Intuitive Machines Inc (LUNR) 2023 Q3 法說會逐字稿

Welcome to Intuitive Machines Third Quarter 2023 Conference Call. (Operator Instructions)

歡迎參加 Intuitive Machines 2023 年第三季電話會議。 （操作員說明）

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Stephen Zhang. Please go ahead, sir.

提醒一下，本次會議正在錄製中。現在我想把會議交給主持人史蒂芬張。請繼續，先生。

Good morning. Welcome to the Intuitive Machine third-quarter 2023 earnings call. Chief Executive Officer, Steve Altemus, and Chief Financial Officer, Erik Sallee, are leading the call today.

早安.歡迎參加 Intuitive Machine 2023 年第三季財報電話會議。執行長 Steve Altemus 和財務長 Erik Sallee 主持了今天的電話會議。

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 expectation with respect to the future of our business in economy and other events. 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 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.

在我們開始之前，請注意，今天電話會議中討論的一些資訊將包含前瞻性陳述，闡述我們目前對經濟和其他事件中業務未來的預期。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有重大差異。這些因素在公司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 the applicable SEC rules and regulations. Reconciliation to the company's GAAP measures is included in the earnings release filed on Form 8-K. Finally, we posted an earnings call presentation on our website, which provides additional context on our financial performance. You can find this presentation on our Investor Relations page at www.intuitivemachine.com/investors.

我們也希望討論適用的 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資訊。公司 GAAP 措施的調節包含在表格 8-K 上提交的收益發布中。最後，我們在網站上發布了收益電話會議演示文稿，其中提供了有關我們財務業績的更多背景資訊。您可以在我們的投資者關係頁面 www.intuitivemachine.com/investors 上找到此簡報。

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

現在我將把電話轉給史蒂夫·阿爾特穆斯。

Thanks, Stephen. Welcome, everyone, and thank you for joining us. In today's presentation, I will provide updates and accomplishments across the company's four business units. After, I will hand the call to our Chief Financial Officer, Erik Sallee, to review our financial results for the third quarter of 2023. Let's begin with our lunar access services accomplishments.

謝謝，史蒂芬。歡迎大家，感謝您加入我們。在今天的演講中，我將介紹公司四個業務部門的最新動態和成就。之後，我將致電我們的財務長 Erik Sallee，回顧我們 2023 年第三季的財務表現。讓我們從我們的登​​月服務成就開始。

During our second quarter call, we mentioned that we believe launch pad congestion was going to determine the priority of launches through the rest of the year. In coordination with NASA and SpaceX, lift off of the IM-1 lunar mission is now targeted for a multi-day launch window, which opens on January 12, 2024. In case of unfavorable launch conditions, such as poor weather, backup opportunities are available and will be determined based on the lunar blackout window and other factors.

在第二季的電話會議中，我們提到，我們相信發射台的擁擠將決定今年剩餘時間的發射優先順序。在 NASA 和 SpaceX 的協調下，IM-1 月球任務的升空目標是在 2024 年 1 月 12 日開啟的多日發射窗口內進行。如果出現惡劣天氣等不利的發射條件，則有備用機會。可用，並將根據月球停電窗口和其他因素確定。

I'd like to take a moment to expand on this change to add context and perspective. Intuitive Machines completed its lunar lander actually in September, and we were looking forward to launching it in November. We also know -- better than most -- that there are inherent challenges in space like schedule changes, and emission adjustments are a natural consequence of pioneering lunar exploration.

我想花點時間來擴展這一變化，以添加背景和觀點。 Intuitive Machines 實際上在 9 月完成了其月球著陸器，我們期待在 11 月發射它。我們也比大多數人更清楚知道，太空中存在固有的挑戰，例如時間表的變化，而排放調整是開創性月球探索的自然結果。

Preparing to return to United States, the surface of the Moon has been an incredible journey. Our lunar lander is performing beautifully in all its testing, and we are authorized to deliver it to Florida later this month. We have a launch date and the necessary approvals ready to go. This is a great achievement for the company and a lesson in patience. This delay is a small price for making history.

準備好返回美國，月球表面是一次令人難以置信的旅程。我們的月球著陸器在所有測試中都表現出色，我們被授權在本月晚些時候將其運送到佛羅裡達州。我們已確定啟動日期並準備好必要的批准。這對公司來說是一項偉大的成就，也是耐心的教訓。這次延遲對於創造歷史來說只是一個小小的代價。

Meanwhile, we are smartly using this extended interval before the planned launch date to continue offline confidence testing. Specifically, we've pulled in work plan for pad processing, which included a fit check to our separation ring and spacecraft adapter. We tested the fitment and the separation of the vehicle for the spacecraft adapter. In addition, we still plan to run another mission sequence test to provide additional training for the operations team in preparation for the mission and to do additional testing on the flight and ground software. Finally, we continued confidence testing with our propulsion system in our offline vertical test facility continually refining propulsion system parameters.

同時，我們巧妙地利用計劃發布日期之前的這段延長時間來繼續進行離線信心測試。具體來說，我們已經制定了墊加工的工作計劃，其中包括對我們的分離環和太空船適配器的配合檢查。我們測試了太空船適配器的車輛組裝和分離。此外，我們還計劃進行另一次任務序列測試，為操作團隊提供額外的培訓，為任務做好準備，並對飛行和地面軟體進行額外的測試。最後，我們在離線垂直測試設施中繼續對推進系統進行置信度測試，並不斷完善推進系統參數。

Our second plan mission is benefiting from all the testing we've done for mission 1 and is quickly taking shape. Intuitive Machines engineers completed helicopter testing of the LiDAR navigation system for IM-2 at the Kennedy Space Center. The use of LiDAR to land our second mission allows us to land in shaded regions of the Moon targeted by NASA's Artemis program. IM-2's propulsion and structural components are in-house undergoing assembly, and we're working on the integration of NASA's ice mining drill and commercial payloads.

我們的第二個計劃任務受益於我們為任務 1 所做的所有測試，並且正在迅速成型。 Intuitive Machines 工程師在甘迺迪太空中心完成了 IM-2 雷射雷達導航系統的直升機測試。使用雷射雷達來著陸我們的第二次任務使我們能夠著陸在美國太空總署阿耳忒彌斯計畫所針對的月球陰影區域。 IM-2 的推進和結構部件正在內部組裝，我們正在致力於將 NASA 的採冰鑽機和商業有效載荷整合起來。

Our Micro Nova hopper, which is designed to search for water ice and permanently shadowed regions of the Moon, is assembled and undergoing thermal vacuum and vibration testing. Nokia's lunar 4G/LTE network is taking shape, including integration with the lunar surface rover which will deploy from the land to test and validate robustness and performance of Nokia's cellular network communication between the rover and the lander in the harsh lunar environment.

我們的微型新星漏斗旨在尋找水冰和月球永久陰影區域，已組裝並接受熱真空和振動測試。諾基亞的月​​球4G/LTE 網路正在形成，包括與月球表面漫遊車集成，該漫遊車將從陸地部署，以測試和驗證惡劣的月球環境中漫遊車和著陸器之間諾基亞蜂窩網路通訊的穩健性和性能。

At the end of the quarter, we submitted a proposal for another contracted mission with NASA. This is the CP-22 task order contract under the agency's lunar commercial Lunar Payload Services initiative. We believe this is still on target for award notification later this month. And looking ahead, we're excited to share that this past week, we were selected by a leading international space agency for a $16.8 million-contract to deliver two payloads through our lunar rover services. These services include the deployment of the rover and payloads with our Nova-C Lander, along with data relaying communications services back to Earth. This award is our largest international payload contract to date and demonstrates our continued focus on diversifying our customer base as we expand into international markets.

在本季末，我們提交了一份與 NASA 簽訂另一項合約任務的提案。這是該機構月球商業月球有效載荷服務計劃下的 CP-22 任務訂單合約。我們相信這仍然是本月稍後獲獎通知的目標。展望未來，我們很高興與大家分享，上週，一家領先的國際航天機構選擇我們簽訂一份價值 1680 萬美元的合同，通過我們的月球車服務運送兩個有效載荷。這些服務包括使用 Nova-C 著陸器部署流動站和有效載荷，以及將資料中繼通訊服務傳回地球。該合約是我們迄今為止最大的國際有效載荷合同，表明我們在拓展國際市場的過程中持續關注客戶群多元化。

For lunar data services, as we look forward to providing communication capabilities between assets using Nokia's 4G/LTE on the lunar surface, we're continuing to expand our Lunar Data Services business line to support the evolving needs of the future, thus lunar market communications and data between the Earth and Moon.

對於月球數據服務，由於我們期待在月球表面使用諾基亞4G/LTE 提供資產之間的通信能力，因此我們將繼續擴展我們的月球數據服務業務線，以支持未來不斷變化的需求，從而滿足月球市場通信的需求以及地球和月球之間的數據。

In preparation for our lunar mission, the operations team and mission control has completed all required ground station interface checks. These checks give assurance that our commercial lunar telemetry and tracking network is operational and prepared to provide near 24/7 coverage of our mission and any future tracking missions, whether that's from the civil, defense, or commercial sectors.

為了準備我們的月球任務，操作團隊和任務控制中心已經完成了所有必要的地面站介面檢查。這些檢查確保我們的商業月球遙測和追蹤網路正常運行，並準備好為我們的任務和任何未來的追蹤任務（無論是來自民用、國防還是商業部門）提供近 24/7 的覆蓋範圍。

In addition, the mission control team is continuing to complete payload data transmission and mission sequence testing. These functional practice sessions will continue all the way through the scheduled launch in January to fully appreciate and understand all the nuances in the software and the ground network.

此外，任務控制團隊正在繼續完成有效載荷資料傳輸和任務序列測試。這些功能練習課程將持續到一月份預定的發布，以充分欣賞和理解軟體和地面網路的所有細微差別。

As mentioned last quarter, NASA's award for the Near Space Network Services contract award is expected in early 2024.

如上季所提到的，NASA 預計將於 2024 年初授予近太空網路服務合約。

In orbital services, we began customer transition for NASA's five-year, $719 million Omnibus Multi-Engineering Services contract or OMES III, and expect revenue to start December 1. To date, we've secured more than 87% of the total workforce for the contract, and we'll be ready support NASA in the next month.

在軌道服務方面，我們開始為NASA 為期五年、價值7.19 億美元的綜合多工程服務合約（OMES III）進行客戶過渡，預計收入將於12 月1 日開始。迄今為止，我們已經為軌道服務提供了超過87% 的勞動力。合同，我們將在下個月準備好支持 NASA。

For space products and infrastructure, we believe the energy sector will continue to develop across our space products and infrastructure business line. In the days leading up to this call, Intuitive Machines announced a $9.5 million award from the Air Force Research Laboratory to develop satellite positioning and maneuverability solutions using radio isotopes power systems. The award feeds into our growing space products and infrastructure business line and is an exciting opportunity for Intuitive Machines to evolve as dynamic, adaptable, and forward looking company diversifying into defense and energy.

對於空間產品和基礎設施，我們相信能源領域將繼續在我們的空間產品和基礎設施業務線中發展。在此次電話會議之前的幾天裡，Intuitive Machines 宣布從空軍研究實驗室獲得 950 萬美元的資助，用於開發使用無線電同位素動力系統的衛星定位和機動性解決方案。該獎項有助於我們不斷發展的太空產品和基礎設施業務線，對於Intuitive Machines 來說是一個令人興奮的機會，可以發展成為充滿活力、適應性強、前瞻性的公司，向國防和能源領域多元化發展。

During the third quarter, we started our one year program to develop a radioisotope power system to enable in-space assets like our lunar landers to survive the lunar night, potentially extending lunar missions from roughly two weeks to several years.

在第三季度，我們開始了為期一年的計劃，開發放射性同位素動力系統，以使我們的月球著陸器等太空資產能夠在月球之夜生存，從而有可能將月球任務從大約兩週延長到幾年。

As we mentioned in our second quarter call, Intuitive Machines completed Phase 1 of its fission surface power reactor contract for the Department of Energy and NASA. Now that the company is proposing Phase 1A, which would extend the contract by eight months for early risk reduction on hardware and design maturation. We expect the work completed during Phase 1 and 1A will give the company valuable insights for Department of Energy and NASA's $4.5 million second phase of the contract.

正如我們在第二季電話會議中提到的，Intuitive Machines 完成了與能源部和 NASA 的裂變表面動力反應器合約的第一階段。現在該公司正在提議 1A 階段，將合約延長八個月，以儘早降低硬體和設計成熟度的風險。我們預計第一階段和 1A 階段完成的工作將為該公司提供對能源部和 NASA 價值 450 萬美元的第二階段合約的寶貴見解。

Looking ahead, we submitted our bid as the prime contractor for NASA's lunar terrain vehicle services contract earlier this year 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 our prime contractor debut in human spaceflight. We're expecting multiple down selected prime contract awards and the expected award timing is now the end of quarter one 2024.

展望未來，我們今年稍早作為美國太空總署月球地形車服務合約的主承包商提交了投標，該合約旨在勘探和開發月球南極地區。月球地形車是美國太空總署阿爾忒彌斯計畫的關鍵部分，也將是我們在載人太空領域的主承包商首次亮相。我們預計將有多個選定的主要合約授予，預計授予時間現在是 2024 年第一季末。

Finally, Intuitive Machines have expanded its ability to support each of the business units in our fully operational Lunar Production and Operations Center at the Houston Spaceport. We opened the facility with a ribbon-cutting with over 400 people in attendance, including federal and state representatives, Houston mayor, and city council members. By moving into our new operation center, the company now has the ability to simultaneously manufacture multiple spacecraft, including up to four lunar landers.

最後，Intuitive Machines 擴大了支援休士頓航太港全面運作的月球生產和營運中心每個業務部門的能力。我們為該設施舉行了剪綵儀式，有 400 多人出席，包括聯邦和州代表、休士頓市長和市議員。透過搬入我們的新營運中心，該公司現在有能力同時製造多個太空船，包括多達四個月球登陸器。

Moving into our new home designs and support, NASA's $93 billion Artemis program marks a new beginning on our journey for growth and expansion.

NASA 耗資 930 億美元的 Artemis 計畫進入我們的新住宅設計和支援領域，標誌著我們成長和擴張之旅的新開始。

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

接下來，我會將電話轉給 Intuitive Machines 財務長 Erik Sallee。

Thank you, Steve, and thanks to everyone joining us today.

謝謝你，史蒂夫，也謝謝今天加入我們的所有人。

We ended the third quarter with a contracted backlog of $135.2 million. This backlog does not include the $719 million NASA's OMES III contract, which will be booked as task orders are received. As Steve mentioned earlier, the OMES transition is nearly complete, and we expect revenue to begin in December.

第三季末，我們的合約積壓金額為 1.352 億美元。此積壓訂單不包括 NASA 價值 7.19 億美元的 OMES III 合同，該合約將在收到任務訂單時進行預訂。正如 Steve 之前提到的，OMES 過渡已接近完成，我們預計收入將於 12 月開始。

Revenue for the quarter was driven primarily by NASA's Commercial Lunar Payload Services initiative or CLPS as the company concluded third quarter '23 with $12.7 million in revenue compared to $10.3 million for the third quarter of 2022. Revenue run rate was down from the first half due to updated launch timing and an increase in cost estimates required to successfully deliver our three lunar landings with NASA.

該季度的收入主要由NASA 的商業月球有效載荷服務計劃（CLPS）推動，該公司在2023 年第三季結束時的收入為1,270 萬美元，而2022 年第三季為1,030 萬美元。收入運行率較上半年有所下降，原因是更新了發射時間並增加了與 NASA 成功實現三次登月所需的成本估算。

Operating loss was negative $23.2 million versus negative $11.8 million in the year prior period. This was primarily due to the updated cost estimates as well as public company costs. G&A also included $1.4 million of one-time transaction costs related to the equity raise we secured in the quarter.

營運虧損為負 2,320 萬美元，而上年同期為負 1,180 萬美元。這主要是由於更新的成本估算以及上市公司成本。 G&A 還包括與我們在本季獲得的股權融資相關的 140 萬美元一次性交易成本。

On the cash side, we ended the third quarter with a cash balance of $40.7 million. Free cash flow in the quarter was an outflow of $14.6 million, of which $7.2 million was operating cash use and $7.5 million with CapEx. The primary use of CapEx was related to the new Lunar Production and Operations Center.

在現金方面，第三季末我們的現金餘額為 4,070 萬美元。本季自由現金流流出 1,460 萬美元，其中 720 萬美元用於營運現金使用，750 萬美元用於資本支出。資本支出的主要用途與新的月球生產和營運中心有關。

Within financing cash flows, we received the $20 million equity investment from an institutional investor in the quarter. This was partially offset by a one-time member distribution of $3.7 million relating to taxes.

在融資現金流方面，本季我們從機構投資者獲得了 2,000 萬美元的股權投資。這部分被與稅收相關的 370 萬美元一次性會員分配所抵消。

As we discussed last quarter, the OMES that protest along with the timing of major awards have impacted our results this year, however, none of the significant awards were lost. We won OMES and are still looking forward to successful outcomes on NSNS, LPD, and additional CLPS missions in the first half of 2024.

正如我們上季度所討論的，OMES 的抗議以及主要獎項的時間安排影響了我們今年的業績，但是，沒有一個重要獎項丟失。我們贏得了 OMES，並且仍然期待 2024 年上半年 NSNS、LPD 和其他 CLPS 任務取得成功。

In the interim, we are taking steps to retire risk and manage costs. For example, our SG&A of approximately $9 million per quarter is best in class as we remain capital and cost efficient.

在此期間，我們正在採取措施消除風險並管理成本。例如，我們每季約 900 萬美元的 SG&A 是同類中最好的，因為我們保持了資本和成本效率。

On the portfolio side, we continue to diversify across not only various government entities and several energy and national security, but also across budgetary line items within each entity. Suggesting contract moves us into the Department of Defense and Steve mentioned earlier our success with the international market.

在投資組合方面，我們不僅繼續在各個政府實體以及多個能源和國家安全領域實現多元化，而且還在每個實體內的預算項目上實現多元化。建議簽訂合約使我們進入國防部，史蒂夫早些時候提到了我們在國際市場上的成功。

Additionally, should we be successful with the Lunar Terrain Vehicle award next year, we will secure a spot on a key piece of infrastructure within the Artemis program and budget, capitalizing on the growing lunar and space economy.

此外，如果我們明年能夠成功獲得月球地形車獎，我們將利用不斷增長的月球和太空經濟，在阿耳忒彌斯計畫和預算內的關鍵基礎設施中佔據一席之地。

We remain optimistic on the over $3 billion in outstanding proposals and look forward to the prime contract award decisions from CP-22, NFNS, and LPV while we focus on execution and manage costs efficiently in the interim.+

我們對超過 30 億美元的未完成提案保持樂觀，並期待 CP-22、NFNS 和 LPV 的主要合約授予決定，同時我們在此期間專注於執行和有效管理成本。+

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

接線員，現在我們準備好提問了。

(Operator Instructions) Josh Sullivan, The Benchmark Company.

（操作員說明）Josh Sullivan，Benchmark 公司。

Good morning.

早安.

Good morning, Josh.

早上好，喬許。

Good morning, Josh.

早上好，喬許。

Just wanted to get your thoughts on NASA's commitment to the commercial service model. This international lunar services contract appears to be following that model and just curious on your current thoughts there.

只是想了解您對 NASA 對商業服務模式的承諾的看法。這項國際月球服務合約似乎遵循了這種模式，只是對您目前的想法感到好奇。

Yes. Thanks for the question, Josh. It's a really interesting last week that was up on Capitol Hill and talking to the staffers associated with the authorization and appropriations for Artemis. And we see quite a bit of support for NASA's programs and in particular CLPS as a precursor to Artemis as a ability to set a regular cadence submissions as if Artemis launches move around on the schedule, as you know, that those missions are highly complex and they have a tendency to move to the rise and CLPS offers an opportunity for NASA to have this scale submission and activities towards the Moon. And by doing so, we see the international partners coming up and suggesting flying their payloads earlier using the CLPS vendors and the CLPS program as opposed to waiting for -- manifesting on the Artemis missions.

是的。謝謝你的提問，喬許。上週在國會山莊與與阿耳忒彌斯授權和撥款相關的工作人員進行了交談，這真的很有趣。我們看到對 NASA 專案的大力支持，特別是 CLPS 作為 Artemis 的前身，能夠設定定期提交的節奏，就好像 Artemis 發射按計劃進行一樣，如您所知，這些任務非常複雜，而且它們有上升的趨勢，CLPS 為NASA 提供了向月球進行這種規模的提交和活動的機會。透過這樣做，我們看到國際合作夥伴提出並建議使用 CLPS 供應商和 CLPS 計劃儘早飛行其有效載荷，而不是等待 - 這在阿耳忒彌斯任務中得到了體現。

So we're very encouraged about the House and Senate commitment to CLPS and the Artemis program. And the way of structuring now, CLPS is in a position to serve any -- covering any gaps that might have occurred in delays of the Artemis program.

因此，眾議院和參議院對 CLPS 和 Artemis 計劃的承諾讓我們深受鼓舞。以現在的建造方式，CLPS 能夠為任何人提供服務——彌補阿耳忒彌斯計劃延誤中可能出現的任何空白。

And then as far as the Near Space Network contract, does your January mission helped provide any past performance metrics, which might be helpful in the scoring for NSN?

然後就近太空網路合約而言，您一月份的任務是否有助於提供任何過去的績效指標，這可能有助於 NSN 的評分？

Well, I believe that the relevant experience of past performance -- we have already been considered in the competition and the evaluation of the proposals by January already. So, what we have done is included all of the validation work that we've done with our ground sites. I guess the lunar reconnaissance orbiter in space around the Moon and validate that the whole system works and is tied together and able to bring the communications back down to the ground.

嗯，我相信過去表現的相關經驗——我們已經在一月份的競賽和提案評估中考慮過。因此，我們所做的包括我們對地面站點所做的所有驗證工作。我猜想月球偵察軌道飛行器在月球周圍的太空中運行，並驗證整個系統是否正常工作並連接在一起，並且能夠將通訊帶回地面。

So even prior to flying our first mission in January, we've done the groundwork or the legwork to test our ground against the lunar distance communication. And that will go into contributing to our experience when NSNS selected.

因此，即使在一月份執行我們的第一次任務之前，我們就已經完成了基礎工作或跑腿工作，以測試我們的地面對月球距離通訊的影響。當 NSNS 被選中時，這將為我們的經驗做出貢獻。

And then just one last one. On OMES, can you just tell us what the cadence through '24? How we should think about that?

然後只有最後一張。在 OMES 上，您能告訴我們 '24 的節奏嗎？我們該如何思考這個問題？

Yes, Josh, this is Erik. As you know, the top line dollar value of the contract, that $719 million, that's over five years. There'll be an initial ramp-up period of a matter of months. But then after that, we think it would be pretty steady state month-over-month equally divided over that time period help contributing to our top line.

是的，喬什，這是艾瑞克。如您所知，合約的最高美元價值為 7.19 億美元，為期五年。最初將有幾個月的加速期。但在那之後，我們認為在這段時間內，每月的平均分配將是相當穩定的狀態，這有助於為我們的營收做出貢獻。

Okay. Thank you for the time.

好的。謝謝你的時間。

Thank you, Jeff.

謝謝你，傑夫。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hi. Thanks for taking the question. Just one on the -- I guess, the government funding situation. Are we concerned at all by the continuing resolution? Anything about the confirmation that could be impacting the money type?

你好。感謝您提出問題。我想，只有一個關於政府資助情況的問題。我們是否對持續的解決方案感到擔憂？有關確認可能影響貨幣類型的信息嗎？

Good morning, Edison. Glad to have with us, and yes, great question. Like I said to Josh, that I was up on Capitol Hill talking to the staffers. And generally, I would say there is quite a bit of optimism and hard work going on to get us through at least a partial CR or CR for short term to keep the government open -- and so nobody's wanting a shutdown.

早上好，愛迪生。很高興和我們在一起，是的，這是一個很好的問題。就像我對喬許說的那樣，我正在國會山莊與工作人員交談。總的來說，我想說的是，我們需要相當樂觀和努力的工作，才能讓我們至少透過部分 CR 或短期 CR 來保持政府開放——所以沒有人希望政府關門。

It seems like, generally, everyone was optimistic that a CR or at least in our own would be approved to get us a time into January before the full CR or budget could be passed. So that was encouraging, and I'm optimistic there. We're well into our transition for the OMES contract with 87% of the workforce on board or at least a capture -- that will continue on.

總的來說，似乎每個人都樂觀地認為 CR 或至少我們自己的 CR 會獲得批准，以便讓我們有時間進入 1 月，然後才能通過完整的 CR 或預算。所以這是令人鼓舞的，我對此感到樂觀。我們正在順利完成 OMES 合約的過渡，目前 87% 的員工都在職，或至少是一個捕獲人員，這種情況將會持續下去。

And we think the commitment to Artemis program, it builds the outlook that's good for Intuitive Machines. These CRs government shutdown associated with it tend to be short term outlook. So, the long term, it doesn't look like it's going to have any effect on the company this year.

我們認為對 Artemis 計劃的承諾，它建構了有利於 Intuitive Machines 的前景。與之相關的這些 CR 政府關門往往是短期前景。因此，從長遠來看，今年這不會對公司產生任何影響。

Got it. In a longer-term question, I know you had some similar advancements on the nuclear side. Do you have any sense of timeline on where we could see some actual reapplication of that? I know typically it's when we hear about it it's quite long term, but curious if you have views on that.

知道了。在一個更長期的問題上，我知道你們在核子方面也取得了一些類似的進展。您是否知道我們可以在哪裡看到一些實際的重新應用的時間表？我知道，通常當我們聽說它時，它是相當長期的，但很好奇你對此有何看法。

Yes. So, you see in what we outlined, there's been some movement there in three different areas of nuclear space that we've captured, and that's a follow on to -- well or for negotiating a follow on to decisions on surface power. That's Phase 1A which is a continuation of Phase 1 for another eight months and lining up for Phase 2.

是的。所以，你在我們概述的內容中看到，我們捕獲的核空間的三個不同區域發生了一些運動，這是後續行動——或者說是對地面力量決策的後續談判。這是第 1A 階段，是第 1 階段的另外八個月的延續，並為第 2 階段做好準備。

We think that that will eventually in the long term, like you say, turn into a development activity for efficient reactor, you see that just in satellite procurement that's a new AFRL contract. And what's great about that one is that one can actually grow faster into a real satellite. So, we'll do this first execution on the low-power JETSON satellite. And then we'll see if they picked that up at the end of the year, that's about a 12-month runway. And then also that technology from JETSON contract, we're also developing under NASA's STMD Tipping Point award for the radioisotopes power system.

我們認為，從長遠來看，正如您所說，這最終將轉變為高效反應器的開發活動，您將看到，在衛星採購中，這就是一份新的 AFRL 合約。這顆衛星的偉大之處在於，它實際上可以更快地成長為一顆真正的衛星。因此，我們將在低功耗 JETSON 衛星上進行第一次執行。然後我們會看看他們是否會在年底實現這一點，這大約是 12 個月的跑道。還有來自 JETSON 合約的技術，我們也在 NASA 的 STMD Tipping Point 獎項下開發放射性同位素電力系統。

So there's some dovetailing of technology between those two. And I'm really happy to see that while they're not large dollars for those contracts, what they are is there a commitment and some movement in the right direction before and overall cohesive story in the government about nuclear space and how we should advance in nuclear space. So that's quite an encouraging sign that we're starting to converge on the types of materials we'll use, the types of systems we'll use to make some progress in the design. So that may be appropriate to make some decisions about the systems of the future.

所以這兩者之間存在著一些技術上的契合。我真的很高興看到，雖然這些合約的金額並不大，但它們是在政府關於核空間以及我們應該如何推進的整體有凝聚力的故事之前做出的承諾和朝著正確方向採取的一些行動在核空間。因此，這是一個非常令人鼓舞的跡象，表明我們開始集中在我們將使用的材料類型和我們將使用的系統類型上，以在設計中取得一些進展。因此，這可能適合對未來的系統做出一些決定。

Thank you.

謝謝。

Thanks, Edison.

謝謝，愛迪生。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Hi, good morning, everyone. Congrats on the quarter and thanks for taking our questions.

嗨，大家早安。恭喜本季度，感謝您提出我們的問題。

Good morning, Andres

早安，安德烈斯

I'm wondering -- good morning, guys. I was just wondering if you can give us an update on the IM missions 2 and missions 3. Just when their schedule for? Or what is the current target for? I know in the past you had mentioned about the second mission being in the first half of next year possibly in the first quarter. So just wondering if that's delayed and if IM-1 mission might have an impact on the second mission and so forth. Thank you.

我想知道——早上好，夥計們。我只是想知道你能否給我們介紹一下 IM 任務 2 和任務 3 的最新情況。他們的時間表是什麼時候？或者說目前的目標是什麼？我知道您過去曾提到第二次任務是在明年上半年可能是第一季。所以只是想知道這是否被延遲以及 IM-1 任務是否可能對第二次任務產生影響等等。謝謝。

Yes, I appreciate that everyone's interested in launch dates. We are planning three missions in 2024. You obviously see how we did was our first mission balancing all the stakeholder needs to NASA, SpaceX, and our payload customers. That's a pretty complicated set of negotiations that gets you to everybody's needs and where they can actually launch and land.

是的，我很高興每個人都對發布日期感興趣。我們計劃在 2024 年執行三項任務。您顯然可以看到我們的第一項任務是如何平衡 NASA、SpaceX 和我們的有效負載客戶的所有利害關係人的需求。這是一組相當複雜的談判，可以讓你了解每個人的需求以及他們實際上可以發射和著陸的地方。

The other complication in terms of pinpointing a date for those missions is really in the orbital dynamics and trying to get to the South Pole, specifically there are seasons for that. So trying to shuffle emissions around and find the particular month we want to go and for each of the commissions based on -- not only our stakeholder needs but on the landing site and the landing site selection.

確定這些任務日期的另一個複雜因素實際上是軌道動力學和試圖到達南極點，特別是有季節。因此，嘗試調整排放量，找到我們想要的特定月份，以及基於我們的利害關係人的需求以及著陸點和著陸點選擇的每個委員會。

So we're currently negotiating with NASA on the landing side permission to and I said we have an initial date and the landing site determination will adjust, will move that around. And then as a result, mission 3 will fall out in a few months following mission 2.

因此，我們目前正在與美國宇航局就著陸方面的許可進行談判，我說過我們有一個初步日期，著陸地點的確定將進行調整，並將進行調整。結果，任務 3 將在任務 2 之後的幾個月內失敗。

So more to come on that in terms of specific updates as we get closer and as we pinpoint the exact position of the mission to South Pole ice drilling mission. So, we're excited about that one. But you can count on, at least our firm plans are to put mission 1, 2, and 3 in the history books in 2024.

隨著我們越來越接近，當我們找出南極冰鑽任務的確切位置時，還會有更多具體更新。所以，我們對此感到興奮。但你可以放心，至少我們堅定的計畫是在 2024 年將任務 1、2 和 3 載入史冊。

Got it. Thanks, Steve. That's super helpful. And then one question for Erik. With a cash balance now about $40 million as of Q3, would you mind just reminding that the run rate looks like cash used in the quarter was about $7.2 million -- so pretty low burn rate. But just what do you expect in run rate, particularly as you get closer and closer to the missions? Thank you.

知道了。謝謝，史蒂夫。這非常有幫助。然後問埃里克一個問題。截至第三季度，現金餘額約為 4000 萬美元，您是否介意提醒一下，運行率看起來本季使用的現金約為 720 萬美元 - 燒錢率相當低。但您對運行率的期望到底是多少，特別是當您越來越接近任務時？謝謝。

Yes, you bet. So that's a pretty good indication from an operational cash standpoint, there's not necessarily increased cash outflows associated with emissions, specifically. Obviously, there's some costs related to launch, but other costs associated with the mission, such as material procurements, that things are dying down at that point, right? So, it's not -- we're not going to see that's not going to cause a necessarily a big increase or decrease in operating cash one way or the other.

是的，你敢打賭。因此，從營運現金的角度來看，這是一個非常好的跡象，特別是與排放相關的現金流出不一定會增加。顯然，有一些與發射相關的成本，但與任務相關的其他成本，例如材料採購，到那時事情就會逐漸減少，對嗎？所以，我們不會看到這不會以某種方式導致營運現金必然大幅增加或減少。

So, I would say from an operational perspective, that's a good indicator. Obviously, from the investing cash flows, you saw the new building was the main use there, and we're completing that this quarter. So that should tail off. So, we're happy about that. So, from that perspective, we could even become even more capital efficient as we talked about right moving forward. So, I don't know if you have a follow-up on that or does that kind of gives you an idea of what you were looking for?

所以，我想說，從操作角度來看，這是一個很好的指標。顯然，從投資現金流來看，您看到新建築是那裡的主要用途，我們將在本季完成。所以這應該會減少。所以，我們對此感到高興。因此，從這個角度來看，當我們談論正確的前進方向時，我們甚至可以變得更加資本效率。所以，我不知道你是否有後續行動，或者這是否讓你了解你在尋找什麼？

Yes, that's perfect. That's helpful. Thank you, Erik, and congrats again on the quarter, and I'll pass it on. Thank you.

是的，那就完美了。這很有幫助。謝謝你，艾瑞克，再次恭喜這個季度，我會把它傳遞下去。謝謝。

Thank you, Roger.

謝謝你，羅傑。

Austin Moeller, Canaccord Genuity.

奧斯汀·莫勒，Canaccord Genuity。

Hi, good morning. So, it sounds like you've spent some time on the Hill in the past couple of weeks, but if we just think about the fiscal year '24 budget as it comes together, I mean, we've got a split Congress now. And so do you think that despite the fact that there's a lot of bipartisan support for NASA, especially Artemis, that there could be some prioritization in the budget for Artemis versus CLPS or other related programs given that it looks like there'd be a lot more control on spending at this point?

早安.所以，聽起來你過去幾週在國會待了一些時間，但如果我們只考慮 24 財年的預算，我的意思是，我們現在有一個分裂的國會。那麼你是否認為，儘管事實上 NASA 得到了很多兩黨的支持，尤其是 Artemis，但 Artemis 的預算相對於 CLPS 或其他相關項目可能會有一些優先順序，因為看起來會有很多此時對支出進行更多控制？

Austin, good morning, and thanks for the question. Yes, I think there's quite a number of competing priorities within the NASA budget for sure. You see the Mars sample-return is under an independent review and possibly replanning as it is over budget. You see the Artemis program having a large price tag and moving to the right. What we find is there's strong support for Artemis bipartisan support, as you said, but we do understand that that's going to flip to the right as it's a complex program.

奧斯汀，早安，謝謝你的提問。是的，我認為美國太空總署的預算中肯定有很多相互競爭的優先事項。您會看到火星樣本返回正在接受獨立審查，並且可能會重新規劃，因為它超出了預算。您會看到 Artemis 計劃的價格標籤很大，並且正在向右移動。正如您所說，我們發現兩黨對阿耳忒彌斯的支持都得到了強有力的支持，但我們確實知道這將向右翻轉，因為這是一個複雜的計劃。

So what happens with CLPS and our position, as CLPS has been a nontraditional procurement as you know. And it is able to move with some speed and agility that's lower cost than these major programs of record. And so CLPS is in a position to be a tool for appropriators, and NASA to keep in the public's mind a regular cadence emissions and the Moon as an activity that's of importance. And so, it serves to make some near-term accomplishments while the major programs, get their capabilities in place and get ready to launch.

那麼 CLPS 和我們的立場會發生什麼，因為如您所知，CLPS 一直是非傳統採購。而且它能夠以一定的速度和敏捷性移動，其成本比這些有記錄的主要項目要低。因此，CLPS 能夠成為撥款者和 NASA 的工具，讓公眾牢記定期的排放節奏以及月球作為一項重要活動的重要性。因此，它有助於在重大專案、能力到位並準備啟動的同時取得一些近期成就。

You see that the other parts of the budget are going to be affected as they figure out which programs are of higher priority and which ones need to be trends. Like I mentioned, Mars sample-return is probably twice over budget by 100% over its lifecycle and so there's some room there that's got to be reprioritized. And then you'll see some of that trimming coming out of the Science Director, Fischer, possibly in planetary science, those areas in terms of what can be accomplished with all these other priorities.

您將看到預算的其他部分將受到影響，因為他們會確定哪些計劃具有更高的優先順序以及哪些計劃需要成為趨勢。就像我提到的，火星樣本返回在其生命週期內可能比預算高出兩倍，達 100%，因此有一些空間需要重新確定優先順序。然後你會看到科學總監費雪（Fischer）做出了一些調整，可能是在行星科學領域，這些領域是關於所有其他優先事項可以完成的事情。

So you'll see this mix occurring but I think in the long term, CLPS is the right type of contract at the right time in history to provide great value to the government entities and to NASA. And so, I'm hopeful that we'll see more CLPS-like contracts as a solution to trimming varies of overspending the NASA budget.

所以你會看到這種混合的發生，但我認為從長遠來看，CLPS 是歷史上正確時間的正確合約類型，可以為政府實體和 NASA 提供巨大價值。因此，我希望我們能看到更多類似 CLPS 的合同，作為削減 NASA 預算超支的解決方案。

Great. That's helpful. And then it looks like one of your competitors on the CLPS program is trying to get on board a competing launch vehicle, though, like the Vulcan hasn't launched yet. So just what are your -- what is your thinking there in terms of that timing and how it might impact additional down-select for future task orders on CLPS?

偉大的。這很有幫助。然後看起來你的 CLPS 專案競爭對手之一正試圖登上競爭對手的運載火箭，儘管 Vulcan 還沒有發射。那麼，您對這個時間安排有何想法，以及它可能如何影響 CLPS 上未來任務訂單的額外向下選擇？

Well, I think it's fantastic. The country -- we have multiple missions aiming to land on the Moon in the same kind of timeframe.

嗯，我認為這太棒了。我們國家有多項任務，旨在相同的時間內登陸月球。

Currently, the Astra by definition is set to launch on Christmas Eve on December 24 with a landing on January 20, if all goes well, we'll touch down on January 20. We're set to launch on January 12 with a landing, believe it or not on January 19th. So, we'll make it there a day ahead.

目前，Astra 按定義將於 12 月 24 日聖誕節前夕發射，並於 1 月 20 日著陸，如果一切順利，我們將在 1 月 20 日著陸。我們計劃於 1 月 12 日發射，並著陸，不管你信不信，1 月19 日。所以，我們會提前一天到達那裡。

But to have two missions flying in space at the same time, aiming for the Moon is quite incredible actually. And often, you know, I think we've talked before about our particular mission and how our propulsion systems design and the kind of trajectory that we fly gets us to the Moon in about 4.5 days with about one day of lawyer. And that's how we're able to land roughly a week after we launch. Whereas the other trajectory is used by other CLPS vendors tend to be a more circuitous route to the Moon using gravity assist with a lower specific impulse propulsion system that takes up to 30 to 60 days to get to the Moon. And that's what the big disparity is between the two types emissions.

但同時在太空中執行兩項任務，瞄準月球其實是相當不可思議的。通常，你知道，我想我們之前已經討論過我們的特定任務，以及我們的推進系統設計和飛行軌跡如何讓我們在大約 4.5 天內到達月球，並需要大約一天的律師。這就是我們在發射大約一週後就能落地的方式。而其他 CLPS 供應商使用的另一條軌道往往是一條較迂迴的登月路線，使用重力輔助和較低比衝推進系統，則需要 30 到 60 天才能到達月球。這就是兩種排放量之間的巨大差異。

But we're excited for our competitiveness, and Astrobotic to make a shot at the Moon and be in the space at the same time.

但我們對我們的競爭力感到興奮，而 Astrobotic 能夠在登月的同時進入太空。

And just taking that gravity assist maneuver approach to getting into lunar orbit, I mean, that puts you in the space longer period of time and you're subject to more radiation, correct?

我的意思是，僅僅採用重力輔助機動方法進入月球軌道，這會讓你在太空中停留更長的時間，並且你會受到更多的輻射，對嗎？

That's right, Austin. And that's one of the architectural decisions that we made was to minimize the risk of transition through the Van Allen radiation belts, and minimize those radiation hits to our electronic sensitive electronics.

沒錯，奧斯汀。我們所做的架構決策之一是盡量減少穿過範艾倫輻射帶的風險，並盡量減少對我們的電子敏感電子設備的輻射影響。

So we make one pass through and onto the Moon where the radiation environment is fundamentally different and somewhat easier than the high concentration of radiation you get at an Van Allen radiation belts. So yes, a great observation.

因此，我們進行一次穿越並到達月球，那裡的輻射環境與範艾倫輻射帶的高濃度輻射完全不同，並且稍微容易一些。所以是的，這是一個很好的觀察。

Awesome. Thanks for the details.

驚人的。感謝您提供詳細資訊。

Thanks, Austin.

謝謝，奧斯汀。

(Operator Instructions) Suji Desilva, Roth Capital Partners.

（操作員指令）Suji Desilva，Roth Capital Partners。

Hi, Steve. Hi, Eric. A good catch up. Just to understand the payloads, the customers, they're committing to you on IM-1, IM-2, and IM-3. As the dates move later and the customer base increases, does that mean you can take on more payload and increase your revenue opportunity? Or are all those pillars already committed today? I am just trying to understand how that works as these missions maybe that can be a tailwind or somewhat.

嗨，史蒂夫。嗨，艾瑞克。很好的趕上。只是為了了解有效負載、客戶，他們在 IM-1、IM-2 和 IM-3 上向您做出承諾。隨著日期的延遲和客戶群的增加，這是否意味著您可以承擔更多的有效負載並增加收入機會？或者今天所有這些支柱都已經落實了嗎？我只是想了解這是如何運作的，因為這些任務可能是順風或某種程度上。

Yes, good morning, Suji. Actually, the manifest for this particular mission has been set for some time now, and we've maximized this mission so that it is sold out. And so, we don't have any opportunity to take on additional payloads. All payloads that we started with have stayed with us. So that's a series of NASA payloads and commercial payloads that make up the complement for this mission. And they've been quite understanding about the delays we've had during the development of this particular mission -- they understood that when we started. And everybody's getting very excited about our launch date.

是的，早上好，蘇吉。事實上，這個特定任務的清單已經確定有一段時間了，我們已經最大化了這個任務，所以它已經賣完了。因此，我們沒有任何機會承擔額外的有效載荷。我們開始使用的所有有效負載都保留在我們身邊。這是一系列 NASA 有效載荷和商業有效載荷，構成了這項任務的補充。他們非常理解我們在這個特定任務的開發過程中所遇到的延誤——當我們開始時他們就明白了。每個人都對我們的發布日期感到非常興奮。

All the payloads are integrated, all the payloads have been tested, both on offline flat set and on the vehicle. And so, everything seems to be working in a perfect order and folks are trained and ready for the mission. So, looking forward to early January.

所有有效負載均已集成，所有有效負載均已在離線平板裝置和車輛上進行了測試。因此，一切似乎都在以完美的順序進行，人們都接受了培訓並為任務做好了準備。所以，期待一月初。

Okay. Steve, IM-2 and IM-3, those already fully committed at this point, just to understand.

好的。 Steve、IM-2 和 IM-3，他們此時已經完全投入，只是為了理解。

Yes. IM-2 and IM-3 mission payloads are essentially committed in terms of what we're taking to the surface. And again, a combination of NASA and commercial and international payloads, the area that we're still shuffling around and have some capacity that we're negotiating to take on additional revenues is in the rideshare component.

是的。 IM-2 和 IM-3 任務有效載荷本質上是根據我們帶到地面的東西來確定的。再說一遍，美國宇航局與商業和國際有效載荷的結合，我們仍在摸索的領域，並且我們正在談判以獲取額外收入的一些能力是在乘車共享部分。

As you know, we fly our lander attached to a spacecraft adapter, which is attached to a payload, and that's a ring. On that payload adapter ring, we can take some 800 kilograms of payloads to trans-lunar injection orbit. And we have a complement of those payloads, but filling out both mission 2 and mission 3 and having a complete set of payloads to fly on those were around -- moving those around -- and adjusting them as payload customers are keenly interested in taking rideshare out this far in the space, which are in the past has not been available to them.

如您所知，我們將著陸器連接到太空船適配器上，該適配器連接到有效載荷上，那就是一個環。在該有效載荷適配環上，我們可以將約 800 公斤的有效載荷運送到跨月注入軌道。我們對這些有效負載進行了補充，但填寫了任務2 和任務3，並擁有一套完整的有效負載，可以在周圍的負載上飛行- 移動這些有效負載- 並根據有效負載客戶對乘車共享非常感興趣而調整它們這麼遠的空間，這些都是過去他們無法接觸到的。

And our mission is to the Moon provide that availability, and that seems to be the fastest growing area of our lunar access business.

我們的使命是為月球提供這種可用性，這似乎是我們登月業務成長最快的領域。

Okay. Thanks, Steve. Thank you.

好的。謝謝，史蒂夫。謝謝。

Thanks, Suji.

謝謝，蘇吉。

We have reached the end of your question-and-answer session. I would like to turn the conference back over to management for closing comments.

我們的問答環節已經結束。我想將會議轉回管理層以徵求結束意見。

Well, thank you, everyone, for joining us this morning. The coming months are set to be pivotal moment in history for the company, and indeed for the United States as a whole. So, thank you for listening in and wish us luck for January.

好的，謝謝大家今天早上加入我們。未來幾個月將成為該公司乃至整個美國歷史的關鍵時刻。所以，感謝您的收聽並祝我們一月份好運。

Thank you. This concludes today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。