Business
Intuitive Machines Reports First Quarter 2023 Financial Results
Ended the quarter with contracted backlog of $156.1 million, $107.7 million of which is expected to convert to revenue over the remainder of the year.Quarter
About this update from Intuitive Machines, Inc.
[{"type":"text","content":"Ended the quarter with contracted backlog of $156.1 million, $107.7 million of which is expected to convert to revenue over the remainder of the year.Quarter end cash balance of $46.8 million with an additional $13.6 million of cash received in April from additional warrant exercisesLunar lander, Nova-C completed all structural tests, a propellant load demonstration, and a full duration mission sequence test paving the way for Intuitive Machines’ first mission to the Moon expected in third quarter of 2023. Awarded five year $719 million NASA Omnibus Multi-Engineering Services (“OMES”) III contract in April 2023 to deliver on-orbit services to the Joint Polar Satellite System for NASACompleted business combination with Inflection Point Acquisition Corp. in February 2023 providing capital to execute on business strategy. HOUSTON, May 11, 2023 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, “Intuitive Machines,” or the “Company”), a leading space exploration, infrastructure, and services company, today announced its financial results for the first quarter ended March 31, 2023. Intuitive Machines CEO, Steve Altemus said, “We are very pleased with the progress we made during our first quarter as a public company. Our team executed well as we prepare for our upcoming mission to return to the Moon. We continue to see strong demand for our diverse product portfolio of in-space solutions. Underscoring this is our recent win of the NASA OMES III contract with a contract ceiling of $719 million for five years, which we believe provides us with visibility into our 2023 revenue forecast and beyond.” Mr. Altemus continued, “Looking to the balance of 2023, we believe we are well on our way to flying our first mission in the third quarter of this year. The mission, expected to land on the South Pole region of the Moon, is anticipated to be the first mission to the South Pole and represents the return of the United States to the Moon for the first time in more than 50 years. Our IM-1 scientific mission is serving as a precursor to the human Artemis missions. We continue to bid for contracts, including our recent proposal submission to NASA’s solicitation for Near Space Network Services, a 10-year multi-award contract for communication services direct to/from Earth and Data Relay and Navigation Services in and around the vicinity of t...