Intuitive Machines(LUNR) - 2024 Q4 - Annual Results

Financial Performance - Achieved Q4 2024 revenue of $54.7 million, a 79% increase year-over-year, and full-year revenue of $228.0 million, nearly three times the revenue of 2023[4] - Revenue for the three months ended December 31, 2024, was $54,662 thousand, a significant increase from $30,591 thousand in the same period of 2023, representing an increase of 78.7%[18] - Full-year 2025 revenue outlook projected between $250 million and $300 million[5] - Operating loss for the year ended December 31, 2024, was $(57,396) thousand, compared to $(61,119) thousand in 2023, showing an improvement of 6.5%[18] - Net loss attributable to Class A common shareholders for the year ended December 31, 2024, was $(284,309) thousand, compared to a net income of $59,419 thousand in 2023[18] - Free cash flow for the year ended December 31, 2024, was $(67,698) thousand, slightly improved from $(75,190) thousand in 2023[25] Backlog and Contracts - Reported a record backlog of $328.3 million, representing a 22% year-over-year increase and the highest quarter-ending backlog in the company's history[4] - Backlog increased by $59.8 million to $328,345 thousand as of December 31, 2024, driven by $303.7 million in new awards from NASA contracts[27] Cash and Liquidity - Ended 2024 with $207.6 million in cash, increasing to $385 million as of March 10, 2025, following the completion of the warrant redemption process[4] - Cash and cash equivalents at the end of the period increased to $207,607 thousand from $4,498 thousand in 2023, indicating a substantial liquidity improvement[20] - The company reported a net cash used in operating activities of $(57,587) thousand for the year ended December 31, 2024, compared to $(45,279) thousand in 2023[20] Operating Expenses and Margins - Total operating expenses for the year ended December 31, 2024, were $285,396 thousand, up from $140,670 thousand in 2023, reflecting an increase of 102.2%[18] - Achieved positive gross margin in Q4 and for the full year, marking the second consecutive quarter of positive gross margin[4] Strategic Initiatives - The company is focusing on internal innovation and strategic acquisitions to seek high-return opportunities and expand into new markets[3] - Completed a $125 million upsized offering of Class A common stock and a concurrent private placement with Boryung Corporation[4] - Diversified customer base through a contract to adapt current technologies for a government customer, specifically an in-space orbital transfer vehicle[4] - Executed the southernmost lunar landing on the Moon's South Pole region and accelerated payload operations for various NASA and commercial projects[4] Share-Based Compensation - Share-based compensation expense for the year ended December 31, 2024, was $8,798 thousand, up from $4,273 thousand in 2023, indicating increased compensation costs[22] Liabilities - The change in fair value of earn-out liabilities for the year ended December 31, 2024, was $120,124 thousand, compared to $(66,252) thousand in 2023, highlighting significant volatility in liabilities[22]