Intuitive Machines Files 2023 10-K

TL;DR

<b>Intuitive Machines, Inc. has filed its 2023 10-K report detailing its operations and financial standing.</b>

AI Summary

Intuitive Machines, Inc. (LUNR) filed a Annual Report (10-K) with the SEC on March 25, 2024. Intuitive Machines, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company was formerly known as Inflection Point Acquisition Corp. and changed its name on February 4, 2021. The filing covers the fiscal year 2023, with data as of December 31, 2023. The company's principal business address is 13467 Columbia Shuttle Street, Houston, TX 77059. The SIC code for the company is 3812 (Search, Detection, Navigation, Guidance, Aeronautical Systems).

Why It Matters

For investors and stakeholders tracking Intuitive Machines, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Intuitive Machines' financial performance and business activities for the fiscal year 2023, crucial for investors assessing the company's trajectory. Understanding the company's historical structure, including its former name and the date of its name change, provides context for its evolution and market presence.

Risk Assessment

Risk Level: medium — Intuitive Machines, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies, but the company operates in a nascent and high-risk industry (lunar exploration and delivery) which inherently carries significant financial and operational risks not detailed in this specific filing excerpt.

Analyst Insight

Review the full 10-K filing to understand the company's financial health, operational risks, and future growth strategies in the space exploration sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-25 — Filing Date (Date of submission)
• 3812 — SIC Code (Industry classification)
• DE — State of Incorporation (Legal domicile)

Key Players & Entities

• Intuitive Machines, Inc. (company) — Filer name
• Inflection Point Acquisition Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-25 (date) — Filing date
• Houston, TX (location) — Business address city and state

FAQ

Industry Context

Intuitive Machines operates in the aerospace industry, specifically focusing on lunar payload delivery and space exploration technologies.

Regulatory Implications

As a publicly traded company, Intuitive Machines is subject to SEC regulations and reporting requirements, including the filing of annual 10-K reports.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements and management discussion.
2. Research the company's specific lunar missions and contracts mentioned in the filing.
3. Assess the competitive landscape and technological advancements in the commercial space sector.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-25: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Intuitive Machines as a public entity under its current name, following its transition from Inflection Point Acquisition Corp.

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share LUNR The Nasdaq Stock Marke
• $11.50 — mon Stock, each at an exercise price of $11.50 per share LUNRW The Nasdaq Stock Mark
• $8.19 — 30, 2023, based on the closing price of $8.19 for shares of the registrant's Class A
• $93 billion — he Artemis program is expected to reach $93 billion by FY 2025, according to the NASA Offic
• $2.6 billion — itable base camp by the late 2020s. The $2.6 billion CLPS program that we lead was created t
• $24.9 billion — 024 President's Budget of approximately $24.9 billion for NASA's Space Exploration and $40.9
• $40.9 billion — illion for NASA's Space Exploration and $40.9 billion for U.S. National Security Space (which
• $113 billion — Services spending reached approximately $113 billion during FY 2022, according to the 2023 S

Filing Documents

• lunr-20231231.htm (10-K) — 2317KB
• ex1013non-employeedirector.htm (EX-10.13) — 40KB
• ex1017policyofrecoveryofer.htm (EX-10.17) — 34KB
• ex211listofsubsidiaries.htm (EX-21.1) — 5KB
• ex231consentofindependentr.htm (EX-23.1) — 2KB
• ex311certificationofceo.htm (EX-31.1) — 11KB
• ex312certificationofcfo.htm (EX-31.2) — 11KB
• ex321certificationofceo.htm (EX-32.1) — 6KB
• ex322certificationofcfo.htm (EX-32.2) — 6KB
• 0001844452-24-000036.txt (&nbsp;) — 11907KB
• lunr-20231231.xsd (EX-101.SCH) — 91KB
• lunr-20231231_cal.xml (EX-101.CAL) — 116KB
• lunr-20231231_def.xml (EX-101.DEF) — 577KB
• lunr-20231231_lab.xml (EX-101.LAB) — 1008KB
• lunr-20231231_pre.xml (EX-101.PRE) — 810KB
• lunr-20231231_htm.xml (XML) — 1390KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 29

Cybersecurity

Item 1C. Cybersecurity 29

Properties

Item 2. Properties 31

Legal Proceedings

Item 3. Legal Proceedings 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31 PART II Item 5. Market for the Registrant's, Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 32

Reserved

Item 6. Reserved 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

. Quantitative and Qualitative Disclosures About Market Risk

Item 7A . Quantitative and Qualitative Disclosures About Market Risk 50

. Financial Statements and Supplementary Data

Item 8 . Financial Statements and Supplementary Data 51

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 93

. Controls and Procedures

Item 9A . Controls and Procedures 93

Other Information

Item 9B. Other Information 95

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 96

Executive Compensation

Item 11. Executive Compensation 103

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 107

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 110

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 116 PART I V

5. E xhibits and Financial Statement Schedules

Item 1 5. E xhibits and Financial Statement Schedules 117

Form 10-K Summary

Item 16. Form 10-K Summary 119 Signature s 120 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (the "Annual Report") contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts contained in this Annual Report are forward-looking statements. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Annual Report, 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 may identify forward-looking statements, 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 state ments regarding our expectations and plans relating to our first mission to the Moon, including the expected timing thereof and our progress and preparation thereof; our expectations with respect to, among other things, demand for our product portfolio, our submission of bids for contracts; our expectations regarding protests of 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; and our expectations on revenue and cash generation. These forward-looking statements reflect our 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 followin

Business

Item 1. Business We are a space infrastructure and services company founded in 2013 that is contributing to the establishment of lunar infrastructure and commerce on the Moon. We believe we have a leading position in the development of lunar space operating in four business lines described further below. We are initially focused on establishing the lunar infrastructure and basis for commerce to inform and sustain human presence off Earth. We believe our business is well positioned for continued growth and expansion: Right Now: Servicing the National Aeronautics and Space Administration ("NASA") and a worldwide set of commercial payload customers, working to provide access to the lunar surface, cislunar space and data transmission for science, technology, and infrastructure. Tomorrow: Working to provide a thriving, diverse lunar economy, creating new opportunities and markets to enable on-orbit applications, a permanent presence on the Moon, and expand the commercial space exploration marketplace. We are currently working to provide access to the lunar surface and collect and transmit cislunar data for science, technology, and infrastructure. We are one of a select few companies servicing NASA and a worldwide set of commercial payload customers. We believe we have a strong position with a first mover advantage, as evidenced by three Commercial Lunar Payload Services ("CLPS") awards to date as of December 31, 2023. On February 22, 2024, Intuitive Machines' Nova-C lander became the first U.S. vehicle to softly land on the lunar surface since 1972 and landed the vehicle further south than any vehicle in the world has ever soft-landed on the Moon. Our Nova-C lander on the IM-1 mission carried approximately 100 kilograms of payloads and shuttled numerous experiments and technology demonstrations at the lunar surface near the south pole. Our goal is to follow the successful IM-1 mission with IM-2, which will continue to execute experiments and technology demonstrat

View Full Filing

View this 10-K filing on SEC EDGAR