Intuitive Machines, Inc. (Nasdaq: LUNR, LUNRW) (“Intuitive
Machines”, “Company” or “IM”), a leading space exploration,
infrastructure, and services company, is preparing to follow its
historic initial public offering year with a strategic focus on new
partnerships, continued business growth, and key organizational and
leadership changes.
Intuitive Machines is pleased to announce a strategic
partnership with the South Korean firm, Boryung Corporation. This
partnership brings the American and South Korean commercial
companies closer together in cooperation for space exploration
endeavors. Boryung, South Korea’s leading healthcare investment
company, has focused on investing in critical infrastructure and in
new research and development opportunities in space and beyond to
expand this capability. “The two firms intend to cooperate together
in discussing critical infrastructure partnerships in and around
the Moon to facilitate a long-term life science campaign for
research and understanding of how humans live and work in
space and off planet. We believe the IM and Boryung
partnership will direct the next wave of innovation in the human
health research and healthcare journey by operating in deep space,
and collecting essential data on combined gravity/radiation
environmental effects for commercial sale,” said Steve. Altemus,
President and Chief Executive Officer of Intuitive Machines.
“Additionally, Intuitive Machines is scaling across
multiple business lines. Our recent contract award and
execution start of the OMES III contract is evidence of
how we are moving into orbital services. Our Lunar Access business
is seeing an expansion beyond NASA and the CLPS program toward
commercial and international business. In Space Products and
Infrastructure Services we are preparing for growth in lunar
surface systems that will also be part of our international
expansion. With this anticipated growth, Intuitive Machines is
putting in place the organization and leadership to
ensure we scale seamlessly.”
Effective January 2, 2024, Peter McGrath will assume the
position of Senior Vice President and Chief Operating Officer. In
his new role, Mr. McGrath will focus on the daily operations of the
business and focus on executing the long-term vision and strategy
of the Company. Mr. McGrath has over 34 years of aerospace project
and program management, capture management, and business
development experience. Prior to joining Intuitive Machines in
August 2020, Mr. McGrath worked at Boeing as the Director of the
Global Sales and Marketing organization in the Space Exploration
Business Unit, responsible for shaping, extending, and capturing
business in support of NASA and commercial space exploration
missions. Mr. McGrath currently serves as the Vice President of
Business Development for Intuitive Machines and is responsible for
expanding future business opportunities and growing the business.
Mr. Altemus indicated, “The Board is pleased to promote Pete into
this new role to ensure we have the correct focus on our long-term
vision.”
Erik Sallee is departing as our Chief Financial Officer for
personal and family reasons and to pursue other business
opportunities, effective January 26, 2024. Steven Vontur will serve
as our Interim Chief Financial Officer during this transition. Mr.
Vontur is currently the Principal Accounting Officer for Intuitive
Machines. Mr. Vontur joined the Company in July 2022 as our
Corporate Controller and has played a key role in taking the
Company public and building out the accounting and finance team in
partnership with Mr. Sallee. Mr. Vontur has a wide range of
financial and accounting expertise. As the Corporate
Controller, Mr. Vontur is responsible for all aspects of
accounting, reporting and financial controls of the Company
including the periodic financial close process, SEC reporting,
treasury operations and tax affairs of the Company. Prior to
serving as the Controller of the Company, Mr. Vontur was the Senior
Director of Corporate Accounting at Shimmick, Inc. from 2021 to
2022 and a project Consultant at Resources Connection, Inc. from
2020 to 2021. Mr. Vontur worked at KBR, Inc., in various positions
from 2004 through his departure, with his last position as Director
of Finance- SEC Reporting, Consolidations and Financial
Controls. Mr. Vontur spent the first part of his
career as an Audit Senior Manager with major accounting firm Ernst
& Young LLP. Mr. Vontur holds a Bachelor of Science in
Accounting from Texas A&M University. He is also a Certified
Public Accountant. The Company has initiated a search
process to identity and appoint a new permanent Chief Financial
Officer.
Mr. Altemus said, “The Company has had a momentous year from
going public to preparing for our first lunar launch and we are
thankful for the leadership and guidance provided by Mr. Sallee. On
behalf of the Company, we thank Mr. Sallee for his service to
Intuitive Machines. We are delighted that Mr. Vontur has agreed to
take on the interim CFO role. Mr. Vontur has demonstrated his
expertise and understanding of the Company’s mission and values. I
look forward to working with Pete, Steve and the rest of our
leadership team as we prepare for our first mission to the moon and
continue to grow the business and our partnerships.”
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; our expectations with
respect to, among other things, demand for our product portfolio;
our operations, our business partnerships; 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 (NASDAQ:LUNRW)
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