for the three months ended March 31, 2024, compared to $32.2 million in the same period of 2023[197] Assets and Liabilities - Total current assets increased to $115,728,000 as of March 31, 2024, compared to $31,611,000 as of December 31, 2023, marking a growth of 266%[14] - Cash and cash equivalents increased to $55,242,000 as of March 31, 2024, from $4,498,000 as of December 31, 2023, indicating a growth of 1,128%[14] - Total liabilities rose to $214,708,000 as of March 31, 2024, compared to $139,327,000 as of December 31, 2023, reflecting an increase of 54%[14] - The Company’s accumulated deficit increased to $(480,837,000) as of March 31, 2024, from $(250,466,000) as of December 31, 2023[14] Revenue Breakdown - The revenue breakdown for Q1 2024 included $42.0 million (58%) from cost reimbursable contracts, $29.2 million (40%) from fixed price contracts, and $1.8 million (2%) from time and materials contracts[54] - Revenue from the IM-1 mission increased to $12.3 million for the three months ended March 31, 2024, from $1.4 million in the same period of 2023, due to the successful completion of the mission[200] - Revenue from the IM-2 mission was $10.0 million for the three months ended March 31, 2024, compared to $8.6 million in the same period of 2023, driven by a pending task order modification[200] - Revenue from the OMES III contract was approximately $41.8 million during the three months ended March 31, 2024, with no corresponding revenue in the same period of 2023[201] Shareholder Information - The weighted average shares outstanding for the three months ended March 31, 2024, was 36,612,270, compared to 15,224,378 in the same period of 2023, indicating a dilution effect due to increased share issuance[16] - The Company granted 3,143,607 RSUs under the 2023 Plan with a weighted average grant date fair value of $3.50[113] - The Company had 30,773,520 warrants outstanding as of March 31, 2024, compared to 23,655,962 warrants in the same period of 2023[130] - Basic net loss per share of Class A common stock for the three months ended March 31, 2024, was $(2.70), compared to $(0.64) for the same period in 2023[129] Cash Flow and Financing - Cash used in operating activities for the three months ended March 31, 2024, was $6.442 million, a decrease from $18.666 million in the same period of 2023[27] - Proceeds from financing activities totaled $60.754 million for the three months ended March 31, 2024, compared to $48.268 million in the same period of 2023[27] - The Company raised $20.0 million through a private placement of 4,705,883 shares of Class A Common Stock, with related transaction costs of $1.4 million[73] - A Bridge Loan of up to $10.0 million was established on January 10, 2024, with a repayment deadline of February 22, 2024[67] Contracts and Backlog - The company has a backlog of $222.4 million as of March 31, 2024, with binding agreements for 2 launches[169] - Continued performance on existing contracts contributed $73.1 million to the backlog[211] - Backlog decreased by $46.2 million as of March 31, 2024 compared to December 31, 2023[211] - Contract value adjustments resulted in a decrease of $10.7 million in backlog[211] Strategic Initiatives - The company employs a "land-and-expand" strategy to enhance customer relationships and increase revenue through expanded service offerings[152] - The company plans to expand its product and service offerings to provide lower-cost access to cislunar space and lunar surface services[171][172] - The company expects to continue to invest significantly in lunar and data programs, with a focus on improving profit margins and scaling operations[174][175] Market and Economic Conditions - The company is actively monitoring macroeconomic pressures, including inflation and supply chain disruptions, which could impact operations[165][166] - The U.S. federal government increased its space exploration budget for NASA by approximately 15.8%, or $3.4 billion, from 2019 to 2024, which has fueled the company's growth[176]

Exhibit 99.1 Intuitive Machines Reports First Quarter 2024 Financial Results; Provides 2024 Revenue Outlook Houston, TX, May 14, 2024 -- Intuitive Machines, Inc. (Nasdaq: LUNR, "Intuitive Machines," or the "Company"), a leading space exploration, infrastructure, and services company, today announced its financial results for the first quarter ended March 31, 2024. Intuitive Machines CEO Steve Altemus said, "We had an excellent start to the year, anchored by our successful IM-1 mission and a full quarter of ...