On March 21, 2024, Intuitive Machines Inc (NASDAQ:LUNR) unveiled its 8K filing, disclosing the financial results for the fourth quarter (Q4) and full year of 2023. The company, renowned for its contributions to space exploration, marked a significant milestone by successfully delivering NASA and commercial payloads to the Moon, marking a historic moment in United States space endeavors.
Achievements and Challenges
Intuitive Machines’ 2023 financial results reflect both remarkable achievements and significant challenges. The company reported a fourthquarter revenue of $30.6 million and a fullyear revenue of $79.5 million, driven by contracts from NASA’s Commercial Lunar Payload Services (CLPS) initiative and OMES III revenue. However, operational investments led to a fourthquarter operating loss of $(5.9) million and a fullyear operating loss of $(56.2) million.
Intuitive Machines Financial Results and Future Outlook
Intuitive Machines concluded 2023 with a substantial contracted backlog of $268.6 million, demonstrating its potential future revenue streams. The company reported a positive gross margin in December and maintained a healthy cash balance of $54.6 million by March 1, 2024, providing financial flexibility for strategic initiatives.
Key Financial Details
The income statement showcased a net income of $4.6 million for the fourth quarter and $15.0 million for the full year. The balance sheet revealed an ending cash balance of $4.5 million for the fourth quarter, surging to $54.6 million by March 1, 2024. The cash flow statement indicated a net cash used in operating activities of $(45.3) million for the year, with a free cash flow of $(75.2) million.
CEO Statement and Future Prospects
CEO Steve Altemus expressed optimism about the future, citing the company’s flightproven technology and its potential in upcoming Artemis campaign awards. Intuitive Machines aims to leverage its mission success and execution capabilities across various revenue channels, including Defense, Energy, Civil, and International sectors, to drive growth and diversification.
Intuitive Machines Financial Results
Intuitive Machines’ financial results of 2023 underscores its ability to achieve significant milestones amid the challenges of the space exploration industry. With a robust backlog and strategic growth initiatives, the company is poised to capitalize on opportunities in lunar exploration and beyond.
Stock Performance:
At the time of this publishing, Intuitive Machines Inc is trading at $6.19 USD, reflecting a decrease of 3.28%.
