Earnings call transcript Q1 2023

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Operator

Good day, and thank you for standing by. Welcome to the Intuitive Machines’ First Quarter 2023 Conference Call. At this time, all participants are in listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded.

like Marshall. the would your over I Josh host, now, to conference hand to And ahead, go Please sir.

Josh Marshall

Steve Officer; Welcome quarter Officer. Leading are XXXX afternoon. earnings Chief Good to call. the Intuitive call Chief Erik Salle, and Machines’ first Altemus, Financial Executive today

we revenue, of current plans some the or future the expectations projections These our to future during Company note other with information forward-looking on business. statements, business, that consist of and call respect its will underlying of please and of and include items; statements assumptions other the earnings the setting and financial statements begin, discussed statements Before and objectives Company of today’s regarding economic forth its these for events. economy performance management; our the

differ Company’s earnings with from These factors. undertake to in most not XX-Q and statements. are results update The in any due obligation recent statements any to the those could release statements materially do forward-looking many SEC. actual We forward-looking Company’s forward-looking Company’s described under factors the press the indicated filed

discuss are to earnings filed expect regulations. in on to information X-K. and measures GAAP SEC financial measures the as also We defined that are applicable Company’s the Reconciliations included rules and in measures non-GAAP certain Form release

supplement Finally, our we context website, an financial earnings performance. on on posted call which our provides additional

on this Investors page Relations presentation find our You can at www.intuitivemachines.com/investors.

Altemus. turn Steve I’ll over to Now the call

Stephen Altemus

comprehensive I XXXX. to by business highlights an for for of After commercial time company short welcome pleased I’ll our as I of a company. call Josh. you, a overview our CFO, to for call of Erik call a any to notably, overview over of today am all earnings review and our quarter more with results begin our the first quarter Thank earnings you the listeners, first our activities. hand financial overview then first first recent XXXX public will our Salle, followed our which,

Starting who a those the brief of you with Machines Intuitive to for new are overview of story.

company services space Moon. in infrastructure contributing lunar company Infrastructure, and establishment We to Access are Lunar on the the areas: has focus of a with Orbital that and a Services Services, in Products Services, is founded XXXX The Data distinct and space, four a Space Lunar lunar operates business leading and position development infrastructure of each services. set through and and specific of commerce

a missions explore developed contracts program the the frequency space-to-ground Lunar insist the a series Nova-C company Services Lunar lander, and of missions communications to the and affordable for on has that and The lunar Access lunar SpaceX. or over four plans with means lunar to vehicle manifest, network, reliable a of mission and flight complete and governments, includes time. increase control, objects, has complexity Machines provide Intuitive with companies launch space on place individuals surface.

year. space relay installed Lunar and to to services the control services Data navigation mission the of that lunar global Data the supports backup Force. to data stations, to systems surface. center, the lunar support LDN Space starting expected spacecraft ground sends Services and satellites comprised a line-of-sight later LDN The station is evolve from The and communications, cislunar base-band U.S. network Moon. and is each The on Network is provide units ground a private Lunar for and and secure NASA at this imagery to is and secure and relay network in data designed receives called

from and mechanisms LEO debris removal Awareness repair, leverage servicing, proximity These Orbital space. its rideshare. optical and Domain raising such services products, orbits for commercial and of domain Intuitive in-space satellite expertise satellites refueling include orbits government navigation, cislunar to Machines Space orbital organizations. space for satellite Services existing services as as both rendezvous as and delivery, in the robotic provides well operations, out to and seeks

include Infrastructure products systems its also to and and Products offerings infrastructure provides services customers. industry complex These aerospace navigation space offers the to Intuitive habitation Space engineering for highly the systems, cost-effective systems, and States. specialized development NASA lunar space propulsion United Machines human and Finally, systems. across reliable mobility, power aerospace

and ensure Navigation highlight Underpinning focus and space NASA’s requirement Timing thesis. action our efforts. this, to solutions and initially Space driving Awareness giving what our I The want in on beliefs Space to and Domain Forces’ is validates strengthens business them strategy xGEO of sensors Position China to cislunar freedom

cislunar space next as We believe Intuitive new purchasing Force well services and and foreign entrants. and funding the activities domestic to years in force This, Space to enhances systems. space for our Machines other capital driving the with the that commercial so commercial belief and Awareness, government growing Department positioned. acquiring Defense will funding Space rely for the opportunity new such Space the operating sell This cislunar versus Navigation along we that to communication space provides allied Timing, Force, Position for secure five-plus why in into to especially sector the be is Domain will flowing given on are companies the policies, the services due an the drive cislunar and economy

in on We on Corporation business Machines LUNR, Point resulted which as Inflection completed of with that The ticker objectives across a let’s Acquisition trading year, to With business us under four Stock combination necessary backdrop, and committed growth. units our execute enables our NASDAQ to move L-U-N-R. February our the this Exchange, capital this Intuitive from symbol quarter. our the provides business future in the resources with the transaction

in Taking initially carry with landing priority Pole financial shifting of agency’s site benefits our This NASA mission region does for in support quarter its Services, for redirect, February. program lunar to the first the to Artemis the redirected our while Lunar Access our by incremental South Moon’s execute, objectives us. in and beginning timing segment milestones

strategic and was apparent in are a midst rolled importance. government to Moon race we first Changing landing year’s that National of of clear sentiment a this from NASA as the Intuitive space signal Machines’ That Mars is at its Space strategy. Symposium Moon site is out the the

due recognizing around is importance Artemis of part the Moon gradually activities Defense China’s Department recent in at program. to the the on cislunar space, focus of and and NASA’s directed large

Given made the and including allows testing Intuitive Falcon rocket. on significant execution of elevated mission of site, completed successful first landing to structural progress, launch Nova-C safely importance X The we testing the a SpaceX Machines our spacecraft. us

with propellant completed cryogenic loading successfully loading filled procedures lunar test Additionally, propellant pad. at we fill liquid our equipment lander the launch that to commodities the demonstration a and

of mission operations the during avionics mission progress flight mirrored Our first a sequence quarter, and flight with the control software team. that test software the completing mission systems and full team duration

With in in strategically these is mission year, significant third flying site to milestones landing at first to return mission the Artemis Intuitive as this missions. to well Moon the intends the already This of States a quarter. a human its the way precursor to essential United surface accomplished Machines the its

Our and commercial the lunar in payloads revenue long-term strong and to diversification of in a The the access area both orbits indication our in surface lunar payloads. business. services continues our beyond increase of lunar is rideshare growing access success of geo activity payloads and delivering

NASA contracted initial In steps beyond the command and took during service Services missions. Lunar is our with Data lunar control commercializing the quarter, missions, to established internal the own spacecraft and first we support its To payloads. its in communicate Next Lunar Data three Intuitive lunar that Machines usage and Services. spacecraft our

services solicitation include to around contract and a Relay of Services and multi-award offering highlights Space in NASA XX-year our the Navigation April. in direct submission vicinity Recent is Network communication for proposal a to Earth for Services Data from of and Moon. the Near This and

of terms communications, us Intuitive NASA’s submitted communication Machines Payload to CLPS significant is This Services or with or communication and prime like provide standby, leverages which task have that operational over give around relay The XX a structured subcontractor. a to stations much whether NASA’s critical in Commercial for the services. coverage. of Raytheon bid initiative, a emergency globe services established receives solicitation services continuous period is years our orders minutes data solicitation as Lunar ground of

Machines of NASA’s Reconnaissance network XXXX, At by its the and Orbiter validated X end mission. Intuitive the Artemis Lunar tracking

about the out capabilities. our X, network to our demonstrating communications kilometers, Artemis During tracked XXX,XXX Orion Spacecraft

validated ground Reconnaissance Orbiter, did demonstrate services NASA’s which part as orbit we to each that Lunar do ground is Moon of the station and determination against network. from ground addition, orbiting In stations navigation that our we can

offering of third quarter in this a to Services NASA All are solid strength Network and NASA the to in year. the Near of demonstrates this our bidding for contract Space expect we award process the to contract. a strong provide position believe the in We

award contract services the Moving date, Services largest the Orbital our and Intuitive first omnibus Machines its single received multi-engineering time Orbital now. in million We Services five-year during NASA’s unit business In invested personnel following, weeks quarter. to $XXX contract. to

allowing development, of the demonstrating company’s the enabling services, support majority communications. emerging in a orbital partner removal. designing, technology and to us technologies in is the with servicing to Near spacecraft KBR support including and and repositioning of servicing the venture developing required refueling, satellite in strategic is Space develop This NASA satellite to critical and importance validation Machines debris and missions orbital win joint market autonomous experience and Intuitive systems, operate

a protested, recently happy we we believe Services we in the offer this our should start entered agreement, to adjudication We large incubated award that business customer our work Orbital combination to or business QX was unit. start establish it. excellent of we decision going contract that to but are upon The value QX to the upholding contract this and represents prime said When landed we and year. were late it report

Space next up business. Finally, and is Products our Infrastructure

where mobility Products plants including systems; and This power is capabilities, currently habitation servicing Awards unit propulsion and opportunities. NASA systems. Infrastructure human for business contracts, engineering made Space in strides lunar business contracted and monetize future Our work and developing vehicle, we

program. team Moon Boeing, to Racer proud prime our the propose Moon is with for Terrain Intuitive introduce Machines with solicitation Grumman, as Lunar Intuitive for Northrop Vehicle against Artemis AVL the Roush, to is the Today, intent contractor NASA’s the Racer and teammates. the in Machines team, Michelin

industry-leading systems, of exploration. this an including and operations electric wheels the is long capable lunar surface duration complex professionals and believe We developing integrated to chassis, large rated team space of support

its joint as following Energy Energy venture the IX reactor NASA power Department Machines lunar Intuitive contract National Machines Laboratory design and and part about is also of with the fission surface weeks briefed Machines Machines the of our at the Idaho partner. cycle. advancing NASA of In under Intuitive majority between first X-Energy, Intuitive quarter, and design the Intuitive the Department the as midpoint of the with

Lastly, on Production touch I’d Center. and like Lunar our Operations to

the and square units. of Intuitive by meet partner consulting Airport proud four We growing which and an completing the the McDonnell, million to & City Burns that of demands with foot construction Houston to will $XX Griffin across contractor, project over XXX,XXX is company built enable Houston facility, all are business Partners. design Machines System, financing are with the

end the execute testing Intuitive to inside other XXXX, the is Machines Flame production started new operations company’s advanced its qualify Machines cryogenic further also elevated QX state-of-the-art facility. engine The testing. develop of within test verification that XX.X-acre Machines’ Intuitive lunar lot located Intuitive and facility engines Range houses safely At designed risk or facility vacuum and

To of traded quickly established recap, publicly as first the Intuitive company. a XXXX Machines quarter

us are resources to well Our so. our we on the provided objectives to do go-public transaction execute and business capitalized

NASA’s awarded III We OMES million have been contract. five-year $XXX

to Services mission continuing a award. Data mature continue third risks preparation to way quarter and retire to prime are on we Lunar our to for our another contractor in the Moon, We

here I our of stakeholders. as deliver Intuitive their Machines at the to team am all dedication for work for look and extremely of hard proud we

our well-positioned value. long-term shareholder expectations balance through are deliver and the XXXX on of We to drive

With I’ll to Officer, Machines’ call that, the turn Salle. Chief Financial Intuitive over Erik

Erik Salle

early for to you, discuss $XXX.X everyone of the reviewing quarter Steve, in then the This XXXX rest first to million, first of NASA the year. today. with quarter a and begin year. backlog backlog outlook million million. us results contract, contract not after of was quarter I’ll III revenue which over contracted remainder expected the Thank value of include thanks the a ceiling to our and is the by We April of ended joining which does a the ended $XXX.X with $XXX our OMES awarded convert

backlog, customer firm strong commitments, together the of segments. believe position a anticipated our driver latter. $XXX forward Additionally, our contracted in with included OMES contracts backlog firm the contracted, go We puts in are backlog. existing incrementally not or other either traction shows to of our and moving funded firm and our services revenue some XXXX the and major being with is in within million of market near-term us continued

our Our – first revenue quarter the first the $XX.X from CLPS me. We first We in XXXX in Payload revenue of of $XX.X compared quarter which Commercial revenue was $XX.X the revenue. to of and quarter the in quarter NASA excuse majority million XXXX. QX three line Services $XX.X was generated quarter million our of The generated million million contracts, first Lunar in with Services specifically, generated Lunar expectations. Access or $XX.X first in million –

Operating Steve operating loss to mentioned $X.X was a million the in as due as readiness costs loss year-ago was $XX launch to compared public This million impacts quarter. company schedule earlier. update the primarily well from

later that our to year. Operating this, in the in million achieve positive $X.X the us incur associated million $XX.X expenses the in this help do transaction going volume attributable expenses combined increase listing. of not quarter, these expenses were should to anticipate was forward. expect with first of EBITDA which QX with We year, public We

Importantly, we cash the million, execute our us which quarter to with strategy. a a first business on and $XX.X of position well-capitalized balance ended allows represents

Additionally, from our in a warrant quarter subsequent does exercises disclosed ending we include not which be cash event. the will as April, received $XX.X balance million

a always capital allocate been to in continue the to highest capital-efficient disciplined be a have adjusted We will and risk company, manner. will and returns

and our The of As to capital live customers being near-term goals. as The to from programs, self-funded, examples a our this. are NSNS were growth how LTV, stated within we to investments order is deployed specifically programs earlier, means. in we Steve so great FSP mentioned three incremental transaction tied private and toward the company, generating revenue achieve know previously mostly

Moving to for our guidance XXXX.

XXX with public occurred ago, by public start the revenue. company of contract represented delay ranges move XXXX of only issuing As company, days The portion line up a many a OMES, guidance for two be peers. as forward OMES we this will of days. projected we which to metrics of our protest utilizing significant important will our in

the overall the contract. this not However, impact does value of

of continue value and feel confident the to adjudication work of customer protest our on pending our in the in the We OMES to fourth in to the successful expect proposal favor, begin a of and for range to this our to be in news, revenue the Accounting $XXX expect to million the to of margin X% XX%. XXXX recent quarter. be gross million range we in $XXX

million manage with result. a to balance appropriately cash approximately and to to will business end expect seek year of this $XX We the the achieve

We second half of we of to events be our second in anticipate given will growth. revenue revenue of and support year, the expect stronger generation our recognition the in the the year several timing half and which and contracts, projected occur

second the and line not with industry nature years as result previous uncommon contract business. of a of the and stronger is aerospace half in defense within A the

the of example, in in XX% For of XX% generated revenue XXXX, half and was second generated the the was in our quarter. year fourth

key we this execution LTV. year bidder We believe the lunar next for later awards potential will timelines selected up Significant on Programs contract for guidance the that and including NSNS successful months and we include to comet, this we a landings, over be ramp year, six OMES. include track xEVAS as new if jets, to expect OMES hit milestones being winning achieve on our NSNS. expected and

I share will count clarify go our calculations. now our equity briefly to outstanding over help

were traded. and Class as by outstanding the C prior of B shares. There converted shares date. are of shares into shares. Founders our A, We sheet shares and balance Equity XX,XXX,XXX converted our are common shares the were B held A outstanding, that XX,XXX,XXX Equity to outstanding publicly B three classes have equity: into quarter-end C XX,XXX three C. employees by are Class A Class Class held listing

business our additional the with QX we believe prudent balance a the to a reemphasize capital April, gives combined exercises the will cash with from balance, ending our warrant I in execute us resources in Lastly, strong sheet plan manner. on

With that, questions. for now we are ready operator,

Operator

ahead. MKM. Thank you, The have Please we sir. Instructions] go [Operator from from ROTH DeSilva Suji question first is

Suji DeSilva

hi, all progress and Steve, to Hi, the Congratulations date. Erik. on

for the timing around that? seems come preflight an So It it’s milestones? great update remaining of like to of heels for expect be And are get any there IMX. kind it’d on IMX,

Stephen Altemus

pad. Yes, the then afternoon. ready of and test, to structure can making did in get made significant vibration Suji, Yes, I model the good is X Falcon launch environment when in go cryogenic underneath progress, as we the we’ve our that the fairing. acoustic structural to to the terms some we mentioned, successfully load sure loading we that test And demonstrate

we we to interfacing was launch the flight in test, avionics the ground the mission sequence that And where then demonstrate Moon whole then control down the software the to transit the the from mission other the touch could software test team significant work flight with countdown and on Moon. and to put go with

recovering getting to it the We are testing the a for final reconfiguring configuration and the now ready vehicle to Cape. from ship cryogenic

some we mid functional late off. to And QX to actually at for expect lift have We and pad be testing preparing launch to the do. in the

bit from So little a expectations. of movement a initial that’s

come currently schedule we’re on and terms right approximate for it where assessment that that will the we’re on the land for time back we which frame now, to on with we schedule X scheduled. had track you Mission and assessing – get in Missions QX Mission when originally X But so of are And X we’ll approximate X, in an calendar. or the

Suji DeSilva

Okay. Helpful color, And the then contract. questions on Steve. OMES

expected opinion there? lunar just you on is just share attributable with to partners? the that And it first your with – linearity lodged there? million, what’s the is to about understand for entirely that protest talk base which is can also and the And or that protest the Just in being $XXX

Stephen Altemus

Yes.

Okay.

are that through terms less procurement from know the of vendors are Goddard For overturned. unfortunately the Flight of and We those fairly that question, with is frequent than XX% the statistics first in Center who the outcome. apply at actually protests unsatisfied occurs Space the protest

government. high So underpinnings the of our it. confidence we in don’t have offering to the know value I

exceptional out was the clear in of proposal winner. score Our – had came and it as come we a

confident XXX-day the will – get for award protest we’re that we this through that. that stand period So the GAO once on will

in As Intuitive a the partner the Intuitive – far KBR. and Machines XX%, majority as split the XX% is makeup, at venture joint between partner. partner a Machines between we are the with

any revenue breakout? Erik, the on commentary

Erik Salle

– Intuitive Suji, the revenue entirely Machines. Yes, revenue be to will attributable the

attributable be million, So will Machines. Intuitive the full $XXX it to

Suji DeSilva

And then linearity clarification. your And and appreciate on. fairly just five last on range Okay, has other the question whether on move it’s even. years I’ll that a the over around was of the guidance question The tack big it. revenue my

If you some what can be? so high Erik. the give would low that kind us of versus delta, end the what end you Thank factors of much,

Erik Salle

Yes. You bet.

way acknowledge So fairly drivers, of be I shape have And broad. range just where terms three OMES the standpoint, the business the significant Suji. around. sort We And five that numbers the and a that’s the both There’s We then – lay do in financial but starts. tried program a no is the for of events will flow. to or out outcome revenue that. on from the earlier, some to after linear year,

Once you all not pan and out how but them them, binary. some could of are those look at of

lunar well later at. in it’s OMES execute is as as end are biggest side. year. and then on ability landings. on the What the us that And that’s high going – lunar they well or executing the range side LTV SNS in over high where The contemplating winning mean, landings, once in the winning low just the with impact once we our the we on and the bid of prime the also protest I come the to ones whether so to we’re are,

Suji DeSilva

out the Thanks. on quarter Appreciate of congrats understanding and the a gate. strong you questions

Stephen Altemus

Thank you.

Erik Salle

Thank you.

Operator

from have next question is from The Benchmark Sullivan you. Company. Thank ahead. The Josh Please go we

Josh Sullivan

evening. good Hey,

Stephen Altemus

Good evening, Josh.

Josh Sullivan

expectation that The end is the the year million, of revenue to midpoint with the $XX range?

Stephen Altemus

No, That’s the – right. yes, correct.

Josh Sullivan

should cadence how maybe then about the year? cash And burn through we think

Stephen Altemus

see cash where tell statements, always been of how what was burn talked early about it we’ve that’s Obviously, our in you our and you’ll I a story way always imply to in QX in the can investments financial obviously. capital those Yes, I’ve incremental when tried efficient. and kind

But to our terminology, this manage what – – I about result. operations it, we specifically said, I’d time the thinking we achieve I will think spent say was some

the things Some up of we can the more lower range. that burn anticipated with of scenario the throttle, end end in upside are the cash coming we if is down towards

of why which feel great out come I And so revenue think manage in and for regardless as money business think that’s personally, we a have result, ability is hard good ourselves it. don’t set the to until the to very business range, about spend the go cash as where the our we that tried we I to of a feature something up I we have group I

and now, – go ourselves put government to position, the cash we continue can keep have to how of the then ahead ourselves we a we past farther So as regulate manage about in as costs. self-fund to which burn the going in with of the how the we we use a accelerate do accordance I position way in always the think in those prudent help after a we’re have lot competition. of well-capitalized prudent to development contracts cash volume. the and ourselves to always And to That’s sort capital, that

Josh Sullivan

OMES, including some of contract outlooks are rate win the assumptions And your how you provided? that then wins, longer-term the tracking against you relative given to financial just just

Erik Salle

Day I level. the in of we rate sort had sort a Analyst win I very baked – QX. two we We the a – financials And we stuff, went had a public rate XX% before as the win – like into our in and about previously. think had gross before, XX% of said

So idea. give that an should you

Josh Sullivan

the Great. Thank you for time.

Erik Salle

Yes.

Stephen Altemus

Thank you.

Operator

from Austin from The ahead. we go Canaccord. Instructions] Moeller question is [Operator Please next have

Austin Moeller

afternoon, Erik. and Hi. Good Steve

Erik Salle

Austin. afternoon, Good

Austin Moeller

the that satellites Parsec question be and from first? Orbit, Just Data at your Services thoughts considering will relay Martin’s advantage the competition business, in Lockheed we on are constellation your Lunar here. If look especially first there the my you’re what Lunar first-mover

Stephen Altemus

interested interesting in What’s space. players cislunar multiple Yes. here that is there’s you for Thank that.

market this market of nascent in is see And available so take great hold. total that and terms

X. we already And What’s you spacecraft. point fly with the and end that relay network to be early ground of year for that also Mission next, out by data satellites, is for scheduled communications the have first two this They’ll are the communications X deployed Mission we fantastic contracted the and hopefully. which have direct-to-Earth on

traction we communication a have relay that also establishing us Earth considerable the so from around network which any in And or of year and data two there Moon, gets of competition. the ahead

flattering interesting imitated, it’s copied forefront it’s of clear that here but be that. market or a emerging So there’s and the and to sense be that at an there’s to proud

So Space Relay Communication and ahead sure of we’ll in continue put Navigation the the And Lunar might enterprise that provide as contract, our offering Position our to heft Near to into and in to lead in invest systems solutions Data sub for more competition. we a Satellites there with major XX-year we move class contract. Timing maintain solid we Raytheon and need that Network we the make

NSNS procurement. about our this we good feel competition XX-year fully here really positioning and So expected in

We three there one billion. for awards expect about about relay on the and of $X each maybe order data

go some target rich the contractors a it’s so to And of for after.

Austin Moeller

regolith, revenues follow-up, That’s impacted XX% if positive are in the to associated total right? the to the related IMX my with either only both great. move contracts QX IMX understanding of that to those is cash or generation continues And a lunar of right? And many be EBITDA touchdown and on actual just how

Stephen Altemus

is Austin. correct, So statement your last absolutely

rationale. additional depends to on I how for the they of expect affected, be to contract. costs the right, mission would the overall be on EBITDA the move terms In If will incurring us that

a – headwind So EBITDA. a be that would have to

of cash. EBITDA headwind right just which would corresponding the the a come to then also probably price, on from the a But either positive would maybe have we to be the to request, on move well customer if similar growth which as the move – move depending going would contract to increase mod, directed on a result cash cost is with a have or that right, if right with again, do total neutral how side, would on that’s to our impact, a negotiations a it’s

associated also the how they But mod, with slightly actual positive have or part again then depending color to if it’s payment go. additional should of negotiations at also of neutral that that that give customer, on Does would as direction it the maybe that make help – milestones question? the the

Austin Moeller

think that clarifies Yes, everything. I

there. So the thanks for details

Stephen Altemus

Yep.

Operator

this the and Thank questions turn Intuitive like you. Co-founder Altemus, back over floor to I would CEO, now There at moment. are Machines’ for Steve no to further comments. closing

Stephen Altemus

you, in thank Machines. for everyone, Well, Intuitive interest your

Space Tech June Just Machines and will and the be Virtual the reminder, and forward as the Xth XXXX updates a and these upcoming at news at XX. London in the MKM share Conference opportunity look conferences June Intuitive and to to speaking Cantor Annual Jefferies on Conference, XXth Summit XXth; XX June ROTH XXnd;

on good Intuitive Machines We a of look forward a Have to evening. sustained of is making presence Moon. progress human towards the speaking with all you soon the about

Operator

concludes that Thank us. Thank you, gentlemen, joining today’s you sir. Ladies and for then conference.

now may You disconnect lines. your

Intuitive Machines (LUNR) 11 May 232023 Q1 Earnings call transcript