Financial Data and Key Metrics Changes - Q1 revenue was $62.5 million, up 14% from Q4 2024, driven primarily by CLIPS, LTVs, and NSMS execution [27] - Gross profit for the quarter was $6.7 million, compared to $0.7 million in Q4 2024, marking the third consecutive quarter of positive gross margins [28] - Operating loss for the quarter was $10.1 million, improved from a loss of $13.4 million in Q4 2024 [29] - Positive free cash flow of $13.3 million was achieved for the first time in the company's history [30] - Cash balance increased to $373.3 million, driven by the redemption of warrants and positive free cash flow [32] Business Line Data and Key Metrics Changes - Under NASA's NSNS contract, $3 million in revenue was recognized during Q1, with an additional task order valued at $18 million issued for upcoming milestones [14] - The company secured a key contract for an Earth reentry vehicle, broadening its footprint across the space domain [11] - Significant progress was made in stealth satellite and orbital transfer vehicle programs during Q1 [11] Market Data and Key Metrics Changes - The company anticipates continued opportunities in civil and national security space due to evolving federal priorities and budgetary direction [6][7] - The backlog at the end of Q1 was $272.3 million, down from $328.3 million in Q4 2024, with expectations to recognize 45% to 50% in 2025 [34] Company Strategy and Development Direction - The company is diversifying into national security space and leveraging its lunar lander architecture for new government and commercial customers [11][13] - Intuitive Machines aims to build a comprehensive offering in lunar and Mars exploration, aligning with national priorities and long-term strategies [9][25] - The focus remains on execution and leveraging proven performance to expand into adjacent markets [6][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of core exploration programs despite potential budget reductions in NASA's science budget [9] - The company expects to achieve positive adjusted EBITDA by Q4 2025 and positive adjusted EBITDA for 2026 [35] - Management highlighted the importance of learning from past missions to improve future performance [22] Other Important Information - The company is actively discussing with National Security Space stakeholders to host multi-agency payloads on its Lunar Data Relay satellites [15] - A $40 million credit facility was opened to smooth out working capital fluctuations [33] Q&A Session Summary Question: Do reductions to the planetary science budget impact revenue opportunities from NASA payload deployment awards? - Management indicated no direct impact on the CLPS budget based on the president's budget [40] Question: Is there any risk of LTV delivery being changed or delayed due to the need for an alternative launch vehicle? - Management confirmed that the LTV procurement is moving forward and is not dependent on SLS [43] Question: Can you elaborate on the IM2 milestones expected to be recognized in Q2? - Management expects about half of the $14 million in success payments for IM2 to close in Q2 [55] Question: How does the company view the potential for M&A in the current market? - Management looks opportunistically at M&A to add capabilities that provide competitive advantages [69] Question: How does the company see the global competitive environment for NSN evolving? - Management noted that international collaboration is currently more prevalent than competition in the near space network [77]

Core Viewpoint - Viasat is set to lead the lunar orbiting satellite communications segment of the European Space Agency's Moonlight Program, collaborating with Telespazio and various European and UK companies to establish Europe's first lunar orbiting satellite network [1][2][3] Group 1: Project Overview - The Moonlight program aims to develop a lunar orbiting Navigation and Communication system to enhance navigation and communication services for both European and international missions on the Moon's surface and in lunar orbit [3] - The communications system will function as a data highway for communication between Earth and the Moon, facilitating interactions among people, spacecraft, and lunar vehicles to support scientific and exploration projects [4] Group 2: Viasat's Role - Viasat is responsible for designing and developing the communication network, defining end-to-end communication services for lunar landers, rovers, orbiters, and other technologies [5] - The initial design phase of the communication system is fully funded by the European Space Agency, with Viasat's engineering and technology operations based in London [11] Group 3: Timeline and Phases - The Moonlight services will be deployed in phases, with initial capabilities expected by the end of 2028 and full operations targeted for 2030 [6] Group 4: Industry Impact - The Moonlight initiative is expected to showcase Viasat's and the UK's leadership in emerging commercial markets, particularly the lunar economy, by providing reliable navigation and communication services for future lunar missions [7][8] - The program is anticipated to support additional commercial activities on the Moon, including space tourism and manufacturing programs utilizing rare lunar materials [4]