Slide 1: Analyst Day Presentation December 2022
Analyst Day PRESENTATION │ Analyst Day Presentation │ December 2022
Slide 2: Disclaimer and Forward-Looking Statements
This presentation (together with oral statements made in connection herewith, this “Presentation”) is being delivered to you by Intuitive Machines, LLC (“Intuitive Machines”) and Inflection Point Acquisition Corp . (“Inflection Point”) to assist interested parties in making their own evaluation with
Slide 3: Forward-Looking Statements, Industry Data and Trademarks
SEC . The foregoing list of factors is not exhaustive . These forward - looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability
Slide 4: Non-GAAP Financial Measures
Non - GAAP Financial Measures Certain of the financial measures included in this Presentation have not been prepared in accordance with generally accepted accounting principles (“GAAP”), and constitute “non - GAAP financial measures” as defined by the SEC . Intuitive Machines has included these non
Slide 5: Participants in Solicitation
Participants in Solicitation Inflection Point, Intuitive Machines and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Inflection Point’s shareholders in connection with the Proposed Business Combination . Information about Inflection Point
Slide 6: Today's Presenters
Steve Altemus Co - Founder, President & Chief Executive Officer 6 TODAY’S PRESENTERS Decades of Sector Experience Proven Track Record of Identifying and Catalyzing Growth ~$330M SPAC Trust With $50M Committed Capital From Sponsor INTRODUCTION │ Analyst Day Presentation │ Dr. Tim Crain Co - Founder,
Slide 7: Investment Highlights
7 INVESTMENT HIGHLIGHTS INTRODUCTION Nine - year - old lunar services company, leading position in NASA’s Artemis Program with ~$73M 2021A, ~$88M 2022E, and ~$300M 2023E revenues ▪ Artemis envisions a permanent moon base and thriving lunar economy. NASA annual Artemis contracting was ~$7B in 2022, l
Slide 8: Vision: A Thriving, Diverse Lunar Economy
Working to provide a thriving, diverse lunar economy, creating numerous new opportunities and markets to enable on - orbit applications, a permanent presence on the Moon, and expand the commercial space exploration marketplace INTRODUCTION 8 Video Link A space exploration company establishing the lu
Slide 9: Intuitive Machines at a Glance
Leveraged government contract success to build commercial customer base and industry partnerships required for next phase of growth >100% revenue CAGR since 2018, or ~10x growth 9 $369M 1 Signed Contracts to Date 4 Lunar Missions Scheduled 1 ~104% 2020A - 2024E Revenue CAGR 31% / 52% 2024E / Long Te
Slide 10: Highly Qualified Management Team
10 Highly qualified team with deep expertise and premium pedigree – led to securing three of initial seven NASA CLPS awards Excellent MANAGEMENT TEAM ACROSS THE SPACE INDUSTRY Erik Sallee Chief Financial Officer Steve Labbe Director, Engineering Anna Ronalds Vice President, Operations Jack “2 Fish”
Slide 11: Opening New Markets
Opening New Markets 11 INTUITIVE MACHINES │ Analyst Day Presentation │
Slide 12: Capitalizing on Momentum to Outpace the Competition
Potential to project soft power through IM – by leveraging commercial industry to retake the high ground and drive U.S. economy growth Rare moment in history alignment and acceleration to win the next space race CAPITALIZING ON MOMENTUM TO OUTPACE THE COMPETITION Geopolitical / Policy Alignment Mark
Slide 13: 21st Century Space Race Under Way
(1) 2022 Defense Intelligence Agency “Challenges to Security in Space” Report 21st century space race under way ▪ “China and Russia value superiority in space. As a result, they will seek ways to strengthen their space and counterspace programs, and determine ways to better integrate them into their
Slide 14: The Artemis Program Overview
14 The Artemis Program – An Overview Unlike the Apollo program, the Artemis program is relying heavily upon partnership with the private sector in order to accomplish its goals in the most cost - effective manner possible The program aims to conduct its first human landing in 2025 and achieve a sust
Slide 15: Lunar Market Traction
1 Management estimate based on contracts awarded 2 NASA has announced $35.2 billion to date and requested an additional $50.5 billion Lunar Market Traction SCIENCE Commercial Lunar Payload Services (CLPS) Space technology Tipping Point Government funded technology development Human exploration Gatew
Slide 16: Accessible TAM of ~$120B Over the Next Decade
1 NSR Moon Markets Analysis (2022); 2 NSR IoSM reports (2021 and 2022); 3 2022 NASA budget; 4 2022 Space Force, SDA and MDA budgets; 5 2019 Satellite Industry Association Report 16 NEW MARKETS Accessible TAM for Intuitive Machines Approximately ~$120b Over the Next Decade EARTH ORBITAL SERVICES LUNA
Slide 17: Future of the Moon: Lunar Economy Overview
Note: Images are simulated and for illustrative purposes Future of the Moon – Lunar Economy Overview 17 CREWED MISSIONS LUNAR HABITAT LUNAR POWER SERVICES COMMERCIAL LANDERS LUNAR TRANSPORTATION SERVICES LUNAR DATA SERVICES NEW MARKETS │ Analyst Day Presentation │
Slide 18: Business Overview
Business Overview 18 INTUITIVE MACHINES │ Analyst Day Presentation │
Slide 19: Lunar Access Services Business Unit Overview
19 Lunar Access Services INTUITIVE MACHINES BUSINESS UNIT OVERVIEW • IM will utilize its proprietarily developed lunar lander vehicle to service CLPS contracts to fly NASA scientific equipment to the lunar surface and support experiments • Missions expected to grow consistently along with NASA paylo
Slide 20: Lunar Access Services: Meeting Multi-Market Demand
Lunar Access Services Meeting Multi - Market Demand Every Mission $233M Signed NASA Commercial Payload Services Contracts; consisting of missions in 2022, 2023 and 2024 $65M Signed NASA Tipping Point contracts and payloads that are expected to fly in 2022 and 2024 $29M Commercial payloads contracted
Slide 21: Lunar Access Services Annual Cadence
Lunar Access Services Annual cadence seeding the commercial market PROVEN REVENUE GENERATOR & EXECUTING ON STRATEGY 21 IM - 1 (Q1 2023) IM - 2 (Q4 2023) IM - 3 (Q2 2024) Negotiations on - going with multiple parties for rideshare and payload opportunities. PAYLOADS Commercial 4 12 Commercial 5 6 Com
Slide 22: Lunar Access Services Revenue and Capabilities
$41 $68 $81 $126 $279 2020A 2021A 2022E 2023E 2024E Technology / Capability CLPS Awards to Date 3 2 1 1 Lander Capability+ <125/<500/ >1,000 kg <125/ < 125 kg <500 kg 500 kg+ 100 kg+ 30 kg / 500 kg 100 kg+ Guidance, Navigation & Control Precision Landing and Hazard Avoidance Operations Engine դ դ դ
Slide 23: Lunar Data Services: Lunar Data Network
-VOBS %BUB 4FSWJDFT -FBEJOH DPNNFSDJBM OFBS TQBDF DPNNVOJDBUJPO OFUXPSL THE LUNAR DATA NETWORK (LDN), INTUITIVE MACHINES’ PRIVATE NETWORK, SUPPORTS MISSIONS AND IS EVOLVING TO MEET FUTURE CISLUNAR MARKET NEEDS. EXECUTING ON STRATEGY 23 A VALIDATED COMPLETE LUNAR COMMUNICATIONS SOLUTION zȒɮƏ!ȒȇɎȸȒǼnɖ
Slide 24: Lunar Data Services Economics of Near-Space Networks
Lunar Data Services Economics of near - space networks Price $ $ N/A $$ Availability դ Security Cloud Integration դ դ Advanced CM դ դ դ Cislunar Space - Based Assets դ դ դ Dish Size 18 - 64m 34 - 70m 13m 15 - 22m GEO Distance XGEO Distance դ Lunar Distance դ …Ɏǝƺȸ DEFINING A DOMINANT FULL - SPECTR
Slide 25: Orbital Services
0SCJUBM 4FSWJDFT $BQUVSJOH PSCJUBM TFSWJDFT LEVERAGING IM TECHNOLOGIES zȒɮƏ ٮ ! …ȵɎǣƬƏǼ zƏɮǣǕƏɎǣȒȇ Rendezvous, Proximity Operations, and Capture Mechanism and Robotics Capabilities ÁȒɯɎȸɖƬǸɀًǕƏɀɀɎƏɎǣȒȇɀًƏȇƳȸȒƫȒɎǣƬɀȵƏƬƺȅƺƬǝƏȇǣƬɀɯǣǼǼȇȒɎȒȇǼɵƺɴɎƺȇƳɎǝƺǼǣǔƺ ȒǔɀȵƏƬƺƏɀɀƺɎɀًƫɖɎɎǝƺɵɯǣǼǼƏǼɀȒƫƺɎǝƺƫƏɀǣɀǔȒȸƏȇƺȇɎǣ
Slide 26: Orbital Services: Leading Orbital Servicing Platform
0SCJUBM 4FSWJDFT 0SCJUBM 4FSWJDJOH 4OBQTIPU RPO դ դ դ Robotics դ դ դ Fluid Transfer դ դ դ դ դ Optical Navigation դ XzÁÈXÁXà0x !RXz0³X³¨…³XÁX…z0(Á…! ¨ÁÈ«0 z0x0«JXzJx «k0Á EXECUTING ON STRATEGY SIGNIFICANT INTUITIVE MACHINES ADVANTAGE: PURSUING $720M NASA AND ADDITIONAL SPACE FORCE CONTRACTS 26 …« XÁ
Slide 27: Space Products / Infrastructure Product Overview
Space Products / Infrastructure Product Overview PROVEN REVENUE GENERATOR & EXECUTING ON STRATEGY או ³¨ !0¨«…(È!Á³ٖXzI« ³Á«È!ÁÈ«0«0à0zÈ0 ($M) çȒç JȸȒɯɎǝ 44% זד ۏ 142% 20A – 24E CAGR שׯ ۪ nɖȇƏȸÁƺȸȸƏǣȇàƺǝǣƬǼƺ zȒȸɎǝȸȒȵJȸɖȅȅƏȇȵƏȸɎȇƺȸǔȒȸƏȸȒɮƺȸɎȒɀɖȵȵȒȸɎȸȒƫȒɎǣƬƏȇƳǝɖȅƏȇȅǣɀɀǣȒȇɀ Surface Habitat Subsystems t
Slide 28: A Carefully Crafted Roadmap
Does not include any additional sales of the remaining 24,500 grams of lunar material A CAREFULLY CRAFTED ROADMAP Èzn…!kXzJÁR0IXz n0!…z…xX!I«…zÁX0«يÁR0x……z Lunar Surface Access nɖȇƏȸ(ƏɎƏ³ƺȸɮǣƬƺɀ «ȒƫȒɎǣƬɀ !È««0zÁ ȳXz0³³nXz0 Á« !ÁX…z ACCELERATED GROWTH 2024E REVENUE Lunar Surface Access $279M Lunar D
Slide 29: Transaction Overview and Financials
Transaction Overview and Financials אח INTUITIVE MACHINES Ň ȇƏǼɵɀɎ(Əɵ¨ȸƺɀƺȇɎƏɎǣȒȇ Ň
Slide 30: Transaction Summary: Key Highlights and Sources and Uses
62% 29% א ۏ 7% ב IXz z!X n³Èxx «ç 53"/4"$5*0/ 46.."3: Key Highlights Estimated Sources and Uses ($M) ▪ Business combination between Intuitive Machines (“IM”) and Inflection Point Acquisition Corp. (“IPAX”) ▪ Pro forma enterprise valuation of ~$ 817 M 1 , implying a 2.7x EV / 2023E Revenue multiple
Slide 31: Financial Summary: Strong Historical Track Record
FINANCIAL SUMMARY Strong Historical Track Record ٢«ƺɮƺȇɖƺڟx٣ ▪ First mover advantage resulted in strong lead in a large, untapped addressable market ▪ 3 CLPS awards to date, more than any competitor ▪ $369M 1 in bookings and ~$188M 1 in backlog ▪ Leveraged government contract success to build commer
Slide 32: Projected Revenue
$81 ڟ אה $279 $19 $106 ڟ דג $129 $102 $246 ڟ וב $88 $300 $759 אא 2022E 2023E 2024E nɖȇƏȸ ƬƬƺɀɀ³ƺȸɮǣƬƺɀ Lunar Data Services Orbital Services Space Products and Services ƒ XȇɮƺɀɎȅƺȇɎƏǼǼȒɯɀɖɀɎȒȒɖɎȵƏƬƺɎǝƺ ƬȒȅȵƺɎǣɎǣȒȇƏȇƳƺȇƏƫǼƺɀ ח ۏڷ ! J«ȒɮƺȸɎǝƺȇƺɴɎ ב ɵƺƏȸɀ ƒ XȇɮƺɀɎǣȇǕǣȇǼƏȸǕƺȸǼƏȇƳƺȸɀƏȇƳ ɀɖȸɮǣɮƺɎǝƺȇǣǕ
Slide 33: Forecast Summary
FORECAST SUMMARY FINANCIAL SUMMARY ($M) 2022E 2023E 2024E Lunar Access Services $81 $126 $279 Lunar Data Services $19 $106 Orbital Services $54 $129 Space Products $6 $82 $146 Space Infrastructure $1 $19 $100 Total Revenue $88 $300 $759 % Revenue Growth 40% 241% 153% Gross Profit $11 $82 $232 % Gros
Slide 34: 2023E Revenue Opportunity
FINANCIAL SUMMARY 34 אאא 0«ƺɮƺȇɖƺ…ȵȵȒȸɎɖȇǣɎɵ 2023E Revenue Opportunity ($M) ▪ Hired world class team from large cap aerospace prime specifically focused on orbital services contract with Goddard Space Flight Center to be awarded in Q1 2023 ▪ 3 CLPS contracts to be bid in 2023 provides opportunity t
Slide 35: Near Term Contract Visibility
FINANCIAL SUMMARY 35 NEAR TERM CONTRACT Visibility Unweighted Contract Opportunity ($M) Segment Contract 100 Lunar Access Services IM - 4 (2Q 2025) - Nova C 86 Space Products xEVAS 5 Infrastructure Lunar Terrain Vehicle (LTV) - Phase 1 Unweighted Contract Opportunity ($M) Segment Contract 500 Lunar
Slide 36: Comparables Summary: Valuation
2.7x 4.9x 2.3x 1.7x הِא ɴ 45.8x 5.6x 1.1x 3.0x 2.1x 0.9x 3.9x אِ ɴ 2.0x FINANCIAL SUMMARY Comparables summary – Valuation 36 EV / Rev (23E) Mean: 11.0x Source: FactSet as of 11/30/2022, Wall Street Research, Intuitive Machines Management estimated forecast, Calendarized Estima tes 0àٖ«ƺɮ٢ אג 0٣ Me
Slide 37: Comparables Summary: Operating Metrics
$73 $130 $1,770 $41 $62 $3 $7 ڟ ב $256 $1,914 $260 $287 $18 $162 $759 ڟ גד $2,056 $521 $459 $66 $448 $88 $182 ڟ ًובה $92 $212 $2 $40 FINANCIAL SUMMARY Comparables summary – Operating metric 37 «ƺɮ٢ אב 0٣ Rev (24E) 241% 40% 10% 182% 35% NM 304% 153% 62% 7% 101% 60% 273% 177% YoY Growth YoY Growth
Slide 38: A Rare Opportunity to Invest in a Category-Defining Company
A RARE opportunity to invest in a category - defining company within the new space economy 38 National Security Imperative that mandates government customer demand in this market With The Team, Technology, Facilities, and Supply C hain to seize a great economic opportunity ³ǣǕȇǣ˾ƬƏȇɎÈȵɀǣƳƺ¨ȒɎƺȇɎǣƏǼ
Slide 39: Risk Factors
Our limited operating history makes it difficult to evaluate our future prospects and the risks and challenges we may encounter . If we fail to manage our growth effectively, we may be unable to execute our business plan and our business, results of operations, and financial condition could be harme
Slide 40: Risk Factors (continued)
áƺ ƳƺȵƺȇƳ ɀǣǕȇǣ˾ƬƏȇɎǼɵ Ȓȇ È ٫ ³ ٫ ǕȒɮƺȸȇȅƺȇɎ ƬȒȇɎȸƏƬɎɀ٦ ɯǝǣƬǝ ȒǔɎƺȇ Əȸƺ ȒȇǼɵ ȵƏȸɎǣƏǼǼɵ ǔɖȇƳƺƳ٦ ɀɖƫǴƺƬɎ ɎȒ ǣȅȅƺƳǣƏɎƺ ɎƺȸȅǣȇƏɎǣȒȇ٦ ƏȇƳ ǝƺƏɮǣǼɵ ȸƺǕɖǼƏɎƺƳ ƏȇƳ ƏɖƳǣɎƺƳ ٫ Áǝƺ ɎƺȸȅǣȇƏɎǣȒȇ Ȓȸ ǔƏǣǼɖȸƺ ɎȒ ǔɖȇƳ٦ Ȓȸ ȇƺǕƏɎǣɮƺ ƏɖƳǣɎ ˾ȇƳǣȇǕɀ ǔȒȸ٦ Ȓȇƺ Ȓȸ ȅȒȸƺ Ȓǔ Ɏǝƺɀƺ ƬȒȇɎȸƏƬɎɀ ƬȒɖǼƳ ǝƏɮƺ Əȇ ƏƳɮƺȸɀƺ ǣȅȵƏƬɎ Ȓȇ Ȓɖȸ ƫ