Intuitive Machines Inc (LUNR) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Machines. Third quarter, 2024 conference call at this time, all participants are in a listen-only mode.

女士們先生們，感謝你們的支持並歡迎來到直覺機器。2024年第三季電話會議此時，所有參與者都處於只聽模式。

After the speaker's presentation, there will be a question and answer session to ask a question during the session. You will need to press star 11 on your telephone.

演講者演講結束後，將進行問答環節，在會議期間提出問題。您需要按電話上的星號 11。

You will then hear an automated message advising you that your hand is raised to withdraw your question. Please press star 11 again.

然後，您將聽到一條自動訊息，建議您舉手撤回問題。請再按星號 11。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

Oh, no, I'd like to turn the conference over to Stephen Zhang, Head of investor relations. Please go ahead.

哦，不，我想把會議交給投資人關係主管 Stephen 張。請繼續。

Good morning. Welcome to the intuitive machines. Third quarter, 2024 earnings call, Chief Executive Officer Steve Altius and Chief Financial Officer Pete mcgrath are leading the call today 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.

早安.歡迎使用直覺的機器。今天在我們開始之前，執行長 Steve Altius 和財務長 Pete mcgrath 主持了 2024 年第三季財報電話會議。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。

The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors.

由於許多因素，該公司的實際結果可能與任何前瞻性陳述中所示的結果有重大差異。

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.

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 報告中的前瞻性陳述中進行了描述。

We do not undertake any obligation to update forward-looking statements.

我們不承擔任何更新前瞻性陳述的義務。

We also expect to discuss certain financial measures and information that are nongaap 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.

我們也希望討論適用的 SEC 規則和法規中定義的非公認會計準則措施的某些財務措施和資訊。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 to our website which provides additional context on our operational and financial performance.

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。

You can find this presentation on our investor relations page at www dot intuitive machines dotcom slash investors.

您可以在我們的投資者關係頁面上找到此演示文稿，網址為：www.dotintintuitivemachines.dotcomslashinvestors。

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

現在我將把電話轉給史蒂芬‧阿爾特姆斯。

Thanks, Steven and welcome to everyone joining us this morning.

謝謝史蒂文，歡迎大家今天早上加入我們。

Two of the machines had a very strong third quarter highlighted by key awards revenue growth and we closed the quarter with record highs in both cash and backlog validating our upward trajectory Q3 revenue was 58.5 million over four times our Q3 sales last year, our cash balance at the end of Q3 reached 89.6 million. This strong cash position combined with zero debt provides ample liquidity as we continue our blueprint to commercialize the moon.

其中兩台機器在第三季度表現非常強勁，主要獎項收入增長突出，本季結束時，我們的現金和積壓訂單均創歷史新高，這證明了我們第三季度收入的上升軌跡為5850 萬美元，是去年第三季銷售額的四倍，我們的現金餘額第三季末達到 8,960 萬。這種強勁的現金狀況與零債務相結合，為我們繼續實現月球商業化的藍圖提供了充足的流動性。

Our backlog also hit a company record at $316.2 million primarily driven by lunar surface delivery missions. And the first task order for the near space network services contract throughout the quarter. We continue to focus on our three core service pillars, delivery data transmission and infrastructure as services. These pillars provide foundational capabilities that enable the missions and goals of commercial and government exploration of the moon.

我們的積壓訂單還創下了公司記錄，達到 3.162 億美元，這主要是由月球表面交付任務推動的。以及整個季度接近空間網路服務合約的第一個任務訂單。我們繼續專注於我們的三個核心服務支柱：交付資料傳輸和基礎設施即服務。這些支柱提供了實現商業和政府月球探索任務和目標的基礎能力。

We made progress across all three pillars by first securing another South Pole lunar delivery mission then winning the near space network services contract and finally continuing to mature both our LTV lunar terrain vehicle design. In conjunction with our heavy cargo class lander, these strategic revenue streams bring our business thesis clearly into view, allowing us to focus on capturing more operational services which we believe will provide long tail revenues with higher margins as we look forward to executing on these strategic advances. We appointed Pete mcgrath as our Chief Financial Officer, previously, our Chief Operating Officer, Pete brings 35 years of aerospace and financial expertise to the team.

我們在所有三個支柱上都取得了進展，首先完成了另一項南極月球交付任務，然後贏得了近太空網絡服務合同，最後繼續完善我們的 LTV 月球地形車輛設計。與我們的重型貨運級登陸器相結合，這些策略收入流使我們的業務主題清晰可見，使我們能夠專注於獲取更多營運服務，我們相信這些服務將提供具有更高利潤率的長尾收入，因為我們期待執行這些戰略進步。我們任命 Pete mcgrath 為我們的首席財務官，之前擔任我們的首席營運官，Pete 為團隊帶來了 35 年的航空航天和財務專業知識。

His unique experiences tightly align the company's financial strategy with the operational demands of executing large scale complex programs.

他獨特的經驗使公司的財務策略與執行大型複雜專案的營運需求緊密結合。

It's great to have you on the call. Pete thanks Steve now, moving on to data transmission services and the NSMS contract and in line with our growing momentum, we captured the nspace Network services contract in September which marked a transformative step for intuitive machines in data transmission for inspace communications and navigation.

很高興接到您的來電。皮特現在感謝史蒂夫，繼續進行數據傳輸服務和NSMS 合同，隨著我們不斷增長的勢頭，我們在9 月份獲得了nspace 網絡服務合同，這標誌著直觀機器在空間通信和導航數據傳輸方面邁出了變革性的一步。

As the sole awardee, the contract is valued up to $4.82 billion over the next decade. We intend to leverage our already contracted delivery missions to deploy a constellation of lunar data relay satellites around the moon.

作為唯一獲獎者，該合約在未來十年內價值高達 48.2 億美元。我們打算利用已經簽訂的交付任務在月球周圍部署一系列月球資料中繼衛星。

This lunar constellation is central to our strategy to commercialize the moon supporting both commercial ventures and the Artemis campaign's goal of sustained human lunar presence.

這個月球星座是我們月球商業化策略的核心，既支持商業投資，也支持阿耳特彌斯計畫實現人類在月球上持續存在的目標。

This contract introduces a pay by the minute service model focused on scalable data transmission services.

該合約引入了一種按分鐘付費的服務模式，專注於可擴展的數據傳輸服務。

This is significant in that we believe it boosts margin potential through its software. As a service like revenue model, we are able to incorporate communications satellite deliveries with each lunar lander mission at a marginal cost due to extra performance on the booster resulting in significant cost savings. As such, we intend to deploy the first of five lunar data relay satellites on our third contracted surface delivery mission. This deployment enables an initial operational capability that allows NASA to initiate pay by the minute services.

這很重要，因為我們相信它透過其軟體提高了利潤潛力。作為類似收入模式的服務，我們能夠以邊際成本將通訊衛星交付與每個月球著陸器任務結合起來，因為助推器具有額外的性能，從而節省了大量成本。因此，我們打算在第三次合約地面交付任務中部署五顆月球資料中繼衛星中的第一顆。這種部署實現了初始營運能力，使 NASA 能夠啟動按分鐘付費的服務。

Two additional satellites are slated for delivery on our fourth surface delivery mission awarded in September followed by two final satellite deployments to complete the constellation for the lunar missions themselves. Our next surface delivery mission im two. We completed a propulsion system hot fire test on the vehicle representing the most complex integrated test of the lander. Thus far in preparation for a mission window in the first quarter from nasa's Kennedy Space Center.

我們計劃在 9 月授予的第四次地面交付任務中交付另外兩顆衛星，隨後部署兩顆衛星，以完成月球任務本身的星座。我們的下一個地面運輸任務是兩小時。我們在飛行器上完成了推進系統熱火測試，這是登陸器最複雜的綜合測試。到目前為止，我們正在為美國太空總署肯尼迪航天中心第一季的任務窗口做準備。

The mission is designed to validate water hunting infrastructure such as a prospecting drill and essential mobility services like our micro Nova hopper which is designed to deploy off the lander and prospect by hopping across the lunar surface.

該任務旨在驗證探水鑽探等基礎設施和必要的移動服務，例如我們的微型新星漏斗，該漏斗旨在透過跳躍穿過月球表面來部署在著陸器和探礦區。

Our third delivery mission IM three is on a similar pace right now. The vehicle is undergoing integrated vibration testing and we anticipate a mission window through early 2026. With this launch opportunity, we will also deploy the first of five data relay satellites under the near space network services contract. As I mentioned, we intend to deliver the next two data relay satellites on our fourth service delivery mission. IM four NASA awarded intuitive machines that $116.9 million in September. And we expect additional commercial payloads to join that mission.

我們的第三次交付任務 IM 3 目前的進度相似。該車輛正在接受綜合振動測試，我們預計任務窗口將持續到 2026 年初。借助這次發射機會，我們還將根據臨近空間網路服務合約部署五顆資料中繼衛星中的第一顆。正如我所提到的，我們打算在第四次服務交付任務中交付接下來的兩顆資料中繼衛星。IM 4 NASA 於 9 月授予直覺式機器 1.169 億美元。我們預計會有更多的商業有效載荷加入該任務。

This South Pole mission includes six NASA payloads. In addition to a European Space Agency led drill suite to search for water ice.

這次南極任務包括六個 NASA 酬載。此外，歐洲太空總署還領導了鑽探套件來尋找水冰。

During the third quarter, intuitive machines continued to mature the lunar terrain vehicle design culminating in delivery of our prototype vehicle to nasa's Johnson Space Center for Human in the loop testing where astronauts will evaluate crew interfaces and operations with the vehicle.

在第三季度，直覺機器繼續完善月球地形飛行器設計，最終將我們的原型飛行器交付給美國太空總署約翰遜太空中心進行人類循環測試，太空人將在其中評估乘員介面和飛行器操作。

Prior to delivery of NASA intuitive machines was honored to host Apollo era moonwalkers, Charlie Duke and Harrison Schmidt to evaluate our design.

在交付 NASA 直覺機器之前，我們很榮幸邀請阿波羅時代的月球漫步者查理·杜克 (Charlie Duke) 和哈里森·施密特 (Harrison Schmidt) 來評估我們的設計。

This was a unique opportunity for our mechanics to incorporate real life astronaut experience of driving the original Apollo rover into our design for the nasa's ltvs program.

對於我們的機械師來說，這是一個獨特的機會，可以將駕駛原始阿波羅漫遊車的現實太空人經驗融入我們為 NASA 的 LTVS 專案設計中。

This past Thursday, the LTV team unveiled our first fully electric crab walking motorized vehicle at nasa's official visitor center in Houston later this month, you will see our vehicle performing testing near Meteor Crater National Park in Arizona.

上週四，LTV 團隊在休士頓的NASA 官方遊客中心推出了我們的第一輛全電動螃蟹行走機動車輛，本月晚些時候，您將看到我們的車輛在亞利桑那州流星隕石坑國家公園附近進行測試。

Since the LTV is large and heavy, roughly the size of a pickup truck, it requires a larger lander for delivery to the surface of the moon. Through a series of rigorous design reviews, we continue to mature our heavy cargo lander variant Nova D which will be capable of delivering the pickup truck size lunar terrain vehicle to the surface of the moon.

由於 LTV 又大又重，大約有一輛皮卡車大小，因此需要更大的著陸器才能運送到月球表面。透過一系列嚴格的設計審查，我們繼續完善我們的重型貨運登陸器變體 Nova D，它將能夠將皮卡車大小的月球地形車運送到月球表面。

Recall the next phase of the LTB contract is still competitive as intuitive machines is one of three vendors vying for the delivery and demonstration mission which is expected to be awarded late next year.

回想一下，LTB 合約的下一階段仍然具有競爭力，因為直覺機器是爭奪交付和演示任務的三個供應商之一，該任務預計將於明年底授予。

It's important to note that the LTVS contract is more than just a mobility platform. It's a full service offering.

值得注意的是，LTVS 合約不僅僅是一個行動平台。這是一項全方位的服務。

This includes the ability to deliver the vehicle to the lunar surface to communicate and autonomously operate the vehicle while on the surface of the moon. Over a 10 year period, the experience gained from past and near term surface delivery missions will enable intuitive machines as the only prime contractor in the LTVS bidding pool with validated experience delivering to transmitting data from and autonomously operating infrastructure on the surface of the moon.

這包括將車輛運送到月球表面以在月球表面進行通訊和自主操作車輛的能力。在10 年的時間裡，從過去和近期的地面交付任務中獲得的經驗將使直觀機器成為LTVS 投標池中唯一的主承包商，擁有經過驗證的經驗，從月球表面傳輸數據並自主運行基礎設施。

Our strategic approach to create a lunar economy appears well aligned with current and future political priorities.

我們創建月球經濟的戰略方針似乎與當前和未來的政治優先事項非常一致。

We believe the United States returning to the moon has and will continue to have bipartisan support as we enter the next generation space race with China.

我們相信，隨著我們與中國進入下一代太空競賽，美國重返月球已經並將繼續得到兩黨的支持。

It's critical for the country to develop a sustainable lunar economy and lead the world in space exploration.

發展可持續的月球經濟並引領世界太空探索對於國家至關重要。

Our government has made it clear that returning to the moon is of strategic importance to the United States. Collectively, the industry must continue to produce capabilities that enable expansion of the lunar economy.

我國政府已經明確表示，重返月球對美國具有戰略重要性。總的來說，該行業必須繼續提供能夠擴展月球經濟的能力。

For our part, we plan to accomplish this through a steady cadence of missions gradually learning about how to live and work on the moon for NASA to successfully execute its artemis campaign in a globally competitive landscape.

就我們而言，我們計劃透過穩定的任務節奏來實現這一目標，逐步了解如何在月球上生活和工作，以便美國宇航局在全球競爭的格局中成功執行其阿爾特彌斯計劃。

We see the possible need for a reformulation driven by budgetary and scheduled realities. We believe NASA must continue to partner with commercial industries to drive an affordable incremental road map that enables steady visible progress.

我們認為可能需要根據預算和預定的現實情況進行重新制定。我們相信 NASA 必須繼續與商業產業合作，推動一個負擔得起的增量路線圖，以實現穩定可見的進展。

The emphasis on low cost combined with precursor work to gain engineering insights for surface infrastructure are essential for a long term stay on the moon and a thriving lunar economy. This infrastructure and data first approach can then accommodate potential delays and budget shortfalls in developing the human systems while keeping them squarely in sight for the United States company finished the third quarter by taking an immediate tangible step towards playing a key role in future commercial and government lunar activities by establishing a foothold in lunar orbit before our first relay satellite is deployed, intuitive machines has assumed the contract, the team and the responsibility for operations and data analysis for nasa's Lunar reconnaissance orbiter and shadow cam. Cameras and imagery.

強調低成本與前期工作相結合以獲得表面基礎設施的工程見解對於長期留在月球和繁榮的月球經濟至關重要。這種基礎設施和數據優先的方法可以適應開發人類系統時潛在的延誤和預算短缺，同時讓美國公司在第三季度結束時立即採取切實的步驟，在未來的商業和政府中發揮關鍵作用。在部署我們的第一顆中繼衛星之前，直覺機器已經在月球軌道上建立了立足點，並承擔了美國太空總署月球偵察軌道飛行器和影子攝影機的合約、團隊和營運和數據分析責任。相機和影像。

The lunar reconnaissance orbiter has been circling the moon since 2009 with the primary goal of making a 3d map of the moon's surface and is critical for analyzing and selecting all future lunar landing sites. Shadow Cam's objective is to provide information about the distribution and accessibility of water ice and other volatile on the surface with intuitive machines. Now participating in collection of lunar surface data, we've added an incredible team and technical capability in Phoenix Arizona prior to joining intuitive machines. This team supported our first mission including capturing imagery and documenting our actual landing location on the surface of the moon.

月球勘測軌道飛行器自 2009 年以來一直圍繞著月球運行，其主要目標是繪製月球表面的 3D 地圖，這對於分析和選擇所有未來的月球著陸點至關重要。Shadow Cam 的目標是透過直覺的機器提供有關水冰和其他揮發物在表面的分佈和可及性的信息。現在參與月球表面數據的收集，在加入直覺式機器之前，我們在亞利桑那州鳳凰城增加了一支令人難以置信的團隊和技術能力。團隊支援我們的第一個任務，包括捕捉影像和記錄我們在月球表面的實際著陸位置。

This team brings invaluable experience that we believe will accelerate in two, the machine's ability to field the first lunar data relay satellite constellation under the near space network services contract while providing immediate high resolution images of the moon for prospecting landing site selection and mobility mission planning for the entire industry.

該團隊帶來了寶貴的經驗，我們相信這些經驗將在兩個方面加速，即該機器能夠根據近太空網路服務合約部署第一個月球資料中繼衛星星座，同時提供即時高解析度月球影像，用於勘探著陸地點選擇和機動任務規劃對於整個行業。

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

接下來，我將把電話轉給 tuor machine，財務長 Pete mcgrath。

Thank you, Steve and thanks everybody for joining us today.

謝謝史蒂夫，也謝謝大家今天加入我們。

As Steve mentioned, we had another strong quarter financially with quarter three revenues of $58.5 million up 359% over the same quarter of the prior year and closed the quarter with record highs in both cash and backlog.

正如 Steve 所提到的，我們在財務上又經歷了一個強勁的季度，第三季營收達到 5,850 萬美元，比去年同期成長 359%，本季的現金和積壓訂單均創歷史新高。

Q3 revenue was driven primarily by oams clips and LTVS execution 's revenue was 34.1 million in the quarter down about 5 million from Q2 as expected. Given the ramp down of Osam within Elms, we expect a continued ramp down here late in the fourth quarter and into the first quarter of next year.

第三季營收主要由 oams 剪輯推動，LTVS 執行季度營收為 3,410 萬美元，比第二季預期減少約 500 萬美元。鑑於 Elms 內 Osam 的產量下降，我們預計第四季末和明年第一季將繼續下降。

We continue to work with NASA on opportunities for further work scope within the Elms contract for in space assembly and manufacturing technology development as well as space weather monitoring systems and applications.

我們將繼續與 NASA 合作，尋求 Elms 合約範圍內進一步工作範圍的機會，涉及空間組裝和製造技術開發以及空間天氣監測系統和應用。

We expect to see some revenue growth starting in the fourth quarter as a result of CP 22 and Ns and S awards in Q3, we paid off the outstanding 3 million balance on our credit mobilization loan resulting in zero debt on our balance sheet, zero debt coupled with our strong cash balance gives the confidence that we have ample liquidity to execute on our growth trajectory.

由於第三季的CP 22 以及Ns 和S 獎勵，我們預計從第四季度開始會出現一些收入增長，我們還清了信貸動員貸款的未償300 萬餘額，導致我們的資產負債表上的債務為零，債務為零再加上我們強勁的現金餘額，使我們相信我們有充足的流動性來執行我們的成長軌跡。

Gross profit was 4.1 million for the quarter versus a negative 13.8 million in the prior year. Demonstrating our continued focus on driving towards profitability operating loss for the quarter was negative 13.7 million versus negative 24.8 million. In the third quarter of 23 the lower operating loss in the quarter was again driven primarily by the gross profit in the quarter, partially off slaught by $5 million impairment of property and equipment.

本季毛利為 410 萬美元，而上年同期為負 1,380 萬美元。本季營運虧損為負 1,370 萬，而負為 2,480 萬，這表明我們繼續致力於實現盈利。23 年第三季度，該季度營業虧損較低，主要是由於該季度的毛利，部分抵銷了 500 萬美元的財產和設備減損損失。

SG and A for the quarter was 12.3 million versus 9.9 million in the prior year, the higher SG and A was due to increase in public company costs, employee compensation benefits and rent on our new corporate headquarters operating cash used was 17.9 million in the quarter with capital expenditures of 1.4 million resulting in free cash flow in the quarter with an outflow of 19.3 million.

本季的SG 和A 為1,230 萬，而上一年為990 萬，SG 和A 較高是由於上市公司成本、員工薪酬福利和我們新公司總部的租金增加，本季度使用的營運現金為1,790 萬。

Our cash balance significantly increased in Q3 to 89.6 million. The highest quarter ending balance in company history.

第三季我們的現金餘額大幅增加至 8,960 萬。公司史上最高的季末餘額。

This was driven by 80.5 million of cash raised in the quarter through the at the market offering program.

這是由本季透過市場發行計劃籌集的 8,050 萬現金推動的。

Our ATM was completed and the committed equity facility from our IPO expired unused in the third quarter.

我們的 ATM 已完成，IPO 承諾的股權融資已於第三季到期且未使用。

Two significant receivables were collected shortly after quarter end as such, our cash position increased at month end, October to 106.9 million with our cash balance at 106.9 million. Coupled with our strong visibility into the timing of receivables from contracted milestone payments. This gives us the confidence that we will end the year with a similar cash balance.

因此，季末後不久就收回了兩筆重大應收帳款，我們的現金部位在 10 月月底增加至 1.069 億美元，現金餘額為 1.069 億美元。再加上我們對合約里程碑付款的應收帳款時間的清晰了解。這讓我們有信心在年底時擁有類似的現金餘額。

We ended the third quarter with contracted backlog of 316.2 million. A record for the company.

截至第三季末，我們的合約積壓訂單量為 3.162 億。為公司創造了記錄。

This includes our recent clips award of 116.9 million but does not yet include the full set of initial task orders for near space network services towing 150 million through the multiple task orders, we expect continued backlog growth as we receive new S and Ns MS task orders. While winning new business both domestically and internationally and with multiple us government customers overall, this was another strong quarter for intuitive machines. As we reach the end of the year, we are narrowing our full year revenue guidance range to 215 million to 235 million. And within that range, trending towards the midpoint as demonstrating the quarter, we continue to execute our current programs. While winning key awards.

這包括我們最近授予的1.169 億個片段，但尚未包括近空間網路服務的全套初始任務訂單，透過多個任務訂單牽引1.5 億個，我們預計隨著我們收到新的S 和Ns MS 任務訂單，積壓工作將持續成長。雖然在國內和國際上贏得了新業務，並贏得了多個美國政府客戶的青睞，但這是直觀機器的另一個強勁季度。到了年底，我們將全年營收指引縮小至 2.15 億至 2.35 億。在這個範圍內，朝著本季中點的趨勢發展，我們將繼續執行目前的計畫。在獲得重要獎項的同時。

I look forward to guiding the company through a new lens of co and focus on managing cost efficiently to drive towards profitability and achieve our financial targets. With that operator. We are now ready for questions.

我期待著透過新的合作視角來指導公司，並專注於有效地管理成本，以推動盈利並實現我們的財務目標。與那個操作員。我們現在準備好提問了。

As a reminder to ask a question, please press star 11 on your telephone and wait for your name to be announced to withdraw your question. Please press star 11 again in the interest of time we ask that you please limit yourself to one question and one follow up. Please stand by while we compile the Q&A roster.

作為提問提醒，請按電話上的星號 11 並等待宣布您的名字以撤回您的問題。請再次按星號 11，以節省時間，我們要求您只回答一個問題和一項後續行動。我們正在整理問答名單，請稍候。

And our first question comes from Austin Moeller with Canaccord Genuity. Your line is open.

我們的第一個問題來自 Canaccord Genuity 的 Austin Moeller。您的線路已開通。

Hi, good morning, Steven Pete.

嗨，早安，史蒂文·皮特。

My first question here. Do you anticipate that that LTV could still go to multiple vendors even after NSNS was awarded sole source to you?

我的第一個問題在這裡。即使 NSNS 被授予您唯一的來源之後，您是否預計 LTV 仍然可以流向多個供應商？

Well, yes, I think we, we're having discussions with NASA currently about what the strategy might be and whether it will be a single award or multiple awards on LTV, that hasn't yet been determined, determined. But I think the door is open for discussions and they're receptive to that possibility. Austin.

嗯，是的，我想我們目前正在與 NASA 討論該策略可能是什麼，以及 LTV 是否會是一個獎項還是多個獎項，這尚未確定。但我認為討論的大門是敞開的，他們也願意接受這種可能性。奧斯汀.

And then what types of space force or other dod programs are you looking at bidding on ForEx? Go contract work?

那麼您正在考慮在 ForEx 上競標哪些類型的太空軍或其他國防部項目？去合約工嗎？

Yes, we have some opportunities that we've been talking with the dod community about and, and really those are in the areas of like orbital transfer stages, things like that versus surface operations. So we think there's an opportunity for us as we launch towards the moon for rideshare payloads that can, can go into other orbits in the sis lunar space.

是的，我們有一些機會，我們一直在與國防部社群討論，而且實際上這些機會是在軌道轉移階段等領域，例如與地面操作相比。因此，我們認為，當我們向月球發射共乘有效載荷時，我們有機會，這些有效載荷可以進入 sis 月球空間的其他軌道。

Excellent. Thanks for all the.

出色的。感謝所有的。

Details.

細節。

Thank you. And our next question comes from Griffin Boss with B Riley Securities. Your line is open.

謝謝。我們的下一個問題來自 B Riley 證券公司的 Griffin Boss。您的線路已開通。

Hi, good morning. Thanks for taking my questions. So first for me, I I know we'll see a break out when the, when the, when the 10-Q comes out. But can you give some more color on program mix for revenue in the quarter? I know Oams was probably I would say 50% to 60% of the top line but any color on other program contributions and and, and to what degree, you know, LTV, that one, you know, the initial one year contract contributed to the third quarter results.

嗨，早安。感謝您回答我的問題。所以首先對我來說，我知道當 10-Q 出現時我們會看到突破。但您能否對本季收入的計劃組合提供更多資訊？我知道奧姆斯可能會說佔總收入的 50% 到 60%，但其他項目貢獻的任何顏色，以及，以及在多大程度上，你知道，LTV，那個，你知道，最初的一年合約對第三季業績。

Yes.

是的。

Yeah, Pete, why don't you take that one.

是的，皮特，你為什麼不拿那個？

So the 34 was mostly attributed to owns. The other programs are really a mix of the Landers plus LTV LTV contract was only $30 million for the 1st year. So that's pretty level loaded over a 12 year, 12 month period. So that's only contributing about, you know, 2 million to 3 million a month.

所以34球主要歸功於自己。其他項目實際上是 Landers 和 LTV 的混合體，第一年的 LTV 合約僅為 3000 萬美元。因此，在 12 年 12 個月的時間裡，這是一個相當大的負載水準。所以每個月只貢獻大約 200 萬到 300 萬。

I'm sorry. Yeah, I'm not sorry.

對不起。是的，我不後悔。

Oh, okay, great. 2 to 3 per month. Thanks. And then is there any expectations you could share for how NSNS could potentially ramp in the fourth quarter? And then maybe in 2025 I acknowledge it's a, it's an ID IQ. So perhaps you don't have visibility but, but maybe you have visibility into kind of initial task orders that you're, you're bidding on there and, and maybe any color on, on the degree of those or the or the magnitude of those task orders would be helpful.

哦，好的，太好了。每月2至3次。謝謝。那麼您對 NSNS 在第四季度的成長潛力有何期望？然後也許到 2025 年我會承認這是 ID IQ。因此，也許您沒有可見性，但也許您可以了解您正在競價的初始任務訂單類型，並且可能有任何顏色，這些程度或程度或大小這些任務訂單會很有幫助。

Yes, I can give you more detail around the, the task order breakdown for the initial $150 million verification phase. The first task order is a six month period of performance, which is the one we're under today that's worth about $9 million that the second task order would follow that, which is also about six months in period of performance for 18 million.

是的，我可以為您提供有關 1.5 億美元初始驗證階段任務訂單細目的更多詳細資訊。第一個任務訂單的執行期為6 個月，這是我們今天的任務訂單，價值約900 萬美元，第二個任務訂單將緊隨其後，這也是約6 個月的執行期，價值1800萬美元。

And then that's followed by the third task order, which is 43.5 million, which has a that one actually is one where we complete on orbit verification of the first satellite and actually start operational task force, which is additional funding beyond the verification task order and allows us access to the four point 4,000,004 billion plus contract value.

接下來是第三個任務訂單，金額為 4350 萬，其中一個實際上是我們完成第一顆衛星的軌道驗證並實際啟動操作工作組的任務訂單，這是驗證任務訂單之外的額外資金，讓我們獲得了四點40000040億加的合約價值。

That one's roughly about 6 to 12 months. And then the task order for is another one that's about a 12 month period of performance. And that's 61.5 million that gets us to where we've verified on a performance of the second two satellites. And then that opens up more additional task orders for operations.

那大約是6到12個月。然後，另一個任務訂單的執行期約為 12 個月。這就是 6150 萬，我們已經驗證了後兩顆衛星的性能。然後這就為操作開闢了更多額外的任務訂單。

And then the final one is another task order five for 12 months, which gets us to the final operational capability of the satellites. That value is about $18 million. And then that allows us to get to full operational capability and provides full access to the follow on operational task orders.

然後最後一個是另一個為期 12 個月的 5 個任務訂單，這讓我們了解了衛星的最終運作能力。該價值約為 1800 萬美元。然後，這使我們能夠獲得全面的作戰能力，並提供對後續作戰任務訂單的完全存取權。

Excellent. That's great color. I really appreciate it and thanks for taking my questions.

出色的。那顏色真棒。我真的很感激並感謝您提出我的問題。

Thanks Griffin.

謝謝格里芬。

Thank you.

謝謝。

And our next question comes from Edison yu with Deutsche Bank. Your line is open.

我們的下一個問題來自德意志銀行的 Edison yu。您的線路已開通。

Hey, good morning, everyone and thanks for taking our questions. You know, first off, just kind of on the industry, you know, we obviously got a new administration coming in. I think there's this, there's this notion that it could be very positive for, for the space industry. Curious if you have any initial thoughts on on just that that sentiment.

嘿，大家早上好，感謝您提出我們的問題。你知道，首先，就這個行業而言，你知道，我們顯然迎來了新政府。我認為這對於航太工業來說可能是非常積極的。很好奇您對這種情緒是否有任何初步想法。

Yes. Well, you know, certainly, like I said, we had bipartisan support over the past five or six years, certainly in Insis Lunar space. And so we see a continuation of the United States focused strategically on the moon and returning humans to space, what we or to the moon. But we see that really the commercial space activities are here to stay and commercial space will be an integral component to opening up the system in our economy. You see that in the NSMS contract, you see that the commercial sector intuitive machines, in particular is now an integral partner with NASA for space, communications and navigation. And we expect that only to continue and actually be strengthened in this administration.

是的。嗯，你知道，當然，就像我說的，過去五六年我們得到了兩黨的支持，尤其是在 Insis 月球空間。因此，我們看到美國繼續將戰略重點放在月球上，並將人類送回太空，即我們或月球。但我們看到，商業空間活動確實會持續下去，商業空間將成為我們經濟體系開放的一個不可或缺的一部分。您會看到，在 NSMS 合約中，您會看到商業部門的直覺機器，特別是現在是 NASA 在空間、通訊和導航方面不可或缺的合作夥伴。我們預計這只會在本屆政府中繼續下去並得到切實加強。

Understood. And then just a follow up, I was wondering if you could, you could dive maybe a little bit deeper into your competitive advantage on on LTV. You know, is it more the data, the rover, the lander, is it, is it all three?

明白了。然後我想知道您是否可以，您可以更深入地了解您在 LTV 上的競爭優勢。你知道，更多的是數據、流動站、著陸器，是嗎，是三者兼具嗎？

Like I said in the pre the remarks here was that, you know, the LTV is a service, it's a full service offering. It's not just the rover or a or a moon buggy, you have to deliver it to the surface, you have to operate it on the surface autonomously, which means you need communications and navigation abilities to bring the data down and control it on the surface. And so the three things that we set the company up for which is delivery, data transmission services and infrastructure as a service. We provide all three uniquely and that really sets us up for this LTV service provide to provide to NASA other unlike any other of the competition. So I feel we're in a strong place strategically and we'll see how NASA reacts when they come out and compete it next year. And we expect that to be competed in the latter half of the year and awarded late 2025.

正如我在前言中所說，LTV 是一項服務，是一項全方位服務。這不僅僅是漫遊車或月球車，你必須將其運送到地面，你必須在地面上自主操作它，這意味著你需要通訊和導航能力來將資料下載下來並在地面上進行控制。因此，我們成立公司的三件事是交付、資料傳輸服務和基礎設施即服務。我們以獨特的方式提供這三種服務，這確實使我們能夠向 NASA 提供不同於任何其他競爭對手的 LTV 服務。所以我覺得我們在戰略上處於有利地位，我們將看看美國宇航局明年出來競爭時會如何反應。我們預計競賽將於今年下半年展開，並於 2025 年底頒發。

Thank you very much.

非常感謝。

Thank you. And our next question comes from Andre Shepard with Cantor Fitzgerald. Your line is open.

謝謝。我們的下一個問題來自安德烈·謝潑德和坎托·菲茨杰拉德。您的線路已開通。

Hey, everyone. Good Morning.

嘿，大家。早安.

Morning, Andres.

早安，安德烈斯。

Great to hear from you guys. Congratulations on another strong quarter. Good revenue beat and, and great liquidity position there. You know, a lot of our questions I think have been asked but maybe Steve just wondering, you know, as we look into the IM two mission launch window for January and then a decision on the LTV contract late next year. What are some things that investors, you know, that, that you think investors should be aware of as you get closer and closer to those timelines, you know, any particular milestones or, or catalysts for both those two that you know, we should be paying close attention to. Thank you.

很高興收到你們的來信。祝賀又一個強勁的季度。良好的收入擊敗了並且那裡的流動性狀況良好。你知道，我認為我們已經提出了很多問題，但也許史蒂夫只是想知道，你知道，當我們研究 1 月份的 IM 兩個任務發射窗口，然後在明年底就 LTV 合約做出決定時。你知道，隨著你越來越接近這些時間表，投資者應該意識到哪些事情，你知道，任何特定的里程碑，或者你知道的這兩者的催化劑，我們應該密切關注。謝謝。

Yeah, thanks for that question. I think, you know, I mentioned for mission two, I am too, which is our, you know, essentially our prospecting mission, very complicated mission to deploy a drill, a hopper, a rover that is on target to meet a February launch window, which is, you know, amazing that the team pulled together to get that thing, the lander put together. So that's on track and you'll see us flying that mission in the first quarter. As I said, what's also interesting on the heels of that success, we also have a, essentially a design review with NASA on the Novod our heavy cargo lander that comes up in March and that those two things, the delivery to the South Pole for a prospecting mission in February and a design review for the heavy cargo variant in March. Really tease us up for entering into the down select for the delivery demonstration mission of LTV. We expect that contract to start the proposal activities that start in May and be awarded by the end of the year. And so those are the things I'll be looking towards and putting energy into to ensure success.

是的，謝謝你提出這個問題。我想，你知道，我提到第二項任務，我也是，這是我們的，你知道，本質上是我們的勘探任務，這是部署鑽頭、漏斗、漫遊車的非常複雜的任務，目標是滿足二月的發射任務窗口，你知道，這是令人驚奇的，團隊齊心協力把著陸器組裝在一起。所以一切都步入正軌，你會看到我們在第一季完成這項任務。正如我所說，繼這一成功之後，有趣的是，我們還與 NASA 進行了一次設計審查，主要是對 3 月推出的重型貨運著陸器 Novod 進行設計審查，這兩件事，即向南極交付2 月進行了勘探任務，3 月進行了重型貨運型號的設計審查。真的很逗我們進入LTV交付演示任務的下行選擇。我們預計該合約將於五月啟動提案活動，並於年底授予。因此，這些就是我將專注並投入精力以確保成功的事情。

Wonderful, super helpful. I appreciate that color Steve and maybe just a quick follow up if I May. So you ended the quarter with about 90 million in liquidity, which I believe again is the highest on record. Just curious how are you thinking about that kind of cash runway cash burn or, or you know, expectations for liquidity over the next 12 months? Thank you.

太棒了，超級有幫助。我很欣賞史蒂夫的這種顏色，如果可以的話，也許我會快速跟進。因此，本季結束時，流動資金約為 9000 萬美元，我相信這又是有史以來的最高水準。只是好奇您如何看待這種現金跑道現金消耗，或者您知道，未來 12 個月的流動性預期？謝謝。

Yeah, we're clearly in a in a strong liquidity position, cash position for the next year. At least we're going to look opportunistically at adding capital to the balance sheet. Should we have the opportunity to do that?

是的，我們明年顯然處於強勁的流動性和現金狀況。至少我們會機會主義地考慮向資產負債表增加資本。我們應該有機會這樣做嗎？

You know, we have these major contract awards in NSSS and potentially LTV, that we might want to take some capital on to work project financing. But right now, we're in a secure position, at least through the end of the next year.

您知道，我們在 NSSS 和潛在的 LTV 方面擁有這些主要合同，我們可能希望利用一些資金來進行專案融資。但現在，我們處於一個安全的位置，至少到明年年底。

Wonderful. Thank you so much again for taking our questions. Congratulations on the quarter and looking forward to the next mission in in in Q1. Thank you so much. I'll pass it on.

精彩的。再次非常感謝您回答我們的問題。恭喜本季度，並期待第一季的下一個任務。太感謝了。我會把它傳遞下去。

Thanks, Andrew.

謝謝，安德魯。

Thank you. And our next question comes from Josh Sullivan with Benchmark company. Your line is open.

謝謝。我們的下一個問題來自 Benchmark 公司的 Josh Sullivan。您的線路已開通。

Hey, good morning morning, Josh.

嘿，早上好，喬許。

In your remarks, you mentioned how the commercial model and intuitive capabilities can keep the goal of the lunar development squarely in sight.

在您的演講中，您提到商業模式和直觀的能力如何使月球開發的目標保持在眼前。

What's the tempo of that conversation right now? Just given the broader kind of questions around resources necessary for pardon me?

現在談話的節奏是怎麼樣的？只是提出了有關原諒我所需的資源的更廣泛的問題嗎？

Well, I think you know that the shift is if you look at the way the Artemis program is currently laid out, you know, with trying to get humans to the surface. And that was the urgency I think that we've learned at least from our first mission that flying a regular cadence of missions is is packed with opportunities to learn and develop and engineer the systems that are needed for a longterm stay on the surface. And so a regular cadence of missions to engineer the systems that are going to be required to support the astronauts is as crucial as the astronauts actually arriving. And so if we, my theory is to redistribute the activities in the Artemis program to make sure that the infrastructure arrives and is delivered that will support sustained human presence. And, and that's really the infrastructure first comment I made in my remarks. And so that's what we'll be talking about, you know, with this idea of flying to the moon, flying to the South pole, drilling on the south pole, all of those kinds of things are things that we're doing as a first and I think we need to get good at that and build the reliable systems and that's done by doing it over and over and over again. And so I think there's an opportunity to keep the moon in squarely in the, in the sights of the United States by this regular cadence submissions. And when the complex systems that are required for humans to be on the moon are ready and safe will be prepared for those. And that's kind of the comment. I'm I'm trying to pull up.

好吧，我想你知道這種轉變是如果你看看阿耳忒彌斯計劃目前的佈局方式，你知道，試圖讓人類到達地表。我認為這就是緊迫性，我們至少從第一次任務中了解到，定期執行任務充滿了學習、開發和設計長期停留在地面所需的系統的機會。因此，定期執行任務來設計支援太空人所需的系統與太空人實際抵達同樣重要。因此，如果我們，我的理論是重新分配阿耳忒彌斯計畫中的活動，以確保基礎設施的到達和交付，以支持人類的持續存在。這確實是我在發言中對基礎設施的第一條評論。這就是我們要討論的，你知道，帶著飛向月球、飛向南極、在南極鑽探的想法，所有這些事情都是我們作為一個國家正在做的事情。建立可靠的系統，這是透過一遍又一遍地做來完成的。因此，我認為透過這種定期提交的節奏，有機會將月球保持在美國的視野中。當人類登月所需的複雜系統準備好並且安全時，我們就會為這些做好準備。這就是這樣的評論。我正在努力拉起來。

Alright, thank you for that.

好的，謝謝你。

And then, and then just on the, you mentioned the assumption of the lunar reconnaissance and shadow c, what, what is the financial commitment side of that? Look, like for intuitive and then, you know, do you gain any proprietary data from, from taking those over?

然後，然後，你提到了月球勘測和影子c的假設，什麼，其中的財務承諾是什麼？看看，就像直覺一樣，然後，你知道，你是否從接管這些數據中獲得任何專有數據？

Well, that's really open-source data for the public, for scientists for NASA to use as they need to. And so it's open for folks NASA pays the contract. It's about $9 million for managing that. But what's critical is that gives us a capability and an infrastructure we can build on here on earth for data warehousing the big database that can be searched, the tools to search that those petabytes of data that are, that are collected around the moon and to provide some advanced analytics, machine learning and A I kind of analytics that will give us greater insight into what resources are up there on the moon. When we do think about putting our own surveyor up around the moon, we'll now have the infrastructure in place on earth and that repository to host that data.

嗯，這確實是面向公眾的開源數據，供 NASA 的科學家根據需要使用。因此，它對 NASA 支付合約費用的人開放。管理這個費用大約是 900 萬美元。但重要的是，這為我們提供了一種能力和基礎設施，我們可以在地球上建立資料倉儲、可搜尋的大資料庫、搜尋在月球周圍收集的 PB 級資料的工具，以及提供一些先進的分析、機器學習和人工智慧分析，讓我們更深入了解月球上有哪些資源。當我們確實考慮在月球周圍放置我們自己的測量員時，我們現在將在地球上建立基礎設施和儲存資料的儲存庫。

Great. Thank you for the time.

偉大的。謝謝你的時間。

Great, Josh.

太棒了，喬許。

Thank you.

謝謝。

Our next question comes from Suji DeSilva with Roth capital. Your line is open.

我們的下一個問題來自羅斯資本的 Suji DeSilva。您的線路已開通。

Hi, good morning. Congrats on the progress here. The the, yeah, the NSM contract, Steve, looking ahead to that, you know, what are the first infrastructure deployment steps we should think about happening and what will be the time frame for those.

嗨，早安。恭喜這裡的進展。是的，NSM 合同，史蒂夫，展望這一點，我們應該考慮發生的第一個基礎設施部署步驟是什麼，以及這些步驟的時間框架是什麼。

So the first piece of infrastructure for the NSMS contract will be deployed on mission three in late 25 early 26. That's on, that's when we're scheduling that that satellite, that satellite once it's on orbit and it's checked out communicating with the surface asset or with the LRO for example, we'll be able to start the operational service kind of revenue stream. That, that's the first thing to look forward to.

因此，NSMS 合約的第一部分基礎設施將於 25 月底 26 年初部署在任務 3 上。就這樣，當我們安排那顆衛星時，一旦該衛星進入軌道，並檢查了與地面資產或月球勘測軌道飛行器的通信，我們將能夠啟動運營服務類型的收入流。那，這是首先值得期待的事。

Okay, great. And then similar question for the, the ro ro we anticipating, you know, kind of success there for you. What would be the, the the first kind of milestones to watch for once the program gets underway? Is that really just the same thing, preparing equipment for a launch or any milestones prior to that?

好的，太好了。然後是類似的問題，我們預計滾裝船會為您帶來成功。專案開始後，第一個值得關注的里程碑是什麼？為發射準備設備或之前的任何里程碑真的是同一件事嗎？

So the the you're if you're talking about the next phase of LTV, so the first phase complete the design through a preliminary design review level and that includes not only the, the rover but also the landing system, you have to provide a mature land landing system solution as part of that effort. And that's what Steve was referring to earlier about a Nova DPDR for the next phase of the contract. We would mature the design initially through a CD R which NASA could decide to actually do two contracts through CD R. That's one option they can decide to take and then down select at that time. But the next phase will take it through a CD R and then it will take it through design development and qualification of the the rover before you fly it, then flying it to the surface of the moon and then you need to do a full surface check out pro validation of performance on the surface.

所以，如果你正在談論 LTV 的下一階段，那麼第一階段通過初步設計審查級別完成設計，這不僅包括流動站，還包括著陸系統，你必須提供作為這一努力的一部分，成熟的陸地著陸系統解決方案。這就是史蒂夫之前提到的關於下一階段合約的 Nova DPDR 的內容。我們最初將透過 CD R 使設計成熟，NASA 可以決定透過 CD R 實際簽訂兩份合約。這是他們可以決定採取的選擇，然後在那時進行選擇。但下一階段將通過 CD R，然後在飛行之前對其進行設計開發和漫遊車資格認證，然後將其飛到月球表面，然後您需要進行全面的表面檢查專業人士驗證表面上的性能。

And then in parallel NASA award contracts for operational missions on the surface of the man.

同時，美國宇航局也授予了在人類表面執行任務的合約。

Okay, thanks.

好的，謝謝。

Thanks, Suji.

謝謝，蘇吉。

Thank you. This concludes our question and answer session. I would now like to turn the call back to intuitive machines, CEO Steve Almo for any closing remarks.

謝謝。我們的問答環節到此結束。現在我想把電話轉回直覺機器，執行長史蒂夫·阿爾莫（Steve Almo）發表結束語。

Well, thanks everyone for dialing in this morning to the call. As you heard, we had an excellent quarter and please look forward to and join us on our next mission in the coming months to the moon South Pole. Thank you very much.

好的，感謝大家今天早上撥電話。正如您所聽到的，我們度過了一個出色的季度，請期待並加入我們在未來幾個月內前往月球南極的下一次任務。非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。