Intuitive Machines, Inc. · NASDAQ:LUNR
Intuitive Machines — Q1 2025 Earnings Presentation
30 slides from Intuitive Machines's earnings presentation, May 13, 2025
Slide 1: Investor Update
INVESTOR UPDATE May 13, 2025 1
Slide 2: Today's Presenters
Today’s Presenters Steve Altemus CO-FOUNDER, PRESIDENT & CHIEF EXECUTIVE OFFICER Pete McGrath CHIEF FINANCIAL OFFICER 2
Slide 3: Cautionary Statement
CAUTIONARY STATEMENT This presentation (and oral statements made regarding the subjects of this presentation) includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fac
Slide 4: Cautionary Statement: Non-GAAP and Trademarks
CAUTIONARY STATEMENT Non-GAAP This presentation also includes non-GAAP financial measures. Reconciliations of the differences between non-GAAP financial measures used in this presentation and their most directly comparable GAAP financial measures are available at www.investors.intuitivemachines.com
Slide 5: Execution: Highlights
EXECUTION: HIGHLIGHTS Infrastructure Data Transmission Lunar Surface Delivery Orbital Transfer Delivery Earth Reentry Delivery LTV Completed preliminary NSNS Executed the first two LANDER Landed second lunar OTV Received a letter $10M Grant from Texas Space design review in May, milestones for NASA’
Slide 6: Customer Diversification
Section Customer Diversification 6
Slide 7: Orbital Transfer Vehicle
ORBITAL TRANSFER VEHICLE Government customer Based on lunar lander architecture, the Orbital Transfer Vehicle is designed to deliver payloads to multiple orbital regimes. ~$11 Million Phase 2 Phase two activities under a letter contract with a government customer, with the full contract scope expect
Slide 8: Low-Power Nuclear Stealth Satellite Development
LOW-POWER NUCLEAR STEALTH SATELLITE DEVELOPMENT • Continued next-generation technologies to transform spacecraft orbital operations • Prepared to complete phase one of the Air Force Research Laboratory JETSON contract • Sole contractor selected for this program segment • Anticipating follow-on optio
Slide 9: Earth Reentry Delivery
Earth $10 Million Reentry Awarded up to $10 million grant to initiate development of a precision-landing Earth reentry vehicle and orbital fabrication laboratory Delivery In 2022, Intuitive Machines begin initial development of the preliminary design for an Earth reentry vehicle Long-Term capable of
Slide 10: IM-2 & IM-3
Section IM-2 & IM-3 10 Image: SpaceX
Slide 11: IM-2 Mission Polar Exploration
IM-2 MISSION POLAR EXPLORATION • Executed southernmost ever lunar landing on the Moon • Performed the lowest altitude surveillance of the lunar south pole ever • Collected southernmost thermal and lighting condition data • Completed first rideshare orbit delivery services • Executed trajectory refin
Slide 12: IM-2 Moving Forward
IM-2 THREE FINDINGS Laser altimeter interference: In the final phase of descent, we saw signal noise and distortion that did not allow for accurate altitude readings Terrain and lighting effects: South Pole topography and low-angle sunlight created long shadows and dim lighting conditions that chall
Slide 13: IM-3 On Schedule for 2026
IM-3 ON SCHEDULE FOR 2026 • IM-3 progress continued in the first quarter; completing testing of NASA’s three Jet Propulsion Laboratory-developed rovers • Destined for Reiner Gamma, a mid-latitude region of the Moon and one of the most distinctive and enigmatic natural features on the Moon. • Known a
Slide 14: Lunar Terrain Vehicle
Section Lunar Terrain Vehicle 14
Slide 15: Self Driving Mode Enabled
SELF DRIVING MODE ENABLED Integrated a scanning LiDAR system into the terrestrial prototype, enabling autonomous terrain navigation, an essential feature for extended uncrewed lunar operations Demonstrated this capability in a live evaluation with NASA’s LTV selection team 15
Slide 16: Completed Astronaut Testing
COMPLETED ASTRONAUT TESTING Implemented Artemis generation astronaut feedback from Q4 human-in-the-loop testing conducted at Johnson Space Center. Verified vehicle modifications met or exceeded NASA’s expectations through additional testing focused on astronaut safety, mobility, and operational effi
Slide 17: Unveiled 1/6g LTV Simulator
UNVEILED 1/6G LTV SIMULATOR Integrated high-fidelity, six-degrees-of-freedom simulator that digitally replicates 1/6g conditions using surface data from NASA and Intuitive Machines’ Phoenix office for Lunar Reconnaissance imagery. This tool advances design validation and astronaut training while red
Slide 18: Completed Preliminary Design Review
COMPLETED PRELIMINARY DESIGN REVIEW Collaborated with NASA to confirm the vehicle’s design meets mission requirements for crewed and uncrewed operations on the Moon and is on track for further development. NASA recently distributed a second draft request for proposal with a response date in the comi
Slide 19: Data Transmission
Section Data Transmission 19
Slide 20: Near-Space Data Transmission
NEAR-SPACE DATA TRANSMISSION Near Space Network Services Near Space Data Transmission Completed a key customer verification milestone and recognized $4.5 million in revenue during the first quarter. Received an additional task order valued at $18 million for the next two milestones, which we expect
Slide 21: Lunar Data Relay Constellation Deployment Timeline
21 LUNAR DATA RELAY CONSTELLATION DEPLOYMENT TIMELINE Image depicting lun ar satellite IM-3 IM-4 Future Mission 2025 2026 2027 21
Slide 22: Financials
Section Financials 22
Slide 23: Q1 Financial Highlights
Q1 FINANCIAL HIGHLIGHTS Expanded Gross Margin Expanded gross margin to 11% or $6.7 million in Q1, the third consecutive quarter of positive gross margin driven by efficient program execution and shift towards higher margin service businesses. Positive Operating Cash Generated $19.4 million of positi
Slide 24: Revenue and Gross Margin
REVENUE AND GROSS MARGIN Revenue driven primarily by CLPS, LTVS, and NSN execution $62.5 million +14% IM-2 success payments expected Revenue in Q1 2025 QoQ Increase to be in Q2 2025 REVE NUE & GROSS MARGIN Margin expansion driven by efficient program execution and a focus on $80 M $73.2M $70 M IM-1
Slide 25: Operating Profit / Loss & Adj EBITDA
OPERATING PROFIT / LOSS & ADJ EBITDA $4.6M adjusted EBITDA* improvement vs. Q4 2024 driven by higher gross profits ($10.1) million ($6.6) million Operating Loss Adj EBITDA* Q1 2024 included $12M of IM-1 in Q1 2025 in Q1 2025 success milestone payments IM-2 closeout and success OPERATING PR OFI T / (
Slide 26: Backlog
BACKLOG Only $9M of initial $150M of NSNS recognized in backlog as of Q1 $272.3 million +22% Backlog* as of YoY Increase Q2 received additional task order March 31, 2025 for NSNS, a grant from TSC and letter contract for OTV BACKLOG* Q1 2025 backlog: 45% to 50% to be $400 M recognized in 2025, 25% t
Slide 27: Cash Balance
CASH BALANCE Q1 Operating cash generated $19.4M, capex of ($6.1M), positive free cash flow* of $13.3 million $373.3 million $300M+ Cash Balance as of vs. Q1 2024 Q1 cash flow driven primarily by March 31, 2025 timing of milestone payments in addition to improved gross margins CASH BALANCE Completed
Slide 28: Outlook
Section Outlook 28
Slide 29: 2025 Outlook
2025 OUTLOOK Revenue Full-year 2025 revenue outlook of $250 - $300 million Adjusted EBITDA* Positive run-rate Adjusted EBITDA by the end of 2025 2026 OUTLOOK Adjusted EBITDA positive in 2026 *Reconcil iations of the differences between non-GAAP financial measures and thei r most directly comparable
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