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Intuitive Machines, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial performance, including a significant increase in revenue to $58.5 million for the quarter, up from $12.7 million in the same quarter the previous year. This increase was primarily driven by the OMES III contract execution.
Cost of revenue for the quarter was $54.4 million, compared to $26.5 million in the previous year. The increase is attributed to higher activity on the OMES III contract and other new contracts.
The company reported an operating loss of $13.7 million for the quarter, compared to $24.0 million in the previous year. The improvement is due to increased revenue and controlled operating expenses.
Net loss for the quarter was $80.4 million, compared to a net income of $14.3 million in the previous year. The loss was significantly impacted by changes in the fair value of earn-out and warrant liabilities.
Cash used in operating activities was $55.6 million, while cash used in investing activities was $5.2 million. Financing activities provided $147.9 million, primarily from the issuance of securities and warrant exercises.
Intuitive Machines had a working capital of $73.0 million as of September 30, 2024. The company continues to focus on expanding its space infrastructure and services.
The filing also discusses recent contract awards, including a $116.9 million contract from NASA for the IM-4 mission and a $150.0 million task order under the Near Space Network contract.
Intuitive Machines identified no material changes to its risk factors and continues to monitor economic conditions and their potential impact on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Intuitive Machines Inc. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.