Intuitive Machines (LUNR) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $41.4M, up 130% year-over-year, with YTD revenue of $114.5M surpassing all of 2023.

• Raised 2024 revenue outlook to $210–$240M, representing 2.6x–3x prior year sales.

• Ended Q2 with $31.6M in cash, sufficient to fund operations for the next 12 months, and is now debt free.

• Backlog at $213M as of Q2 end, with new commercial rideshare contracts and two additional funded lunar missions.

• Achieved first U.S. lunar landing since 1972 with Nova-C lander, validating core service pillars and supporting future missions.

Financial highlights

• Q2 2024 revenue: $41.4M, up from $18.0M in Q2 2023; YTD revenue: $114.5M.

• Q2 operating loss: $(28.2)M, compared to $(13.2)M in Q2 2023, mainly due to IM-1 mission completion and noncash contract estimate changes.

• Q2 net income: $16.0M; H1 2024 net loss: $(104.7)M.

• Adjusted EBITDA for Q2: $(25.8)M; H1 2024: $(26.8)M.

• Free cash flow for H1 2024: $(41.5)M.

Outlook and guidance

• Full-year 2024 revenue expected at $210–$240M, 2.6x–3x prior year sales, with strong backlog and visibility.

• Cash balance at Q2 end expected to fund operations for the next 12 months.

• Management expects to complete two additional funded lunar missions by late 2025, aiming for a regular cadence of multiple missions per year.

• Approximately 45-50% of backlog expected to be recognized as revenue in H2 2024, 35-40% in 2025, and the remainder thereafter.

• No significant CapEx expected going forward; facility investments are complete.