Intuitive Machines(US:LUNR)2024-05-14 11:48Financial Performance - Revenue for the three months ended March 31, 2024, was $73,068,000, a significant increase from $18,236,000 in the same period of 2023, representing a growth of 300%[16] - Operating loss for the three months ended March 31, 2024, was $5,400,000, an improvement from a loss of $13,963,000 in the same period of 2023[16] - Net loss attributable to the Company for the three months ended March 31, 2024, was $98,337,000, compared to a net loss of $9,360,000 in the same period of 2023[16] - Net loss for the three months ended March 31, 2024, was $120.656 million, compared to a net loss of $23.447 million for the same period in 2023[27] - Total operating expenses increased by $46.3 million, or 144%, to $78.5 million for the three months ended March 31, 2024, compared to $32.2 million in the same period of 2023[197] Assets and Liabilities - Total current assets increased to $115,728,000 as of March 31, 2024, compared to $31,611,000 as of December 31, 2023, marking a growth of 266%[14] - Cash and cash equivalents increased to $55,242,000 as of March 31, 2024, from $4,498,000 as of December 31, 2023, indicating a growth of 1,128%[14] - Total liabilities rose to $214,708,000 as of March 31, 2024, compared to $139,327,000 as of December 31, 2023, reflecting an increase of 54%[14] - The Company’s accumulated deficit increased to $(480,837,000) as of March 31, 2024, from $(250,466,000) as of December 31, 2023[14] Revenue Breakdown - The revenue breakdown for Q1 2024 included $42.0 million (58%) from cost reimbursable contracts, $29.2 million (40%) from fixed price contracts, and $1.8 million (2%) from time and materials contracts[54] - Revenue from the IM-1 mission increased to $12.3 million for the three months ended March 31, 2024, from $1.4 million in the same period of 2023, due to the successful completion of the mission[200] - Revenue from the IM-2 mission was $10.0 million for the three months ended March 31, 2024, compared to $8.6 million in the same period of 2023, driven by a pending task order modification[200] - Revenue from the OMES III contract was approximately $41.8 million during the three months ended March 31, 2024, with no corresponding revenue in the same period of 2023[201] Shareholder Information - The weighted average shares outstanding for the three months ended March 31, 2024, was 36,612,270, compared to 15,224,378 in the same period of 2023, indicating a dilution effect due to increased share issuance[16] - The Company granted 3,143,607 RSUs under the 2023 Plan with a weighted average grant date fair value of $3.50[113] - The Company had 30,773,520 warrants outstanding as of March 31, 2024, compared to 23,655,962 warrants in the same period of 2023[130] - Basic net loss per share of Class A common stock for the three months ended March 31, 2024, was $(2.70), compared to $(0.64) for the same period in 2023[129] Cash Flow and Financing - Cash used in operating activities for the three months ended March 31, 2024, was $6.442 million, a decrease from $18.666 million in the same period of 2023[27] - Proceeds from financing activities totaled $60.754 million for the three months ended March 31, 2024, compared to $48.268 million in the same period of 2023[27] - The Company raised $20.0 million through a private placement of 4,705,883 shares of Class A Common Stock, with related transaction costs of $1.4 million[73] - A Bridge Loan of up to $10.0 million was established on January 10, 2024, with a repayment deadline of February 22, 2024[67] Contracts and Backlog - The company has a backlog of $222.4 million as of March 31, 2024, with binding agreements for 2 launches[169] - Continued performance on existing contracts contributed $73.1 million to the backlog[211] - Backlog decreased by $46.2 million as of March 31, 2024 compared to December 31, 2023[211] - Contract value adjustments resulted in a decrease of $10.7 million in backlog[211] Strategic Initiatives - The company employs a "land-and-expand" strategy to enhance customer relationships and increase revenue through expanded service offerings[152] - The company plans to expand its product and service offerings to provide lower-cost access to cislunar space and lunar surface services[171][172] - The company expects to continue to invest significantly in lunar and data programs, with a focus on improving profit margins and scaling operations[174][175] Market and Economic Conditions - The company is actively monitoring macroeconomic pressures, including inflation and supply chain disruptions, which could impact operations[165][166] - The U.S. federal government increased its space exploration budget for NASA by approximately 15.8%, or $3.4 billion, from 2019 to 2024, which has fueled the company's growth[176]