Latest news with #Altemus
Yahoo
5 days ago
- Business
- Yahoo
Intuitive Machines Reports Second Quarter 2025 Financial Results
HOUSTON, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, 'Intuitive Machines,' or the 'Company'), a leading space technology and infrastructure services company, today announced its financial results for the second quarter ended June 30, 2025. Intuitive Machines CEO Steve Altemus said, 'We've executed decisively in the second quarter. Internally, we've brought satellite manufacturing in-house, ensuring performance, schedule clarity, and tight integration with our landers and space systems. Externally, we moved to acquire KinetX, a team that delivers exactly the kind of analysis and real-time decision software that our future network will depend on.' Highlights Signed purchase agreement to acquire KinetX, an industry leading space navigation and flight dynamics software company, which positions Intuitive Machines for Earth Orbit, Moon, and Mars constellation management across commercial, civil, and national security customers Strategically invested in in-house satellite production to control delivery of our satellites to support the Near Space Network Services (NSNS) contract, and aligned Mission 3 to support deployment and operation of our first satellite in the second half of 2026 Expanded our production footprint at Houston Spaceport by 140,000 square feet to support in-house satellite and spacecraft production, testing, and mission operations Achieved $50.3 million of revenue in Q2, up 21% vs. Q2 of prior year driven by growth across key programs partially offset by the EAC impact of our strategic decision to align satellite delivery with Mission 3 Awarded $9.8 million for a phase two contract from a National Security customer to advance Intuitive Machines' Orbital Transfer Vehicle through Critical Design Review Coupled with the $10 million Texas Space Commission Q2 award for our Earth Reentry Program, Intuitive Machines partnered with Space Forge to enable space-based semiconductor manufacturing, adding to our existing partnership with Rhodium Scientific to develop in-space biopharmaceutical testing Ended Q2 debt-free, with $345 million cash, resulting continued balance sheet strength and ample liquidity for current operations as well as organic and inorganic growth Mr. Altemus continued, 'We will continue to remain opportunistic on further strategic M&A, while also evaluating internal investments to accelerate growth and drive long-term shareholder value. We have a detailed and robust pipeline of both tuck-in and transformative M&A opportunities and intend to remain aggressive in the marketplace, particularly in data services and National Security Space markets.' Outlook Full-year 2025 revenue is projected to be near the low-end of prior outlook, with additional opportunities in the latter part of the year that supports revenue near the prior mid-point of $275 million Continue to expect positive adjusted EBITDA in 2026 Conference Call Information Intuitive Machines will host a conference call today, August 7, 2025, at 8:30 am Eastern Time to discuss these results. A link to the live webcast of the earnings conference call will be made available on the investors portion of the Intuitive Machines' website at Following the conference call, a webcast replay will be available through the same link on the investors portion of the Intuitive Machines' website at Key Business Metrics and Non-GAAP Financial Measures In addition to the GAAP financial measures set forth in this press release, the Company has included certain financial measures that have not been prepared in accordance with generally accepted accounting principles ('GAAP') and constitute 'non-GAAP financial measures' as defined by the SEC. This includes adjusted EBITDA ('Adjusted EBITDA'). Adjusted EBITDA is a key performance measure that our management team uses to assess the Company's operating performance and is calculated as net income (loss) excluding results from non-operating sources including interest income, interest expense, gain on extinguishing of debt, share-based compensation, change in fair value instruments, gain or loss on issuance of securities, other income/expense, depreciation, impairment of property and equipment, and provision for income taxes. Intuitive Machines has included Adjusted EBITDA because we believe it is helpful in highlighting trends in the Company's operating results and because it is frequently used by analysts, investors, and other interested parties to evaluate companies in our industry. Adjusted EBITDA has limitations as an analytical measure, and investors should not consider it in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Other companies, including companies in Intuitive Machines' industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income (loss) and our other GAAP results. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is included below under the heading 'Reconciliation of GAAP to Non-GAAP Financial Measure.' We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are: Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP; Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation; and Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle. A reconciliation of Free Cash Flow to the most directly comparable GAAP financial measure is included below under the heading 'Reconciliation of GAAP to Non-GAAP Financial Measure.' The Company has also included contracted backlog, which is defined as the total estimate of the revenue the Company expects to realize in the future as a result of performing work on awarded contracts, less the amount of revenue the Company has previously recognized. Intuitive Machines monitors its backlog because we believe it is a forward-looking indicator of potential sales which can be helpful to investors in evaluating the performance of its business and identifying trends over time. About Intuitive Machines Intuitive Machines is a diversified space technology, infrastructure, and services company focused on fundamentally disrupting lunar access economics. In 2024, Intuitive Machines successfully soft-landed the Company's Nova-C class lunar lander, on the Moon, returning the United States to the lunar surface for the first time since 1972. In 2025, Intuitive Machines returned to the lunar south pole with a second lander. The Company's products and services are focused through three pillars of space commercialization: Delivery Services, Data Transmission Services, and Infrastructure as a Service. For more information, please visit Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward looking. These forward-looking statements generally are identified by the words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'strive,' 'would,' 'strategy,' 'outlook,' the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: our expectations and plans related to any proposed business combination; our expectations and plans relating to our missions to the Moon, including the expected timing of launch and our progress in preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding revenue for government contracts awarded to us; our expectations regarding changes to government contracts or programs; our operations, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; information under 'Outlook,' or 'Guidance' including our expectations on revenue generation, backlog and cash. These forward-looking statements reflect the Company's predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this presentation: our reliance upon the efforts of our Board and key personnel to be successful; our limited operating history; our failure to manage our growth effectively; competition from existing or new companies; unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities; cyber incidents; failure of the market for commercial spaceflight to achieve the growth potential we expect; any delayed launches, launch failures, failure of our satellites or lunar landers to reach their planned orbital locations, significant increases in the costs related to launches of satellites and lunar landers, and insufficient capacity available from satellite and lunar lander launch providers; our customer concentration; risks associated with commercial spaceflight, including any accident on launch or during the journey into space; risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations; our reliance on a limited number of suppliers for certain materials and supplied components; failure of our products to operate in the expected manner or defects in our products; counterparty risks on contracts entered into with our customers and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations; failure to successfully defend protest from other bidders for government contracts; failure to comply with various laws and regulations relating to various aspects of our business and any changes in the funding levels of various governmental entities with which we do business; our failure to protect the confidentiality of our trade secrets and know how; our failure to comply with the terms of third-party open source software our systems utilize; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate material weaknesses in our internal control over financial reporting; the U.S. government's budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and our dependence on U.S. government contracts and funding by the government for the government contracts; our failure to comply with U.S. export and import control laws and regulations and U.S. economic sanctions and trade control laws and regulations; uncertain global macro-economic and political conditions and rising inflation; our history of losses and failure to achieve profitability and our need for substantial additional capital to fund our operations; the fact that our financial results may fluctuate significantly from quarter to quarter; our holding company status; the risk that our business and operations could be significantly affected if it becomes subject to any litigation, including securities litigation or stockholder activism; our public securities' potential liquidity and trading; and other public filings and press releases other factors detailed under the section titled Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (the 'SEC'), the section titled Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations and the section titled Part II. Item 1A. 'Risk Factors' in our most recently filed Quarterly Report on Form 10-Q, and in our subsequent filings with the SEC, which are accessible on the SEC's website at These forward-looking statements are based on information available as of the date of this presentation and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. Contacts For investor inquiries:investors@ For media inquiries:press@ MACHINES, Consolidated Balance Sheets(In thousands)(Unaudited) June 30,2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 344,901 $ 207,607 Restricted cash 2,042 2,042 Trade accounts receivable, net 36,571 44,759 Contract assets 8,438 34,592 Prepaid and other current assets 4,801 4,161 Total current assets 396,753 293,161 Property and equipment, net 40,607 23,364 Operating lease right-of-use assets 37,662 38,765 Finance lease right-of-use assets 110 114 Other assets 507 — Total assets $ 475,639 $ 355,404 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current liabilities Accounts payable and accrued expenses 22,096 $ 17,350 Accounts payable - affiliated companies 4,308 2,750 Contract liabilities, current 68,426 65,184 Operating lease liabilities, current 2,119 2,021 Finance lease liabilities, current 41 37 Other current liabilities 10,305 11,489 Total current liabilities 107,295 98,831 Contract liabilities, non-current 3,215 14,334 Operating lease liabilities, non-current 35,136 35,259 Finance lease liabilities, non-current 49 63 Earn-out liabilities — 134,156 Warrant liabilities 38,809 68,778 Other long-term liabilities 242 62 Total liabilities 184,746 351,483 Commitments and contingencies MEZZANINE EQUITY Series A preferred stock subject to possible redemption 6,291 5,990 Redeemable noncontrolling interests 663,725 1,005,965 SHAREHOLDERS' DEFICIT Class A common stock 12 10 Class C common stock 6 6 Treasury Stock (33,525 ) (12,825 ) Paid-in capital — — Accumulated deficit (347,689 ) (996,453 ) Total shareholders' deficit attributable to the Company (381,196 ) (1,009,262 ) Noncontrolling interests 2,073 1,228 Total shareholders' deficit (379,123 ) (1,008,034 ) Total liabilities, mezzanine equity and shareholders' deficit $ 475,639 $ 355,404 INTUITIVE MACHINES, Consolidated Statements of Operations(In thousands)(Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 1 2025 2024 1 Revenue $ 50,313 $ 41,641 $ 112,837 $ 114,860 Operating expenses: Cost of revenue (excluding depreciation) 56,047 48,428 104,972 98,268 Cost of revenue (excluding depreciation) - affiliated companies 6,109 9,264 13,031 18,623 Depreciation 752 423 1,375 837 General and administrative expense (excluding depreciation) 16,045 11,026 32,176 27,407 Total operating expenses 78,953 69,141 151,554 145,135 Operating loss (28,640 ) (27,500 ) (38,717 ) (30,275 ) Other income (expense), net: Interest income, net 3,428 20 4,821 — Change in fair value of earn-out liabilities — 22,109 (33,369 ) (488 ) Change in fair value of warrant liabilities (13,033 ) 21,009 29,969 (2,955 ) Gain (loss) on issuance of securities — 596 — (68,080 ) Other income, net 39 421 65 422 Total other income (expense), net (9,566 ) 44,155 1,486 (71,101 ) Income (loss) before income taxes (38,206 ) 16,655 (37,231 ) (101,376 ) Income tax expense — — — — Net income (loss) (38,206 ) 16,655 (37,231 ) (101,376 ) Net loss attributable to redeemable noncontrolling interest (13,408 ) (2,805 ) (1,499 ) (24,322 ) Net income attributable to noncontrolling interest 383 789 845 1,761 Net income (loss) attributable to the Company (25,181 ) 18,671 (36,577 ) (78,815 ) Less: Preferred dividends (151 ) (137 ) (298 ) (608 ) Net income (loss) attributable to Class A common shareholders $ (25,332 ) $ 18,534 $ (36,875 ) $ (79,423 ) ________________________1 Reflects immaterial, non-cash corrections primarily related to historical estimated contract losses on certain lunar payload services contracts; see our June 30, 2025 Form 10-Q for further MACHINES, Consolidated Statements of Cash Flows(In thousands)(Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net loss $ (37,231 ) $ (101,376 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 1,375 837 Bad debt expense 135 440 Share-based compensation expense 5,364 5,895 Change in fair value of earn-out liabilities 33,369 488 Change in fair value of warrant liabilities (29,969 ) 2,955 Loss on issuance of securities — 68,080 Other 177 154 Changes in operating assets and liabilities: Trade accounts receivable, net 8,053 (21,821 ) Accounts receivable - affiliated companies (16 ) — Contract assets 26,154 (834 ) Prepaid expenses (1,131 ) (172 ) Other assets, net 1,107 244 Accounts payable and accrued expenses 305 7,145 Accounts payable – affiliated companies 1,558 (37 ) Contract liabilities – current and long-term (7,876 ) (3,150 ) Other liabilities (1,218 ) 3,450 Net cash provided by (used in) operating activities 156 (37,702 ) Cash flows from investing activities: Purchase of property and equipment (14,176 ) (3,793 ) Net cash used in investing activities (14,176 ) (3,793 ) Cash flows from financing activities: Warrants exercised 176,620 51,360 Redemption of warrants (66 ) — Transaction costs — (437 ) Repurchase of Class A Common Stock (20,700 ) — Proceeds from borrowings — 10,000 Repayment of loans — (15,000 ) Proceeds from issuance of securities — 27,481 Payment of withholding taxes from share-based awards (4,540 ) (2,123 ) Stock option exercises — 300 Distributions to noncontrolling interests — (973 ) Net cash provided by financing activities 151,314 70,608 Net increase in cash, cash equivalents and restricted cash 137,294 29,113 Cash, cash equivalents and restricted cash at beginning of the period 209,649 4,560 Cash, cash equivalents and restricted cash at end of the period 346,943 33,673 Less: restricted cash 2,042 2,042 Cash and cash equivalents at end of the period $ 344,901 $ 31,631 INTUITIVE MACHINES, of GAAP to Non-GAAP Financial Measure Adjusted EBITDA The following table presents a reconciliation of net loss, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2025 2024 2025 2024 Net income (loss) $ (38,206 ) $ 16,655 $ (37,231 ) $ (101,376 ) Adjusted to exclude the following: Depreciation 752 423 1,375 837 Interest income, net (3,428 ) (20 ) (4,821 ) — Share-based compensation expense 2,520 1,969 5,364 5,895 Change in fair value of earn-out liabilities — (22,109 ) 33,369 488 Change in fair value of warrant liabilities 13,033 (21,009 ) (29,969 ) 2,955 (Gain) loss on issuance of securities — (596 ) — 68,080 Other income, net (39 ) (421 ) (65 ) (422 ) Adjusted EBITDA $ (25,368 ) $ (25,108 ) $ (31,978 ) $ (23,543 ) Free Cash Flow We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are: Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP. Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation. Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle. The following table presents a reconciliation of net cash used in operating activities, the most directly comparable financial measure presented in accordance with GAAP, to free cash flow: Six Months Ended June 30, (in thousands) 2025 2024 Net cash provided by (used in) operating activities $ 156 $ (37,702 ) Purchases of property and equipment (14,176 ) (3,793 ) Free cash flow $ (14,020 ) $ (41,495 ) Backlog The following table presents our backlog as of the periods indicated: (in thousands) June 30, 2025 December 31, 2024 Backlog $ 256,909 $ 328,345 Backlog decreased by $71.4 million as of June 30, 2025 compared to December 31, 2024, primarily due to continued performance on existing contracts of $112.8 million and IM-2 mission close-out adjustments of $8.4 million, partially offset by $49.8 million in new awards primarily associated with the NSN contract of $18.0 million, TSC grant of $10.0 million, OMES III contract of $7.0 million, and various other contracts. This press release was published by a CLEAR® Verified in to access your portfolio
Yahoo
27-03-2025
- Business
- Yahoo
Analyst revises Intuitive Machines stock price target after earnings
What goes up must come down, but at least you get a hell of a ride. Shareholders of Intuitive Machines () might have felt the G-forces climbing on March 25 after the Houston space-exploration company reported fourth-quarter results. 💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰💵 Intuitive's stock initially took off after the company reported a record backlog for 2024 and ended the year with a record cash balance of $207.6 million. In addition, the shares rose following remarks by CEO Steve Altemus regarding potential growth driven by Elon Musk's Department of Government Efficiency. "The federal government changes and uncertainty at NASA is an opportunity for Intuitive Machines to expand our customer base into areas like National Security Space and broaden our service footprint, in addition to lunar, further diversifying our role in the space economy," he said. Musk's department has been laying off thousands of government employees beginning early in President Donald Trump's administration. In addition to being Tesla's () CEO, Musk is chief executive of SpaceX. "I think the Department of Government Efficiency is looking to drive efficiency within NASA, in particular, in our case, and the monies that are recaptured or saved can be applied to commercial space endeavors that could be more efficient," Altemus said. Intuitive Machines, he said, "is in a position now where we can navigate this kind of commercial market." "We're driving innovation in a rapid, affordable way to deliver space systems reliably," Altemus said. "And that is attractive for this modern era or modern administration approach towards NASA. So I think this is good. This is the way the space agency can get more accomplished and be more globally competitive." More Tech Stocks: Analysts revisit Apple stock price targets as Cook courts Beijing Veteran trader takes hard look at Tesla stock price amid slump, controversy Analysts rework Micron stock price targets after earnings Intuitive Machines was founded in 2013 by Altemus, Kam Ghaffarian and Tim Crain and the company went public in 2023. NASA has outlined how it will respond to Trump's order that federal agencies eliminate 'waste, bloat, and insularity,' CNN reported. But just how sweeping the changes to the nation's space agency might be is as yet unclear. 'Over the past few weeks, an internal team has defined a strategy to identify and act on opportunities for optimizing our organization — whether by streamlining operations, reducing duplicative reporting and analysis, finding areas to accelerate decision velocity, or identifying cost-savings measures,' NASA Acting Administrator Janet Petro said in an email addressed to space agency staff. Intuitive Machines reported revenue of $54.7 million for the quarter, missing the consensus estimate of $57.6 million. In addition, the company provided 2025 revenue guidance of $250 million to $300 million, below analyst expectations of $342.5 million. The space-exploration company's shares nosedived earlier this month after its Athena lunar lander touched down on the moon but tipped over shortly thereafter. Intuitive Machines shares are down nearly 50% year-to-date and up 49% from a year ago. Investment firms issued research reports after the company posted quarterly results.B. Riley says that while Intuitive Machines' fourth-quarter revenue and Ebitda fell short of projections, the company disclosed that it had amassed $385 million of cash as of March 10, following redemption of its $11.50-per-share warrants. This provides an "ample runway" to launch its space technology, infrastructure and services businesses, the firm said. Intuitive now has the flexibility to both pursue organic growth while also considering bolt-on acquisitions, the analyst tells investors in a research note. B. Riley affirmed a buy rating and $14 price target on the shares. Cantor Fitzgerald analyst Andres Sheppard lowered his price target on Intuitive Machines to $13 from $15 and maintained an overweight rating. The shares tumbled 70% after the Athena mishap, but Intuitive disclosed it was able to accelerate payload operations, Sheppard said. He called the current share level an attractive entry point after the recent selloff. The majority of the company's revenue comes not from launch missions but rather from space contracts, the firm says. Sheppard said he that expected Intuitive to capture more than 90% of revenue from its IM-2 Mission, and management disclosed that it expected to capture the majority of the $15.8 million final success payment outstanding.
Globe and Mail
25-03-2025
- Business
- Globe and Mail
LUNR Earnings: Will Intuitive Machines Turn a Profit Soon?
Intuitive Machines (LUNR) stock rose Monday after the space travel company released its Q4 2024 earnings report. Revenue reported by Intuitive Machines increased 79% year-over-year to $54.7 million. However, that missed Wall Street's Q4 revenue estimate of $55.7 million. Despite the miss, the company noted its backlog was $328.3 million, up 22% from Q4 2023 and a new quarter-end record. Light Up your Portfolio with Spark: Intuitive Machines reported a net loss of $149.92 million in its latest quarter, a negative shift from the $8.43 million in net income reported in the same period of the previous year. Even so, it reported $207.6 million in cash on hand at year's end and a $385 million balance sheet as of March 10. Intuitive Machines CEO Steve Altemus said the company is 'stronger than ever— financially secure, debt-free, and ready to take the next leap.' LUNR stockholders appeared hopeful about the company's future, as shares climbed 2.68% in pre-market trading this morning. That could mark a positive change for the company as its shares were down 60.96% year-to-date. While Altemus may have high hopes for the future, the company's guidance is more mixed. It expects 2025 revenue to range from $250 million to $300 million, well below Wall Street's $342.47 million estimate. It also expects positive run-rate Adjusted EBITDA by the end of 2025 and positive Adjusted EBITDA in 2026. Altemus said Intuitive Machines will use its 'fortress-like balance sheet,' to seek 'the highest-return opportunities, whether that's through internal innovation or strategic acquisitions.' He intends to take the company beyond NASA and cislunar space by serving new customers and markets. Turning to Wall Street, the analysts' consensus rating for Intuitive Machines is Moderate Buy based on four Buy, one Hold, and one Sell ratings over the last three months. With that comes an average price target of $16.33, a high of $22, and a low of $12. This represents a potential 130.32% upside for LUNR stock. These ratings and price targets will likely change as analysts update their coverage after today's earnings. See more LUNR stock analyst ratings Questions or Comments about the article? Write to editor@ This article contains syndicated content. We have not reviewed, approved, or endorsed the content, and may receive compensation for placement of the content on this site. For more information please view the Barchart Disclosure Policy here.
Yahoo
24-03-2025
- Business
- Yahoo
Intuitive Machines Reports Fourth Quarter and Full-Year 2024 Financial Results
HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR, 'Intuitive Machines,' or the 'Company'), a leading space technology, infrastructure, and services company, today announced its financial results for the fourth quarter and full-year ended December 31, 2024. Intuitive Machines CEO Steve Altemus said, 'Just two years ago, we became a public company with a bold vision for the future. Over the past year, we've deliberately positioned ourselves for long-term success by expanding our technical capabilities, opening new revenue streams, and fortifying our financial position. Today, we stand stronger than ever— financially secure, debt-free, and ready to take the next leap.' Highlights Executed southernmost ever lunar landing on the South pole region of the Moon and accelerated payload operations for NASA's PRIME-1 drill suite, Nokia's Lunar Surface Communications System, Intuitive Machines' Micro Nova Hopper, and several commercial payloads including a data center and a Japanese micro-rover (Q1 2025) Awarded additional contracts for NASA's Near Space Network ('NSN') for Direct-to-Earth ('DTE') services to regions around the Moon and beyond the Moon Continued customer diversification through a contract to adapt our current technologies from our lunar delivery missions to create new capabilities, specifically an in-space orbital transfer vehicle 'OTV' for a government customer (Q1 2025) Completed an upsized $125 million offering of Class A common stock and concurrent private placement with Boryung Corporation, a leading South Korean pharmaceutical company and strategic investor and partner for critical infrastructure opportunities in space Reported record backlog of $328.3 million, a 22% increase year-over-year and the highest quarter-ending backlog in Company history Achieved $54.7 million of revenue in Q4, up 79% year-over-year; $228.0 million for the year, nearly three times 2023 revenue Continued drive towards profitability with positive gross margin in Q4 and full year, our second consecutive quarter of positive gross margin Ended 2024 with $207.6 million in cash; as of March 10th our cash balance was $385 million following the completion of the warrant redemption process, streamlining the Company's capital structure while substantially reducing the overhang from derivative securities Mr. Altemus continued, 'Now, with a fortress-like balance sheet, we're seeking the highest-return opportunities, whether that's through internal innovation or strategic acquisitions. Our proven technologies and expertise are propelling us beyond NASA and cislunar space, expanding our reach into new markets and customers. This year is not just about growth—it's about defining the future of our company and the industry itself.' 2025 Outlook Full-year 2025 revenue outlook of $250 - $300 million Positive run-rate Adjusted EBITDA by the end of 2025; positive Adjusted EBITDA in 2026 Conference Call Information Intuitive Machines will host a conference call today, March 24, 2025, at 8:30 am Eastern Time to discuss these results. A link to the live webcast of the earnings conference call will be made available on the investors portion of the Intuitive Machines' website at Following the conference call, a webcast replay will be available through the same link on the investors portion of the Intuitive Machines' website at Key Business Metrics and Non-GAAP Financial Measures In addition to the GAAP financial measures set forth in this press release, the Company has included certain financial measures that have not been prepared in accordance with generally accepted accounting principles ('GAAP') and constitute 'non-GAAP financial measures' as defined by the SEC. This includes adjusted EBITDA ('Adjusted EBITDA'). Adjusted EBITDA is a key performance measure that our management team uses to assess the Company's operating performance and is calculated as net income (loss) excluding results from non-operating sources including interest income, interest expense, gain on extinguishing of debt, share based compensation, change in fair value instruments, depreciation, and provision for income taxes. Intuitive Machines has included Adjusted EBITDA because we believe it is helpful in highlighting trends in the Company's operating results and because it is frequently used by analysts, investors, and other interested parties to evaluate companies in our industry. Adjusted EBITDA has limitations as an analytical measure, and investors should not consider it in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Other companies, including companies in Intuitive Machines' industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net income (loss) and our other GAAP results. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure is included below under the heading 'Reconciliation of GAAP to Non-GAAP Financial Measure.' We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are:Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP; Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation; and Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle. A reconciliation of Free Cash Flow to the most directly comparable GAAP financial measure is included below under the heading 'Reconciliation of GAAP to Non-GAAP Financial Measure.' The Company has also included contracted backlog, which is defined as the total estimate of the revenue the Company expects to realize in the future as a result of performing work on awarded contracts, less the amount of revenue the Company has previously recognized. Intuitive Machines monitors its backlog because we believe it is a forward-looking indicator of potential sales which can be helpful to investors in evaluating the performance of its business and identifying trends over time. About Intuitive Machines Intuitive Machines is a diversified space technology, infrastructure, and services company focused on fundamentally disrupting lunar access economics. In 2024, Intuitive Machines successfully soft-landed the Company's Nova-C class lunar lander, on the Moon, returning the United States to the lunar surface for the first time since 1972. In 2025, Intuitive Machines returned to the lunar south pole with a second lander. The Company's products and services are focused through three pillars of space commercialization: Delivery Services, Data Transmission Services, and Infrastructure as a Service. For more information, please visit Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements that do not relate to matters of historical fact should be considered forward-looking. These forward-looking statements generally are identified by the words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'might,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'strive,' 'would,' 'strategy,' 'outlook,' the negative of these words or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include but are not limited to statements regarding: our expectations and plans relating to our missions to the Moon, including the expected timing of launch and our progress in preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts including LTV, NSNS and CP-22; our expectations regarding revenue for government contracts awarded to us; our operations, our financial performance and our industry; our business strategy, business plan, and plans to drive long-term sustainable shareholder value; our expectations on revenue generation. These forward-looking statements reflect the Company's predictions, projections, or expectations based upon currently available information and data. Our actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements, and you are cautioned not to place undue reliance on these forward looking statements. The following important factors and uncertainties, among others, could cause actual outcomes or results to differ materially from those indicated by the forward-looking statements in this presentation: our reliance upon the efforts of our Board and key personnel to be successful; our limited operating history; our failure to manage our growth effectively; competition from existing or new companies; unsatisfactory safety performance of our spaceflight systems or security incidents at our facilities; failure of the market for commercial spaceflight to achieve the growth potential we expect; any delayed launches, launch failures, failure of our satellites or lunar landers to reach their planned orbital locations, significant increases in the costs related to launches of satellites and lunar landers, and insufficient capacity available from satellite and lunar lander launch providers; our customer concentration; risks associated with commercial spaceflight, including any accident on launch or during the journey into space; risks associated with the handling, production and disposition of potentially explosive and ignitable energetic materials and other dangerous chemicals in our operations; our reliance on a limited number of suppliers for certain materials and supplied components; failure of our products to operate in the expected manner or defects in our products; counterparty risks on contracts entered into with our customers and failure of our prime contractors to maintain their relationships with their counterparties and fulfill their contractual obligations; failure to successfully defend protest from other bidders for government contracts; failure to comply with various laws and regulations relating to various aspects of our business and any changes in the funding levels of various governmental entities with which we do business; our failure to protect the confidentiality of our trade secrets and know how; our failure to comply with the terms of third-party open source software our systems utilize; our ability to maintain an effective system of internal control over financial reporting, and to address and remediate material weaknesses in our internal control over financial reporting; the U.S. government's budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year, and our dependence on U.S. government contracts and funding by the government for the government contracts; our failure to comply with U.S. export and import control laws and regulations and U.S. economic sanctions and trade control laws and regulations; uncertain global macro-economic and political conditions (including as a result of a failure to raise the 'debt ceiling') and rising inflation; our history of losses and failure to achieve profitability and our need for substantial additional capital to fund our operations; the fact that our financial results may fluctuate significantly from quarter to quarter; our holding company status; the risk that our business and operations could be significantly affected if it becomes subject to any securities litigation or stockholder activism; our public securities' potential liquidity and trading; and other public filings and press releases other factors detailed under the section titled Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the 'SEC'), the section titled Part I, Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations and the section titled Part II. Item 1A. 'Risk Factors' in our most recently filed Quarterly Report on Form 10-Q, and in our subsequent filings with the SEC, which are accessible on the SEC's website at and the Investors section of our website at These forward-looking statements are based on information available as of the date of this press release and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. Contacts For investor inquiries:investors@ For media inquiries:press@ INTUITIVE MACHINES, Balance Sheets(In thousands)(Unaudited) December 31,2024 December 31,2023 ASSETS Current assets Cash and cash equivalents $ 207,607 $ 4,498 Restricted cash 2,042 62 Trade accounts receivable 44,759 16,881 Contract assets 34,592 7,126 Prepaid and other current assets 4,161 3,044 Total current assets 293,161 31,611 Property and equipment, net 23,364 18,349 Operating lease right-of-use assets 38,765 35,853 Finance lease right-of-use assets 114 95 Total assets $ 355,404 $ 85,908 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current liabilities Accounts payable and accrued expenses $ 17,350 $ 16,771 Accounts payable - affiliated companies 2,750 5,786 Current maturities of long-term debt — 8,000 Contract liabilities, current 65,184 41,371 Operating lease liabilities, current 2,021 4,833 Finance lease liabilities, current 37 25 Other current liabilities 11,489 4,747 Total current liabilities 98,831 81,533 Contract liabilities, non-current 14,334 — Operating lease liabilities, non-current 35,259 30,550 Finance lease liabilities, non-current 63 67 Earn-out liabilities 134,156 14,032 Warrant liabilities 68,778 11,294 Other long-term liabilities 62 4 Total liabilities 351,483 137,480 Commitments and contingencies MEZZANINE EQUITY Series A preferred stock subject to possible redemption 5,990 28,201 Redeemable noncontrolling interests 1,005,965 181,662 SHAREHOLDERS' DEFICIT Class A common stock 10 2 Class B common stock — — Class C common stock 6 7 Treasury Stock (12,825 ) (12,825 ) Paid-in capital — — Accumulated deficit (996,453 ) (248,619 ) Total shareholders' deficit attributable to the Company (1,009,262 ) (261,435 ) Noncontrolling interests 1,228 — Total shareholders' deficit (1,008,034 ) (261,435 ) Total liabilities, mezzanine equity and shareholders' deficit $ 355,404 $ 85,908 INTUITIVE MACHINES, Statements of Operations(In thousands)(Unaudited) Three Months Ended December 31, Year Ended December 31, 2024 20231 20241 20231 Revenue $ 54,662 $ 30,591 $ 228,000 $ 79,551 Operating expenses: Cost of revenue (excluding depreciation) 46,228 27,356 190,369 101,044 Cost of revenue (excluding depreciation) - affiliated companies 7,755 2,949 34,862 2,949 Depreciation 540 432 1,859 1,376 Impairment of property and equipment — 964 5,044 964 General and administrative expense (excluding depreciation) 13,536 6,381 53,262 34,337 Total operating expenses 68,059 38,082 285,396 140,670 Operating loss (13,397 ) (7,491 ) (57,396 ) (61,119 ) Other income (expense), net: Interest income (expense), net 149 (42 ) 180 (823 ) Change in fair value of earn-out liabilities (86,308 ) 5,186 (120,124 ) 66,252 Change in fair value of warrant liabilities (41,010 ) 5,176 (77,651 ) 15,435 Change in fair value of SAFE Agreements — — — (2,353 ) Loss on issuance of securities (25,056 ) — (93,136 ) (6,729 ) Other income (expense), net 474 (104 ) 1,242 (483 ) Total other income (expense), net (151,751 ) 10,216 (289,489 ) 71,299 Income (loss) before income taxes (165,148 ) 2,725 (346,885 ) 10,180 Income tax expense 13 252 (37 ) (40 ) Net income (loss) (165,135 ) 2,977 (346,922 ) 10,140 Net loss attributable to Intuitive Machines, LLC prior to the Business Combination — — — (6,481 ) Net income (loss) (post Business Combination) (165,135 ) 2,977 (346,922 ) 16,621 Net loss attributable to redeemable noncontrolling interest (17,003 ) (5,450 ) (67,004 ) (45,141 ) Net income attributable to noncontrolling interest 1,066 — 3,495 — Net income (loss) attributable to the Company (149,198 ) 8,427 (283,413 ) 61,762 Less: Preferred dividends (145 ) (686 ) (896 ) (2,343 ) Net income (loss) attributable to Class A common shareholders $ (149,343 ) $ 7,741 $ (284,309 ) $ 59,419 ________________________1 Reflects immaterial, non-cash corrections primarily related to historical estimated contract losses on certain lunar payload services contracts; see our December 31, 2024 Form 10-K for further MACHINES, Statements of Cash Flows(In thousands)(Unaudited) Year Ended December 31, 2024 2023 Cash flows from operating activities: Net income (loss) $ (346,922 ) $ 10,140 Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation 1,859 1,376 Bad debt expense (recovery) 440 (836 ) Impairment of property and equipment 5,044 964 Share-based compensation expense 8,798 4,273 Change in fair value of SAFE Agreements — 2,353 Change in fair value of earn-out liabilities 120,124 (66,252 ) Change in fair value of warrant liabilities 77,651 (15,435 ) Loss on issuance of securities 93,136 6,729 Deferred income taxes — 7 Other 58 43 Changes in operating assets and liabilities: Trade accounts receivable, net (28,319 ) (14,743 ) Contract assets (28,102 ) 490 Prepaid expenses (481 ) (1,435 ) Other assets, net 1,334 1,165 Accounts payable and accrued expenses (1,228 ) 14,091 Accounts payable – affiliated companies (3,036 ) 4,441 Contract liabilities – current and long-term 38,147 (9,841 ) Other liabilities 3,910 17,191 Net cash used in operating activities (57,587 ) (45,279 ) Cash flows from investing activities: Purchase of property and equipment (10,111 ) (29,911 ) Net cash used in investing activities (10,111 ) (29,911 ) Cash flows from financing activities: Proceeds from Business Combination — 8,055 Proceeds from issuance of Series A Preferred Stock — 26,000 Transaction costs (9,370 ) (9,371 ) Proceeds from borrowings 10,000 — Repayment of loans (18,000 ) (12,000 ) Proceeds from issuance of securities 233,392 20,000 Member distributions — (7,952 ) Stock option exercises 300 — Forward purchase agreement termination — 12,730 Warrants exercised 61,261 16,124 Contributions from (distributions to) noncontrolling interests (2,267 ) 686 Payment of withholding taxes from share-based awards (2,529 ) (348 ) Net cash provided by financing activities 272,787 53,924 Net increase (decrease) in cash, cash equivalents and restricted cash 205,089 (21,266 ) Cash, cash equivalents and restricted cash at beginning of the period 4,560 25,826 Cash, cash equivalents and restricted cash at end of the period 209,649 4,560 Less: restricted cash 2,042 62 Cash and cash equivalents at end of the period $ 207,607 $ 4,498 INTUITIVE MACHINES, of GAAP to Non-GAAP Financial Measure Adjusted EBITDA The following table presents a reconciliation of net loss, the most directly comparable financial measure presented in accordance with GAAP, to Adjusted EBITDA. Three Months Ended December 31, Year Ended December 31, (in thousands) 2024 2023 2024 2023 Net income (loss) $ (165,135 ) $ 2,977 $ (346,922 ) $ 10,140 Adjusted to exclude the following: Income tax expense (13 ) (252 ) 37 40 Depreciation 540 432 1,859 1,376 Impairment on property and equipment — 964 5,044 964 Interest (income) expense, net (149 ) 42 (180 ) 823 Share-based compensation expense 1,618 1,525 8,798 4,273 Change in fair value of earn-out liabilities 86,308 (5,186 ) 120,124 (66,252 ) Change in fair value of warrant liabilities 41,010 (5,176 ) 77,651 (15,435 ) Change in fair value of SAFE Agreements — — — 2,353 Loss on issuance of securities 25,056 — 93,136 6,729 Other (income) expense, net (474 ) 104 (1,242 ) 483 Adjusted EBITDA $ (11,239 ) $ (4,570 ) $ (41,695 ) $ (54,506 ) Free Cash Flow We define free cash flow as net cash (used in) provided by operating activities less purchases of property and equipment. We believe that free cash flow is a meaningful indicator of liquidity that provides information to management and investors about the amount of cash generated from operations that, after purchases of property and equipment, can be used for strategic initiatives, including continuous investment in our business and strengthening our balance sheet. Free Cash Flow has limitations as a liquidity measure, and you should not consider it in isolation or as a substitute for analysis of our cash flows as reported under GAAP. Some of these limitations are: Free Cash Flow is not a measure calculated in accordance with GAAP and should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP. Free Cash Flow may not be comparable to similarly titled metrics of other companies due to differences among methods of calculation. Free Cash Flow may be affected in the near to medium term by the timing of capital investments, fluctuations in our growth and the effect of such fluctuations on working capital and changes in our cash conversion cycle. The following table presents a reconciliation of net cash used in operating activities, the most directly comparable financial measure presented in accordance with GAAP, to free cash flow: Year Ended December 31, (in thousands) 2024 2023 Net cash used in operating activities (57,587 ) (45,279 ) Purchases of property and equipment (10,111 ) (29,911 ) Free cash flow (67,698 ) (75,190 ) Backlog The following table presents our backlog as of the periods indicated: (in thousands) December 31, 2024 December 31, 2023 Backlog $ 328,345 $ 268,566 Backlog increased by $59.8 million as of December 31, 2024 compared to December 31, 2023, due to $303.7 million in new awards primarily associated with the IM-4 CLPS, NSN, and LTV contracts awarded from NASA, and task order modifications to the existing IM-2 CLPS, IM-3 CLPS and OMES III contracts. These increases are partially offset by continued performance on existing contracts of $228.0 million and decreases related to contract value adjustments of $15.9 million mostly related to various fixed price contracts. This press release was published by a CLEAR® Verified in to access your portfolio
Yahoo
07-03-2025
- Business
- Yahoo
Tipped again: Commercial lander on the moon but not upright
Commercial company Intuitive Machines has had some luck getting its lunar landers to the surface of the moon, but hasn't had any luck keeping them upright. The Houston-based company flying its second mission under NASA's Commercial Lunar Payload Services program made history in 2024 becoming the first commercial company to manage a soft landing on the moon. That lander named Odysseus, though, tipped over limiting the science it was able to perform for NASA. CEO Steve Altemus said the company is in the same predicament with its new lander named Athena, which managed to touch down near the moon's south pole at 12:31 p.m. Eastern time Thursday, but didn't stick the landing. 'We don't believe we're in the correct attitude on the surface of the moon, yet again,' he said. The company has yet to get a complete picture of just what position its in, and is waiting to understand that completely before figuring out just what it can do with all of the payloads it has on board for both NASA as well as several commercial partners. 'I want to get all the measurements and the pictures to really be able to explain to you the configuration of the vehicle,' Altemus said. 'I don't have a good sense of that today. I'm sorry, I have to get more data from that.' The imperfect landing comes just five days since NASA saw greater success with another commercial company Firefly Aerospace, which managed to remain upright with its Blue Ghost lander on Sunday. Athena's destination was a lunar plateau called Mons Mouton, one of NASA's potential landing spots for future human missions under its Artemis program. It's the farthest south any government or private company has ever attempted to land. 'I think we can all agree, particularly today, that landing on the moon is extremely hard and Intuitive Machines 2 was aiming to land in a place that humanity has not been to before,' said NASA's Nicky Fox, associate administrator with the Science Mission Directorate. 'We do know that it is returning data, and we look forward to actually being able to work with Intuitive Machines on a plan to return as much science data and technology data as we can during its stay on the moon.' The lander approached the surface, descending from a lunar orbit where it was going 4,000 mph, slowing to about 3 feet per second. Its final moments before touchdown and status after landing were initially unclear. 'It looks like we're down,' the company's mission director Tim Crain said. 'We're working to evaluate exactly what our orientation is on the surface.' The company was able to communicate with the lander, though, and solar power was being generated, but no photo was released in the hours after landing. Altemus said they also want to get an image from NASA's Lunar Reconnaissance Orbiter, which may not come for another day or two. He tried to put the mission into perspective. 'Any time that you ship a spacecraft to Florida for flight and end up a week later, operating on the moon. I declare that a success,' he said. The imperfect landing, though, didn't fare well with investors for the publicly traded company. It's stock closed down more than 20% on Thursday. Altemus detailed what efforts it might try to do to save as much of the science and technology experiments that it can for the duration of the mission. 'We are communicating. We can command payloads on and off. We can send commands to the vehicle,' he said. The company did power down many of the lander's systems, though, to conserve energy while it figured out how long it will be able to operate and which objectives can still be accomplished. 'When we get that full assessment, we will then work closely with NASA science and technology groups to identify science objectives that are the highest priority, and then we'll figure out what the what the mission profile will look like,' he said. 'It will be off nominal, because we're not getting everything that we had asked for in terms of power generation, communications, etc.' Its main payload for NASA is the PRIME-1 drill, which stands for Polar Resources Ice Mining Experiment 1. It was built to dig straight down and analyze lunar regolith from as deep as 3 feet, on the hunt especially for frozen water. But depending on the orientation of the lander, it could still potentially be deployed. Although Athena's final disposition has not been confirmed, it did become the second robotic moon landing this week following the success by Firefly's Blue Ghost lander. Unlike Firefly's long trip to the moon, which launched mid-January before making the final descent 45 days later, Intuitive Machines opted for a quick route — having launched from Florida's Kennedy Space Center atop a SpaceX Falcon 9 rocket Feb. 26. The goal after landing was to have about 10 days of lunar daylight to complete its scientific experiments. The missions were funded in part by NASA, which seeks to transition the agency to simply become a customer of private companies when it needs to get something on the moon. Athena's major payloads were geared toward unlocking the south pole's secrets armed with several tools looking for ice and gathering data as a potential future site for human exploration. 'We know because of the moon's tilt, that the craters near the poles are permanently shadowed. They never see the sun, so they're extremely cold, and we believe that water and other volatiles could build up inside those craters and in the polar region,' Intuitive Machines chief scientist Ben Bussey said. 'That represents a resource for future robotic and human exploration.' NASA paid the company $62.5 million to carry up the the PRIME-1 drill and other agency payloads. But the lander also sent up items from Lonestar Data Holdings, Columbia Sportswear, Nokia, Lunar Outpost, Puli Space, Dymon Co. Ltd. and the German Aerospace Center. The Nokia hardware affixed to the lander was also stuck on two payloads designed to move away from it — a mini rover and a hopper. The Mobile Autonomous Prospecting Platform, or MAPP, rover is from Lunar Outpost. Outfitted with cameras, it features 4G/LTE antennas, looking to create what would be the first cellular network on the moon so it can transmit images that would be relayed back to Earth. The rover will also attempt to collect some regolith as a proof-of-concept, and technically sell it to NASA — although it may be a long time before NASA could collect it if ever. It also features what would be considered an even tinier rover on top — the MIT AstroAnt robotic swarm prototype — 'which will wheel around MAPP's roof to take temperature readings and monitor its operation,' according to Lunar Outpost. The Micro Nova Hopper, nicknamed Grace, has its own propulsion system that lets it make a series of jumps away from the lander. Essentially a rocket-fueled drone, it's designed to make five hops away so it can explore a nearby permanently shadowed region of the moon's surface. 'We are testing the technology, proving that we can take a drone, if you will, on the surface of the moon, and fly into places that rovers can't go,' said Trent Martin, Intuitive Machines' senior vice president for space systems. 'We believe that is the future of this technology. We absolutely believe there's a place for rovers on the moon ... but also there's a place for hoppers and technologies that allow you to go down into extreme environments where you can't drive your rover.' Altemus didn't rule out attempts to deploy the rover or the hopper. 'We've got a very innovative team, and I think if given the time and the opportunity to study the problem, we'll come up with something great,' he said. Fox said ahead of the landing she was most excited for the NASA drill payload but also the technology demonstrations of the hopper and Nokia communication systems. 'Those three technologies will open the door and demonstrate science we haven't done before,' Fox said. 'They will demonstrate how we're going to live and work on the lunar surface and prepare us to have humans on Mars.' Acting NASA Administrator Janet Petro said the moon has proved to be difficult, with less than half of soft landing attempts finding success. 'Even back in the Apollo days, the seven times we landed on the moon, it was very, very challenging,' she said. 'Each lander is unique, so each is developed differently, and the harshness of the environment, with no atmosphere, the dust that's going to spring up when it lands, all these conditions make it really, really hard to do it right.' _____ --------
