HOUSTON - Intuitive Machines, Inc. (NASDAQ:LUNR), a leader in space exploration and infrastructure, announced significant achievements and financial results for the fourth quarter and full year of 2023. The company successfully landed on the moon on February 22, 2024, with this being the first U.S. lunar landing in over 50 years. The mission was supported by the FY 2024 NASA budget, which was passed on March 8, 2024, and fully funded various contracts including CLPS and OMES III.
The company's proprietary liquid methane and liquid oxygen propulsion system was validated through the first-ever deep space ignition, leading to a 7-day mission from launch to the lunar surface in Q1. Intuitive Machines earned approximately $12.5 million in mission completion milestone payments from NASA and commercial customers after more than 144 hours of lunar surface operations.
Intuitive Machines concluded 2023 with a backlog of $268.6 million, which nearly doubled in Q4, driven by the OMES III task orders, an International Space Agency lunar payload, and the Department of Defense, Air Force Research Laboratory JETSON award. The company achieved a positive gross margin driven by OMES III revenue in December and a continued focus on cost discipline.
Entering March 1, 2024, Intuitive Machines reported a cash balance of $54.6 million, the largest balance relative to any quarter-end since the company's IPO. This balance was driven primarily by warrant exercises from an institutional investor.
For the fourth quarter of 2023, the company reported revenue of $30.6 million, primarily driven by three NASA Commercial Lunar Payload Services (CLPS) initiative contracts and one month of OMES III revenue. This compares to $38.0 million in the prior year period. The full year 2023 revenue was $79.5 million, compared to $85.9 million at the prior year-end.
The fourth quarter saw an operating loss of $(5.9) million, while the full year operating loss was $(56.2) million, partly due to a one-time NASA change order to move IM-1's landing location in Q4 2022.
The company's CEO, Steve Altemus, expressed confidence in leveraging their mission success and program execution capabilities across Defense, Energy, Civil, and International revenue channels as they continue to diversify the business. Intuitive Machines looks forward to key upcoming Artemis campaign awards, positioning the company well for the future.
This report is based on a press release statement from Intuitive Machines, LLC.
InvestingPro Insights
In the wake of Intuitive Machines' historical lunar landing and its latest financial results, investors are closely monitoring the company's stock performance. According to InvestingPro data, Intuitive Machines (NASDAQ:LUNR) has experienced a significant return over the last week, with a 10.55% increase in stock price. This rally comes despite a challenging month where the stock saw a decline of 39.86%. Over the longer term, the company has seen a remarkable 118.95% return over the last three months, indicating strong investor confidence following its recent space exploration achievements.
InvestingPro Tips highlight that Intuitive Machines is currently trading at a low earnings multiple, with a P/E ratio of 2.79, which could suggest the stock is undervalued relative to its earnings. However, it's worth noting that the adjusted P/E ratio for the last twelve months as of Q3 2023 stands at -6.51, reflecting analysts' anticipation of a sales decline in the current year and expectations that the company will not be profitable this year.
Financially, Intuitive Machines reported a market cap of $554.23 million and a revenue of $86.95 million for the last twelve months as of Q3 2023, with a revenue growth of 25.29%. Despite these positive figures, the company reported a gross profit margin of -6.04%, indicating challenges in maintaining profitability. The company's operating income margin for the same period was -42.96%, underscoring the operational costs associated with its ambitious space missions.
For investors seeking a more comprehensive analysis, there are 15 additional InvestingPro Tips available, which can provide deeper insights into Intuitive Machines' financial health and stock performance. To explore these tips and make more informed investment decisions, visit https://www.investing.com/pro/LUNR and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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