LUNR - Earnings call 3 2023 | Intuitive Machines, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Welcome to Intuitive Machines Third Quarter 2023 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Stephen Zhang. Please go ahead, sir.

Stephen Zhang

Good morning. Machines XXXX Intuitive Call. the to Third Earnings Quarter Welcome Financial Altemus; Sallee, Chief Steve Chief Officer, today. Executive Officer, call and Erik the are leading

discussed forward-looking business, our current please of with company's respect consist begin, materially statements that future expectations factors and filed forward-looking during of could differ other the information most The from in our under due are of many results forth in company's forward-looking we will those economy today's setting press Before actual statements, any with to company's These call to factors. described the the release statements the note indicated the some events. the and SEC. XX-Q recent

not update do We any obligation undertake to forward-looking statements.

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

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

can our presentation page Relations on Investor this www.intuitivemachine.com/investors. at You find

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

Stephen Altemus

and the Welcome, Chief Officer, accomplishments X thank results financial across quarter Erik XXXX. units. to third company's of for will In today's joining everyone, our presentation, updates I the Stephen. Thanks, business I review our After, and call us. to will hand provide you Sallee, Financial for the

Access our accomplishments. Lunar with Services Let's begin

Mission was factors. launch opportunities going and such In of which the and the second on our multi-day be is Lunar are case determine the determined that Lunar NASA and as coordination quarter we opens poor now During to of In on January launch backup other off SpaceX, a window XX, blackout window, with targeted call, congestion we the of based will of available launchpad the year. launches believe IM-X weather, XXXX. conditions, priority unfavorable lift through rest mentioned for

perspective. Intuitive context launching in to Lander Lunar it machines we change actually a November. to on and completed in to and to moment this expand forward take September, its like I'd add looking were

We also the adjustments consequence been surface are better challenges inherent States exploration. of moon return of to to changes that natural most are a of than the an incredible know space pioneering Preparing and United Schedule flight. lunar mission a there journey. has

Lunar performing we testing, in Florida later deliver authorized month. to is Our lander beautifully all and its it are this to

launch necessary ready We a to date have go. and the approvals

smartly to a delay is This price confidence and for lesson achievement before a this planned launch the using date This are interval is the a great patience. making testing. small for company extended we Meanwhile, in offline history. continue

work fitment the Specifically, our vehicle which the pad included we've and spacecraft to separation pulled check and adapter. spacecraft a of adapter. in ring to the fit processing, We separation planned for the tested

provide still another the we to plan for In testing to addition, software. test mission ground do training to mission and for sequence team additional on the operations flight run and preparation the additional in

vertical system confidence continue our testing system propulsion test offline we refining facility, in our Finally, parameters. propulsion continually with

for done completed at are mission to working Kennedy the is program. all of IM-X's us shaded allows of the we're and on the and undergoing Space Machines' Artemis mission moon propulsion of drill The is mining navigation from Our commercial second payloads. LiDAR our the have one in-house targeted NASA's LiDAR we taking NASA's mission IM-X land Center. engineers integration for Intuitive ice shape. of second components the plan system benefiting testing use by and testing land in assembly, quickly to and regions structural helicopter

week, a is contract the This We later another still submitted including undergoing is believe network integration Lunar shadowed regions for testing. taking task water contracted vacuum payloads award is agency's the Lunar for Nokia's for of the for environment. from share And mission services. that initiative. is we're XG/LTE proposal looking Rover to a the Rover Micro-Nova space assembled to and leading harsh agency which the $XX.X Hopper, vibration deploy lunar of lunar Lunar ice ahead, Our were X selected with we under month. this the lander the million the services target end designed excited between quarter, on Nokia's we international and thermal communication shape, NASA. and order permanently this Rover, the through payload moon to our in this a search and and with which validate is to the At cellular lander by contract commercial test we'll past CP-XX performance notification of network deliver robustness Surface and the

our These into international services our award we Sea customer Rover services and to international on markets. the and back data lander, This focus diversifying Nova payload payloads with expand along include as of our demonstrates Earth. the is and continued largest contract base deployment relay communication with our date to

continuing In Lunar tracking to that For station Control we Lunar look needs the future of mission and from civil, Lunar assets our providing our telemetry defense and provide to assurance evolving on data support mission, capabilities and any tracking completed checks. our the using earth coverage to the sectors. surface, missions, lunar operational is checks Data communication Mission expand the the that's LUNAR between or preparation operations give to communications all interface of we're has and the ground XG/LTE future services and data network near forward whether commercial required Nokia's prepared for commercial XX/X as Services, These Cislunar and between our business moon. market line team

and in is continue Control and the testing. will complete the nuances mission sequence practice the continuing functional software all team scheduled and sessions addition, Mission ground These payload the understand the through January data to appreciate way fully In all to transmission in network. the launch

$XXX or early services contract XXXX. mentioned In Orbital the million be in the will to X-year OMS expected award month. revenue services for December As transition ready last date, customer multi-engineering NASA's total NASA began is XX% we've to start space support secured and contract services, next Omnibus and than network X. To quarter, we for contract NASA's more expect near in award workforce the of the X, for

and Space to radioisotope will award up and Machines business space develop line to call, this For from power defense Air $X.X for company develop across energy energy. and diversifying into sector and business the to leading infrastructure, Force continue Machines opportunity and Intuitive using and our our maneuverability a In announced an adaptable products to is the as a satellite days Research we infrastructure products space million award positioning believe line. feeds growing the The Laboratory evolve exciting into infrastructure products systems. solutions and forward-looking dynamic, Intuitive

X-year extending develop from to a X our assets enable system night, lunar program like During roughly the quarter, third Lunar in-space radioisotope our weeks Lunar several Landers missions to the we potentially to power to started years. survive

second Surface we in contract Power call, mentioned Energy at of completed the Reactor As Machines Intuitive of for our NASA. its Department quarter Fission Phase X

maturation. company early is proposing Phase Xa, would risk design the months by hardware Now which and for on contract extend reduction the X

will $X.X Phase We to expect completed Department our contract. and during million valuable of company NASA's the insights the X Energy give and Xa the phase of second work

of end vehicle and development key is for Pole our prime as is down the space bid the earlier our the the part vehicle terrain submitted debut quarter program we of flight. a award contractor at and of prime in X South Lunar We're of and ahead, now Lunar NASA's moon. region multiple Artemis exploration Terrain contract prime contractor NASA's timing contract services would this Looking awards The for be the expecting XXXX. human expected selected year the

members. expanded Intuitive facility Space state in and over center including has to units We at Lunar moving Finally, including center, operational our Houston the Houston a in representatives, up support simultaneously Port. operations multiple ribbon with now people new landers. with opened ability Machines council the federal X production cutting fully attendance, XXX company ability into and spacecraft, Lunar By business its to the Mayor each the the has to of and manufacture operations city our

I'll support Officer, $XX Artemis on journey to Intuitive NASA's Machines' new marks a Sallee. designed to that, Chief home billion growth the over new for our With turn program Financial into our expansion. Erik and Moving beginning call

Erik Sallee

to And with joining everyone million of third as OMS X NASA This Steve. which million. a booked backlog task received. $XXX.X us today. thanks quarter contracted does We contract, the be $XXX ended the will backlog you, Thank include are orders not

earlier, in driven primarily quarter to first was concluded million third with $XX.X quarter updated down of the OMS the 'XX to for to commercial is third mentioned the Lunar NASA's the Steve compared million CLPS initiative, expect payload in by due revenue half As $XX.X or timing begin XXXX. Revenue launch was we services run rate the from complete, December. Revenue and in revenue as quarter transition for nearly company to with a required Lunar an in This deliver and NASA. estimates increase million the $XX.X negative negative $XX.X successfully million versus was our cost period. X primarily related costs year Operating prior was equity well in loss million landings to as we the cost also due transaction estimates $X.X to quarter. as company onetime public updated the of the costs. G&A raise included secured

$XX balance of $XX.X side, The use operating $XX.X flow third million operations million center. Within Lunar an taxes. million primary use million. financing On with quarter was by we cash of investment onetime outflow from a cash $X.X was cash equity Free million, investor and CapEx relating the which an cash to was in a cash related quarter flows, a in was of ended $X.X the the the of new was million quarter. to of CapEx. received and distribution institutional we member partially offset the This $X.X production

protest impacted this last As quarter, awards, discussed we year. major timing have with along results of the the our OMS

forward However, retire CLPS to lost. taking are steps and significant interim, won costs. of in and additional none the missions we OMS first and were on are We to outcomes the half still awards of successful XXXX. In NSNS, LTV manage the risk looking

cost million our SG&A of as example, capital quarter remain $X approximately and we best-in-class efficient. is per For

and On the and within continue into but the civil, contract not budgetary international us across various The Steve with portfolio security items only market. side, in entities line diversify success of energy mentioned the national Defense, entity. moves JETSON earlier also we across Department government our each to

the and over and budget, CP-XX, successful With will economy. on optimistic forward key Lunar a infrastructure ready operator, outstanding Additionally, and execution next spot LTV, of remain focus award look we space on decisions award billion on and in efficiently We secure piece we for program the cost to on $X now Artemis we manage should we year, while questions. and contract the Terrain interim. in prime a the the are within be growing the Lunar Vehicle on capitalizing NSNS proposals that, with

Operator

Sullivan first Josh the Company. [Operator Benchmark from with is question Instructions] Our

Joshua Sullivan

to appears be your Just that just want commercial service to there. to thoughts get model. thoughts NASA's I'm This following current commitment your contract the Lunar international on on model. curious services

Stephen Altemus

those to missions offers move to and Artemis for international Yes. on Thanks highly interesting. question, payloads as the appropriations Josh. authorization the a and the the was staffers we up fly I to activities towards to bit doing submission to case quite their that and are know, Capitol for Hill complex, opposed with benders for the see missions they Artemis, talking really for as CLPS It's CLPS of coming the partners Last week, particular, And suggesting as associated to so, support moon. and as as tendency a set see the a an program manifesting by and programs CLPS schedule, and have on if NASA move ability the the to opportunity to missions. we of right. And waiting around cadence and the and Artemis CLPS using on NASA's for launches you the a regular earlier in precursor Artemis up have

serve covering encouraged very is program. structured the occur way Senate position to we're any that in to program. And a CLPS the and CLPS and and about in has might gaps So House the in commitment delays now, Artemis Artemis the it's the -- any

Joshua Sullivan

helpful space metrics, NSN? then as scoring as far help in provide performance for might which near And past be contract, does mission network the the any your January

Stephen Altemus

competition already January been already. experience Well, that proposals in relevant by performance the the have and considered the the I past evaluation of of would believe

orbiter what that communications included back works done we've the is ground. that with reconnaissance So the to is the system space bring we Lunar together able the validation tied done and all of around our and moon down have to ground and the whole sites work the in against validate

selected. groundwork will the So work even in mission to our against or Lunar done to flying prior contributing we've first our to the is our ground leg go communication, when into NSN the January, experience and distance the test that

Joshua Sullivan

just you should we us through then it. OMS, On about help that? one. how Got one And just 'XX, can with last the cadence think

Erik Sallee

is Yes, Josh, Erik. this

But of There'll an divided it's the initial That's help top month-over-month be contributing line X the steady of pretty after over years. period, months. that ramp-up value a to know, that, dollar over is contract period you will million. it think state matter then -- $XXX our As be of line. top we equally time

Operator

is question Edison Bank. with from next Our Deutsche Yu

Edison Yu

Just Are the all the, the the shutdown guess, the one government impacting about government about that on situation. I Anything we resolution? at concerned could funding continuing money types? be

Stephen Altemus

short government on CR a to have Glad I and there's I staffers. bit great least talking yes, with to Hill through quite CR us. was question. for going a of to partial a to the Capitol the said that get open. to And I term keep work a up or And you on would Like us at generally, Josh, hard say optimism

nobody was optimistic time approved generally, to full seems a before or into wanting passed. would so could January least down. And shut CR or interim everyone to budget like be get the that at is It be us CR

encouraging, CRs That commitment will for I'm outlook XX% be with contract of and there. We're good the on. at These program, And the associated that to the captured. outlook. our transition and with board Machines. it for shutdown the on continue So well or we OMS least tend is optimistic Intuitive short-term into workforce think to Artemis was

long the the look year. going it's to doesn't term, any this in have effect on it So company like

Edison Yu

it's nuclear term, Do you that. but any the sort have you on Got I advancements that? time actual line when some on know -- had about see on we when curious longer-term some question. could it, we sense you of if quite applications of views I it's side. of typically, it. know have long A hear any

Stephen Altemus

Yes.

Xa there's space the that's in been So outlined, and that, nuclear of negotiating different We X. movement into is in long areas follow-on for another months that to follow-on activity that term, there continuation reactor. X a you say, we're captured power. a surface what Phase we've which fission a X like for turn we Phase Phase X development for up That's you lining to well, see in of will and a some eventually the think -- fission

see that one You a can that's real actually satellite is great new contract. about grow that a JETSON we're -- AFRL is into the procurement, And one what's faster satellite.

see first the this from up power technology JETSON for XX-month tipping So under that and they at we'll low-power STMD system. year. if of developing do we'll pick contract, the runway. And the that satellite, award the then execution a we're then the on point also end also JETSON radioisotope That's NASA about

advance we their what right and two. So story some while the that is they're government there's cohesive overall I'm nuclear large some really space not they about are to And should for technology of for in see nuclear how those between an dovetailing contracts, those dollars the in the commitment happy movement and direction space.

sign we'll we're some of the the on we'll materials of use make use, starting to encouraging the maybe that progress an some proprietors quite so and can types the in about types systems it's converge of design to future. decisions So systems the the make that

Operator

Our is Fitzgerald. Sheppard Andres next with question from Cantor

Andres Sheppard-Slinger

Or in what Congrats scheduled just in X first current just is year, give first the us next on I quarter. on you the half X, the the when mission you an Missions target wondering in for? had being was mentioned the quarter. Missions for? the possibly and of if IM they're can update the second about know I past,

on an and the the wondering might just so mission second So delay in if mission impact forth. IM-X have that

Stephen Altemus

in launch dates. that, and everyone appreciate I is interested Yes.

in with missions we the land. and X can see did of planning set our get mission, Obviously, and are needs stakeholder launch pretty first actually XXXX. That's between NASA you negotiations a everybody's to and needs customers. you all [indiscernible] how where SpaceX that balancing our complicated We and you

those that. missions the get a date and for specifically, pinpointing of to orbital really terms and the in there's South to Pole in trying complication other for The dynamics is seasons

want so selection. for particular landing of landing -- on based missions And go only and on site the but our the not stakeholder around site the the we trying each shuffle month needs to the find to missions in

So I X. and we on with for landing landing in currently site determination months Mission And initial have we're negotiating a NASA the that few as Mission X. site like will the Mission an adjust. We'll move then date said, And we'll out a result, around. fall following X

mission. that drilling Mission the Pole on specific of pinpoint to in we get So terms South exact dates as the and ice more X come closer as of position we

So we're about that one. excited

on count can and history firm you X, X in least in XXXX. Mission are books plans but X put at -- So to our the

Andres Sheppard-Slinger

Got question Erik. of $XX just balance the rate, one Maybe looks us it. about you With reminding QX, That's a super as burn about as of the for was to cash helpful. million now mind would and cash run million? closer in expected particularly these quarter you rate, closer pretty used missions? So rate. get just what the $X.X run is But low like

Erik Sallee

you Yes, bet.

pretty dying So increased then missions launch, to right? going There's such the point, or one decrease not standpoint. we're So costs increase Obviously, material to in to cash -- indication not related that's a associated at and good cash big that not down it's way necessarily not from cash see going some things other associated cause with other procurements with -- other. operating are or there's necessarily as outflows the emissions but costs operational that's an a specifically.

completing that that's the operational use indicator. Obviously, building the this good flows, from was new the quarter. saw there, we're say from perspective, So a I investing you cash would main and an

should So tail that off.

that. about happy we're So

we forward. more become can about, talked from perspective, we right, So capital even moving as that efficient even

kind an you or you follow-up gives I have know of that that on So idea for. if a of were looking you don't if what

Andres Sheppard-Slinger

and that's No, perfect. the pass Yes. on. And helpful. That's on again congrats I'll quarter, it

Stephen Altemus

Thank you, Andres.

Operator

Genuity. Austin from is question Canaccord with next Our Moeller

Austin Moeller

time spent the mean, hill So you've the of we've year as past like split weeks. it together, on now. it But budget 'XX think couple got some I sounds fiscal about in if Congress we the just comes a

think going And the Artemis support be lot a prioritization related fact at or other so given for Artemis be control do bipartisan spending CLPS looks there more a for like that it there's especially there's on despite that point? some versus in this the budget NASA, that could to of that just programs you lot

Stephen Altemus

the thanks I competing quite there's of a within sure. question. think number budget NASA Yes, Austin, for priorities for the

Mars You possibly sample the over budget. as see under return replanning review and is independent it's

see is You understand find right having moving do support, the as Artemis, right, to going Artemis flip the large complex that program there's price for the to a it's as to said. a and strong But support it's we what we tag bipartisan you program.

as happens these with at agility and been to is speed CLPS as know, what you some our So procurement, cost a lower major position, record. and of in CLPS programs nontraditional able move has with than

is for moon the cadence in mind in tool to submissions a and position an and to a regular And as proprietors be importance. NASA so keep public's the that's CLPS of activity

And get to programs in to capabilities get place so, the ready and serves launch. while it major accomplishments near-term some make their

its they out twice going return other like which to budget parts life need programs mentioned, You XXX% budget of be to is over I that Mars probably and trimmed see are sample ones over higher cycle. which the priority figure affected are of by be the as

in Directorate Planetary there's some Science of areas those be what accomplished see there. Mission to room That's got of trimming these so you'll that be of all the priorities. reprioritized. And terms Science And out then other and in can possibly with coming some

term, right provide but right NASA. this I type So the in contract think the the value to -- history see the to is long time great and you'll at government in mix CLPS of to occurring

to so in I'm of trimming see solution overspend we'll And that more type CLPS-like hopeful NASA as contracts a budget. areas

Austin Moeller

one it launch vehicle, trying is CLPS of competing your hasn't competitors launched on And board the program a helpful. yet. That's although Great. like to then on get [indiscernible] looks

of terms orders down on So it selects what thinking just for timing there in task impact additional your what and are future CLPS? your that how is -- might

Stephen Altemus

landing Well, the missions on is frame. have I we think kind set Currently, to Christmas the country the it's the land same of Astrobotic fantastic Eve on time on that moon multiple a touch to they'll set launch launch the aiming If XX. in on on believe XX, January XX well, to goes January it with We're the on or December with down XX. all on landing, not, January XXth.

moon. And to make in that's same have that's Astrobotic gets the takes same at we moon our after we've between launch, to vendors and actually. And and make So roughly know, system I we're X incredible, how day it flying aiming think the design the the circuitous X.X XX we're us submissions. that a before quite in competimates how mission moon our the space moon assist to X the a shot in CLPS whereas the to time. at to Austin, we'll other to there tend talked trajectories used you of a a trajectory systems of space wrap disparity we with more time type excited ahead, by be the what able that and a the a days for get to at moon lower propulsion about but to to week particular missions specific be with XX about kind is about loiter But using propulsion the fly the days to to up our other one land for is and gravity day

Austin Moeller

and mean taking getting maneuver into time approach subject lunar that of in more correct? radiation, just to I that And longer you you're gravity puts assist to space period orbit.

Stephen Altemus

the That's risk Van electronics. Belts the that made was transition radiation those hits Allen that's right, our Austin. of sensitive minimize and to minimize Radiation of And electronic the architectural through decisions we one to

get where in on than one make Belts. Van and easier environment somewhat Radiation and radiation pass-through you fundamentally radiation is different Allen to So the the moon the the high we of concentration

observation. great So yes, a

Operator

Partners. with next is Our from Capital ROTH Desilva question Suji

Sujeeva De Silva

you X I X. customers and understand IM-X, the payloads, to are to want committing just on the

that you payloads your As can that are just the Or customer a does rates move be on, works missions I'm understand more increase some on later, today? opportunity? payloads the how dates in take committed as that maybe increases, to tailwind and and already revenue can trying mean all ways. these move those

Stephen Altemus

Actually, And time Yes. this set some we've mission now. for been out. has this maximized so the it mission particular manifest is that sold for

And so we opportunity to that started don't All additional take with the any stayed us. on have payloads. payloads have we with

So understood commercial of that's mission. that getting payloads make on integrated, both that when and been particular up everybody and the our during payloads understanding we payloads is a about NASA the all quite payloads been are complement started have the [indiscernible] tested the development and series about our launch of for the we've vehicle. excited on All They very off-line this they've had mission. And delays the this date.

And so and perfect seems folks be everything and in order the to mission. working ready are trained for

to looking January. So early forward

Sujeeva De Silva

point, this IM-X Okay. to understand? at committed already fully IM-X are and And just Steve,

Stephen Altemus

that mission to and and in surface. in additional revenues essentially share and to payloads again, and committed that what still commercial payloads. of negotiating a Yes. taking NASA shuffling area IM-X the The And of IM-X take the some we're on around are we're ride have is we're terms capacity component. international combination

a not adjusting them. our Mission adapter both And in payloads taking that to out Injection TransLunar have attached which on having filling a out set fly take X And Lunar payload we can to this to we and to payloads moon area a complement missions orbit. our them fly that a are fastest-growing of We're payload has Access of moving lander seems you but space, ride we those to the a As complete business. share provide adapter, the far as On around that is payloads interested ring, into payload to customers and those. adapter know, Mission X those be available some a spacecraft and in which the and XXX kilograms of past ring. of been attached to keenly availability

Operator

of like our conference the closing reached I to would question-and-answer end back the turn management have comments. We session. for over to

Stephen Altemus

joining United The moment coming set for the a States everyone, the as pivotal for to for and are company you, thank morning. Well, this history us in be indeed months whole.

thank wish listening So in, you luck for us January. for and

Operator

concludes conference. Thank you. This today's

at may for this you You your thank your participation. and disconnect lines time,

Intuitive Machines (LUNR) 13 Nov 232023 Q3 Earnings call transcript