Intuitive Machines, Inc. (NASDAQ: LUNR) has reported its financial results for the second quarter ended June 30, 2024. The company achieved $41.4 million of revenue in Q2, marking a significant increase of 130% year-over-year. This brings the year-to-date revenue to $114.5 million, surpassing the total revenue for the entire year of 2023.
The company has raised the low-end of its full-year 2024 revenue outlook to $210 * $240 million, representing a substantial 2.6x * 3x increase over the prior year's sales. As of the end of the second quarter, Intuitive Machines had a contracted backlog of $213.0 million.
In terms of financial highlights, the ending cash balance for the second quarter was $31.6 million, and the company expects this to be sufficient to fund operations through the next 12 months. Notably, the company has paid down $5 million of debt in Q2 and is currently carrying zero debt on its balance sheet.
The second quarter 2024 operating loss was reported at $(28.2) million, primarily driven by the completion of the IM-1 mission and the noncash impact of changes in estimates associated with NASA CLPS contract modifications, compared to $(13.2) million in the prior year period.
In addition to the financial results, Intuitive Machines provided an outlook for the rest of 2024. The company expects to continue adding cash reserves based on projected wins and planned operations to execute its growth trajectory. It also anticipates backlog expansion driven by key upcoming awards such as the Near Space Network Services (NSNS) and the next Commercial Lunar Payload Services (CLPS) award.
Today the company's shares have moved 2.8% to a price of $3.72. For the full picture, make sure to review Intuitive Machines's 8-K report.
