HOUSTON - Intuitive Machines, Inc. (NASDAQ:LUNR) reported third-quarter revenue that surpassed analyst expectations, while narrowing its full-year 2024 revenue guidance. The space exploration company's stock edged up 0.85% following the results.
Intuitive Machines posted revenue of $58.47 million for the quarter, beating the consensus estimate of $50.89 million. This represents a 359% increase compared to the same period last year.
The company narrowed its full-year 2024 revenue outlook to $215-235 million, compared to its previous guidance and analyst consensus of $222.9 million. Management indicated they are trending towards the midpoint of this range.
"Intuitive Machines had a very strong third quarter highlighted by key wins, revenue growth, and the largest cash balance in Company history," said CEO Steve Altemus.
The company reported a record backlog of $316.2 million at quarter-end, driven primarily by its fourth NASA Commercial Lunar Payload Services (CLPS) award.
Intuitive Machines ended the quarter with $89.6 million in cash, its highest quarter-ending cash balance to date. The company expects to maintain a similar cash balance by year-end.
While revenue growth was strong, Intuitive Machines reported a net loss of $80.4 million for the quarter. This included non-cash charges related to changes in fair value of earn-out and warrant liabilities.
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