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Yahoo
12 hours 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
Globe and Mail
a day ago
- Business
- Globe and Mail
Intuitive Machines Expands Deep Space Navigation Services with Agreement to Acquire KinetX, Positioning Itself for Constellation Management and Moon-to-Mars Data Relay
HOUSTON, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Intuitive Machines, Inc. (Nasdaq: LUNR) ('Intuitive Machines' or the 'Company'), a leading space technology, infrastructure, and services company, today announced it has signed a definitive agreement to acquire KinetX, Inc. ('KinetX'), a privately held Arizona-based aerospace company with more than 30 years of experience delivering flight-proven deep space navigation, systems engineering, ground software, and constellation mission design to the U.S. government and international customers. The acquisition strengthens Intuitive Machines' position as a vertically integrated provider of end-to-end systems for the Moon, Mars, and beyond, marking the Company's formal expansion into the precision navigation and flight dynamics segment of deep space operations. The acquisition is expected to close prior to the end of 2025, subject to customary closing conditions. With a heritage of supporting NASA and National Security Space missions, and as the only commercial company certified by NASA for deep space navigation, KinetX provides flight dynamics capabilities for both lunar and interplanetary missions. Its proprietary navigation software stack has supported both of Intuitive Machines' lunar missions to date. 'We know our objective, becoming an indispensable infrastructure services layer for space exploration, and achieving it requires intelligent systems and exceptional talent,' said Intuitive Machines CEO Steve Altemus. 'Bringing KinetX in-house gives us both: flight-proven deep space navigation expertise and the proprietary software behind some of the most ambitious missions in the solar system. These capabilities accelerate our ability to deliver secure, autonomous data relay and constellation services at scale, reinforcing our position as a trusted provider for NASA, National Security Space, and future Mars operations.' KinetX also brings deep and broad systems engineering capabilities along with a suite of ground software and analysis tools supporting the IRIDIUM constellation, Mobile User Objective System, and other key U.S. defense programs. Its simulation environment enables advanced orbit modeling, trade studies, and secure constellation operations—core services for the next generation of proliferated space architectures and U.S. cislunar strategy. The acquisition reinforces the Company's flight dynamics and navigation business line within Intuitive Machines' Data Transmission Services segment. Intuitive Machines plans to pair KinetX software and talent with its lunar-proven flight systems, positioning the Company to lead in emerging opportunities like NASA's Near Space Network Services, the potential for Tracking and Data Relay Satellite System replacement, Mars data relay missions, and commercial operations of legacy Deep Space Network infrastructure. 'For over 30 years, KinetX has supported deep space missions that redefine humanity's place in the solar system, navigating to Mercury, beyond Pluto, asteroids, and the Moon,' said KinetX CEO Christopher Bryan. 'Joining Intuitive Machines gives our team a broader operational canvas and shared commitment to precision, autonomy, and engineering excellence. We're excited to help shape the next generation of space infrastructure with a partner that understands the demands of real flight and values the people and tools required to meet them.' 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: regarding the proposed business combination transaction between the Company and KinetX, future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the proposed transaction, the anticipated impact of the proposed transaction on the combined company's business and future financial and operating results, the expected amount and timing of synergies from the proposed transaction, the anticipated closing date for the proposed transaction and other aspects of the proposed transaction. 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: The Company's ability to successfully integrate KinetX's businesses and technologies, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the expected benefits and synergies of the proposed transaction may not be fully achieved in a timely manner, or at all; the risk that the Company will be unable to retain and hire key personnel; the risk with closing, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all or the failure of the transaction to close for any other reason or to close on the anticipated terms; 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 Contacts For investor inquiries: investors@ For media inquiries: press@ A photo accompanying this announcement is available at This press release was published by a CLEAR® Verified individual.
Digital Trends
2 days ago
- Science
- Digital Trends
Sadly, NASA's Lunar Trailblazer failed to do what it said on the tin
NASA has given up trying to reestablish contact with a small spacecraft that launched in February to map lunar water. The Lunar Trailblazer hitched a ride on the second Intuitive Machines robotic lunar lander mission, IM-2, which launched from the Kennedy Space Center in Florida on February 26, 2025. Recommended Videos The spacecraft separated as planned from the rocket about 48 minutes after launch, and the mission team established communications with it about 10 minutes later. But contact was lost the following day and was never reestablished, preventing them team from performing the necessary thruster operations to keep the spacecraft on its flight trajectory toward the moon. And on Monday, NASA said the mission was officially over. The space agency added that from the limited data it had received, it appeared that the spacecraft's solar arrays had failed to properly orient toward the sun, causing its batteries to lose power. 'While it was not the outcome we had hoped for, mission experiences like Lunar Trailblazer help us to learn and reduce the risk for future, low-cost small satellites to do innovative science as we prepare for a sustained human presence on the moon,' Nicky Fox, associate administrator for NASA's Science Mission Directorate, said in a release, adding: 'Thank you to the Lunar Trailblazer team for their dedication in working on and learning from this mission through to the end.' The goal of the mission was to create high-resolution maps of water on the moon's surface. It could also have revealed what form the water is in, the amount present, and how it changes over time. NASA said the the maps built by the Lunar Trailblazer would also have supported future robotic missions and human exploration of the moon. More broadly, the endeavor could have helped scientists to better understand water cycles on airless bodies in our solar system. In an effort to save the spacecraft, a number of organizations around the world had been listening for the the Lunar Trailblazer's radio signal while also tracking its position. But data from ground radar and optical observations indicated that Lunar Trailblazer was in a slow spin and heading deeper into space. While the team had been hoping that the solar panels might receive sunlight and charge the batteries with enough power to turn on the radio and give it a chance of making contact, it never happened, and the Lunar Spacecraft is now too distant to save.
Yahoo
3 days ago
- Science
- Yahoo
NASA's Lunar Trailblazer mission ends in disappointment
The Lunar Trailblazer mission to the moon officially ended on July 31, but it wasn't a complete journey. NASA said today that its teams lost contact with the satellite shortly after its launch several months prior. The NASA satellite was part of the IM-2 mission by Intuitive Machines, which took off from a SpaceX Falcon 9 rocket from Kennedy Space Center on February 26 at 7:16PM ET. The Lunar Trailblazer successfully separated from the rocket as planned about 48 minutes after launch. Operators in Pasadena, CA established communication with the satellite at 8:13PM ET, but two-way communication was lost the next day and the team was unable to recover the connection. From the limited data ground teams received before the satellite went dark, the craft's solar arrays were not correctly positioned toward the sun, which caused its batteries to drain. "While it was not the outcome we had hoped for, mission experiences like Lunar Trailblazer help us to learn and reduce the risk for future, low-cost small satellites to do innovative science as we prepare for a sustained human presence on the Moon," said Nicky Fox, associate administrator at NASA Headquarters' Science Mission Directorate. "Thank you to the Lunar Trailblazer team for their dedication in working on and learning from this mission through to the end." The Lunar Trailblazer mission was one of several commercial spaceflights planned for travel to the moon during 2025. Its goal was to create high-resolution maps of any water on the moon's surface, as well as assessing how much water was present, in what forms and how it may have changed over time. Fingers crossed the remaining missions have better success.
Engadget
3 days ago
- Science
- Engadget
NASA's Lunar Trailblazer mission ends in disappointment
The Lunar Trailblazer mission to the moon officially ended on July 31, but it wasn't a complete journey. NASA said today that its teams lost contact with the satellite shortly after its launch several months prior. The NASA satellite was part of the IM-2 mission by Intuitive Machines, which took off from a SpaceX Falcon 9 rocket from Kennedy Space Center on February 26 at 7:16PM ET. The Lunar Trailblazer successfully separated from the rocket as planned about 48 minutes after launch. Operators in Pasadena, CA established communication with the satellite at 8:13PM ET, but two-way communication was lost the next day and the team was unable to recover the connection. From the limited data ground teams received before the satellite went dark, the craft's solar arrays were not correctly positioned toward the sun, which caused its batteries to drain. "While it was not the outcome we had hoped for, mission experiences like Lunar Trailblazer help us to learn and reduce the risk for future, low-cost small satellites to do innovative science as we prepare for a sustained human presence on the Moon," said Nicky Fox, associate administrator at NASA Headquarters' Science Mission Directorate. "Thank you to the Lunar Trailblazer team for their dedication in working on and learning from this mission through to the end." The Lunar Trailblazer mission was one of several commercial spaceflights planned for travel to the moon during 2025. Its goal was to create high-resolution maps of any water on the moon's surface, as well as assessing how much water was present, in what forms and how it may have changed over time. Fingers crossed the remaining missions have better success.
