Intuitive Machines(LUNR) - 2025 Q1 - Quarterly Results

Financial and Operational Highlights Intuitive Machines achieved a second lunar landing and key contract milestones in Q1 2025, reporting $62.5 million revenue and $13.3 million positive free cash flow - The company is leveraging its proven performance to expand into adjacent markets like National Security Space and other non-lunar domains, positioning itself as a broader space economy infrastructure and data services provider[3][4] - Key Operational Achievements in Q1 2025: * Landed its second mission on the Moon's south pole region * Completed the preliminary design review for the Lunar Terrain Vehicle Services (LTVS) * Executed the first two milestones for NASA's Near Space Network Services (NSNS) contract, earning $9 million * Received a $10 million grant from the Texas Space Commission to develop an Earth reentry vehicle * Performed phase one of the Air Force's JETSON contract for low-power nuclear electric propulsion[5] Q1 2025 Financial Highlights | Metric | Value | Note | | :--- | :--- | :--- | | Revenue | $62.5 million | Up 14% vs. Q4 2024 | | Gross Margin | 11% ($6.7 million) | Third consecutive quarter of positive gross margin | | Operating Cash Flow | $19.4 million | - | | Free Cash Flow | $13.3 million | - | | Cash at End of Quarter | $373.3 million | Following warrant redemption process | 2025 Outlook The company projects full-year 2025 revenue between $250 million and $300 million, targeting positive adjusted EBITDA by late 2025 and for 2026 Full-Year 2025 Guidance | Metric | Outlook | | :--- | :--- | | Revenue | $250 - $300 million | | Adjusted EBITDA | Positive run-rate by end of 2025 | | 2026 Adjusted EBITDA | Positive | Financial Statements This section presents the unaudited condensed consolidated financial statements for Q1 2025, covering Balance Sheet, Operations, and Cash Flows Condensed Consolidated Balance Sheets As of March 31, 2025, total assets increased to $500.0 million, driven by cash, while total liabilities decreased to $172.4 million Condensed Consolidated Balance Sheets (In thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $431,312 | $293,161 | | Total assets | $500,014 | $355,404 | | Total current liabilities | $98,148 | $98,831 | | Total liabilities | $172,400 | $351,483 | | Total shareholders' deficit | ($135,223) | ($1,008,034) | Condensed Consolidated Statements of Operations Q1 2025 revenue was $62.5 million, resulting in a $10.1 million operating loss, but achieved $1.0 million net income due to warrant fair value changes Condensed Consolidated Statements of Operations (In thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $62,524 | $73,219 | | Total operating expenses | $72,601 | $75,994 | | Operating loss | ($10,077) | ($2,775) | | Total other income (expense), net | $11,052 | ($115,256) | | Net income (loss) | $975 | ($118,031) | | Net loss attributable to Class A common shareholders | ($11,543) | ($97,957) | Condensed Consolidated Statements of Cash Flows In Q1 2025, the company generated $19.4 million cash from operations and $152.3 million from financing, increasing cash by $165.6 million Condensed Consolidated Statements of Cash Flows (In thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $19,419 | ($6,442) | | Net cash used in investing activities | ($6,122) | ($1,588) | | Net cash provided by financing activities | $152,349 | $60,754 | | Net increase in cash, cash equivalents and restricted cash | $165,646 | $52,724 | | Cash and cash equivalents at end of the period | $373,253 | $55,242 | Non-GAAP Financial Measures and Other Metrics This section presents key non-GAAP financial measures, including Adjusted EBITDA, Free Cash Flow, and backlog, for performance and future revenue insights - The company uses non-GAAP measures like Adjusted EBITDA and Free Cash Flow, as well as contracted backlog, to help investors understand operating trends, liquidity, and potential future sales[9][10][11] Adjusted EBITDA Reconciliation Adjusted EBITDA for Q1 2025 was a $6.6 million loss, compared to $1.6 million positive in Q1 2024, after adjusting for non-operating items Adjusted EBITDA Reconciliation (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net income (loss) | $975 | ($118,031) | | Adjustments | ($7,585) | $119,596 | | Adjusted EBITDA | ($6,610) | $1,565 | Free Cash Flow Reconciliation The company generated $13.3 million positive Free Cash Flow in Q1 2025, a significant improvement from an $8.0 million outflow in Q1 2024 Free Cash Flow Reconciliation (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $19,419 | ($6,442) | | Purchases of property and equipment | ($6,122) | ($1,588) | | Free cash flow | $13,297 | ($8,030) | Backlog Contracted backlog was $272.3 million as of March 31, 2025, a $56.0 million decrease from year-end 2024, reflecting revenue recognized and new awards Backlog (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Backlog | $272,336 | $328,345 | - The backlog decreased by $56.0 million primarily due to recognizing $62.5 million in revenue from existing contracts, which was slightly offset by $6.5 million in new contract awards[27] Company Information and Disclosures This section provides a corporate overview, contact information, and legal disclaimers, including forward-looking statement warnings - Intuitive Machines is a diversified space technology, infrastructure, and services company focused on disrupting lunar access economics through three pillars: Delivery Services, Data Transmission Services, and Infrastructure as a Service[12] - The press release contains forward-looking statements regarding mission timing, contract bids, revenue expectations, and business strategy, which are subject to numerous risks and uncertainties, and actual results may differ materially[13][14] - The company will host a conference call and webcast on May 13, 2025, at 8:30 am Eastern Time to discuss the results, with a replay available on its investor relations website[7][8]