Intuitive Machines Inc (LUNR) 2023 Q4 法說會逐字稿

Welcome to the Intuitive machines Fourth Quarter 2023 conference call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. If you would like to ask a question, please press star then one on your telephone keypad. A confirmation tone will indicate that you're in the question queue. You may press star, then two, if you would like to move your question from the queue. If anyone should require operator assistance during the conference, please press star then zero to signal an operator. As a reminder, this conference is being recorded.

歡迎參加直覺機器 2023 年第四季電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。如果您想提問，請按下電話鍵盤上的星號，然後按一個。確認音將表示您已在問題佇列中。如果您想將問題從佇列中移出，可以按星號，然後按兩顆。如果有人在會議期間需要操作員協助，請按星號然後按零以向操作員發出信號。提醒一下，本次會議正在錄製中。

Now I would like to hand the conference over to your host, Stephen Zeng, Head of Investor Relations. Thank you. Please go ahead.

現在我想把會議交給主持人投資者關係部主管曾志強。謝謝。請繼續。

Good morning, and welcome to the Intuitive machines Fourth Quarter 2023 earnings call, Chief Executive Officer, Steve Artemis, and Interim Chief Financial Officer, Steve Cantor are leading the call today.

早安，歡迎參加 Intuitive Machines 2023 年第四季財報電話會議，執行長 Steve Artemis 和臨時財務長 Steve Cantor 今天主持了這次電話會議。

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

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。由於許多因素，公司的實際結果可能與任何前瞻性聲明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向SEC 提交的最新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非 GAAP 衡量標準的某些財務衡量標準和資訊。公司 GAAP 衡量標準的調整包含在以 8K 表格提交的收益發布中。

Finally, we posted an earnings call presentation on our website, which provides additional context on our operational and financial performance. You can find this presentation on our Investor Relations page at w. w. w. dot intuitive machines.com/investors.

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的營運和財務表現的更多背景資訊。您可以在我們的投資者關係頁面上找到此簡報：w。 w。 w。點直覺的machines.com/investors。

I'll now turn the call over to Steve Altman.

我現在將電話轉給史蒂夫·奧爾特曼。

Thanks, Steve, and welcome, everyone, and thank you for joining us today, we'll delve into two machines fourth quarter financials covering our fiscal performance and strategic initiatives. Moreover, will share updated information reflecting our recent successes, underscoring our current standing as the only US company to ever land on the surface of the moon intuitive machines decision to go public last year was driven by a vision to democratize access to the moon and catalyze the emergence of a lunar economy. This historic move paved the way for ground-breaking lunar exploration and a unique opportunity to broaden access to the moon for the general commercial population. I've been looking forward to the day when we could join this call and say we accomplished that mission exactly. One year after going public intuitive machines launched it. I am one mission and one week later on February 22, we successfully landed marketing the United States first, lunar landing in over 50 years, successful landing recognized by the White House by NASA and our commercial customers fundamentally disrupted the economics of landing on the moon while substantially retiring the cost of developing a new LUNAR program, including our Nova C class lunar lander, let's say, Emcore lander class is currently scheduled for at least two more missions under NASA's commercial lunar payload services initiative, or Cliffs program, which secured its budget under NASA's new appropriations bill. The recently enacted fiscal year 2024 NASA budget continues to support Cliffs, along with several other key Artemis initiatives. And up next, we expect the announcement of the agency first, leaner terrain vehicle services contract in early April, responding to the company's first bid as a prime contractor in the agency's Artemis campaign, final spending bill appropriated $24.9 billion, which was approximately $2 billion less than the NASA request. The majority of the $2 billion shortfall all within the Mars sample return program. A program into the machines has not submitted proposals into while NASA has openly discussed the cost overruns and program delays for its on-orbit servicing assembly and manufacturing program or OCM. There is language in the bill that preserves funding through fiscal year 2024. This preserve funding continues the planned revenue of the company's own three contract. Despite the political adjustments, NASA's budget continues to bolster the Company's roadmap as we leverage the success of IM. one to diversify revenue streams and provide a reliable cadence of Lunar missions and services. For example, Nassib near Space Network Services award is still scheduled for May as a company. We recognize that returning the United States to the moon for the first time since Apollo 17 was truly an integrated global effort. We worked with government agencies, multiple departments within NASA, the FACFCC., and a series of domestic and international partners through our LUNAR data network and supply chain. Additionally, there is geopolitical and policy alignment with the return to the moon. As recently described in Defense Intelligence Agency report titled challenges to security and space, China and Russia, value superiority and space the efforts of countries such as China, India, Russia and Japan highlight the values placed on superiority in space by other countries. This has ignited a 21st century space race that is well underway amid the surge in geopolitical lunar activity that has recently seen nations space that come to the challenges of spaceflight. We believe the success of IM. one mission puts the commercial industry firmly into the space race. Our cooperation with agencies in other countries positions IBM as a first mover in this race, the IM. one mission delivered over 100 kilograms of payloads and shuttled numerous technology demonstrations to the lunar surface. It operated more than 144 hours on the lunar surface, transmitting more than 1.7 gigabytes of science and engineering data across all commercial and NASA payloads, landing and data delivery from the lunar surface resulted in more than $12 million in success milestone payments in 2024 across the NASA and commercial customers. Submission landed that further south than any vehicle in the world has ever landed on the moon, establishing a foundation marked by numerous pioneering achievements, including validating the company's scalable liquid methane and liquid oxygen propulsion system of future facing technology, we believe is the next step of propulsion innovation required to travel further into our solar park. First of its kind vision, processing and autonomous landing technology landed within 9.9 degrees from the moves South Pole, massive creators, steep slopes and difficult lighting conditions market. So ominous region of the moon, proving our autonomous landing technology on our first mission sets the stage for IM. two, which is intended to land on the moon South Pole at the Shackleton connecting Ridge search for water ice that may be process for propulsion and life support in the future. The commercial and NASA payloads, and I have to compliment the pursuit of water on the moon and the effort to establish a foothold on the South Pole for NASA's $93 billion Artemis campaign targeting human missions this decade I am whose propulsion and structural components are being assembled in house, and we completed integration of the NASA's ice mining drill in the fourth quarter. In addition to the machines micro Nova hopper designed to search for water ice and permanently shaded regions have the move completed thermal vacuum chamber testing before the end of the year. Since concluding the IM. one mission in February. On February 29, our team transitioned into assembling and integrating the IM. two mission lunar lander that uses the same core Nova C class vehicle. As I am one, allowing us to capitalize on schedule and cost efficiencies. The team assessing IM. one data identified just a handful of adjustments will carry over into the IM. two mission to optimize and refine performance. We will complete the assembly and integration process with only these minor adjustments. The flight proven oversee design in 2D machines is they're working with NASA to finalize engineering and landing site selection on item two, which may marginally impact our targeted 2024 the launch of the IM. on mission success extends beyond our LUNAR Access Services business unit. At the start of the call, I touched on a global integration into the machines has achieved remarkable success in globally integrating radio astronomy additions from over a dozen countries, positioning ourselves as the sole commercial provider to validate a leaner distance data service from the moon surface. This fee underscores the company's leadership in LUNAR data services further demonstrated by a successful augmentation and interoperability with NASA's Deep Space Network. We believe this creates a clear advantage in our pursuit of NASA's near Space Network Services contract award in the second quarter in one year's time. The Orbital services business unit has moved from an incubated idea to a mature revenue and profit center for Intuitive, achieve the overall services business units secured it is executing on the Omni bus, multidisciplinary engineering services contract or homes three, with $12.5 million in revenue recognized in December 2023. Homes three has been instrumental in driving the unit's success. Moreover, the connection between oh three and that his own both Sam project is notable as Congress has appropriated funds for owes them ensuring continued revenue for that project within the homes contract through the fiscal year as Congress pushes for O. sand project performance, improvements in student machines remains committed to working with NASA through the completion of the OCM mission under the Holmes contract as intuitive machines eagerly anticipate NASA's announcement for the agency lunar terrain vehicle services contract. The Company is diligently preparing for potential award. Nasa's LTVS. contract holds a total program value of more than $4 billion, structured across two phases of award with multiple potential awardees. That first phase expected shortly after first quarter of 2024 entails a feasibility assessment, the award amounting to approximately $30 million over one year. If awarded this phase aims to mitigate risks associated with developing the company's known good die cargo class, lunar lander and advancing the lunar terrain vehicle design. The intuitive machines, lead move-in rates or team is comprised of aerospace and automotive leaders such as ABL, Boeing Michelin and Northrop Grumman and is poised to leverage this opportunity to propel the next generation of leaders of surface mobility. Following the successful completion of the Phase one feasibility assessments into the machines anticipate fitting on the second LTBS. award. This award is earmarked for developing and delivering the lunar terrain vehicles to them as the company continues demonstrating its capability and reliability of our operations. The LTVS. award is anticipated to focus on continuously delivering infrastructure supporting both NASA's Artemis campaign and commercial interests. We believe this groundbreaking endeavor positions in two machines as a key player in advancing LUNAR infrastructure. Furthermore, in 2D machines, ION one mission served as a platform for validating ground-based breaking space products and infrastructure with notable achievements, including validating the Company's proprietary and scalable ER. 900 liquid methane liquid oxygen engine engine was validated through the first ever Deep Space ignition, followed by multiple restarts, demonstrating reliability and providing successful spacecraft maneuvers through the lunar surface positioned as a future facing technology. We believe liquid methane and liquid oxygen propulsion are the next evolutionary steps in propulsion technology, which are essential for enabling travel further into the solar system using the resources we know are already available on other Celestial bodies, how their mission elements such as software integration for vision processing and creator recognition for autonomous landing technology for also successfully validated with these achievements in two new machines is fielding inquiries and exploring potential opportunities to enter the market with these validated space products. Building on this momentum, the company has submitted its past performance data to NASA for consideration in their next clips mission award. We've also attracted a surge of interest from commercial and international partners, including face agencies. We are forging a new relationship with Hill with a world leading cancer research team interested in leveraging the zero gravity environment for science and medicine. Our LUNAR data services team is exploring interest in data relay satellite testing using our flight proven network and mission operations center. We are in reengaging commercial brand partnerships to push traditional Earthbound retail technology innovation while extending new Columbia Sportswear innovations through our second mission.

謝謝史蒂夫，歡迎大家，感謝你們今天加入我們，我們將深入研究兩台機器第四季的財務狀況，涵蓋我們的財務表現和策略舉措。此外，我們將分享反映我們最近成功的最新訊息，強調我們目前作為唯一一家登陸月球表面直觀機器的美國公司的地位，去年決定上市的原因是實現登月民主化並促進月球經濟的出現。這項歷史性舉措為突破性的月球探索鋪平了道路，並為普通商業人群提供了擴大登月機會的獨特機會。我一直期待著有一天我們能夠加入這次電話會議並說我們完全完成了這項任務。上市一年後，直覺的機器推出了它。我是一個任務，一週後的 2 月 22 日，我們成功登陸美國，這是 50 多年來首次登陸月球，成功登陸得到了白宮 NASA 和我們商業客戶的認可，從根本上顛覆了登陸月球的經濟性在大幅降低開發新月球計劃（包括我們的Nova C 級月球著陸器）的成本的同時，Emcore 級著陸器目前計劃在NASA 商業月球有效載荷服務計劃（即Cliffs 計劃）下執行至少兩次任務，該該計劃確保了其美國宇航局新撥款法案下的預算。最近頒布的 NASA 2024 財政年度預算繼續支持 Cliffs 以及其他幾項關鍵的 Artemis 計劃。接下來，我們預計該機構將在 4 月初宣布首次精簡地形車輛服務合同，以回應該公司作為該機構 Artemis 活動主承包商的首次投標，最終支出法案撥款 249 億美元，約合 20 億美元低於NASA 的要求。20 億美元缺口中的大部分都用於火星樣本返回計畫。機器專案尚未提交提案，而 NASA 已公開討論其在軌維修組裝和製造專案（OCM）的成本超支和專案延遲。該法案中有規定將資金保留到 2024 財政年度。這筆保留資金延續了該公司自己的三份合約的計畫收入。儘管進行了政治調整，但隨著我們利用 IM 的成功，NASA 的預算繼續支持公司的路線圖。其一是實現收入來源多元化並提供可靠的登月任務和服務節奏。例如，Nassib 近空間網路服務獎仍定於 5 月作為公司進行。我們認識到，自阿波羅 17 號以來美國首次重返月球確實是全球共同努力的結果。我們透過 LUNAR 資料網路和供應鏈與政府機構、NASA 多個部門、FACFCC 以及一系列國內外合作夥伴合作。此外，重返月球還存在地緣政治和政策一致性。正如國防情報局最近題為《安全與太空挑戰、中國和俄羅斯、重視優勢與太空》的報告所述，中國、印度、俄羅斯和日本等國的努力凸顯了其他國家對太空優勢的重視。這引發了一場21世紀的太空競賽，在地緣政治月球活動激增的背景下，這場競賽正在順利進行，最近，各國太空都面臨太空飛行的挑戰。我們相信 IM 的成功。一項任務將商業產業堅定地投入太空競賽。我們與其他國家機構的合作使 IBM 成為這場 IM 競賽的先驅。其中一項任務運送了超過 100 公斤的有效載荷，並將大量技術演示運送到月球表面。它在月球表面運行了超過144 小時，在所有商業和NASA 有效載荷中傳輸了超過1.7 GB 的科學和工程數據，從月球表面著陸和數據傳輸導致2024 年在整個月球表面成功取得了超過1,200 萬美元的里程碑付款。 NASA 和商業客戶。提交的著陸點比世界上任何飛行器登陸月球的位置都更靠南，奠定了以眾多開創性成就為標誌的基礎，包括驗證該公司面向未來技術的可擴展液態甲烷和液態氧推進系統，我們相信這是下一步進一步深入我們的太陽能園區所需的推進創新。首創的視覺、處理和自主著陸技術在南極移動、巨大的創造者、陡峭的斜坡和困難的照明條件市場的 9.9 度範圍內著陸。月球這個不祥的區域，在我們的第一次任務中證明了我們的自主著陸技術，為 IM 奠定了基礎。二號計畫降落在月球南極沙克爾頓連接嶺上，尋找水冰，這可能是未來推進和生命維持的過程。商業和NASA 的有效載荷，我必須讚揚在月球上追求水和為NASA 的930 億美元阿爾忒彌斯計劃在南極建立立足點的努力，該計劃的目標是本十年的人類任務我正在組裝推進器和結構部件在內部，我們在第四季度完成了 NASA 採冰鑽機的整合。除了設計用於搜尋水冰的微型 Nova 漏斗和永久陰影區域的機器外，該設備還在今年年底前完成了熱真空室測試。自從結束 IM 以來。二月的一次任務。2 月 29 日，我們的團隊開始組裝和整合 IM。兩個任務月球著陸器使用相同的核心 Nova C 級飛行器。正如我自己一樣，這使我們能夠充分利用進度和成本效率。評估 IM 的團隊。只需進行少量調整即可識別出的資料將保留到 IM 中。優化和改進性能的兩個使命。我們只需進行這些微小的調整即可完成組裝和整合過程。經過飛行驗證的 2D 機器監督設計是他們正在與 NASA 合作，最終確定第二項的工程和著陸地點選擇，這可能會對我們 2024 年 IM 的發射目標產生輕微影響。任務的成功不僅限於我們的月球訪問服務業務部門。在電話會議開始時，我談到機器的全球整合在全球整合來自十幾個國家的射電天文學補充方面取得了顯著的成功，將我們定位為唯一的商業提供商，以驗證來自月球表面的更精簡的距離數據服務。這筆費用突顯了該公司在月球數據服務方面的領導地位，與 NASA 深空網路的成功增強和互通性進一步證明了這一點。我們相信，這為我們在一年後的第二季度爭取美國太空總署近太空網路服務合約授予創造了明顯的優勢。Intuitive 的軌道服務業務部門已從一個孵化的想法轉變為一個成熟的收入和利潤中心，實現了在Omni 總線、多學科工程服務合約或三號住宅上執行的整體服務業務部門，並確認了1,250 萬美元的收入2023 年 12 月。三號之家在推動該單位的成功方面發揮了重要作用。此外，哦三和他自己的薩姆項目之間的聯繫值得注意，因為國會已為他們撥款，確保該項目在整個財政年度內家庭合約內的持續收入，因為國會推動了奧沙項目的績效，改善了學生機器仍然致力於與 NASA 合作，完成霍姆斯合約下的 OCM 任務，因為直觀機器熱切期待 NASA 宣布該機構的月球地形車輛服務合約。公司正在努力準備潛在的獎勵。美國宇航局的 LTVS。合約的項目總價值超過 40 億美元，分為兩個授予階段，涉及多個潛在獲獎者。第一階段預計在 2024 年第一季後不久進行可行性評估，一年內撥款金額約 3,000 萬美元。如果獲得批准，此階段的目標是減輕與開發該公司已知的良好模具貨物類別、月球登陸器和推進月球地形車輛設計相關的風險。直觀的機器、領先的入住率或團隊由 ABL、波音米其林和諾斯羅普格魯曼等航空航天和汽車行業的領導者組成，並準備利用這一機會推動下一代地面移動領導者的發展。在成功完成第一階段可行性評估後，預計將安裝在第二台 LTBS 上。獎。該獎項專門用於開發並向他們提供月球地形車輛，因為該公司不斷展示其營運能力和可靠性。LTVS。該獎項預計將專注於持續提供支持美國太空總署阿耳忒彌斯計畫和商業利益的基礎設施。我們相信，這項突破性的努力使兩台機器成為推進月球基礎設施的關鍵參與者。此外，在 2D 機器中，ION one 任務充當了驗證地面突破空間產品和基礎設施的平台，取得了顯著的成就，包括驗證公司專有的可擴展 ER。 900液甲烷液氧發動機通過了有史以來的首次深空點火驗證，隨後進行了多次重啟，證明了可靠性並為航天器成功穿過月球表面進行了機動，定位為面向未來的技術。我們相信液態甲烷和液態氧推進是推進技術的下一個進化步驟，這對於利用我們所知的其他天體上已有的資源進一步進入太陽系至關重要，它們的任務要素（例如軟體整合）如何自主著陸技術的視覺處理和創造者認可也成功地在兩台新機器中驗證了這些成就，正在接受詢問並探索利用這些經過驗證的太空產品進入市場的潛在機會。在此勢頭的基礎上，該公司已向 NASA 提交了過去的性能數據，以供其下一次剪輯任務獎勵時考慮。我們也吸引了商業和國際合作夥伴（包括臉部代理商）的濃厚興趣。我們正在與 Hill 以及一個世界領先的癌症研究團隊建立新的關係，該團隊對利用零重力環境進行科學和醫學感興趣。我們的月球數據服務團隊正在利用我們經過飛行驗證的網路和任務運營中心探索對數據中繼衛星測試的興趣。我們正在重新建立商業品牌合作夥伴關係，以推動傳統的 Earthbound 零售技術創新，同時透過我們的第二個使命擴展新的 Columbia Sportswear 創新。

Finally, at the start of the call, I mentioned the global landscape of space exploration witnessing a remarkable increase in geopolitical activity with nations worldwide intensifying their efforts to return to the moon and explore. Beyond last week, South Korea, Korea's unveiled ambitious plans to establish a new space industry cluster backed by over $1 billion in funding through 2027. The cluster will foster spacecraft development and astronaut training. We view investments in exploration likeness with admiration and appreciation, recognizing its positive impact on the global pursuit of scientific advancement. And recall at the end of the fourth quarter of 2023, intuitive machines formed a strategic partnership with Auryon Corporation, South Korea's premier health care investment company focused on focusing on bolstering critical infrastructure and fostering new research and development ventures in space. This strategic collaboration exemplifies into the machines commitment. So aligning itself with the evolving global landscape of Space Exploration has and to the machines continues to forge partnerships to diversify revenue. The Company remains dedicated to staying at the forefront of the shifting dynamics in space exploration, aligning with this global momentum, we believe intuitive machines is strategically positioned to capitalize on the growing interest in space and the moon, and we're making tangible progress in that pursuit.

最後，在電話會議開始時，我提到了全球太空探索格局，地緣政治活動顯著增加，世界各國都加大了重返月球和探索的力度。繼上週之後，韓國也公佈了雄心勃勃的計劃，計劃在 2027 年建立一個新的航太產業集群，並獲得超過 10 億美元的資金支持。該集群將促進航天器開發和宇航員培訓。我們對類似的勘探投資充滿欽佩和讚賞，並認識到它對全球追求科學進步的正面影響。回想一下，2023 年第四季末，intuitive Machines 與韓國首屈一指的醫療保健投資公司 Auryon Corporation 建立了戰略合作夥伴關係，專注於加強關鍵基礎設施和培育新的太空研發企業。這種戰略合作體現在機器承諾中。因此，與不斷發展的太空探索全球格局保持一致，機器繼續建立合作夥伴關係，以實現收入多元化。該公司仍然致力於保持在太空探索不斷變化的動態的最前沿，與這一全球勢頭保持一致，我們相信直觀機器具有戰略地位，可以利用人們對太空和月球日益增長的興趣，並且我們正在這方面取得切實進展。那種追求。

With that, I'll turn the call over to to the machines, Interim Chief Financial Officer.

這樣，我會將電話轉給機器，臨時財務長。

Steve, onto our Thank you, Steve. And thanks to everyone joining us today. I'll begin by going through our fourth quarter 2023 results and a few key highlights. We ended the fourth quarter with a contract backlog of $268.6 million, an increase of $133.4 million and nearly double versus the prior quarter. Backlog includes the first task orders from the oh three contract along with $17.6 million for an international space agency pay load to be delivered on a future mission and $9.5 million for the Department of Defense Air Force Research, laboratory tests and award. As Steve mentioned earlier, we expect more opportunities to expand backlog this year as we respond to a steady flow of RFP and RFI requests since our successful lunar landing as well as the award decisions coming on key programs such as LTVSCP. 22 and in S&S. Revenue in the quarter was driven primarily by NASA's clips contracts and related mission payloads, along with one month of owned three revenue totaling approximately $12.5 million the company concluded the fourth quarter were $30.6 million in revenue compared to $38 million in the fourth quarter of 2022. Gross margin improved versus prior quarters and was a positive $1.5 million in the current quarter, driven primarily by the owned revenue in December operating loss with a negative $5.9 million versus $13.0 million in profit for the same quarter of the prior year. Note that the prior year included a one-time asset change order to move our IM. one landing location, which came which came with incremental revenue and high drop-through down to income. In addition, Q4 2023 saw higher cost of revenue as well as public company costs since the deal back in February 2023.

史蒂夫，謝謝你，史蒂夫。感謝今天加入我們的所有人。首先，我將介紹 2023 年第四季的業績和一些關鍵亮點。截至第四季末，我們的積壓合約為 2.686 億美元，增加了 1.334 億美元，比上一季幾乎翻了一番。待辦事項包括 oh 3 合約的第一批任務訂單，以及用於未來任務中交付的國際航太局有效載荷的 1760 萬美元，以及用於國防部空軍研究、實驗室測試和獎勵的 950 萬美元。正如史蒂夫之前提到的，我們預計今年會有更多機會擴大積壓，因為我們對自成功登月以來源源不斷的 RFP 和 RFI 請求以及 LTVSCP 等關鍵項目的授予決定做出了回應。 22 以及在 S&S。本季的收入主要由NASA 的剪輯合約和相關任務有效載荷推動，加上一個月自有三項收入總計約1250 萬美元，該公司第四季度的收入為3060 萬美元，而2022 年第四季度的收入為3800 萬美元。毛利率較前幾季有所改善，本季毛利率為正150 萬美元，這主要是由於12 月份自有營收營運虧損所致，毛利率為負590 萬美元，而上年同期利潤為1,300萬美元。請注意，上一年包括用於移動我們的 IM 的一次性資產變更單。一個登陸地點，帶來了增量收入和高收入下降。此外，自 2023 年 2 月交易以來，2023 年第四季的收入成本和上市公司成本均有所上升。

On the cash side, we ended 2023 with a cash balance of $4.5 million, which is after a debt paydown of $12 million in the quarter, we have only $8 million of debt remaining on our balance sheet. Note that as of March first, 2024, our cash balance increased to $54.6 million, driven by $50.6 million of warrant exercises from an institutional investor, along with a $10 million equity strategic investments. In addition, we have invoiced NASA, along with other commercial payload customers. The mission completion payments for IM. one totaling approximately $12.5 million as a result of our successful landing this will further strengthen our cash position for the year. It's worth noting that our March first cash position is the largest balance since any quarter-end position last year and we believe provides us with sufficient capital for the near term. Given our continued capital and cost discipline going forward, we will continue to be opportunistic in the capital markets for defensive capital to further strengthen the balance sheet. We became shelf eligible on March first. And as a good housekeeping measure, we plan to file an S3 rich self self-registration statement following our 10 K operating cash used during the quarter was $22.3 million with CapEx of $2.2 million, resulting in free cash flow in the quarter of an outflow of $24.6 million. As previously discussed, with the completion of our new lunar production and operations center CapEx was normalized in the fourth quarter compared to recent quarters going forward, CapEx is expected to be significantly lower relative to the prior year, excluding the impact of any new awards and associated CapEx requirements.

在現金方面，截至 2023 年，我們的現金餘額為 450 萬美元，在本季度償還 1,200 萬美元的債務後，我們的資產負債表上只剩下 800 萬美元的債務。請注意，截至 2024 年 3 月 1 日，我們的現金餘額增至 5,460 萬美元，這得益於機構投資者 5,060 萬美元的認股權證行使以及 1,000 萬美元的股權策略投資。此外，我們也向 NASA 以及其他商業有效負載客戶開立了發票。IM 的任務完成付款。由於我們成功著陸，總額約為 1250 萬美元，這將進一步加強我們今年的現金狀況。值得注意的是，我們三月的第一筆現金部位是自去年任何季末頭寸以來的最大餘額，我們相信為我們提供了充足的短期資本。鑑於我們未來持續的資本和成本紀律，我們將繼續在資本市場上尋找防禦性資本的機會，以進一步加強資產負債表。我們於三月一號取得上架資格。作為一項良好的管理措施，我們計劃在本季度使用的10 K 營運現金為2,230 萬美元，資本支出為220 萬美元後，提交一份S3 豐富的自我註冊聲明，從而導致本季度的自由現金流流出2460萬美元。如前所述，隨著我們新的月球生產和營運中心的竣工，與最近幾季相比，第四季度的資本支出已正常化，預計資本支出將顯著低於去年同期，不包括任何新獎項和營運的影響。相關的資本支出要求。

Looking ahead, we expect 2024 to be a transformational year for us, both operationally and financially.

展望未來，我們預計 2024 年對我們來說將是營運和財務轉型的一年。

Building off our recent mission execution success.

以我們最近的任務執行成功為基礎。

On the revenue side, we expect sales to expand significantly this year based on the current backlog, our revenue outlook and outlook in 2024 could be further favorably impacted if we are successful in winning our existing pursuits such as LTDSCP. 22 and NS. and S. We expect gross margin will continue to improve as we execute on homes as well as drive cost efficiencies for ION two and ION three given the prior development and learnings from our successful, I am one mission. One in particular, is expected to be favorable given the full quarter owns execution along with the final NASA and commercial payload payments.

在收入方面，我們預計根據目前的積壓，今年的銷售額將大幅增長，如果我們成功贏得 LTDSCP 等現有目標，我們的收入前景和 2024 年的前景可能會進一步受到有利影響。 22 和 NS。和S。鑑於先前的發展和我們成功的「我是一個使命」的經驗教訓，我們預計毛利率將繼續提高，因為我們在住宅上執行並提高了 ION 2 和 ION 3 的成本效率。尤其是考慮到整個季度的執行以及最終的 NASA 和商業有效載荷付款，預計將是有利的。

Brian one, as I mentioned earlier, on backlog, we expect continued backlog growth this year driven by key program awards. LTDS. is expected to be awarded in the coming weeks with NS. and S. and the next clips award TP. 22 expected some time in Q2 2024. Additionally, we have seen a significant uptick in requests for proposals and information following our successful web lunar landing. And we hope to capitalize on our momentum on the cash side with $54.6 million as of March first and the final item one success payments to be collected, we will remain well capitalized to execute on existing contracts and to fund future growth. Overall, we come into 2024 from a position of financial strength. We've expanded our cash position with lower debt. We've grown backlog. Our margins are improving and our future opportunities are brighter than ever, and we look forward to another successful year of execution.

Brian One，正如我之前提到的，關於積壓，我們預計今年積壓將在關鍵計劃獎項的推動下持續增長。有限責任公司。預計將在未來幾週內與 NS 一起授予。 S.和接下來的剪輯授予TP。 22 預計在 2024 年第二季的某個時間發布。此外，在我們成功的網路登月之後，我們發現對建議和資訊的請求顯著增加。我們希望利用我們在現金方面的勢頭，截至3 月1 日，我們將收到5,460 萬美元的現金以及將收取的最後一項成功付款，我們將保持充足的資本來執行現有合約並為未來的成長提供資金。整體而言，我們進入 2024 年的財務實力雄厚。我們透過降低債務擴大了現金部位。我們的積壓已經增加了。我們的利潤率正在提高，未來的機會比以往任何時候都更加光明，我們期待著另一個成功的執行年。

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, just as a reminder, if you would like to ask a question, please press star then one now on your touchtone phone. Today's first question is coming from Austin Moeller of Canaccord Genuity. Please go ahead.

謝謝。女士們、先生們，謹此提醒您，如果您想提問，請在按鍵式電話上按星號，然後再按一個。今天的第一個問題來自 Canaccord Genuity 的 Austin Moeller。請繼續。

Hi, good morning. Stephen, Steve with I am to the revisions we have to make, I guess the relatively minor. Does that still put you in a position to launch that mission in 2024 Boston.

早安.史蒂芬、史蒂夫和我一起對我們必須做出的修改進行修改，我想相對較小。這是否仍能讓您在 2024 年波士頓啟動該任務？

Good morning, Steve. Ultimate's here, we have been through a review of reconstructing the mission and identify the areas that needed adjustments in terms of antennas and cameras and software changes. Certainly a laser rangefinder enables switch harnessing improvements.

早安，史蒂夫。 Ultimate 已經到來，我們已經對重建任務進行了審查，並確定了天線、攝影機和軟體變更方面需要調整的區域。當然，雷射測距儀可以改進開關線束。

Those have all been made. So we really don't see any impact to the schedule based on the changes from IM. one they're fairly straightforward from. We are working with NASA closely. If an asset is repositioning our landing site, they want to get to an area where they have some confidence that there might be water rights on the South Pole. And so we are adjusting the landing site to the Shackleton connecting Ridge.

這些都已經做好了。因此，我們確實沒有看到 IM 的變更對日程安排產生任何影響。他們相當直接的一個。我們正在與 NASA 密切合作。如果資產正在重新定位我們的著陸點，他們希望到達一個他們對南極可能有水權有一定信心的地區。因此，我們正在將著陸點調整為沙克爾頓連接山脊。

And what that does is that might have a marginal impact generally, but we are still planning for a 2024 mission. Brian, too.

這通常可能會產生邊際影響，但我們仍在計劃 2024 年的任務。布萊恩也是。

That's great. And just a follow-up on SNFs. Do you expect to be able to collect more revenues from that program once the first CON satellite positioned in the lunar orbit?

那太棒了。這只是 SNF 的後續行動。一旦第一顆 CON 衛星進入月球軌道，您是否期望能夠從該計劃中獲得更多收入？

Well, actually there are some what they call when we we anticipate an award notification in the May timeframe. As I indicated in my opening remarks, and that contract is structured in a way where NASA funds what they call a verification task order. And that verification task order is to put in place that basic initial operating capability that that gives you the data relay from around the moon back to earth. And so it's not necessarily senior little singular to a a satellite that we put around, but it's getting through that verification phase of the data relay satellite over a period of time. I think it's a 24 months, a 24 to 36 months to get that verification done. So after that accomplished service revenue kick ticket.

好吧，實際上，當我們預計在五月的時間範圍內收到獎勵通知時，他們會這麼稱呼。正如我在開場白中指出的那樣，該合約的結構是由 NASA 資助他們所謂的驗證任務訂單。此驗證任務順序是落實基本的初始操作能力，使您能夠將資料從月球周圍中繼回地球。因此，它不一定是我們放置的衛星的高級小奇點，但它正在經歷一段時間的資料中繼衛星的驗證階段。我認為完成驗證需要 24 個月、24 到 36 個月的時間。因此，在那之後完成了服務收入踢票。

Great. Thanks for the details there.

偉大的。感謝那裡的詳細資訊。

Thank you.

謝謝。

The next question is coming from Josh Sullivan of The Benchmark Company. Please go ahead, sir.

下一個問題來自 Benchmark Company 的 Josh Sullivan。請繼續，先生。

Your voice, Morgan Keegan. Just as far as the near space that were service contract weight is put on past performance and now that intuitive, it's validated literally data service from that from the moon. Can you just provide us any detail and kind of the contract structure weighting?

你的聲音，摩根·基根。就近太空而言，服務合約的權重取決於過去的表現，現在如此直觀，它實際上是來自月球的數據服務的驗證。您能否向我們提供任何合約結構權重的細節和類型？

Well, let's see. I might not be able to correlate it directly to the two awaiting number. However, we know the contract procurement process is moving forward as several of the vendors, including into the machines of course, have made the competitive range. And NASA has opened up oral discussions and talk to us about clarifications and asked for a final proposal for that. So we know the procurements moving forward. We know also that the relevant experience impact performance it is, was they requested updates to that and specifically updates based on our mission success for Mission One. So that gives us some confidence that we're moving forward in the process and and closer to an award hopefully in the May timeframe. Josh,

好吧，走著瞧。我可能無法將其直接與兩個等待號碼關聯。然而，我們知道合約採購流程正在向前推進，因為一些供應商（當然包括機器供應商）已經達到了競爭範圍。美國太空總署已經開始口頭討論，並與我們討論澄清問題，並要求就此提出最終建議。所以我們知道採購的進展。我們也知道，相關經驗會影響績效，他們是否要求對此進行更新，特別是根據我們的任務一號任務成功情況進行更新。因此，這給了我們一些信心，讓我們相信我們正在推進這一過程，並有望在五月的時間內獲得獎項。喬什，

and then just on the changes or potential changes in the lending side for item two, are you expecting any change payments as you received for item one when that happens?

然後，就第二項貸款方的變更或潛在變更而言，您是否期望在發生這種情況時收到第一筆的任何變更付款？

Yes. In fact, we are a massive center yesterday a refresh to request for tax or the modification to impacts from a cost and schedule standpoint and technically what it would take to move to this particular landing site on the Shackleton Reg. It's just the very close to the original landing site, but there's been back and forth and analysis that's been done. And all that will be costed and submitted back to the government here in the first week of April, and then we'll expect that modification it and certainly will cover our costs that we're we would anticipate based on that movement in the schedule.

是的。事實上，我們昨天是一個大型中心，從成本和時間表的角度以及從技術上講需要什麼才能搬到沙克爾頓註冊的這個特定著陸點，刷新了稅收或修改影響的要求。它只是非常接近最初的著陸點，但已經進行了來回分析。所有這些都將在四月的第一周計算成本並提交給政府，然後我們預計會對其進行修改，並且肯定會涵蓋我們根據時間表中的變化預計的成本。

Got it. And then just one last one. Even as far as the lunar terrain vehicle contract, are you still bidding as a prime?

知道了。然後只有最後一張。就月球地形車合約而言，你們還在以主力投標嗎？

Oh, yeah, it just shows really proud as intuitive as she enters human space flight as a prime contractor on the Artemis programs, LTV that's developed monitoring vehicle or Moon buggy with two machines is a prime. The immune racer team includes AVL, an automotive company includes Boeing, Northrup Grumman and Michelin to name a few. And so that's a we have a really powerful team. We're very confident in our capability and our design, and we're looking forward to hearing about that next week or then in the coming weeks. So it represents a significant entrance for us as a does a essentially system integrator for for a Artemis program element. What's interesting about that, I don't know, folks know is that that's really a blend of a NASA element that is owned and operated by the commercial entity with two the machines in this case. So that while NASA is operating the Rover with their astronauts, when they're not, they're intuitive, machines can operate that Rover are autonomously and provide services for commercial customers and international governments, the need for mobility on the surface and to collect science and engineering data. So that really becomes an asset of Intuitive machines on the moon that's operating for, it's up to 10 years.

哦，是的，這只是顯示出她作為阿耳忒彌斯計劃的主要承包商進入人類太空飛行時的直覺和自豪，開發監控車輛或帶有兩台機器的月球車的 LTV 是主要的。免疫賽車團隊包括AVL，一家汽車公司，包括波音、諾斯魯普格魯曼和米其林等。所以我們擁有一支非常強大的團隊。我們對我們的能力和設計非常有信心，我們期待在下週或未來幾週內聽到消息。因此，它對我們來說是一個重要的入口，因為它是 Artemis 專案元素的系統整合商。有趣的是，我不知道，人們知道的是，這實際上是由商業實體擁有和運營的 NASA 元素與本例中的兩台機器的混合體。因此，當 NASA 與太空人一起操作漫遊車時，當他們不在時，他們可以憑直覺操作機器，自主操作漫遊車並為商業客戶和國際政府提供服務，滿足地面移動性和收集資訊的需求。科學和工程數據。因此，這確實成為了 Intuitive 機器在月球上運行的資產，使用壽命長達 10 年。

Great. Thanks for the update. Thank you.

偉大的。感謝更新。謝謝。

The next question is coming from Andrea Shepard of Cantor Fitzgerald. Please go ahead.

下一個問題來自 Cantor Fitzgerald 的 Andrea Shepard。請繼續。

Good morning, Steve. Steve and Steve. Thanks for taking our. I wanted to morning since turning on data and congratulations on the quarter and let me just once more share.

早安，史蒂夫。史蒂夫和史蒂夫。感謝您接受我們的。自從打開數據並祝賀本季以來，我想在早上再分享一次。

My congratulations on a first a successful our mission, and I wanted to maybe just touch on the on the backlog. So the $268 million can you just remind us over what time period you might expect to recognize that into revenue? And then additionally, with now $12.5 million in revenue collected from the old contract should we expect that kind of similar run rate on a on a monthly basis over the next five years? Is it the best way to think about it? Thank you.

我祝賀我們的任務首次成功，我想也許只是談談積壓的問題。那麼，2.68 億美元您能提醒我們預計在什麼時間內將其確認為收入嗎？另外，現在從舊合約中獲得了 1250 萬美元的收入，我們是否應該期望在未來五年內每月有類似的運行率？這是最好的思考方式嗎？謝謝。

Yes, this is Steve on for Andreas, and thanks for the comments. The majority of the increase in backlog that we see at year end came from the homes past quarters. And so and that's a one-year set of past quarters that we were awarded. So we will expect to burn that off in 2024. And as far as the run rate, we expect the $12.5 million in December is the right ballpark what we expect monthly throughout the rest of the past quarter term.

是的，我是 Andreas 的 Steve，感謝您的評論。我們在年底看到的積壓增量大部分來自過去幾季的房屋。這是我們獲得的過去季度的一年數據。因此，我們預計在 2024 年將其燒掉。就運行率而言，我們預計 12 月的 1250 萬美元是我們在上個季度剩餘時間內每月預期的正確價值。

Got it. Okay. That's super helpful. Appreciate that. And I guess just on liquidity, you mentioned your cash balance as of end of March. I'm curious what kind of margins are you expecting throughout the year? And how are you thinking about that, that capital needs obviously going to have both owned contract kicking in every month every quarter. Do you foresee a need to have to raise additional capital or do you feel like you're in a good place now where given where you are incentive?

知道了。好的。這非常有幫助。感謝。我想就流動性而言，您提到了截至三月底的現金餘額。我很好奇您預計全年的利潤率是多少？您如何看待這一點，顯然，雙方所擁有的合約每個月每季都會生效，資本需要。您是否預見到需要籌集額外資金，或者您是否覺得自己現在處於有利的位置？

So overall on margins, we expect margins to improve. Now owns is a big factor there since it is a positive working contract in our outlook. The rest of the cash balance that we currently have, we believe will be sufficient to get us through the remainder of the year without any further awards that we're currently pursuing. So I think that's the best way to look at our current cash balance as of March first and how it flows through the rest of the year. So then anything we get awarded would hopefully be positive for that cash flow forecast. And does that answer your question?

因此，總體而言，就利潤率而言，我們預期利潤率將會改善。現在擁有是一個重要因素，因為在我們的前景中這是一份積極的工作合約。我們相信，我們目前擁有的其餘現金餘額將足以讓我們度過今年剩餘的時間，而無需我們目前正在尋求的任何進一步獎勵。因此，我認為這是了解截至 3 月 1 日我們當前現金餘額及其在今年剩餘時間內的流動情況的最佳方法。因此，我們獲得的任何獎勵都有望對現金流預測產生正面影響。這能回答你的問題嗎？

But I would add one other piece, Andre, is that we will continue to remain up opportunistic about capital raise in the future to keep looking at ways to accelerate the growth of the company like Steve said, we are confident that the cash balance carries us through the year. That's with no additional wins, but we are in a fantastic position for it for awards on LTVCP. 22, that next clips award. We can't forget about that one that's moving forward and the NSS. contract and so on. With the existing contract backlog we have this year, which will burn off of nearly 80% of that this year and those additional contract awards that puts us in a great position moving forward even beyond 2024. And then should we have delays like we experienced last year, we're still sufficient capital on the balance sheet to get us through 2024 data.

但我想補充一點，安德烈，我們將繼續在未來的融資中保持機會主義，繼續尋找加速公司成長的方法，就像史蒂夫所說的那樣，我們有信心現金餘額可以支撐我們經過一年。雖然沒有額外獲勝，但我們在 LTVCP 獎項方面處於有利位置。 22、下一個剪輯獎。我們不能忘記正在前進的國家安全局。合約等。憑藉今年現有的合約積壓，今年將消耗掉近 80% 的合同，而這些額外的合約授予使我們在 2024 年後仍處於有利地位。如果我們出現像去年那樣的延誤，我們的資產負債表上仍然有足夠的資本來支持 2024 年的數據。

That's wonderful. Super helpful. Appreciate. And maybe if I could just squeeze one last one regarding the IT outsourcing contract. I just want make sure I'm understanding this correctly. So I think you said you expect this contract to be decided over the next few weeks, if I heard correctly? And then Phase one, you expect that to be awarded to multiple 10s. If I understand correctly. So I guess what would be the contract work, what you are targeting for that Phase one? Or what's the best way to think about that? Thank you.

那好極了。超有幫助。欣賞。或許我能擠出最後一份有關 IT 外包合約的資訊。我只是想確保我正確理解這一點。所以我想你說過你預計這份合約將在未來幾週內決定，如果我沒聽錯的話？然後是第一階段，您希望將其授予多個 10。如果我理解正確的話。所以我想合約工作是什麼，第一階段的目標是什麼？或者思考這個問題的最佳方式是什麼？謝謝。

Yes, the Phase one work. A lot of them, we believe will be essentially to face awards and each once again to move to the next phase. We think this is a multiple award where two or more teams might win an award in Phase one. And what that will be will be the preliminary design and assessment of the delivery system and the cases are now with the cargo lunar lander. That takes about a 1.5 metric tons to the lunar surface.

是的，第一階段工作有效。我們相信，他們中的許多人基本上都會面臨獎項，每個人都會再次進入下一階段。我們認為這是一個多重獎項，兩個或更多團隊可能在第一階段贏得獎項。這將是運載系統的初步設計和評估，現在的案例是貨運月球登陸器。到達月球表面大約需要 1.5 噸。

And that's also the preliminary design and assessment of the LTV. itself at the 12 month period from price that roughly $30 million, we expect two or three awards, like I said, the follow on then will be a result of of that to take the design to a full maturation. And then we think the full value of that contract is on the order of $4.5 billion over a 10-year period and that will be divided under multiple awardees we believe.

這也是LTV的初步設計和評估。在大約 3000 萬美元的價格後的 12 個月內，我們預計會獲得兩到三個獎項，就像我說的那樣，接下來的結果將是讓設計完全成熟。然後我們認為該合約的總價值在 10 年內約為 45 億美元，並且我們認為該合約將由多個獲獎者分配。

Got it. Super helpful. Thanks again, congratulations on the quarter and I'll pass it on. Thank you.

知道了。超有幫助。再次感謝，恭喜本季的成功，我會將其轉達。謝謝。

Thanks, Andreas.

謝謝，安德烈亞斯。

Thank you. The next question is coming from Suji Desilva of Roth MKM. Please go ahead.

謝謝。下一個問題來自 Roth MKM 的 Suji Desilva。請繼續。

Good morning. I'm going to zoom and obviously these calls are easier now that you've made to the moon and three. Great. So congratulations, guys. On the me. The LTV awards, I have been through the LTV CLTV award for Phase two. Is there a significant synergy if you're providing the nobody and the lender that would derisk that, that would make that a fairly significant consideration in that award.

早安.我要放大，顯然，既然你已經對月球和三個進行了呼叫，那麼這些呼叫就更容易了。偉大的。恭喜你們，夥伴們。在我身上。LTV獎項，我已經通過了LTV CLTV獎項的第二階段。如果您提供的人和貸款人可以消除這種風險，是否存在顯著的協同作用，這將使其成為該獎項中相當重要的考慮因素。

Absolutely see our that was our intent and our strategy going into the bid was to put a team together that can provide the complete service with demonstrated ability to deliver such a high value piece of cargo for the Artemis program for the surface of the moon and with our first mission success on it really just puts us standing tall in terms of our competitiveness to that procurement.

絕對明白，這就是我們的意圖，我們的競標策略是組建一個團隊，提供完整的服務，並證明有能力為月球表面的阿耳忒彌斯計劃運送如此高價值的貨物，我們在這方面的第一次任務的成功確實讓我們在採購上的競爭力脫穎而出。

Okay, great questions on the staffing you're at now and that used the operation center, you opened up in supporting these incremental pipeline awards. Are you adding staff where you could support those, but that need to be incrementally added? Just any thoughts there would be helpful.

好的，關於您現在的人員配置以及使用營運中心的人員配置，您在支援這些增量管道獎項方面提出了很好的問題。您是否在可以支援這些人員的地方增加了員工，但需要逐步增加？只要有任何想法都會有幫助。

Yes. Currently, we're staffs of both here in Houston that are leading production operations center and up in Maryland. You know, based on that on contract for the first satellite servicing in the and I know what we're doing on owns three, we have adequate staff as we look at these awards. That's a first world problem to add incremental staff to organize and manage the work as it comes in. We're fairly we anticipate that will remain fairly flat in terms of SaaS needs and burn rate this year, even with these significant awards, because number one, we rolled off Mission One so that if we do receive a CP. 22 award, that workforce will roll into CP. 22, which is the next clips award. And then the LTV. and anesthetics contracts, as I've talked about, have other team members that will also provide workforce. And so we're not necessarily looking for a large ramp-up this year in workforce associated with these contracts that we're talking about, just the minor adjustments as we go for decades.

是的。目前，我們在休士頓和馬裡蘭州的生產營運中心都有員工。你知道，根據第一顆衛星服務合同，我知道我們在擁有三顆衛星上做什麼，在我們考慮這些獎項時，我們有足夠的工作人員。增加增量人員來組織和管理工作，這是首要問題。我們預計，即使獲得了這些重大獎項，今年 SaaS 需求和燒錢率仍將保持相當平穩，因為第一，我們推出了“使命一”，以便我們確實獲得 CP。 22 獎，該勞動力將進入 CP。 22、這是下一個剪輯獎。然後是生命週期價值。正如我所談到的，麻醉合約還有其他團隊成員也將提供勞動力。因此，我們不一定會在今年尋求與我們正在談論的這些合約相關的勞動力大幅增加，而只是在我們幾十年來的過程中進行微小的調整。

Thanks, guys. Could address vaccines.

多謝你們。可以解決疫苗問題。

Thank you.

謝謝。

The next question is coming from Mike Crawford of B. Riley Securities. Please go ahead.

下一個問題來自 B. Riley Securities 的 Mike Crawford。請繼續。

Thank you. I guess this is for Steve Budorick did you say that $269 million of backlog that you expect to recognize 80% or $215 million of that as revenue in 2024 approximately.

謝謝。我猜這是 Steve Budorick 說的，您是否說過 2.69 億美元的積壓訂單，您預計將其中 80% 或 2.15 億美元確認為 2024 年的收入。

That would be primarily the owned contract. As I said earlier, we're burning at about $12.5 million in revenue on that. And then the rest would be clips contracts, I am two and three.

這主要是擁有的合約。正如我之前所說，我們為此消耗了約 1250 萬美元的收入。然後剩下的就是剪輯合同，我兩歲和三歲。

Okay, great. And then the $12.5 billion of success payments you expect to receive from I am born. What is that out of possible. How much of success payments were you eligible to potentially receive from what we outlined for that one might have?

好的，太好了。然後，您期望從 I 獲得的 125 億美元的成功付款就誕生了。那是不可能的事。從我們概述的成功付款中，您有資格獲得多少成功付款？

That's what the way we broke it down with the milestones the only payload that we did not receive data back off from was the scouts payload, which studied the engine plume interaction with the dust on the surface of the moon and so we held back some 5% based on that payload, not not activating not collecting that data. However, we were able to get data on for to replace that through our own cameras that give us good understanding of the regular behavior, and we're going to offer that back to an asset. So we expect the combination of about 95% of the NASA payment to be received and then on augmentation for equitable adjustments for the additional data that we can, Al, we can deliver to math that puts us well over 100% of the planned payments.

這就是我們用里程碑進行分解的方式，我們唯一沒有收到返回數據的有效載荷是偵察機有效載荷，它研究了發動機羽流與月球表面塵埃的相互作用，因此我們保留了大約 5 個% 基於該有效負載，而不是不啟動不收集該資料。然而，我們能夠透過我們自己的相機獲取數據來替換它，這使我們能夠很好地理解常規行為，並且我們將把這些數據返回給資產。因此，我們預計將收到約 95% 的 NASA 付款，然後對我們可以提供的額外數據進行公平調整，我們可以提供數學計算，使我們遠遠超過計劃付款的 100%。

Excellent. And then just finally at one kind of broader question that while we're waiting for Department of final NDA with besides just a continuing resolution we do have a massive budget, although it's flattish. Is there anything you like or don't like about the NASA budget you see?

出色的。最後，在一個更廣泛的問題上，當我們等待最終保密協議的部門時，除了持續的決議之外，我們確實有大量的預算，儘管它是平淡的。您對 NASA 的預算有什麼喜歡或不喜歡的地方嗎？

Well, we are all like I said in my comments, the budget is probably $2 billion less than requested by NASA. And when we first looked at it, it looks like the road map that we've put together as it as a company for commercializing six liter space and providing infrastructure to the Moon is fully supported. And we like that. That puts us. That means we're on the right track and it shows that the government is still committed to returning to humans to the moon and sustainable way. And so that's really a fantastic outcome to have such strong bipartisan support for the Artemis campaign. And we did see I did mention the O sand project, which is on-orbit, satellite servicing and manufacturing. That's under the owner's contract when we took over that contract that project had some cost challenges and schedule challenges. And so we're working very closely with NASA to kind of put that project back in the box and get it launched and under the cost bogey that that data was looking to meet. We received. We know that from the from the spending below the appropriations that that funding is in place for the past quarter in 2024. But the future is not set there. Should we NASA and us as a prime contractor, not be able to put that back in the box. There's a chance that the we'll apply that one won't be there. And so there's a little uncertainty there in the owner's contract after 2024. That's the only piece that you asked is that would give us some pause, and that's the one that I mentioned in my opening remarks.

好吧，我們都像我在評論中所說的那樣，預算可能比 NASA 要求的少 20 億美元。當我們第一次看到它時，看起來我們作為一家將六升空間商業化並為月球提供基礎設施的公司製定的路線圖得到了全力支持。我們喜歡這樣。這讓我們。這意味著我們走在正確的軌道上，也顯示政府仍然致力於以永續的方式讓人類重返月球。因此，兩黨對阿耳忒彌斯競選活動的大力支持確實是一個了不起的結果。我們確實看到我確實提到了 O 砂項目，該項目是在軌衛星服務和製造。這是根據業主合同，當我們接手該合約時，該專案面臨一些成本挑戰和進度挑戰。因此，我們正在與 NASA 密切合作，將該專案放回盒子中，並在數據希望滿足的成本範圍內啟動它。我們收到了。從低於撥款的支出來看，我們知道 2024 年最後一季的資金到位。但未來並不是在那裡設定的。如果我們美國太空總署和我們作為主承包商，無法將其放回盒子裡。我們申請的人有可能不在那裡。因此，2024 年之後業主合約存在一些不確定性。這是你問的唯一一個會讓我們停頓的問題，這也是我在開場白中提到的。

But we're confident we have a plan for that one and we're at full funding these task orders run year by year. So there is a considerable amount of alternative work that fits that own contract. It's an omni bus, multidisciplinary engineering contract. So a number of projects and programs within Goddard fall under that contract. And so if we see the O sand project in under threat will will have a different additional work. I'm sure provided by the center and NASA can protect those jobs up in Maryland. So other than that, I think we're very pleased with where the NASA budget is.

但我們相信我們已經制定了相應的計劃，並且我們將為這些每年運行的任務訂單提供全額資金。因此，有大量適合自己合約的替代工作。這是一個全方位、多學科的工程合約。因此，戈達德的許多項目和計劃都屬於該合約的範圍。因此，如果我們看到O沙計畫受到威脅，將會有不同的額外工作。我確信該中心和美國宇航局提供的服務可以保護馬裡蘭州的這些工作。除此之外，我認為我們對 NASA 的預算非常滿意。

Excellent. Thank you very much.

出色的。非常感謝。

Thank you.

謝謝。

There are no further questions. I'd like to hand the floor back over to the perceived TEL., Steve ultimate for closing comment.

沒有其他問題了。我想將發言權交還給史蒂夫最終的電話，以發表結束評論。

Well, thank you, everyone, for joining today's call. I appreciate your thanks for our successful landing on February 22 is truly a monumental event. Intuitive machines made history with that soft landing on the moon and we look forward to representing the United States and our stakeholders as we make more historic achievements in the months and years to come. So thank you very much. Thank you, guys.

好的，謝謝大家參加今天的電話會議。感謝你們對我們 2 月 22 日的成功著陸表示感謝，這確實是一次具有里程碑意義的事件。直覺的機器在月球上軟著陸創造了歷史，我們期待代表美國和我們的利益相關者，在未來的歲月中取得更多歷史性成就。非常感謝。感謝你們。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，感謝您的參與。今天的活動到此結束。此時，您可以斷開線路或登出網路廣播，享受剩下的一天。