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, 2023.
Intuitive Machines CEO Steve Altemus said, “During the second
quarter, we were laser-focused on the final assembly process in
preparing IM-1 for launch. Our lunar lander is complete and will be
prepared for delivery in September. The Company has secured a
launch window from pad 39A, preserving a six-day launch window
starting on November 15th.”
Mr. Altemus continued, “Progress continues throughout the
Company; we’re building the primary IM-2 structure, integrating
payloads and mechanisms to the second lander; while the Company
transitions into its new Lunar Production and Operations Center at
the Houston Spaceport. The City of Houston and the Houston Airport
System helped finance the Company’s $40 million facility, designed
to support NASA’s $93 billion Artemis program and growing
commercial demand for space products and infrastructure, orbital
services, lunar access services, and lunar data services.”
Operational Highlights
- Completed main engine vibration and
main propulsion system acceptance testing to certify Nova-C’s, IM-1
lunar mission spacecraft flight-ready status.
- Completed a comprehensive spacecraft
test, including an engine test firing on IM-1.
- Integrated NASA’s TRIDENT lunar ice
drill to the IM-2 lunar lander.
- Completed payload deployment
mechanisms for IM-2 with the anticipated completion of our
rocket-fueled drone, Micro Nova, in September.
- Expected grand opening of the
Company’s Lunar Production and Operations Center at the Houston
Spaceport is planned for September 29, 2023.
- Submitted proposal for NASA’s Near
Space Network Services (NSNS) to provide Lunar distance
communications to and from earth as well as data relay services
around the Moon.
- Submitted proposal for NASA’s Lunar Terrain Vehicle Services
(“LTVS”) bid as the Moon Reusable Autonomous Crewed Exploration
Rover (“RACER”) Team to develop NASA’s next-generation Lunar
Terrain Vehicle for exploration and development of the south pole
region of the Moon.
Second Quarter 2023 Financial and Business
Highlights
- Contracted backlog of $137.3 million
at quarter-end.
- Second quarter 2023 revenue of $18.0
million, driven primarily by three NASA Commercial Lunar Payload
Services (CLPS) initiative contracts within the Company’s lunar
access services, compared to $19.2 million in the prior year
end.
- Second quarter 2023 operating loss
of $(13.2) million versus $(2.2) million in the prior year
period.
- Ending cash balance
of $39.1 million as of the end of the second quarter.
- Appointed Nicole Seligman to the Intuitive Machines Board of
Directors. Ms. Seligman’s distinguished career has included senior
leadership roles in global public companies.
2023 Outlook
Given delays to government customer acquisition timelines, U.S.
federal budget uncertainty and the uncertain cadence of new
contractual awards, we are withdrawing our previously issued
financial guidance for full year 2023. This is not a result of the
loss of any anticipated material government customer commitments or
contract awards.
Mr. Altemus stated, “While we continue to work toward our
milestones, the Company is taking steps to positively mitigate the
effects of outside-controlled program delays and higher-priority
launch pad congestion while retaining the integrity of our
long-term growth plan. Concurrently, we are also pursuing
opportunities to diversify the Company’s revenue streams. We have
submitted more than $3 billion in proposals spread across the
aerospace and defense sectors, including human spaceflight.”
Conference Call Information
Intuitive Machines will host a conference call today,
August 14, 2023, at 4:30 pm Eastern Time to discuss these
results. Participants may access the call at 1-877-451-6152,
international callers may use 1-201-389-0879, and request to join
the Intuitive Machines earnings call. 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, participants may access the
telephonic replay at 1-844-512-2921, international callers may use
1-412-317-6671, and enter access code 13740192. 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, 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.”
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 company focused on
space exploration. Intuitive Machines supplies space products and
services to support sustained robotic and human exploration to the
Moon, Mars, and beyond. Intuitive Machines’ products and services
are offered through its four business units: Lunar Access Services,
Orbital Services, Lunar Data Services, and Space Products and
Infrastructure. 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. All statements contained in this press release
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 first mission to the Moon, including the expected
timing of launch for our first mission 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; our expectations regarding protests of 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. 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 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 existing 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; 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 (including
as a result of a failure to raise the “debt ceiling”) 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 securities
litigation or stockholder activism; our public securities’
potential liquidity and trading; and 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, 2022
filed with the Securities and Exchange Commission (the “SEC”) on
March 31, 2023, 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 Quarterly Report on Form 10-Q for the quarter ended
June 30, 2023 to be filed with the SEC, and in our subsequent
filings with the SEC, which are accessible on the SEC's website at
www.sec.gov and the Investors section of our website at
www.investors.intuitivemachines.com.
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 30,2023 |
|
December 31,2022 |
ASSETS |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
39,087 |
|
|
$ |
25,764 |
|
Restricted cash |
|
62 |
|
|
|
62 |
|
Trade accounts receivable, net |
|
2,269 |
|
|
|
1,302 |
|
Contract assets |
|
4,707 |
|
|
|
6,979 |
|
Prepaid and other current assets |
|
4,399 |
|
|
|
6,885 |
|
Total current assets |
|
50,524 |
|
|
|
40,992 |
|
Property and equipment,
net |
|
40,761 |
|
|
|
21,176 |
|
Operating lease right-of-use
assets |
|
4,471 |
|
|
|
4,829 |
|
Deferred income taxes |
|
7 |
|
|
|
7 |
|
Total assets |
$ |
95,763 |
|
|
$ |
67,004 |
|
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT) |
|
|
|
Current
liabilities |
|
|
|
Accounts payable |
$ |
16,053 |
|
|
$ |
6,081 |
|
Accounts payable - affiliated companies |
|
1,002 |
|
|
|
442 |
|
Current maturities of long-term debt |
|
19,975 |
|
|
|
16,098 |
|
Contract liabilities, current |
|
40,654 |
|
|
|
56,656 |
|
Operating lease liabilities, current |
|
765 |
|
|
|
725 |
|
Other current liabilities |
|
30,134 |
|
|
|
15,178 |
|
Total current liabilities |
|
108,583 |
|
|
|
95,180 |
|
Long-term debt, net of current
maturities |
|
— |
|
|
|
3,863 |
|
Contract liabilities,
non-current |
|
— |
|
|
|
2,188 |
|
Operating lease liabilities,
non-current |
|
4,742 |
|
|
|
5,078 |
|
Simple Agreements for Future
Equity ("SAFE Agreements") |
|
— |
|
|
|
18,314 |
|
Earn-out liabilities |
|
55,254 |
|
|
|
— |
|
Other long-term
liabilities |
|
3 |
|
|
|
— |
|
Total liabilities |
|
168,582 |
|
|
|
124,623 |
|
Commitments and
contingencies |
|
|
|
MEZZANINE EQUITY
(DEFICIT) |
|
|
|
Series A preferred stock
subject to possible redemption |
|
26,823 |
|
|
|
— |
|
Redeemable noncontrolling
interests |
|
578,630 |
|
|
|
— |
|
SHAREHOLDERS’ EQUITY
(DEFICIT) |
|
|
|
Common units |
|
— |
|
|
|
1 |
|
Class A common stock |
|
2 |
|
|
|
— |
|
Class B common stock |
|
— |
|
|
|
— |
|
Class C common stock |
|
7 |
|
|
|
— |
|
Treasury Stock |
|
(12,825 |
) |
|
|
— |
|
Paid-in capital |
|
— |
|
|
|
14,967 |
|
Accumulated deficit |
|
(665,456 |
) |
|
|
(72,587 |
) |
Total shareholders’ deficit |
|
(678,272 |
) |
|
|
(57,619 |
) |
Total liabilities, mezzanine equity and shareholders’
deficit |
$ |
95,763 |
|
|
$ |
67,004 |
|
|
|
|
|
INTUITIVE MACHINES, INC. |
Condensed Consolidated Statements of
Operations |
(In thousands) |
(Unaudited) |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
$ |
17,993 |
|
|
$ |
19,217 |
|
|
$ |
36,229 |
|
|
$ |
37,688 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Cost of revenue (excluding depreciation) |
|
22,481 |
|
|
|
17,660 |
|
|
|
45,607 |
|
|
|
37,403 |
|
Depreciation |
|
319 |
|
|
|
259 |
|
|
|
615 |
|
|
|
507 |
|
General and administrative expense (excluding depreciation) |
|
8,376 |
|
|
|
3,517 |
|
|
|
17,153 |
|
|
|
6,497 |
|
Total operating expenses |
|
31,176 |
|
|
|
21,436 |
|
|
|
63,375 |
|
|
|
44,407 |
|
Operating
loss |
|
(13,183 |
) |
|
|
(2,219 |
) |
|
|
(27,146 |
) |
|
|
(6,719 |
) |
Other (expense)
income, net: |
|
|
|
|
|
|
|
Interest expense, net |
|
(274 |
) |
|
|
(127 |
) |
|
|
(553 |
) |
|
|
(253 |
) |
Change in fair value of earn-out liabilities |
|
28,756 |
|
|
|
— |
|
|
|
25,030 |
|
|
|
— |
|
Change in fair value of SAFE Agreements |
|
— |
|
|
|
151 |
|
|
|
(2,353 |
) |
|
|
436 |
|
Other income (expense), net |
|
(50 |
) |
|
|
(5 |
) |
|
|
39 |
|
|
|
(5 |
) |
Total other income, net |
|
28,432 |
|
|
|
19 |
|
|
|
22,163 |
|
|
|
178 |
|
Income (loss) before
income taxes |
|
15,249 |
|
|
|
(2,200 |
) |
|
|
(4,983 |
) |
|
|
(6,541 |
) |
Income tax benefit
(expense) |
|
3,528 |
|
|
|
(354 |
) |
|
|
313 |
|
|
|
(355 |
) |
Net income
(loss) |
|
18,777 |
|
|
|
(2,554 |
) |
|
|
(4,670 |
) |
|
|
(6,896 |
) |
Net loss attributable to Intuitive Machines, LLC prior to the
Business Combination |
|
— |
|
|
|
(2,554 |
) |
|
|
(5,751 |
) |
|
|
(6,896 |
) |
Net income for the
period February 13, 2023 through June 30, 2023 |
|
18,777 |
|
|
|
— |
|
|
|
1,081 |
|
|
|
— |
|
Net loss attributable to redeemable noncontrolling interest |
|
(10,744 |
) |
|
|
— |
|
|
|
(19,080 |
) |
|
|
— |
|
Net income
attributable to the Company |
|
29,521 |
|
|
|
— |
|
|
|
20,161 |
|
|
|
— |
|
Less: Cumulative preferred dividends |
|
(655 |
) |
|
|
— |
|
|
|
(983 |
) |
|
|
— |
|
Net income
attributable to Class A common shareholders |
$ |
28,866 |
|
|
$ |
— |
|
|
$ |
19,178 |
|
|
$ |
— |
|
INTUITIVE MACHINES, INC. |
Condensed Consolidated Statements of Cash
Flows |
(In thousands) |
(Unaudited) |
|
|
|
Six Months Ended June 30, |
|
2023 |
|
2022 |
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(4,670 |
) |
|
$ |
(6,896 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation |
|
615 |
|
|
|
507 |
|
Bad debt expense |
|
124 |
|
|
|
— |
|
Loss on disposal of property and equipment |
|
— |
|
|
|
6 |
|
Share-based compensation expense |
|
1,192 |
|
|
|
240 |
|
Change in fair value of SAFE Agreements |
|
2,353 |
|
|
|
(436 |
) |
Change in fair value of earn-out liabilities |
|
(25,030 |
) |
|
|
— |
|
Other |
|
18 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivable, net |
|
(1,091 |
) |
|
|
(13,219 |
) |
Contract assets |
|
2,272 |
|
|
|
(13,999 |
) |
Prepaid expenses |
|
(2,154 |
) |
|
|
(1,079 |
) |
Other assets, net |
|
358 |
|
|
|
(245 |
) |
Accounts payable |
|
13,373 |
|
|
|
12,878 |
|
Accounts payable – affiliated companies |
|
559 |
|
|
|
1,288 |
|
Contract liabilities – current and long-term |
|
(18,190 |
) |
|
|
9,493 |
|
Other liabilities |
|
14,497 |
|
|
|
322 |
|
Net cash used in operating activities |
|
(15,774 |
) |
|
|
(11,140 |
) |
Cash flows from
investing activities: |
|
|
|
Purchase of property and equipment |
|
(20,200 |
) |
|
|
(5,405 |
) |
Net cash used in investing activities |
|
(20,200 |
) |
|
|
(5,405 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds from Business Combination |
|
8,055 |
|
|
|
— |
|
Proceeds from Series A Preferred Stock |
|
26,000 |
|
|
|
— |
|
Transaction costs |
|
(9,371 |
) |
|
|
— |
|
Proceeds from borrowings |
|
— |
|
|
|
3,711 |
|
Repayment of loans |
|
— |
|
|
|
(108 |
) |
Member distributions |
|
(4,263 |
) |
|
|
— |
|
Proceeds from stock option exercises |
|
22 |
|
|
|
— |
|
Forward purchase agreement termination |
|
12,730 |
|
|
|
— |
|
Warrants exercised |
|
16,124 |
|
|
|
— |
|
SAFE Agreements |
|
— |
|
|
|
4,250 |
|
Net cash provided by financing activities |
|
49,297 |
|
|
|
7,853 |
|
Net increase
(decrease) in cash, cash equivalents and restricted
cash |
|
13,323 |
|
|
|
(8,692 |
) |
Cash, cash equivalents and
restricted cash at beginning of the period |
|
25,826 |
|
|
|
29,351 |
|
Cash, cash equivalents and
restricted cash at end of the period |
|
39,149 |
|
|
|
20,659 |
|
Less: restricted cash |
|
62 |
|
|
|
62 |
|
Cash and cash equivalents at
end of the period |
$ |
39,087 |
|
|
$ |
20,597 |
|
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) |
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income (loss) |
$ |
18,777 |
|
|
$ |
(2,554 |
) |
|
$ |
(4,670 |
) |
|
$ |
(6,896 |
) |
Adjusted to exclude the
following: |
|
|
|
|
|
|
|
Taxes |
|
(3,528 |
) |
|
|
354 |
|
|
|
(313 |
) |
|
|
355 |
|
Depreciation |
|
319 |
|
|
|
259 |
|
|
|
615 |
|
|
|
507 |
|
Interest expense, net |
|
274 |
|
|
|
127 |
|
|
|
553 |
|
|
|
253 |
|
Share-based compensation expense |
|
985 |
|
|
|
124 |
|
|
|
1,192 |
|
|
|
240 |
|
Change in fair value of earn-out liabilities |
|
(28,756 |
) |
|
|
— |
|
|
|
(25,030 |
) |
|
|
— |
|
Change in fair value of SAFE Agreements |
|
— |
|
|
|
(151 |
) |
|
|
2,353 |
|
|
|
(436 |
) |
Other income (expense), net |
|
50 |
|
|
|
5 |
|
|
|
(39 |
) |
|
|
5 |
|
Adjusted EBITDA |
$ |
(11,879 |
) |
|
$ |
(1,836 |
) |
|
$ |
(25,339 |
) |
|
$ |
(5,972 |
) |
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) |
2023 |
|
2022 |
Net cash used in operating activities |
(15,774 |
) |
|
(11,140 |
) |
Purchases of property and
equipment |
(20,200 |
) |
|
(5,405 |
) |
Free cash flow |
(35,974 |
) |
|
(16,545 |
) |
Backlog
The following table presents our backlog as of
the periods indicated:
(in thousands) |
|
June 30, 2023 |
|
December 31, 2022 |
Backlog |
|
$ |
137,331 |
|
$ |
201,946 |
Backlog decreased by $64.6 million as of
June 30, 2023 compared to December 31, 2022, primarily
due to continued performance on existing contracts of $36.2
million, decreases related to contract value adjustments of $36.9
million primarily related to certain time and materials and other
contracts. The decrease was partially offset by new awards of $8.5
million to be manifested on the IM-1 and IM-3 missions.
Intuitive Machines (NASDAQ:LUNRW)
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