Intuitive Machines Reports Fourth Quarter and Full-Year 2024 Financial Results
Intuitive Machines (NASDAQ: LUNR) reported strong financial results for Q4 and full-year 2024, with significant growth in revenue and backlog. The company achieved $54.7 million in Q4 revenue (up 79% year-over-year) and $228.0 million for the full year (nearly triple 2023 revenue).
Key achievements include executing the southernmost lunar landing, expanding technical capabilities, and securing additional NASA contracts. The company completed a $125 million stock offering and private placement with Boryung , ending 2024 with $207.6 million in cash, which increased to $385 million by March 2025 following warrant redemption.
The company reported record backlog of $328.3 million (22% increase year-over-year) and achieved positive gross margins for two consecutive quarters. For 2025, Intuitive Machines projects revenue of $250-300 million and expects positive run-rate Adjusted EBITDA by year-end, with positive Adjusted EBITDA in 2026.
Intuitive Machines (NASDAQ: LUNR) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024, con una crescita significativa del fatturato e del portafoglio ordini. L'azienda ha raggiunto 54,7 milioni di dollari di fatturato nel Q4 (in aumento del 79% rispetto all'anno precedente) e 228,0 milioni di dollari per l'intero anno (quasi triplicando il fatturato del 2023).
I risultati chiave includono l'esecuzione dell'atterraggio lunare più a sud, l'espansione delle capacità tecniche e l'ottenimento di ulteriori contratti con la NASA. L'azienda ha completato un offerta di azioni da 125 milioni di dollari e un collocamento privato con Boryung, chiudendo il 2024 con 207,6 milioni di dollari in contante, che sono aumentati a 385 milioni di dollari entro marzo 2025 a seguito del riscatto delle opzioni.
L'azienda ha riportato un portafoglio ordini record di 328,3 milioni di dollari (aumento del 22% rispetto all'anno precedente) e ha raggiunto margini lordi positivi per due trimestri consecutivi. Per il 2025, Intuitive Machines prevede un fatturato di 250-300 milioni di dollari e si aspetta un EBITDA rettificato positivo entro la fine dell'anno, con un EBITDA rettificato positivo nel 2026.
Intuitive Machines (NASDAQ: LUNR) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con un crecimiento significativo en ingresos y cartera de pedidos. La compañía logró 54,7 millones de dólares en ingresos en el Q4 (un aumento del 79% interanual) y 228,0 millones de dólares para el año completo (casi triplicando los ingresos de 2023).
Los logros clave incluyen la ejecución del aterrizaje lunar más al sur, la expansión de capacidades técnicas y la obtención de contratos adicionales con la NASA. La compañía completó una oferta de acciones de 125 millones de dólares y una colocación privada con Boryung, cerrando 2024 con 207,6 millones de dólares en efectivo, que aumentaron a 385 millones de dólares para marzo de 2025 tras el canje de opciones.
La compañía reportó un récord de cartera de pedidos de 328,3 millones de dólares (aumento del 22% interanual) y logró márgenes brutos positivos durante dos trimestres consecutivos. Para 2025, Intuitive Machines proyecta ingresos de 250-300 millones de dólares y espera un EBITDA ajustado positivo para fin de año, con un EBITDA ajustado positivo en 2026.
Intuitive Machines (NASDAQ: LUNR)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했으며, 수익과 백로그에서 상당한 성장을 기록했습니다. 회사는 4분기 수익 5470만 달러를 달성했으며 (전년 대비 79% 증가) 전체 연도 2억 2800만 달러를 기록했습니다 (2023년 수익의 거의 세 배).
주요 성과로는 가장 남쪽의 달 착륙을 실행하고, 기술 능력을 확장하며, 추가 NASA 계약을 확보한 것이 포함됩니다. 회사는 1억 2500만 달러의 주식 공모와 Boryung과의 사모 배정을 완료했으며, 2024년을 2억 760만 달러의 현금으로 마감하고, 2025년 3월까지는 보증금 상환에 따라 3억 8500만 달러로 증가했습니다.
회사는 3억 2830만 달러의 기록적인 백로그를 보고했으며 (전년 대비 22% 증가) 두 분기 연속으로 긍정적인 총 마진을 달성했습니다. 2025년을 위해 Intuitive Machines는 2억 5000만-3억 달러의 수익을 예상하고 있으며, 연말까지 긍정적인 조정 EBITDA를 기대하고 있으며, 2026년에는 긍정적인 조정 EBITDA를 달성할 것으로 보입니다.
Intuitive Machines (NASDAQ: LUNR) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année entière 2024, avec une croissance significative des revenus et du carnet de commandes. L'entreprise a réalisé 54,7 millions de dollars de revenus au Q4 (augmentation de 79 % d'une année sur l'autre) et 228,0 millions de dollars pour l'année entière (presque triplant les revenus de 2023).
Les réalisations clés incluent l'exécution de l'atterrissage lunaire le plus au sud, l'expansion des capacités techniques et l'obtention de contrats supplémentaires avec la NASA. L'entreprise a complété une offre d'actions de 125 millions de dollars et un placement privé avec Boryung, terminant 2024 avec 207,6 millions de dollars en espèces, qui ont augmenté à 385 millions de dollars d'ici mars 2025 suite au rachat d'options.
L'entreprise a rapporté un carnet de commandes record de 328,3 millions de dollars (augmentation de 22 % d'une année sur l'autre) et a atteint des marges brutes positives pendant deux trimestres consécutifs. Pour 2025, Intuitive Machines projette des revenus de 250-300 millions de dollars et s'attend à un EBITDA ajusté positif d'ici la fin de l'année, avec un EBITDA ajusté positif en 2026.
Intuitive Machines (NASDAQ: LUNR) hat starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet, mit signifikantem Wachstum bei Umsatz und Auftragsbestand. Das Unternehmen erzielte 54,7 Millionen Dollar Umsatz im Q4 (79% Anstieg im Jahresvergleich) und 228,0 Millionen Dollar für das gesamte Jahr (fast dreimal so viel wie der Umsatz von 2023).
Zu den wichtigsten Erfolgen gehören die Durchführung der südlichsten Mondlandung, die Erweiterung der technischen Fähigkeiten und die Sicherung zusätzlicher NASA-Verträge. Das Unternehmen hat ein Aktienangebot von 125 Millionen Dollar und eine Privatplatzierung mit Boryung abgeschlossen und beendete 2024 mit 207,6 Millionen Dollar in bar, die bis März 2025 auf 385 Millionen Dollar anstiegen, nachdem Optionen eingelöst wurden.
Das Unternehmen berichtete von einem Rekord Auftragsbestand von 328,3 Millionen Dollar (22% Anstieg im Jahresvergleich) und erzielte in zwei aufeinanderfolgenden Quartalen positive Bruttomargen. Für 2025 prognostiziert Intuitive Machines einen Umsatz von 250-300 Millionen Dollar und erwartet bis Ende des Jahres eine positive bereinigte EBITDA-Laufzeit, mit einer positiven bereinigten EBITDA im Jahr 2026.
- Revenue grew 79% YoY to $54.7M in Q4 2024
- Full-year revenue nearly tripled to $228.0M
- Record backlog of $328.3M, up 22% YoY
- Achieved positive gross margins for two consecutive quarters
- Strong cash position of $385M after warrant redemption
- Successfully completed $125M stock offering
- Debt-free status achieved
- Successful southernmost lunar landing execution
- Still not profitable at net income level
- Dilution from $125M stock offering and warrant redemption
- EBITDA profitability not expected until end of 2025
Insights
Intuitive Machines' Q4 and full-year 2024 results demonstrate remarkable financial momentum. The company achieved $54.7 million in Q4 revenue, a
The $328.3 million record backlog (
The 2025 guidance of
What's most notable is the company's ability to simultaneously execute technically challenging missions (lunar South Pole landing) while improving financial fundamentals. The combination of growing backlog, gross margin improvement, and substantial cash reserves positions Intuitive Machines to potentially accelerate growth through strategic acquisitions in the space infrastructure sector.
HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, “Intuitive Machines,” or the “Company”), a leading space technology, infrastructure, and services company, today announced its financial results for the fourth quarter and full-year ended December 31, 2024.
Intuitive Machines CEO Steve Altemus said, “Just two years ago, we became a public company with a bold vision for the future. Over the past year, we’ve deliberately positioned ourselves for long-term success by expanding our technical capabilities, opening new revenue streams, and fortifying our financial position. Today, we stand stronger than ever— financially secure, debt-free, and ready to take the next leap.”
Highlights
- Executed southernmost ever lunar landing on the South pole region of the Moon and accelerated payload operations for NASA’s PRIME-1 drill suite, Nokia’s Lunar Surface Communications System, Intuitive Machines’ Micro Nova Hopper, and several commercial payloads including a data center and a Japanese micro-rover (Q1 2025)
- Awarded additional contracts for NASA’s Near Space Network (“NSN”) for Direct-to-Earth (“DTE”) services to regions around the Moon and beyond the Moon
- Continued customer diversification through a contract to adapt our current technologies from our lunar delivery missions to create new capabilities, specifically an in-space orbital transfer vehicle “OTV” for a government customer (Q1 2025)
- Completed an upsized
$125 million offering of Class A common stock and concurrent private placement with Boryung Corporation, a leading South Korean pharmaceutical company and strategic investor and partner for critical infrastructure opportunities in space - Reported record backlog of
$328.3 million , a22% increase year-over-year and the highest quarter-ending backlog in Company history - Achieved
$54.7 million of revenue in Q4, up79% year-over-year;$228.0 million for the year, nearly three times 2023 revenue - Continued drive towards profitability with positive gross margin in Q4 and full year, our second consecutive quarter of positive gross margin
- Ended 2024 with
$207.6 million in cash; as of March 10th our cash balance was$385 million following the completion of the warrant redemption process, streamlining the Company’s capital structure while substantially reducing the overhang from derivative securities
Mr. Altemus continued, “Now, with a fortress-like balance sheet, we’re seeking the highest-return opportunities, whether that’s through internal innovation or strategic acquisitions. Our proven technologies and expertise are propelling us beyond NASA and cislunar space, expanding our reach into new markets and customers. This year is not just about growth—it’s about defining the future of our company and the industry itself.”
2025 Outlook
- Full-year 2025 revenue outlook of
$250 -$300 million - Positive run-rate Adjusted EBITDA by the end of 2025; positive Adjusted EBITDA in 2026
Conference Call Information
Intuitive Machines will host a conference call today, March 24, 2025, 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, 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 technology, infrastructure, and services company focused on fundamentally disrupting lunar access economics. In 2024, Intuitive Machines successfully soft-landed the Company’s Nova-C class lunar lander, on the Moon, returning the United States to the lunar surface for the first time since 1972. In 2025, Intuitive Machines returned to the lunar south pole with a second lander. The Company’s products and services are focused through three pillars of space commercialization: Delivery Services, Data Transmission Services, and Infrastructure as a Service. 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 missions to the Moon, 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 LTV, 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; our expectations on revenue generation. 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 presentation: 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 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 (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 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 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 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. Consolidated Balance Sheets (In thousands) (Unaudited) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 207,607 | $ | 4,498 | |||
| Restricted cash | 2,042 | 62 | |||||
| Trade accounts receivable | 44,759 | 16,881 | |||||
| Contract assets | 34,592 | 7,126 | |||||
| Prepaid and other current assets | 4,161 | 3,044 | |||||
| Total current assets | 293,161 | 31,611 | |||||
| Property and equipment, net | 23,364 | 18,349 | |||||
| Operating lease right-of-use assets | 38,765 | 35,853 | |||||
| Finance lease right-of-use assets | 114 | 95 | |||||
| Total assets | $ | 355,404 | $ | 85,908 | |||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued expenses | $ | 17,350 | $ | 16,771 | |||
| Accounts payable - affiliated companies | 2,750 | 5,786 | |||||
| Current maturities of long-term debt | — | 8,000 | |||||
| Contract liabilities, current | 65,184 | 41,371 | |||||
| Operating lease liabilities, current | 2,021 | 4,833 | |||||
| Finance lease liabilities, current | 37 | 25 | |||||
| Other current liabilities | 11,489 | 4,747 | |||||
| Total current liabilities | 98,831 | 81,533 | |||||
| Contract liabilities, non-current | 14,334 | — | |||||
| Operating lease liabilities, non-current | 35,259 | 30,550 | |||||
| Finance lease liabilities, non-current | 63 | 67 | |||||
| Earn-out liabilities | 134,156 | 14,032 | |||||
| Warrant liabilities | 68,778 | 11,294 | |||||
| Other long-term liabilities | 62 | 4 | |||||
| Total liabilities | 351,483 | 137,480 | |||||
| Commitments and contingencies | |||||||
| MEZZANINE EQUITY | |||||||
| Series A preferred stock subject to possible redemption | 5,990 | 28,201 | |||||
| Redeemable noncontrolling interests | 1,005,965 | 181,662 | |||||
| SHAREHOLDERS’ DEFICIT | |||||||
| Class A common stock | 10 | 2 | |||||
| Class B common stock | — | — | |||||
| Class C common stock | 6 | 7 | |||||
| Treasury Stock | (12,825 | ) | (12,825 | ) | |||
| Paid-in capital | — | — | |||||
| Accumulated deficit | (996,453 | ) | (248,619 | ) | |||
| Total shareholders’ deficit attributable to the Company | (1,009,262 | ) | (261,435 | ) | |||
| Noncontrolling interests | 1,228 | — | |||||
| Total shareholders’ deficit | (1,008,034 | ) | (261,435 | ) | |||
| Total liabilities, mezzanine equity and shareholders’ deficit | $ | 355,404 | $ | 85,908 | |||
| INTUITIVE MACHINES, INC. Consolidated Statements of Operations (In thousands) (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 20231 | 20241 | 20231 | ||||||||||||
| Revenue | $ | 54,662 | $ | 30,591 | $ | 228,000 | $ | 79,551 | |||||||
| Operating expenses: | |||||||||||||||
| Cost of revenue (excluding depreciation) | 46,228 | 27,356 | 190,369 | 101,044 | |||||||||||
| Cost of revenue (excluding depreciation) - affiliated companies | 7,755 | 2,949 | 34,862 | 2,949 | |||||||||||
| Depreciation | 540 | 432 | 1,859 | 1,376 | |||||||||||
| Impairment of property and equipment | — | 964 | 5,044 | 964 | |||||||||||
| General and administrative expense (excluding depreciation) | 13,536 | 6,381 | 53,262 | 34,337 | |||||||||||
| Total operating expenses | 68,059 | 38,082 | 285,396 | 140,670 | |||||||||||
| Operating loss | (13,397 | ) | (7,491 | ) | (57,396 | ) | (61,119 | ) | |||||||
| Other income (expense), net: | |||||||||||||||
| Interest income (expense), net | 149 | (42 | ) | 180 | (823 | ) | |||||||||
| Change in fair value of earn-out liabilities | (86,308 | ) | 5,186 | (120,124 | ) | 66,252 | |||||||||
| Change in fair value of warrant liabilities | (41,010 | ) | 5,176 | (77,651 | ) | 15,435 | |||||||||
| Change in fair value of SAFE Agreements | — | — | — | (2,353 | ) | ||||||||||
| Loss on issuance of securities | (25,056 | ) | — | (93,136 | ) | (6,729 | ) | ||||||||
| Other income (expense), net | 474 | (104 | ) | 1,242 | (483 | ) | |||||||||
| Total other income (expense), net | (151,751 | ) | 10,216 | (289,489 | ) | 71,299 | |||||||||
| Income (loss) before income taxes | (165,148 | ) | 2,725 | (346,885 | ) | 10,180 | |||||||||
| Income tax expense | 13 | 252 | (37 | ) | (40 | ) | |||||||||
| Net income (loss) | (165,135 | ) | 2,977 | (346,922 | ) | 10,140 | |||||||||
| Net loss attributable to Intuitive Machines, LLC prior to the Business Combination | — | — | — | (6,481 | ) | ||||||||||
| Net income (loss) (post Business Combination) | (165,135 | ) | 2,977 | (346,922 | ) | 16,621 | |||||||||
| Net loss attributable to redeemable noncontrolling interest | (17,003 | ) | (5,450 | ) | (67,004 | ) | (45,141 | ) | |||||||
| Net income attributable to noncontrolling interest | 1,066 | — | 3,495 | — | |||||||||||
| Net income (loss) attributable to the Company | (149,198 | ) | 8,427 | (283,413 | ) | 61,762 | |||||||||
| Less: Preferred dividends | (145 | ) | (686 | ) | (896 | ) | (2,343 | ) | |||||||
| Net income (loss) attributable to Class A common shareholders | $ | (149,343 | ) | $ | 7,741 | $ | (284,309 | ) | $ | 59,419 | |||||
________________________
1 Reflects immaterial, non-cash corrections primarily related to historical estimated contract losses on certain lunar payload services contracts; see our December 31, 2024 Form 10-K for further information.
| INTUITIVE MACHINES, INC. Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
| Year Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income (loss) | $ | (346,922 | ) | $ | 10,140 | ||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||
| Depreciation | 1,859 | 1,376 | |||||
| Bad debt expense (recovery) | 440 | (836 | ) | ||||
| Impairment of property and equipment | 5,044 | 964 | |||||
| Share-based compensation expense | 8,798 | 4,273 | |||||
| Change in fair value of SAFE Agreements | — | 2,353 | |||||
| Change in fair value of earn-out liabilities | 120,124 | (66,252 | ) | ||||
| Change in fair value of warrant liabilities | 77,651 | (15,435 | ) | ||||
| Loss on issuance of securities | 93,136 | 6,729 | |||||
| Deferred income taxes | — | 7 | |||||
| Other | 58 | 43 | |||||
| Changes in operating assets and liabilities: | |||||||
| Trade accounts receivable, net | (28,319 | ) | (14,743 | ) | |||
| Contract assets | (28,102 | ) | 490 | ||||
| Prepaid expenses | (481 | ) | (1,435 | ) | |||
| Other assets, net | 1,334 | 1,165 | |||||
| Accounts payable and accrued expenses | (1,228 | ) | 14,091 | ||||
| Accounts payable – affiliated companies | (3,036 | ) | 4,441 | ||||
| Contract liabilities – current and long-term | 38,147 | (9,841 | ) | ||||
| Other liabilities | 3,910 | 17,191 | |||||
| Net cash used in operating activities | (57,587 | ) | (45,279 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchase of property and equipment | (10,111 | ) | (29,911 | ) | |||
| Net cash used in investing activities | (10,111 | ) | (29,911 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from Business Combination | — | 8,055 | |||||
| Proceeds from issuance of Series A Preferred Stock | — | 26,000 | |||||
| Transaction costs | (9,370 | ) | (9,371 | ) | |||
| Proceeds from borrowings | 10,000 | — | |||||
| Repayment of loans | (18,000 | ) | (12,000 | ) | |||
| Proceeds from issuance of securities | 233,392 | 20,000 | |||||
| Member distributions | — | (7,952 | ) | ||||
| Stock option exercises | 300 | — | |||||
| Forward purchase agreement termination | — | 12,730 | |||||
| Warrants exercised | 61,261 | 16,124 | |||||
| Contributions from (distributions to) noncontrolling interests | (2,267 | ) | 686 | ||||
| Payment of withholding taxes from share-based awards | (2,529 | ) | (348 | ) | |||
| Net cash provided by financing activities | 272,787 | 53,924 | |||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 205,089 | (21,266 | ) | ||||
| 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 | 209,649 | 4,560 | |||||
| Less: restricted cash | 2,042 | 62 | |||||
| Cash and cash equivalents at end of the period | $ | 207,607 | $ | 4,498 | |||
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 December 31, | Year Ended December 31, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income (loss) | $ | (165,135 | ) | $ | 2,977 | $ | (346,922 | ) | $ | 10,140 | |||||
| Adjusted to exclude the following: | |||||||||||||||
| Income tax expense | (13 | ) | (252 | ) | 37 | 40 | |||||||||
| Depreciation | 540 | 432 | 1,859 | 1,376 | |||||||||||
| Impairment on property and equipment | — | 964 | 5,044 | 964 | |||||||||||
| Interest (income) expense, net | (149 | ) | 42 | (180 | ) | 823 | |||||||||
| Share-based compensation expense | 1,618 | 1,525 | 8,798 | 4,273 | |||||||||||
| Change in fair value of earn-out liabilities | 86,308 | (5,186 | ) | 120,124 | (66,252 | ) | |||||||||
| Change in fair value of warrant liabilities | 41,010 | (5,176 | ) | 77,651 | (15,435 | ) | |||||||||
| Change in fair value of SAFE Agreements | — | — | — | 2,353 | |||||||||||
| Loss on issuance of securities | 25,056 | — | 93,136 | 6,729 | |||||||||||
| Other (income) expense, net | (474 | ) | 104 | (1,242 | ) | 483 | |||||||||
| Adjusted EBITDA | $ | (11,239 | ) | $ | (4,570 | ) | $ | (41,695 | ) | $ | (54,506 | ) | |||
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:
| Year Ended December 31, | |||||
| (in thousands) | 2024 | 2023 | |||
| Net cash used in operating activities | (57,587 | ) | (45,279 | ) | |
| Purchases of property and equipment | (10,111 | ) | (29,911 | ) | |
| Free cash flow | (67,698 | ) | (75,190 | ) | |
Backlog
The following table presents our backlog as of the periods indicated:
| (in thousands) | December 31, 2024 | December 31, 2023 | ||||||
| Backlog | $ | 328,345 | $ | 268,566 | ||||
Backlog increased by
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FAQ
What was Intuitive Machines (LUNR) revenue growth in Q4 2024?
How much cash does Intuitive Machines (LUNR) have after the warrant redemption in March 2025?
What is Intuitive Machines' (LUNR) revenue guidance for 2025?
What is Intuitive Machines' (LUNR) current contract backlog as of Q4 2024?
When does Intuitive Machines (LUNR) expect to achieve positive Adjusted EBITDA?
