Intuitive Machines Inc LUNR shares are volatile Thursday on the heels of the company’s third-quarter financial results. Here’s a rundown of the report.
What To Know: Intuitive Machines reported third-quarter revenue of $58.48 million, beating analyst estimates of $50.89 million, according to Benzinga Pro. Total revenue was up 359% on a year-over-year basis.
The company reported a net loss of $80.44 million, versus net income of $14.31 million in the prior year’s quarter. Backlog grew to $316.2 million in the quarter, the highest in company history. Intuitive Machines ended the quarter with $89.6 million in cash.
“Intuitive Machines had a very strong third quarter highlighted by key wins, revenue growth, and the largest cash balance in Company history,” said Steve Altemus, CEO of Intuitive Machines.
“We made progress across all three pillars by first securing another south pole lunar delivery mission, then winning the Near Space Network Services contract, and finally, continuing to mature both our LTV design in conjunction with our heavy cargo class lander. These strategic revenue streams bring our business thesis clearly into view, allowing us to focus on capturing more operational services, which we believe will provide long-tail revenues with higher margins.”
Intuitive Machines' moon lander Odysseus made history in February when it touched down on the surface of the moon, making Intuitive Machines the first private company to land on the moon and bringing the U.S. back to the moon for the first time since 1972.
Intuitive Machines said it completed a vehicle propulsion system hot fire for its second lunar mission during the third quarter. The company said it’s targeting the launch of its second lunar mission in the first quarter.
See Also: Rocket Lab CEO Touts SpaceX Rival Status, Trump Impact On Space As Stock Surges Almost 30%
Outlook: Intuitive Machines narrowed its full-year revenue outlook to a range of $215 million to $235 million. The company also said it expects continued backlog expansion driven by potential upcoming awards including Near Space Network 1.2 / 1.3 Direct to Earth and LTVS Phase 2, as well as task orders for OMES and Near Space Network 2.2.
Management is currently discussing the quarter on a conference call with investors that kicked off at 8:30 a.m. ET.
LUNR Price Action: Intuitive Machines shares were down 7.36% at $10.90 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Intuitive Machines.
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