Q3 2024 Intuitive Machines Inc Earnings Call
Okay.
Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Intuitive Machines third quarter 2024 conference.
Ladies and gentlemen, thank you for standing by and.
And welcome to the intuitive machines third quarter 'twenty 'twenty four conference call.
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I would now like to turn the conference over to Steven Zenker head of Investor Relations. Please go ahead.
Stephen Zhang: Stephen Zhang, Head of Investor Relations. Please go ahead.
Steve Altemus: Good morning. Welcome to the Intuitive Machines third quarter 2024 earnings call. Chief Executive Officer Steve Altemus and Chief Financial Officer Pete McGrath are leading the call today.
Steven Zenker: Good morning, welcome to the intuitive machines third quarter 2024 earnings call.
Steven Zenker: Chief Executive Officer, Steve Ultimates, and Chief Financial Officer, Pete Mcgrath are leading the call today.
Steve Altemus: Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements setting forth our current expectations with respect to the future of our business, the economy, and other events. The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's earnings press release and the company's most recent 10-K and 10-Q filed with the SEC. We do not undertake any obligation to update forward-looking states.
Steven Zenker: Before we begin please note that some of the information discussed during today's call will consist of forward looking statements setting forth our current expectations with respect to the future of our business the economy and other events.
Steven Zenker: The company's actual results could differ materially from those indicated in any forward looking statements due to many factors.
Steven Zenker: These factors are described under forward looking statements in the company's earnings press release and the company's most recent 10-K and 10-Q filed with the SEC.
Steven Zenker: We do not undertake any obligation to update forward looking statements.
Steve Altemus: We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in the applicable SEC rules and regulations. Reconciliation for the company's gap measures are included in the earnings release filed on Form 8K.
Steven Zenker: We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in the applicable SEC rules and regulations reckon.
Steven Zenker: Reconciliations to the company's GAAP measures are included in the earnings release filed on form 8-K.
Stephen Zhang: Finally, we posted an earnings call presentation to our website, which provides additional context on our operational and financial performance. You can find this presentation on our Investor Relations page at www.intuitivemachines.com slash investor. Now I'll turn the call over to Steve Altemus.
Finally, we posted an earnings call presentation to our website, which provides additional context on our operational and financial performance.
Steven Zenker: You can find this presentation on our Investor Relations page at Www Dot intuitive machines dot com slash investors.
Speaker Change: Now I'll turn the call over to Steve Alturas.
Steve Altemus: Thanks, Stephen, and welcome to everyone joining us this morning. Intuitive Machines had a very strong third quarter, highlighted by key awards, revenue growth, and we closed the quarter with record highs in both cash and backlog, validating our upward trajectory. Q3 revenue was $58.5 million. over four times our Q3 sales last year. Our cash balance at the end of Q3 reached $89.6 million. This strong cash position, combined with zero debt, provides ample liquidity as we continue our blueprint to commercialize the moon. Our backlog also hit a company record at $316.2 million, primarily driven by lunar surface delivery missions and the first task order for the Near Space Network Services contract.
Speaker Change: Thanks, Stephen and welcome to everyone joining us this morning.
Steve Alturas: Two of the machines had a very strong third quarter highlighted by key awards revenue growth and we closed the quarter with record highs in both cash and backlog.
Steve Alturas: Validating our upward trajectory Q.
Steve Alturas: Q3 revenue was $58 5 million.
Steve Alturas: Over four times, our Q3 sales last year.
Steve Alturas: Our cash balance at the end of Q3 reached $89 6 million. This strong cash position combined with zero debt provides ample liquidity as we continue our blueprint to commercialize the move.
Our backlog also hit a company record at $316 $2 million.
Steve Alturas: Primarily driven by lunar surface delivery missions and the first task order for the near Space Network services contract.
Steve Altemus: Throughout the quarter, we continued to focus on our three core service pillars, delivery, data transmission, and infrastructure as services. These pillars provide foundational capabilities that enable the missions and goals of commercial and government exploration of the moon. 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 Lunar Terrain Vehicle 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.
Steve Alturas: Throughout the quarter, we continued to focus on our three core service pillars delivery data transmission and infrastructure services. These pillars provide foundational capabilities that enable the mission and goals of commercial and government exploration of the Moon.
Steve Alturas: We made progress across all three pillars by first securing another south pole lunar delivery mission than winning the near space Network services contract and finally, continuing to mature both our LTV lunar terrain vehicle design in conjunction with our heavy cargo class lander.
Steve Alturas: These strategic revenue streams bring our business thesis clearly into view.
Steve Alturas: Borrowing us to focus on capturing more operational services, which we believe will provide long tail revenues with higher margins.
Steve Altemus: As we look forward to executing on these strategic advances, we appointed Pete McGrath as our Chief Financial Officer. Previously our Chief Operating Officer, Pete brings 35 years of aerospace and financial expertise to the team. His unique experiences tightly align the company's financial strategy with the operational demands of executing large-scale complex programs. It's great to have you on the call. Now, moving on to data transmission services and the NSNS contract, and in line with our growing momentum, we captured the Near Space Network Services contract in September, which marked a transformative step for intuitive machines in data transmission for in-space communications and navigation.
Steve Alturas: As we look forward to executing on these strategic advances, we appointed Pete Mcgrath, our Chief Financial Officer.
Previously our Chief operating Officer, Pete brings 35 years of aerospace and financial expertise to the team.
Steve Alturas: His unique experiences tightly align the company's financial strategy with the operational demands of executing large scale complex programs. It's.
Speaker Change: It's great to have you on the call Pete Thanks.
Steve: Thanks, Steve.
Steve: Now moving onto data transmission services.
<unk> contract and in line with our growing momentum we captured the near Space Network services contract in September which marked a transformative step for intuitive machines and data transmission for in space Communications and navigation.
Steve Altemus: As the sole awardee, the contract is valued up to $4.82 billion over the next decade. We intend to leverage our already contracted delivery missions to deploy a constellation of lunar daily relay satellites around the moon. This lunar constellation is central to our strategy to commercialize the moon, supporting both Commercial Ventures and the Artemis Campaign's goal of sustained human lunar presence. This contract introduces a pay-by-the-minute service model focused on scalable data transmission services. This is significant in that we believe it boosts margin potential through its software-as-a-service-like revenue model. We're able to incorporate communication satellite deliveries with each lunar lander mission at a marginal cost due to extra performance on the booster.
Steve: As the sole awardee the contract is valued up to $482 billion over the next decade, we intend to leverage our already contracted delivery missions to deploy a constellation of lunar data really satellites around the move.
Steve: This lunar constellation is central to our strategy to commercialize the moon supporting both commercial ventures, and the Artemis campaigns goal of sustained human lunar presence.
Steve: This contract introduces a pay by the minute service model focused on scalable data transmission services.
Steve: This is significant and that we believe it boost margin potential through its software as a service like revenue model.
Steve: We were able to incorporate communication satellite deliveries with each lunar lander mission.
Steve: At a marginal cost due to extra performance on the booster.
Steve Altemus: resulting in significant cost savings. As such, we intend to deploy the first of five lunar data relay satellites on our third contracted surface delivery mission. This deployment enables an initial operational capability that allows NASA to initiate pay-by-the-minute services. Two additional satellites are slated for delivery on our fourth surface delivery mission, awarded in September. followed by two final satellite deployments to complete the constellation. For the lunar missions themselves, our next surface delivery mission, IM-2, we completed a propulsion system hot fire test on the vehicle, representing the most complex integrated test of the lander thus far, in preparation for a mission window in the first quarter from NASA's Kennedy Space Center.
Steve: Resulting in significant cost savings.
Steve: As such we intend to deploy the first of five lunar data relates satellites on our third contracted surface delivery mission.
Steve: This deployment enables an initial operational capability that allows NASA to initiate pay by the minute services.
Steve: Two additional satellites are slated for delivery on our fourth surface delivery mission awarded in September.
Steve: Followed by two final satellite deployments to complete the constellation.
Steve: For the lunar missions themselves are next surface delivery mission I am two we completed a propulsion system Hot fire test on the vehicle representing the most complex integrated test of the lender thus far in preparation for emission window in the first quarter from Nasa's Kennedy.
Steve Altemus: The mission is designed to validate water hunting infrastructure, such as a prospecting drill and essential mobility services like our Micronova hopper, which is designed to deploy off the lander and prospect by hopping across the lunar surface. Our third delivery mission, IM-3, is on a similar pace. Right now, the vehicle is undergoing integrated vibration testing, and we anticipate a mission window through early 2026. With this launch opportunity, we will also deploy the first of five data relay satellites under the Near Space Network Services contract, as I mentioned. We intend to deliver the next two data relay satellites on our fourth service delivery mission, IM4.
Steve: <unk> Center.
Steve: <unk> is designed to validate water hunting infrastructure, such as our prospecting drill and essential mobility services like our micro Nova Hopper, which is designed to deploy off the landor and prospect by hopping across the lunar surface.
Steve: Our third delivery mission I am three is on a similar pace right now the vehicles undergoing integrated vibration testing and we anticipate admission window through early 2026.
Steve: With this launch opportunity we will also deploy the first of five data really satellites under the near Space Network services contract as I mentioned.
Steve: We intend to deliver the next two data release satellites on our fourth service delivery mission for NASA awarded intuitive machines that $116 $9 million mission in September and we expect additional commercial payloads to join that mission.
Steve Altemus: NASA awarded Intuitive Machines that $116.9 million mission in September, and we expect additional commercial payloads to join that mission. This South Pole mission includes six NASA payloads in addition to a European Space Agency-led drill suite to search for water ice. During the third quarter, Intuitive Machines continued to mature the lunar terrain vehicle design, culminating in delivery of our prototype vehicle to NASA's Johnson Space Center for human-in-the-loop testing, where astronauts will evaluate crew interfaces and operations with the vehicle. Prior to delivery to NASA, Intuitive Machines was honored to host Apollo-era moonwalkers Charlie Duke and Harrison Schmitt to evaluate our design.
Steve: This south pole mission includes six NASA payloads. In addition to our European Space Agency led drill suite to search for water ice.
Steve: During the third quarter intuitive machines continue to mature the lunar terrain vehicle design, culminating in delivery of our prototype vehicle to NASA Johnson space Center for human in the loop testing, where astronauts will evaluate crew interfaces and operations with the <unk>.
Vehicle.
Steve: Prior to delivery of NASA intuitive machines was honored to host Apollo era, Moonwalker, Charlie Duke and Harrison Schmitt.
To evaluate our design.
Steve Altemus: This was a unique opportunity for our mechanics to incorporate real-life astronaut experience of driving the original Apollo rover into our design for the NASA's LTBS program. This past Thursday, the LTV team unveiled our first fully electric crab-walking motorized vehicle at NASA's official visitor center in Houston. Later this month, you will see our vehicle performing testing near Meteor Crater National Park in Arizona. Since the LTV is large and heavy, roughly the size of a pickup truck, it requires a larger lander for delivery to the surface of the moon. Through a series of rigorous design reviews, we continue to mature our heavy cargo lander variant, Nova-D, which will be capable of delivering the pickup truck-sized lunar terrain vehicle to the surface of the moon.
Steve: This was a unique opportunity for our mechanics to incorporate real life astronaut experience of driving the original Apollo Rover into our design for the masses Ltvs program.
Steve: This past Thursday, the LTV team unveiled our first fully electric crab walking motorized vehicle at NASS as official visitor centre in Houston.
Steve: Later this month, you will see our vehicle performing testing near Meteor crater National Park in Arizona.
Steve: Since the LTV is large and heavy roughly the size of a pickup truck it requires a larger lender for delivery to the surface of the moon.
Steve: Through a series of rigorous design reviews, we continue to mature our heavy cargo lander variant, Nova D, which will be capable of delivering the pickup truck size lunar terrain vehicle to the surface of the moon.
Steve Altemus: Recall, the next phase of the LTV contract is still competitive, as Intuitive Machines is one of three vendors vying for the delivery and demonstration mission, which is expected to be awarded late next year. It's important to note that the LTBS contract is more than just a mobility platform, it's a full-service offering. This includes the ability to deliver the vehicle to the lunar surface. to communicate and autonomously operate the vehicle while on the surface of the moon over a 10-year period. The experience gained from past and near-term surface delivery missions will enable Intuitive Machines as the only prime contractor in the LTVS bidding pool with validated experience Delivering to, transmitting data from, and autonomously operating infrastructure on the surface of the moon.
Steve: Recall the next phase of the LTV contract is still competitive as intuitive machines as one of three vendors vying for the delivery of demonstration mission, which is expected to be awarded late next year.
It's important to note that the Ltvs contract is more than just the mobility platform. It is a full service offering.
Steve: This includes the ability to deliver the vehicle to the lunar surface.
Steve: To communicate and autonomously operate the vehicle while on the surface of the moon over a 10 year period the.
Steve: The experience gained from past the near term surface delivery missions will enable intuitive machines as the only prime contractor and the ltvs bidding pool with validated experience deliver.
Steve: Delivering two transmitting data from and autonomously operating infrastructure on the surface of the Moon.
Steve Altemus: Our strategic approach to create a lunar economy appears well-aligned with current and future political priorities. We believe the United States returning to the moon has and will continue to have bipartisan support as we enter the next generation space race with China. It's critical for the country to develop a sustainable lunar economy and lead the world in space exploration. Our government has made it clear that returning to the moon is of strategic importance to the United States. Collectively, the industry must continue to produce capabilities that enable expansion of the lunar economy. For our part, we plan to accomplish this through a steady cadence of missions, gradually learning about how to live and work on the moon.
Steve: Our strategic approach to create a lunar our economy appears well aligned with current and future political priorities.
Steve: We believe the United States returning to the Moon has and will continue to have bipartisan support as we enter the next generation space race with China.
Steve: It is critical for the country to develop a sustainable lunar economy and lead the world in space exploration.
Our government has made it clear that returning to the moon is of strategic importance to the United States.
Collectively the industry must continue to produce capabilities that enable expansion of the lunar economy.
Speaker Change: For our part we plan to accomplish this through a steady cadence submissions gradually learning about how to live and work on the Moon.
Steve Altemus: for NASA to successfully execute its Artemis campaign in a globally competitive landscape.
Speaker Change: For an asset to successfully execute its Artemis campaign in a globally competitive landscape.
Steve Altemus: We see the possible need for a reformulation driven by budgetary and schedule reality. We believe NASA must continue to partner with commercial industries to drive an affordable, incremental roadmap that enables steady, visible progress. The emphasis on low cost, combined with precursor work to gain engineering insights for surface infrastructure, are essential for a long-term stay on the moon and a thriving lunar economy. This infrastructure and data first approach can then accommodate potential delays and budget shortfalls in developing the human systems while keeping them squarely in sight for the United States. The company finished the third quarter by taking an immediate tangible step towards playing a key role in future commercial and government lunar activities by establishing a foothold in lunar orbit before our first relay satellite is deployed.
Speaker Change: We see the possible need for a re formulation driven by budgetary unscheduled realities. We believe NASA must continue to partner with commercial industries to drive an affordable incremental roadmap that enables steady visible progress.
Speaker Change: The emphasis on low cost combined with precursor work to gain engineering insights for surface infrastructure are essential for our long term stay on the moon and a thriving lunar economy.
Speaker Change: This infrastructure and data first approach can then accommodate.
Speaker Change: <unk> delays and budget shortfalls and developing the human systems, while keeping them squarely in sight for the United States.
Speaker Change: Company finished the third quarter by taking an immediate tangible steps towards playing a key role in future commercial and government lunar activities by establishing a foothold in lunar orbit before our first really satellite is deployed.
Steve Altemus: Intuitive Machines has assumed the contract, the team, and the responsibility for operations and data analysis for NASA's Lunar Reconnaissance Orbiter and ShadowCam cameras and imagery. The Lunar Reconnaissance Orbiter has been circling the moon since 2009 with the primary goal of making a 3D map of the moon's surface and is critical for analyzing and selecting all future lunar landing sites. Shadowcam's objective is to provide information about the distribution and accessibility of water ice and other volatiles on the surface. With Intuitive Machines now participating in collection of lunar surface data, we've added an incredible team and technical capability in Phoenix, Arizona.
Intuitive machines has assumed the contract.
Speaker Change: Team and the responsibility for operations and data analysis for Nasa's lunar reconnaissance orbiter, and shadow Cam cameras and imagery.
Speaker Change: The lunar reconnaissance orbiter has been circling the moon since 2009 with the primary goal of making a <unk> map of the moon surface and is critical for analyzing and selecting all future lunar landing sites.
Speaker Change: Shadow <unk> objective is to provide information about the distribution and accessibility of water ice and other volatiles on the surface.
Speaker Change: With intuitive machines now participating in collection of lunar surface data, we've added and an incredible team and technical capability in Phoenix, Arizona prior.
Steve Altemus: Prior to joining Intuitive Machines, this team supported our first mission, including capturing imagery and documenting our actual landing location on the surface of the moon. This team brings invaluable experience that we believe will accelerate Intuitive Machines' ability to field the first lunar data relay satellite constellation under the Nearspace Network Services contract, while providing immediate high-resolution images of the moon for prospecting, landing site selection, and mobility mission planning for the entire industry.
Speaker Change: Prior to joining <unk> machines. This team supported our first mission, including capturing imagery and documenting our actual landing location on the surface of the moon.
Speaker Change: This team brings invaluable experience that we believe will accelerate in two of the machines ability to field. The first lunar data released satellite constellation under the near Space Network services contract, while providing immediate high resolution images of the Moon for prospecting landing site selection and mobility mission planning.
Speaker Change: The entire industry.
Pete Mcgrath: With that, I'll turn the call over to Intuitive Machines Chief Financial Officer Pete McGrath. Thank you, Steve. And thanks, everybody, for joining us. As Steve mentioned, we had another strong quarter financially, with quarter three revenues of $58.5 million, up 359% over the same quarter of the prior year.
Speaker Change: With that I'll turn the call over to two of the machines Chief Financial Officer, Pete Mcgrath.
Pete Mcgrath: Thank you, Steve and thanks, everybody for joining us today.
Pete Mcgrath: Steve mentioned, we had another strong quarter financially with quarter three revenues of $58 5 million up 359% over the same quarter of the prior year.
Pete Mcgrath: Close the quarter with record highs in both cash and back. Q3 revenue was driven primarily by OMS, CLPS, and LTVS execution. Ohm's revenue was $34.1 million and a quarter, down about $5 million from Q2, as expected, given the ramp down of OSAM within Ohm. We expect a continued ramp down here late in the fourth quarter and into the first quarter of next year. We continue to work with NASA on opportunities for further work scope within the OMS contract for in-space assembly and manufacturing technology development, as well as space weather monitoring systems and applications. We expect to see some revenue growth starting in the fourth quarter as a result of CP22 and NS&S.
Pete Mcgrath: <unk> closed the quarter with record highs in both cash and backlog.
Pete Mcgrath: Q3 revenue was driven primarily by arms clips and Ltvs execution.
Pete Mcgrath: <unk> revenue was $34 1 million in the quarter down about $5 million from Q2 as expected given the ramp down of OS Ham within hours.
Pete Mcgrath: We expect the continued ramp down here late in the fourth quarter and into the first quarter of next year.
Pete Mcgrath: We continue to work with NASA and opportunities for further work scope within the army contract for in Space Assembly, and manufacturing technology development as well as space weather monitoring systems and applications.
Pete Mcgrath: We expect to see some revenue growth starting in the fourth quarter as a result of <unk> 22, and SNS Awards.
Pete Mcgrath: In Q3, we paid off the outstanding $3 million balance on our credit mobilization loan, resulting in zero debt on our balance. Zero debt coupled with our strong cash balance gives the confidence that we have ample liquidity to execute on our growth trajectory. Gross profit was $4.1 million for the quarter versus a negative $13.8 million in the prior year, demonstrating our continued focus on driving towards profitability. Operating loss for the quarter was negative $13.7 million versus negative $24.0 million in the third quarter of 2023. The lower operating loss in the quarter was again driven primarily by the gross profit in the quarter, partially offset by a $5 million impairment of property and equipment.
Pete Mcgrath: In Q3, we paid off the outstanding 3 million balance on our credit mobilization model, resulting in zero debt on our balance sheet.
Pete Mcgrath: Zero debt, coupled with our strong cash balance gives the confidence that we have ample liquidity to execute on our growth trajectory.
Pete Mcgrath: Gross profit was $4 1 million for the quarter versus a negative $13 8 million in the prior year, demonstrating our continued focus on driving towards profitability.
Pete Mcgrath: Operating loss for the quarter was negative $13 7 million versus negative $24 1 million.
Pete Mcgrath: In the third quarter of 2003.
Pete Mcgrath: The lower operating loss in the quarter was again driven primarily by the gross profit in the quarter, partially offset by a $5 million impairment of property and equipment.
Pete Mcgrath: SG&A for the quarter was $12.3 million versus $9.9 million in the prior year. The higher SG&A was due to increase in public company costs, employee compensation benefits, and rent on our new corporate headquarters. Operating cash used was $17.9 million in the quarter, with capital expenditures of $1.4 million, resulting in free cash flow in the quarter with an outflow of $19.3 million. Our cash balance significantly increased in Q3 to $89.6 million, the highest quarter ending balance in company history. This was driven by $80.5 million of cash raised in a quarter through the At The Market Offering Program.
Pete Mcgrath: Okay.
Pete Mcgrath: SG&A for the quarter was $12 3 million versus $9 9 million in the prior year.
Pete Mcgrath: SG&A was due to increase in public company costs employee compensation and benefits and rent on our new corporate headquarters.
Pete Mcgrath: Operating cash used was $17 9 million in the quarter with capital expenditures of $1 4 million, resulting in free cash flow in a quarter with an outflow of $19 3 million.
Pete Mcgrath: Our cash balance significantly increased in Q3 to $89 6 million, our highest quarter ending balance in company history.
Pete Mcgrath: This was driven by $85 million of cash raised in the quarter through the aftermarket offering program.
Pete Mcgrath: Our ATM was completed and the committed equity facility from our IPO expired unused in the third quarter. Two significant receivables were collected shortly after quarter end. As such, our cash position increased at month-end October to $106.9 million. With our cash balance at $106.9 million, coupled with our strong visibility into the timing of receivables from contracted milestone payments, this gives us the confidence that we will end the year with a similar cash balance. We ended the third quarter with contracted backlog of $316.2 million, a record for the company. This includes our recent CLPS award of $116.9 million, but does not yet include the full set of initial task orders for near-space network services, towing $150 million through the multiple task orders.
Pete Mcgrath: Our ATM was completed and a committed equity facility from our IPO expired unused in the third quarter.
Pete Mcgrath: Two significant receivables were collected shortly after quarter end as such our cash position increased at month end October to $106 9 million.
Pete Mcgrath: With our cash balance at $106 9 million, coupled with our strong visibility into the timing of receivables from contracted milestone payments. This gives us a confidence that we will end the year with a similar cash balance.
Pete Mcgrath: We ended the third quarter with contracted backlog of $316 2 million a record for the company.
Pete Mcgrath: This includes our recent clips award of $116 9 million, but does not yet include the full set of initial task orders for near near Space Network services totaling a $150 million through the multiple task orders.
Pete Mcgrath: We expect continued backlog growth as we receive new OMS and NSMS task orders while winning new business both domestically and internationally and with multiple U.S. government customers.
Pete Mcgrath: We expect continued backlog growth as we receive new arms and SMS task orders.
Winning new business, both domestically and international and with multiple U S government customers.
Pete Mcgrath: Overall, this was another strong quarter for Intuitive Machines. As we reach the end of the year, we are narrowing our full-year revenue guidance range to $215 to $235 million, and within that range, trending towards the mid-20s. As demonstrated in the quarter, we continue to execute on current programs while winning key awards. I look forward to guiding the company through a new lens of CFO and focus on managing costs efficiently to drive towards profitability and achieve our financial targets.
Pete Mcgrath: Overall this was another strong quarter for intuitive machines as we reached the end of the year. We are narrowing our full year revenue guidance range to $215 million to $235 million and within that range trending towards the midpoint.
Pete Mcgrath: As demonstrated in the quarter, we continued to execute our current programs, while winning key awards.
I look forward to guiding the company through a new lens as CFO and focus on managing cost efficiently to drive towards profitability and achieve our financial targets with that operator, we are now ready for questions.
Operator: With that, operator, we are now ready for questions.
Operator: As a reminder, to ask a question, please press star 1-1 on your telephone. Wait for your name to be in it. For all your questions, please press star 1 1 again.
Speaker Change: As a reminder to ask a question. Please press star one on your telephone.
Speaker Change: And wait for your name to be announced.
Speaker Change: To withdraw your question. Please press star one again.
Operator: In the interest of time, we ask that you please limit yourself to one question and one follow Standby while we compile the... in our first question.
Speaker Change: In the interest of time, we ask that you. Please limit yourself to one question and one follow up.
Speaker Change: Please standby, while we compile the Q&A roster.
Speaker Change: Okay.
Speaker Change: And our first question comes from.
Austin Moeller: Austin Moeller with Canon Core Genuity, your line. Hi, good morning, Stephen P. Morning, Austin.
Austin Muller with Canaccord Genuity your line is open.
Speaker Change: Hi, Good morning, Stephen Pete.
Speaker Change: Good morning, guys to FERC.
Steve Altemus: My first question here, do you anticipate that that LTV could still go to multiple vendors even after NSNS was awarded sole source to you? Well, yes, I think we we're having discussions with NASA currently about what the strategy might be and whether it'll be a single award or multiple awards on LTV. That hasn't yet been determined, determined. But I think the the door is open for discussions and they're receptive to to that possibility, Austin.
Speaker Change: Okay.
Speaker Change: My first question here do you anticipate that.
Speaker Change: That LTV could still go to multiple vendors even after <unk> was awarded sole source to you.
Speaker Change: Well, yes, I think we were having discussions with NASA.
Currently about what the strategy might be and whether it'll be a single award or multiple awards on LTV that hasnt, yet been deterrent determined but I think the.
Speaker Change: The door is open for discussions and they are receptive to to that possibility Austin.
Steve Altemus: And then what types of Space Force or other DoD programs are you looking at bidding on for Xgeocon? Yes, we have some opportunities that we've been talking with the DoD community about, and really those are in the areas of like orbital transfer stages, things like that, versus surface operations. So we think there's an opportunity for us as we launch towards the moon for rideshare payloads that can go into other orbits in the cislunar space.
Speaker Change: And then what types of space force or other Dod programs are you looking at bidding on for X Geo contract work.
Yes, we have some opportunities that we've been talking with the Dod community about.
Speaker Change: And really those are in the areas of.
Speaker Change: Like orbital transfer stages.
Speaker Change: But things like that versus surface operations.
We think theres an opportunity for us as we launch towards the Moon for Rideshare payloads that.
Speaker Change: Can go into other orbits.
Speaker Change: In the CIS lunar space.
Speaker Change: Excellent.
Speaker Change: Thanks for all the details.
Austin Moeller: Thank you.
Griffin Boss: And our next question comes from Griffin Boss with B. Reilly Securities. Your line is open. Hi, good morning. Thanks for taking my questions.
Speaker Change: Thank you and our next question comes from Christian Buss with B Riley Securities. Your line is open.
Christian Buss: Hi, good morning, Thanks for taking my questions.
Pete Mcgrath: So first, for me, I know we'll see a breakout when the when the when the 10Q comes out, but can you give some more color on program mix for revenue in the quarter? I know OMS was probably I would say 50 to 60% of the top line, but any color on other program contributions and, and and to what degree, you know, LTV, that one, you know, the initial one year contract contributed to the third quarter result.
Christian Buss: No.
Christian Buss: First for me I know, we will see a breakout on that.
Speaker Change: When the 10-Q comes out but can you give us some more color on program mix for revenue in the quarter I know <unk> was.
Speaker Change: Probably I would say $50 to 60% of the topline, but any color on other program contributions and and to what degree LTV that won the initial one year contract contributed to the third quarter results.
Pete Mcgrath: Yeah, Pete, why don't you take that one? Yeah, so the 34 was mostly attributed to OMS. The other programs are really a mix of the Landers plus LTV. LTV contract was only 30 million dollars for the first year. So that's pretty level loaded over a 12 month period. So that's only contributing about, you know, two to three million a month. I'm sorry, yeah. Okay, great. Two to three per month. Thanks.
Pete Mcgrath: Yes, Pete why don't you take that one yes. So the 34 was mostly attributed to the other programs are really a mix of the landers plus LTV.
Pete Mcgrath: LTV contract was only $30 million for the first year, so thats pretty level loaded over a 12 year 12 month period. So that's only contributing about $2 million to $3 million a month.
Speaker Change: No I am sorry, yes.
Speaker Change: Okay, great two to three per month.
Speaker Change: And then.
Pete Mcgrath: Is there any expectations you can share for how NSNS could potentially ramp in the fourth quarter and then maybe in 2025? I acknowledge it's an IDIQ, so perhaps you don't have visibility, but maybe a visibility into kind of initial task orders that you're bidding on there and maybe any color on the degree of those or the magnitude of those task orders would be helpful. Yes, I can give you more detail around the task order breakdown for the initial $150 million verification phase. The first task order is a six-month period of performance, which is the one we're under today.
Speaker Change: Okay.
Is there any expectations you could share for how and SNS could potentially ramp in the fourth quarter and then maybe in 2025 I acknowledge it's an idea IQ. So perhaps you don't have visibility, but maybe your visibility into your kind of initial task orders that youre bidding on there and maybe any color on the degree of that.
Are there the magnitude of those task orders would be helpful.
Yes, I can give you more detail around the task order breakdown for the initial $150 million verification phase.
Speaker Change: The first task orders a six month period of performance, which is the one we're under today, that's worth about $9 million.
Pete Mcgrath: That's worth about $9 million. The second task order would follow that, which is also about six months and period of performance for $18 million. And then that's followed by the third task order, which is $43.5 million, which has a... That one actually is one where we complete on-orbit verification of the first satellite and actually start operational task orders, which is additional funding beyond the verification task order and allows us access to the $4 billion plus contract value. That one's roughly about 6 to 12 months. And then the task order four is another one that's about a 12-month period of performance, and that's $61.5 million.
Speaker Change: The second task order would fall of that which is also about six months in period performance for $18 million.
Speaker Change: And then that's followed by.
Speaker Change: The third task order, which is $43 5 million, which.
Speaker Change: Has that one actually is one where we complete on orbit verification of the first satellite and actually start operational task orders, which is additional funding beyond the verification task order and allows us access to the <unk> era.
Speaker Change: The $4 million 4 billion plus contract value.
Speaker Change: One is roughly about six to 12 months and then the task order for is another one that's about a 12 month period of performance in that $61 $5 million that gets us to where we have <unk>.
Pete Mcgrath: That gets us to where we've verified on-orbit performance of the second two satellites. And then that opens up more additional task orders for operations. And then the final one is another task order 5 for 12 months, which gets us to the final operational capability of the satellites. That value is about $18 million. And then that allows us to get to full operational capability and provides full access to the follow-on operational task order.
Speaker Change: Verified on performance of the second two satellites and then that opens up more additional task orders for operations.
Speaker Change: And then the final ones. Another task order five for 12 months, which gets us to the final operational capability of the satellites that value's about $18 million.
Speaker Change: And then that allows us to get to full operational capability and provides full access to the follow on operational task orders.
Griffin Boss: Excellent. That's great, Keller. I really appreciate it, and thanks for taking my question. Thanks, Griffin.
Speaker Change: Excellent Thats, great color I really appreciate it and thanks for taking my questions.
Thanks Griffin.
Speaker Change: Yes.
Geraldine: And our next question comes from Edison. Bank, Geraldine.
Speaker Change: Thank you.
Speaker Change: And our next question comes from Edison, New with Deutsche Bank. Your line is open.
Steve Altemus: Good morning, everyone. And thanks for taking our questions. You know, first off, just kind of on the industry, you know, we obviously got a new administration coming in. I think there's this, there's this notion that it could be very positive for the space industry. Curious if you have any initial thoughts on just that sentiment. Yes, well, you know, certainly, like I said, we had bipartisan support over the past five or six years, certainly in cislunar space. And so we see a continuation of the United States focused strategically on the moon and returning humans to space or to the moon.
Speaker Change: Yeah.
Speaker Change: Hey, good morning, everyone and thanks for taking our questions.
Speaker Change: First of all just kind of on the industry.
Speaker Change: <unk> got a new administration coming in I think there is this there's this notion that it could be very positive for the space industry.
Speaker Change: If you have any initial thoughts on that sentiment.
Speaker Change: Yes, well certainly.
Speaker Change: Like I said, we had bipartisan support over the past.
Speaker Change: Five or six years.
Speaker Change: CIS lunar space and so we see a continuation of the United States focused strategically on the moon and returning humans.
Steve Altemus: But we see that really the commercial space activities are here to stay, and commercial space will be an integral component to opening up the cislunar economy. You see that in the NSNS contract. You see that the commercial sector, Intuitive Machines in particular, is now an integral partner with NASA for space communications and navigation. And we expect that only to continue and actually be strengthened in this administration. I understand.
Speaker Change: It's a space, where we are to the moon, but we see that.
Speaker Change: It really the commercial space activities are here to stay and commercial space will be an integral component.
Speaker Change: To opening up the system and our economy.
Speaker Change: You see that in the NSS contract you see that the.
Speaker Change: The commercial sector intuitive machines in particular is now an integral partner with NASA for space Communications and navigation.
Speaker Change: And we expect that only to continue and actually be.
Speaker Change: Uh huh.
Speaker Change: Strengthened.
Speaker Change: This administration.
Steve Altemus: And then just a follow up, I was wondering if you could you could dive maybe a little bit deeper into your competitive advantage on on LTV. You know, is it more the data, the rover, the lander? Is it all three? Like I said in the remarks here was that, you know, the LTV is a service, it's a full service offering. It's not just a rover or a moon buggy. You have to deliver it to the surface. You have to operate it on the surface autonomously, which means you need communications and navigation abilities to bring the data down and control it on the surface.
Speaker Change: Understood.
Speaker Change: And then just a follow up I was wondering if you could you could dive maybe a little bit deeper into your competitive advantage on an LTV is it more of the data the rover that land or is it all three.
Speaker Change: Yeah like I said in the.
Speaker Change: The remarks here was that the.
Speaker Change: The LTV as a service it's a full service offering it's not just the rover or Moon buggy.
Speaker Change: You have to deliver it to the surface you have to.
Speaker Change: Operated on the surface autonomous Lee, which means you need communications and navigation.
Speaker Change: Abilities to bring the data down and control it on the surface and so the three things that we set the company up for which is delivery data transmission services and infrastructure as a service.
Steve Altemus: And so the three things that we set the company up for, which is delivery, data transmission services, and infrastructure as a service, we provide all three uniquely, and that really sets us up for this LTV service to provide to NASA, unlike any other of the competition. So I feel we're in a strong place strategically, and we'll see how NASA reacts when they come out and compete it next year. We expect that to be competed in the latter half of the year and awarded late 2025.
Speaker Change: We provide all three uniquely.
It really sets us up for this LTV service provider to provide to NASA other unlike any other the competition.
I feel we're in a strong place strategically and we'll see how NASA reacts.
Speaker Change: When they come out and compete at next year and we expect that to be competed in the latter half of the year and awarded late 2025.
Geraldine: Thank you very much.
Speaker Change: Thank you very much.
Andres Sheppard: Thank you, and our next question comes from Andres Sheppard. Cantor Fitzgerald, your line. Hey, everyone. Good morning. Morning, Andres. a great to hear from you guys.
Speaker Change: Thank you.
Speaker Change: Our next question comes from Andres Sheppard with Cantor Fitzgerald. Your line is open.
Hey, everyone. Good morning.
Speaker Change: Good morning Andreas.
Speaker Change: Great to hear from you guys congratulations on another strong quarter.
Steve Altemus: Congratulations on another strong quarter, good revenue beat and great liquidity position there. You know, a lot of our questions, I think, have been asked, but maybe, Steve, just wondering, you know, as we look into the IM-2 mission launch window for January and then a on the LTV contract late next year. What are some things that investors, you know, that you think investors should be aware of as you get closer and closer to those timelines, you know, any particular milestones or catalysts for both those two that, you know, we should be paying close attention to? Yeah, thanks for that question.
Good revenue beat in great liquidity position there.
Speaker Change: And a lot of our questions I think have been asked but maybe Steve just wondering.
<unk>.
Speaker Change: Looking to the I am.
Speaker Change: Two mission launch window for January and then a decision on the LTV contract late next year, what are some things that investors.
Speaker Change: How do you think investors should be aware of as you get closer and closer to those timelines any particular milestones or catalysts for both those two that we can be paying close attention too. Thank you.
Speaker Change: Okay.
Speaker Change: Yes, Thanks for that question I think.
Steve Altemus: I think, you know, I mentioned for Mission 2, IM-2, which is our, you know, essentially our prospecting mission, very complicated mission to deploy a drill, a hopper, a rover. That is on target to meet a February launch window, which is, you know, amazing that the team pulled together to get that thing, the lander put together. So that's on track, and you'll see us flying that mission in the first quarter, as I said. What's also interesting on the heels of that success, we also have a, essentially a design review with NASA on the Nova-D, our heavy cargo lander that comes up in March.
Speaker Change: I mentioned for mission to item, two which is our.
Speaker Change: Essentially our prospecting mission very complicated mission to deploy a drill a hopper.
Speaker Change: Rover.
Speaker Change: That is on target to meet our February launch window.
Speaker Change: Which is.
Speaker Change: Amazing that the team pulled together to get that thing lander.
Speaker Change: And to put together so that's on track and Youll see us.
Speaker Change: Flying that mission in the first quarter as I as I said.
What's also interesting on the heels of that success.
We also have a essentially a design review with NASA on the Nova D. Our heavy cargo lander that comes up in March and that those two things the delivery to the south pole.
Steve Altemus: And that, those two things, the delivery to the South Pole for a prospecting mission in February, and a design review for the heavy cargo variant in March, really tees us up for entering into the down-select for the delivery demonstration mission of LTV. We expect that contract to start, the proposal activities to start in May, and be awarded by the end of the year.
Speaker Change: Our prospecting mission in February and a design review for the heavy cargo variant in March really Tees us up for entering into the down select for the delivery demonstration mission of LTV, we expect that.
Speaker Change: Contract.
Speaker Change: <unk>.
Speaker Change: The proposal activity that started in may and.
Steve Altemus: And so, those are the things I'll be looking towards and putting energy into to ensure success. Wonderful, super helpful. I appreciate that color, Steve. And maybe just a quick follow up, if I may. So you end of the quarter with about $90 million in liquidity, which I believe, again, is the highest on record. Just curious, how are you thinking about that kind of cash runway, cash burn, or expectations for liquidity over the next 12 months? Thank you. Yeah, we're clearly in a strong liquidity position, cash position for the next year, at least. We're going to look opportunistically at adding capital to the balance sheet, should we have the opportunity to do that.
Speaker Change: And be awarded by the end of the year and so those are the things I'll be looking towards and putting energy into to ensure success.
Okay.
Speaker Change: Wonderful Super helpful. I appreciate that color, Steve and maybe just a quick follow up if I may.
Speaker Change: So you ended the quarter with about $90 million in liquidity, which.
Speaker Change: <unk> again is the highest.
Speaker Change: On record just curious how you're thinking about that kind of cash runway cash burn or our expectations for liquidity over the next 12 months. Thank you.
Speaker Change: Yes, we're clearly in a strong liquidity position cash position for the next year at least.
We're going to look opportunistically at adding capital to the balance sheet should we have the opportunity to do that.
Steve Altemus: You know, we have these major contract awards in NSNS and potentially LTV, that we might want to take some capital on to work project financing. But right now we're in a secure position, at least through the end of the next year.
Speaker Change: We have these major contract awards.
Speaker Change: In NSS and potentially LTV.
Speaker Change: We might not want to take some capital to work project financing, but right now we are in a secure position at least through the end of next year.
Andres Sheppard: Wonderful. Thank you so much again for taking our questions. Congratulations on the quarter and looking forward to the next mission in Q1. Thank you so much. Thanks, Andres.
Speaker Change: Wonderful. Thank you so much again for taking my questions. Congratulations on the quarter and looking forward to the next mission and in Q1. Thank you so much I'll pass it on thanks.
Thanks, Andrew.
Josh Sullivan: Thank you, and our next question comes from Josh Sullivan with Benchmark Company. Your line is open. Hey, good morning. Morning, Josh. In your remarks, you mentioned how the commercial model and Intuitive's capabilities can keep the goal of a lunar development squarely in sight. What's the tempo of that conversation right now, just given the broader kind of questions around resources necessary for participating? Well, I think, you know, the shift is, if you look at the way the Artemis program is currently laid out, you know, with trying to get humans to the surface, and that was the urgency, I think that we've learned, at least from our first mission, that Flying a regular cadence of missions is packed with opportunities to learn and develop and engineer the systems that are needed for a long-term stay on the surface.
Speaker Change: Thank you.
And our next question comes from Josh Sullivan with Benchmark Company. Your line is open.
Speaker Change: Hey, good morning.
Speaker Change: Good morning, Josh.
Speaker Change: In your remarks, you mentioned, how the commercial model and intuitive capabilities can keep the goal of lunar development squarely in sight.
Speaker Change: What's the tempo of that conversation right now just given the broader kind of questions around resources necessary for pardon me.
Speaker Change: Well I think.
Speaker Change: The shift is if you look at the way the Artemis program is currently laid out.
Speaker Change: With trying to get humans to the surface and that was the urgency I think that we've learned at least from our first submission that fly.
Speaker Change: Flying a regular cadence submissions is packed with opportunities to learn and develop and engineer. The systems that are needed for a long term stay on the surface and so a regular cadence submissions.
Steve Altemus: And so a regular cadence of missions to engineer the systems that are going to be required to support the astronauts is as crucial as the astronauts actually arriving. And so if we – my theory is to redistribute the activities in the Artemis program to make sure that the infrastructure arrives and is delivered that will support sustained human presence, and that's really the infrastructure-first comment I made in my remarks. So that's what we'll be talking about, you know, with this idea of flying to the moon, flying to the South Pole, drilling on the South Pole. All of those kinds of things are things that we're doing as a first, and I think we need to get – good at that and build the reliable systems. And that's done by doing it over and over and over again.
Speaker Change: To engineer the systems that are going to be required to support the astronauts is as crucial as the astronauts actually arriving and so if we.
Speaker Change: My theory is to repass.
Speaker Change: Redistribute.
Speaker Change: The activities in the Artemis program to make sure that the infrastructure arrives and is delivered that will support sustained human presence.
Speaker Change: And Thats really the infrastructure first.
Speaker Change: Comment I made in my remarks.
Speaker Change: And so that's what we'll be talking about with this idea of flying to the Moon flying to the South pole drilling on the South pole all of those kinds of things are things that we're doing as a first and I think we need to get.
Speaker Change: Good at that and build the reliable systems and that's done by doing it over and over and over again, and so I think theres an opportunity to keep.
Steve Altemus: And so I think there's an opportunity to keep the moon squarely in the sights of the United States by this regular cadence of missions. And when the complex systems that are required for humans to be on the moon are ready and safe, we'll be prepared for those. And that's kind of the comment I'm trying to pull on.
Speaker Change: The moon in squarely in this and the sites in the United States by this regular cadence submissions and win.
Speaker Change: The complex systems that are required for humans to be on the moon are ready and safe, we will be prepared for those and that's kind of the comment on I'm trying to pull up.
Steve Altemus: All right, well, thank you for that. And just on the, you mentioned the assumption of the lunar reconnaissance and shadow cam, what is the financial commitment side of that look like for intuitive? And then, you know, do you gain any proprietary data from from taking those over? Well, that's really open source data for the public, for scientists, for NASA to use as they need to. And so it's open for folks. NASA pays the contract. It's about $9 million for managing that. But what's critical is that gives us a capability and an infrastructure we can build on here on Earth for data warehousing, the big database that can be searched, the tools to search those petabytes of data that are collected around the moon, and to provide some advanced analytics, machine learning and AI kind of analytics, that will give us greater insight into what resources are up there on the moon.
Speaker Change: Thank you for that.
Speaker Change: And then just on the you mentioned the assumption of the lunar reconnaissance and Shadow Kim what is the financial commitment side of that look like for intuitive and then <unk>.
Speaker Change: Gain any proprietary data efforts and taking those over.
Speaker Change: Well, that's really open source data for.
Speaker Change: The public for scientists for NASA to use as they need to and so it's open for folks NASA pays the contract its about $9 million for managing that but what's critical is that gives us the capability and in infrastructure. We can build on here on earth for data warehousing.
Speaker Change: The big database that can be searched the tools to search.
Speaker Change: That those petabytes of data that are that are collected around the moon and to provide some advanced analytics machine learning and AI kind of analytics that will give us greater insight into what.
Resources are up there on the Moon, when we do think about putting our own survey are up around the Moon will now have the infrastructure in place on Earth and.
Steve Altemus: When we do think about putting our own surveyor up around the moon, we'll now have the infrastructure in place on Earth and that repository to host that data. Great.
Speaker Change: And that repository to host that data.
Josh Sullivan: Thank you for the time. Great, Josh. Thank you.
Great. Thank you for the time.
Jeff: Great Jeff.
Jeff: Thank you.
Suji DeSilva: Our next question comes from Suji DeSilva with Roth Capital. Your line is open. Hi, good morning. Congrats on the progress here.
Speaker Change: Our next question comes from <unk> Desilva with Roth Capital. Your line is open.
Speaker Change: Hi, good morning, Congrats on the progress here.
Steve Altemus: The, yeah, the NSN contract, Steve, looking ahead to that, you know, what are the first infrastructure deployment steps we should think about happening and what will be the time? So the first piece of infrastructure for the NSNS contract will be deployed on Mission 3. In late 25, early 26, that's when we're scheduling that satellite. That satellite, once it's on orbit and it's checked out, communicating with the surface asset or with the LRO, for example, will be able to start the operational service kind of revenue stream. That's the first thing to look for. Great.
Speaker Change: Yes.
Speaker Change: Yeah, the Edison contract, Steve I'm looking ahead to that what are the first infrastructure deployment steps, we should think about happening in won't be the timeframe for those.
Speaker Change: So the first piece of infrastructure for the NSS contract will go be deployed on mission three.
Speaker Change: In late 'twenty five early 'twenty six.
Speaker Change: When we're scheduling that.
Speaker Change: That satellite.
Speaker Change: That satellite once it's on orbit and its checked out.
Speaker Change: <unk> with the surface asset or with the <unk> for example.
Speaker Change: We will be able to start the operational service kind of revenue stream.
That's the first thing to look forward to.
Steve Altemus: And then similar question for the rover, anticipating, you know, kind of success there for you, what would be the first kind of milestones to watch for once the program gets underway? Is that really just the same thing, preparing equipment for a launcher? Any milestones prior to that? So if you're talking about the next phase of LTV, so the first phase completes the design through a preliminary design review level. And that includes not only the rover, but also the landing system. You have to provide a mature landing system solution as part of that effort. And that's what Steve was referring to earlier about a NOVA-D PDR. For the next phase of the contract, we would mature the design initially through a CDR, which NASA could decide to actually do two contracts through CDR. That's one option they could decide to take and then down-select at that time.
Speaker Change: Okay, Great and then similar question for the the Rover anticipating you know kind of success. There for you won't be the first kind of milestones to watch for once the program gets underway is that really just same thing preparing equipment for a launch or.
Speaker Change: Any milestones prior to that.
So the.
Speaker Change: We're talking about the next phase of LTV. So the first phase the design through the preliminary design review level.
Speaker Change: And that includes not only the Rover, but also the landing system you have to provide a mature land landing system solution as part of that effort and Thats, what Steve was referring to earlier about of Nova <unk> PDR.
Speaker Change: For the next phase of the contract.
Speaker Change: We would mature the design initially through our ctr, which NASA could decide to actually do two contracts. We figure that's one option exercise to take and then down select at that time, but the next phase will take it through our Ctr and then it will take it through design development and qualification of the Rover before you fly it.
Suji DeSilva: But the next phase, we'll take it through a CDR. And then it will take it through design development and qualification of the rover before you fly it, then flying it to the surface of the moon. And then you need to do a full surface checkout, improve validation of performance on the surface. And then in parallel, NASA will award contracts for operational missions on the surface of the moon. Okay, thanks. Thanks, Suji. Thank you.
Speaker Change: Flying it to the surface of the Moon, and then you need to do a full surface checkout improved validation of performance on the surface.
Speaker Change: And then in parallel Nassau award contracts for operational missions on the surface of the map.
Speaker Change: Okay. Thanks.
Judy: Thanks Judy.
Steve Altemus: This concludes our question and answer session. I would now like to turn the call back to Intuitive Machines CEO, Steve Altemus, for any closing Well, thanks, everyone, for dialing in this morning to the call. As you heard, we had an excellent quarter.
Judy: Thank you. This concludes our question and answer session.
Speaker Change: I would now like to turn the call back to intuitive machine CEO, Steve <unk> for any closing remarks.
Speaker Change: Well, thanks for everyone for dialing in this morning for.
Speaker Change: For the call as you heard we had an excellent quarter.
Steve Altemus: And please look forward to and join us on our next mission in the coming months to the moon, South Pole. Thank you very much.
Speaker Change: Please look forward to and join US on our next mission in the coming months to the Moon South Paul Thank you very much.
Speaker Change: Okay.
Operator: Clues today. Thank you for participating.
Speaker Change: This concludes today's conference call.
Operator: You may now disconnect.
Speaker Change: Thank you for participating you may now disconnect.
Speaker Change: Okay.
Okay.
Speaker Change: [music].
Speaker Change: Okay.
Speaker Change: Yes.
Speaker Change: [music].
Okay.
Speaker Change: [music].