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
third quarter ended September 30, 2023.
Intuitive Machines CEO Steve Altemus said, “During the third
quarter, we continued to execute on our operational milestones.
Starting with IM-1, we completed the full lander assembly on
schedule in September. Assembly and integration continued on IM-2
and IM-3 while we transitioned to the new state of the art Lunar
Production and Operations Center at the Houston Spaceport.”
Mr. Altemus continued, “Schedule changes and mission adjustments
are a natural consequence of pioneering lunar exploration. We were
ready to ship our Nova-C vehicle at the end of September, and now
with our agreed upon launch date, we expect to ship in the coming
weeks. We will continue to conduct offline confidence testing in
our software, propulsion, and ground system until it's time to go,
taking full advantage of this extended interval between planned and
actual launch dates.”
Operational Highlights
- Began the assembly and integration
of the IM-2 mission lander’s primary structure, which includes the
engine deck, propellant tanks and spines
- Completed assembly of the
rocket-powered drone (Micro Nova), scheduled to fly on our second
lunar mission and have now moved into integrated spacecraft
testing
- Completed integration of the NASA’s
ice mining drill onto the IM-2 mission lander’s primary
structure
- Secured more than 87% of the total
workforce as of November 2, 2023 for NASA's five-year $719 million
Omnibus Multi-Engineering Services ("OMES") III contract
- Started a one-year NASA Tipping
Point program to develop a Radioisotope Power System ("RPS") that
is intended to enable space systems to survive the frozen lunar
night
Third Quarter 2023 Financial and
Business Highlights
- Contracted backlog of $135.2 million
at quarter-end and does not include NASA's five-year $719 million
OMES III contract; task orders and associated backlog expected to
begin in Q4
- Third quarter 2023 revenue of $12.7
million, driven primarily by three NASA Commercial Lunar Payload
Services (CLPS) initiative contracts within the Company’s lunar
access services, compared to $10.3 million in the prior year
end
- Third quarter 2023 operating loss of
$(23.2) million versus $(11.8) million in the prior year
period
- Secured $20 million
equity investment from an institutional investor
- Ending cash balance
of $40.7 million as of the end of the third quarter
- $3+ billion in
upcoming award decisions for the Near Space Network Services
(“NSNS”), Lunar Terrain Vehicle (“LTV”), and the next Commercial
Lunar Payload Services (“CLPS”) award, among others
Conference Call Information
Intuitive Machines will host a conference call today,
November 13, 2023, at 8:30 am 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 13742077. 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 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,
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 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)
|
September 30,2023 |
|
December 31,2022 |
ASSETS |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
40,652 |
|
|
$ |
25,764 |
|
Restricted cash |
|
62 |
|
|
|
62 |
|
Trade accounts receivable, net |
|
2,453 |
|
|
|
1,302 |
|
Contract assets |
|
2,005 |
|
|
|
6,979 |
|
Prepaid and other current assets |
|
3,716 |
|
|
|
6,885 |
|
Total current assets |
|
48,888 |
|
|
|
40,992 |
|
Property and equipment,
net |
|
17,503 |
|
|
|
21,176 |
|
Operating lease right-of-use
assets |
|
36,575 |
|
|
|
4,829 |
|
Deferred income taxes |
|
7 |
|
|
|
7 |
|
Total assets |
$ |
102,973 |
|
|
$ |
67,004 |
|
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT) |
|
|
|
Current
liabilities |
|
|
|
Accounts payable |
|
9,675 |
|
|
$ |
6,081 |
|
Accounts payable - affiliated companies |
|
1,060 |
|
|
|
442 |
|
Current maturities of long-term debt |
|
19,982 |
|
|
|
16,098 |
|
Contract liabilities, current |
|
49,679 |
|
|
|
56,656 |
|
Operating lease liabilities, current |
|
6,249 |
|
|
|
725 |
|
Other current liabilities |
|
14,262 |
|
|
|
15,178 |
|
Total current liabilities |
|
100,907 |
|
|
|
95,180 |
|
Long-term debt, net of current
maturities |
|
— |
|
|
|
3,863 |
|
Contract liabilities,
non-current |
|
566 |
|
|
|
2,188 |
|
Operating lease liabilities,
non-current |
|
25,782 |
|
|
|
5,078 |
|
Simple Agreements for Future
Equity ("SAFE Agreements") |
|
— |
|
|
|
18,314 |
|
Earn-out liabilities |
|
19,218 |
|
|
|
— |
|
Warrant liabilities |
|
16,471 |
|
|
|
— |
|
Other long-term
liabilities |
|
4 |
|
|
|
— |
|
Total liabilities |
|
162,948 |
|
|
|
124,623 |
|
Commitments and
contingencies |
|
|
|
MEZZANINE
EQUITY |
|
|
|
Series A preferred stock
subject to possible redemption |
|
27,506 |
|
|
|
— |
|
Redeemable noncontrolling
interests |
|
258,733 |
|
|
|
— |
|
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 |
|
(333,398 |
) |
|
|
(72,587 |
) |
Total shareholders’ deficit |
|
(346,214 |
) |
|
|
(57,619 |
) |
Total liabilities, mezzanine equity and shareholders’
deficit |
$ |
102,973 |
|
|
$ |
67,004 |
|
INTUITIVE MACHINES, INC.
Condensed Consolidated Statements of
Operations(In
thousands)(Unaudited)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
12,731 |
|
|
$ |
10,271 |
|
|
$ |
48,960 |
|
|
$ |
47,959 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Cost of revenue (excluding depreciation) |
|
25,768 |
|
|
|
17,285 |
|
|
|
71,375 |
|
|
|
54,688 |
|
Depreciation |
|
329 |
|
|
|
276 |
|
|
|
944 |
|
|
|
783 |
|
General and administrative expense (excluding depreciation) |
|
9,853 |
|
|
|
4,507 |
|
|
|
27,006 |
|
|
|
11,004 |
|
Total operating expenses |
|
35,950 |
|
|
|
22,068 |
|
|
|
99,325 |
|
|
|
66,475 |
|
Operating
loss |
|
(23,219 |
) |
|
|
(11,797 |
) |
|
|
(50,365 |
) |
|
|
(18,516 |
) |
Other income
(expense), net: |
|
|
|
|
|
|
|
Interest expense, net |
|
(228 |
) |
|
|
(270 |
) |
|
|
(781 |
) |
|
|
(523 |
) |
Change in fair value of earn-out liabilities |
|
36,036 |
|
|
|
— |
|
|
|
61,066 |
|
|
|
— |
|
Change in fair value of warrant liabilities |
|
10,259 |
|
|
|
— |
|
|
|
10,259 |
|
|
|
— |
|
Change in fair value of SAFE Agreements |
|
— |
|
|
|
(255 |
) |
|
|
(2,353 |
) |
|
|
181 |
|
Loss on issuance of securities |
|
(6,729 |
) |
|
|
— |
|
|
|
(6,729 |
) |
|
|
— |
|
Other income (expense), net |
|
(418 |
) |
|
|
10 |
|
|
|
(379 |
) |
|
|
5 |
|
Total other income (expense), net |
|
38,920 |
|
|
|
(515 |
) |
|
|
61,083 |
|
|
|
(337 |
) |
Income (loss) before
income taxes |
|
15,701 |
|
|
|
(12,312 |
) |
|
|
10,718 |
|
|
|
(18,853 |
) |
Income tax (expense)
benefit |
|
(605 |
) |
|
|
380 |
|
|
|
(292 |
) |
|
|
25 |
|
Net income
(loss) |
|
15,096 |
|
|
|
(11,932 |
) |
|
|
10,426 |
|
|
|
(18,828 |
) |
Net loss attributable to Intuitive Machines, LLC prior to the
Business Combination |
|
— |
|
|
|
(11,932 |
) |
|
|
(5,751 |
) |
|
|
(18,828 |
) |
Net income for the
period February 13, 2023 through September 30, 2023 |
|
15,096 |
|
|
|
— |
|
|
|
16,177 |
|
|
|
— |
|
Net loss attributable to redeemable noncontrolling interest |
|
(18,555 |
) |
|
|
— |
|
|
|
(37,635 |
) |
|
|
— |
|
Net income
attributable to the Company |
|
33,651 |
|
|
|
— |
|
|
|
53,812 |
|
|
|
— |
|
Less: Cumulative preferred dividends |
|
(674 |
) |
|
|
— |
|
|
|
(1,657 |
) |
|
|
— |
|
Net income
attributable to Class A common shareholders |
$ |
32,977 |
|
|
$ |
— |
|
|
$ |
52,155 |
|
|
$ |
— |
|
INTUITIVE MACHINES,
INC.Condensed Consolidated Statements of Cash
Flows(In
thousands)(Unaudited)
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
Net income (loss) |
$ |
10,426 |
|
|
$ |
(18,828 |
) |
Adjustments to reconcile net income (loss) to net cash used in
operating activities: |
|
|
|
Depreciation |
|
944 |
|
|
|
783 |
|
Recoveries of bad debt expense |
|
(836 |
) |
|
|
— |
|
Loss on disposal of property and equipment |
|
— |
|
|
|
6 |
|
Share-based compensation expense |
|
2,748 |
|
|
|
385 |
|
Change in fair value of SAFE Agreements |
|
2,353 |
|
|
|
(181 |
) |
Change in fair value of earn-out liabilities |
|
(61,066 |
) |
|
|
— |
|
Change in fair value of warrant liabilities |
|
(10,259 |
) |
|
|
— |
|
Loss on issuance of securities |
|
6,729 |
|
|
|
— |
|
Other |
|
25 |
|
|
|
6 |
|
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivable, net |
|
(314 |
) |
|
|
(10,320 |
) |
Contract assets |
|
4,974 |
|
|
|
(12,655 |
) |
Prepaid expenses |
|
(1,471 |
) |
|
|
(3,347 |
) |
Other assets, net |
|
539 |
|
|
|
(103 |
) |
Accounts payable |
|
6,995 |
|
|
|
3,945 |
|
Accounts payable – affiliated companies |
|
618 |
|
|
|
1,726 |
|
Contract liabilities – current and long-term |
|
(8,598 |
) |
|
|
8,034 |
|
Other liabilities |
|
23,260 |
|
|
|
2,191 |
|
Net cash used in operating activities |
|
(22,933 |
) |
|
|
(28,358 |
) |
Cash flows from
investing activities: |
|
|
|
Purchase of property and equipment |
|
(27,668 |
) |
|
|
(12,150 |
) |
Net cash used in investing activities |
|
(27,668 |
) |
|
|
(12,150 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds from Business Combination |
|
8,055 |
|
|
|
— |
|
Proceeds from issuance of Series A Preferred Stock |
|
26,000 |
|
|
|
— |
|
Transaction costs |
|
(9,371 |
) |
|
|
— |
|
Proceeds from borrowings |
|
— |
|
|
|
16,029 |
|
Repayment of loans |
|
— |
|
|
|
(108 |
) |
Proceeds from issuance of securities |
|
20,000 |
|
|
|
— |
|
Member distributions |
|
(7,952 |
) |
|
|
— |
|
Net costs of stock option exercises |
|
(293 |
) |
|
|
— |
|
Forward purchase agreement termination |
|
12,730 |
|
|
|
— |
|
Warrants exercised |
|
16,124 |
|
|
|
— |
|
Investment from non-controlling interests |
|
196 |
|
|
|
— |
|
SAFE Agreements |
|
— |
|
|
|
4,250 |
|
Net cash provided by financing activities |
|
65,489 |
|
|
|
20,171 |
|
Net increase (decrease) in cash, cash equivalents and
restricted cash |
|
14,888 |
|
|
|
(20,337 |
) |
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 |
|
40,714 |
|
|
|
9,014 |
|
Less: restricted cash |
|
62 |
|
|
|
62 |
|
Cash and cash equivalents at
end of the period |
$ |
40,652 |
|
|
$ |
8,952 |
|
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 September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) |
$ |
15,096 |
|
|
$ |
(11,932 |
) |
|
$ |
10,426 |
|
|
$ |
(18,828 |
) |
Adjusted to exclude the
following: |
|
|
|
|
|
|
|
Taxes |
|
605 |
|
|
|
(380 |
) |
|
|
292 |
|
|
|
(25 |
) |
Depreciation |
|
329 |
|
|
|
276 |
|
|
|
944 |
|
|
|
783 |
|
Interest expense, net |
|
228 |
|
|
|
270 |
|
|
|
781 |
|
|
|
523 |
|
Share-based compensation expense |
|
2,541 |
|
|
|
124 |
|
|
|
2,748 |
|
|
|
385 |
|
Change in fair value of earn-out liabilities |
|
(36,036 |
) |
|
|
— |
|
|
|
(61,066 |
) |
|
|
— |
|
Change in fair value of warrant liabilities |
|
(10,259 |
) |
|
|
— |
|
|
|
(10,259 |
) |
|
|
— |
|
Change in fair value of SAFE Agreements |
|
— |
|
|
|
255 |
|
|
|
2,353 |
|
|
|
(181 |
) |
Loss on issuance of securities |
|
6,729 |
|
|
|
— |
|
|
|
6,729 |
|
|
|
— |
|
Other income (expense), net |
|
418 |
|
|
|
(10 |
) |
|
|
379 |
|
|
|
(5 |
) |
Adjusted EBITDA |
$ |
(20,349 |
) |
|
$ |
(11,397 |
) |
|
$ |
(46,673 |
) |
|
$ |
(17,348 |
) |
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:
|
Nine Months Ended September 30, |
(in thousands) |
2023 |
|
|
2022 |
|
Net cash used in operating activities |
(22,933 |
) |
|
(28,358 |
) |
Purchases of property and
equipment |
(27,668 |
) |
|
(12,150 |
) |
Free cash flow |
(50,601 |
) |
|
(40,508 |
) |
Backlog
The following table presents our backlog as of
the periods indicated:
(in thousands) |
|
September 30, 2023 |
|
December 31, 2022 |
Backlog |
|
$ |
135,167 |
|
$ |
201,946 |
Backlog decreased by $66.8 million as of
September 30, 2023 compared to December 31, 2022,
primarily due to continued performance on existing contracts of
$49.0 million and decreases related to contract value adjustments
of $37.1 million primarily related to certain time and materials
and other contracts. The decrease was slightly offset by new awards
of $19.3 million to be manifested on the IM-1 and IM-3 missions, in
addition to a new award in September 2023 of $9.5 million.
Intuitive Machines (NASDAQ:LUNRW)
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