The IM-1 “Odysseus” lander in lunar orbit on February 21, 2024.
Intuitive machines
Intuitive machines is building on the successes of its inaugural lunar mission, reporting fourth-quarter results on Thursday and saying it now has “sufficient capital for the near term.”
The lunar company revealed that its cash balance at the end of the year was just $4.5 million, partly as a result of paying off $12 million in debt on its balance sheet. Following its historic moon landing in February, the company received around $50 million in “collateral exercises from an institutional investor” and raised $10 million through equity.
Intuitive Machines noted that its cash balance of nearly $55 million on March 1 was “the largest balance relative to any quarter-end since the company's initial public offering.”
“We enter 2024 from a position of financial strength. We have expanded our cash position with lower debt, increased the order book, our margins are improving and our future opportunities are brighter than ever,” said the interim CFO. by Intuitive Machines. Steve Vontur said on the company's earnings call.
Intuitive Machines' net income for the fourth quarter was $4.6 million, down 63% from $12.4 million in the same period a year ago. Revenue was also lower during the quarter, at $30.6 million, representing a 20% year-over-year drop from $38 million a year ago.
Intuitive Machines shares fell 2% in Thursday trading from their previous close of $5.61.
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The company noted that its recently improved order book, as well as a number of potential future contracts with NASA, further reinforce the momentum gained by the company's inaugural lunar mission.
Overall, Intuitive Machines had an order book of nearly $270 million at the end of the year.
“We expect sales to increase significantly this year based on the current order book,” Vontur said.
Intuitive Machines began earning revenue from a multi-year engineering services contract at NASA's Goddard Space Flight Center in Maryland, with $12.5 million of work completed in December, a monthly rate the company expects to continue throughout the year. next year.
Additionally, the Houston-based company highlighted three potential NASA contract awards, including building an astronaut-capable lunar rover, providing lunar data services and additional lunar mission contracts.
The first of those awards, NASA's Lunar Ground Vehicle program, will be announced on April 3. The LTV effort is planned to be a 10-year, $4.5 billion program to build a car-like rover to transport astronauts around the surface of the moon. Intuitive Machines leads a team that includes boeing, Northrop Grumman, and Michelin and priced its bid for a preliminary design contract at about $30 million over the course of a year. The company expects NASA to award multiple design contracts.
“We're very confident in our capability and our design, and we're excited to hear that,” said Intuitive Machines CEO Steve Altemus.
Preparing for the second mission
The landing strut of Intuitive Machines' Odysseus lunar lander absorbs first contact with the lunar surface during its landing at the Malapert A site on the Moon, as the liquid methane and liquid oxygen engine continues to accelerate, February 22, 2024.
Intuitive machines | Via Reuters
Intuitive Machines flew its first cargo mission, called IM-1, to the moon last month. The lander landed successfully before capsizing, but was still able to operate for about a week on the surface, a historic first for a private mission.
Intuitive Machines completed a review of its first lunar cargo mission, Altemus said, and has now “identified areas that needed adjustments” for its second effort.
“We are still planning a mission for IM-2 in 2024,” Altemus said.
The company highlighted a number of milestones completed toward the launch of the IM-2 flight, including the testing of different payloads that Intuitive Machines' lander will carry, including its Micro Nova “rocket-powered drone” and a mineral extraction drill. NASA ice.
