Financial Performance - Total revenue for Q3 2024 was $58,478,000, a significant increase of 359% compared to $12,731,000 in Q3 2023[16] - Operating loss for Q3 2024 was $13,724,000, an improvement from a loss of $24,004,000 in Q3 2023[16] - Net loss attributable to the Company for Q3 2024 was $55,400,000, compared to a net income of $33,303,000 in Q3 2023[16] - For the nine months ended September 30, 2024, Intuitive Machines reported a net loss of $181.787 million, compared to a net income of $7.163 million for the same period in 2023[33] - The company reported a net loss of $181,787 thousand for the nine months ended September 30, 2024, compared to a net income of $13,644 thousand for the same period in 2023[144] Assets and Liabilities - Total current assets increased to $168,267,000 as of September 30, 2024, up from $31,611,000 at the end of 2023[14] - Total liabilities rose to $229,335,000 as of September 30, 2024, compared to $137,480,000 at the end of 2023[14] - Cash and cash equivalents increased significantly to $89,605,000 from $4,498,000 at the end of 2023[14] - As of September 30, 2024, the total common stock balance was $81,351,656 for Class A and $60,245,138 for Class C, with an accumulated deficit of $483,998[28] - As of September 30, 2024, other current liabilities totaled $12,364,000, a significant increase from $4,747,000 as of December 31, 2023, representing a growth of approximately 160%[61] Shareholder Information - The weighted average shares outstanding for basic shares increased to 67,072,014 in Q3 2024 from 17,411,217 in Q3 2023[16] - The Company has issued a total of 141,601,794 shares of Class A Common Stock, with 80,101,656 shares outstanding as of the latest report[96] - The total shares of Class A common stock issued for stock options exercised during the nine months ended September 30, 2024, was 227,820[28] - The total shares of Class A common stock issued for warrants exercised was 19,123,633, generating $127,581[28] Cash Flow and Financing Activities - Cash flows from operating activities showed a net cash used of $55.622 million for the nine months ended September 30, 2024, compared to $22.933 million for the same period in 2023[33] - The company reported a net cash provided by financing activities of $147.894 million for the nine months ended September 30, 2024, compared to $65.489 million in 2023[33] - Approximately $34.1 million of cash held in trust became available for the Company following the Business Combination, along with proceeds from a PIPE investment[39] - The Company raised approximately $97.5 million net from its At The Market Offering program during the second and third quarters of 2024[56] Impairments and Adjustments - The Company reported an impairment of property and equipment of $5,044,000 in Q3 2024[16] - The company recognized an impairment charge of approximately $5.0 million for assets under development that were not in compliance with contract specifications during the third quarter of 2024[80] - The cumulative error correction resulted in an understatement of net income attributable to the company of approximately $5.1 million, impacting contract liabilities and accounts payable[63] Revenue Recognition - Revenue recognized from contract liabilities at the beginning of the period was $8.4 million for the nine months ended September 30, 2024[74] - Cost reimbursable revenue for the three months ended September 30, 2024, was $33,844, representing 58% of total revenue[70] - One major customer accounted for 90% and 91% of the Company's total revenue for the three and nine months ended September 30, 2024, respectively[50] Share-Based Compensation - Share-based compensation expense for the nine months ended September 30, 2024, amounted to $7,180[28] - The company experienced a significant increase in share-based compensation expense, rising to $7.180 million in 2024 from $2.748 million in 2023[33] - Share-based compensation expense related to options was $298 thousand for the nine months ended September 30, 2024, compared to $658 thousand for the same period in 2023[125] - Share-based compensation expense related to RSUs was $3.7 million for the nine months ended September 30, 2024, compared to $2.1 million for the same period in 2023[130] Tax and Debt Information - The effective combined U.S. federal and state income tax rates for the three months ended September 30, 2024, were (0.06%), a significant decrease from 4.1% for the same period in 2023[88] - The company had no outstanding debt as of September 30, 2024, compared to $8.0 million under the Credit Mobilization Facility as of December 31, 2023[82] Business Structure and Strategy - Intuitive Machines is focused on creating and operating space systems and infrastructure to support sustainable human presence on the Moon and exploration to Mars[35] - The Company reorganized into an Up-C structure, with Intuitive Machines, LLC holding substantially all assets and business, and Intuitive Machines, Inc. serving as a holding company[38]
INFLECTION POINT(IPAX) - 2024 Q3 - Quarterly Report