HOUSTON, Aug. 13, 2024 (GLOBE NEWSWIRE) — Intuitive Machines, Inc. (Nasdaq: LUNR, “Intuitive Machines” or the “Company”), a leading exploration, infrastructure and area company, today announced its monetary report. Effects for the second quarter ended June 30, 2024.
Steve Altemus, CEO of Intuitive Machines, said, “The milestones achieved during and the second quarter are important milestones that increase our competitive merit in delivery, knowledge transfer, and autonomous operations, the three pillars of space commercialization.
“For our second mission, we have made significant progress in the assembly, integration and testing of our lander, in addition to the successful qualification of the flight engines. We have also finished reviewing the formula needs of our all-terrain lunar rover. This milestone validated the design of Intuitive Machines’ all-terrain lunar rover and heavy-lift lander. Intuitive Machines is unique among the competition in the LTV bidding group because we are the only competing prime contractor with proven experience in delivery, knowledge transmission and autonomous operation on the surface of the Moon.
Altemus continued: “Our continued operational excellence, coupled with our detailed roadmap for the remainder of the year, gives us the confidence to improve our earnings outlook. On the liquidity side, we now have loose debt and we expect to have more liquidity today, with sufficient liquidity, to fund our operations over the next 12 months, as we continue on our expansion path.
Second Quarter 2024 Financial Highlights
Conference call information
Intuitive Machines will host a conference call today, August 13, 2024, at 8:30 a. m. ET to talk about those results. A link to the live webcast of the earnings call will be available on the investor portion of Intuitive Machines. ‘ online page at https://investors. intuitivemachines. com.
Following the convention, a replay will be available via the same link on the investor portion of the Intuitive Machines online page at https://investors. intuitivemachines. com.
In addition to the GAAP monetary measures presented in this press release, the Company has included certain monetary measures that have not been prepared in accordance with accepted accounting principles (“GAAP”) and are “non-GAAP monetary measures” as explained in the SEC. . This includes adjusted EBITDA (“Adjusted EBITDA”).
Adjusted EBITDA is a key functionality measure that our control team uses to compare the Company’s operating functionality and is calculated as a net source of income (loss) excluding effects from non-operating sources, adding interest, source of income, charges for interest, gain from extinguishment of debt, source of income related to shares. remuneration, fair price replacement of instruments, gain or loss on issuance of securities, other source of income/expenses, depreciation and provision for taxes on source of income. Intuitive Machines has included Adjusted EBITDA because we believe it is useful in highlighting trends in the company’s operating effects and because it is used by analysts, investors and other interested parties to compare corporations in our industry.
Adjusted EBITDA has limitations as an analytical measure, and investors deserve not to view it in isolation or as a replacement for the Company’s analysis of the Company’s effects as reported under GAAP. Other corporations, adding corporations in the Intuitive Machines industry, would likely calculate Adjusted EBITDA differently, reducing its usefulness as a comparative measure. Because of those limitations, you deserve adjusted EBITDA as well as other measures of monetary functionality, adding various measures of cash flow, net source of income (loss) and our other GAAP effects. A reconciliation of adjusted EBITDA to the directly comparable maximum GAAP monetary measure is included under the heading “Reconciliation of GAAP and Non-GAAP Financial Measures. “
We describe loose cash flow as net (used) cash from operating activities, less acquisitions of property, plant and equipment. We believe that cash flow is a significant indicator of liquidity that provides data to regulators and investors on the amount of money generated by operations that, after the acquisition of property, plant and equipment, can be used for strategic project plans. , adding continuous investment. in our business and strengthening our balance sheet. Free cash flow has limitations as a liquidity measure and you should not consider it in isolation or as a replacement for analysis of our cash flows as reported under GAAP. Some of those limitations are: Free money flow is not a measure calculated in accordance with GAAP and does not deserve to be considered in isolation or as a replacement for monetary data prepared in accordance with GAAP; Free money flow would likely not be comparable to other corporations’ titled measures due to differences in calculation methodologies; and flexible cash flow would likely be affected in the short to medium term through the timing of capital investments, fluctuations in our expansion and the effect of those fluctuations on current capital and adjustments in our cash conversion cycle. money. A reconciliation of loose cash flow to the directly comparable maximum GAAP monetary measure is included under the heading “Reconciliation of GAAP and Non-GAAP Financial Measures. “
About intuitive machines
Intuitive Machines is a diversified area of exploration, infrastructure, and corporation that aims to fundamentally disrupt the economics of access to the Moon. In 2024, Intuitive Machines will become the first advertising company to land and operate on the lunar surface, validating its ability to meet the three pillars needed to promote a celestial body: delivery, knowledge and communications, and autonomous operations in space. The company enables its clients to realize their ambitious business visions and goals in the area through seamless collaboration with its strong service pillars. For more information, visit intuitivamachines. com.
Forward-Looking Statements
This press release includes “prospectuses” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Those that do not address ancient facts deserve to be considered prospective. These forward-looking expressions are sometimes referred to by words such as “anticipate”, “believe”, “continue”, “may also”, “estimate”, “expect”, “intend”, “possibly”, “may also”. fair”, “plan”, “possible”, “prospective”, “predict”, “project”, “deserve”, “strive”, “would”, “strategy”, “perspectives”, the negative of those words or others similar expressions, but the absence of such words does not mean that he is not far-sighted. These forward-looking announcements include, but are not limited to, announcements regarding: our expectations and plans related to. our lunar missions, adding the expected launch time and our progress in their preparation; our expectations related to, among other things, the call for tenders for our product portfolio, our submission of bids for contracts adding NSNS and CP-22; in connection with profits from government contracts awarded to us, our operations, monetary execution and our industry; our advertising strategy, business plan and plans to generate long-term sustainable value for shareholders; data in “2024 Outlook”, adding our expectations for profit generation and cash flow. These forward-looking statements reflect the Company’s predictions, projections or expectations based on recently available information and data. Our actual effects, performance or achievements could differ materially from those expressed or implied by any forward-looking statement, and you are cautioned not to place undue reliance on any such forward-looking statement. The following vital points and uncertainties, among others, may also cause actual effects to differ materially from those indicated in the forward-looking statements contained in this press release: our confidence in the efforts of our board of directors and key body of workers to be successful; our limited operating history; our inability to manage our expansion well; festival of new or existing companies; unsatisfactory conservation performance of our flight formulas or safety incidents at our facilities; failure of the advertising flights market’s position to achieve the expansion prospects we expect; any release delays, release failures, failures of our satellites or lunar landers to succeed in their intended orbital locations, significant increases in prices related to launches of lunar satellites and landers, and inadequate capacity of satellite and lunar lander launch providers; our focus on visitors; threats related to the advertising of the flight, adding any twist of fate at the time of release or during the trip; threats related to the handling, production and disposal of potentially explosive and flammable materials filled with life and other hazardous chemicals in our operations; our dependence on a limited number of suppliers for safe fabrics and components; the failure of our products to perform as expected or defects in our products; counterparty threats in contracts entered into with our clients and the inability of our principals to maintain their relationships with their counterparties and satisfy their contractual obligations; failing to properly preserve protests from other bidders for government contracts; failure to comply with various laws and regulations relating to various facets of our business and any adjustments in the investment grades of various government entities with which we do business; our failure to protect the confidentiality of our trade secrets and unproprietary know-how; our failure to comply with the terms of third-party open source software used through our formulas; our ability to maintain an effective internal control over monetary reporting and to address and remediate weaknesses in our internal control over monetary reporting; the budget deficit and national debt of the U. S. government, as well as any failure by the U. S. government to complete its budget process for any government fiscal year, and our dependence on contracts and financing from the U. S. government for government contracts; our failure to comply with U. S. export and import control laws and regulations, as well as U. S. economic sanctions and industry control laws and regulations; uncertain global macroeconomic and political situations and expanding inflation; our history of losses and inability to achieve profits and our need for extensive additional capital to finance our operations; the fact that our monetary effects would likely vary particularly from quarter to quarter; our prestige as a holding company; the threat that our business and operations may also be adversely affected if they are subject to litigation, in addition to securities litigation or shareholder activism; the prospective liquidity and trading of our government securities; and other public documents and press releases, other points detailed in the segment titled Part I, Article 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”), the segment titled Part I, Item 2, Discussion and management’s analysis Financial Condition and Results of Operations and the segment titled Part II. Article 1A. “Risk Factors” in our recently filed Maximum Quarterly Report on Form 10-Q and in our upcoming filings with the SEC, which are located on the SEC’s online page at www. sec. gov.
Contacts
For investor inquiries: inversores@intuitivemachines. com
For media inquiries: press@intuitivemachines. com
Adjusted EBITDA
The following table provides a reconciliation of net loss, the maximum comparable monetary measure presented under GAAP, to Adjusted EBITDA.
We describe the flow of loose money as net (used) money from operating activities, minus acquisitions of property, plant, and equipment. We believe that loose cash flow is a significant indicator of liquidity that provides data to control and investors on the amount of money generated by operations that, after the acquisition of property, plant and equipment, can be used for strategic project plans, adding continued investment in our business and strengthening our balance sheet.
Free cash flow has limitations as a measure of liquidity and you deserve not to do so in isolation or as a replacement for the analysis of our money flows as reported under GAAP. Some of those limitations are:
The following table provides a reconciliation of net money used in operating activities, the comparable maximum monetary measure presented in accordance with GAAP, to loose cash flow:
Reservation
The backlog was minimized by $55. 6 million as of June 30, 2024 compared to December 31, 2023, primarily due to the continued execution of $114. 5 million in existing contracts and minimizations similar to the $10. 7 million contract price replacements, essentially similar to fixed-price contracts and tasks. Replacements in the OMES contract III. La reduction was partially offset through $69. 6 million of new awards primarily related to the Lunar All-Terrain Vehicle Service Design Project, a new advertising payload contract for the IM-3 mission, a replacement for the IM-2 CLPS contract task order, and an unapproved task order superseding the IM-3 CLPS contract.
This press release was issued through a person qualified by CLEAR®.