Intuitive Machines Inc (LUNR) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Machines second-quarter 2024 conference call. (Operator instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to Stephen Zhang, Head of Investor Relations. Go ahead.

女士們、先生們，感謝你們的耐心等待，歡迎參加 Intuitive Machines 2024 年第二季電話會議。（操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給投資人關係主管史蒂芬·張。前進。

Good morning, and welcome to the Intuitive Machines second-quarter 2024 earnings call, Chief Executive Officer, Steve Altemus; and Interim Chief Financial Officer and Controller. Steve Vontour are leading the call today.

早安，歡迎參加 Intuitive Machines 2024 第二季財報電話會議，執行長 Steve Altemus；臨時財務長兼財務總監。史蒂夫馮圖爾 (Steve Vontour) 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 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.

在我們開始之前，請注意，今天的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陳述中所示的結果有重大差異。

These factors are described under forward-looking statements in the company's earnings press release and the Company's most recent 10-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 regulation. Reconciliations for the company's GAAP measures are included in the earnings release filed on Form 8-K.

這些因素在公司收益新聞稿和公司最近向 SEC 提交的 10-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 措施的調節包含在 8-K 表格上提交的收益發布中。

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

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。現在我將把電話轉給史蒂夫·阿爾特穆斯。

Thanks, Stephen, and welcome to everyone joining us this morning. The landmark accomplishments achieved up to and during the second quarter were significant milestones that we believe extend our competitive advantage in providing delivery services, data, transmission services and autonomous operations for living and working in space. I refer to them as the three pillars of space commercialization company's ability to advance these three services addresses nearly every commercial vision and space, whether that's at the moon living on Mars mining, asteroid or people just living and operating in space.

謝謝史蒂芬，歡迎大家今天早上加入我們。截至第二季和第二季期間所取得的里程碑式成就是重要的里程碑，我們相信這些成就擴大了我們在為太空生活和工作提供交付服務、資料、傳輸服務和自主操作方面的競爭優勢。我將它們稱為太空商業化的三大支柱，公司推進這三項服務的能力幾乎解決了所有商業願景和空間，無論是在月球、火星、小行星上採礦，還是在太空中生活和工作的人們。

It all requires a means to get their sensor data and operate autonomously, and that is intuitive machines trajectory. Revenue for the first half of the year was $114.5 million and more than all of 2023 revenue this quarter was $41.4 million, more than double the same quarter last year. We are advancing into the year's second half with zero debt on our balance sheet and sufficient cash to fund expected operations for the next 12 months into two machines booked nearly $70 million of new backlog so far this year with several sizable opportunities still on the horizon.

這一切都需要一種方法來獲取感測器資料並自主操作，這就是直覺的機器軌跡。上半年營收為 1.145 億美元，本季 2023 年全年營收為 4,140 萬美元，是去年同季的兩倍多。進入今年下半年，我們的資產負債表上的債務為零，並且有足夠的現金來為未來12 個月的預期運營提供資金，這兩台機器今年迄今已預訂了近7000 萬美元的新積壓訂單，並且仍有一些相當大的機會。

This successful execution is underpinned by Senate appropriations, marking up $174.5 million for the O sand project in 2025, which we believe stabilizes the company's own three contract revenue base and gives us confidence in raising the low end of the full year 2024 revenue outlook from $200 million $210 million, resulting in a new range of $210 million to $240 million. This equates to 2.6times to 3 times prior year sales.

這項成功的執行得到了參議院撥款的支持，為2025 年O 砂項目增加了1.745 億美元，我們認為這穩定了公司自己的三份合約收入基礎，並使我們有信心將2024 年全年收入前景的下限從200 美元上調百萬美元 2.1 億美元，從而形成 2.1 億美元至 2.4 億美元的新範圍。這相當於去年銷售額的 2.6 倍至 3 倍。

For our second mission, we're making considerable progress with the assembly integration and testing of our Lander, including successful flight engine qualification in July, in partnership with NASA and two machines finalize the landing site for our next mission. We believe our expertise in reconnaissance and site selection is world-class. And with that, we have the ability to identify landing areas potentially holding valuable resources collectively as part of our continued growth cycle, successful flight engine qualification and landing site selection are foundational capabilities that allow us to evolve our systems as we move towards fielding heavy cargo class lenders to support delivery and Lunar prospecting activities.

對於我們的第二次任務，我們在著陸器的組裝集成和測試方面取得了相當大的進展，包括與NASA 合作，在7 月份成功獲得了飛行發動機資格，並且兩台機器確定了我們下一次任務的著陸地點。我們相信我們在勘察和選址方面的專業知識是世界一流的。這樣，我們就有能力識別可能擁有寶貴資源的著陸區域，作為我們持續增長週期的一部分，成功的飛行發動機資格和著陸地點選擇是基礎能力，使我們能夠在部署重型貨物時不斷發展我們的系統類貸款人支持交付和月球勘探活動。

This complements our developing capabilities that are essential for future delivery services, data, transmission services and autonomous operations. Now that we are in our new Houston Spaceport facility, we have capacity to construct multiple spacecraft simultaneously for our third mission. We have designed and manufactured the majority of our flight hardware, receive supplier components and are preparing for assembly and integration as a part of our lunar missions.

這補充了我們對於未來交付服務、數據、傳輸服務和自主營運至關重要的開發能力。現在我們已經在新的休士頓航太港設施中，我們有能力為我們的第三次任務同時建造多個太空船。我們已經設計和製造了大部分飛行硬件，接收供應商組件，並正在準備組裝和集成，作為我們登月任務的一部分。

I want to point out that into the machines, rideshare delivery services are offered to fill excess payload capacity on the launch vehicle, in addition to our lunar lander missions, which improves mission profitability. As of the second quarter, intuitive machines has sold out rideshare capacity on our second mission, we've secured commercial rights there shared delivery services for asteroid mining on our third mission and satellite deployment services on missions beyond our current NASA contract admissions.

我想指出的是，除了我們的月球著陸器任務之外，機器中還提供了共享乘車服務，以填補運載火箭上多餘的有效載荷能力，從而提高了任務的盈利能力。截至第二季度，直覺機器在我們的第二次任務中已經售出了共乘能力，我們已經獲得了商業權利，為我們的第三次任務提供小行星採礦共享交付服務，並為超出我們當前NASA合約許可的任務提供衛星部署服務。

This model of creating and maturing commercial services through initial government contracts is one, we believe is a winning formula now shifting focus to another dimension of our business. We also completed the system requirements review for our LUNAR terrain vehicle services program. This milestone validated that intuitive machines, wheeled vehicle and heavy cargo class lander designs. I am as unique among competitors in the LTV bidding pool as we are the only competing prime contractor with demonstrated experience delivering to transmitting data from and autonomously operating on the surface of the moon recall in February of this year.

我們認為，這種透過初始政府合約創建和成熟商業服務的模式是一種成功的模式，現在將重點轉移到我們業務的另一個層面。我們也完成了月球地形車輛服務計畫的系統要求審查。這個里程碑驗證了直覺的機器、輪式車輛和重型貨物級登陸器的設計。我在 LTV 投標池的競爭對手中是獨一無二的，因為我們是唯一一家在今年 2 月召回的月球表面傳輸數據和在月球表面自主運行方面擁有豐富經驗的競爭主承包商。

And two, the machines delivered both NASA and commercial payloads to the lunar surface, providing data services and autonomously operated for 167 hours on the lunar surface through the IM. one mission. We continue to develop these services through contracts that support both commercial and GOVERNMENT endeavors in space with respect to our current service capabilities and planned growth in response to NASA canceling Viper, citing budgetary concerns and delays in 2D machines submitted a letter to NASA expressing interest in commercializing the NASA Viper Rover system.

第二，這些機器將 NASA 和商業有效載荷運送到月球表面，提供數據服務，並透過 IM 在月球表面自主運行 167 小時。一項使命。我們繼續透過合約來開發這些服務，這些合約支持商業和政府在太空方面的努力，包括我們當前的服務能力和計劃增長，以響應NASA 取消Viper 計劃，理由是預算問題和2D 機器的延誤向NASA 提交了一封信，表達了對將 NASA Viper Rover 系統商業化。

The improved economics of our heavy cargo class Lander, coupled with our demonstrated capabilities, enables intuitive machines, the unique opportunity to offer to fly Viper. That's a commercial mission. Viper is designed to autonomously, identify and transmit data in search of key resources on the moon South Pole. We recognize the valuable data Viper could provide to the science community and its importance to U.S. space exploration.

我們的重型貨運級著陸器的經濟性得到改善，加上我們展示的能力，使直覺的機器成為可能，為駕駛 Viper 提供了獨特的機會。這是一個商業使命。Viper 旨在自主識別和傳輸數據，以尋找月球南極的關鍵資源。我們認識到 Viper 可以為科學界提供的寶貴數據及其對美國太空探索的重要性。

The significance of Viper is underscored by China's continued advancements in lunar exploration published this past month, Chinese scientists analyze soil samples from its 2020 sample return mission and discovered water in its molecular form. For the first time in June, the nation autonomously returned the first ever material samples from the far side of the moon, a capability that requires LUNAR orbiting data relay satellite.

上個月發布的《中國在月球探測方面的持續進展》凸顯了「蝰蛇」的重要性，中國科學家分析了 2020 年樣本返回任務的土壤樣本，並發現了分子形式的水。今年六月，該國首次自主地從月球背面返回了第一批材料樣本，這項能力需要月球軌道數據中繼衛星的支持。

These advancements are part of China's larger push to become the dominant space power and 2D machines believes this is positively impacting policy decisions in Washington that supports stable funding and commercial opportunities for Intuit eMachines services. Data transmission is a critical element of NASA's Artemis program similar to the satellites that supported China's far side sample return mission, the near Space Network Services contract is the keystone for enabling comprehensive data services for navigation, prospecting and communications around the moon.

這些進步是中國為成為主導太空強國所做的更大努力的一部分，2D Machines 相信這對華盛頓的政策決策產生積極影響，支持 Intuit eMachines 服務的穩定資金和商業機會。資料傳輸是美國太空總署阿爾忒彌斯計畫的關鍵要素，類似於支援中國遠地樣本返回任務的衛星，近地太空網路服務合約是實現繞月導航、勘探和通訊綜合數據服務的基石。

The award for the NSNS. contract is imminent, and we believe intuitive machines is uniquely positioned to win and deliver orbiting LUNAR data satellites in support of autonomously operated infrastructure on and around the moon. Intuitive machines remains laser focused on establishing itself as a pioneering space exploration company with the addition of NSNS. into the machines will be positioned to offer the three key services that enable a robust LUNAR economy. Leveraging contracted revenue. We continue to develop and demonstrate capabilities that allow for a higher level of delivery services, data, transmission services and autonomous operations.

NSNS 的獎項。合約即將簽訂，我們相信直覺的機器具有獨特的優勢，可以贏得並交付軌道月球數據衛星，以支持月球及其周圍自主運行的基礎設施。隨著 NSNS 的加入，Intuitive Machines 仍然專注於將自己打造成一家先鋒太空探索公司。這些機器將被定位為提供三項關鍵服務，以實現強勁的月球經濟。利用合約收入。我們持續開發和展示能夠實現更高水準的交付服務、資料、傳輸服務和自主營運的能力。

Consistent with our business thesis, we continue to execute on these three pillars of space services. It's exciting to see the Luna economy unfolding at such a rapid pace. We are in a strong financial position with demonstrated technologies and capabilities that we believe underscore our competitive advantage.

根據我們的商業理念，我們將繼續執行太空服務的這三大支柱。看到 Luna 經濟以如此快的速度發展令人興奮。我們的財務狀況強勁，擁有成熟的技術和能力，我們相信這些技術和能力凸顯了我們的競爭優勢。

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

接下來，我會將電話轉給 Intuitive Machines 的臨時財務長。史蒂夫·馮圖爾。

Thank you, Steve, and thanks to everyone joining us today. We had another strong quarter financially with Q2 revenues up 130% over the same quarter of the prior year. And coupled with our solid backlog, improves our cash outlook and gives us the confidence to raise the low end of our full year revenue guidance more on that in a moment.

謝謝你，史蒂夫，也謝謝今天加入我們的所有人。我們的季度財務狀況再次強勁，第二季營收比去年同期成長 130%。再加上我們堅實的積壓，改善了我們的現金前景，並使我們有信心立即提高全年收入指引的下限。

Revenue in the quarter expanded to $41.4 million compared to $18 million in the second quarter of 2023, driven primarily by the owns LTBS. and Jetson low power nuclear satellite projects. $41.4 million in revenue for the quarter also includes the impact of changes in estimates associated with IM. two and IM. three, NASA Eclipse contract modifications to increased contract price.

本季營收擴大至 4,140 萬美元，而 2023 年第二季營收為 1,800 萬美元，這主要是由自有 LTBS 推動的。和 Jetson 低功率核衛星專案。該季度 4,140 萬美元的收入還包括與 IM 相關的預估變動的影響。二、即時通訊。三、NASA Eclipse合約修改，增加了合約價格。

These mods were under negotiation in Q1 during the second quarter, we will finalize contract revenue and cost estimates to align with these modifications result, which resulted in lower to progress towards completion.

這些模組在第二季第一季正在進行談判，我們將最終確定合約收入和成本估算，以與這些修改結果保持一致，這導致完成進度較低。

However, the modifications reduced schedule uncertainty going forward on our next two missions, giving us better insight into the lending site location on mission two and NASA payload delivery times for Mission three in the long run, we believe these contract modifications allow us to continue to expand our operational LUNAR program as well as enhance our capabilities to meet new emission requirements in the future.

然而，這些修改減少了我們接下來兩項任務的時間表不確定性，使我們能夠更好地了解第二項任務的借出地點位置和第三項任務的NASA 有效載荷交付時間，從長遠來看，我們相信這些合約修改使我們能夠繼續擴大我們的月球計劃營運範圍，並增強我們滿足未來新排放要求的能力。

Operating loss for the quarter was $28.2 million versus $13.2 million in the second quarter of 2023. The higher operating loss in the quarter was driven primarily by the completion of the IM. one mission earlier this year. The noncash impacts of the previously mentioned contract modifications as well as $3.7 million in higher SG&A due to increases in public company costs, employee compensation benefits, stock-based compensation and rent on our new corporate headquarters.

本季營運虧損為 2,820 萬美元，而 2023 年第二季營運虧損為 1,320 萬美元。本季營業虧損增加主要是由於 IM 的完成。今年早些時候的一次任務。上述合約修改的非現金影響以及由於上市公司成本、員工薪酬福利、股票薪酬和新公司總部租金增加而導致的 SG&A 增加 370 萬美元。

Our cash balance remained strong at $31.6 million in the quarter. We paid off $21.5 million of launch provider payments for our three NASA Eclipse missions and retired $5 million of our outstanding debt. These payments in Q2 helped derisk the company's cash position going forward as only the final launch payments for each mission remain at approximately $3 million each.

本季我們的現金餘額依然強勁，達到 3,160 萬美元。我們為 NASA 的三個 Eclipse 任務支付了 2,150 萬美元的發射提供者付款，並償還了 500 萬美元的未償債務。第二季的這些付款有助於消除公司未來現金狀況的風險，因為每次任務的最終發射付款仍保持在約 300 萬美元。

In early July, we paid off the outstanding $3 million balance on our credit mobilization loan. And we are now debt-free with these large provider payments behind us, coupled with no debt on our balance sheet and the fact that we expect no further significant cash outflows for the Company. We believe our cash position is sufficient to fund current expected operations for the next 12 months. This 12 month outlook does not include the impact of any new contract wins.

7 月初，我們還清了信貸動員貸款中 300 萬美元的未償餘額。現在，我們已經擺脫了這些巨額供應商付款，而且我們的資產負債表上沒有債務，我們預計公司不會再出現大量現金流出。我們相信我們的現金狀況足以為未來 12 個月的當前預期營運提供資金。此 12 個月展望不包括任何新合約贏得的影響。

Final mission success milestone payments on item two for opportunistic capital raises any of which could further strengthen our cash position for added color. We ended July with a $32.3 million cash balance. Operating cash used was $31.3 million in the quarter with CapEx of $2.2 million, resulting in free cash flow in the quarter of an outflow of $33.5 million.

最終任務成功里程碑付款第二項用於機會主義資本籌集，其中任何一項都可以進一步增強我們的現金狀況，增添色彩。截至 7 月份，我們的現金餘額為 3,230 萬美元。本季使用的營運現金為 3,130 萬美元，資本支出為 220 萬美元，導致本季自由現金流流出 3,350 萬美元。

As mentioned earlier, this outflow was predominantly driven by $21.5 million of launch provider payments for our three lunar missions going forward. We expect higher inflows in the second half of the year, driven by our strong visibility into the timing of collection for contracted milestone payments we ended the second quarter with a contracted backlog of $213 million, an expected decline of $9.4 million as we executed on homes and other contracts partially offset by new awards such as the $29 million for phase one of the LTBS. project and contract price increases on our remaining asset flips contracts as I discussed earlier, we expect to grow backlog through the remainder of the year, driven by key program awards, including the next homes three cash quarters, coupled with the new award decisions on NSNS. and CP22.

如前所述，這筆資金外流主要是由發射提供者為我們未來的三個登月任務支付的 2,150 萬美元費用所推動的。我們預計下半年資金流入將會增加，因為我們對合約里程碑付款的收取時間有很強的了解，我們在第二季末的合約積壓金額為 2.13 億美元，預計在房屋執行時將減少 940 萬美元其他合約被新合約部分抵消，例如LTBS 第一階段的2900 萬美元。正如我之前討論的那樣，我們剩餘資產翻轉合約的項目和合約價格上漲，我們預計在今年剩餘時間裡積壓的訂單將會增加，這主要是受到關鍵計劃獎勵（包括下一個住房三個現金季度）的推動，再加上NSNS 的新獎勵決定。和CP22。

Moving on to our outlook for the year. As Steve said, we had a great first half of the year with $114.5 million in revenues, which already exceeds revenue for all of 2023. Given our confidence and visibility into the remainder of 2024, we are raising the low end of our full year revenue guidance from $200 to $210 million, resulting in a new range of $210 to $240 million for the year.

繼續我們對今年的展望。正如 Steve 所說，我們上半年的收入非常出色，收入達到 1.145 億美元，這已經超過了 2023 年全年的收入。鑑於我們對 2024 年剩餘時間的信心和可見度，我們將全年收入指引的下限從 200 美元提高到 2.1 億美元，從而將今年的收入範圍調整為 210 美元至 2.4 億美元。

Overall, this was another strong quarter for Intuitive machines. We look forward to the pending award decisions in the coming weeks that will continue to drive accelerated growth and solidify our long-term business plan.

總體而言，這是 Intuitive 機器的另一個強勁季度。我們期待未來幾週即將做出的獎勵決定，這將繼續推動加速成長並鞏固我們的長期業務計劃。

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

接線員，現在我們準備好提問了。

(Operator instructions) Sujeeva De Silva, Roth Capital.

（操作員說明）Sujeeva De Silva，Roth Capital。

Good morning, Steve and Steve. Congrats on the progress here. Steve ultimately wanted to start with the lunar Rover program and NASA Viper, understanding the and the that NASA is going to respond to you for your submission and what's the scheduled timing of that response? And what are the implications of Viper is unable to continue in terms of both as you move forward with the critical information we're going to gather.

早上好，史蒂夫和史蒂夫。恭喜這裡的進展。史蒂夫最終想從月球漫遊者計畫和 NASA Viper 開始，了解 NASA 將回覆您提交的內容以及回覆的預定時間是什麼？當您繼續處理我們將要收集的關鍵資訊時，Viper 無法繼續下去會產生什麼影響。

Yes, good morning, Suji. Thanks for the question. Viper is a very interesting story referencing a budget challenges on NASA side. They canceled the Viper Rover program, but asked if there was any interested parties commercially or internationally. And so intuitive machines like I said, has the capability to fly about 1,500 kilograms of payload to the surface on our heavy cargo class lander called nobody wafer. As we know it is about 500 kilograms.

是的，早上好，蘇吉。謝謝你的提問。Viper 是一個非常有趣的故事，涉及 NASA 方面的預算挑戰。他們取消了毒蛇漫遊者計劃，但詢問是否有任何商業或國際方面感興趣的團體。正如我所說，如此直觀的機器能夠在我們的重型貨運級著陸器上將約 1,500 公斤的有效載荷飛到地面，稱為無人晶圓。據我們所知，它的重量約為500公斤。

That gives us about 1,000 kilograms of extra payload space on Nova D to improve the economics. If we can monetize that 1,000 kilograms, that will offset any costs for actually flying the mission commercially propose that to NASA in partnership with the other commercial companies, international partners and and universities. We put that coalition together in response to NASA via an RFI which came out on Friday, and we expect to submit that here in the month with that solution.

這為 Nova D 提供了大約 1,000 公斤的額外有效載荷空間，以提高經濟性。如果我們能夠將這 1,000 公斤貨幣化，這將抵消實際商業飛行任務的任何成本，建議 NASA 與其他商業公司、國際合作夥伴和大學合作。我們透過週五發布的 RFI 來回應 NASA，組成了這個聯盟，我們預計將在本月提交該解決方案。

And Vito, our position there is that Viper's science is important to the lunar scientists and the future of the Artemis program. And it's very important in terms of prospecting for volatile and trained one rice in the soil.

維托，我們的立場是，毒蛇的科學對於月球科學家和阿耳忒彌斯計畫的未來很重要。這對於尋找土壤中揮發性、培養性好的水稻具有非常重要的意義。

Our mission to does some prospecting, but really engineering demonstration. Viper is a highly sophisticated scientific instrument. We think that the data that collects is precursor data for Artemis to help astronauts understand how to live and work on the surface of the moon. So we think that science is very important. We think that the LTV. science that will collect based on that Rover comes also but maybe comes too late for influencing the designs of systems that need to be deployed to the surface.

我們的任務是進行一些勘探，但實際上是工程示範。Viper 是一種高度複雜的科學儀器。我們認為收集到的數據是阿耳忒彌斯號的前身數據，可以幫助太空人了解如何在月球表面生活和工作。所以我們認為科學非常重要。我們認為LTV。基於漫遊者收集的科學也會到來，但可能來得太晚了，無法影響需要部署到地面的系統的設計。

Thanks, Steve. And then you know, diversifying from the launch capabilities on the communications. I'm curious what are the next milestones we're building the LUNAR comms network having satellites orbiting or and that can help with future missions, like what are the next milestones or steps to watch for and that important endeavor?

謝謝，史蒂夫。然後你知道，通信發射能力的多樣化。我很好奇我們正在建造的月球通訊網路的下一個里程碑是什麼，該網路有衛星在軌道上運行，或者可以幫助完成未來的任務，例如下一個里程碑或需要關注的步驟是什麼以及這項重要的努力是什麼？

Yes, let's see. We as you know, we've built the Ground network on our first mission. We used about 12 radio astronomy dishes, large aperture dishes on earth further to round out the ground network to communicate direct to her from earth to the moon we have under construction communications, satellite data Relay, satellite for our first instantiation. We're aiming for Mission three to put that satellite on, but we'll see where that ends up.

是的，讓我們看看。如您所知，我們在第一個任務中建立了地面網路。我們使用了大約12 個射電天文天線，地球上的大孔徑天線進一步完善了地面網絡，以便從地球到月球直接與她進行通信，我們正在建設通信、衛星數據中繼、衛星，這是我們的第一個實例。我們的目標是在第三號任務中安裝這顆衛星，但我們會看看最終結果如何。

The major milestone here this year is going to be the near Space Network Services contract into the machines made the competitive range on both the direct to earth. They call it a contract line item and also the data relay contract line item. We expect those awards this month in August and in September for those two contract awards, that is the beginning really to sort of kick us off on the initial operational capability instantiate in that space. And so hopefully we can talk about that next quarter.

今年的主要里程碑將是近太空網路服務合同，該合約使機器在直達地球上具有競爭力。他們將其稱為合約行項目，也稱為資料中繼合約行項目。我們預計這兩個合約將於本月在 8 月和 9 月授予，這實際上是我們在該領域實例化初始營運能力的開始。希望我們可以在下個季度討論這個問題。

Okay, great. And then one quick financial question. You talked about on the cash covering you on for the next several quarters of our facilities cost already in place. Some is the CapEx for the required facilities done or is there more that has to happen in the next 12 months?

好的，太好了。然後是一個快速的財務問題。您談到了我們已經到位的未來幾個季度設施成本的現金。有些是已完成的所需設施的資本支出，還是未來 12 個月內還會發生更多事情？

We've essentially completed the CapEx investment for the facility. As you know, that was the our new Luna production operation center was financed by the city of Houston, and we pay a long-term leaseback arrangement to the city. So our lease costs come out of our working capital or operating income. And the CapEx is essentially the our portion of that is essentially paid off. So we don't expect any large CapEx requirements going forward.

我們基本上已經完成了該設施的資本支出投資。大家知道，那是我們新的Luna生產營運中心是由休士頓市資助的，我們向該市支付了長期回租安排。因此，我們的租賃成本來自我們的營運資金或營業收入。資本支出本質上是我們已經償還的部分。因此，我們預計未來不會出現任何大規模的資本支出需求。

Okay. Thanks again and congrats on that.

好的。再次感謝並恭喜。

Thanks, Sujee.

謝謝，蘇吉。

Griffin Boss, B. Riley Securities.

格里芬‧博斯 (Griffin Boss)，B. 萊利證券 (Riley Securities)。

Hi, good morning. Thank you for taking my questions. So first, I just want to piggyback on the NSNS. conversation. I believe in the last call your expectation for that award and I guess for CB. 22, the Diane formation as well was for earlier this summer. I'm just curious if you have any color or any idea what's causing the delay there?

嗨，早安。感謝您回答我的問題。首先，我只想藉助 NSNS。對話。我相信在最後一次通話中您對這個獎項的期望，我想也是對 CB 的期望。 22日，黛安陣型也是今年夏天早些時候的。我只是好奇你是否有任何顏色或知道是什麼導致了那裡的延遲？

Yes, on both of those contracts, we see that some kind of up and down in terms of trying to predict procurement awards from the government. Sometimes that takes longer than anticipated. We take the best information we get from NASA on their scheduled procurement.

是的，在這兩份合約中，我們在試圖預測政府採購獎勵方面看到了某種程度的上下波動。有時這需要比預期更長的時間。我們採用從 NASA 獲得的有關其預定採購的最佳資訊。

And then we take the updates and communicate them to us. So right now, we're fairly confident we're going to hear both the CP22 award and the NSNS. award outcomes in August here of the second of the NSNS. awards in September, and that's directly from our counterparts inside the government.

然後我們獲取更新並將其傳達給我們。所以現在，我們相當有信心能聽到 CP22 獎和 NSNS 獎。第二屆 NSNS 的獎項結果將於 8 月在此公佈。九月的獎項是直接來自我們政府內部的同行。

Understood. Okay. Thanks, Steve. And then also I wanted to get some clarity on Viper as well. Is there any does intuitive need to invest or would intuitive need to invest anything into Viper to complete that Rover? Or are the costs really what you outlined, which would be basically just transporting the the Rover.

明白了。好的。謝謝，史蒂夫。然後我也想了解一下 Viper 的狀況。是否有直覺需要投資或直覺需要向 Viper 投資任何東西來完成漫遊車？或者成本確實如您所概述的那樣，基本上只是運輸漫遊車。

Well, I think we're still trying to understand and get a handle on how far Nassib goes to and plans to take the Rover? Is it all the way up to delivery? I know they're completing the thermal vacuum testing, which was one area that and they had planned to stop before they did that. But I believe that's moving forward. That's a cost that we won't have to cover.

好吧，我認為我們仍在努力了解並掌握納西布計劃乘坐漫遊車走多遠？是一直到出貨嗎？我知道他們正在完成熱真空測試，這是他們計劃在此之前停止的一個領域。但我相信這正在向前發展。這是我們不必支付的費用。

I think there are some operational costs to actually operate the instruments on the surface where there would be some either contribution by NASA or some our investment needed to be made to pay for that. I don't think that the $84 million budget left to go is actually real in terms of what we would do commercially. That's that's a government number. That's not a commercial number. So it's not that significant in my opinion, but I would want to take T Select members from the from the build team and from the science team and have them join our team to help us OPERATOR on the surface.

我認為在地面上實際操作這些儀器會產生一些營運成本，其中要么是美國宇航局的貢獻，要么是我們需要進行一些投資來支付。我認為剩下的 8400 萬美元預算對於我們的商業用途來說實際上並不真實。那是政府號碼。這不是商業號碼。因此，在我看來，這並不重要，但我想從建立團隊和科學團隊中挑選 T Select 成員，讓他們加入我們的團隊，以幫助我們作為地面操作員。

Got it. Okay. That's super helpful, Steve. And then just last one for me on just trying to get a better sense of in terms of modeling when we could expect on sort of milestone potential milestone payments for ION to the US?

知道了。好的。這非常有幫助，史蒂夫。然後我想談談最後一個問題，就是想更了解建模方面的情況，我們何時可以預期 ION 會向美國支付某種里程碑式的潛在里程碑付款？

The wording in the press release in the Q is little bit different. So in the Q, you say that the launch window was extended to early 2025. So just want to get some clarity, if you have any sense of whether you're expecting that some that iron to launch to be in January '25? Is it is that correct?

Q 新聞稿中的措詞略有不同。所以在 Q 中，您說啟動視窗已延長至 2025 年初。因此，我只是想澄清一下，您是否知道您是否希望在 25 年 1 月推出一些鐵桿？是這樣的嗎？

Oh, I see what you're referring to, what we have to manage to what I found out of the first mission is it's better to manage to our ship date of when we go to the Cape. That's when the lenders essentially completed. That's what we can track to internally and within our control, barring any technical problems, we then have about a 35 day flow at the launch site through the payload processing facility and the launchpad, some of that work on scheduling.

哦，我明白你指的是什麼，我們必須設法解決我在第一次任務中發現的問題，最好設法解決我們前往海角的出發日期。那時貸款人基本上完成了。這就是我們可以在內部和控制範圍內追蹤的內容，除非出現任何技術問題，否則我們將在發射場通過有效載荷處理設施和發射台獲得大約 35 天的流程，其中一些工作涉及調度。

The actual launch time is not within our control. As you recall, there were several highly important missions from from our last attempt that pushed us around this launch manifest several months. And so to the greatest extent, I want to stress that the importance isn't the actual launch day. It's that this timeframe of the year, this season of launching to the South Pole is of the most important and we have that season will be December through the first quarter of January.

實際的啟動時間不在我們的控制範圍內。正如您所記得的，我們上次嘗試中的幾個非常重要的任務使我們在這個發射清單上花費了幾個月的時間。因此，我想在最大程度上強調，重要的不是實際的發布日期。一年中的這個時間段，這個前往南極的季節是最重要的，我們認為這個季節將是 12 月到 1 月第一季。

And so as long as we get off in that region. I'm confident of them. We will have any major delays. And so we're tracking to the rollout date or ship date to the Cape. And then we'll see what happens in terms of that season of launch opportunities.

所以只要我們在那個地區下車。我對他們充滿信心。我們將會有任何重大延誤。因此，我們正在追蹤推出日期或運送到開普敦的日期。然後我們將看看該季度的發布機會會發生什麼。

One, we've already discussed we have not disclosed, but actually the conflicted is the potential for Europa mission, a planetary window. Nasa's Europa mission will take absolute priority on the launch pad. And so we chose to move out of November and focus on the December, January timeframe for our launch attempt.

第一，我們已經討論過但沒有透露，但實際上衝突的是木衛二任務的潛力，即行星窗口。美國太空總署的歐羅巴任務將在發射台上享有絕對優先權。因此，我們選擇從 11 月開始，專注於 12 月、1 月的時間範圍內進行我們的發布嘗試。

Got it. That's really helpful. Thanks. I appreciate it and thanks for taking my questions.

知道了。這真的很有幫助。謝謝。我很感激並感謝您提出我的問題。

Great.

偉大的。

Andreas Sheppard.

安德烈亞斯·謝潑德。

Hi, good morning, everyone. Thanks for taking our questions and congratulations on another great quarter. And Steve, wanted to maybe Hey, guys, wanted to just follow up maybe on the last question there. So can you maybe remind us. I know you touched on it briefly. What are kind of the important milestones for the ION two mission that are needed throughout this year as you get closer to that Q1 '25 launch? And then maybe additionally, how should we now think about the time line for the IBM three mission? Thank you.

嗨，大家早安。感謝您提出我們的問題，並祝賀又一個偉大的季度。史蒂夫，也許想嘿，夥計們，想跟進最後一個問題。你能提醒我們一下嗎？我知道你簡短地提到過它。隨著距離 25 年第一季的發射越來越近，今年 ION 二號任務需要哪些重要的里程碑？另外，我們現在該如何考慮 IBM 三個任務的時間表？謝謝。

As Steve mentioned in his of his comments we had can't have just finalized contract mods with NASA that accounted for a schedule of movement on the IM. two and IM. three mission based on landing site selection for mission to and for some payload delivery dates. Moving to the right on NASA payload delivery dates.

正如史蒂夫在他的評論中提到的，我們不能僅僅與 NASA 敲定合約模組，以說明 IM 上的移動時間表。二、即時通訊。三個任務基於任務的著陸地點選擇和某些有效載荷交付日期。NASA 酬載交付日期向右移動。

Moving to the right. So again, we tried to line those modifications up to the seasons on where we would be able to hit those specific landing sites, our permission to admission three submission to push towards the end of the year and into the end of the first quarter. What we did from a financial standpoint is we plan to book of the of the final milestone payments.

向右移動。因此，我們再次嘗試將這些修改與我們能夠到達這些特定著陸點的季節相一致，我們允許提交三項提交，以推動年底和第一季末。從財務角度來看，我們所做的是計劃預訂最終里程碑付款。

As you know, about 10% of the of that mission to clips contract in the new year and not effect the financials of year end close for for 2024, knowing that there's a lot of variability in outside parties that can affect our date. And so we took a conservative approach there. And so our for our forecast, we don't have that book this year.

如您所知，大約 10% 的剪輯任務會在新的一年中簽訂合同，並且不會影響 2024 年年底的財務狀況，因為我們知道外部各方存在很多變化，可能會影響我們的日期。因此我們採取了保守的做法。因此，根據我們的預測，今年我們沒有那本書。

So I don't expect an impact even if we were to go in January to the financials for 2024 for 2025, again, we're looking at the season and in the modification, NASA did agreed. We're finalizing that today, but did agree in principle on the landing the launch moving launch and landing moving into the October November timeframe. Again, fourth quarter of 2025.

因此，即使我們在 1 月公佈 2024 年和 2025 年的財務數據，我預計也不會產生影響，同樣，我們正在考慮季節和修改，NASA 確實同意了。我們今天正在敲定這一點，但原則上同意將發射轉移到 10 月 11 月的時間範圍內進行著陸。還是 2025 年第四季。

Got it. Super helpful, Steve, appreciate all that color. And maybe just a quick follow-up as it pertains to them to own. I'm wondering if you can maybe give us some color on kind of how that contract is progressing? And specifically what kind of margin and should we expect for for this year? Thank you.

知道了。超級有幫助，史蒂夫，欣賞所有的顏色。也許只是一個快速的後續行動，因為這與他們擁有的東西有關。我想知道您能否向我們介紹一下該合約的進展？具體來說，我們今年的利潤率應該是多少？謝謝。

Well, I'll give you the first part of it, at least on that. And then Steve can talk about the margins we see. But the only contract, as you know, was at the end of last year was in battle. That was a the OCM project itself was up for cancellation review or continuation review. They call it what we got as a new contractor coming in. We got a fresh look at that?

好吧，我會給你第一部分，至少是這一點。然後史蒂夫可以談論我們看到的利潤。但正如你所知，唯一的合約是在去年年底簽訂的。這是一個 OCM 項目本身正在接受取消審查或繼續​​審查。他們稱之為我們作為新承包商進來時所得到的。我們對此有了新的體會嗎？

Oh, Sam project, we were asked to go look at what it would take to ramp that down, but also we got the the opportunity to say how you might save that project, how you might get it back on schedule and back on budget. We did that and we worked with NASA to put a plan together that actually puts it back on schedule for its launch and back on in the budget box that was briefed up the chain to NASA and out.

哦，薩姆項目，我們被要求去看看需要採取什麼措施來減少這個項目，但我們也有機會說明如何挽救該項目，如何使其按時完成並回到預算範圍內。我們做到了這一點，並與 NASA 合作制定了一項計劃，實際上使其重新按計劃進行發射，並重新納入預算框，該預算框已向 NASA 通報了整個鏈條。

There was some language of our authorization language or appropriations language. That said, they wanted to review again, but they've reaffirmed their on their interest in flying the same mission with a line item in the appropriations bill that gave us the necessary funds into 2025 to continue on the path as we've restructured it for success.

我們的授權語言或撥款語言中有一些語言。也就是說，他們想再次審查，但他們重申有興趣執行同一任務，並在撥款法案中添加一個項目，為我們提供到 2025 年必要的資金，以繼續我們重組的道路為了成功。

So that's a very positive sign, and that gives us a sense of what the run out on homes would be for the balance of the year and gave us confident in our red revenue projections. We currently look at the margins there as probably high single digit margins on that type of service contracts.

所以這是一個非常積極的跡象，這讓我們了解今年剩餘時間的房屋用完情況，並使我們對紅色收入預測充滿信心。我們目前認為此類服務合約的利潤率可能很高。

Nothing else further. I think Keith, Steve covered the margin bit there. At the end, we were running fairly hot and during the first half of the year that may tail off just a tad as we get into the second half of the year, but still consistent with our expectations overall for the year.

沒有其他更多的事情了。我認為基斯、史蒂夫覆蓋了那裡的邊距位。最後，我們的運行相當熱，在今年上半年，進入下半年時可能會稍微減弱，但仍然符合我們今年的整體預期。

Wonderful. Super helpful, and congratulations again. Thanks so much. I'll pass it.

精彩的。超級有幫助，再次恭喜。非常感謝。我會通過它。

Thanks, Andreas.

謝謝，安德烈亞斯。

Laura Li, Deutsche Bank.

勞拉李，德意志銀行。

Thank you for taking my question and congrats on the progress. And the question is looking forward to how like a line of sight on any potential DOD work? Or how do you think about like diversifying beyond that in the future?

感謝您提出我的問題並祝賀我的進展。問題是，國防部潛在的視線如何運作？或者您如何看待未來的多元化發展？

Laura, thank you for your question, Tom. That's a great question. We have submitted several proposals through our business development group into the DoD for work. We've recently signed a contract with an organization called C. UPS to do rideshare payloads.

勞拉，謝謝你的提問，湯姆。這是一個很好的問題。我們已透過業務開發小組向國防部提交了幾項提案以供工作。我們最近與一家名為 C. UPS 的組織簽署了一份提供共乘有效負載的合約。

And so we've increased I mentioned in the script that we have gained some rideshare business to take payloads out into exploration class orbits and not necessarily to the surface, but out into a into some orbits of interest for the DoD. So that's pretty exciting. And then we have and also a subcontract with another commercial entity to work on a project with the DoD. We started that one took that to PDR. and we're expecting a next phase of it. So we are gaining traction there in small business, and we expect that business to continue to grow.

因此，我們增加了我在腳本中提到的，我們已經獲得了一些乘車共享業務，將有效載荷送入探索級軌道，不一定送至地面，而是送入國防部感興趣的一些軌道。所以這非常令人興奮。然後我們也與另一個商業實體簽訂了一份分包合同，與國防部合作進行一個專案。我們開始將其帶到 PDR。我們期待著它的下一個階段。因此，我們在小型企業中獲得了吸引力，我們預計該業務將繼續成長。

One added thing, Laura, we're also continuing to execute on the jets at a low power contract that we started late last year. So that's still in full swing and other AFRL. contract?

另外一件事，勞拉，我們還將繼續以去年年底開始的低功率合約執行噴射機。所以這和其他 AFRL 仍在如火如荼地進行中。合約?

Yes, correct. Thanks, Steve. For a reminder, for our own contract for the jets and nuclear satellite that low power. And so we're moving ahead there Okay.

是的，正確。謝謝，史蒂夫。提醒一下，我們自己的噴射機和核子衛星合約的功率很低。所以我們正在繼續前進，好吧。

Thank you for the color. Yes, that's very helpful.

謝謝你的顏色。是的，這非常有幫助。

Andrew Steinhardt, Canaccord Genuity.

安德魯·斯坦哈特，Canaccord Genuity。

Hi there. Thanks for taking the question and congrats on a solid quarter. Just a couple quick questions. First, Tom, what is I mean, you guys been speaking at NASA about essentially moving the Viper over to the nobody mission. Can you provide any color around that?

你好呀。感謝您提出問題，並祝賀本季表現穩定。只是幾個簡單的問題。首先，湯姆，我的意思是，你們在 NASA 一直在談論將 Viper 轉移到無人任務。你能提供周圍的任何顏色嗎？

Yes. So we have been speaking, and that's again, I spoke about putting a coalition together led by intuitive machines of universities, international partners and other companies to put together the services we need in terms of the Nova, the heavy cargo Lander, the launch vehicle, and then the operations piece. We have expressed interest from seven several different countries agencies, space agencies and several companies and several universities.

是的。所以我們一直在談論，我再次談到要組建一個由大學、國際合作夥伴和其他公司的直觀機器領導的聯盟，以整合我們在新星、重型貨運著陸器、運載火箭方面所需的服務，然後是操作部分。我們已經表示了來自七個不同國家的機構、航太機構以及幾家公司和幾所大學的興趣。

So putting that together will respond in our in NASA's request for information in greater detail. We did write a letter and express our interest immediately upon notice of cancellation. We think that science is important for the lunar scientists, and we think it's important to gather that in the I imagine probably the late 2027 timeframe is when we'd aim for that mission. But we'll have to see what all the other constraints are and what the comments are back from NASA and what their expectations are.

因此，將這些資訊放在一起將在我們的 NASA 請求中提供更詳細的資訊。我們確實寫了一封信，並在收到取消通知後立即表達了我們的興趣。我們認為科學對月球科學家來說很重要，而且我們認為重要的是要在 2027 年末的時間範圍內收集到這一點，我想我們的目標可能是在 2027 年末完成該任務。但我們必須看看所有其他限制是什麼以及美國宇航局返回的評論是什麼以及他們的期望是什麼。

I think it's giving the commercial sector an opportunity to pick this Rover up and deliver the science and tried to do that or attempt to do that commercially is a good thing. That rovers nearly 90% complete, probably more than that. And we'd like to see it fly so we'll have more information on that once we finalize the RFI and submit that to the government and get some feedback, we think that feedback will come in the September timeframe.

我認為這給了商業部門一個機會來選擇這款漫遊車並提供科學知識，並嘗試這樣做或嘗試在商業上這樣做是一件好事。該漫遊車已完成近 90%，甚至更多。我們希望看到它飛起來，這樣一旦我們最終確定 RFI 並將其提交給政府並獲得一些反饋，我們就會獲得更多信息，我們認為反饋將在 9 月份的時間內到來。

Got it. That's excellent keeping an eye out for that timeframe in September. And just the quick follow-up balms, I guess, sorry if I missed this. It was already covered, but what are the what are your timing expectations on that contract receipt for planned for or near Space Network Services?

知道了。密切關注 9 月份的時間範圍非常好。我想，只是快速後續的香膏，如果我錯過了，抱歉。它已經涵蓋了，但是您對計劃或臨近空間網路服務的合約收據的時間期望是什麼？

Yes, we received information from NASA official information that the NSS. contract that were awards would occur in the August for the data relay satellite, August timeframe and September for the director earth earth to Moon communications in the September timeframe. So we're waiting for those patiently. And then CP. 22, the next clips award we expect this month in August.

是的，我們從 NASA 官方訊息中收到了 NSS 的訊息。數據中繼衛星合約將於 8 月授予，8 月時間範圍內的數據中繼衛星合約將在 9 月授予，地地月球通訊主管合約將在 9 月時間範圍內授予。所以我們正在耐心等待。然後是CP。 22 日，我們預計下一個剪輯獎項將於本月 8 月頒發。

Yes, I appreciate all the color. Thank you.

是的，我欣賞所有的顏色。謝謝。

Thank you, Andrew.

謝謝你，安德魯。

Josh Sullivan, The Benchmark Company.

喬許·沙利文，基準公司。

Thinking about an adjustment at ASH, looking at an election year here as far as the timing of NS. and S. and some of the other contracts you're talking about, do you think the government typical September budget flush is going to help move these along purchases not related to that?

考慮 ASH 的調整，看看這裡的選舉年以及 NS 的時間安排。以及您正在談論的其他一些合同，您認為政府典型的 9 月份預算充裕將有助於推動與此無關的這些採購嗎？

Well, I think in particular, Josh, the NSNS. contract. That proposal was submitted last year and we're patiently awaiting for that award. There's been quite the deliberation, both contract line items on the clin one dot two and Clint teed up to both of those have been had selections are ready to a competitive range of we've made those those competitive range brackets and moved forward. We had to proceed into oral discussions. We've had oral discussions with the government on both cleanse contract line items and then we're asked for final proposals for each one of those and those have been submitted.

嗯，我特別認為，喬希，NSNS。合約.該提案已於去年提交，我們正在耐心等待該獎項。我們經過了深思熟慮，克林特一點二的合約項目和克林特都做好了準備，這兩個項目都已準備好進入競爭範圍，我們已經制定了這些競爭範圍支架並繼續前進。我們必須進行口頭討論。我們已經與政府就兩項清潔合約項目進行了口頭討論，然後我們被要求為每項提供最終提案，並且這些提案已經提交。

So we know the programs moving forward, the contracts moving forward in earnest and like I said, the government's notified us that an award would be made in August and September, respectively. So I don't believe that the potential of the election or a continuing resolution will affect the award.

所以我們知道專案正在推進，合約也在認真推進，就像我說的，政府通知我們將分別在八月和九月授予合約。因此，我不認為選舉的可能性或持續的決議會影響該獎項。

Okay, got it. And then maybe just one on the litter train program as far as the requirement to have a viable commercial model as well as the competitive bid, what are you seeing from commercial demand interest with the CRS relationship?

好的，明白了。然後，也許只是垃圾列車計劃中的一項，就要求擁有可行的商業模式以及競爭性投標而言，您從 CRS 關係的商業需求興趣中看到了什麼？

The vector for LTV, I see ops is not necessarily a factor for LTV and that their primary focus is in the delivery transport leg of putting payloads out into what I call exotic Orbitz are more nontraditional Orbitz and so we can accommodate them with rideshare. I do see the LTV as a really interesting commercial opportunity where about seven months of the year, NASA will operate from that manned Rover, both autonomously and with crew and that whether they're collecting a valuable science data or doing a crude operations on the surface is what their interests are.

LTV 的向量，我認為運營商不一定是LTV 的一個因素，他們的主要重點是將有效負載放入我所說的奇異Orbitz 的交付運輸環節，這些Orbitz 是更非傳統的Orbitz，因此我們可以通過拼車來容納它們。我確實認為LTV 是一個非常有趣的商業機會，每年大約有7 個月的時間，NASA 將在載人漫遊車上進行自主操作和與機組人員一起操作，無論他們是在收集有價值的科學數據還是在載人漫遊車上進行粗略操作表面的就是他們的興趣所在。

The other five months of the year, it's turned over completely commercially and are designed for that is what is a technique where we can actually collect science pallets and deploy science pallets or navigation stations or power stations to support our commercial endeavors on the moon. And we've talked to several space agencies and and commercial companies that have an interest.

一年中的另外五個月，它完全商業化，並且是為這種技術而設計的，我們可以實際收集科學托盤並部署科學托盤或導航站或發電站，以支持我們在月球上的商業活動。我們已經與幾家對此感興趣的航太機構和商業公司進行了交談。

And so we think that while we're doing the development to actually do the designs and get ready for the demonstrations. We're cultivating the market for that LTV. And so by the time we deploy that in the '27, '28 timeframe, that market will come to bear so that we can monetize the LTV commercially,

因此，我們認為，在進行開發的同時，我們要實際進行設計並為演示做好準備。我們正在培育生命週期價值的市場。因此，當我們在 27 年、28 年時間範圍內部署該技術時，該市場將發揮作用，以便我們可以將 LTV 商業化，

Thank you for your time.

感謝您抽出時間。

Thanks, Josh.

謝謝，喬許。

And I show no further questions at this time. I would now like to turn the call back to Intuitive machine CEO., Steve ultimate ultimate for closing remarks.

目前我沒有提出任何進一步的問題。現在我想把電話轉回直覺機器執行長史蒂夫終極致閉幕詞。

Well, thank you, everyone, for joining today's call. I appreciated your that you've appreciate we have an excellent quarter and look forward to key award discussions in the coming week, and we'll support that continued growth for our company. Thank you very much.

好的，謝謝大家參加今天的電話會議。我很感謝您對我們度過了一個出色的季度表示讚賞，並期待著下週的關鍵獎項討論，我們將支持我們公司的持續成長。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。