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Intuitive Machines Inc. (LUNR+0.84%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a significant increase in revenue to $228 million from $79.6 million in the previous year. This growth is attributed to the completion of the IM-1 mission and ongoing contracts such as OMES III and LTV.
Operating expenses rose to $285.4 million from $140.7 million, driven by increased costs in revenue and general administrative expenses. The company reported a net loss of $346.9 million, a substantial change from a net income of $10.1 million in the previous year.
The company continues to focus on its three core pillars: Delivery Services, Data Transmission Services, and Infrastructure as a Service. Notable achievements include the successful landing of the IM-1 mission and the award of the NSN contract for communication and navigation services.
Intuitive Machines secured $294.7 million in gross proceeds through various equity transactions, including the ATM Program and the 2024 Offering, to fund its operations and strategic initiatives.
The filing also outlines the company's contractual obligations, including lease liabilities and purchase commitments, totaling $166.7 million as of December 31, 2024.
Intuitive Machines faces risks related to its reliance on government contracts, competition in the space industry, and the need to manage its growth effectively. The company also highlights potential impacts from macroeconomic pressures and regulatory changes.
The report includes a discussion on the company's liquidity, indicating a cash position of $207.6 million and working capital of $194.3 million, with plans to continue leveraging its equity facilities and potential loan agreements to support its financial needs.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience, which it is addressing as part of its compliance efforts.
Intuitive Machines remains committed to advancing its space technology and infrastructure capabilities to support lunar exploration and commercial activities, with a focus on expanding its customer base and service offerings.
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. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.