Intuitive Machines Files Q3 2024 10-Q

TL;DR

Intuitive Machines filed its Q3 10-Q. Previously known as Inflection Point Acquisition Corp.

AI Summary

Intuitive Machines, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial information and business operations. Notably, the company previously operated as Inflection Point Acquisition Corp. before changing its name on February 4, 2021.

Why It Matters

This 10-Q filing provides investors with the latest financial performance and operational updates for Intuitive Machines, Inc., crucial for understanding the company's trajectory in the aerospace sector.

Risk Assessment

Risk Level: medium — As a publicly traded company filing regular financial reports, Intuitive Machines carries inherent market and operational risks, but the 10-Q itself is a standard disclosure.

Key Players & Entities

• Intuitive Machines, Inc. (company) — Filer of the 10-Q
• Inflection Point Acquisition Corp. (company) — Former name of Intuitive Machines, Inc.
• 2024-09-30 (date) — End of the reporting period for the 10-Q
• 2024-11-15 (date) — Filing date of the 10-Q
• 2021-02-04 (date) — Date of name change from Inflection Point Acquisition Corp.

FAQ

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

Filing Documents

• lunr-20240930.htm (10-Q) — 2219KB
• ex311certification-302ceo.htm (EX-31.1) — 11KB
• ex312certification-302cfo.htm (EX-31.2) — 11KB
• ex321certification-906ceo.htm (EX-32.1) — 6KB
• ex322certification-906cfo.htm (EX-32.2) — 6KB
• 0001844452-24-000132.txt ( ) — 11671KB
• lunr-20240930.xsd (EX-101.SCH) — 68KB
• lunr-20240930_cal.xml (EX-101.CAL) — 85KB
• lunr-20240930_def.xml (EX-101.DEF) — 472KB
• lunr-20240930_lab.xml (EX-101.LAB) — 823KB
• lunr-20240930_pre.xml (EX-101.PRE) — 626KB
• lunr-20240930_htm.xml (XML) — 1971KB

– Financial Information

Part I – Financial Information 1

Financial Statements

Item 1. Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets 2 Unaudited Condensed Consolidated Statements of Operations 3 Unaudited Condensed Consolidated Statements of Mezzanine Equity 4 Unaudited Condensed Consolidated Statements of Shareholders' Deficit 5 Unaudited Condensed Consolidated Statements of Cash Flows 7 Notes to Unaudited Condensed Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations of Intuitive Machines 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 51

– Other Information

Part II – Other Information 52

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 52

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 52

Other Information

Item 5. Other Information 52

Exhibits

Item 6. Exhibits 53 Signature s 54 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (the "Quarterly 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 Quarterly 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 Quarterly 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 following important factors and

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements 1 INTUITIVE MACHINES, INC. Condensed Consolidated Balance Sheets (in thousands, except share data and par value) (Unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 89,605 $ 4,498 Restricted cash 2,042 62 Trade accounts receivable, net of allowance for expected credit losses of $ 440 and $ 0 , respectively 51,312 16,881 Contract assets 21,572 6,489 Prepaid and other current assets 3,736 3,681 Total current assets 168,267 31,611 Property and equipment, net 17,170 18,349 Operating lease right-of-use assets 39,240 35,853 Finance lease right-of-use assets 121 95 Total assets $ 224,798 $ 85,908 LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT Current liabilities Accounts payable and accrued expenses $ 18,965 $ 16,771 Accounts payable - affiliated companies 6,024 5,786 Current maturities of long-term debt — 8,000 Contract liabilities, current 54,805 41,371 Operating lease liabilities, current 3,120 4,833 Finance lease liabilities, current 36 25 Other current liabilities 12,364 4,747 Total current liabilities 95,314 81,533 Contract liabilities, non-current 879 — Operating lease liabilities, non-current 35,313 30,550 Finance lease liabilities, non-current 74 67 Earn-out liabilities 47,848 14,032 Warrant liabilities 49,795 11,294 Other long-term liabilities 112 4 Total liabilities 229,335 137,480 Commitments and contingencies (Note 12) MEZZANINE EQUITY Series A preferred stock subject to possible redemption, $ 0.0001 par value, 25,000,000 shares authorized, 5,000 and 26,000 shares issued and outstanding 5,843 28,201 Redeemable noncontrolling interests 484,973 181,662 SHAREHOLDERS' DEFICIT Class A common stock, $ 0.0001 par value, 500,000,000 shares authorized, 81,351,656 and 22,279,876 shares issued, and 80,101,656 and 21,029,876 outstanding 8 2 Class B common stock, $ 0.0001 par value, 100,000,000 shares authorized, 0 shares issued and outs

View Full Filing

View this 10-Q filing on SEC EDGAR