HOUSTON - Intuitive Machines, Inc. (NASDAQ:LUNR) has reported a significant revenue increase for the first quarter ended March 31, 2024, surpassing analyst expectations. However, revenue guidance for FY24 was below expectations. Following the announcement, the stock was down 10%.
The space exploration company announced Q1 revenue of $73.07 million, a substantial 301% increase over the same quarter last year and a notable beat compared to the consensus estimate of $59.53 million. The revenue boost is primarily attributed to the success of the IM-1 mission and a full quarter of OMES III operations.
The company achieved a historic milestone by delivering NASA and commercial payloads to the Moon further south than any vehicle in history, marking the United States' first lunar landing in over 50 years. This success, along with the $30 million NASA Lunar Terrain Vehicle (LTV) contract, underscores Intuitive Machines' growing presence in the space industry.
The company has projected FY2024 revenue to be between $200 million and $240 million, which falls below the analyst consensus of $267.9 million. The lower-than-expected guidance may have tempered investor enthusiasm, as it suggests a more conservative growth outlook.
CEO Steve Altemus expressed confidence in the company's trajectory, stating, "We had an excellent start to the year, anchored by our successful IM-1 mission and a full quarter of OMES III operations." He highlighted the strategic importance of the LTV services award, which expands the company's capabilities beyond payload delivery to cargo delivery and surface systems development.
Intuitive Machines ended the quarter with a cash balance of $55.2 million, the largest quarter-end balance since the company's inception, reflecting disciplined cash management. The company also reported a contracted backlog of $222.4 million.
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