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 78.6%[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] - Total operating expenses for the year ended December 31, 2024, were $285,396 thousand, up from $140,670 thousand in 2023, indicating an increase of 102.2%[18] - 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, indicating a significant negative shift[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[25] - The company incurred a loss on the issuance of securities amounting to $93,136 thousand for the year ended December 31, 2024, compared to $6,729 thousand in 2023[20] Backlog and Cash Position - 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 as of December 31, 2024, increased to $328,345 thousand from $268,566 thousand as of December 31, 2023, reflecting a growth of $59.8 million due to new awards from NASA contracts[27] - 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, showing a substantial improvement in liquidity[20] Operational Highlights - Achieved positive gross margin in Q4 and for the full year, marking the second consecutive quarter of positive gross margin[4] - 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, creating a new in-space orbital transfer vehicle[4] - Executed the southernmost lunar landing in history and accelerated payload operations for various NASA and commercial projects[4] Future Outlook - Positive run-rate Adjusted EBITDA expected by the end of 2025, with positive Adjusted EBITDA anticipated in 2026[5] - The company is focusing on internal innovation and strategic acquisitions to seek high-return opportunities in new markets[3]
INFLECTION POINT(IPAX) - 2024 Q4 - Annual Results