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Mar 31, 2024
Intuitive Machines Q1 2024 Earnings Report
Intuitive Machines reported Q1 2024 financial results, marked by record revenues and positive gross margin momentum.
Key Takeaways
Intuitive Machines had a strong start to 2024, highlighted by the successful IM-1 mission and a full quarter of OMES III operations. Revenue reached $73.1 million, a 301% increase year-over-year, driven by OMES III and NASA CLPS contracts. The company ended the quarter with a cash balance of $55.2 million after disciplined cash management, with cash used from operations reduced by $12.2 million compared to the prior year.
Delivered NASA and commercial payloads to the Moon, marking the United States’ first lunar landing in over 50 years.
Achieved record revenues of $73.1 million, a 301% increase versus prior year.
Continued positive gross margin momentum with $12.2 million in the quarter, driven by IM-1 mission success milestone payments.
Awarded $30 million for NASA’s Lunar Terrain Vehicle (LTV) contract.
Forward Guidance
Intuitive Machines expects full-year 2024 revenue of $200 - $240 million, which would result in 2.5x - 3x prior year sales. The company anticipates that the Q1 ending cash balance will be sufficient to fund operations through the end of the year. They also plan to continue adding cash reserves based on projected wins and planned operations to execute their growth trajectory.
Positive Outlook
- Expect full-year 2024 revenue of $200 - $240 million, resulting in 2.5x - 3x prior year sales
- Q1 ending cash balance expected to be sufficient to fund operations through the end of the year
- Continue to add cash reserves based on projected wins and planned operations to execute growth trajectory
- Backlog expansion driven by key upcoming awards; Near Space Network Services (NSNS), the next Commercial Lunar Payload Services (CLPS) award, among others
- IM-2 mission to the Moon’s south pole Shackleton connecting ridge planned for late 2024
Historical Earnings Impact
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