Core Viewpoint - Intuitive Machines' stock has seen a significant increase despite missing earnings, and it is now considered cheap enough to buy, with a 20% rise since the Q1 earnings report [1]. Financial Performance - In Q1, Intuitive Machines reported a loss of $0.11 per share, an improvement from a loss of $2.68 per share in the same quarter last year [3]. - Sales for Q1 were $62.5 million, down 15% year-over-year, but are projected to rebound by 10% in Q2 [3]. - The company generated positive free cash flow of $13.3 million in Q1, the first occurrence in over two years, although analysts expect cash burn in the next three quarters totaling $15 million [4][5]. Long-term Prospects - Intuitive Machines is becoming a key contractor for NASA, having secured four "IM" missions to the moon, with two completed and two scheduled for 2026 and 2027 [7]. - The company has faced challenges with its landers, but management is addressing these issues for future missions, and NASA is satisfied enough to provide success payments for the IM-2 mission [8]. - Intuitive Machines is also working on a $4.8 billion Near Space Network contract, which is expected to generate approximately $480 million in annual revenue over the next decade [9]. Stock Valuation - The stock price has increased significantly post-earnings, currently around $11, which is nearly double the price paid previously [10]. - Despite being down about 50% from its all-time high in January, the stock is still considered to be at the high end of fair value for an unprofitable space stock, priced at 4.1 times trailing sales [11][12].

Core Viewpoint - Intuitive Machines stock experienced a significant surge post-earnings report, but concerns arise regarding its future performance and valuation after the initial excitement fades [2][11]. Financial Performance - Intuitive Machines reported Q1 revenue of $62.5 million, which fell short of Wall Street's expectations of $66.1 million and represented a 15% decline from $73.2 million in Q1 2024 [4]. - The company incurred operating costs of $72.6 million, resulting in an operating loss of $10.1 million for Q1, with a net loss of $11.4 million or $0.11 per share [5]. - Despite the losses, Intuitive Machines generated positive operating cash flow of $19.4 million and positive free cash flow of $13.3 million for the first time in nearly two years [6]. Future Outlook - Analysts predict that Intuitive Machines may continue to burn cash this year but expect losses to be less than $2 million, with potential revenue from "IM-2 success payments" in Q2 [8]. - The company forecasts total revenue between $250 million and $300 million for the year, aligning with analyst expectations [8]. - Intuitive Machines aims to achieve positive full-year free cash flow by 2025, which is three years earlier than previously anticipated by Wall Street [12]. Key Projects - The next moon landing, IM-3, is scheduled for the first half of next year, incorporating lessons learned from previous missions [9]. - Intuitive Machines is progressing on a $4.8 billion contract to build a Near Space Network for satellite communication, having completed two milestones and received funding for two more [10][12].

Core Insights - The space exploration industry has shifted from government dominance to private sector involvement, with companies like SpaceX and Blue Origin leading the way [1] - Intuitive Machines is a notable player in the commercial space sector, having successfully landed a lunar lander on the moon, marking a significant milestone for American space exploration [2][5] - The global space economy is projected to reach $1.8 trillion by 2035, presenting substantial growth opportunities for companies like Intuitive Machines [3] Company Overview - Intuitive Machines specializes in lunar exploration and infrastructure, providing transportation and delivery services to the moon [5] - The company has been involved in NASA's Commercial Lunar Payload Services (CLPS) program, with its lunar lander Odysseus completing the first mission to collect scientific data [6] - The IM-2 mission utilized the Athena lunar lander to analyze the moon's surface, although it faced challenges during landing [7][8] Future Prospects - Intuitive Machines has secured multiple contracts with NASA, including a $30 million contract for a lunar terrain vehicle and a potential $4.82 billion contract for deploying lunar relay satellites [10][11] - The company plans to launch additional missions, including IM-3 and IM-4, scheduled for 2026 and 2027 respectively [12] - Analysts project Intuitive Machines' revenue to grow to $545 million by 2028, although significant losses are anticipated, with earnings per share expected to be negative $3.23 [13] Market Position - The stock of Intuitive Machines has experienced volatility, currently down 55% from its 52-week high, trading at approximately 4.7 times forward sales [15] - Compared to other emerging space companies, Intuitive Machines has a lower valuation, with competitors trading at much higher multiples [15] - Despite being early in its growth trajectory, Intuitive Machines has made notable progress and continues to receive trust from NASA, which could support its future growth in the expanding space economy [16]

Core Insights - The Trump administration's proposed budget for fiscal year 2026 includes a significant 24% cut to NASA's funding, reducing it from $24.8 billion to $18.8 billion, which may impact major space companies' revenue streams [3][4] - The budget proposal suggests the termination of the Space Launch System (SLS) program, which has been criticized for its high costs and delays, with a projected cost of $4 billion per launch and being 140% over budget [6][8] - The proposed budget allocates $7 billion for lunar exploration under Project Artemis and $1 billion for Mars missions, but cuts funding for the Mars Sample Return mission [5][6] Impact on Companies - The termination of the SLS program threatens an estimated $82 billion in contracts for major contractors like Boeing, Lockheed Martin, and Northrop Grumman, which were expected to benefit from Project Artemis [8] - Conversely, the budget cuts could create opportunities for more cost-effective space contractors like SpaceX and Blue Origin, which are positioned to take over roles currently held by traditional aerospace companies [9][11] - SpaceX's Starship and Blue Origin's New Glenn rocket are projected to offer lunar missions at significantly lower costs, with Starship estimated at less than $3 billion per trip and New Glenn at $3.4 billion [9][10] Long-term Industry Outlook - The proposed changes indicate a shift towards more budget-conscious space operations, potentially sidelining established companies in favor of newer, more efficient competitors [11][12] - While this transition may not be favorable for current investors in traditional aerospace stocks, it could lead to a more sustainable and cost-effective future for the space industry [12]

Core Investment Philosophy - Investing in the stock market requires extraordinary patience, as demonstrated by Warren Buffett's transformation of Berkshire Hathaway from a struggling textile company into a diversified holding company, resulting in a $1,000 investment in 1965 being worth over $42 million today, showcasing the power of compounding returns over time [1] Growth Companies - The lesson emphasizes that when a genuine winner is found, it is crucial to resist the urge to sell, as small growth companies can evolve into mid-cap powerhouses and eventually stable, dividend-paying large caps, creating significant wealth for patient shareholders [2] Company Highlights - **Intuitive Machines**: Dominates the lunar economy with successful Moon landings and exclusive contracts, positioned to benefit from the developing multitrillion-dollar space economy as lunar missions accelerate [5] - **Palantir Technologies**: Leverages AI to solve complex data problems for governments and Fortune 500 companies, with its Artificial Intelligence Platform driving explosive commercial growth and creating high-margin revenue streams [6] - **Rocket Lab USA**: Provides end-to-end space solutions, capturing multiple revenue streams across the space value chain, with a reliable rocket and expanding reusability program for the small satellite market [7] - **Serve Robotics**: Leads in autonomous delivery with sidewalk robots generating revenue in major cities, partnered with Uber to enhance distribution and address last-mile delivery challenges [8] - **Archer Aviation**: Pioneers electric vertical takeoff and landing aircraft for urban air mobility, with a $6 billion order backlog and partnerships with major operators, aiming to transform urban transportation [9] - **Joby Aviation**: Complements Archer in the eVTOL space with advanced aircraft technology and a partnership with Toyota, achieving significant regulatory milestones and operational testing [10] - **Rigetti Computing**: Develops quantum computing systems with cloud-based access, positioned at the forefront of the quantum computing race, offering exposure to a technology that could revolutionize various fields [11]

Space stock Intuitive Machines (LUNR 28.11%) posted positive free cash flow for the first quarter and forecast continued gains in the quarters to come.Investors are buying in, sending Intuitive shares up 30% as of 10:15 a.m. ET. Expanding into new marketsIntuitive Machines is focused on delivering payloads, data transmission, and space infrastructure, with an emphasis on the moon.The company generated $62.5 million in revenue in the quarter, down 14% year over year and slightly below what Wall Street had ex ...

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]

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Core Insights - Stack Capital Group Inc. reported its financial results for Q1 2025, with a Book Value per Share (BVpS) of $12.06, down from $12.29 as of December 31, 2024 [4] - The Company made significant investments in various technology sectors, including AI, autonomous robotics, and travel, with notable portfolio companies such as CoreWeave, Shield AI, and Omio [4][6] Financial Performance - As of March 31, 2025, Stack Capital's total Book Value was $129.7 million [4] - The Company invested an additional US$2.2 million in CoreWeave prior to its IPO, which subsequently saw a share price increase of 45% from March 31, 2025, contributing an estimated $0.45 increase to the BVpS [4][6] - Shield AI raised US$240 million at a valuation of US$5.3 billion, enhancing its position within Stack Capital's portfolio [4] Portfolio Highlights - The breakdown of Book Value per Share as of March 31, 2025, includes: - SpaceX: $2.18 - Locus Robotics: $1.32 - Canva: $1.29 - Omio: $1.11 - Hopper: $1.07 - Newfront Insurance: $1.07 [3][5] - Following the quarter-end, SpaceX received FAA approval to increase its Starship launches to 25 per year, which is expected to benefit its Starlink satellite communications business [4] - Locus Robotics launched its 'Array' autonomous mobile robot, which significantly reduces manual labor in warehouse operations [4] Strategic Developments - Omio expanded its services into Southeast Asia, adding over 14,000 bus routes and aiming to become a comprehensive multi-modal travel provider by Q4 2025 [4] - The Company is focused on maximizing long-term performance through a diversified portfolio of high-growth businesses, which are not widely available to most Canadian investors [6]

Company Overview - Intuitive Machines has made significant progress since its February 2023 IPO, securing four NASA contracts for lunar payload deliveries, completing two missions with partial success, indicating a design flaw in the Nova-C lander [2][3] - The company generates $77 million and up from NASA for each landing attempt, with annual revenue reaching $228 million last year, tripling from 2023, and projected to grow to $280 million this year (23% growth) and $387 million next year (38% growth) [3][4] Financial Performance - Despite revenue growth, Intuitive Machines is not yet profitable, recording over $343 million in losses last year, primarily due to stock warrant retirement costs; analysts expect losses to decrease to less than $35 million this year, with potential for a small GAAP profit by 2026 [5] - The company has a $4.8 billion, 10-year contract with NASA to build and operate a Near Space Network, valued at approximately $480 million per year, which could significantly boost revenue beyond current forecasts [9] Future Outlook - NASA's current contract schedule allows for about one mission per year, limiting short-term growth until design issues are resolved; however, the NSN contract could sustain growth for Intuitive Machines [7][9] - Analysts predict that annual revenue could average at least twice the current amount over the next five years, with potential revenue reaching $625 million and a net profit margin of 18% [12] Valuation - Intuitive Machines stock is currently valued at around $1 billion, translating to over 4 times trailing sales, which is near the upper limit for valuations of unprofitable space stocks [13]