Intuitive Machines Inc (LUNR) 2024 Q1 法說會逐字稿

Welcome to the Intuitive Machines first quarter 2024 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. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 Intuitive Machines 2024 年第一季電話會議。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。（操作員指示）謹此提醒，本次會議正在錄製中。

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

現在我想把會議交給東道主投資者關係部主管張士峰。請繼續，先生。

Good morning. Welcome to the Intuitive Machines first quarter 2024 earnings call. Chief Executive Officer Steve Altemus and Interim Chief Financial Officer and Controller Steve Vontur are leading the call today.

早安.歡迎參加 Intuitive Machines 2024 年第一季財報電話會議。執行長 Steve Altemus 和臨時財務長兼財務總監 Steve Vontur 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. 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 release and the company's most recent 10-K and 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 the applicable SEC rules and regulations. Reconciliations to the company's GAAP measures are included in the earnings release filed on Form 8-K.

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，闡述我們目前對業務、經濟和其他事件的未來的預期。由於多種因素，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。這些因素在公司收益報告和公司最近向 SEC 提交的 10-K 和 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 衡量標準的調整包含在 8-K 表格中提交的收益發布中。

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 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，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 www.intuitivemachines.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. We had an excellent start to the year, anchored by our successful IM-1 mission and a full quarter of OMES III operations. Revenue was $73.1 million in the quarter, an increase of over 300% versus quarter one of last year. This was yet another historic feat for the company and showcased our continued growth trajectory. The standout accomplishment in the first quarter was Intuitive Machines' first successful lunar mission, which fundamentally disrupted the economics of landing on the moon and broke economic and technological barriers to enable this new burgeoning lunar economy. Thank you to the Intuitive Machines team for their execution during this quarter and willingness to challenge traditional paradigms of exploration.

謝謝，史蒂芬。憑藉我們成功的 IM-1 任務和整整一個季​​度的 OMES III 運營，我們今年取得了良好的開端。該季度營收為 7,310 萬美元，比去年第一季成長超過 300%。這是公司的另一個歷史性壯舉，展示了我們持續的成長軌跡。第一季的突出成就是 Intuitive Machines 首次成功的月球任務，它從根本上擾亂了登月的經濟性，並打破了經濟和技術障礙，使新的蓬勃發展的月球經濟成為可能。感謝 Intuitive Machines 團隊在本季的執行力以及挑戰傳統探索範式的意願。

Intuitive Machines' efforts and successes do not stand alone. On May 3rd, China launched Chang'e 6 to the far side of the moon, on their way to potentially being the first nation to return samples from the far side. The steady drumbeat of China's success demonstrates the strategic importance of the moon, and we hope is a call to action for the U.S. government and the public of what Intuitive Machines is building and the importance of stable funding and commercial utilization. We are at the forefront of this new space race and committed to our position as a national asset supporting the global endeavors in space. In this rapidly evolving landscape, technological advancement is paramount. We believe Intuitive Machines is standing at the forefront of this imperative. The success of our complete LUNAR program in the first quarter showcased the commercial viability and agility required to put the industry firmly in the space race, with the company standing as a first mover in this effort.

Intuitive Machines 的努力和成功並不是孤立的。5月3日，中國將嫦娥六號發射到月球背面，可望成為第一個從月球背面返回樣本的國家。中國不斷取得的成功證明了月球的戰略重要性，我們希望美國政府和公眾能夠呼籲美國政府和公眾採取行動，以了解 Intuitive Machines 正在開發的產品以及穩定融資和商業利用的重要性。我們處於這場新太空競賽的前沿，並致力於維護我們作為支持全球太空事業的國家資產的地位。在這個快速發展的環境中，技術進步至關重要。我們相信 Intuitive Machines 正處於這一勢在必行的最前線。我們完整的月球計畫在第一季度的成功展示了使該行業堅定地參與太空競賽所需的商業可行性和敏捷性，而該公司是這項努力的先驅。

In the weeks following our lunar landing, we assessed how our four-year investment in technology development performed. Our team at Intuitivie Machines completed a comprehensive review of vehicle and mission operations and systems performance. While successful in our first landing and customer data delivery, we continue to strive for perfection in navigating to pinpoint landing accuracy on the surface with our autonomous precision landing and hazard avoidance technology. Each mission exercises and refines a complex set of algorithms that make such autonomy possible in the harshest environments of the moon, namely the South Pole. The review resulted in software and hardware advancements that we believe expand our technical capability to track our vehicle accurately in space and land with 20 times better precision on our next mission. In addition, we reviewed our lunar distance RF communications and orbit determination capabilities and found several technical adjustments we expect will improve mission performance and best position the company to provide lunar communication services in support of future human missions. The technical improvements for IM-2 are vertically integrated capabilities within the company that we can perform with little to no impact on our intended quarter four 2024 launch date or require any additional capital investment while we continue assembly of the flight vehicle. At its core, this comprehensive review confirmed that the technology we developed to provide lunar access and lunar data services is robust, and we are capable of making agile adjustments that improve our customer experience on the lunar surface. This tech capability expansion in autonomous vehicle operations, precision landing and navigation is focused on the goal of adding command control communications and surface operations through our current lunar access services in a sustainable way.

在登月後的幾週內，我們評估了四年技術開發投資的表現。我們 Intuitivie Machines 的團隊完成了對車輛和任務操作以及系統性能的全面審查。在成功完成首次著陸和客戶資料交付的同時，我們繼續力求完美，利用我們的自主精確著陸和避險技術，在地面上精確定位著陸精度。每個任務都會練習和完善一套複雜的演算法，使這種自主性在月球（即南極）最惡劣的環境中成為可能。這次審查帶來了軟體和硬體的進步，我們相信這些進步將擴展我們的技術能力，使我們能夠在太空和著陸中準確追蹤我們的飛行器，並在下一次任務中將精度提高 20 倍。此外，我們審查了我們的月球距離射頻通訊和軌道確定能力，發現了一些我們預計將提高任務性能的技術調整，並為公司提供月球通訊服務以支援未來的人類任務提供了最佳位置。IM-2 的技術改進是公司內部垂直整合的功能，我們可以在對2024 年第四季的預期發射日期幾乎沒有影響的情況下執行這些改進，或者在我們繼續組裝飛行器時需要任何額外的資本投資。這次全面審查的核心是，我們開發的用於提供月球存取和月球數據服務的技術是強大的，我們有能力做出靈活的調整，以改善我們在月球表面的客戶體驗。自動駕駛車輛操作、精確著陸和導航方面的技術能力擴展的重點是透過我們目前的月球存取服務以可持續的方式增加命令控制通訊和地面操作。

Beyond our first of three planned lunar missions, the April 3rd announcement of Intuitive Machines' Lunar Terrain Vehicle Services award moves us beyond the delivery of science and discovery payloads and on to heavier cargo delivery and surface systems development and operations. The LTV delivery system, the Rover design itself and both the autonomous and crude operations represent the first critical piece of infrastructure for the Artemis campaign.

除了我們計劃的三個月球任務中的第一個任務之外，4 月3 日宣布的Intuitive Machines 月球地形飛行器服務獎使我們超越了科學和發現有效載荷的交付，轉向了更重的貨物交付以及表面系統開發和運營。LTV 交付系統、漫遊車本身的設計以及自主和原始操作代表了阿耳忒彌斯計劃的第一個關鍵基礎設施。

The Lunar Terrain Vehicle contract has a total program value of over $4.6 billion and is structured across multiple phase awards. In the first phase, starting in the days following Q1, the Intuitive Machines-led Moon Racer team will take the next year to create a preliminary design for the delivery, deployment, and autonomous operations of the LTV. The second phase, which we expect to be awarded in mid 2025, calls for the vehicles, delivery, and deployment demonstration. If awarded, the second phase Intuitive Machines currently lunar production and operations center in Houston will be the epicenter for the design, development, manufacturing, assembly, and test of the larger cargo lander and the LTV surface vehicle itself as the program matures. It's important to note the company's cargo class lender uses the same core technologies as our smaller Nova-C lander and the LTV Services project allows for NASA and commercial service operations led by Intuitive Machines. Beyond the initial demonstration, another phase of the contract will move into continuous operations on the lunar surface over a multiyear performance period.

月球地形車合約的專案總價值超過 46 億美元，並由多個階段授予。在第一階段，從第一季之後的幾天開始，Intuitive Machines 領導的 Moon Racer 團隊將在明年為 LTV 的交付、部署和自主操作創建初步設計。我們預計將於 2025 年中期授予第二階段，要求提供車輛、交付和部署演示。如果獲得批准，隨著專案的成熟，Intuitive Machines 目前位於休士頓的第二期月球生產和營運中心將成為大型貨運登陸器和 LTV 地面飛行器本身的設計、開發、製造、組裝和測試的中心。值得注意的是，該公司的貨運級貸款機構使用與我們較小的 Nova-C 著陸器相同的核心技術，而 LTV 服務項目允許 NASA 和 Intuitive Machines 領導的商業服務運作。除了最初的演示之外，合約的另一個階段將在多年的執行期內進入月球表面的持續運作階段。

For Intuitive Machines, the next critical chess piece in laying the foundation for a cislunar economy is in the command and control and communications infrastructure in and around the moon. Every commercial, government or international mission to the moon requires a very high degree of autonomy. Autonomous operations with reliable command and control communications are essential for the expansion of this lunar economy. intuitive Machines' technological advancements in autonomous vehicle operations and precision navigation will be the backbone of its command and control system. These core technologies are applied to our lunar communication satellites currently in production and Intuitive Machines is eagerly anticipating announcement of a significant NASA award for communications data relay services and position, navigation, and timing services. We are expecting this contract award announcement in the second quarter.

對於 Intuitive Machines 來說，為地月經濟奠定基礎的下一個關鍵棋子是月球內外的指揮、控制和通訊基礎設施。每一個商業、政府或國際登月任務都需要非常高度的自主權。具有可靠指揮和控制通訊的自主操作對於月球經濟的擴張至關重要。直觀機器在自動駕駛車輛操作和精確導航方面的技術進步將成為其指揮和控制系統的支柱。這些核心技術應用於我們目前正在生產的月球通訊衛星，Intuitive Machines 熱切期待宣布 NASA 頒發通訊資料中繼服務以及定位、導航和授時服務重大獎項。我們預計該合約授予將在第二季公佈。

Earlier, I mentioned that we broke economic and technical barriers that enable cislunar expansion. I believe we are progressing with the necessary investments and technologies to demonstrate the same unprecedent economics deeper into the solar system. Already, we are seeing the United States government and NASA increase their reliance on procuring commercially provided systems and services. The ability of the U.S. to leverage the ingenuity and innovation of its economic and technical industrial base to break the price barriers of traditional aerospace systems speaks to the difference in the overall U.S. strategy for cislunar expansion and possibly the most powerful competitive advantage for the U.S. in this global space race.

早些時候，我提到我們打破了實現地月擴張的經濟和技術障礙。我相信我們正在透過必要的投資和技術取得進展，以在太陽系更深處展示同樣前所未有的經濟學。我們已經看到美國政府和美國太空總署增加了對採購商業提供的系統和服務的依賴。美國有能力利用其經濟和技術工業基礎的獨創性和創新來打破傳統航空航天系統的價格壁壘，這說明了美國地月擴張總體戰略的差異性，也可能是美國在地月擴張中最強大的競爭優勢。

During our last call, we mentioned NASA's 2024 budget reduction, noting that much of the $2 billion shortfall came from the Mars Sample Return program. Since that update, the agency has sought innovative commercial designs to disrupt the cost of delivering Mars samples back to earth. Intuitive Machines has engaged the agency and intends to provide a solution set based on technology architecture we have been developing for lunar material return.

在上次電話會議中，我們提到了 NASA 2024 年的預算削減，並指出 20 億美元的缺口大部分來自火星樣本返回計畫。自從更新以來，該機構一直在尋求創新的商業設計，以降低將火星樣本送回地球的成本。Intuitive Machines 已與該機構合作，並打算提供一套基於我們為月球材料返回開發的技術架構的解決方案。

Finally, we continue to make progress towards our IM-2 mission that we expect to launch later this year through our South Pole landing site, potentially becoming the first company to land on the moon twice in one year. We anticipate our third mission in 2025, with the final landing date still in discussions with NASA. We now have more certainty about NASA's second quarter 2024 award of the next CLPS mission, CP-22, that calls for launch in the 2027 timeframe. This shift in mission timing creates an opportunity for Intuitive Machines to insert its first fully commercial mission after IM-3 as it's fourth mission to the moon.

最後，我們繼續在 IM-2 任務方面取得進展，我們預計將於今年稍後透過南極著陸點發射該任務，有可能成為第一家在一年內兩次登陸月球的公司。我們預計第三次任務將在 2025 年進行，最終登陸日期仍在與 NASA 討論中。我們現在對 NASA 於 2024 年第二季授予下一個 CLPS 任務 CP-22 的確定性有了更多的確定性，該任務要求在 2027 年的時間範圍內發射。任務時間的這種轉變為 Intuitive Machines 創造了一個機會，可以在 IM-3 之後插入其首次完全商業任務，作為其第四次登月任務。

With the success of Q1 in the execution of our business plan and now the stability recognized through our pending proposal awards, Intuitive Machines is prepared to issue full-year revenue guidance for 2024. Steve Vontur will go through the details of the guidance. I am pleased to report on the tremendous growth and maturity we have seen over this quarter, and I'm excited about what the balance of this year holds for intuitive Machines.

隨著第一季業務計劃執行的成功以及現在透過待決提案授予所認可的穩定性，Intuitive Machines 準備發布 2024 年全年收入指引。Steve Vontur 將詳細介紹該指南的詳細資訊。我很高興地報告我們在本季度所看到的巨大增長和成熟度，並且我對今年直觀機器的平衡感到興奮。

With that, I'll turn the call over Intuitive Machines' Interim Chief Financial Officer, Steve Vontur.

接下來，我將把電話轉給 Intuitive Machines 的臨時財務長 Steve Vontur。

Thank you, Steve, and thanks to everyone joining us today. I'll begin by going through our first quarter 2024 results, followed by a few comments on our liquidity, backlog, and 2024 revenue guidance.

謝謝你，史蒂夫，也謝謝今天加入我們的所有人。我將首先回顧我們 2024 年第一季的業績，然後對我們的流動性、積壓訂單和 2024 年收入指導進行一些評論。

Revenue accelerated in the quarter and was $73.1 million compared to $18.2 million in the first quarter of 2023, driven primarily by our first full quarter of OMES III revenues of just over $40 million and rounded out with revenue from our three NASA CLPS and related mission payloads.

本季營收加速成長，達到7,310 萬美元，而2023 年第一季為1,820 萬美元，這主要是由於我們的OMES III 第一個完整季度收入略高於4,000 萬美元，並補充了來自我們的三個NASA CLPS 和相關任務有效載荷的收入。

We had a couple of one-time revenue impacts in the quarter. First, we had about $12 million related to the IM-1 mission success milestones. We also recorded an additional $5.6 million of revenue combined on the IM-2 and IM-3 CLPS task orders relating to contract modifications as we work with NASA to finalize updates, submission timing, payloads, and landing sites for the remaining two missions. As mentioned earlier by Steve, we expect the IM-2 mission to launch in late 2024 and IM-3 sometime in 2025.

本季我們的收入受到了幾次一次性影響。首先，我們有大約 1200 萬美元與 IM-1 任務成功里程碑相關。當我們與 NASA 合作最終確定其餘兩項任務的更新、提交時間、有效載荷和著陸地點時，我們還記錄了與合約修改相關的 IM-2 和 IM-3 CLPS 任務訂單的額外 560 萬美元收入。正如 Steve 之前提到的，我們預計 IM-2 任務將於 2024 年底啟動，IM-3 任務將於 2025 年某個時候啟動。

Gross margin continues to improve versus prior quarters and was a positive $12.2 million this quarter, driven primarily by IM-1 mission success milestones and modifications on the other two missions as well as the OMES III activity.

與前幾季相比，毛利率繼續提高，本季毛利率達到 1,220 萬美元，這主要是由 IM-1 任務成功里程碑和其他兩個任務的修改以及 OMES III 活動推動的。

Operating loss for this quarter was $5.4 million versus $14 million in the first quarter of 2023. The lower operating loss in the quarter was again driven primarily by the items noted above and were partially offset by higher G&A. SG&A ran higher in Q1 2024 and was primarily driven by incentive comp and overall headcount increases, including higher noncash equity awards that did not exist in the first quarter of the last year. In addition, we saw increases in other expenses such as accounting and legal professional fees, bids and proposal expenses, and rent on the new corporate headquarters as we continue to support the company's rapid growth. Included in the quarter were one-time charges totaling totaling approximately $5.7 million.

本季營運虧損為 540 萬美元，而 2023 年第一季營運虧損為 1,400 萬美元。本季營業虧損較低再次主要是由上述項目推動的，並被較高的一般管理費用部分抵銷。SG&A 在 2024 年第一季走高，主要是受到激勵補償和整體員工人數增加的推動，包括去年第一季不存在的更高的非現金股權獎勵。此外，隨著我們繼續支持公司的快速成長，我們還看到其他費用增加，例如會計和法律專業費用、投標和建議費用以及新公司總部的租金。本季包括一次性費用總計約 570 萬美元。

On the cash side, we ended Q1 with a balance of $55.2 million, driven primarily by the $50.6 million in proceeds from warrant exercises. This is the strongest quarter and cash position ever and reflects our continued focus on working capital management, coupled with capital conservation and liquidity. We continue to believe that our Q1 ending cash balance is sufficient to fund operations through the end of the year. In addition, we expect to add cash reserves throughout the remainder of the year as we execute on planned operations and continue to win new business. As we've previously stated, we will continue to be opportunistic in the capital markets for defensive capital and to further strengthen our balance sheet.

在現金方面，我們第一季末的餘額為 5,520 萬美元，主要是由認股權證行使收益 5,060 萬美元推動的。這是有史以​​來最強勁的季度和現金狀況，反映了我們對營運資本管理以及資本節約和流動性的持續關注。我們仍然相信，我們第一季末的現金餘額足以為年底的營運提供資金。此外，隨著我們執行計劃運營並繼續贏得新業務，我們預計將在今年剩餘時間內增加現金儲備。正如我們之前所說，我們將繼續在資本市場上尋找防禦性資本的機會，並進一步加強我們的資產負債表。

Operating cash used was $6.4 million in the quarter, with capital expenditures of $1.6 million, resulting in free cash flow for the quarter of an outflow of $8 million, which reflects the lowest quarter cash burn since going public. We continue to strive towards free cash flow breakeven as we remain disciplined with expenditures while prioritizing a higher-margin business.

該季度使用的營運現金為 640 萬美元，資本支出為 160 萬美元，導致該季度自由現金流流出 800 萬美元，反映了上市以來最低的季度現金消耗。我們繼續努力實現自由現金流盈虧平衡，因為我們在保持支出紀律的同時優先考慮利潤率較高的業務。

We ended the first quarter with contracted backlog of $222.3 million, an expected decline of about $46.3 million, as we executed on our CLPS and OMES contracts. We expect backlog to grow during the remainder of the year, driven by key program awards, including LTV and the next OMES III task orders, coupled with new award decisions including NSNS and CP-22.

第一季結束時，我們的合約積壓金額為 2.223 億美元，由於我們執行了 CLPS 和 OMES 合同，預計將減少約 4,630 萬美元。我們預計，在 LTV 和下一個 OMES III 任務訂單等關鍵項目獎勵以及 NSNS 和 CP-22 等新獎勵決定的推動下，今年剩餘時間積壓訂單將成長。

Moving on to our outlook for the year, as Steve said, we had a great start with record revenues in the quarter. The recent LTVS award and the solid opportunities expected to be awarded in the next couple of quarters gives us confidence in providing a 2024 revenue outlook of between $200 million and $240 million, representing an increase of 2.5 times to 3.0 times prior-year revenues.

接下來是我們對今年的展望，正如史蒂夫所說，我們在本季取得了創紀錄的收入，取得了良好的開端。最近的 LTVS 獎項以及預計在未來幾個季度授予的可靠機會使我們有信心提供 2024 年收入前景在 2 億至 2.4 億美元之間，相當於去年收入的 2.5 倍至 3.0 倍增長。

Overall, this was a record quarter, both financially and operationally, for Intuitive Machines. This strength gives us confidence to provide an expanded revenue outlook for the year, which showcases the company's tremendous opportunity for continued growth. We look forward to executing on this growth throughout the year.

總體而言，對於 Intuitive Machines 來說，無論是在財務上還是在營運上，本季都是創紀錄的季度。這種優勢使我們有信心擴大今年的收入前景，這顯示了該公司持續成長的巨大機會。我們期待全年實現這一增長。

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

至此，操作員，我們現在準備好回答問題了。

(Operator Instructions) The first question comes from the line of Suji Desilva with Roth MKM. Please go ahead.

（操作員說明） 第一個問題來自 Suji Desilva 和 Roth MKM 的線路。請繼續。

Hi, Steve and Steve. Congrats on the progress here. In talking about the guidance for '24, the backlog, I'm curious what the period covers there and how much of that covers your '24 new guidance of $200 million to $240 million?

嗨，史蒂夫和史蒂夫。恭喜這裡的進展。在談論 24 年的指導意見時，積壓的工作，我很好奇這個時期涵蓋了什麼，其中有多少涵蓋了 24 年 2 億至 2.4 億美元的新指導意見？

For the backlog component, we have about 80% of our backlog sitting right now at about $222 million. We believe about 80% of that backlog will be burned through the remainder of the year.

對於積壓訂單部分，我們目前大約有 80% 的積壓訂單，金額約為 2.22 億美元。我們相信，大約 80% 的積壓訂單將在今年剩餘時間內被消耗掉。

Okay. That's great. And then additionally, with that guidance for '24, are you assuming new contract wins in that guidance or would that -- is this supported by existing wins and would any additional wins be upside to the '24 guidance?

好的。那太棒了。另外，根據 24 年的指導，您是否假設在該指導中贏得新合同，或者是否會——這是否得到現有合同的支持，以及任何額外的合同是否會比 24 指導有上升空間？

The way we look at that is we probability weight the awards that we have in pending. So what that includes in the lower end of the guidance is the mods, the mission 2 that we're negotiating with NASA, but there's upside that takes us to the higher end of the range and maybe beyond, with a mod to IM-3 on the negotiated landing time, the NSNS award, the next CLPS award and then an IM-2 success payment. So all of those are probability weighted, and that's what gives us the range that Steve described.

我們看待這個問題的方式是我們對待決獎項的機率進行權衡。因此，指南的低端內容包括模組，即我們正在與 NASA 談判的任務 2，但有一個好處可以將我們帶到範圍的高端，甚至可能超出範圍，即 IM-3 的模組協商的著陸時間、NSNS 獎勵、下一個CLPS 獎勵以及IM-2 成功付款。所以所有這些都是機率加權的，這就是給我們史蒂夫描述的範圍的原因。

Okay. Appreciate the effort there. And then lastly, first time you guys mentioned a potentially all commercial mission inserted between I guess IM-3/IM-4. I'm wondering if that would, Steve, in concept have an anchor customer with some ancillaries, or whether it would be equally kind of apportioned out in the payloads across sort of a series of customers? What's the general direction that would be?

好的。感謝那裡的努力。最後，你們第一次提到在我猜 IM-3/IM-4 之間插入一個潛在的所有商業任務。我想知道，史蒂夫，在概念上是否會有一個帶有一些輔助設備的錨定客戶，或者它是否會在一系列客戶的有效負載中同等地分配？大致的方向是什麼？

Yes, right now, we're aggregating a set of payloads waiting to get essentially critical manifest where we can go forward with a purchase of a booster. And so those payloads come in fairly evenly sized and occasionally we'll get one that's a little bit larger and in this case, that's what we're negotiating. That gets us to the point where we can actually declare we have this commercial mission. So it will be a kind of a mix, to not answer your question directly, but it's kind of a mix as we go forward, from smaller to medium to maybe a large payload, and that will round out the complement.

是的，現在，我們正在聚合一組有效載荷，等待獲得本質上關鍵的清單，我們可以在其中繼續購買助推器。因此，這些有效載荷的大小相當均勻，有時我們會得到一個稍微大一點的有效載荷，在這種情況下，這就是我們正在協商的。這讓我們可以真正宣布我們有這個商業使命。因此，這將是一種混合，不直接回答你的問題，但隨著我們前進，這將是一種混合，從小到中，再到可能是大有效載荷，這將完善補充。

It sounded fairly even. Thanks, Steve. Thanks, guys.

聽起來相當均勻。謝謝，史蒂夫。多謝你們。

Thank you. Next question comes from the line of Josh Sullivan with The Benchmark Company. Please go ahead.

謝謝。下一個問題來自 The Benchmark Company 的 Josh Sullivan。請繼續。

Good morning. As far as the cash burn here, down substantially year over year, but what are the big draws in the year end?

早安.就這裡的現金消耗而言，年比大幅下降，但年底最大的吸引力是什麼？

I missed the last part, Josh. The big draws --

我錯過了最後一部分，喬許。大抽獎--

I'm just trying to understand, you know, cash burn's down here. You're stating that you think you have good cash balance here to get you through the end of the year. I'm just curious, what are the large tentpoles for cash burn as we work into the end of the year?

我只是想了解，你知道，現金消耗就在這裡。你說你認為你有足夠的現金餘額來度過今年年底。我只是很好奇，當我們工作到年底時，現金消耗的主要支柱是什麼？

Yes, we run the indirect support at about $3.3 million a month is our indirect burn. And as part of cost of goods sold, the biggest payments or drawdown would be the booster payments for each of our missions. And we have booster payments for IM-2 and IM-3 on the books for this year, and so I'd say those are the biggest ones that we are we have as accounts payable.

是的，我們每月提供約 330 萬美元的間接支持，這就是我們的間接燒錢。作為銷售商品成本的一部分，最大的付款或提款將是我們每個任務的追加付款。我們今年帳面上有 IM-2 和 IM-3 的追加付款，所以我想說這些是我們應付帳款中最大的一筆。

Got it. And then in your comments there, you mentioned the Chinese lunar mission, you have the Indians looking at their own sample return here. What's your view of that strategic tempo for that conversation in the U.S. as other nations ramp up their lunar ambitions? Is it picking up? Are these missions viewed as competition or is NASA really moving at their own pace?

知道了。然後在你的評論中，你提到了中國的登月任務，印度人在這裡查看他們自己的樣本返回。隨著其他國家加大登月野心，您對美國這場對話的戰略節奏有何看法？正在回升嗎？這些任務是否被視為競爭，還是 NASA 真的按照自己的步調前進？

Well, I think we're fortunate, as I said, as the U.S. economy, where we have -- NASA has or the U.S. government has kind of sparked the U.S. commercial economy to break the price barrier of what it takes to go to the moon. And if we can install an annual cadence of missions to the moon, we will -- while it feels like we might be behind, in that we aren't flying as frequently or as complex missions as China may be at this point, we'll catch up quickly as we have many more shots on goal. So I think the CLPS program in particular lends itself to building a bigger supply chain and base for us to commercialize the moon. While the heavy lift activity is occurring, which is of strategic interest, and heavy lift [SLS] and might be moving to the right, CLPS can fill in with cargo missions to put the critical elements on the surface ahead of the humans. And I think that's where NASA is going and where the government is going, and we're happy to provide that service for them.

嗯，我認為我們很幸運，正如我所說，作為美國經濟，我們——美國宇航局或美國政府在某種程度上激發了美國商業經濟，打破了進入市場所需的價格障礙。如果我們能夠制定每年一次的登月任務節奏，我們就會——雖然感覺我們可能落後了，因為我們目前沒有像中國那樣頻繁或複雜地執行任務，但我們」我們會很快趕上，因為我們有更多射門次數。因此，我認為 CLPS 計劃特別有助於為我們實現月球商業化建立更大的供應鏈和基地。當具有戰略意義的重型運輸活動正在發生時，重型運輸 [SLS] 可能會向右移動，CLPS 可以執行貨運任務，將關鍵元素先於人類運送到地面。我認為這就是美國太空總署和政府的發展方向，我們很高興為他們提供這項服務。

Great. Thank you for the time.

偉大的。謝謝你的時間。

Thanks, Josh.

謝謝，喬許。

Thank you. Next question comes from the line of Andres Sheppard with Cantor Fitzgerald. Please go ahead.

謝謝。下一個問題來自安德烈斯·謝潑德和康托·菲茨杰拉德的關係。請繼續。

Hey, everyone. Good morning. Congratulations on the quarter and thanks for taking our questions. I wanted to maybe ask, how should we be thinking about margins for the IM mission 2 and also maybe for the OMES contract. Just curious if you could maybe point out or give some color there as to what kind of margins might might you expect. Thank you.

嘿大家。早安.恭喜本季度，感謝您提出我們的問題。我想問，我們應該如何考慮 IM Mission 2 以及 OMES 合約的利潤。只是好奇您是否可以指出或給出一些關於您可能期望的利潤率的信息。謝謝。

So Andres, thanks for the question. So as we've reported historically, IM-2 and IM-3 missions are loss projects or close to breakeven. So as we work the rest of that, those operations off of those contracts, we won't have any margin on that. OMES margin is running in the 5% range on a consolidated basis. So again, we don't expect any future losses on the IM-2 or IM-3 contracts, but we may have some bumps to that with the final success fees, successful milestone fees like we had in IM-1, once we land.

安德烈斯，謝謝你的提問。因此，正如我們歷史上所報導的那樣，IM-2 和 IM-3 任務都是虧損項目或接近收支平衡。因此，當我們處理剩下的工作時，即那些合約之外的操作，我們不會有任何利潤。OMES 綜合利潤率在 5% 範圍內運作。再說一次，我們預計IM-2 或IM-3 合約未來不會出現任何損失，但一旦我們落地，我們可能會因最終成功費用、成功的里程碑費用而遇到一些障礙，就像我們在IM-1中那樣。

Got it. That's super helpful. Appreciate that. And maybe just a quick follow-up. As it pertains to the Lunar Terrain Vehicle contract, can you just remind us what are maybe the next catalysts there in -- is that program, is the expectation that it's going to get narrowed from the three companies that have bid to either one or two? Just trying to understand how you might see that one playing out? Thank you.

知道了。這非常有幫助。感謝。也許只是快速跟進。由於它涉及月球地形車輛合同，您能否提醒我們下一個催化劑可能是什麼 - 是該計劃，是預期它將從投標的三家公司縮小到一兩家公司？只是想了解一下您會如何看待這個結果？謝謝。

Yes, we have a period of about a year, 12 month period, 10 to 12 month period to do the preliminary design of the delivery system and the LTV, as I stated. There's three companies that are doing that over the next year. Roughly on the order of a $30 million task order we expect later this month, issued by NASA to kick that off. But then what will happen is there will be a demonstration portion to actually take -- fully develop the design, build it, and deliver it to the moon as a demonstration. NASA's indicated that that could be multiple awards. Right now they're thinking possibly one, maybe two, out of the three companies would go forward with that demonstration.

是的，正如我所說，我們有大約一年、12個月、10到12個月的時間來進行交付系統和LTV的初步設計。明年將有三家公司這樣做。我們預計 NASA 將在本月稍後發布一項價值約 3000 萬美元的任務訂單來啟動這項任務。但隨後將發生的事情是，將會有一個實際的演示部分——全面開發設計、建造它，並將其交付到月球作為演示。美國宇航局表示，這可能是多個獎項。現在他們正在考慮這三家公司中可能有一家，也許兩家會繼續進行這項演示。

However, let me point out that that's a $4.6 billion contract over 15 years, and it's written so broadly that there are a number of services that can be purchased under that multi-award IDIQ contract. And those services could include things like data sales or communications that go with and complement the LTV itself and the demonstration. So the bigger task order, though, is that one that's issued mid 2025 next year and we compete for with the -- for the demonstration.

不過，我要指出的是，這是一份為期 15 年、價值 46 億美元的合同，而且內容非常廣泛，可以根據這份多獎項 IDIQ 合同購買許多服務。這些服務可能包括資料銷售或通訊等內容，與 LTV 本身和演示相配合併對其進行補充。因此，更大的任務訂單是明年 2025 年中期發布的任務訂單，我們將與 - 進行演示競爭。

Got it. Thanks, Steve. That's very helpful and very exciting. Congrats again on the quarter. I'll pass it on. Thank you.

知道了。謝謝，史蒂夫。這非常有幫助並且非常令人興奮。再次恭喜本季。我會把它傳遞下去。謝謝。

Thank you. Next question comes from the line of Griffin Boss with B. Riley Securities. Please go ahead.

謝謝。下一個問題來自 B. Riley Securities 的 Griffin Boss。請繼續。

Hi, good morning and thanks for taking my questions. I'll start on LTV. Can you talk more broadly about what what NASA potentially will require from the LTV in terms of capacity, or how much time NASA expects to utilize these LTVs? And then in turn, the possible leftover availability to leverage for commercial use cases? And then related to that, if you've received any initial interest already from potential commercial customers looking to use any excess capacity for the LTV?

你好，早安，感謝您回答我的問題。我將從 LTV 開始。您能否更廣泛地談談 NASA 對 LTV 的潛在需求，或者 NASA 預計使用這些 LTV 的時間？那麼反過來，可能剩餘的可用性可用於商業用例嗎？與此相關的是，您是否已收到潛在商業客戶的任何初步興趣，希望利用任何過剩產能來實現 LTV？

Yes, NASA plans to use the mission for both autonomous science and discovery, where they fly in science payloads to use the LTV mobility capability to gather necessary science, as well as use it for astronauts when they're there present on the surface, moving around cargo and logistics and collecting geological samples and things like that. So there is a plan. I think the overarching plan ranges from about six to seven months a year of NASA use and five to six months of commercial use, which is quite exciting that in this case, Intuitive Machines would own the infrastructure and be able to operate the infrastructure while NASA is not there. That's quite unique in terms of the contract and the service that we provide.

是的，NASA 計劃將該任務用於自主科學和發現，他們在科學有效載荷中飛行，利用 LTV 移動能力來收集必要的科學數據，並在宇航員在地面上移動時使用它圍繞貨物和物流以及收集地質樣本等。所以有一個計劃。我認為總體計劃的範圍是每年大約六到七個月的NASA 使用和五到六個月的商業使用，這是非常令人興奮的，在這種情況下，Intuitive Machines 將擁有基礎設施並能夠在NASA 運作時營運基礎設施不在這裡。就合約和我們提供的服務而言，這是非常獨特的。

We have had interest for individuals or companies that want to do excavating and mining and harvesting of materials on the surface and caching those materials for later return to earth. So that's quite interesting. And there was a number of -- in our commercialization plan that we submitted to NASA, there were a number of letters of interest from companies. I think we had on the order of 10 companies interested in using the LTV, should we be awarded the contract. So quite a bit of interest, and I think as we move forward and it gets more attention, that interest will only grow.

我們對想要在地表進行挖掘、採礦和收穫材料並緩存這些材料以便稍後返回地球的個人或公司感興趣。所以這很有趣。在我們向 NASA 提交的商業化計劃中，有許多來自公司的意向書。我認為如果我們獲得合約的話，大約有 10 家公司有興趣使用 LTV。所以相當多的興趣，我認為隨著我們的前進並且它得到更多的關注，這種興趣只會增長。

Got it. Great. Thanks for the color there, Steve. And then more broadly, there's a lot of talk about SpaceX's Starship for various reasons, obviously. But I'd be curious to hear your thoughts on what a successful operational Starship could mean for the future of lunar transport in general, and maybe for Intuitive specifically?

知道了。偉大的。謝謝你的顏色，史蒂夫。更廣泛地說，顯然出於各種原因，人們對 SpaceX 的星際飛船有很多討論。但我很想聽聽您對一艘成功運行的星艦對整個月球運輸的未來意味著什麼的看法，也許對直覺來說具體意味著什麼？

Yes. As I mentioned in a previous question, I think what's of strategic importance to the United States is the heavy lift capability and whether that heavy lift comes in the version of the space launch system or the Starship, it will be a critical component to sustain human presence on the moon. What's nice, though, is that Intuitive Machines is complementary to Starship, and Starship, while it has a very heavy cargo and a way to aggregate multiple mission elements on a single mission to the moon, we'll have regular cargo deliveries of smaller sizes to the moon and at various locations around the moon. That will keep the cadence of missions up, and will be enough to really feed a community of smaller delivery service companies that will be putting cargo and critical systems and satellites around the moon and on the moon.

是的。正如我在上一個問題中提到的，我認為對美國具有戰略重要性的是重型運載能力，無論這種重型運載能力是太空發射系統還是星艦版本，它都將是維持人類生存的關鍵組成部分。不過，很好的是，直覺機器是星際飛船的補充，星際飛船雖然有非常重的貨物，並且可以在一次登月任務中聚合多個任務元素，但我們將定期運送較小尺寸的貨物到月球以及月球周圍的各個位置。這將保持任務的節奏，並且足以真正養活一個由小型送貨服務公司組成的社區，這些公司將在月球周圍和月球上運送貨物、關鍵系統和衛星。

Okay. Excellent. And then just if I could sneak one more in there, without putting words in your mouth, Steve, you talked about the first potential fully commercial mission after IM-3. You said you were aggregating payloads. Would it be right to assume then that you are seeing enough demand today to fulfill a fully commercial mission, or are you expecting to get whatever incremental demand that would warrant a fully commercial mission within the next two years?

好的。出色的。然後，如果我能再偷偷進去一次，史蒂夫，你談到了繼 IM-3 之後第一個潛在的完全商業任務。你說你正在聚合有效負載。那麼，是否可以假設您今天看到了足夠的需求來完成完全商業化的任務，或者您是否期望在未來兩年內獲得足以保證完全商業化任務的任何增量需求？

We have signed contracts with multiple payloads that we've been aggregating and holding for this commercial mission and as those come in and as we negotiate those contracts, we get to a point where we have enough to declare a mission, and those negotiations are signed contracts and negotiations underway that give us the opportunity to declare a commercial mission today. We expect more coming in over the next few years, and this gap between the last competed CLPS mission and CP-22, which is the next one, is that few-year gap that we want to fill so that we maintain this cadence of missions going to the moon. So we see a lot of commercial interest and international interest in terms of signed contracts to fly to the moon, and we see that growing continually over the next couple of years.

我們已經簽署了包含多個有效載荷的合同，我們一直在為這個商業任務匯總和持有這些有效載荷，隨著這些合同的到來，當我們談判這些合同時，我們已經有足夠的能力來宣布一項任務，而這些談判已經簽署正在進行的合約和談判使我們有機會宣布今天的商業使命。我們預計未來幾年會有更多的任務出現，上一次完成的 CLPS 任務和下一個任務 CP-22 之間的差距就是我們想要填補的幾年差距，以便我們保持這種任務節奏去月球。因此，我們在簽署飛往月球的合約方面看到了很多商業利益和國際利益，並且我們看到這種利益在未來幾年中不斷增長。

Excellent. Great. I appreciate you taking my questions. Thanks, everyone.

出色的。偉大的。感謝您回答我的問題。感謝大家。

Thank you. Next question comes from the line of Austin Moeller with Canaccord Genuity. Please go ahead.

謝謝。下一個問題來自 Austin Moeller 和 Canaccord Genuity 的團隊。請繼續。

Hi, good morning. Nice quarter. Just my first question here, are all the ESPA ring slots on IM-2 and IM-3 currently occupied? And if not, are you still seeking payloads to put on there before [integration]?

早安.不錯的季度。我的第一個問題是，IM-2 和 IM-3 上的所有 ESPA 環槽目前都被佔用嗎？如果沒有，您是否仍在尋找先前放置的有效負載[一體化]？

So all the slots -- good question, Austin. Good to hear from you. All of the slots on IM-2 are filled, and we're at max capacity and sold out. We still have some availability on an ESPA ring slot on IM-3 that we're talking with potential payload customers to fill that slot prior to that mission.

所有的插槽——問得好，奧斯汀。很高興聽到你的消息。IM-2 上的所有插槽均已滿，並已達到最大容量並已售罄。我們在 IM-3 上的 ESPA 環槽上仍然有一些可用性，我們正在與潛在的有效負載客戶討論，以在該任務之前填充該槽。

Great. And just a follow-up. What's currently the status of the first comm relay satellite that was supposed to be riding aboard IM-2? How should we be thinking about that?

偉大的。只是後續行動。IM-2 上的第一顆通訊中繼衛星目前狀況如何？我們該如何思考這個問題？

So what we've done is we've combined -- we went back and looked at that in anticipation of an NSNS award, which I mentioned should be coming out in the second quarter. More hopefully we're awarded that mission. We've built out a much better capability on [COM2] or our second communications satellite and found that the first satellite wasn't compliant with the requirements that NASA -- that we anticipate coming out of NASA. So we built a better or are building a better bus and comm relay on COM2, our second satellite, and we'll fly that on IM-3.

所以我們所做的就是我們結合起來——我們回過頭來研究這個問題，以期獲得 NSNS 獎項，我提到該獎項應該在第二季度頒發。更希望我們能夠完成這項使命。我們在 [COM2] 或我們的第二顆通訊衛星上建立了更好的功能，並發現第一顆衛星不符合 NASA 的要求——我們預計 NASA 會提出這樣的要求。因此，我們在我們的第二顆衛星 COM2 上建造了一個更好的或正在建造一個更好的總線和通訊中繼站，我們將在 IM-3 上運行它。

Excellent. Thanks for the details.

出色的。感謝您提供詳細資訊。

Thank you. Next question comes from the line of Edison Yu with Deutsche Bank. Please go ahead.

謝謝。下一個問題來自德意志銀行的Edison Yu。請繼續。

Hey, good morning. Thank you for taking our questions. What on the geopolitical angle -- how do you think this aspect is sort of playing out, especially with the DoD's view on the cislunar economy at the moment?

嗨，早安。感謝您接受我們的提問。從地緣政治角度來看，您認為這方面的進展如何，特別是考慮到國防部目前對地月經濟的看法？

I missed the last part, Edison. You tailed off there. The DoD's interest in this space race? Was that your comment?

我錯過了最後一部分，愛迪生。你在那裡尾隨而去。國防部對這場太空競賽有興趣嗎？這是你的評論嗎？

The cislunar economy.

地月經濟。

Oh, okay. Yes. Well, I think there's some -- as stated by a number of the DoD leadership, that there's a lot of interest in what's going on in geo and ex-geo and that maintains their focus and priority at this point. And I think as the traffic model increases in and around the moon, that will then gain some priority, but they're going to need to see more than one or two missions to the moon a year before they'll be able to reallocate budgets towards cislunar economy. So we're seeing the Space Force appetite for cislunar capabilities slowly growing over the next couple of years. And then, like I said, as the traffic model increases, that appetite for additional information in space traffic management and space domain awareness will increase.

哦好的。是的。嗯，我認為，正如一些國防部領導層所說，人們對地理和前地理方面正在發生的事情很感興趣，並且在這一點上保持了他們的重點和優先事項。我認為，隨著月球內部和周圍交通模型的增加，這將獲得一些優先權，但他們將需要每年看到不只一兩次登月任務，然後才能重新分配預算走向地月經濟。因此，我們看到太空部隊對地月能力的需求在未來幾年內緩慢增長。然後，正如我所說，隨著交通模型的增加，對空間交通管理和空間域意識中附加資訊的需求將會增加。

Understood. And just kind of one longer term and broader question on LTV. How do you think this sort of fits into the company's overall vision and strategy when we couple that with the upcoming NSNS and CP-22 awards?

明白了。這只是關於生命週期價值的一個更長期、更廣泛的問題。當我們將其與即將到來的 NSNS 和 CP-22 獎項結合時，您認為這如何符合公司的整體願景和策略？

So I think with respect to LTV, it's part of the strategy to -- if I think about it, delivery, to be able to take things to the surface, to be able to communicate essentially command and control communications around the moon is of critical interest, including navigation, and then, the ability to do extreme mobility and LTV gives you that. And because we can then move around the surface, we can begin to build infrastructure that supports sustained human presence on the moon. And so our company is -- built an ecosystem of capability in and around the moon and in terms of delivery, command and control, communications, and extreme mobility and that's how that all fits together. And we're anxiously awaiting, like I said, that last chess piece in the NSNS contracts to be able to deploy our data relay satellites and provide that service back to the government for communications around the moon.

因此，我認為就 LTV 而言，這是戰略的一部分——如果我考慮一下的話，交付、能夠將東西帶到地面、能夠在月球周圍進行本質上的指揮和控制通信是至關重要的。 ，包括導航，然後是進行極端移動的能力，而LTV 可以為您提供這一點。因為我們可以在月球表面移動，所以我們可以開始建造支持人類在月球上持續存在的基礎設施。因此，我們公司在月球及其周圍建立了一個能力生態系統，涵蓋交付、指揮和控制、通訊和極端機動性，這就是所有這些結合在一起的方式。正如我所說，我們正在焦急地等待 NSNS 合約中的最後一顆棋子，以便能夠部署我們的資料中繼衛星並向政府提供繞月通訊服務。

Great. Thank you.

偉大的。謝謝。

Thank you. There are no further questions. I would like to hand the floor back to Intuitive Machines CEO, Steve Altemus, for closing remarks.

謝謝。沒有其他問題了。我想請 Intuitive Machines 執行長 Steve Altemus 致閉幕詞。

Well, thank you, everybody, for attending and joining us today on the call. As you heard, we've got a historic first quarter, both operationally and financially, and we expect to build on that momentum throughout the year. I look forward to talking to you in the future.

好的，謝謝大家參加今天的電話會議。正如您所聽到的，我們在營運和財務方面都取得了歷史性的第一季度，我們預計全年將繼續保持這一勢頭。我期待著將來與您交談。

Thank you.

謝謝。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。