Stephen J. Altemus, Chief Executive Officer of Intuitive Machines, Inc. (NASDAQ:LUNR), reported a significant sale of company stock on November 13, according to a recent SEC filing. Altemus sold 138,568 shares of Class A Common Stock at a weighted average price of $11.1045 per share, amounting to approximately $1.54 million. This transaction was executed under a pre-established Rule 10b5-1 trading plan adopted earlier this year.
The filing also detailed other transactions by Altemus, including the acquisition and disposition of Class A and Class C Common Stock, respectively, as part of routine corporate exercises. However, these transactions did not involve any cash exchange. Following these transactions, Altemus retains direct ownership of 910,919 shares of Class A Common Stock.
These moves come as part of Altemus's ongoing management of his equity stake in the company, aligning with strategic financial planning under regulatory guidelines.
In other recent news, Intuitive Machines reported a significant rise in Q3 revenue, reaching $58.5 million, a 359% increase from the previous year. This increase was accompanied by a record cash balance of $89.6 million and a substantial backlog valued at $316.2 million. The company's growth is largely attributed to lunar delivery missions and the recently secured Near Space Network Services (NSNS) contract, potentially worth up to $4.82 billion over the next decade.
Operating loss decreased to $13.7 million from $24.0 million, despite a $5 million impairment. The company's cash balance further increased to $106.9 million by the end of October, contributing to a strong financial position.
Intuitive Machines remains confident in its growth trajectory, leveraging a strong cash position and backlog to drive future profitability. With a clear vision for establishing a sustainable lunar economy, the company is well-positioned for future developments. These are the latest developments in the company's progress.
InvestingPro Insights
The recent stock sale by Intuitive Machines' CEO Stephen J. Altemus comes amid a period of significant stock performance for the company. According to InvestingPro data, LUNR has seen a remarkable 236.51% price total return over the past year, with an even more impressive 300.39% return year-to-date. This strong performance is reflected in the stock's current trading at 68.66% of its 52-week high.
Despite the positive stock momentum, InvestingPro Tips highlight some challenges facing the company. Intuitive Machines suffers from weak gross profit margins, which is evident in the reported gross profit margin of -9.58% for the last twelve months. Additionally, the company is not profitable over the last twelve months, with analysts not anticipating profitability this year.
On the revenue front, LUNR shows promise with a substantial revenue growth of 86.74% in the last twelve months. This aligns with an InvestingPro Tip indicating that analysts anticipate sales growth in the current year. However, the company is trading at a high revenue valuation multiple, which investors should consider when evaluating the stock.
For those seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for LUNR, providing a deeper insight into the company's financial health and market position.
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