Intuitive Machines, Inc. (Nasdaq: LUNR, “Intuitive Machines,” or
the “Company”), a leading space exploration, infrastructure, and
services company, today announced its financial results for the
second quarter ended June 30, 2024.
Intuitive Machines CEO Steve Altemus said, “The landmark
accomplishments achieved up to and during the second quarter were
significant milestones that extend our competitive advantage in
providing delivery, data transmission, and autonomous operations,
the three pillars of space commercialization.”
“For our second mission, we made considerable progress
continuing with assembly, integration, and testing of our lander,
including successful flight engine qualification. We also completed
the system requirements review for our lunar terrain vehicle. This
milestone validated Intuitive Machines’ lunar terrain vehicle and
heavy cargo class lander design. Intuitive Machines is unique among
the competitors in the LTV bidding pool as we are the only
competing prime contractor with demonstrated experience delivering
to, transmitting data from, and autonomously operating on the
surface of the Moon.”
Mr. Altemus continued, “Our continued operational excellence,
along with our detailed roadmap for the rest of the year, gives us
the confidence to raise the low end of our revenue outlook. On the
cash side, we are now debt free and expect to have more runway with
sufficient cash today to fund operations for the next 12 months as
we execute on our growth trajectory.”
2024 Outlook
- Expect full-year 2024 revenue of
$210 - $240 million, resulting in 2.6x - 3x prior year sales
- Q2 ending cash balance expected to
be sufficient to fund operations through the next 12 months
- Continue to add cash reserves based
on projected wins and planned operations to execute growth
trajectory
- Backlog expansion driven by key
upcoming awards; Near Space Network Services (NSNS), the next
Commercial Lunar Payload Services (CLPS) award, among others
- Expected shipment of the mission two
completed lander to the launch site in the fourth quarter with the
launch window extending through the first quarter of 2025
Second Quarter 2024 Financial
Highlights
- Contracted backlog of $213.0 million
as of the end of the second quarter
- Second quarter 2024 revenue of $41.4 million, an increase of
130% year-over-year, driven primarily by the OMES, LTVS, and JETSON
low power nuclear satellite projects. Revenue also includes the
impact of changes in estimates associated with NASA CLPS contract
modifications. Prior period revenue was $18.0 million
- Second quarter 2024 operating loss
of $(28.2) million, driven primarily by the completion of the IM-1
mission and the noncash impact of changes in estimates associated
with NASA CLPS contract modifications versus $(13.2) million in the
prior year period
- Ending cash balance of $31.6 million as of the end of the
second quarter and is expected to be sufficient to fund operations
through the next 12 months. This includes $21.5M of cash outflow in
the quarter for launch provider payments for IM-1, IM-2, and IM-3;
majority of launch provider payments now behind us
Conference Call Information
Intuitive Machines will host a conference call today,
August 13, 2024, at 8:30 am Eastern Time to discuss these
results. A link to the live webcast of the earnings conference call
will be made available on the investors portion of the Intuitive
Machines’ website at https://investors.intuitivemachines.com.
Following the conference call, a webcast replay will be
available through the same link on the investors portion of the
Intuitive Machines’ website at
https://investors.intuitivemachines.com.
Key Business Metrics and Non-GAAP
Financial Measures
In addition to the GAAP financial measures set forth in this
press release, the Company has included certain financial measures
that have not been prepared in accordance with generally accepted
accounting principles (“GAAP”) and constitute “non-GAAP financial
measures” as defined by the SEC. This includes adjusted EBITDA
(“Adjusted EBITDA”).
Adjusted EBITDA is a key performance measure that
our management team uses to assess the Company’s operating
performance and is calculated as net income (loss) excluding
results from non-operating sources including interest income,
interest expense, gain on extinguishing of debt, share-based
compensation, change in fair value instruments, gain or loss on
issuance of securities, other income/expense, depreciation, and
provision for income taxes. Intuitive Machines has included
Adjusted EBITDA because we believe it is helpful in highlighting
trends in the Company’s operating results and because it is
frequently used by analysts, investors, and other interested
parties to evaluate companies in our industry.
Adjusted EBITDA has limitations as an analytical measure, and
investors should not consider it in isolation or as a substitute
for analysis of the Company’s results as reported under GAAP. Other
companies, including companies in Intuitive Machines’ industry, may
calculate Adjusted EBITDA differently, which reduces its usefulness
as a comparative measure. Because of these limitations, you should
consider Adjusted EBITDA alongside other financial performance
measures, including various cash flow metrics, net income (loss)
and our other GAAP results. A reconciliation of
Adjusted EBITDA to the most directly comparable GAAP financial
measure is included below under the heading “Reconciliation of GAAP
to Non-GAAP Financial Measure.”
We define free cash flow as net cash (used in) provided by
operating activities less purchases of property and equipment. We
believe that free cash flow is a meaningful indicator of liquidity
that provides information to management and investors about the
amount of cash generated from operations that, after purchases of
property and equipment, can be used for strategic initiatives,
including continuous investment in our business and strengthening
our balance sheet. Free Cash Flow has limitations as a liquidity
measure, and you should not consider it in isolation or as a
substitute for analysis of our cash flows as reported under GAAP.
Some of these limitations are: Free Cash Flow is not a measure
calculated in accordance with GAAP and should not be considered in
isolation from, or as a substitute for financial information
prepared in accordance with GAAP; Free Cash Flow may not be
comparable to similarly titled metrics of other companies due to
differences among methods of calculation; and Free Cash Flow may be
affected in the near to medium term by the timing of capital
investments, fluctuations in our growth and the effect of such
fluctuations on working capital and changes in our cash conversion
cycle. A reconciliation of Free Cash Flow to the most
directly comparable GAAP financial measure is included below under
the heading “Reconciliation of GAAP to Non-GAAP Financial
Measure.”
The Company has also included contracted backlog, which is
defined as the total estimate of the revenue the Company expects to
realize in the future as a result of performing work on awarded
contracts, less the amount of revenue the Company has previously
recognized. Intuitive Machines monitors its backlog because we
believe it is a forward-looking indicator of potential sales which
can be helpful to investors in evaluating the performance of its
business and identifying trends over time.
About Intuitive Machines
Intuitive Machines is a diversified space exploration,
infrastructure, and services company focused on fundamentally
disrupting lunar access economics. In 2024, Intuitive Machines
became the first commercial company to land and operate on the
lunar surface, validating its ability to provide the three service
pillars required to commercialize a celestial body: delivery, data
& communications, and autonomous operations in space. The
Company empowers its customers to achieve their ambitious visions
and commercial goals in space through seamless collaboration with
its robust service pillars. For more information, please visit
intuitivemachines.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. These statements that do not relate to matters of
historical fact should be considered forward looking. These
forward-looking statements generally are identified by the words
such as “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intend,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “strive,” “would,”
“strategy,” “outlook,” the negative of these words or other similar
expressions, but the absence of these words does not mean that a
statement is not forward-looking. These forward-looking statements
include but are not limited to statements regarding: our
expectations and plans relating to our lunar missions, including
the expected timing of launch and our progress in preparation
thereof; our expectations with respect to, among other things,
demand for our product portfolio, our submission of bids for
contracts including NSNS and CP-22; our expectations regarding
revenue for government contracts awarded to us; our operations, our
financial performance and our industry; our business strategy,
business plan, and plans to drive long-term sustainable shareholder
value; information under “2024 Outlook,” including our expectations
on revenue generation and cash. These forward-looking statements
reflect the Company’s predictions, projections, or expectations
based upon currently available information and data. Our actual
results, performance or achievements may differ materially from
those expressed or implied by the forward-looking statements, and
you are cautioned not to place undue reliance on these forward
looking statements. The following important factors and
uncertainties, among others, could cause actual outcomes or results
to differ materially from those indicated by the forward-looking
statements in this press release: our reliance upon the efforts of
our Board and key personnel to be successful; our limited operating
history; our failure to manage our growth effectively; competition
from existing or new companies; unsatisfactory safety performance
of our spaceflight systems or security incidents at our facilities;
failure of the market for commercial spaceflight to achieve the
growth potential we expect; any delayed launches, launch failures,
failure of our satellites or lunar landers to reach their planned
orbital locations, significant increases in the costs related to
launches of satellites and lunar landers, and insufficient capacity
available from satellite and lunar lander launch providers; our
customer concentration; risks associated with commercial
spaceflight, including any accident on launch or during the journey
into space; risks associated with the handling, production and
disposition of potentially explosive and ignitable energetic
materials and other dangerous chemicals in our operations; our
reliance on a limited number of suppliers for certain materials and
supplied components; failure of our products to operate in the
expected manner or defects in our products; counterparty risks on
contracts entered into with our customers and failure of our prime
contractors to maintain their relationships with their
counterparties and fulfill their contractual obligations; failure
to successfully defend protest from other bidders for government
contracts; failure to comply with various laws and regulations
relating to various aspects of our business and any changes in the
funding levels of various governmental entities with which we do
business; our failure to protect the confidentiality of our trade
secrets, and unpatented know how; our failure to comply with the
terms of third-party open source software our systems utilize; our
ability to maintain an effective system of internal control over
financial reporting, and to address and remediate material
weaknesses in our internal control over financial reporting; the
U.S. government’s budget deficit and the national debt, as well as
any inability of the U.S. government to complete its budget process
for any government fiscal year, and our dependence on U.S.
government contracts and funding by the government for the
government contracts; our failure to comply with U.S. export and
import control laws and regulations and U.S. economic sanctions and
trade control laws and regulations; uncertain global macro-economic
and political conditions and rising inflation; our history of
losses and failure to achieve profitability and our need for
substantial additional capital to fund our operations; the fact
that our financial results may fluctuate significantly from quarter
to quarter; our holding company status; the risk that our business
and operations could be significantly affected if it becomes
subject to any litigation, including securities litigation or
stockholder activism; our public securities’ potential liquidity
and trading; and other public filings and press releases other
factors detailed under the section titled Part I, Item 1A. Risk
Factors of our Annual Report on Form 10-K for the fiscal year ended
December 31, 2023 filed with the Securities and Exchange Commission
(the “SEC”), the section titled Part I, Item 2, Management’s
Discussion and Analysis of Financial Condition and Results of
Operations and the section titled Part II. Item 1A. “Risk Factors”
in our most recently filed Quarterly Report on Form 10-Q, and in
our subsequent filings with the SEC, which are accessible on the
SEC's website at www.sec.gov.
These forward-looking statements are based on information
available as of the date of this press release and current
expectations, forecasts, and assumptions, and involve a number of
judgments, risks, and uncertainties. Accordingly, forward-looking
statements should not be relied upon as representing our views as
of any subsequent date, and we do not undertake any obligation to
update forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events, or otherwise, except as may be
required under applicable securities laws.
Contacts
For investor inquiries:investors@intuitivemachines.com
For media inquiries:press@intuitivemachines.com
|
INTUITIVE MACHINES, INC.Condensed
Consolidated Balance Sheets(In
thousands)(Unaudited) |
|
|
June 30,2024 |
|
December 31,2023 |
ASSETS |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
31,631 |
|
|
$ |
4,498 |
|
Restricted cash |
|
2,042 |
|
|
|
62 |
|
Trade accounts receivable, net |
|
38,262 |
|
|
|
16,881 |
|
Contract assets |
|
7,324 |
|
|
|
6,489 |
|
Prepaid and other current assets |
|
3,852 |
|
|
|
3,681 |
|
Total current assets |
|
83,111 |
|
|
|
31,611 |
|
Property and equipment,
net |
|
21,305 |
|
|
|
18,349 |
|
Operating lease right-of-use
assets |
|
35,577 |
|
|
|
35,853 |
|
Finance lease right-of-use
assets |
|
128 |
|
|
|
95 |
|
Total assets |
$ |
140,121 |
|
|
$ |
85,908 |
|
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS’ DEFICIT |
|
|
|
Current
liabilities |
|
|
|
Accounts payable and accrued expenses |
|
23,917 |
|
|
$ |
16,771 |
|
Accounts payable - affiliated companies |
|
5,749 |
|
|
|
3,493 |
|
Current maturities of long-term debt |
|
3,000 |
|
|
|
8,000 |
|
Contract liabilities, current |
|
40,550 |
|
|
|
45,511 |
|
Operating lease liabilities, current |
|
3,025 |
|
|
|
4,833 |
|
Finance lease liabilities, current |
|
36 |
|
|
|
25 |
|
Other current liabilities |
|
8,733 |
|
|
|
4,747 |
|
Total current liabilities |
|
85,010 |
|
|
|
83,380 |
|
Contract liabilities,
non-current |
|
3,316 |
|
|
|
— |
|
Operating lease liabilities,
non-current |
|
31,293 |
|
|
|
30,550 |
|
Finance lease liabilities,
non-current |
|
84 |
|
|
|
67 |
|
Earn-out liabilities |
|
14,520 |
|
|
|
14,032 |
|
Warrant liabilities |
|
16,109 |
|
|
|
11,294 |
|
Other long-term
liabilities |
|
158 |
|
|
|
4 |
|
Total liabilities |
|
150,490 |
|
|
|
139,327 |
|
Commitments and
contingencies |
|
|
|
MEZZANINE
EQUITY |
|
|
|
Series A preferred stock
subject to possible redemption |
|
5,698 |
|
|
|
28,201 |
|
Redeemable noncontrolling
interests |
|
218,160 |
|
|
|
181,662 |
|
SHAREHOLDERS’
DEFICIT |
|
|
|
Class A common stock |
|
6 |
|
|
|
2 |
|
Class B common stock |
|
— |
|
|
|
— |
|
Class C common stock |
|
7 |
|
|
|
7 |
|
Treasury Stock |
|
(12,825 |
) |
|
|
(12,825 |
) |
Paid-in capital |
|
— |
|
|
|
— |
|
Accumulated deficit |
|
(222,203 |
) |
|
|
(250,466 |
) |
Total shareholders’ deficit attributable to the
Company |
|
(235,015 |
) |
|
|
(263,282 |
) |
Noncontrolling interests |
|
788 |
|
|
|
— |
|
Total shareholders’ deficit |
|
(234,227 |
) |
|
|
(263,282 |
) |
Total liabilities, mezzanine equity and shareholders’
deficit |
$ |
140,121 |
|
|
$ |
85,908 |
|
|
INTUITIVE MACHINES, INC.Condensed
Consolidated Statements of Operations(In
thousands)(Unaudited) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
41,408 |
|
|
$ |
17,993 |
|
|
$ |
114,476 |
|
|
$ |
36,229 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Cost of revenue (excluding depreciation) |
|
57,102 |
|
|
|
22,481 |
|
|
|
118,013 |
|
|
|
45,607 |
|
Depreciation |
|
423 |
|
|
|
319 |
|
|
|
837 |
|
|
|
615 |
|
General and administrative expense (excluding depreciation) |
|
12,057 |
|
|
|
8,376 |
|
|
|
29,200 |
|
|
|
17,153 |
|
Total operating expenses |
|
69,582 |
|
|
|
31,176 |
|
|
|
148,050 |
|
|
|
63,375 |
|
Operating
loss |
|
(28,174 |
) |
|
|
(13,183 |
) |
|
|
(33,574 |
) |
|
|
(27,146 |
) |
Other income
(expense), net: |
|
|
|
|
|
|
|
Interest income (expense), net |
|
20 |
|
|
|
(274 |
) |
|
|
— |
|
|
|
(553 |
) |
Change in fair value of earn-out liabilities |
|
22,109 |
|
|
|
28,756 |
|
|
|
(488 |
) |
|
|
25,030 |
|
Change in fair value of warrant liabilities |
|
21,009 |
|
|
|
— |
|
|
|
(2,955 |
) |
|
|
— |
|
Change in fair value of SAFE Agreements |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,353 |
) |
Gain (loss) on issuance of securities |
|
596 |
|
|
|
— |
|
|
|
(68,080 |
) |
|
|
— |
|
Other income (expense), net |
|
421 |
|
|
|
(50 |
) |
|
|
422 |
|
|
|
39 |
|
Total other income (expense), net |
|
44,155 |
|
|
|
28,432 |
|
|
|
(71,101 |
) |
|
|
22,163 |
|
Income (loss) before
income taxes |
|
15,981 |
|
|
|
15,249 |
|
|
|
(104,675 |
) |
|
|
(4,983 |
) |
Income tax benefit |
|
— |
|
|
|
3,528 |
|
|
|
— |
|
|
|
313 |
|
Net income (loss) |
|
15,981 |
|
|
|
18,777 |
|
|
|
(104,675 |
) |
|
|
(4,670 |
) |
Net loss attributable to Intuitive Machines, LLC prior to the
Business Combination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,751 |
) |
Net income (loss)
(post Business Combination) |
|
15,981 |
|
|
|
18,777 |
|
|
|
(104,675 |
) |
|
|
1,081 |
|
Net loss attributable to redeemable noncontrolling interest |
|
(3,088 |
) |
|
|
(10,744 |
) |
|
|
(26,379 |
) |
|
|
(19,080 |
) |
Net income attributable to noncontrolling interest |
|
789 |
|
|
|
— |
|
|
|
1,761 |
|
|
|
— |
|
Net income (loss)
attributable to the Company |
|
18,280 |
|
|
|
29,521 |
|
|
|
(80,057 |
) |
|
|
20,161 |
|
Less: Preferred dividends |
|
(137 |
) |
|
|
(655 |
) |
|
|
(608 |
) |
|
|
(983 |
) |
Net income (loss)
attributable to Class A common shareholders |
$ |
18,143 |
|
|
$ |
28,866 |
|
|
$ |
(80,665 |
) |
|
$ |
19,178 |
|
|
INTUITIVE MACHINES, INC.Condensed
Consolidated Statements of Cash Flows(In
thousands)(Unaudited) |
|
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(104,675 |
) |
|
$ |
(4,670 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation |
|
837 |
|
|
|
615 |
|
Bad debt expense |
|
440 |
|
|
|
124 |
|
Share-based compensation expense |
|
5,895 |
|
|
|
1,192 |
|
Change in fair value of SAFE Agreements |
|
— |
|
|
|
2,353 |
|
Change in fair value of earn-out liabilities |
|
488 |
|
|
|
(25,030 |
) |
Change in fair value of warrant liabilities |
|
2,955 |
|
|
|
— |
|
Loss on issuance of securities |
|
68,080 |
|
|
|
— |
|
Other |
|
154 |
|
|
|
18 |
|
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivable, net |
|
(21,821 |
) |
|
|
(1,091 |
) |
Contract assets |
|
(834 |
) |
|
|
2,272 |
|
Prepaid expenses |
|
(172 |
) |
|
|
(2,154 |
) |
Other assets, net |
|
244 |
|
|
|
358 |
|
Accounts payable and accrued expenses |
|
7,145 |
|
|
|
13,373 |
|
Accounts payable – affiliated companies |
|
2,257 |
|
|
|
559 |
|
Contract liabilities – current and long-term |
|
(1,644 |
) |
|
|
(18,190 |
) |
Other liabilities |
|
2,949 |
|
|
|
14,497 |
|
Net cash used in operating activities |
|
(37,702 |
) |
|
|
(15,774 |
) |
Cash flows from
investing activities: |
|
|
|
Purchase of property and equipment |
|
(3,793 |
) |
|
|
(20,200 |
) |
Net cash used in investing activities |
|
(3,793 |
) |
|
|
(20,200 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds from Business Combination |
|
— |
|
|
|
8,055 |
|
Proceeds from issuance of Series A Preferred Stock |
|
— |
|
|
|
26,000 |
|
Transaction costs |
|
(437 |
) |
|
|
(9,371 |
) |
Proceeds from borrowings |
|
10,000 |
|
|
|
— |
|
Repayment of loans |
|
(15,000 |
) |
|
|
— |
|
Proceeds from issuance of securities |
|
27,481 |
|
|
|
— |
|
Member distributions |
|
— |
|
|
|
(4,263 |
) |
Stock option exercises |
|
300 |
|
|
|
22 |
|
Payment of withholding taxes from share-based awards |
|
(2,123 |
) |
|
|
— |
|
Forward purchase agreement termination |
|
— |
|
|
|
12,730 |
|
Warrants exercised |
|
51,360 |
|
|
|
16,124 |
|
Distribution to noncontrolling interests |
|
(973 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
70,608 |
|
|
|
49,297 |
|
Net increase in cash,
cash equivalents and restricted cash |
|
29,113 |
|
|
|
13,323 |
|
Cash, cash equivalents and
restricted cash at beginning of the period |
|
4,560 |
|
|
|
25,826 |
|
Cash, cash equivalents and
restricted cash at end of the period |
|
33,673 |
|
|
|
39,149 |
|
Less: restricted cash |
|
2,042 |
|
|
|
62 |
|
Cash and cash equivalents at
end of the period |
$ |
31,631 |
|
|
$ |
39,087 |
|
|
INTUITIVE MACHINES, INC.Reconciliation of
GAAP to Non-GAAP Financial Measure |
|
Adjusted EBITDA
The following table presents a reconciliation of
net loss, the most directly comparable financial measure presented
in accordance with GAAP, to Adjusted EBITDA.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(in thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) |
$ |
15,981 |
|
|
$ |
18,777 |
|
|
$ |
(104,675 |
) |
|
$ |
(4,670 |
) |
Adjusted to exclude the
following: |
|
|
|
|
|
|
|
Taxes |
|
— |
|
|
|
(3,528 |
) |
|
|
— |
|
|
|
(313 |
) |
Depreciation |
|
423 |
|
|
|
319 |
|
|
|
837 |
|
|
|
615 |
|
Interest (income) expense, net |
|
(20 |
) |
|
|
274 |
|
|
|
— |
|
|
|
553 |
|
Share-based compensation expense |
|
1,969 |
|
|
|
985 |
|
|
|
5,895 |
|
|
|
1,192 |
|
Change in fair value of earn-out liabilities |
|
(22,109 |
) |
|
|
(28,756 |
) |
|
|
488 |
|
|
|
(25,030 |
) |
Change in fair value of warrant liabilities |
|
(21,009 |
) |
|
|
— |
|
|
|
2,955 |
|
|
|
— |
|
Change in fair value of SAFE Agreements |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,353 |
|
(Gain) loss on issuance of securities |
|
(596 |
) |
|
|
— |
|
|
|
68,080 |
|
|
|
— |
|
Other expense (income), net |
|
(421 |
) |
|
|
50 |
|
|
|
(422 |
) |
|
|
(39 |
) |
Adjusted EBITDA |
$ |
(25,782 |
) |
|
$ |
(11,879 |
) |
|
$ |
(26,842 |
) |
|
$ |
(25,339 |
) |
Free Cash Flow
We define free cash flow as net cash (used in)
provided by operating activities less purchases of property and
equipment. We believe that free cash flow is a meaningful indicator
of liquidity that provides information to management and investors
about the amount of cash generated from operations that, after
purchases of property and equipment, can be used for strategic
initiatives, including continuous investment in our business and
strengthening our balance sheet.
Free Cash Flow has limitations as a liquidity
measure, and you should not consider it in isolation or as a
substitute for analysis of our cash flows as reported under GAAP.
Some of these limitations are:
- Free Cash Flow is
not a measure calculated in accordance with GAAP and should not be
considered in isolation from, or as a substitute for financial
information prepared in accordance with GAAP.
- Free Cash Flow may
not be comparable to similarly titled metrics of other companies
due to differences among methods of calculation.
- Free Cash Flow may
be affected in the near to medium term by the timing of capital
investments, fluctuations in our growth and the effect of such
fluctuations on working capital and changes in our cash conversion
cycle.
The following table presents a reconciliation of
net cash used in operating activities, the most directly comparable
financial measure presented in accordance with GAAP, to free cash
flow:
|
Six Months Ended June 30, |
(in thousands) |
2024 |
|
|
2023 |
|
Net cash used in operating activities |
(37,702 |
) |
|
(15,774 |
) |
Purchases of property and
equipment |
(3,793 |
) |
|
(20,200 |
) |
Free cash flow |
(41,495 |
) |
|
(35,974 |
) |
Backlog
The following table presents our backlog as of
the periods indicated:
(in thousands) |
|
June 30, 2024 |
|
December 31, 2023 |
Backlog |
|
$ |
212,980 |
|
|
$ |
268,566 |
|
Backlog decreased by $55.6 million as of
June 30, 2024 compared to December 31, 2023, primarily
due to continued performance on existing contracts of $114.5
million and decreases related to contract value adjustments of
$10.7 million primarily related to various certain fixed price
contracts and task order adjustments on the OMES III contract. The
decrease was partially offset by $69.6 million in new awards
primarily associated with the Lunar Terrain Vehicle Services design
project, a new commercial payload contract on the IM-3 mission,
task order modification to the IM-2 CLPS contract and an unapproved
task order modification to the IM-3 CLPS contract.
This press release was published by a CLEAR® Verified
individual.
Intuitive Machines (NASDAQ:LUNR)
過去 株価チャート
から 11 2024 まで 12 2024
Intuitive Machines (NASDAQ:LUNR)
過去 株価チャート
から 12 2023 まで 12 2024