Intuitive Machines (LUNR) Q3 2024 earnings summary

Executive summary

• Achieved Q3 2024 revenue of $58.5 million, up 359% year-over-year, and ended the quarter with record cash and backlog levels of $89.6 million and $316.2 million, respectively.

• Secured major contract wins, including the $4.82 billion Near Space Network Services contract and a $116.9 million NASA CLPS lunar delivery mission.

• Achieved a historic lunar landing in February 2024, validating lunar delivery, data, and autonomous operations capabilities.

• Focused on three core service pillars: lunar delivery, data transmission, and infrastructure as a service.

• Improved profitability with $4.1 million positive gross margin in Q3.

Financial highlights

• Q3 2024 revenue was $58.5 million, up from $12.7 million in Q3 2023, primarily driven by OMES, CLIPS, and LTVS execution.

• Gross profit reached $4.1 million, reversing a prior year loss; operating loss narrowed to $13.7 million from $24.0 million year-over-year.

• Net loss for Q3 2024 was $80.4 million, compared to net income of $14.3 million in Q3 2023, primarily due to non-cash fair value adjustments and loss contracts.

• Adjusted EBITDA for Q3 2024 was $(6.9) million, improved from $(22.1) million in Q3 2023.

• Cash and cash equivalents at quarter-end were $89.6 million, rising to $106.9 million post-quarter.

Outlook and guidance

• Full-year 2024 revenue guidance narrowed to $215–$235 million, trending toward the midpoint.

• Expect to end 2024 with a cash balance similar to $106.9 million as of October month-end.

• Backlog expected to convert 15-20% to revenue in Q4 2024, 45-50% in 2025, and the remainder thereafter.

• Anticipate backlog expansion from potential awards, including additional Near Space Network and LTVS contracts.

• Confident in maintaining strong liquidity through year-end and into 2025.