Business
Intuitive Machines Reports Fourth Quarter and Full-Year 2024 Financial Results
HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, “Intuitive Machines,” or the “Company”), a leading space technology,
About this update from Intuitive Machines, Inc.
[{"type":"text","content":"HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, “Intuitive Machines,” or the “Company”), a leading space technology, infrastructure, and services company, today announced its financial results for the fourth quarter and full-year ended December 31, 2024. Intuitive Machines CEO Steve Altemus said, “Just two years ago, we became a public company with a bold vision for the future. Over the past year, we’ve deliberately positioned ourselves for long-term success by expanding our technical capabilities, opening new revenue streams, and fortifying our financial position. Today, we stand stronger than ever— financially secure, debt-free, and ready to take the next leap.” Highlights Executed southernmost ever lunar landing on the South pole region of the Moon and accelerated payload operations for NASA’s PRIME-1 drill suite, Nokia’s Lunar Surface Communications System, Intuitive Machines’ Micro Nova Hopper, and several commercial payloads including a data center and a Japanese micro-rover (Q1 2025)Awarded additional contracts for NASA’s Near Space Network (“NSN”) for Direct-to-Earth (“DTE”) services to regions around the Moon and beyond the MoonContinued customer diversification through a contract to adapt our current technologies from our lunar delivery missions to create new capabilities, specifically an in-space orbital transfer vehicle “OTV” for a government customer (Q1 2025)Completed an upsized $125 million offering of Class A common stock and concurrent private placement with Boryung Corporation, a leading South Korean pharmaceutical company and strategic investor and partner for critical infrastructure opportunities in spaceReported record backlog of $328.3 million, a 22% increase year-over-year and the highest quarter-ending backlog in Company historyAchieved $54.7 million of revenue in Q4, up 79% year-over-year; $228.0 million for the year, nearly three times 2023 revenueContinued drive towards profitability with positive gross margin in Q4 and full year, our second consecutive quarter of positive gross marginEnded 2024 with $207.6 million in cash; as of March 10th our cash balance was $385 million following the completion of the warrant redemption process, streamlining the Company’s capital structure while substantially reducing the overhang from derivative securities Mr. Altemus continued,...