Intuitive Machines Inc (LUNR) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Intuitive Machines first quarter 2023 conference call. (Operator Instructions) As a reminder, this conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Intuitive Machines 2023 年第一季度電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

And now, I would like to hand the conference over to your host, Josh Marshall. Please go ahead, sir.

現在，我想將會議交給主持人喬什·馬歇爾。請繼續，先生。

Good afternoon. Welcome to Intuitive Machines' first quarter 2023 earnings call. Leading the call today are Steve Altemus, Chief Executive Officer; and Erik Sallee, Chief Financial Officer.

下午好。歡迎參加 Intuitive Machines 的 2023 年第一季度財報電話會議。今天主持會議的是首席執行官 Steve Altemus；埃里克·薩利 (Erik Sallee)，首席財務官。

Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements, setting forth our current expectations with respect to the future of our business, the economy, and other events. These include projections of revenue, earnings, and other financial items; statements on plans and objectives for the company, or its management statements of future economic performance; and assumptions underlying these statements regarding the company and its business.

在我們開始之前，請注意，今天電話會議中討論的一些信息將包含前瞻性陳述，闡述我們當前對業務、經濟和其他事件的未來的預期。其中包括收入、收益和其他財務項目的預測；關於公司計劃和目標的聲明，或其管理層對未來經濟業績的聲明；這些陳述所依據的有關公司及其業務的假設。

The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's earnings press release and the company's most recent 10-Q filed with the SEC. We do not undertake any obligation to update forward-looking statements.

由於許多因素，該公司的實際結果可能與任何前瞻性陳述中所示的結果存在重大差異。這些因素在公司收益新聞稿和公司最近向 SEC 提交的 10-Q 報告中的前瞻性聲明中進行了描述。我們不承擔任何更新前瞻性陳述的義務。

We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in applicable SEC rules and regulations. Reconciliations to the company's GAAP measures are included in the earnings release filed on Form 8-K.

我們還希望討論適用的 SEC 規則和法規中定義的某些非 GAAP 衡量標準的財務衡量標準和信息。對公司 GAAP 衡量標準的調節包含在 8-K 表格中提交的收益發布中。

Finally, we posted an earnings call supplement on our website, which provide additional context on our financial performance. You can find this presentation on our investor relations page at www.intuitivemachines.com/investors.

最後，我們在網站上發布了收益電話會議補充資料，為我們的財務業績提供了更多背景信息。您可以在我們的投資者關係頁面 www.intuitivemachines.com/investors 上找到此演示文稿。

Now, I'll turn the call over to Steve Altemus.

現在，我將把電話轉給史蒂夫·阿爾特姆斯。

Thank you, Josh. I'm pleased to welcome you all to our first quarter 2023 earnings call, and notably, our first earnings call as a public company. I'll begin today with a short overview of our company for any first time listeners then review our recent business highlights, followed by an overview of our commercial activities. After which I will hand the call over to Erik Sallee, our CFO, for a more comprehensive overview of our financial results for the first quarter of 2023.

謝謝你，喬什。我很高興歡迎大家參加我們的 2023 年第一季度財報電話會議，特別是我們作為上市公司的第一次財報電話會議。今天，我將首先向第一次聽眾簡要介紹我們公司，然後回顧我們最近的業務亮點，最後概述我們的商業活動。之後，我會將電話轉交給我們的首席財務官 Erik Sallee，以更全面地了解我們 2023 年第一季度的財務業績。

Starting with a brief overview of Intuitive Machines for those of you who are new to the story. We are a space infrastructure and services company founded in 2013 that is contributing to establishment of lunar infrastructure and commerce on the moon. The company has a leading position in the development of lunar space and operates through four distinct business areas: lunar access services, lunar data services, orbital services, and space products and infrastructure, each with a specific focus and set of services.

首先為那些剛接觸這個故事的人簡要概述直觀機器。我們是一家成立於 2013 年的太空基礎設施和服務公司，致力於為月球基礎設施和月球商業建設做出貢獻。該公司在月球空間開發方面處於領先地位，通過四個不同的業務領域開展業務：月球接入服務、月球數據服務、軌道服務以及空間產品和基礎設施，每個領域都有特定的重點和服務。

Lunar access services provide reliable and affordable means for governments, companies, and individuals to explore and place objects in cislunar space or on the lunar surface. Intuitive Machines has developed a complete lunar program that includes mission control, the Nova-C lunar lander, space-to-ground communications network, and a series of launch vehicle contracts with SpaceX. The company has four missions on the flight manifest, with plans to increase the frequency and complexity of missions over time.

登月服務為政府、公司和個人在地月空間或月球表面探索和放置物體提供了可靠且負擔得起的方式。 Intuitive Machines 開發了一個完整的月球計劃，包括任務控制、Nova-C 月球著陸器、空對地通信網絡以及與 SpaceX 的一系列運載火箭合同。該公司的飛行清單上有四項任務，併計劃隨著時間的推移增加任務的頻率和復雜性。

Lunar data services is a private and secure network called the lunar data network that sends and receives secure communications, navigation, and imagery to and from the moon. The LDN supports line of sight and is designed to support data relay services for spacecraft in cislunar space and systems on the lunar surface. The network is expected to evolve to provide backup services to NASA and the US Space Force.

月球數據服務是一種稱為月球數據網絡的私有安全網絡，用於向月球發送和接收安全通信、導航和圖像。 LDN 支持視線，旨在支持地月空間航天器和月球表面系統的數據中繼服務。該網絡預計將發展為美國宇航局和美國太空部隊提供備份服務。

The LDN is comprised of emission control center, global ground stations, baseband units installed at each ground station, and lunar data relay satellites starting later this year.

LDN 由發射控制中心、全球地面站、每個地面站安裝的基帶單元以及今年晚些時候啟動的月球數據中繼衛星組成。

Orbital services provides in-space orbital services for both commercial and government organizations. These services include repair, refueling, and raising the orbits of existing satellites, as well as rideshare. Intuitive Machines seeks to leverage its domain expertise and space products, such as optical navigation, rendezvous and proximity operations, robotic mechanisms for satellite delivery, satellite servicing, debris removal, and space domain awareness in orbits from LEO out to cislunar space.

軌道服務為商業和政府組織提供太空軌道服務。這些服務包括現有衛星的維修、加油和提升軌道以及拼車服務。 Intuitive Machines 尋求利用其領域專業知識和空間產品，例如光學導航、交會和鄰近操作、衛星交付機器人機制、衛星服務、碎片清除以及從低地球軌道到地月空間軌道上的空間域感知。

Finally, space products and infrastructure offers reliable and cost effective space products to its customers. These offerings include propulsion systems, navigation systems, lunar mobility, power and infrastructure, and human habitation systems. Intuitive Machines also provides highly specialized aerospace engineering services for complex space systems development to NASA and the aerospace industry across the United States.

最後，航天產品和基礎設施為客戶提供可靠且具有成本效益的航天產品。這些產品包括推進系統、導航系統、月球移動性、電力和基礎設施以及人類居住系統。 Intuitive Machines 還為 NASA 和美國航空航天業的複雜空間系統開發提供高度專業化的航空航天工程服務。

Underpinning this, I want to highlight what strengthens our beliefs and validates our business strategy thesis. The space force's requirement to ensure freedom of action in space is driving them to initially focus on cislunar space domain awareness centers and [ex-geo] position, navigation and timing solutions, giving China and NASA's efforts.

在此基礎上，我想強調是什麼增強了我們的信念並驗證了我們的業務戰略論點。太空軍確保太空行動自由的要求促使他們首先關注地月空間域感知中心和[前地緣]位置、導航和授時解決方案，這為中國和美國宇航局做出了努力。

We believe the Defense Department funding for cislunar activities will drive the space for us to rely on purchasing cislunar commercial services for the next five-plus years versus acquiring and operating new government systems. This funding provides an opportunity for companies such as Intuitive Machines to sell space domain awareness, position, navigation and timing, and secure communication services to the space force, especially given that the commercial sector will be the driving force in cislunar space due to the capital that is flowing into the new space entrants. This, along with other domestic and foreign allied policies, enhances our belief in the growing space economy and why we are so well positioned.

我們相信，國防部對地月活動的資助將推動我們在未來五年多的時間裡依賴購買地月商業服務，而不是購買和運營新的政府系統。這筆資金為 Intuitive Machines 等公司提供了向太空軍出售太空領域感知、定位、導航和授時以及安全通信服務的機會，特別是考慮到商業部門將因資本而成為地月空間的驅動力它正在流入新的太空進入者。這與其他國內外聯盟政策一起，增強了我們對不斷增長的太空經濟以及我們為何處於如此有利地位的信心。

With that as a backdrop, let's move to the quarter.

以此為背景，讓我們進入本季度。

We completed our business combination with Inflection Point Acquisition Corp. in February of this year, which resulted in Intuitive Machines' trading on the Nasdaq Stock Exchange under the ticker symbol LUNR. The committed capital from the transaction provides us with the necessary resources to execute on our business objectives across our four business units and enables our future growth.

今年 2 月，我們完成了與 Inflection Point Acquisition Corp. 的業務合併，從而使 Intuitive Machines 在納斯達克證券交易所上市，股票代碼為 LUNR。此次交易的承諾資本為我們提供了必要的資源來執行我們四個業務部門的業務目標，並促進我們未來的發展。

Taking our milestones by segment in the quarter and beginning with lunar access services, NASA redirected our first lunar mission landing site to the moon's South Pole region in support of the agency's priority objectives for its Artemis program in February. This redirect, while initially shifting our timing to execute, does carry incremental financial benefits for us.

從本季度各個階段的里程碑來看，從月球進入服務開始，美國宇航局將我們的第一個月球任務著陸點重新定位到月球南極地區，以支持該機構 2 月份阿爾忒彌斯計劃的優先目標。這種重定向雖然最初改變了我們的執行時間，但確實為我們帶來了增量的經濟效益。

Changing Intuitive Machines' first landing site is a clear signal from the government that we are in the midst of a space race and the moon is of strategic importance. That sentiment was apparent at this year's National Space Symposium as NASA rolled out its Moon-to-Mars strategy. Department of Defense is gradually recognizing the importance of cislunar space, due in large part to China's recent activities directed at and around the moon and NASA's focus on the Artemis program.

改變直覺機器公司的第一個著陸點是政府發出的一個明確信號，表明我們正處於太空競賽之中，而月球具有戰略重要性。當美國宇航局推出月球到火星戰略時，這種情緒在今年的國家太空研討會上顯而易見。美國國防部正在逐漸認識到地月空間的重要性，這在很大程度上是由於中國最近針對月球及其周圍的活動以及美國宇航局對阿爾忒彌斯計劃的關注。

Given the elevated importance of Intuitive Machines' first mission landing site, we made significant execution progress, including the structural testing of our Nova-C spacecraft. The successful and completed testing allows us to safely launch on a SpaceX Falcon 9 rocket. Additionally, we successfully completed a propellant loading demonstration that filled our lunar lander with cryogenic liquid propellant commodities to test the fill equipment and loading procedures at the launch pad.

鑑於 Intuitive Machines 的第一個任務著陸點的重要性不斷提高，我們在執行方面取得了重大進展，包括 Nova-C 航天器的結構測試。成功完成的測試使我們能夠安全地使用 SpaceX Falcon 9 火箭進行發射。此外，我們成功完成了推進劑裝載演示，用低溫液體推進劑商品填充我們的月球著陸器，以測試發射台的填充設備和裝載程序。

Our software and mission operations team mirror that progress during the first quarter, completing a full-duration missions sequence tests of the flight software and flight avionics systems with the mission control team. With these significant milestones already accomplished this year, Intuitive Machines is well on its way to flying its first mission in the third quarter. This mission intends to return the United States to the surface of the moon at a strategically essential landing site as a precursor to the human Artemis missions.

我們的軟件和任務運營團隊反映了第一季度的進展，與任務控制團隊一起完成了飛行軟件和飛行航空電子系統的全程任務序列測試。隨著今年已經實現的這些重要里程碑，Intuitive Machines 正在順利地在第三季度執行其首次任務。作為載人阿爾忒彌斯任務的先驅，該任務旨在將美國送回月球表面一個具有戰略意義的重要著陸點。

Our commercial lunar access services activity continues to increase both in lunar surface payloads and rideshare payloads. The diversification of our revenue in lunar access and delivering payloads in orbits beyond the geo area is a strong and growing indication of the long-term success of our business.

我們的商業月球訪問服務活動在月球表面有效載荷和乘車共享有效載荷方面持續增加。我們在月球訪問和在地理區域以外的軌道上運送有效載荷方面的收入多元化，有力且不斷增長地表明了我們業務的長期成功。

Next is lunar data services. To support our three NASA contracted lunar missions, Intuitive Machines establish its lunar data services to command and control spacecraft and communicate with the spacecraft and payloads. In the first quarter, we took the initial steps in commercializing that service beyond internal usage during our own lunar missions.

接下來是月球數據服務。為了支持我們與 NASA 簽訂的三項月球任務，Intuitive Machines 建立了月球數據服務來指揮和控制航天器並與航天器和有效載荷進行通信。在第一季度，我們採取了初步措施，將這項服務商業化，超越了我們自己的登月任務期間的內部使用。

Recent highlights include a proposal submission of our offering to NASA's solicitation for Near Space Network services in April. This is a 10-year multi-award contract for communication services direct to and from earth, and data relay and navigation services in and around the vicinity of the moon.

最近的亮點包括我們在 4 月份向 NASA 近空網絡服務招標提交了我們的產品提案。這是一份為期 10 年的多項合同，涉及直接往返地球的通信服務，以及月球及其周邊地區的數據中繼和導航服務。

Intuitive Machines has submitted a prime bid for data-related services with Raytheon as a significant subcontractor. This solicitation is structured much like NASA's CLPS, or NASA's commercial lunar payloads services initiative, which received task orders over a period of 10 years to provide services in terms of minutes of communications, whether that is standby, critical, or emergency communication services. The solicitation leverages our established and operational ground stations around the globe to give us continuous communication coverage.

Intuitive Machines 已向雷神公司作為重要分包商提交了數據相關服務的主要投標。此次招標的結構與 NASA 的 CLPS 或 NASA 的商業月球有效載荷服務計劃非常相似，該計劃收到為期 10 年的任務訂單，以提供分鐘通信服務，無論是備用、關鍵還是緊急通信服務。此次招標利用我們在全球建立和運營的地面站為我們提供持續的通信覆蓋。

At the end of 2022, Intuitive Machines validated network by tracking NASA's Lunar Reconnaissance Orbiter and the Artemis I mission. During Artemis I, our communications network track the Orion spacecraft out to about 430,000 kilometers, demonstrating our capabilities. In addition, we validated our ground stations against NASA's Lunar Reconnaissance Orbiter, which is orbiting the moon, and did orbit determination from each ground station to demonstrate that we can do navigation services as part of that ground network.

2022 年底，Intuitive Machines 通過跟踪 NASA 的月球勘測軌道飛行器和 Artemis I 任務驗證了網絡。在阿耳忒彌斯一號期間，我們的通信網絡跟踪獵戶座飛船的距離約為 430,000 公里，展示了我們的能力。此外，我們還針對美國宇航局繞月運行的月球勘測軌道飛行器驗證了我們的地面站，並從每個地面站進行了軌道確定，以證明我們可以作為地面網絡的一部分提供導航服務。

All of this demonstrates our strength in the bidding process for the Near Space Network services contract. We believe we are in a strong position to provide a solid offering to NASA and expect NASA to award the contract in the third quarter of this year.

所有這些都證明了我們在臨近空間網絡服務合同招標過程中的實力。我們相信我們有能力向 NASA 提供可靠的產品，並預計 NASA 將在今年第三季度授予合同。

Moving to orbital services now. We invested time and personnel in our orbital services business unit during the first quarter. In the weeks following, Intuitive Machines received its largest single contract award to date, NASA's five-year $719 million Omnibus Multi-Engineering Services contract. Intuitive Machines is the majority partner in the joint venture with KBR to operate missions, develop technologies, enabling services including satellite servicing and refueling, satellite repositioning, and orbital debris removal.

現在轉向軌道服務。第一季度，我們在軌道服務業務部門投入了時間和人員。在接下來的幾週內，Intuitive Machines 獲得了迄今為止最大的單一合同，即 NASA 為期五年、價值 7.19 億美元的綜合多工程服務合同。 Intuitive Machines 是與 KBR 成立的合資企業的主要合作夥伴，負責執行任務、開發技術和支持服務，包括衛星維修和加油、衛星重新定位以及軌道碎片清除。

This win is of strategic importance, allowing us to support NASA in designing, developing, and demonstrating critical technology required to support the emerging orbital servicing market, and a validation of the company's experience in spacecraft development, autonomous systems, and near-space communications.

這一勝利具有戰略意義，使我們能夠支持 NASA 設計、開發和展示支持新興軌道服務市場所需的關鍵技術，並驗證該公司在航天器開發、自主系統和近太空通信方面的經驗。

When we entered our business combination agreement, we said that we were going to start this orbital services business unit. We incubated it and are happy to report that we landed a large prime contract to establish it. The contract was recently protested, but we believe our offer represents excellent value to the customer. And upon adjudication upholding the award decision, should start work in late Q3 or Q4 of this year.

當我們簽訂業務合併協議時，我們表示我們將啟動這個軌道服務業務部門。我們孵化了它，並很高興地報告說，我們獲得了一份大型主合同來建立它。該合同最近遭到抗議，但我們相信我們的報價對客戶來說代表著卓越的價值。經裁定維持獎勵決定後，應於今年第三季度末或第四季度開始工作。

Finally, up next is our space products and infrastructure business. Our space products and infrastructure business unit is where we monetize capabilities, including developing propulsion systems, servicing engineering contracts, and NASA awards for lunar mobility vehicle, power plants, and human habitation systems. This business made strides in currently contracted work in future opportunities. Today, Intuitive Machines is proud to introduce the moon racer team, with the intent to propose against NASA's solicitation for lunar terrain vehicle for the Artemis program.

最後，接下來是我們的太空產品和基礎設施業務。我們的太空產品和基礎設施業務部門是我們實現能力貨幣化的地方，包括開發推進系統、服務工程合同以及美國宇航局為月球移動車輛、發電廠和人類居住系統頒發的獎項。該業務在當前的合同工作中取得了長足的進步，並在未來的機會中取得了進展。今天，Intuitive Machines 自豪地介紹了月球賽車團隊，其目的是反對 NASA 為阿爾忒彌斯計劃提供月球地形飛行器的招標。

Intuitive Machines is the prime contractor in the moon racer team with Northrop Grumman, Roush, AVL, and Michelin as our teammates. We believe this team of industry-leading professionals is capable of developing large, integrated, and complex systems, including an electric chassis, space-rated wheels, and the operations to support long duration lunar surface exploration.

Intuitive Machines 是月球賽車隊的主承包商，我們的隊友有諾斯羅普·格魯曼 (Northrop Grumman)、勞什 (Roush)、AVL 和米其林 (Michelin)。我們相信這個行業領先的專業團隊有能力開發大型、集成和復雜的系統，包括電動底盤、太空輪以及支持長期月球表面探索的操作。

Intuitive Machines is also advancing the design of our lunar fission surface power reactor under contract with NASA and the Department of Energy as part of the IX joint venture between Intuitive Machines and X-energy, with Intuitive Machines as the majority partner. In the weeks following the first quarter, Intuitive Machines brief the Department of Energy and NASA at the Idaho National Laboratory about its midpoint design cycle.

Intuitive Machines 還根據與 NASA 和能源部簽訂的合同推進我們的月球裂變表面動力反應堆的設計，作為 Intuitive Machines 和 X-energy 之間的 IX 合資企業的一部分，Intuitive Machines 是主要合作夥伴。在第一季度之後的幾週內，Intuitive Machines 向能源部和愛達荷國家實驗室的 NASA 簡要介紹了其中點設計週期。

Lastly, I'd like to touch on our lunar production and operations center. We are completing construction of an over 100,000-square foot facility with design-build contractor Burns & McDonnell and consulting by Griffin Partners. Intuitive Machines is proud to partner with the city of Houston and the Houston Airport System, which are financing the $40 million project that will enable the company to meet growing demand across all four business units.

最後，我想談談我們的月球生產和運營中心。我們正在與設計建造承包商 Burns & McDonnell 合作並由 Griffin Partners 提供諮詢服務，完成一座超過 100,000 平方英尺的設施的建設。 Intuitive Machines 很榮幸能與休斯頓市和休斯頓機場系統合作，後者為這個 4000 萬美元的項目提供資金，使該公司能夠滿足所有四個業務部門不斷增長的需求。

At the end of Q3 2022, Intuitive Machines started operations inside its new engine verification facility or flame range located within Intuitive Machines' 12.5-acre lot that also houses the company's lunar production facility. The state-of-the-art testing facility is designed to further develop tests and vacuum qualify Intuitive Machines' advanced cryogenic engines and safely execute other elevated risk testing.

2022 年第三季度末，Intuitive Machines 開始在其新發動機驗證設施或火焰範圍內運營，該設施位於 Intuitive Machines 佔地 12.5 英畝的土地上，該土地上還設有該公司的月球生產設施。最先進的測試設施旨在進一步開發測試並驗證 Intuitive Machines 先進低溫發動機的真空資格，並安全地執行其他高風險測試。

Quickly recap. The first quarter of 2023 established Intuitive Machines as a publicly traded company. Our go-public transaction provided us the resources to execute on our business objectives, and we are well capitalized to do so. We've been awarded NASA's five-year $719 million MES III contract. We are continuing to retire risks on our way to a third-quarter mission to the moon, and we continue to mature our lunar data services in preparation for another prime contractor award.

快速回顧一下。 2023 年第一季度，Intuitive Machines 成為一家上市公司。我們的上市交易為我們提供了執行業務目標的資源，而且我們擁有充足的資本來實現這一目標。我們獲得了 NASA 為期 5 年、價值 7.19 億美元的 MES III 合同。我們將繼續消除第三季度登月任務中的風險，並繼續完善我們的月球數據服務，為再次獲得主承包商獎項做好準備。

I'm extremely proud of the team here at Intuitive Machines for their hard work and dedication as we look to deliver for all of our stakeholders. We are well positioned through the balance of 2023 to deliver on our expectations and drive long-term shareholder value.

我為 Intuitive Machines 的團隊感到非常自豪，他們在我們希望為所有利益相關者提供服務的過程中辛勤工作和奉獻精神。我們已做好充分準備，在 2023 年餘下的時間裡實現我們的期望並推動長期股東價值。

With that, I'll turn the call over to Intuitive Machines' Chief Financial Officer, Erik Sallee.

接下來，我會將電話轉給 Intuitive Machines 的首席財務官 Erik Sallee。

Thank you, Steve, and thanks to everyone joining us today. I'll begin by reviewing our first quarter 2023 results and then discuss our outlook for the rest of the year. We ended the quarter with a contracted backlog of $161.1 million (sic - see press release, "$156.1 million"), $107.7 million of which is expected to convert to revenue over the remainder of the year. This backlog does not include the NASA OMES III contract, which was awarded in early April after the first quarter ended with a contract ceiling value of $719 million.

謝謝你，史蒂夫，也感謝今天加入我們的所有人。我將首先回顧我們 2023 年第一季度的業績，然後討論我們對今年剩餘時間的展望。本季度結束時，我們的合同積壓金額為 1.611 億美元（原文如此，請參閱新聞稿，“1.561 億美元”），其中 1.077 億美元預計將在今年剩餘時間內轉化為收入。這一積壓訂單不包括 NASA OMES III 合同，該合同於 4 月初在第一季度結束後授予，合同上限為 7.19 億美元。

Additionally, some of our services contracts are funded incrementally and not included in firm backlog. $187 million of the anticipated to-go 2023 revenue is either in-firm backlog or contracted, with OMES being the major driver of the latter. We believe our firm backlog, together with other contracted commitments, puts us in a strong position moving forward and shows our continued customer traction within our existing and near-term market segments.

此外，我們的一些服務合同是增量資助的，不包括在公司積壓訂單中。預計 2023 年的收入中有 1.87 億美元是公司內部積壓收入或合同收入，其中 OMES 是後者的主要驅動力。我們相信，我們堅定的積壓訂單以及其他合同承諾使我們在前進中處於有利地位，並顯示出我們在現有和近期細分市場中持續的客戶吸引力。

Our first quarter 2023 was in line with expectations. We generated $18.2 million in the first quarter -- revenue, excuse me. We generated revenue of $18.2 million in the first quarter compared to $18.5 million in the first quarter of '22. The majority of our first-quarter revenue was from lunar access services, and specifically, our three NASA commercial lunar payload services, or CLPS contracts, which generated $12.8 million of the $18.2 million in Q1 revenue.

我們 2023 年第一季度的業績符合預期。我們第一季度的收入為 1,820 萬美元，請原諒。我們第一季度的收入為 1820 萬美元，而 2020 年第一季度的收入為 1850 萬美元。我們第一季度的大部分收入來自月球接入服務，特別是我們的三項 NASA 商業月球有效載荷服務，即 CLPS 合同，在第一季度 1820 萬美元的收入中產生了 1280 萬美元。

Operating loss was $14 million compared to a $4.5 million operating loss in the year-ago quarter. This was primarily due to public company readiness costs, as well as impacts from the launch schedule updates Steve mentioned earlier.

運營虧損為 1,400 萬美元，而去年同期運營虧損為 450 萬美元。這主要是由於上市公司的準備成本，以及史蒂夫之前提到的發佈時間表更新的影響。

Operating expenses were $32.2 million in the first quarter, $2.8 million of which was attributable to expenses associated with our public listing. We do not expect to incur these transaction expenses going forward. We anticipate that this, combined with the volume increase later in the year, should help us achieve positive EBITDA in Q4 of this year.

第一季度運營費用為 3220 萬美元，其中 280 萬美元來自與我們公開上市相關的費用。我們預計未來不會產生這些交易費用。我們預計，這一點，再加上今年晚些時候的銷量增長，應該有助於我們在今年第四季度實現正的 EBITDA。

Importantly, we ended the first quarter with a cash balance of $46.8 million, which represents a well-capitalized position and allows us to execute on our business strategy. Additionally, our quarter-ending cash balance does not include the $13.6 million we received from warrant exercises in April, which will be disclosed as a subsequent event. We have always been and will continue to be a capital efficient company and will allocate capital to the highest risk-adjusted returns in a disciplined manner.

重要的是，我們第一季度末的現金餘額為 4680 萬美元，這代表著資本充足，使我們能夠執行我們的業務戰略。此外，我們的季末現金餘額不包括我們從 4 月份的認股權證行權中收到的 1360 萬美元，這將作為後續事件披露。我們一直並將繼續成為一家資本效率高的公司，並將以嚴格的方式將資本分配給最高的風險調整回報。

As a private company, we were mostly self-funded, so we know how to live within our means. The growth capital from the transaction is being deployed towards incremental investments, specifically tied to customers and programs, generating near-term revenue in order to achieve our previously stated goals. The LTV, NSNS, and FSP programs, as Steve mentioned earlier, are three great examples of this.

作為一家私營公司，我們大部分都是自籌資金，所以我們知道如何量入為出。此次交易的增長資本將用於增量投資，特別是與客戶和項目相關的投資，產生短期收入，以實現我們之前提出的目標。正如 Steve 之前提到的，LTV、NSNS 和 FSP 計劃就是這方面的三個很好的例子。

Moving to our guidance for 2023. As we move forward as a public company, we will be issuing guidance utilizing ranges for important metrics in line with many of our public company peers. The protest of OMES, which only occurred two days ago, will delay the start of this contract by up to 100 days.

轉向我們的 2023 年指導。隨著我們作為一家上市公司的發展，我們將發布與許多上市公司同行一致的重要指標範圍指導。兩天前才發生的 OMES 抗議將使該合約的啟動時間最多延遲 100 天。

OMES represented a significant portion of our projected 2023 revenue. However, this does not impact the overall value of the contract. We continue to feel confident in the value of our proposal to the customer and pending a successful adjudication of the protest in our favor, expect to begin work on OMES in the fourth quarter.

OMES 占我們預計 2023 年收入的很大一部分。然而，這並不影響合同的總價值。我們仍然對我們向客戶提出的建議的價值充滿信心，並在對我們有利的抗議做出成功裁決之前，預計將在第四季度開始 OMES 工作。

Accounting for this recent news, we expect our 2023 revenue to be in the range of $174 million to $268 million, and gross margin to be in the range of 5% to 18%. We expect to end the year with a cash balance of approximately $49 million and we'll seek to manage the business appropriately to achieve this result.

考慮到最近的消息，我們預計 2023 年的收入將在 1.74 億美元至 2.68 億美元之間，毛利率將在 5% 至 18% 之間。我們預計到年底現金餘額約為 4900 萬美元，我們將尋求適當的業務管理以實現這一結果。

We expect our revenue generation to be stronger in the second half of the year, given revenue recognition and timing of several events and contracts, which we anticipate will occur in the second half of the year and support our projected growth. A stronger second half is in line with previous years and not uncommon within the aerospace and defense industry as a result of the contract nature of the business. For example, in 2022, 56% of our revenue was generated in the second half of the year and 44% was generated in the fourth quarter.

鑑於收入確認以及多項活動和合同的時間安排，我們預計下半年的收入將更加強勁，我們預計這些活動和合同將在下半年發生並支持我們的預期增長。下半年的強勁表現與前幾年一致，並且由於業務的合同性質，在航空航天和國防工業中並不罕見。例如，2022年，我們的收入有56%是在下半年產生的，44%是在第四季度產生的。

Programs that we expect to ramp up over the next six months include [Comet, JETS, XC VAs], and OMES. Significant potential new contract awards later this year include NSNS and LTV. We believe we will be on track to hit our guidance if we achieve key milestones on the expected timelines for this year, including successful lunar landings, OMES execution, and being selected as the winning bidder for NSNS.

我們預計在未來六個月內增加的項目包括 [Comet、JETS、XC VAs] 和 OMES。今年晚些時候潛在的重要新合同包括 NSNS 和 LTV。我們相信，如果我們在今年的預期時間表上實現關鍵里程碑，包括成功登月、執行 OMES 以及被選為 NSNS 的中標者，我們將有望達到我們的指導方針。

I will now briefly go over our outstanding equity to help clarify our share count calculations. We have three classes of equity: Class A, B, and C. Class A are the common shares that are publicly traded. Equity held by employees prior to our listing were converted into Class B shares. Equity held by our three founders were converted into Class C shares. There are 14,771,804 A shares outstanding, 10,566 B shares outstanding, and 68,140,188 C shares outstanding as of the quarter-end balance sheet date.

我現在將簡要回顧一下我們的已發行股本，以幫助澄清我們的股份數量計算。我們有三類股權：A 類、B 類和 C 類。A 類是公開交易的普通股。我們上市前員工持有的股權已轉換為 B 類股票。我們的三位創始人持有的股權轉換為C類股票。截至季末資產負債表日，已發行A股為14,771,804股，已發行B股為10,566股，已發行C股為68,140,​​188股。

Lastly, I will reemphasize we believe our Q1 ending cash balance, combined with the additional capital from the warrant exercises in April, gives us a strong balance sheet with the resources to execute on our business plan in a prudent manner.

最後，我要再次強調，我們相信我們第一季度末的現金餘額，加上四月份認股權證行使的額外資本，為我們提供了強大的資產負債表，以及以審慎方式執行我們的業務計劃的資源。

With that, operator, we are now ready for questions.

接線員，現在我們準備好提問了。

(Operator Instructions) Suji Desilva, Roth MKM.

（操作員指令）Suji Desilva，Roth MKM。

Hi, Steve, and hi, Erik. Congratulations on all the progress to date. So for IM-1, are there any remaining pre-flight milestones? And it would be great to get an update on timing -- expect timing for IM-2. Seems like it's coming around the heels of that.

嗨，史蒂夫，嗨，埃里克。祝賀迄今為止取得的所有進展。那麼對於 IM-1，還有哪些剩餘的飛行前里程碑嗎？如果能獲得最新的時間安排那就太好了——預計 IM-2 的時間安排。似乎緊隨其後。

Yes, Suji, good afternoon. Yeah. We made some significant progress, as I mentioned, in terms of our structural modal test, making sure that the structure is ready to go in the acoustic and vibration environment underneath the Falcon 9 faring. And then we did the cryogenic loading tests to demonstrate that we can load successfully when we get to the launch pad.

是的，蘇吉，下午好。是的。正如我提到的，我們在結構模態測試方面取得了一些重大進展，確保該結構已準備好在獵鷹 9 號飛機下方的聲學和振動環境中運行。然後我們進行了低溫加載測試，以證明我們到達發射台時可以成功加載。

And then the other significant test was the mission sequence test, where we put the whole mission control team to work with the ground software interfacing with the flight avionics and the flight software to demonstrate that we could go from launch countdown, in transit to the moon, and then touch down on the moon.

然後另一個重要的測試是任務序列測試，我們讓整個任務控制團隊與與飛行航空電子設備和飛行軟件接口的地面軟件一起工作，以證明我們可以從發射倒計時開始，過渡到月球，然後登陸月球。

We are now recovering the vehicle from the cryogenic testing and reconfiguring it for a final configuration, getting ready to ship to the Cape. We have some functional testing to do and we expect in the mid late Q3 to be actually at the launch pad and preparing for liftoff. So that's a little bit of a movement from initial expectations.

我們現在正在從低溫測試中恢復車輛，並將其重新配置為最終配置，準備運送到海角。我們需要進行一些功能測試，我們預計在第三季度中後期將真正到達發射台並為發射做準備。因此，這與最初的預期略有不同。

And so, we're currently assessing where mission two will land in terms of the schedule or calendar. But right now, we're on track for that Q3 on mission one, and we'll come back to you with an assessment when we get it on the schedule for missions two and three, which are in the approximate timeframe that we had originally scheduled.

因此，我們目前正在評估第二次任務將在時間表或日曆方面著陸。但現在，我們正在按計劃完成任務一的第三季度，當我們將其列入任務二和任務三的時間表時，我們會向您提供評估，這與我們最初的大致時間範圍內已安排。

Okay. Helpful color, Steve. And then questions on the OMES contract. Can you first talk about the protest and just the basis on which that protest is being lodged just to understand it and your opinion there.

好的。有用的顏色，史蒂夫。然後是關於 OMES 合同的問題。您能否先談談抗議以及提出抗議的依據，以了解抗議和您的觀點。

And also, for the $719 million, is that entirely attributable to lunar, is that shared with partners? And what's the linearity expected there?

另外，7.19 億美元是否完全歸屬於 Lunar，是與合作夥伴分享的嗎？預期的線性度是多少？

Okay. For the first question, the protest that occurs at Goddard Space Flight Center through the procurement is fairly frequent, unfortunately, in terms of vendors who apply and are unsatisfied with the outcome. We know from the statistics that less than 10% of those protests are actually overturned. So we have high confidence in our value offering to the government.

好的。對於第一個問題，不幸的是，戈達德太空飛行中心通過採購發生的抗議相當頻繁，對於申請但對結果不滿意的供應商而言。我們從統計數據得知，這些抗議活動中真正被推翻的不到10%。因此，我們對我們為政府提供的價值充滿信心。

I don't know the underpinnings of it. Our score was exceptional in the proposal, and we have came out of it as a clear winner. So we're confident that once we get through this 100-day protest period for the GAO, that will -- the award will stand on that.

我不知道它的基礎。我們在提案中的得分非常出色，並且我們成為了明顯的贏家。因此，我們有信心，一旦我們度過了政府問責局 100 天的抗議期，該獎項將在此基礎上成立。

As far as the makeup, we're in a joint venture with KBR. Intuitive Machines is the majority partner at a 51%-49% split between the partner -- between Intuitive Machines and the partner.

就化妝品而言，我們是與 KBR 的合資企業。 Intuitive Machines 是主要合作夥伴，Intuitive Machines 和合作夥伴之間的比例為 51%-49%。

Erik, any commentary on the revenue breakdown?

埃里克，對收入細目有什麼評論嗎？

Yeah. The revenue -- Suji, the revenue will be entirely attributable to Intuitive Machines. So the full $719 million, it will be attributable to Intuitive Machines.

是的。收入——Suji，收入將完全歸屬於 Intuitive Machines。因此，全部 7.19 億美元將歸屬於 Intuitive Machines。

Okay. Appreciate the clarification. And then the other question was on the linearity of that over the five years, whether it's fairly even. And I'll just tack on my last question and move on. The revenue guidance has a big range around it. If you can give us what the high end versus low end Delta, what some of the factors there would be? Thank you so much, sir.

好的。感謝您的澄清。另一個問題是五年來的線性度，是否相當均勻。我將繼續回答最後一個問題並繼續。收入指引有一個很大的範圍。如果您能告訴我們高端與低端達美航空的區別，其中會有哪些因素？非常感謝您，先生。

You bet. Yeah. So the revenue on OMES will be fairly linear after the program starts. And then in terms of the drivers, I tried to lay some out earlier, but the range is broad, we acknowledge that. There's no way around.

你打賭。是的。因此，在項目啟動後，OMES 的收入將相當線性。然後就驅動因素而言，我試圖早些時候列出一些，但范圍很廣，我們承認這一點。沒有辦法了。

We do have three to five significant events that shape the outcome for the year, both from a business and a financial standpoint, Suji. And that's just where the numbers flow once you look at how those could pan out. And not all of them, but some of them are binary.

Suji，從商業和財務角度來看，我們確實有三到五個重大事件影響了今年的結果。一旦你看看這些結果如何，這就是數字的流動方向。並非全部，但其中一些是二進制的。

And so, that's just where we're at. What they are, it's the lunar landings. The biggest ones are going to impact whether we come in on the high side or low side the lunar landings, our ability to execute on OMES once the protest is over, and winning NSNS as well, and then executing on that with the high end of the range also contemplating us winning the LTV prime bid as well later in the year.

所以，這就是我們現在的處境。它們是什麼，就是登月。最大的影響將影響我們在登月方面處於高位還是低位，抗議結束後我們在 OMES 上執行的能力，以及贏得 NSNS 的能力，然後以高端執行該任務。該系列還考慮我們在今年晚些時候贏得 LTV 優質投標。

Thanks. Appreciate entertaining the questions and congrats on a strong quarter out of the gate.

謝謝。感謝您提出問題，並祝賀本季度的強勁表現。

Thank you.

謝謝。

Thank you.

謝謝。

Josh Sullivan, The Benchmark Company.

喬什·沙利文，基準公司。

Hey, good evening.

嘿，晚上好。

Good evening, Josh.

晚上好，喬什。

The expectation to end the year with $49 million, is that the the midpoint of the revenue range?

預計年底收入為 4900 萬美元，這是收入範圍的中點嗎？

No, the -- oh, yes, correct. That's right.

不，——哦，是的，正確的。這是正確的。

And then maybe how should we think about cash burn cadence through the year?

那麼也許我們應該如何考慮全年的現金消耗節奏？

Yeah. That's what I've always tried to tell our story in a way, where I talk early about those incremental investments and how we've always been capital efficient. Obviously, you can imply what our cash burn was in Q1, and you'll see it in the financial statements, obviously. But our cash -- I specifically said, I think -- what was it, the terminology, we spent some time thinking about we will manage operations to achieve this result.

是的。這就是我一直試圖以某種方式講述我們的故事，我很早就談到了這些增量投資以及我們如何始終保持資本效率。顯然，您可以暗示我們第一季度的現金消耗情況，並且您顯然會在財務報表中看到它。但是我們的現金——我特別說過，我認為——它是什麼，術語，我們花了一些時間思考我們將管理運營以實現這一結果。

Some of the cash burn that's anticipated with that in the upside scenario are things we can throttle if we end up coming to more -- coming down more towards the lower end of the range. And so, that's why regardless of where we come out in the revenue range, I feel good about our ability to manage the business to that cash result, which I think is a great feature of the business and something -- I, personally, I think we as a group, have tried very hard to set ourselves up for is we don't go spend the money till we had it.

在上行情況下預期的一些現金消耗是我們可以限制的，如果我們最終達到更多——更多地朝著範圍的下限下降。因此，這就是為什麼無論我們的收入範圍如何，我對我們管理業務以實現現金成果的能力感到滿意，我認為這是業務的一個重要特徵 - 我個人，我我想我們作為一個團體，已經非常努力地讓自己做好準備，在我們擁有錢之前我們不會去花錢。

So we always keep ourselves in a well-capitalized position, prudent position. And we can always continue to go after government contracts as we have in the past to help self-fund a lot of the development costs. And then as we have the capital, which we do now, accelerate those, use that to put ourselves farther ahead of the competition. So that's how I think about the cash and how we're going to manage ourselves in a prudent way to regulate the cash burn in accordance with the volume.

所以我們始終保持資本充足、謹慎的立場。我們始終可以像過去一樣繼續尋求政府合同，以幫助自籌大量開發成本。然後，當我們擁有資本時（我們現在已經這樣做了），就會加速這些進程，利用這些資本讓我們在競爭中進一步領先。這就是我對現金的看法，以及我們將如何以審慎的方式管理自己，以根據數量調節現金消耗。

And then just given the wins including OMES, how are you tracking against your contract win rate assumptions just relative to some of the longer-term financial outlooks that you provided?

然後，考慮到包括 OMES 在內的勝利，您如何根據您提供的一些長期財務前景來跟踪合同獲勝率假設？

I think the two -- we had about a 50% win rate in Q1. And as I said before, our -- in the Analyst Day before we went public and stuff, we had a very gross level. We had a 40% win rate baked into the financials previously. So that should give you an idea.

我認為兩者——我們在第一季度的勝率約為 50%。正如我之前所說，在我們上市之前的分析師日，我們的水平非常糟糕。我們之前的財務數據中包含了 40% 的勝率。所以這應該會給你一個想法。

Great. Thank you for the time.

偉大的。謝謝你的時間。

Yeah. Thank you.

是的。謝謝。

(Operator Instructions) Austin Moeller, Canaccord.

（操作員說明）Austin Moeller，Canaccord。

Hi, good afternoon, Steve and Erik.

嗨，下午好，史蒂夫和埃里克。

Good afternoon, Austin.

下午好，奧斯汀。

Just my first question here. If we look at the lunar data services business, what are your thoughts on the competition from Lockheed Martin's Parsec relay constellation in the lunar orbit, especially considering that you have the first-mover advantage, and your satellites will be there first?

這只是我的第一個問題。如果我們看一下月球數據服務業務，您對洛克希德·馬丁公司在月球軌道上的秒差距中繼星座的競爭有何看法，特別是考慮到您具有先發優勢，並且您的衛星將首先到達那裡？

Yeah. Thank you for that. What's interesting here is that there's multiple players interested in cislunar space. And so, that is great in terms of total available market and see this nascent market take hold. What's fantastic is that you point out that we have already contracted for the first two data relay satellite, four of which are scheduled to fly on mission two and mission three. They'll be deployed by the end of this year and early next, hopefully.

是的。謝謝你。有趣的是，有多個玩家對地月空間感興趣。因此，就可用市場總量而言，這非常好，並且看到這個新興市場佔據主導地位。令人驚奇的是，您指出我們已經簽訂了前兩顆數據中繼衛星的合同，其中四顆計劃在任務二和任務三中飛行。希望它們將在今年年底和明年初部署。

And also, we have the ground communications network for direct to earth communications with the spacecraft. And so, we have considerable traction in establishing that communication network from earth and also data relay around the moon, with gets us there a year or two ahead of any of the competition.

此外，我們還有地面通信網絡，可與航天器直接與地球通信。因此，我們在從地球建立通信網絡以及在月球周圍進行數據中繼方面擁有相當大的吸引力，這使我們比任何競爭對手都領先一兩年。

So it's interesting and flattering to be copied or imitated, but it's clear that there's a sense that there's an emerging market here and proud to be at the forefront of that. So we'll continue to invest in lunar communication data relay satellites and position, navigation, and timing to make sure we maintain that lead ahead of our competition.

因此，被複製或模仿是很有趣和令人愉悅的，但很明顯，人們感覺到這裡有一個新興市場，並為處於這一市場的前沿而感到自豪。因此，我們將繼續投資月球通信數據中繼衛星以及定位、導航和授時，以確保我們在競爭中保持領先地位。

And the near space network contract, we put a solid offering in there with our subcons -- major sub in Raytheon to provide the solutions and the [half] that we might need for more enterprise class systems as we move into that 10-year contract. So we feel really good about our positioning here and fully expected competition in this NSNS 10-year procurement. We expect about three awards there for data relay, and each one may be on the order of about $1 billion. And so, it's a rich target for some of the contractors to go after.

在近太空網絡合同中，我們與我們的分包商（雷神公司的主要分包商）一起提供了可靠的產品，以提供解決方案，以及當我們進入為期 10 年的合同時我們可能需要更多企業級系統的[一半] 。因此，我們對自己在這裡的定位感到非常滿意，並且對 NSNS 10 年採購中的競爭充滿期待。我們預計大約有 3 個數據中繼獎項，每個獎項的金額可能約為 10 億美元。因此，對於一些承包商來說，這是一個富有的目標。

That's great. And just a follow-up. How might cash generation and positive EBITDA in Q4 be impacted if, either IM-1 or IM-2 continues to move to the right? And my understanding is that only 10% of the total revenues associated with both of those contracts are related to actual touch down on the lunar regolith, right?

那太棒了。只是後續行動。如果 IM-1 或 IM-2 繼續向右移動，第四季度的現金生成和正 EBITDA 會受到怎樣的影響？我的理解是，與這兩個合同相關的總收入中只有 10% 與實際著陸月球風化層有關，對嗎？

So your last statement is absolutely correct, Austin. In terms of how EBITDA will be affected, that depends on the rationale. If they move to the right, I would expect us to be incurring additional costs for the overall mission on the contract. So that would have a -- be a headwind to EBITDA.

所以你最後的陳述是絕對正確的，奧斯汀。至於 EBITDA 將如何受到影響，這取決於原因。如果他們向右移動，我預計我們將為合同上的整個任務帶來額外的費用。因此，這將對 EBITDA 產生不利影響。

But if the move is as a result of a customer directed request, then that would also come with [MOD], which would increase the total contract price, which would be either neutral or maybe positive, depending on how well we do our negotiations to EBITDA with probably -- on cash, again, move to the right, would have similar impact, right? If it's just cost growth, if it move to the right on our side, that's going to have a corresponding headwind to cash.

但如果此舉是由於客戶提出的要求，那麼這也會伴隨[MOD]，這將增加合同總價格，這可能是中性的，也可能是積極的，具體取決於我們的談判做得如何EBITDA 可能與現金有關，再次向右移動，會產生類似的影響，對吧？如果只是成本增長，如果它向右移動，那麼現金就會面臨相應的阻力。

But if it's also associated with -- at the direction of the customer, they would also then have additional payment milestones as part of that MOD that should make it neutral or again maybe slightly positive depending on how the actual negotiations go.

但如果它也與客戶的方向相關，那麼他們也會有額外的付款里程碑作為該 MOD 的一部分，這應該使其中立，或者再次可能稍微積極，具體取決於實際談判的進展情況。

Does that help give color to that question?

這有助於闡明這個問題嗎？

Yeah, I think that clarifies everything. So thanks for the details there.

是的，我認為這澄清了一切。謝謝你提供的詳細信息。

Thank you. There are no further questions at this moment. I would now like to turn the floor back over to Intuitive Machine's Co-Founder and CEO, Steve Altemus, for closing comments.

謝謝。目前沒有其他問題。現在我想請 Intuitive Machine 的聯合創始人兼首席執行官 Steve Altemus 發表總結評論。

Well, thank you, everyone, for your interest in Intuitive Machines. Just as a reminder, Intuitive Machines will be speaking at these upcoming conferences and look forward to the opportunity to share news and updates at the 2023 Cantor Tech Conference, June 14 and 15; The Roth MKM 9th Annual London Conference in June 20 and 22; and the Jefferies Virtual Space Summit on June 27.

好吧，謝謝大家對直觀機器的興趣。提醒一下，Intuitive Machines 將在這些即將召開的會議上發表演講，並期待有機會在 6 月 14 日至 15 日舉行的 2023 年 Cantor 技術會議上分享新聞和更新； Roth MKM 第九屆倫敦年度會議將於 6 月 20 日至 22 日舉行；以及 6 月 27 日舉行的 Jefferies 虛擬空間峰會。

We look forward to speaking with all of you soon about the progress of Intuitive Machines its making towards a sustained human presence on the moon. Have a good evening.

我們期待很快與大家討論直覺機器公司在人類在月球上持續存在方面所取得的進展。祝你晚上愉快。

Thank you, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝你，先生。女士們、先生們，今天的會議到此結束。感謝您加入我們。您現在可以斷開線路。