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Intuitive Machines(LUNR) - 2023 Q4 - Annual Results
LUNRIntuitive Machines(LUNR)2024-03-21 11:33

Lunar Mission Achievements - Intuitive Machines successfully landed its IM-1 mission on the Moon on February 22, 2024, marking the first U.S. lunar landing in over 50 years[4] - Intuitive Machines recognized 12.5millioninmissioncompletionmilestonepaymentsfromNASAandcommercialcustomersafter144hoursoflunarsurfaceoperations[6]−IntuitiveMachinesvalidateditsproprietaryliquidmethaneandliquidoxygenpropulsionsystemthrougha7−daymissionfromlaunchtolunarsurfaceinQ1[6]FinancialPerformance−Q42023revenuewas12.5 million in mission completion milestone payments from NASA and commercial customers after 144 hours of lunar surface operations[6] - Intuitive Machines validated its proprietary liquid methane and liquid oxygen propulsion system through a 7-day mission from launch to lunar surface in Q1[6] Financial Performance - Q4 2023 revenue was 30.6 million, primarily driven by NASA CLPS contracts and OMES III, compared to 38.0millionintheprioryearperiod[14]−Full−year2023revenuewas38.0 million in the prior year period[14] - Full-year 2023 revenue was 79.5 million, driven by NASA CLPS contracts and OMES III, compared to 85.9millionintheprioryear[14]−RevenuefortheyearendedDecember31,2023,was85.9 million in the prior year[14] - Revenue for the year ended December 31, 2023, was 79.5 million, a decrease from 85.9millionin2022[23]−NetincomefortheyearendedDecember31,2023,was85.9 million in 2022[23] - Net income for the year ended December 31, 2023, was 15.0 million, compared to a net loss of 6.4millionin2022[23]−OperatinglossfortheyearendedDecember31,2023,was6.4 million in 2022[23] - Operating loss for the year ended December 31, 2023, was 56.2 million, compared to 5.5millionin2022[23]−AdjustedEBITDAfortheyearendedDecember31,2023,was−5.5 million in 2022[23] - Adjusted EBITDA for the year ended December 31, 2023, was -49.6 million, compared to -3.8millionin2022[28]−FreecashflowfortheyearendedDecember31,2023,was−3.8 million in 2022[28] - Free cash flow for the year ended December 31, 2023, was -75.2 million, compared to -15.6millionin2022[30]−NetcashusedinoperatingactivitiesfortheyearendedDecember31,2023,was15.6 million in 2022[30] - Net cash used in operating activities for the year ended December 31, 2023, was 45.3 million, compared to 784thousandprovidedbyoperatingactivitiesin2022[25]BacklogandContracts−Thecompanyconcluded2023withabacklogof784 thousand provided by operating activities in 2022[25] Backlog and Contracts - The company concluded 2023 with a backlog of 268.6 million, nearly doubling in Q4 due to OMES III task orders and other contracts[6] - Backlog increased by 66.7millionto66.7 million to 268.6 million as of December 31, 2023, compared to 201.9milliononDecember31,2022[32]−Newawardscontributed201.9 million on December 31, 2022[32] - New awards contributed 184.4 million to the backlog, primarily driven by the OMES III project (142.4million),aninternationalpayloadmission(142.4 million), an international payload mission (17.6 million), and the JETSON contract (9.5million)[32]−Continuedperformanceonexistingcontractsreducedbacklogby9.5 million)[32] - Continued performance on existing contracts reduced backlog by 79.5 million[32] - Contract value adjustments decreased backlog by 38.2million,mainlyrelatedtotimeandmaterialsandothercontracts[32]CashandAssets−ThecompanyendedQ42023withacashbalanceof38.2 million, mainly related to time and materials and other contracts[32] Cash and Assets - The company ended Q4 2023 with a cash balance of 4.5 million, which increased to 54.6millionbyMarch1,2024,duetowarrantexercisesfromaninstitutionalinvestor[14]−Cashandcashequivalentsdecreasedto54.6 million by March 1, 2024, due to warrant exercises from an institutional investor[14] - Cash and cash equivalents decreased to 4.5 million at the end of 2023 from 25.8millionattheendof2022[21]−Totalassetsincreasedto25.8 million at the end of 2022[21] - Total assets increased to 85.9 million at the end of 2023 from 67.0millionattheendof2022[21]−Totalliabilitiesincreasedto67.0 million at the end of 2022[21] - Total liabilities increased to 139.3 million at the end of 2023 from 124.6millionattheendof2022[21]OperationalHighlights−IntuitiveMachinesachievedpositivegrossmargindrivenbyOMESIIIrevenueandcostdiscipline[6]−ThecompanycommencedtheOMESIIIprogramandrecognized124.6 million at the end of 2022[21] Operational Highlights - Intuitive Machines achieved positive gross margin driven by OMES III revenue and cost discipline[6] - The company commenced the OMES III program and recognized 12.5 million in revenue in December 2023[7] - The company transitioned its headquarters to a new Lunar Production and Operations facility, partnering with the City of Houston and the Houston Airport System for financing[7] Compensation and Expenses - Share-based compensation expense for the year ended December 31, 2023, was 4.3million,comparedto4.3 million, compared to 624 thousand in 2022[28]