Financial Performance - Achieved $50.3 million in revenue for Q2 2025, representing a 21% increase compared to Q2 2024, driven by growth across key programs[5] - Revenue for the three months ended June 30, 2025, was $50.3 million, an increase from $41.6 million in the same period of 2024, representing a growth of 20%[19] - Full-year 2025 revenue is projected to be near the low-end of prior outlook, with expectations of reaching approximately $275 million[6] - The company reported a net loss attributable to Class A common shareholders of $(25.3) million for the three months ended June 30, 2025, compared to a net income of $18.5 million in 2024[19] - Operating loss for the six months ended June 30, 2025, was $(38.7) million, compared to $(30.3) million for the same period in 2024, indicating a deterioration in performance[19] Cash and Liquidity - Ended Q2 2025 with $345 million in cash, maintaining a debt-free status and strong liquidity for operations and growth[5] - Cash and cash equivalents at the end of the period on June 30, 2025, were $344.9 million, a substantial increase from $31.6 million at the end of June 2024[21] - Net cash provided by operating activities for the six months ended June 30, 2025, was $156 thousand, a significant improvement from $(37.7) million in 2024[21] - Free cash flow for the six months ended June 30, 2025, was $(14.0) million, compared to $(41.5) million in 2024, showing a reduction in cash outflow[26] Strategic Initiatives - Signed a purchase agreement to acquire KinetX, enhancing capabilities in space navigation and flight dynamics software[5] - Expanded production footprint at Houston Spaceport by 140,000 square feet to support in-house satellite and spacecraft production[5] - Awarded a $9.8 million phase two contract from a National Security customer for the advancement of the Orbital Transfer Vehicle[5] - Received a $10 million award from the Texas Space Commission for the Earth Reentry Program, partnering with Space Forge for semiconductor manufacturing[5] - The company has a robust pipeline of strategic M&A opportunities, particularly in data services and National Security Space markets[4] Assets and Backlog - Total assets increased to $475.6 million as of June 30, 2025, up from $355.4 million at the end of 2024[17] - Backlog as of June 30, 2025, was $256.9 million, down from $328.3 million at the end of 2024, a decrease of $71.4 million primarily due to performance on existing contracts[28] Operating Expenses and Income - Total operating expenses for the three months ended June 30, 2025, were $79.0 million, up from $69.1 million in 2024, reflecting a rise of approximately 14%[19] - Interest income for the three months ended June 30, 2025, was $3.4 million, a significant increase from $20 thousand in the same period of 2024[19] - The change in fair value of earn-out liabilities for the six months ended June 30, 2025, was $33.4 million, compared to $488 thousand in 2024, indicating significant volatility in this area[21] Future Expectations - Continued expectation of positive adjusted EBITDA in 2026[6]
INFLECTION POINT(IPAX) - 2025 Q2 - Quarterly Results