Intuitive Machines, the Houston-based lunar company, has achieved a record-breaking cash position following its successful moon mission. The company reported its fourth-quarter results, revealing that it now has “sufficient capital for the near term.” Despite ending the year with a cash balance of just $4.5 million, Intuitive Machines raised $50 million through warrant exercises from an institutional investor and an additional $10 million through equity after its historic February moon landing. This led to a cash balance of nearly $55 million on March 1, the largest balance relative to any quarter-end since the company’s IPO.
Intuitive Machines’ interim Chief Financial Officer, Steve Vontur, expressed confidence in the company’s financial strength as it enters 2024. With lower debt, a growing backlog, improving margins, and promising future opportunities, the company is well-positioned for success. However, the company did experience a decline in net income and revenue for the fourth quarter compared to the previous year.
Despite these challenges, Intuitive Machines highlighted its recently improved backlog and potential NASA contracts as driving momentum after its inaugural moon mission. The company ended the year with a backlog of nearly $270 million and expects sales to expand significantly based on this backlog. Intuitive Machines has already begun realizing revenue from a multiyear engineering services contract with NASA’s Goddard Space Flight Center and anticipates further contract awards for projects such as building an astronaut-capable moon rover and providing lunar data services.
One of the upcoming contract awards is NASA’s Lunar Terrain Vehicle program, which is scheduled to be announced on April 3. Intuitive Machines is leading a team that includes Boeing, Northrop Grumman, and Michelin in bidding for a preliminary design contract. The company expressed confidence in its capability and design and eagerly awaits the announcement.
In addition to its future contracts, Intuitive Machines is also preparing for its second mission, IM-2. After completing a review of its first lunar cargo mission, the company has identified areas that need adjustment and is still planning for a 2024 mission. Intuitive Machines has achieved significant milestones in preparation for the launch of IM-2, including testing different payloads for its lander, such as the “rocket-powered drone” Micro Nova and a NASA ice mining drill.
Overall, Intuitive Machines has demonstrated its ability to achieve success in the lunar industry. With a strong cash position, a growing backlog, and promising future contracts, the company is poised for continued growth and innovation in the space exploration sector.
