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Intuitive Machines, Inc. (NASDAQ: LUNR), a prominent space technology company, reported substantial growth in its financial results for the fourth quarter of 2024. The company achieved a remarkable revenue of $54.7 million during this period, marking a 79% increase compared to the same quarter in the previous year. This growth was driven by the successful execution of several key projects, including the southernmost lunar landing and the acceleration of payload operations for NASA and other commercial clients.
The company’s focus on expanding its technical capabilities and opening new revenue streams has contributed to its robust performance this quarter. The company also reported a record backlog of $328.3 million, a 22% increase year-over-year, indicating strong future demand for its services. This backlog includes new awards primarily associated with contracts from NASA and other government entities. Furthermore, Intuitive Machines ended the year with $207.6 million in cash, highlighting its strong financial position.
CEO Steve Altemus emphasized the company’s financial security and readiness to pursue high-return opportunities, whether through internal innovation or strategic acquisitions.
Despite the impressive revenue growth, Intuitive Machines reported a net loss of $165.1 million for the quarter. This loss was primarily attributed to changes in the fair value of earn-out and warrant liabilities, as well as a loss on the issuance of securities. However, the company achieved a positive gross margin for the second consecutive quarter, indicating progress towards profitability.
Intuitive Machines Reports Fourth Quarter with Slight Miss on Revenue
Intuitive Machines’ fourth-quarter revenue of $54.7 million fell slightly short of the expected $57.57 million. However, the company’s year-over-year growth of 79% is a testament to its strong operational performance and ability to capture new business opportunities. The company’s efforts to diversify its customer base and adapt its technologies for new applications have contributed to this growth, positioning it well for future success.
The significant net loss was influenced by non-operating factors such as changes in the fair value of financial instruments, which are not indicative of the company’s core operational performance. Despite these challenges, Intuitive Machines’ positive gross margin and record backlog demonstrate its potential for future profitability.
Intuitive Machines’ ability to secure additional contracts and expand its backlog by $59.8 million compared to the previous year reflects its strong market position and the growing demand for its space technology solutions. The company’s strategic initiatives, including the development of an in-space orbital transfer vehicle for a government customer, highlight its commitment to innovation and long-term growth.
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LUNR Sets $250-$300 Million Revenue Target for Full Year 2025
Looking ahead to 2025, Intuitive Machines has set an ambitious revenue target of $250 to $300 million for the full year. This guidance reflects the company’s confidence in its growth trajectory and the continued demand for its space technology services. The company aims to achieve a positive run-rate Adjusted EBITDA by the end of 2025, with expectations of positive Adjusted EBITDA in 2026. This focus on profitability underscores Intuitive Machines’ commitment to delivering long-term shareholder value.
The company plans to leverage its strong balance sheet to pursue high-return opportunities, whether through internal innovation or strategic acquisitions. CEO Steve Altemus emphasized the importance of defining the future of the company and the industry by expanding beyond NASA and cislunar space. Intuitive Machines’ proven technologies and expertise are expected to drive its expansion into new markets and customers, further enhancing its growth prospects.
Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.
About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
