Intuitive Machines reported strong Q3 results with significant revenue growth, contract wins, and record cash balance, focusing on lunar exploration services.
Quiver AI Summary
Intuitive Machines, Inc. announced its third-quarter financial results for 2024, reporting significant achievements, including a revenue increase of 359% year-over-year to $58.5 million and a record cash balance of $89.6 million. CEO Steve Altemus highlighted the company’s focus on its core service areas: delivery, data transmission, and infrastructure, and noted key contracts awarded, including a $116.9 million deal from NASA and a $4.82 billion contract for Near Space Network services. The company completed a critical propulsion test for its second lunar mission and has a record backlog of $316.2 million. CFO Pete McGrath discussed plans to manage costs effectively to enhance profitability. The company has narrowed its full-year revenue outlook to between $215 million and $235 million and is confident about maintaining a strong cash balance through year-end. A conference call to discuss the results was scheduled for the same day.
Potential Positives
- Intuitive Machines secured a $116.9 million contract through NASA's Commercial Lunar Payload Services initiative, marking its fourth contract award, more than any other CLPS vendor.
- The company is the sole awardee of a NASA Near Space Network data services contract with a maximum potential value of $4.82 billion, significantly enhancing its capabilities in data transmission for in-space communications and navigation.
- Intuitive Machines reported a remarkable year-over-year revenue growth of 359%, achieving $58.5 million in Q3 alone, which reflects strong demand for its services.
- The company ended Q3 with $89.6 million in cash, the highest cash balance in its history, alongside a record backlog of $316.2 million, indicating strong future revenue potential.
Potential Negatives
- Despite significant revenue growth, the company reported a net loss of $80.4 million in Q3 2024, indicating ongoing financial challenges.
- The increase in operating expenses to $72.2 million, more than double the previous year's Q3, raises concerns about cost management.
- Significant reliance on government contracts, with the risk of budget cuts or funding changes affecting future revenues.
FAQ
What were Intuitive Machines' Q3 2024 financial results?
Intuitive Machines reported $58.5 million in revenue for Q3 2024, a 359% increase year-over-year, with a cash balance of $89.6 million.
What contracts did Intuitive Machines secure in Q3 2024?
The company secured a $116.9 million contract through NASA's CLPS initiative and a $4.82 billion contract for Near Space Network data services.
How is Intuitive Machines performing in terms of profitability?
Intuitive Machines achieved a positive gross margin of $4.1 million in Q3 2024, showing improvement in profitability.
What is the outlook for Intuitive Machines in 2024?
The company narrowed its 2024 revenue outlook to $215-$235 million, expecting strong cash balances and backlog expansion.
How can investors stay updated on Intuitive Machines?
Investors can access updates and earnings conference calls on the Intuitive Machines investor relations website at https://investors.intuitivemachines.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$LUNR Insider Trading Activity
$LUNR insiders have traded $LUNR stock on the open market 36 times in the past 6 months. Of those trades, 0 have been purchases and 36 have been sales.
Here’s a breakdown of recent trading of $LUNR stock by insiders over the last 6 months:
- STEPHEN J ALTEMUS (Chief Executive Officer) has traded it 10 times. They made 0 purchases and 10 sales, selling 2,861,432 shares.
- KAMAL SEYED GHAFFARIAN has traded it 11 times. They made 0 purchases and 11 sales, selling 7,319,820 shares.
- MICHAEL BLITZER has traded it 3 times. They made 0 purchases and 3 sales, selling 912,673 shares.
- TIMOTHY PRICE II CRAIN (SVP and Chief Growth Officer) has traded it 10 times. They made 0 purchases and 10 sales, selling 1,300,000 shares.
- STEVEN VONTUR (Interim CFO & Corp. Controller) has traded it 2 times. They made 0 purchases and 2 sales, selling 19,476 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$LUNR Hedge Fund Activity
We have seen 81 institutional investors add shares of $LUNR stock to their portfolio, and 28 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CITADEL ADVISORS LLC added 1,765,854 shares (+3894.3%) to their portfolio in Q2 2024
- RENAISSANCE TECHNOLOGIES LLC added 611,682 shares (+inf%) to their portfolio in Q3 2024
- STATE STREET CORP added 511,713 shares (+900.9%) to their portfolio in Q2 2024
- SIMPLEX TRADING, LLC added 350,119 shares (+1289.3%) to their portfolio in Q3 2024
- SUSQUEHANNA INTERNATIONAL GROUP, LLP added 224,230 shares (+124.0%) to their portfolio in Q2 2024
- GEODE CAPITAL MANAGEMENT, LLC added 222,136 shares (+31.2%) to their portfolio in Q3 2024
- VANGUARD GROUP INC added 201,021 shares (+7.1%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
