Intuitive Machines (LUNR) Q4 2024 earnings summary

Executive summary

• Achieved record fiscal year 2024 revenue of $228 million, with Q4 revenue at $54.7 million, up 79% year-over-year, nearly tripling 2023 revenue.

• Ended 2024 with a cash balance of $207.6 million, increasing to $385 million by March 2025 after warrant exercises and redemption.

• Record backlog reached $328.3 million at year-end, up 22% year-over-year, with 60%-65% expected to be recognized in 2025.

• Executed historic lunar south pole landing and expanded customer base with new government and commercial contracts.

• Strengthened financial position through equity offerings, warrant exercises, and strategic partnerships.

Financial highlights

• Q4 gross profit was $0.7 million, up from $0.3 million in Q4 2023, with positive gross margin for the second consecutive quarter.

• Q4 operating loss was $13.4 million, compared to $7.5 million in Q4 2023; full-year operating loss was $57.4 million, improved from $61.1 million in 2023.

• Adjusted EBITDA for 2024 was $(41.7) million, an improvement from $(54.5) million in 2023.

• Free cash outflow in Q4 was $6.9 million; full-year free cash flow was $(67.7) million, improved from $(75.2) million in 2023.

• Net loss attributable to shareholders was $149.3 million in Q4 and $284.3 million for 2024.

Outlook and guidance

• 2025 revenue guidance is $250–$300 million, driven by existing contracts and new opportunities.

• Targeting positive run-rate adjusted EBITDA by Q4 2025 and positive adjusted EBITDA by 2026.

• Focused on expanding higher-margin service revenues, particularly from Near Space Network Services and data transmission.

• Anticipates two NASA CLPS contract bids and potential LTV award in 2025.