On February 21, 2024, the IM-1 lander “Odysseus” entered lunar orbit.
intuitive machine
intuitive machine The company is building on the success of its first lunar mission, reporting fourth-quarter results on Thursday and saying it now has “adequate capital for near-term needs.”
The moon company revealed that it ended the year with a cash balance of just $4.5 million, in part due to the repayment of $12 million in off-balance sheet debt. Following February’s historic moon landing, the company secured approximately $50 million through “warrant exercises by institutional investors” and raised $10 million through equity.
Intuitive Machines emphasized that its cash balance on March 1 was nearly $55 million, “the largest balance at the end of any quarter since the company’s IPO.”
Intuitive Machines’ interim chief financial officer said: “We enter 2024 with a strong financial position. We have expanded our cash position by reducing debt, our order backlog is growing, our margins are improving, and the opportunities ahead are brighter than ever.” Steve Vontur said on the company’s earnings call.
Intuitive Machinery Corporation’s net profit Season 4 was US$4.6 million, a decrease of 63% from US$12.4 million in the same period last year. Revenue also fell in the quarter, to $30.6 million, down 20% from $38 million in the same period last year.
Intuitive Machines shares fell 2% in Thursday trading from its previous closing price of $5.61.
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The company cited recent improvements in its order backlog, as well as a number of potential NASA contracts on the horizon, adding further momentum to the company’s first lunar mission.
Overall, Intuitive Machines had a backlog of nearly $270 million at the end of the year.
“Based on the current backlog, we expect sales to grow significantly this year,” von Tour said.
Intuitive Machines is starting to receive revenue from a multi-year engineering services contract at NASA’s Goddard Space Flight Center in Maryland, earning $12.5 million for work completed in December, and the company expects to continue this monthly revenue in the coming year.
In addition, the Houston-based company highlighted three potential contracts to be awarded by NASA, including contracts to build a lunar rover that can carry astronauts, provide lunar data services and additional lunar missions.
The first of these awards is for NASA’s Lunar Terrain Vehicle program, which was announced on April 3. The LTV program is a 10-year, $4.5 billion program to build a car-like rover to transport astronauts on the lunar surface. moon. Intuitive Machines leads a team including Boeing, Northrop Grumman Corporation, and Michelin, and set its bid for the preliminary design contract at approximately $30 million over one year. The company expects NASA to award multiple design contracts.
“We are very confident in our capabilities and our design, and we look forward to hearing the news,” said Steve Altemus, CEO of Intuitive Machines.
Prepare for the second mission
When Intuitive Machines’ Odysseus lunar lander touched down at the lunar Marapet A site on February 22, 2024, the landing struts absorbed the first contact with the lunar surface while the liquid methane and liquid oxygen engines continued to throttle.
Intuitive machines | via Reuters
Intuitive Machines carries out its first freight mission, Named IM-1, it flew to the moon last month. The lander successfully touched down before tipping over, but was still able to operate on the ground for about a week, a historic first for a private mission.
Artemus said Intuitive Machines has completed a review of its first lunar cargo mission and has now “identified areas that need adjustment” for the second mission.
“We are still planning for the IM-2 mission in 2024,” Artemus said.
The company highlighted multiple milestones achieved during the IM-2 flight launch, including testing the different payloads the Intuitive Machines lander will carry, including its “rocket-powered drone” Micro Nova and NASA’s ice-mining drill.
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