Financial Performance - Intuitive Machines achieved $62.5 million in revenue for Q1 2025, representing a 14% increase compared to Q4 2024, driven by growth across key programs[5] - Total revenue for the three months ended March 31, 2025, was $62,524,000, a decrease of 14.5% compared to $73,219,000 for the same period in 2024[19] - Operating loss for the same period was $10,077,000, compared to an operating loss of $2,775,000 in the prior year, indicating a significant increase in losses[19] - The company reported a net income of $975,000 for the three months ended March 31, 2025, compared to a net loss of $118,031,000 in the same period last year[19] - The change in fair value of warrant liabilities resulted in a gain of $43,002,000 for the period, contrasting with a loss of $23,964,000 in the previous year[19] - Total operating expenses decreased to $72,601,000 for the three months ended March 31, 2025, from $75,994,000 in 2024, reflecting cost management efforts[19] Cash Flow and Liquidity - Positive operating cash flow of $19.4 million was generated in Q1 2025, resulting in a positive free cash flow of $13.3 million after $6.1 million in capital expenditures[5] - Net cash provided by operating activities was $19,419,000 for the three months ended March 31, 2025, compared to a net cash used of $6,442,000 in 2024[21] - Free cash flow for the period was $13,297,000, a recovery from a negative free cash flow of $8,030,000 in the previous year[26] - Cash and cash equivalents at the end of the period were $373,253,000, up from $55,242,000 at the end of March 2024[21] Backlog and Future Outlook - Intuitive Machines has a contracted backlog that serves as a forward-looking indicator of potential sales, reflecting the revenue expected from awarded contracts[11] - The company's backlog decreased by $56,000,000 to $272,336,000 as of March 31, 2025, primarily due to performance on existing contracts[27] - The full-year 2025 revenue outlook is projected to be between $250 million and $300 million[6] - The company anticipates achieving positive adjusted EBITDA by the end of 2025, with expectations for positive adjusted EBITDA in 2026[6] Contracts and Funding - The company was awarded an $18 million funding for the next two milestones of NASA's Near Space Network Services contract in Q2 2025, following the execution of the first two milestones worth $9 million in Q1 2025[5] - A $10 million grant was received from the Texas Space Commission to develop an Earth reentry vehicle and microgravity research lab, which is expected to support future Moon and Mars missions[5] - Intuitive Machines is the sole contractor for the Air Force Research Laboratory's JETSON contract, focusing on low power nuclear electric propulsion technology[5] Margins and Cost Management - The company expanded its gross margin to 11%, or $6.7 million, in Q1 2025, marking the third consecutive quarter of positive gross margin[5] - Total liabilities decreased to $172,400,000 as of March 31, 2025, from $351,483,000 at the end of 2024[19] - The Lunar Terrain Vehicle Services preliminary design review was completed in May 2025, enhancing capabilities for NASA's upcoming RFP and award[5]
INFLECTION POINT(IPAX) - 2025 Q1 - Quarterly Results