Intuitive Machines Q2 2023 Earnings Report
Key Takeaways
Intuitive Machines reported second quarter 2023 financial results with a revenue of $18.0 million and an operating loss of $(13.2) million. The company is preparing for the launch of its first lunar mission and has a contracted backlog of $137.3 million.
Received launch manifest date for first lunar mission, November 15th to 20th.
Completed lunar lander full assembly with expected readiness for shipment to Cape Canaveral, Florida, by September 15th.
Submitted more than $3 billion in proposals since the first quarter, including diverse product lines across the Department of Defense, Department of Energy, and NASA.
Started internal transition execution for NASA’s five-year $719 million Omnibus Multi-Engineering Services (“OMES”) III contract award to deliver on-orbit services to the Joint Polar Satellite System.
Intuitive Machines
Intuitive Machines
Forward Guidance
Given delays to government customer acquisition timelines, U.S. federal budget uncertainty and the uncertain cadence of new contractual awards, the company is withdrawing its previously issued financial guidance for full year 2023.
Positive Outlook
- Continue to work toward milestones.
- Taking steps to positively mitigate the effects of outside-controlled program delays and higher-priority launch pad congestion while retaining the integrity of long-term growth plan.
- Pursuing opportunities to diversify the Company’s revenue streams.
- Submitted more than $3 billion in proposals spread across the aerospace and defense sectors, including human spaceflight.
Challenges Ahead
- Delays to government customer acquisition timelines.
- U.S. federal budget uncertainty.
- Uncertain cadence of new contractual awards.
- Withdrawing previously issued financial guidance for full year 2023.