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Mar 31, 2023
Intuitive Machines Q1 2023 Earnings Report
Reported financial results for the first quarter ended March 31, 2023.
Key Takeaways
Intuitive Machines reported first quarter 2023 revenue of $18.2 million, slightly lower than the $18.5 million reported in the first quarter of 2022. The company's operating loss was $(14.0) million, compared to $(4.5) million in the prior year period. The company ended the quarter with a cash balance of $46.8 million and a contracted backlog of $156.1 million.
Ended the quarter with contracted backlog of $156.1 million, $107.7 million of which is expected to convert to revenue over the remainder of the year.
Quarter end cash balance of $46.8 million with an additional $13.6 million of cash received in April from additional warrant exercises
Lunar lander, Nova-C completed all structural tests, a propellant load demonstration, and a full duration mission sequence test paving the way for Intuitive Machines’ first mission to the Moon expected in third quarter of 2023.
Awarded five year $719 million NASA Omnibus Multi-Engineering Services (“OMES”) III contract in April 2023 to deliver on-orbit services to the Joint Polar Satellite System for NASA
Forward Guidance
Intuitive Machines expects 2023 revenue to be in the range of $174 million to $268 million and gross margin to be in the range of about 5–18%. They expect to end the year with a cash balance of approximately $49 million.
Positive Outlook
- Revenue generation expected to be stronger in the second half of the year.
- Revenue recognition and timing of several events and contracts anticipated to occur in the second half of the year.
- Stronger second half is in line with previous years.
- Expected growth in line with the aerospace and defense industry.
- Cash balance of approximately $49 million expected at year end.
Historical Earnings Impact
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