Intuitive Machines Inc (LUNR) 2023 Q2 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Intuitive Machines's second-quarter 2023 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Intuitive Machines 的 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Josh Marshall. Please go ahead, sir.

現在我很高興向大家介紹你們的主持人喬什·馬歇爾。請繼續，先生。

Good afternoon. Welcome to Intuitive Machines's second-quarter 2023 earnings call. Chief Executive Officer, Steve Altemus; and Chief Financial Officer, Erik Sallee, are leading today's call.

下午好。歡迎參加 Intuitive Machines 的 2023 年第二季度財報電話會議。首席執行官史蒂夫·阿爾特穆斯；和首席財務官 Erik Sallee 主持今天的電話會議。

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 financial items, statements on plans and objectives, and management expectations of future economic performance. The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors.

在我們開始之前，請注意，今天的電話會議中討論的一些信息將包括前瞻性陳述，闡述我們當前對業務、經濟和其他事件的未來的預期。其中包括財務項目的預測、計劃和目標的聲明以及管理層對未來經濟表現的預期。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。

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. 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.

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。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 are posting an earnings call presentation on our website, which provides additional context to our financial performance. You can find this presentation on our investors relations page at www.intuitivemachines.com/investors.

最後，我們在網站上發布了收益電話會議演示文稿，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. Welcome, everyone, to the Intuitive Machines's second-quarter 2023 earnings call.

謝謝你，喬什。歡迎大家參加 Intuitive Machines 的 2023 年第二季度財報電話會議。

I'll begin today with a brief overview of our company for any new investors and analysts online. Then I'll provide updates across the company's four business units, followed by a summary of the quarter and upcoming milestones. After, I will hand the call to our Chief Financial Officer, Eric Sallee, for a review of our financial results for the second quarter of 2023.

今天，我將首先向所有新的在線投資者和分析師簡要介紹我們公司。然後我將提供公司四個業務部門的最新情況，然後是本季度的摘要和即將到來的里程碑。之後，我將致電我們的首席財務官 Eric Sallee，以審查我們 2023 年第二季度的財務業績。

Intuitive Machine is a space infrastructure and services company founded in 2013 that contributes to establishing leaner infrastructure and commerce on the moon. We believe the company has a first mover position in 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.

Intuitive Machine 是一家成立於 2013 年的太空基礎設施和服務公司，致力於在月球上建立更精簡的基礎設施和商業。我們相信該公司在月球空間開發方面處於先行者地位。並通過四個不同的業務領域進行運營：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；每個都有特定的重點和服務集。

Lunar access services provide reliable and affordable means for governments, companies, and individuals to explore and place spacecraft in cislunar space or on the lunar surface. Intuitive Machines has developed a complete lunar program that includes mission control, our Nova-C lunar lander, a space to ground communications network, and a series of launch vehicle contracts with SpaceX. The company has three 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航天器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，其中包括任務控制、我們的 Nova-C 月球著陸器、空對地通信網絡以及與 SpaceX 簽訂的一系列運載火箭合同。該公司在飛行清單上列出了三項任務，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 is designed to support data relay services for spacecraft in cislunar space and systems on the lunar surface. We expect LDN to provide backup services to NASA and the US Space Force.

月球數據服務是一個名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。我們期望 LDN 為 NASA 和美國太空軍提供備份服務。

Orbital services provide in-space orbital services for commercial and government organizations. These services include repair, refueling, and raising the orbits of existing satellites, as well as rideshare.

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。

Finally, space product and infrastructure offers its customers reliable and cost-effective space products. These offerings include propulsion systems, navigation systems, lunar mobility vehicles, including rovers and drones, power infrastructure, and human habitation systems.

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、月球車（包括漫遊車和無人機）、電力基礎設施和人類居住系統。

Intuitive Machines' core business units supports NASA's $93 billion Artemis program. And extends across new revenue streams, including defense and energy.

Intuitive Machines 的核心業務部門為 NASA 耗資 930 億美元的阿爾忒彌斯計劃提供支持。並延伸到新的收入來源，包括國防和能源。

With that, let's move into our second-quarter operational highlights. During the second quarter, we released our focus on the final assembly process in preparing IM-1 for launch. The test campaign is set forward last quarter to prepare IM-1 for launch, included a complete engine vibration test, a complete spacecraft test run, engine acceptance, and final assembly and integration. Today, our IM-1 lander is complete and will be prepared for delivery in September.

接下來，讓我們進入第二季度的運營亮點。在第二季度，我們發布了對 IM-1 發射準備過程中的最終組裝流程的關注。測試活動定於上季度進行，為 IM-1 的發射做準備，包括完整的發動機振動測試、完整的航天器試運行、發動機驗收以及最終組裝和集成。今天，我們的 IM-1 著陸器已經完成，並將於 9 月份準備交付。

The company has secured a launch window from pad 39A, preserving a six-day launch window starting on November 15. In case of unfavorable launch conditions in November or a change due to high priority launches on our launch pad, we have a second launch window in December. Right now, we are manifested on a Falcon 9 launch scheduled in November.

該公司已確保從39A 發射台獲得發射窗口，保留從11 月15 日開始的六天發射窗口。如果11 月發射條件不利或由於我們的發射台上的高優先級發射而發生變化，我們有第二個發射窗口在十二月。現在，我們已經在計劃於 11 月發射的獵鷹 9 號上亮相了。

With the congestion for launches using pad 39A at Kennedy Space Center, we recognize that higher priority missions are always possible. However, our attention remains firmly fixed on the aspects we can control. Our IM-1 Nova-C is completely built. And we continue to execute the rest of our business with the same intensity that will deliver a lunar lander ready to go to the moon in September.

由於肯尼迪航天中心 39A 發射台的發射出現擁堵，我們認識到始終可以執行更高優先級的任務。然而，我們的注意力仍然牢牢地集中在我們可以控制的方面。我們的 IM-1 Nova-C 已完全構建完成。我們將繼續以同樣的強度執行其餘業務，以交付準備在 9 月登陸月球的月球著陸器。

Progress continues throughout the company. We're building the primary IM-2 structure, integrating payloads and mechanisms to the second lander. This includes the integration of NASA's TRIDENT drill that will prospect for lunar water ice, completing payload deployment mechanisms and the anticipated completion of our rocket fuel drone, Micro Nova, in September. This remarkable progress toward IM-2 is a capitalization on valuable insights gained from IM-1.

整個公司不斷進步。我們正在建造 IM-2 的主要結構，將有效載荷和機制集成到第二個著陸器上。這包括整合 NASA 的 TRIDENT 鑽探，該鑽探將勘探月球水冰、完成有效載荷部署機制以及預計於 9 月完成的火箭燃料無人機 Micro Nova。 IM-2 的這一顯著進展是對從 IM-1 中獲得的寶貴見解的資本化。

We expect IM-2 to be completed in the company's new lunar production and operations facility at the Houston Spaceport. Our ribbon-cutting ceremony scheduled for September 29 will officially start operations inside our new home design to support NASA's Artemis program and growing commercial demand for each of our four business units. As our near-term launch approaches, we're focusing on sustainable and longer-term exploration. Throughout the first half of 2023, we invested time in advancing our in-space capabilities to extend our lunar missions and apply those technologies using nuclear power in the orbital services market.

我們預計 IM-2 將在該公司位於休斯敦航天港的新月球生產和運營設施中完成。我們定於 9 月 29 日舉行的剪彩儀式將在我們的新住宅設計中正式開始運營，以支持 NASA 的阿耳忒彌斯計劃以及我們四個業務部門不斷增長的商業需求。隨著我們近期發布的臨近​​，我們將重點放在可持續和長期的探索上。在 2023 年上半年，我們投入了時間來提升我們的太空能力，以擴展我們的月球任務，並將這些利用核能的技術應用於軌道服務市場。

Turning to recent awards and proposals. In July, NASA's Space Technology and Mission Directorate awarded a $15 million Tipping Point initiative through Intuitive Machines' team for the development of Radioisotope Power System that may enable lunar assets, like Nova-C to survive and operate through the lunar night and in permanently shadowed regions of the moon.

轉向最近的獎項和提案。 7 月，NASA 空間技術和任務理事會通過Intuitive Machines 團隊授予了一項1500 萬美元的Tipping Point 計劃，用於開發放射性同位素動力系統，該系統可以使Nova-C 等月球資產在月球夜晚和永久陰影下生存和運行。月球的區域。

The lunar night cycle refers to the period of darkness on the moon that lasts approximately 14 earth days. During this time, temperatures on the lunar surface dropped drastically, reaching as low as minus 279 degrees Fahrenheit. By surviving a lunar night, a mission on the surface of the moon could extend from two earth weeks to several years.

月球夜週期是指月球上持續約 14 個地球日的黑暗時期。在此期間，月球表面的溫度急劇下降，低至-279華氏度。通過熬過月球之夜，月球表面的任務可能會從兩個地球周延長到幾年。

Intuitive Machines' role is to assist Zeno Power in developing an interoperable americium-241 radioisotope Sterling generator that may be integrated into lunar landers to enable it to survive the lunar night cycle. Unlocking this capability, in support of NASA's Artemis program, is paramount for Intuitive Machine and the entire space exploration industry.

Intuitive Machines 的作用是協助 Zeno Power 開發一種可互操作的镅 241 放射性同位素斯特林發電機，該發電機可以集成到月球著陸器中，使其能夠在月球夜間週期中生存。解鎖這一功能以支持 NASA 的 Artemis 計劃，對於 Intuitive Machine 和整個太空探索行業至關重要。

The application of these Radioisotope Power Systems extends beyond lunar surface longevity. Intuitive Machines entered the proposal pool for the Air Force Research Lab's joint energy technology, supplying on-orbit nuclear power called JETSON, low-power contract this month. The proposal calls for Intuitive Machines and its team to develop satellite positioning and maneuverability solutions using Radioisotope Power Systems in support of NASA's gateway, a multipurpose outpost orbiting the moon.

這些放射性同位素電力系統的應用超出了月球表面的壽命。 Intuitive Machines 進入了空軍研究實驗室聯合能源技術的提案池，本月提供了名為 JETSON 的在軌核電低功耗合同。該提案要求 Intuitive Machines 及其團隊使用放射性同位素動力系統開發衛星定位和機動性解決方案，以支持 NASA 的網關（繞月運行的多功能前哨基地）。

Intuitive Machines' JETSON team leveraged its nuclear power systems, power generation, and space exploration expertise, building on our existing lunar fission surface power reactor contract, which we briefed the Department of Energy and NASA. The second phase, $4.5 million award for our fission surface power contract, is expected later this year. While NASA remains a fundamental pillar of our success, these nuclear in-space opportunities spread across the defense, energy, and civil agencies; represent an exciting opportunity for Intuitive Machines to evolve as a dynamic, adaptable, and forward-looking company.

Intuitive Machines 的 JETSON 團隊利用其核電系統、發電和太空探索專業知識，以我們現有的月球裂變表面動力反應堆合同為基礎，我們向能源部和 NASA 通報了該合同。第二階段，我們的裂變表面電力合同將獲得 450 萬美元，預計將於今年晚些時候進行。雖然美國宇航局仍然是我們成功的基本支柱，但這些太空核機會遍及國防、能源和民用機構；對於 Intuitive Machines 來說，這是一個激動人心的機會，可以發展成為一家充滿活力、適應性強且具有前瞻性的公司。

In April, NASA awarded its five-year $719 million Omnibus Multi-Engineering Services contract, referred to as OMES, to develop technologies enabling services, including satellite servicing and refueling, satellite repositioning, and orbital debris removal.

今年 4 月，NASA 授予了價值 7.19 億美元的五年期綜合多工程服務合同（OMES），以開發支持服務的技術，包括衛星服務和加油、衛星重新定位和軌道碎片清除。

In the days leading up to this call, the US Government Accountability Office affirmed NASA's evaluation of OMES's three proposals resulting in Intuitive Machines retaining the award. We expect to start our transition soon and look forward to growing in orbital services marketplace.

在此次電話會議之前的幾天裡，美國政府問責辦公室確認了 NASA 對 OMES 的三項提案的評估，導致 Intuitive Machines 保留了該獎項。我們預計很快就會開始轉型，並期待在軌道服務市場中不斷發展。

Since the first quarter, Intuitive Machines has submitted more than $3 billion in proposals, spread across aerospace and defense sectors, including human spaceflight. We submitted our bid as the prime contractor for NASA's Lunar Terrain Vehicle Services contract, as the moon racer team for the exploration and development of the South Pole region of the moon. The Lunar Terrain Vehicle is a key part of NASA's Artemis program and would be Intuitive Machines' prime contractor debut in human spaceflight.

自第一季度以來，Intuitive Machines 已提交了超過 30 億美元的提案，涉及航空航天和國防領域，包括載人航天。我們作為美國宇航局月球地形飛行器服務合同的主承包商，作為月球南極地區探索和開發的月球賽車隊提交了投標書。月球地形車是美國宇航局阿耳忒彌斯計劃的關鍵部分，也是直覺機器公司主承包商在載人航天領域的首次亮相。

The company is taking steps to positively mitigate the effects of outside control program award date changes. For example, NASA's CP-22, which calls for a Nova-C class lander to deliver a drill to the moon South Pole, has moved from the third quarter to November. And the agency's Near Space Network Services contract awards have moved from 2023 to early 2024.

該公司正在採取措施積極減輕外部控制計劃授予日期變更的影響。例如，NASA 的 CP-22 號召 Nova-C 級著陸器向月球南極進行鑽探，已從第三季度推遲到 11 月。該機構的近太空網絡服務合同授予時間已從 2023 年推遲到 2024 年初。

Before I conclude, I wanted to mention a new director. To help support and facilitate our growth trajectory, we have appointed Nicole Seligman to the Intuitive Machines' Board of Directors. Nicole's distinguished career has included senior leadership roles in global public companies. With the Nicole's valuable expertise now enriching our Board, we continue to forge ahead in our endeavors.

在結束之前，我想提一下一位新導演。為了幫助支持和促進我們的發展軌跡，我們任命 Nicole Seligman 為 Intuitive Machines 董事會成員。 Nicole 的傑出職業生涯包括在全球上市公司擔任高級領導職務。隨著 Nicole 寶貴的專業知識豐富了我們的董事會，我們將繼續努力前進。

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。

Thanks, Steve. And thanks to everyone joining us today. I'll begin by going through our second-quarter 2023 results. We ended the second quarter with a contracted backlog of $137.3 million. This backlog does not include the NASA OMES three contract, which as Steve mentioned earlier, the protest resolved in our favor last week, clearing the way for us to start transition and begin work in Q4 of this year.

謝謝，史蒂夫。感謝今天加入我們的所有人。我首先將介紹 2023 年第二季度的業績。第二季度結束時，我們的合同積壓金額為 1.373 億美元。此積壓訂單不包括 NASA OMES 3 合同，正如史蒂夫之前提到的，上週的抗議以我們有利的方式解決，為我們在今年第四季度開始過渡和開始工作掃清了道路。

Driven primarily by NASA's Commercial Lunar Payload Services initiative or CLPS, the company concluded second-quarter 2023 with $18 million in revenue, compared to $19.2 million in revenue in the second quarter of 2022.

主要受到 NASA 商業月球有效載荷服務計劃（CLPS）的推動，該公司截至 2023 年第二季度的收入為 1800 萬美元，而 2022 年第二季度的收入為 1920 萬美元。

Operating loss was negative $13.2 million versus negative $2.2 million in the year prior period. This is primarily due to schedule impacts Steve mentioned earlier, as well as public company costs.

運營虧損為負 1,320 萬美元，而上年同期為負 220 萬美元。這主要是由於史蒂夫之前提到的進度影響以及上市公司成本。

We ended the second quarter of '23 with a cash balance of $39.1 million. Given delays to government customer acquisition timelines and US federal budget uncertainty, we are withdrawing our previously issued financial guidance for full-year 2023. This is not a result of a loss of any anticipated material government customer commitments or contract awards.

截至 2023 年第二季度末，我們的現金餘額為 3910 萬美元。鑑於政府客戶獲取時間表的延遲和美國聯邦預算的不確定性，我們將撤回之前發布的 2023 年全年財務指引。這並不是因為失去任何預期的重大政府客戶承諾或合同授予。

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

接線員，現在我們準備好提問了。

Thank you. Ladies and gentlemen, we will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在將進行問答環節。 （操作員說明）

Suji Desilva, Roth MKM.

蘇吉·德西爾瓦，羅斯·MKM。

Hi, Steve. Hi, Erik. Congratulations on the progress here. Certainly, a lot of exciting things coming. Maybe you can talk about the program pushouts and, I guess, the withdrawn guidance. Maybe you can give us a sense, Erik maybe, or Steve, the drivers here and how much each one's a factor. US government spending uncertainty versus what you cited in the press release, which is program delays and then launch pad congestion. I just want understand which of these maybe is more of a meaningful factor?

嗨，史蒂夫。嗨，埃里克。恭喜這裡取得的進展。當然，很多令人興奮的事情即將到來。也許你可以談談計劃的推出，我想，還有撤回的指導。也許你可以讓我們了解一下，也許是埃里克，或者是史蒂夫，這裡的司機以及每個人的影響有多大。美國政府支出的不確定性與您在新聞稿中提到的情況相比，即計劃延遲，然後是發射台擁堵。我只是想了解其中哪一個可能更有意義？

Yeah, Suji, thanks for the question. This is Steve. Let's see. With respect to US government funding, it's really the federal budget in this, leading up to an election year provides an overall sense of uncertainty. But we still see a commitment to human spaceflight and the Artemis program. We share generous bipartisan support for the NASA budget, which is our primary source. And in particular, you see that growth in human spaceflight and with our contract bid for the Lunar Terrain Vehicle.

是的，蘇吉，謝謝你的提問。這是史蒂夫。讓我們來看看。就美國政府資金而言，實際上是聯邦預算，在選舉年之前提供了總體的不確定性。但我們仍然看到對載人航天和阿耳忒彌斯計劃的承諾。我們分享兩黨對美國宇航局預算的慷慨支持，這是我們的主要來源。特別是，您會看到載人航天以及我們對月球地形飛行器的合同投標的增長。

We also can look at geopolitics globally, and see the Russian launch recently due to the Lunar South Pole and the Indian launch to the Lunar South Pole, which means this is right upon us. And it's good that we have a commitment from the federal government to support the human spaceflight programs.

我們還可以關注全球地緣政治，看到最近俄羅斯因月球南極發射而印度向月球南極發射，這意味著這一切就在我們身邊。聯邦政府承諾支持載人航天計劃，這很好。

However, we did see some delays in major awards like the OMES contract. We talked about the protest. That award was initially offered in July and had moved out now to -- post protest to the November timeframe.

然而，我們確實看到了 OMES 合同等重大合同的一些延遲。我們談論了抗議活動。該獎項最初是在 7 月份頒發的，現在已經推遲到 11 月份的時間框架內提出抗議。

We also saw the Near Space Network Services, the communications program that we bid on between the first and second quarter. We're in a really good position for that one, partnering with and teaming with Raytheon. That moved from late third quarter, early fourth quarter to the first quarter of 2024.

我們還看到了近太空網絡服務，這是我們在第一季度和第二季度之間競標的通信項目。我們在這方面處於非常有利的位置，與雷神公司合作。這一時間從第三季度末、第四季度初移至 2024 年第一季度。

And then also, we saw the CLPS award or the CLPS proposal for CP-22, which is the next mission up in the sequence of missions coming from the NASA CLPS program out of the science mission directorate. That moved from the third quarter well into the fourth quarter, before they make that award.

然後，我們還看到了 CLPS 獎或 CP-22 的 CLPS 提案，這是科學任務理事會的 NASA CLPS 計劃任務序列中的下一個任務。這種情況從第三季度一直持續到第四季度，然後才獲得該獎項。

And then other smaller ones like the Tipping Point, which we did receive an award. We expected that award in the May timeframe, and it was until July we saw that award. And that will affect implementation and when we on-ramp for that contract. All good news. They're all commitments that still stay with us. It's just they're gently sliding to the right, and that has an effect on things.

還有其他較小的項目，例如《引爆點》，我們確實獲得了獎項。我們預計該獎項將在五月份獲得，但直到七月份我們才看到該獎項。這將影響合同的實施以及我們何時啟動該合同。都是好消息。這些都是我們至今仍堅守的承諾。只是它們輕輕地向右滑動，這對事物產生了影響。

I think what you can look at in terms of what's left to go this year, we have some significant milestones, as I've been talking about, in terms of our Mission-1 launch in November, the next CLPS award to occur late November; the LTV award to occur possibly here in the fourth quarter; the OMES transition to executional occur in the fourth quarter; both the follow-on for the fission surface power reactor next phase, and the JETSON AFRL proposal. We expect both of those to start in this late third-quarter timeframe.

我想你可以從今年剩下的事情來看，我們有一些重要的里程碑，正如我一直在談論的，就我們 11 月 Mission-1 的發射而言，下一個 CLPS 獎項將於 11 月底舉行; LTV 獎項可能會在第四季度頒發； OMES 將於第四季度過渡到執行；裂變表面動力反應堆下一階段的後續項目以及 JETSON AFRL 提案。我們預計這兩項工作都將在第三季度末開始。

And so that's where we stand. And that's an assessment of where we're going with the external environment and its pressures on us.

這就是我們的立場。這是對外部環境及其對我們的壓力的評估。

Okay. I appreciate that color and understand these programs can move around obviously. Maybe specifically on OMES, now that you are starting to line that up for revenue. Just a sense of how that progresses, linearity wise? Is it front loaded, back-end loaded, or does it progress relatively steadily through the quarters, once, I guess, let's just say 1Q '24 is the first full quarter?

好的。我很欣賞這種顏色，並且理解這些程序可以明顯地移動。也許特別是在 OMES 上，現在您已經開始將其用於收入。只是了解線性方面的進展情況嗎？是前端加載、後端加載，還是在整個季度中相對穩定地進展，我猜，我們可以說 24 年第 1 季度是第一個完整季度？

Well, right now we will start with the negotiation portion of the contract to set the transition time period. There's several dates ahead of us that NASA is considering on when we actually move from transition to execution.

好吧，現在我們將從合同的談判部分開始，以設定過渡時間段。 NASA 正在考慮幾個日期，以確定我們何時真正從過渡階段轉向執行階段。

And then there'll be a ramp up from a time, depending on what the initial task orders will be. We don't expect it to be the total value divided by the number of months that are on that contract. We actually think that they'll be in a ramp-up period. And we're thinking about how that will unfold here in the November-December timeframe.

然後，根據初始任務訂單的情況，一段時間後會逐漸增加。我們預計它不是總價值除以該合同的月數。我們實際上認為他們將處於加速期。我們正在考慮在 11 月至 12 月的時間範圍內這將如何展開。

Got it. And then lastly on. and I'll move on here. The LTV contract sounds interesting to me, in the sense that maybe your first win as a prime. What's your likelihood of, you think, weighing that versus competition? Just trying to handicap that, because I think that will be an important milestone for you guys. Thanks.

知道了。最後是。我會繼續這裡。 LTV 合同對我來說聽起來很有趣，因為這可能是你作為主力球員的第一次勝利。您認為，您權衡競爭與競爭的可能性有多大？只是想阻止這一點，因為我認為這對你們來說將是一個重要的里程碑。謝謝。

Yeah. What we've done is we try to show a great deal of transparency to our pipeline. And what we -- pipeline of opportunities. And we give a [P go and a P win] for each one. We assess the competition, understand the strength of the teaming, and then come out with that P win associated.

是的。我們所做的就是努力讓我們的管道表現出極大的透明度。而我們——機會的管道。我們對每一項都給予[P go and a P win]。我們評估比賽，了解團隊的實力，然後得出與 P 獲勝相關的結果。

We think that will be multiple awards. And we know there's a limited field of entrance. And our team has an exceptionally strong team, with Intuitive Machines as a prime, and Boeing and Northrop Grumman and AVL as our subcontractors.

我們認為這將是多個獎項。我們知道進入的領域是有限的。我們的團隊擁有一支異常強大的團隊，以 Intuitive Machines 為主要承包商，波音、諾斯羅普·格魯門和 AVL 作為我們的分包商。

Okay. Thanks, Steve. Thanks, everybody.

好的。謝謝，史蒂夫。謝謝大家。

Austin Moeller, Canaccord Genuity.

奧斯汀·莫勒，Canaccord Genuity。

Hi. Good afternoon, Steve and Erik.

你好。下午好，史蒂夫和埃里克。

Afternoon, Austin.

下午，奧斯汀。

Just my first question here. Just to clarify. So the timing of the NASA contract award, for essentially what would be the IM-4 mission, that's still expected in the fourth quarter, right? That would be with fiscal '23 already appropriated dollars, correct?

這只是我的第一個問題。只是為了澄清。因此，NASA 合同授予的時間（本質上是 IM-4 任務）仍預計在第四季度，對嗎？那是在 23 財年已經撥款的情況下，對嗎？

So Austin, it was initially of trying to get out by the end of September. But NASA delayed that to the towards the end of November. So we saw, essentially, a two-month slip in that next CLPS' mission.

所以奧斯汀最初是想在九月底之前離開。但 NASA 將其推遲到 11 月底。因此，我們看到，下一次 CLPS 的任務基本上推遲了兩個月。

Okay. That's helpful. And then, do you expect your $39 million cash balance to be sufficient to execute on the contracts on your plate? Or do you expect more cash proceeds from the current NASA contracts, like OMES and the other IM missions to satisfy your needs there?

好的。這很有幫助。然後，您預計 3900 萬美元的現金餘額是否足以執行您手中的合同？或者您是否期望從當前的 NASA 合同（例如 OMES 和其他 IM 任務）中獲得更多現金收益來滿足您的需求？

Yeah. We expect our current cash balance and the cash proceeds from our existing contracts to be sufficient to take care of our cash needs. I mean, I think you saw that our operating cash flow in Q2 was actually positive, which is a great sign. Obviously, you've seen, I think, as you're following us Austin, our cash is lumpy. Our inflows and outflows are both milestone-based.

是的。我們預計目前的現金餘額和現有合同的現金收益足以滿足我們的現金需求。我的意思是，我認為您看到我們第二季度的運營現金流實際上是正值，這是一個很好的跡象。顯然，我想，當您關注我們奧斯汀時，您已經看到，我們的現金是不穩定的。我們的資金流入和流出都是基於里程碑的。

And so from quarter to quarter, you've got some lumpiness in there. And you really got to look at this on a full-year basis. And we've always tried to be resilient as we've talked about to be able to withstand these types of program delays like these. So the cash on our balance sheet plus the milestones we have on the books should take us through. And then we also obviously have the $50 million committed equity facility, which we can use opportunistically to provide further cushion if needed.

因此，每個季度都會出現一些不穩定的情況。你真的必須從全年的角度來看待這個問題。我們一直努力保持彈性，正如我們所說的那樣，能夠承受此類類型的程序延遲。因此，我們資產負債表上的現金加上賬面上的里程碑應該可以幫助我們度過難關。然後，我們顯然還擁有 5000 萬美元的承諾股權融資，如果需要，我們可以機會主義地使用它來提供進一步的緩衝。

Okay. And then just one more, if I may. Can you expand on what you're seeing in the congressional versions of the fiscal year '24 NASA budget in regards to CLPS and other important programs to you? I mean, as you mentioned on the call earlier, Russia is sending money '25 to the Lunar South Pole doesn't seem indicative to me that there is going to be any slowdown there in terms of the program record.

好的。如果可以的話，然後再講一首。您能否詳細介紹一下您在 24 財年 NASA 預算的國會版本中看到的有關 CLPS 和其他對您來說重要的項目的內容？我的意思是，正如您之前在電話中提到的那樣，俄羅斯正在向月球南極發送資金'25，這對我來說似乎並不表明該項目的記錄會出現任何放緩。

Yes, Austin. We do see a commitment into the Artemis program and human spaceflight. Where that will affect it, is the overall pressure across the US federal budget will affect and force NASA to have to make some trades within their budget to lower priority items. And so you'll see a fencing, I believe, in terms of technology dollars that are flowing out from the Space Technology Mission Directorate. And competing with science dollars that will flow out of the Science Mission Directorate across the science portfolio.

是的，奧斯汀。我們確實看到了對阿耳忒彌斯計劃和載人航天的承諾。影響它的地方是，美國聯邦預算的整體壓力將影響並迫使美國宇航局不得不在預算範圍內進行一些交易，以降低優先級項目。因此，我相信，在從空間技術任務理事會流出的技術資金方面，你會看到柵欄。並與將從科學任務理事會跨科學組合流出的科學資金進行競爭。

And who will receive those dollars, those limited dollars, that will come out of what appears to be a reduced NASA budget, at least in the negotiations that are occurring between the House and the Senate today. So that's where we really see that that sorting out will occur. But we still see that the highest priority items from the human spaceflight Artemis program, namely the Human Lander, namely the space suits, and the Lunar Train Vehicle as the top items, that should receive funding.

誰將收到這些美元，那些有限的美元，這些美元將來自美國宇航局似乎減少的預算，至少在今天眾議院和參議院之間正在進行的談判中是這樣。所以這就是我們真正看到排序將會發生的地方。但我們仍然看到載人航天阿耳忒彌斯計劃中最優先的項目，即載人著陸器，即宇航服，以及登月列車作為最重要的項目，應該獲得資金。

Okay, great. Thanks for all the details there.

好的，太好了。感謝您提供的所有詳細信息。

Laura Li, Deutsche Bank.

勞拉·李，德意志銀行。

Hey, team. Congratulations on good execution last quarter. And it's nice to see your annual launch scheduled. And my question will be, could you like elaborate more on the next steps prior to the launch?

嘿，團隊。祝賀上季度的良好執行力。很高興看到您的年度發布計劃如期舉行。我的問題是，您能否在發布之前詳細說明後續步驟？

Yes. Thanks, Laura. Appreciate the question. Like I said, we've made some incredible execution progress over the past quarter. And subsequent to date, completing a full burn of our flight engine and the hot fire test, which is a test where the engine is integrated with the lunar lander. And then we fill that with propellants, and fire that. And that was a wild success.

是的。謝謝，勞拉。感謝這個問題。正如我所說，我們在過去一個季度取得了一些令人難以置信的執行進展。迄今為止，完成了我們的飛行發動機的完全燃燒和熱火測試，這是發動機與月球著陸器集成的測試。然後我們用推進劑填充它，然後點火。那是一次巨大的成功。

Going forward with the lander assembly complete, we'll run about two weeks of flight software functional testing to make sure that every pin out connection and every wire harness works, in conjunction with our flight software. That series of testing will then go into electromagnetic interference test to make sure that there's no adverse effect on our payloads when the lander's all powered up.

隨著著陸器組裝完成，我們將進行大約兩週的飛行軟件功能測試，以確保每個引腳連接和每個線束與我們的飛行軟件一起工作。這一系列的測試隨後將進入電磁干擾測試，以確保著陸器全部通電時不會對我們的有效載荷產生不利影響。

And then we'll do center of gravity measurements, mass measurements. And get the vehicle, all ready to be buttoned up in its shipping container and prepare to ship to the cape. And we expect that to be all completed by September 15.

然後我們將進行重心測量、質量測量。準備好車輛，將其裝進集裝箱並準備運往海角。我們預計這一切將在 9 月 15 日之前完成。

And then from there, just making sure that there's no congestion on the pad before we actually ship out to the launch site. We'll need about 35 days at the launch site to do the processing. And to make sure that all the gases are filled, and the talents are ready to go, and then we'll get encapsulated in the fairing. And then from that point, it's just a wet dress rehearsal and a launch.

然後從那裡開始，在我們實際運送到發射場之前確保發射台上沒有擁堵。我們需要在發射場大約 35 天的時間來進行處理。確保所有氣體都充滿，人才准備就緒，然後我們將被封裝在整流罩中。從那時起，這只是一次濕裝彩排和發布。

Well, fantastic. Well, thank you for the color.

嗯，太棒了。嗯，謝謝你的顏色。

All right. Very good.

好的。非常好。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Hey, Steve, Erik. Good afternoon. Congrats on the quarter, and thanks for taking our questions. I wanted to just maybe clarify on the guidance withdrawn. So to be clear, does that apply to the revenue guidance, the gross margin, and the cash? Or is it exclusively the revenue guidance? Thank you.

嘿，史蒂夫，埃里克。下午好。祝賀本季度，感謝您提出我們的問題。我只是想澄清一下撤回的指導意見。那麼需要明確的是，這是否適用於收入指導、毛利率和現金？或者僅僅是收入指導？謝謝。

Yeah, we're withdrawing -- thanks for the question, Andres. We're withdrawing guidance across the board. I mean, obviously, revenue gross margin, those all are interrelated. And really, it's just associated, as Steve said earlier, with the uncertainty around the timing of awards and significant milestones that are falling right in Q4 at year end.

是的，我們要退出——謝謝你的提問，安德烈斯。我們將全面撤回指導意見。我的意思是，顯然，收入毛利率，這些都是相互關聯的。事實上，正如史蒂夫早些時候所說，這只是與獎項時間的不確定性以及年底第四季度即將到來的重要里程碑有關。

There's just there's three or four or five of them that are really material. And some of it might happen in November, December, January. And really, in terms of the health of the company and how we're doing, any of those any of those timings would be great.

只有三、四、五個是真正重要的。其中一些可能發生在十一月、十二月、一月。事實上，就公司的健康狀況和我們的表現而言，任何一個時機都會很棒。

But trying to pinpoint out a week or two here and there around year end, we felt was not really helping you guys focus on what's important to make our business successful, and that we're executing on our vision and strategy. So we just didn't feel comfortable making guesses on those. Which ultimately, when you're down to a couple of weeks here and there, it's a little more than that, particularly when you're dealing with space launch in some of these cases.

但試圖在年底前後確定一兩週的時間，我們覺得這並不能真正幫助你們專注於讓我們的業務成功的重要事情，以及我們正在執行我們的願景和戰略。所以我們只是不願意對這些進行猜測。最終，當你在這里或那裡減少到幾週的時間時，它會比這多一點，特別是當你在某些情況下處理太空發射時。

Obviously, you've seen that government acquisition timelines can move. We're not the first company to experience that. So that's really what's driving it.

顯然，您已經看到政府採購時間表可能會發生變化。我們並不是第一家經歷過這種情況的公司。所以這才是真正的推動力。

As we said, earlier, we haven't lost anything that we previously had in our forecast, this material to us. It's all shifted out to the right. So because of all that. And all the metrics you mentioned are related some. So it does apply across the board.

正如我們之前所說，我們沒有丟失之前在預測中擁有的任何內容，即我們的材料。一切都移到了右邊。所以因為這一切。你提到的所有指標都是相關的。所以它確實適用於所有領域。

But we try to at least orient you on the milestones that are relevant. The best we know on OMEs right now, the best we know on launch day, some of the big award timings. And obviously those are going to drive profitability and cash and top line as well, depending on how they break our way and not -- because we talked about the value of the landing sustainment and things like that previously. So hopefully that shed some light or a little more color on our statement.

但我們至少會嘗試讓您了解相關的里程碑。我們目前所知道的關於 OME 的最好信息，我們在發布當天所知道的最好信息，以及一些大獎的時間安排。顯然，這些都將推動盈利能力、現金和營收，這取決於它們如何打破我們的方式，因為我們之前討論過著陸維持的價值以及類似的事情。希望這能為我們的聲明帶來一些啟發或更多色彩。

Yeah. Thanks, Erik. That's super helpful. I appreciate that insight. So I guess, I mean, at this time is there any additional visibility you might be able to give us in terms of either revenue or margins? Should we be expecting positive margins by year end? I know in the past you had mentioned the positive EBITDA was a target by later this year. Any thoughts around that as to where that might stand?

是的。謝謝，埃里克。這非常有幫助。我很欣賞這種洞察力。所以我想，我的意思是，目前您是否可以在收入或利潤方面為我們提供任何額外的可見性？我們是否應該期待年底前實現正利潤率？我知道您過去曾提到，今年晚些時候實現正 EBITDA 是一個目標。關於這個可能的立場有什麼想法嗎？

Yes, I can't comment on everything. I mean, one thing we think we feel good about is if we land successfully this year, gross margin should be positive in the second half, which I think is a good sign, obviously pointing towards the future.

是的，我無法對所有事情發表評論。我的意思是，我們認為我們感覺良好的一件事是，如果我們今年成功落地，下半年的毛利率應該為正，我認為這是一個好兆頭，顯然指向未來。

And then we will be mitigating our CapEx. I said mitigating, that's the wrong word. But CapEx, you're going to naturally come down over the second half of the year, relative to the first half. And then some of our non-COGS OpEx, so SG&A, that will mitigate as well over the second half as we're through some of the public company costs and other things that created an increased run rate on that over the first half.

然後我們將減少我們的資本支出。我說的是減輕，這個詞用錯了。但是，相對於上半年，下半年的資本支出自然會下降。然後我們的一些非銷貨成本運營支出，即SG&A，將在下半年得到緩解，因為我們經歷了一些上市公司成本和其他導致上半年運行率提高的因素。

So those are some of the maybe high level thoughts in terms of directionally where we're headed in the second half.

因此，這些可能是關於我們下半年的發展方向的一些高層想法。

Got it. Okay. Thank you. And maybe one last one, if I may. With the upcoming lockup period ending right for the rollover and for the sponsor, how do you think the market should be thinking about this increase in float? Or these, now, shares being unlocked? Any color there? Any visibility as to how should we be thinking about that? Thank you.

知道了。好的。謝謝。如果可以的話，也許還有最後一件事。隨著即將到來的鎖定期即將結束，對於展期和讚助商來說，您認為市場應該如何考慮流通量的增加？或者這些，現在，股票被解鎖？那裡有什麼顏色嗎？我們應該如何思考這個問題？謝謝。

You bet, Andres. Honestly, it's difficult for the company to have an opinion on that. So we'll just let them the -- you obviously correctly stated what the timing is on that. That's public information, but we'll let the market decide.

你敢打賭，安德烈斯。老實說，公司很難對此發表意見。所以我們就讓他們——你顯然正確地說明了時間安排。這是公開信息，但我們會讓市場決定。

Okay. Thank you very much. I'll pass it on. Congrats again.

好的。非常感謝。我會把它傳遞下去。再次恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. As there are no further questions, I would now hand the conference over to Steve Altemus, Co-founder, President and Chief Executive, for his closing comments.

謝謝。由於沒有其他問題，我現在將會議交給聯合創始人、總裁兼首席執行官史蒂夫·阿爾特穆斯 (Steve Altemus)，他將發表結束語。

Well, thank you for joining us today and appreciate your time you spent with us. We look forward to continuing with our execution intensity and making history together in just a few short months. Thank you very much.

好的，感謝您今天加入我們，並感謝您與我們一起度過的時光。我們期待著繼續我們的執行力度，並在短短幾個月內共同創造歷史。非常感謝。

The conference of Intuitive Machines has now concluded. Thank you for your participation. You may now disconnect your lines.

直觀機器會議現已結束。感謝您的參與。您現在可以斷開線路。