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Sep 30, 2024
Intuitive Machines Q3 2024 Earnings Report
Intuitive Machines had a strong third quarter, marked by key contract wins, revenue growth, and a record cash balance.
Key Takeaways
Intuitive Machines reported a significant increase in revenue for Q3 2024, driven by new contract awards and strong performance across its service pillars. The company's cash balance reached a record high, and backlog expanded due to key potential upcoming awards.
Awarded a $116.9 million contract through NASA’s Commercial Lunar Payload Services (CLPS) initiative.
Won the Near Space Network (NSN) data services contract from NASA with a maximum potential value of $4.82 billion.
Completed vehicle propulsion system hot fire for Intuitive Machines’ second lunar mission.
Achieved $58.5 million of revenue in Q3, up 359% year-over-year, and improved profitability with $4.1 million of positive gross margin.
Forward Guidance
Intuitive Machines narrowed its full-year 2024 revenue outlook to $215 - $235 million and expects backlog expansion.
Positive Outlook
- Trending towards the mid-point of the narrowed full-year 2024 revenue outlook.
- Current cash balance of $106.9 million as of month end October.
- Strong visibility into the timing of collections for contracted milestone payments.
- Confidence in ending the year with a similar cash balance.
- Expect backlog expansion driven by key potential upcoming awards.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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