Financial Performance - Total revenue for Q2 2025 was $50,313,000, representing a 20.2% increase from $41,641,000 in Q2 2024[19] - Operating loss for Q2 2025 was $28,640,000, compared to an operating loss of $27,500,000 in Q2 2024[19] - Net loss attributable to Class A common shareholders for Q2 2025 was $25,332,000, compared to a net income of $18,534,000 in Q2 2024[19] - As of June 30, 2025, the net loss attributable to the Company was $36,577,000, compared to a net loss of $25,181,000 for the previous quarter[30] - For the six months ended June 30, 2025, the net loss was $37,231 thousand, a decrease from a net loss of $101,376 thousand for the same period in 2024[38] - The company had a net loss of $37,231,000 for the six months ended June 30, 2025, compared to a net loss of $101,376,000 for the same period in 2024[139] Assets and Liabilities - Cash and cash equivalents increased to $344,901,000 as of June 30, 2025, up from $207,607,000 as of December 31, 2024[17] - Total assets as of June 30, 2025, were $475,639,000, compared to $355,404,000 as of December 31, 2024[17] - Total liabilities decreased to $184,746,000 as of June 30, 2025, down from $351,483,000 as of December 31, 2024[17] - The total shareholders' deficit increased to $379,123,000 as of June 30, 2025, from $135,223,000 as of March 31, 2025[30] - The accumulated deficit as of June 30, 2025, was $(347,689,000), a decrease from $(996,453,000) as of December 31, 2024[17] Shareholder Information - Weighted average shares outstanding for basic calculation was 117,434,775 for Q2 2025, compared to 55,093,365 for Q2 2024[19] - The balance of Class A common stock increased to 119,849,589 shares as of June 30, 2025, from 119,329,328 shares as of March 31, 2025[30] - The Company issued 15,358,229 Class A common shares for warrants exercised, resulting in an increase of $176,554,000 in paid-in capital[32] - As of June 30, 2025, the Company had 117,658,509 shares of Class A Common Stock outstanding[97] Cash Flow and Financing Activities - Cash provided by financing activities was $151,314 thousand, compared to $70,608 thousand in the prior year[38] - The company reported a net cash increase of $137,294 thousand, up from $29,113 thousand in the previous year[38] - Warrants exercised generated $176,620 thousand in cash for the company, compared to $51,360 thousand in the previous year[38] - The company entered into a secured revolving credit facility with Stifel Bank for up to $40.0 million, which remained unborrowed as of June 30, 2025[66] Revenue Recognition and Contracts - For the three months ended June 30, 2025, fixed price contracts generated $27,534 thousand, accounting for 55% of total revenue[75] - Contract liabilities as of June 30, 2025, totaled $71,641 thousand, a decrease from $79,518 thousand as of December 31, 2024[78] - The aggregate amount of remaining performance obligations as of June 30, 2025, was $125.4 million, with expected revenue recognition of 25-30% over the next 6 months[81] - Contract loss provision for the IM-3 mission contract was $8.4 million as of June 30, 2025, reflecting ongoing cost overruns[80] Expenses and Costs - Share-based compensation expense for the six months ended June 30, 2025, was $5,364,000[32] - Sales and marketing expenses for the three months ended June 30, 2025, were $1.4 million, compared to $0.7 million in the same period of 2024, reflecting a 102% increase[166] - Research and development costs for the six months ended June 30, 2025, were $1.4 million, up from $0.6 million in the same period of 2024, representing a 133% increase[166] Compliance and Legal Matters - As of June 30, 2025, the Company was not in compliance with the financial covenant related to the minimum revenue level, but Stifel Bank agreed to waive this covenant for Q2 2025[87] - The company accrued approximately $2.1 million for legal proceedings as of June 30, 2025[143] Strategic Initiatives - The company is focused on establishing lunar infrastructure to support cislunar and deep space commerce, contributing to the development of technology platforms in delivery services, data transmission services, and infrastructure as a service[40] - The company plans to acquire KinetX, Inc. for an aggregate base consideration of $30.0 million, expected to close on or before October 1, 2025[169] - The company is expanding its Lunar Production and Operations Center with an investment of at least $12.0 million for new production and testing facilities[170]
INFLECTION POINT(IPAX) - 2025 Q2 - Quarterly Report