Financial Performance - Total revenue for the three months ended June 30, 2024, was $41,408,000, representing a 130.5% increase from $17,993,000 in the same period of 2023[16] - Operating loss for the three months ended June 30, 2024, was $28,174,000, compared to a loss of $13,183,000 in the prior year, indicating a worsening of 113.5%[16] - Net income attributable to Class A common shareholders for the three months ended June 30, 2024, was $18,143,000, down from $28,866,000 in the same period of 2023, a decrease of 37.2%[16] - The company reported a net loss of $104,675,000 for the six months ended June 30, 2024, compared to a loss of $4,670,000 in the same period of 2023, indicating a substantial increase in losses[16] - Total operating expenses for the three months ended June 30, 2024, were $69,582,000, up from $31,176,000 in the same period of 2023, an increase of 123.5%[16] - For the six months ended June 30, 2024, the net loss was $104.675 million, compared to a net loss of $4.670 million for the same period in 2023[33] Assets and Liabilities - Total current assets increased to $83,111,000 as of June 30, 2024, from $31,611,000 at December 31, 2023, reflecting a growth of 162.5%[14] - Total liabilities rose to $150,490,000 as of June 30, 2024, compared to $139,327,000 at December 31, 2023, an increase of 8.3%[14] - The company had a total asset value of $140,121,000 as of June 30, 2024, compared to $85,908,000 at December 31, 2023, reflecting an increase of 63.2%[14] - As of June 30, 2024, the total common stock balance increased to 62,469,364 shares with a total amount of $6 million, while Class C shares remained at 66,109,012 shares with an amount of $7 million[26] - The balance of accumulated deficit as of June 30, 2024, was $(222,203,000), an increase from $(250,466,000) at the end of the previous period[28] - The total shareholders' deficit as of June 30, 2024, was $(234,227,000), compared to $(263,282,000) at the end of the previous period[28] Cash Flow and Financing Activities - Cash and cash equivalents significantly increased to $31,631,000 as of June 30, 2024, from $4,498,000 at December 31, 2023, marking a growth of 603.5%[14] - Cash used in operating activities for the six months ended June 30, 2024, was $37.702 million, an increase from $15.774 million in the prior year[33] - The company reported a total cash and cash equivalents balance of $31.631 million at the end of the period, down from $39.087 million at the end of June 2023[33] - Cash flows from financing activities generated a net cash inflow of $70.608 million for the six months ended June 30, 2024, compared to $49.297 million in the prior year[33] - The Company issued 3,582,583 shares of Class A common stock related to the ATM Program, raising approximately $17,045,000[28] - The company raised approximately $17.0 million in net proceeds during the second quarter of 2024 through the ATM program[54] Share-Based Compensation - Share-based compensation expense for the six months ended June 30, 2024, was $5,895,000, reflecting an increase from the previous period[28] - The company reported a share-based compensation expense of $1,969,000 for the three months ended June 30, 2024[26] - Share-based compensation expense increased to $5.895 million for the six months ended June 30, 2024, from $1.192 million in the same period of 2023[33] - Share-based compensation expense related to options was $106 thousand for the three months ended June 30, 2024, and $220 thousand for the six months ended June 30, 2024[119] - Share-based compensation expense related to RSUs was $1.4 million for the three months ended June 30, 2024, and $2.5 million for the six months ended June 30, 2024[123] Revenue Sources and Contracts - The company reported that 95% of its revenue for the three months ended June 30, 2024 came from cost reimbursable contracts, totaling $39.3 million[60] - One major customer accounted for 90% of the company's total revenue for the three months ended June 30, 2024[50] - Revenue recognized from contract liabilities was $4.4 million for the six months ended June 30, 2024, down from $27.5 million for the same period in 2023, reflecting a decline of approximately 84%[64] - Remaining performance obligations totaled $94.6 million as of June 30, 2024, with an expectation to recognize revenue on approximately 45-50% over the next six months[66] - Revenue recognized from Axiom Space, Inc. for the three and six months ended June 30, 2024, was $50 thousand and $124 thousand, respectively[143] Business Operations and Structure - The company’s business focus is on creating and operating space systems and infrastructure for lunar exploration and resource utilization[35] - Intuitive Machines, Inc. underwent a business combination on February 13, 2023, resulting in a reverse recapitalization structure[38] - The company operates in one reportable segment, with all assets maintained in the United States[46] - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[270] Joint Ventures and Partnerships - The company is the primary beneficiary of the Space Network Solutions joint venture, holding a 90% interest[150] - Intuitive Machines holds a 51% interest in the IX, LLC joint venture with X-energy, which holds a 49% interest[152] - The IX LLC JV was formed to develop nuclear space propulsion and surface power systems for future space exploration[153] - The OMES III joint venture agreement between Intuitive Machines and KBR has a profit interest of 47% for Intuitive Machines and 53% for KBR[151]
INFLECTION POINT(IPAX) - 2024 Q2 - Quarterly Report