Intuitive Machines Inc (LUNR) 2024 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the Intuitive Machine's fourth quarter and full year 2024 conference call. (Operator Instructions) Please note that today's conference is being recorded.

女士們、先生們，大家好。感謝您的支持，歡迎參加 Intuitive Machine 2024 年第四季和全年電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would like to send the conference over to Stephen Zhang, Head of Investor Relations. Please go ahead.

我想將這次會議轉交給投資人關係主管 Stephen Zhang。請繼續。

Good morning. Welcome to the Intuitive Machines fourth-quarter and full-year 2024 earnings call. Chief Executive Officer, Steve Altemus; and Chief Financial Officer, Pete McGrath, are leading the call today.

早安.歡迎參加 Intuitive Machines 2024 年第四季和全年財報電話會議。執行長 Steve Altemus；和財務長 Pete McGrath 今天主持電話會議。

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，今天電話會議中討論的一些資訊將包含前瞻性陳述，闡述我們對未來業務、經濟和其他事件的當前預期。由於多種因素，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.

這些因素在公司收益新聞稿以及公司向美國證券交易委員會提交的最新 10-K 和 10-Q 文件中的前瞻性陳述中進行了描述。我們不承擔更新前瞻性陳述的任何義務。

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

我們也希望討論適用的美國證券交易委員會規則和條例中定義的非 GAAP 指標的某些財務指標和資訊。與公司 GAAP 指標的對帳內容已包含在 8-K 表收益報告中。

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報告，為我們的營運和財務表現提供了更多背景資訊。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，我將電話轉給史蒂夫·阿爾特穆斯。

Good morning, and thanks for joining our fourth-quarter and full-year 2024 earnings call. Just two years ago, we became a public company with a bold vision for the future. Over the past year, we've deliberately positioned ourselves for long-term success by expanding our technical capabilities, opening new revenue streams, and fortifying our financial position.

早安，感謝您參加我們的 2024 年第四季和全年財報電話會議。就在兩年前，我們成為了一家上市公司，對未來有著大膽的願景。在過去的一年裡，我們透過擴展技術能力、開闢新的收入來源和鞏固財務狀況，為長期成功做好了準備。

In the fourth quarter, we reported revenue of $54.7 million contributing to a record fiscal year revenue of $228 million. This exceeded the midpoint of our previous guidance range and is a reflection of our ability to execute and grow within the lunar commercialization sector.

第四季度，我們報告的收入為 5,470 萬美元，為創紀錄的 2.28 億美元的財年收入做出貢獻。這超出了我們先前指導範圍的中點，反映了我們在月球商業化領域的執行和發展能力。

Our financial position remains robust. We ended 2024 with a record cash balance of $207.6 million following a successful equity raise in December. As of March 10, our cash balance stood at $385 million after recent warrant exercises. This strong liquidity position ensures that Intuitive Machines is well funded for the future. Now with a fortress-like balance sheet, we're seeking the highest return opportunities, whether that's through internal innovation or strategic acquisitions.

我們的財務狀況依然強勁。繼 12 月成功完成股權融資後，我們在 2024 年底實現了創紀錄的 2.076 億美元的現金餘額。截至 3 月 10 日，經過最近的認股權證行使後，我們的現金餘額為 3.85 億美元。強大的流動性狀況確保了 Intuitive Machines 未來擁有充足的資金。現在，我們擁有了堡壘般的資產負債表，我們正在尋求最高的回報機會，無論是透過內部創新還是策略性收購。

We got to this point because we choose to tackle one of the hardest challenges first, landing on the moon. Now, the technologies and expertise that built our initial lunar program are ready to expand our reach into new markets and new customers.

我們之所以能走到今天這一步，是因為我們選擇先解決最艱鉅的挑戰之一：登陸月球。現在，我們最初的月球計畫所依賴的技術和專業知識已經準備好將我們的業務拓展到新的市場和新的客戶。

This year is not just about growth. It's about defining the future of our company and the industry itself. The fourth quarter welcomed the new administration that is revamping the whole of government, and NASA is not excluded from that. There's been a shift in how the federal government approaches the acquisition of technology-based goods and services, and we believe Intuitive Machines is well positioned for this.

今年不僅僅是成長的一年。這是關於定義我們公司和產業本身的未來。第四季迎來了改組整個政府的新政府，NASA也不例外。聯邦政府對技術型商品和服務的採購方式發生了變化，我們相信 Intuitive Machines 在這方面處於有利地位。

The new administration has signaled a strong emphasis on stretching the federal dollar by shifting from large, government-owned, costless development programs to commercial service models that leverage private sector innovation that demands service providers thrive in a fixed price ecosystem with revenue service tail, similar to the environment Intuitive Machines has grown up in, with clips, with LTV, and the Near Space Network contracts.

新政府已發出信號，強調要充分利用聯邦資金，從大型、政府所有的、無成本的開發項目轉向利用私營部門創新的商業服務模式，這種創新要求服務提供者在固定價格的生態系統中蓬勃發展，並提供收益服務，類似於 Intuitive Machines 成長的環境，包括剪輯、LTV 和近太空網絡合約。

The federal government changes and uncertainty at NASA is an opportunity for Intuitive Machines to expand our customer base into areas like national security space and broaden our service footprint in addition to lunar, further diversifying our role in the space economy. We're in a position to do this because we're operating an end-to-end lunar program with a regular cadence of missions.

聯邦政府的變化和 NASA 的不確定性為 Intuitive Machines 提供了一個機會，讓我們能夠將客戶群擴展到國家安全空間等領域，並擴大我們在月球之外的服務範圍，進一步多元化我們在太空經濟中的角色。我們之所以能夠做到這一點，是因為我們正在實施端到端的月球計劃，並定期執行一系列任務。

The infrastructure, expertise, and proven capabilities required for lunar missions inherently support a wide range of space operations. Offering our validated technologies and capabilities is a natural progression into other markets. These technologies and capabilities form the foundation of our three pillars of commercialization.

月球任務所需的基礎設施、專業知識和成熟能力本身就支援廣泛的太空行動。提供我們經過驗證的技術和能力是進入其他市場的自然進程。這些技術和能力構成了我們商業化三大支柱的基礎。

They are delivery services, data transmission services, and infrastructure as a service. What we've demonstrated from operating two lunar missions is that there are essential capabilities necessary for sustained and resilient operations across all three service pillars.

它們是配送服務、資料傳輸服務和基礎設施即服務。我們透過執行兩次月球任務證明，三大服務支柱均具備持續且有彈性的營運所需的基本能力。

The first is extensible and reliable space communications. This secure and continuous connectivity is essential for transmitting data, coordinating missions, and making real-time decisions in flight and on the surface of any celestial body.

第一是可擴充、可靠的空間通訊。這種安全、持續的連接對於傳輸數據、協調任務以及在飛行中和任何天體表面做出即時決策至關重要。

The second is position navigation and timing, also known as PNT. Just as GPS enables seamless navigation on Earth, precise and repeatable navigation is required to support flight, orbit, and landing operations; surface mobility; and resource utilization.

第二是位置導航與授時，又稱為PNT。正如 GPS 實現了地球上的無縫導航一樣，需要精確、可重複的導航來支援飛行、軌道和著陸操作；表面流動性；和資源利用。

The final capability is autonomy and artificial intelligence. Given the distance and complexity of space operations, autonomy and AI-powered systems play a critical role in managing assets, executing scientific objectives, and mission success.

最後一種能力是自主性和人工智慧。鑑於太空作業的距離和複雜性，自主和人工智慧系統在管理資產、執行科學目標和任務成功方面發揮關鍵作用。

The IM-2 mission demonstrated significant advancements in all three capabilities. But to be straightforward, spaceflight is a complex endeavor. For every mission, we must accept a degree of risk and the possibility of subsystem faults. And that picture isn't always black and white.

IM-2 任務展示了這三種能力的重大進步。但坦白說，太空飛行是一項複雜的事業。對於每個任務，我們都必須接受一定程度的風險和子系統故障的可能性。而且這張圖也不總是黑白的。

On one hand, our lunar lander, Athena, touched down inside a shallow crater of the moon's south pole, a place we believe holds frozen water trapped beneath the surface but previous missions avoided because of the jagged terrain, deep craters, and brutal cold.

一方面，我們的月球登陸器雅典娜降落在月球南極的一個淺隕石坑內，我們認為這個地方蘊藏著冰凍的水，但由於地形崎嶇、隕石坑很深、寒冷刺骨，以前的任務都避免到達那裡。

While Athena's landing didn't go quite as planned, our teams accelerated payload operations, including operating NASA's PRIME-1 drill suite; Nokia's lunar surface communication system; Intuitive Machines' Micro Nova Hopper; and several commercial payloads, including a Japanese micro rover and edge computing data center, to bring back valuable data capturing the majority of the outstanding $15.8 million of final success payments. As a reminder, 90% of the NASA commercial payments and associated revenue is earned and paid before launch.

雖然雅典娜的著陸並沒有完全按照計劃進行，但我們的團隊加快了有效載荷操作，包括操作 NASA 的 PRIME-1 鑽井套件；諾基亞的月​​球表面通信系統； Intuitive Machines 的 Micro Nova Hopper；以及幾個商業有效載荷，包括一輛日本微型探測器和邊緣計算數據中心，以帶回寶貴的數據，這些數據佔據了未成功的 150 萬美元的最終成功款項。提醒一下，NASA 90% 的商業支付和相關收入都是在發射前賺取和支付的。

On the other hand, from the moment Athena launched on February 26, every mission step to landing validated Intuitive Machines' ability to provide reliable space communications and navigation using our data transmission network.

另一方面，從 2 月 26 日雅典娜發射的那一刻起，直到著陸的每個任務步驟都驗證了 Intuitive Machines 使用我們的資料傳輸網路提供可靠的空間通訊和導航的能力。

Through the reliability of our network, we executed autonomous precision main engine firings on the way to the moon using our proprietary propulsion system, conducted precision orbital maneuvers, used AI powered systems to guide our spacecraft across 39 lunar orbits, and performed high-bandwidth data transmission that outpaced IM-1's capabilities by 5x. All of this while demonstrating our network is interoperable with the NASA's Deep Space Network and the National Radio Astronomy Observatory Network, a requirement for national security space.

透過我們網路的可靠性，我們使用專有的推進系統在前往月球的途中執行了自主精確的主發動機點火，進行了精確的軌道機動，使用人工智能係統引導我們的航天器穿越 39 個月球軌道，並進行了高頻寬數據傳輸，其速度是 IM-1 能力的 5 倍。所有這些都證明了我們的網路可以與美國國家航空暨太空總署的深空網路和國家射電天文台網路互操作，這是國家安全空間的要求。

The function of our spacecraft for the entire mission was nearly flawless. And its contribution towards advancing our data transmission network directly supports our execution of NASA's $4.8 billion Near Space Network services contract and the company's position as a utility provider for space data transmission, similar to the way telecommunications companies bill customers on the amount of data they use. Surface delivery missions like IM-1 and IM-2 provides the baseline for proving technology that leads to opening the space economy.

我們的太空船在整個任務過程中的運作幾乎完美無缺。它對推進我們的數據傳輸網路的貢獻直接支持了我們執行美國宇航局價值 48 億美元的近空間網路服務合同，以及公司作為空間數據傳輸公用事業提供商的地位，類似於電信公司根據客戶使用的數據量向他們收費的方式。IM-1 和 IM-2 等地面運載任務為驗證開啟太空經濟的技術提供了基礎。

For IM-2 and every space exploration mission, engineers conduct a critical post-flight review of the mission's performance. We call this a hot wash. Over the next several weeks, Intuitive Machines will lead internal, external, and independent reviews. We invited NASA, the European Space Agency, and NASA's Jet Propulsion Laboratory experts to participate.

對於 IM-2 和每個太空探索任務，工程師都會對任務的表現進行嚴格的飛行後審查。我們稱之為熱洗。在接下來的幾週內，Intuitive Machines 將領導內部、外部和獨立審查。我們邀請了美國國家航空暨太空總署、歐洲太空總署和美國國家航空暨太空總署噴射推進實驗室的專家參加。

Intuitive Machines expects to keep its third lunar mission on track for this time next year, incorporating findings and corrective actions from these reviews. The mission includes NASA and commercial payload delivery near the moon's equator, a generally flat terrain called Reiner Gamma. One of the mission's primary objectives is researching magnetic anomalies using rover technology.

Intuitive Machines 預計明年此時第三次月球任務將順利完成，並將結合這些審查的結果和糾正措施。這項任務包括將美國太空總署和商業有效載荷運送到月球赤道附近，那裡是一片大致平坦的地形，被稱為雷納爾伽馬。此次任務的主要目標之一是利用偵測車技術研究磁異常。

In addition to the mission's surface delivery, IM-3 will also deploy the first of five planned data relay satellites under the Near Space Network contract. The data relay satellite is deployed as a rideshare from the second stage of the rocket, independent of the lander.

除了地面交付任務外，IM-3 還將部署近空間網路合約下計畫中的五顆資料中繼衛星中的第一顆。資料中繼衛星以共載方式從火箭第二級部署，與登陸器無關。

We demonstrated satellite deployment on our last mission with three rideshare payloads, including two that utilize our data transmission network for communication and navigation services. The first data relay satellite deployment opens additional Near Space Network contract task orders beyond the initial validation task orders of $150 million for the contract, introducing a pay-by-the-minute service model which we expect to have higher margin and recurring revenue streams.

我們在上次任務中演示了衛星部署，使用了三個共載有效載荷，其中兩個利用我們的資料傳輸網路進行通訊和導航服務。首顆資料中繼衛星的部署將為該合約帶來額外的近空間網路合約任務訂單，超出初始 1.5 億美元的驗證任務訂單，並引入按分鐘付費的服務模式，我們預計該模式將帶來更高的利潤和經常性收入來源。

In December, Intuitive Machines secured additional awards under the contract for direct-to-Earth services. We believe the additional awards position the company to capitalize on the full $4.8 billion maximum potential value. We intend to deliver the second and third data relay satellites as rideshare payloads along with our fourth NASA-contracted surface delivery mission, IM-4, in 2027, followed by the final two satellite deployments approximately one year later to complete the constellation.

12 月，Intuitive Machines 根據直達地球服務合約獲得了額外獎項。我們相信，額外的獎勵將使公司能夠充分發揮 48 億美元的最大潛在價值。我們打算在 2027 年將第二顆和第三顆資料中繼衛星作為共乘有效載荷，與 NASA 承包的第四個地面交付任務 IM-4 一起交付，大約一年後再部署最後兩顆衛星，以完成整個星座。

As I said at the top of the call, the new White House administration is instituting a more modern acquisition strategy for how to procure technology services. We believe that benefits Intuitive Machines, and we're in a position to expand our customer base and apply those services in addition to lunar space without accepting excessive work.

正如我在電話會議開始時所說，新一屆白宮政府正在製定一套更現代化的技術服務採購策略。我們相信這對 Intuitive Machines 有利，而且我們能夠擴大我們的客戶群，並將這些服務應用於月球空間之外，而無需承擔過多的工作。

As we move into 2025, we're focused on diversification of customers and markets, and we've already made progress. Expanding data transmission services for our lunar satellite constellation outside the Near Space Network contract needed authorization to work with other government agencies, and the company now has those permissions.

隨著我們邁入 2025 年，我們專注於客戶和市場的多樣化，並且已經取得了進展。在近空間網路合約之外擴展我們的月球衛星星座的資料傳輸服務需要與其他政府機構合作的授權，而該公司現在已獲得這些許可。

To capitalize on that opportunity, Intuitive Machines appointed James Frelk as Senior Vice President of Data Services in the first quarter of this year. Jim has more than 30 years of experience in national security, commercial satellites, intelligence, surveillance, reconnaissance, and other critical programs in government commercial industry.

為了把握這個機會，Intuitive Machines 在今年第一季任命 James Frelk 為數據服務資深副總裁。吉姆在國家安全、商業衛星、情報、監視、偵察以及政府商業行業的其他關鍵項目方面擁有 30 多年的經驗。

Our lunar lander performance in getting to and operating in orbit was exceptional during IM-2, and we're actively leveraging that capability, finalizing a Phase 2 contract with a government customer for an orbital transfer vehicle. The contract is designed to advance in-space mobility and logistics using the same lunar lander core technology in this orbit delivery vehicle.

在 IM-2 期間，我們的月球登陸器在進入軌道和在軌道上運行方面的表現非常出色，我們正在積極利用這一能力，與政府客戶敲定軌道轉移飛行器第二階段合約。該合約旨在利用該軌道運載工具中的相同月球著陸器核心技術來提高太空機動性和物流效率。

Last year, NASA proposed cancellation of the on-orbit servicing assembly and manufacturing project, OSAM. We're now capitalizing on NASA's traditional contracting investment to develop low Earth orbit programs. By right now we're conducting a space force study on how to commercialize OSAM for geostationary orbit, a new playing field for Intuitive Machines. We believe this co-investment model is the kind of forward-thinking approach the new administration is encouraging in its acquisition strategy.

去年，NASA提議取消在軌服務組裝和製造項目OSAM。我們現在正利用美國太空總署的傳統承包投資來開發低地球軌道計畫。目前，我們正在進行一項太空部隊研究，研究如何將 OSAM 商業化應用於地球靜止軌道，這是直覺機器的新競爭環境。我們相信，這種共同投資模式是新政府在收購策略中鼓勵的前瞻性方法。

Finally, financially, we remain strong with growing revenue, expanding margins, and a record cash balance. 2025 is about execution as the company expects two NASA commercial lunar payload services contract bids this year. The first is due in May with an anticipated contract award in July, followed by an additional task order later in the year.

最後，從財務角度來看，我們依然保持強勁勢頭，收入不斷增長，利潤率不斷擴大，現金餘額創下歷史新高。 2025 年是關於執行的，因為該公司預計今年將有兩份 NASA 商業月球有效載荷服務合約投標。第一項任務將於 5 月完成，預計 7 月授予合同，隨後在今年稍後將簽訂另一項任務訂單。

In addition, Intuitive Machines has been invited to speak to the House of Representatives on our vision for the next version of CLPS to include larger cargo class lunar deliveries, potentially creating high margin opportunities. Our vision for heavy cargo class landers applies directly to our lunar terrain vehicle delivery service, which we anticipate will be awarded in the second half of 2025.

此外，Intuitive Machines 還受邀向眾議院介紹我們對下一版 CLPS 的願景，其中包括更大規模的貨運級月球運輸，這可能會創造高利潤機會。我們對重型貨運級登陸器的願景直接應用於我們的月球地形車運送服務，我們預計該服務將在 2025 年下半年授予。

That concludes my comments. Now, I will hand off to Pete McGrath, our CFO, for further comments on our financials. Pete?

我的評論到此結束。現在，我將把主題交給我們的財務長 Pete McGrath，請他對我們的財務狀況發表進一步的評論。皮特？

Thank you, Steve, and thanks to everybody joining us today. As Steve mentioned, we ended the year strong with Q4 revenues of $54.7 million, up 79% over the same quarter of the prior year, and finished with record highs in both cash and backlog.

謝謝史蒂夫，也感謝今天與我們一起的每個人。正如史蒂夫所提到的，我們以 5,470 萬美元的第四季度營收結束了強勁的財年，比去年同期增長了 79%，並且現金和積壓訂單都創下了歷史新高。

Q4 revenue was primarily driven by CLPS, OMES, and LTVS execution. OMES' revenue was $30 million in the quarter, down about $4 million from Q3, as expected. Keep in mind, as Steve mentioned, we are performing a study to commercialize the use of OSAM for the Space Force.

Q4 收入主要受 CLPS、OMES 和 LTVS 執行的推動。OMES 本季營收為 3,000 萬美元，較第三季下降約 400 萬美元，符合預期。請記住，正如史蒂夫所提到的，我們正在進行一項研究，旨在將 OSAM 的商業化應用於太空部隊。

Gross profit was$ 0.7 million for the quarter versus $0.3 million in the prior year as we drive consistently towards profitability. Operating loss for the quarter was $13.4 million versus the loss of $7.5 million in the fourth quarter of 2023. The higher operating loss in the quarter was driven primarily by a higher SG&A.

由於我們不斷努力實現盈利，本季毛利為 70 萬美元，而去年同期為 30 萬美元。本季營業虧損為 1,340 萬美元，而 2023 年第四季的虧損為 750 萬美元。本季營業虧損增加主要是因為銷售、一般及行政費用增加。

SG&A for the quarter was $13.5 million versus $6.4 million in the prior year. A higher SG&A was due to increases in public company costs, employee compensation and benefits, and rent on our corporate headquarters as well as our new offices in Maryland and Phoenix.

本季銷售、一般及行政開支為 1,350 萬美元，去年同期為 640 萬美元。銷售、一般及行政費用增加是由於上市公司成本、員工薪酬和福利以及公司總部和位於馬裡蘭州和鳳凰城的新辦事處的租金增加。

The prior year also included the impact of incentive comp accrual reversal as we look to preserve cash. Current SG&A cost represents our estimated steady state of business going forward.

由於我們希望保留現金，上一年還包括了激勵薪酬應計逆轉的影響。目前的銷售、一般及行政費用代表了我們對未來業務穩定狀態的預期。

Operating cash used was $2 million in the quarter, with the capital expenditures of $4.9 million, resulting in a free cash outflow in the quarter of $6.9 million. As we mentioned on the last earnings call, favorable operating cash in Q4 include the timing impact of two significant receivables, specifically timing on OMES and the IM-4 milestone one payment.

本季營運現金使用量為 200 萬美元，資本支出為 490 萬美元，導致本季自由現金流出量為 690 萬美元。正如我們在上次財報電話會議上提到的，第四季度有利的營運現金包括兩筆重大應收帳款的時間影響，特別是 OMES 和 IM-4 里程碑一付款的時間影響。

CapEx in the quarter was driven primarily by the investments in our first Near Space Network satellite. Going forward, we expect to see CapEx for five satellite constellations around the moon in support of NSN. These CapEx levels will be offset by higher margin service revenues from the NSNS program.

本季的資本支出主要來自於我們對第一顆近空間網路衛星的投資。展望未來，我們預計將看到為支持 NSN 而對月球周圍五個衛星星座進行資本支出。這些資本支出水準將被 NSNS 計劃帶來的更高利潤服務收入所抵銷。

Our cash balance significantly increased in Q4 to $207.6 million, another company record. This increase was driven by $116.9 million of cash raised in the quarter, which included a $10 million strategic investment from Boryung Corporation and the remaining from our follow-on equity offering.

我們的現金餘額在第四季大幅增加至 2.076 億美元，創下公司新高。這一成長主要得益於本季籌集的 1.169 億美元現金，其中包括來自 Boryung Corporation 的 1,000 萬美元戰略投資以及我們後續股票發行的剩餘資金。

Note that more recently, in Q1 2025, we cleaned up the majority of our overhangs since [DSPAC], namely through the redemption process of our $11.50 strike price warrants. The majority of our warrants were exercised at $11.50 each, resulting in $148 million cash to the company. 6.6 million warrants were unexercised in exchange for $0.01 each. We currently have no outstanding $11.50 public issued warrants.

請注意，最近，在 2025 年第一季度，我們清理了自 [DSPAC] 以來的大部分懸而未決的問題，即透過贖回我們的執行價格為 11.50 美元的認股權證。我們的大部分認股權證以每股 11.50 美元的價格行使，為該公司帶來了 1.48 億美元現金。 660 萬張認股權證未行使，每股價格為 0.01 美元。我們目前沒有未償還的 11.50 美元公開發行認股權證。

As of March 18, we had 178.3 million shares outstanding following the warrant redemption process, with 115.7 million shares of Class A and 62.6 million shares of Class C. The exercise of warrants, along with diligent cash management to start the year, resulted in a cash balance of $385 million as of March 10 of 2025.

截至 3 月 18 日，在認股權證贖回程序之後，我們有 1.783 億股流通股，其中 A 類股 1.157 億股，C 類股 6,260 萬股。認股權證的行使，加上年初勤勉的現金管理，導致截至 2025 年 3 月 10 日的現金餘額為 3.85 億美元。

To further fortify our liquidity position, while in a position of strength as a company, we opened a $40 million dollar credit facility with favorable financial terms. This facility remains unused and is meant to smooth out our working capital ups and downs as we work through the timing impact of milestone payments for our programs and our respective cost schedule.

為了進一步鞏固我們的流動性狀況，同時保持公司實力，我們以優惠的財務條件開設了 4000 萬美元的信貸額度。該設施仍未使用，旨在平滑我們的營運資金起伏，因為我們正在解決里程碑付款對我們的專案和各自的成本計劃的時間影響。

We ended the fourth quarter with contracted backlog of $328.3 million, another record for the company. We expect to recognize 60% to 65% of our backlog during 2025, 15% to 20% during 2026, and the remaining thereafter. Keep in mind this does not yet include the full set of initial task orders for the Near Space Network Services contract totaling $150 million or any new awards we may receive throughout the year.

在第四季結束時，我們的合約積壓訂單金額達到 3.283 億美元，創下了公司的另一個紀錄。我們預計在 2025 年確認 60% 至 65% 的積壓訂單，在 2026 年確認 15% 至 20%，此後確認剩餘訂單。請記住，這還不包括總額為 1.5 億美元的近空間網路服務合約的全套初始任務訂單或我們全年可能收到的任何新獎項。

Moving on to guidance. Last year, our revenue was $228 million. And for 2025, we see a range of $250 million to $300 million. The expected growth of our key programs is expected to more than offset the impact of OSAM, which was roughly 40% to 50% of the OMES revenue in 2024. This represents a tremendous shift in our business mix as we focus on expanding revenues into higher margin services.

繼續指導。去年，我們的收入是 2.28 億美元。到 2025 年，我們預計該範圍將達到 2.5 億至 3 億美元。預計我們主要項目的預期成長將超過 OSAM 的影響，OSAM 約佔 2024 年 OMES 收入的 40% 至 50%。這代表著我們的業務組合發生了巨大轉變，因為我們將重點擴大收入到利潤率更高的服務。

On the profitability side, we're continuing to demonstrate improvement in margins with a focus on having a positive run rate adjusted EBITDA by fourth quarter of 2025 and a positive adjusted EBITDA by 2026. Overall, this was another strong quarter and a historic year for Intuitive Machines. Last year, we set aggressive but reasonable guidance targets. We're proud to have exceeded the midpoint of the range.

在獲利能力方面，我們將繼續展示利潤率的改善，重點是到 2025 年第四季度實現正的調整後 EBITDA，到 2026 年實現正的調整後 EBITDA。總體而言，對於 Intuitive Machines 來說，這又是一個強勁的季度和歷史性的一年。去年，我們設定了一個積極但合理的指導目標。我們很榮幸能夠超出該範圍的中間值。

We effectively managed cash and set the company up with a fortress balance sheet, a streamlined capital structure with a substantially reduced overhang from derivative securities, and no outstanding debt. We look forward to continuing this growth trajectory in 2025 with a focus on driving towards profitability and achieving our financial targets.

我們有效地管理現金，為公司建立了穩健的資產負債表和精簡的資本結構，大幅減少了衍生證券的負擔，並且沒有未償還債務。我們期待在 2025 年繼續保持這一成長軌跡，重點推動盈利並實現我們的財務目標。

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

接線員，現在我們可以回答問題了。

(Operator Instructions) Suji DeSilva, Roth Capital.

(操作員指示) Suji DeSilva，Roth Capital。

So maybe you can talk first about the -- you talked about the funding and the balance sheet being stronger and strategic moves beyond NASA and cislunar expanding reach new market customers. Steve, maybe you can give a framework of where you could see Intuitive Machines' headed three to five years out that would paint a picture of what you might be thinking of beyond what you've done to date.

所以也許您可以先談談——您談到了資金和資產負債表的強勁增長，以及超越 NASA 和地月探索的戰略舉措，以擴大新市場客戶。史蒂夫，也許你可以給出一個框架，說明你對 Intuitive Machines 未來三到五年的發展方向，這個框架可以描繪出除了迄今為止所做的事情之外，你可能會想到什麼。

Yeah, when we think about the company, we're really moving into this data services business -- full court press here. Because what we see that the lunar data network that we're installing with the data relay satellites and the ground stations is really, I would deem, a national asset. And that asset can be used by many different customers.

是的，當我們考慮公司時，我們實際上正在進入數據服務業務——全線出擊。因為我們看到，我們正在透過資料中繼衛星和地面站安裝的月球資料網路實際上是一種國家資產。並且該資產可以被許多不同的客戶使用。

It also gives us the capability for alternate forms of GPS. It gives us ability to communicate in a difficult location around the moon, but those services can also be brought back towards Earth.

它還為我們提供了使用替代形式 GPS 的能力。它使我們能夠在月球周圍的困難地點進行通信，而這些服務也可以帶回地球。

So you see us expanding in the Near Space Network regime at multi-layer domains in space, from low Earth orbit to geosynchronous orbit out to cislunar space. We're just doing it in reverse order, from lunar space back backwards. So that's what you can look for over the next three to five years.

所以你會看到我們在近太空網路領域向太空多層領域的擴展，從低地球軌道到地球同步軌道，再到地月空間。我們只是按相反的順序進行，從月球空間反向返回。這就是未來三到五年內你需要關注的事情。

Okay. And then maybe you could touch on specifically the orbital terrain vehicle, the spacecraft there. And you said there's a government contract there. Maybe you can talk about that product line and how we should think about that.

好的。然後也許您可以具體談談軌道地形飛行器，即那裡的太空船。你說那裡有一份政府合約。也許您可以談談該產品線以及我們應該如何看待它。

Yeah, the nebula, as we call it, is a derivative of the Nova-C science autonomous robotic lander that we flew to the moon twice. And so it's a cryogenic stage, essentially a third stage, if you will, with our proprietary propulsion system.

是的，我們所說的星雲是我們兩次登月的 Nova-C 科學自主機器人登陸器的衍生性商品。所以它是一個低溫階段，本質上是一個第三階段，如果你願意的話，它採用我們專有的推進系統。

And we can deliver satellites, multiple satellites, to varying locations in space around the cislunar space. And that's of interest to some customers, and we're doing that under a commercial contract with -- as a subcontractor for a government customer.

我們可以將多顆衛星發射到地月空間周圍的不同位置。有些客戶對此很感興趣，我們是根據與政府客戶簽訂的商業合約來做這件事的——作為分包商。

Okay. Great, Steve. And then last question, I'll pass it along. As you talk about '26, adjusted EBITDA positive, maybe you could talk about two elements of that guidance in terms of the maybe long term growth rate of the revenues that would be a reasonable set of bands to think about and then the operating expense growth expectation to get to that '26 guide.

好的。太好了，史蒂夫。這是最後一個問題，我會傳達給您。當您談到 26 年調整後的 EBITDA 為正值時，也許您可以談談該指引中的兩個要素，即收入的長期增長率，這將是一組合理的考慮範圍，然後是營業費用增長預期，以達到 26 年的指引。

Yeah. So I probably won't provide guidance on what our growth rate is going forward beyond '25. But we -- if you look at where we were in terms of our run rate and our G&A expense, we've stabilized around a good G&A spend rate, which is going to really help us as we continue to grow on the profits and the margin side towards that EBITDA- positive case.

是的。因此，我可能不會對我們 25 年以後的成長率提供預測。但是，如果您看一下我們的運作率和管理費用，您會發現我們已經穩定在一個良好的管理費用率上，這將真正幫助我們繼續實現利潤和利潤率的增長，朝著 EBITDA 正數的方向發展。

Mike Crawford, B. Riley Securities.

麥克·克勞福德（Mike Crawford），B. Riley Securities。

Regarding the lunar terrain vehicle down select which you said you still expect to occur in 2H '25. Is there anything from that baked in to the current guidance?

關於月球地形車的下行選擇，您說您仍然預計它會在 2025 年下半年發生。目前的指導方針中是否包含這些內容？

Mike, the way we look at that one is that will affect 2026 primarily and not necessarily 2025 with that award coming so late in the year, we believe. There are alternatives that the government may consider in terms of how they award that.

麥克，我們認為，這將主要影響 2026 年，而不一定影響 2025 年，因為我們認為獎項頒發的時間太晚了。在如何授予該獎項方面，政府可能會考慮其他替代方案。

They may choose multiple bidders, down select to two, take two to CDR, or give the full demonstration to a single bidder. I'm not quite sure what the shape of that procurement will look like, but we did not include any of the LTV beyond the initial $30 million in the operating plan for 2025.

他們可能會選擇多個投標人，然後向下選擇兩個，將兩個選為 CDR，或向單一投標者提供完整的演示。我不太確定該採購的形式，但我們沒有在 2025 年營運計劃中包含超過最初 3000 萬美元的任何 LTV。

And then regarding the data relay satellite deployments, what -- is there an order to the range points that you're targeting for the second and third payloads and beyond?

那麼關於資料中繼衛星的部署，第二、第三個有效載荷及以後的載荷所針對的射程點是否有順序？

So just to clarify, you're looking for the timeline for deployment of the satellites.

所以只是為了澄清一下，你正在尋找衛星部署的時間表。

Yeah. And does it matter to which location each goes to, in order?

是的。每個人去往哪個地點的順序很重要嗎？

Good. So our current baseline plan is that the first satellite will go up as a rideshare on IM-3 which is scheduled for about this time next year. And then the second and third will go up as a rideshare on IM-4 which we're currently slating for the second half of '27. And then the fourth and fifth would go up about a year after that.

好的。因此，我們目前的基本計劃是，第一顆衛星將搭乘 IM-3 發射，發射時間預計在明年此時。然後，第二趟和第三趟列車將透過 IM-4 進行共乘，我們目前計劃在 27 年下半年開通。大約一年後，第四和第五個數字將會上升。

They're all going to a highly elliptical polar orbit around the moon that will have a long spare time around the south pole, which is a requirement from NASA in terms of the coverage over the south pole region.

它們都將進入圍繞月球的高橢圓極地軌道，並在南極周圍留出較長的空閒時間，這是美國宇航局對南極地區覆蓋的要求。

Austin Moeller, Canaccord Genuity.

奧斯汀·莫勒（Austin Moeller），Canaccord Genuity。

So just my first question, has the data collected during IM-2 impacted your conversations with NASA or plans for the upsize Nova-D lander? And has NASA decided if they will pay a vendor to deliver the VIPER Rover yet?

所以我的第一個問題是，IM-2 期間收集的數據是否影響了您與 NASA 的對話或加大號 Nova-D 著陸器的計劃？美國太空總署是否已經決定向供應商支付 VIPER 火星車的交付費用了？

With respect to Nova-D, we're currently in the design cycle to get to preliminary design review for the demonstration mission for LTV delivery. So Nova-D continues on. We are doing the hot wash associated with IM-2 and the faults we saw on the laser altimeters, and we're doing a complete system review.

關於 Nova-D，我們目前正處於設計週期，為 LTV 交付的演示任務進行初步設計審查。因此 Nova-D 繼續前進。我們正在進行與 IM-2 相關的熱清洗以及我們在雷射高度計上發現的故障，並且正在進行完整的系統審查。

I don't expect much change to the way the design's going for Nova-D coming out of that hot wash. And like I said in my comments, Austin, that we'll actually look at any effects to IM-3 other than the laser range finders that might be incorporated into that that mission this time next year.

我並不認為 Nova-D 的設計在經過這次熱洗之後會發生太大的改變。正如我在評論中所說的那樣，奧斯汀，我們實際上會研究除了明年這個時候可能納入該任務的雷射測距儀之外對 IM-3 的任何影響。

The other part of your question was the VIPER. Right now, NASA put out an RFP to industry to say -- after they looked at all the RFIs that were submitted and said, hey, submit a proposal. They'll do a down select. Once they see all those proposals, we expect that down select here shortly, probably by the end of the month, and then they'll do a down select from those from ones that give a good plan or meet the competitive range.

你的問題的另一部分是 VIPER。目前，NASA 向業界發出了一份 RFP，在他們查看了所有已提交的 RFI 後，他們表示，嘿，提交一份提案吧。他們會進行向下選擇。一旦他們看到所有這些提案，我們預計他們很快就會在這裡進行選擇，可能是在月底，然後他們會從那些給出良好計劃或符合競爭範圍的提案中進行選擇。

I'm not sure what we're going to do with that VIPER yet. The way that came out, that's got to be fully funded without the -- without NASA. And NASA retains all the data, so it's quite limited in our ability to commercialize it. So we're still thinking about what we want to do there.

我還不確定我們要用那輛 VIPER 做什麼。結果出來後，這個計畫必須在沒有 NASA 資助的情況下才能完成。而且 NASA 保留了所有數據，因此我們將其商業化的能力受到很大限制。所以我們仍在思考我們想在那裡做什麼。

Okay. And if we just think a little bit further out, the new administration has said they have Mars as a priority. So has the new administrator discussed with you or the other CLPS participants an equivalent program for doing commercial landers on Mars, just given the cost overruns on Mars sample return?

好的。如果我們再想得更遠一些，新政府已經表示，他們把火星問題當作優先考慮的事情。那麼，考慮到火星樣本返回成本超支，新任管理員是否與您或其他 CLPS 參與者討論過在火星上進行商業著陸的等效計劃？

We've been talking for about two years now with the agency and the administrators and deputy administrators of the agency about using the CLPS model to replace the aging infrastructure around Mars. And so that conversation has been well received so far.

大約兩年來，我們一直在與該機構以及該機構的管理人員和副管理人員討論使用 CLPS 模型來取代火星周圍老化的基礎設施。到目前為止，這次談話已經得到了熱烈的回應。

We have not had discussions yet about how that might play in this administration or with this new administrator once confirmed. So we plan to have those discussions and see what that might be.

我們尚未討論這項措施將如何影響本屆政府或新任行政長官的任命。因此我們計劃進行這些討論並看看結果如何。

I would say, though, that it is clear to us from our discussions on the Hill with everybody that we run into and talk to and meet with is that the moon is of strategic interest and will remain that way. The idea of Mars first or Mars only is really not the mainstream thinking at this time. Mainstream thinking is that a stretch goal for Mars is a good thing for the country, while the moon is of strategic interest and will remain so.

不過，我想說，從我們在國會山莊與我們遇到的、交談的和會見的每一個人的討論中我們可以清楚地看出，月球具有戰略意義，而且將繼續具有戰略意義。火星優先或只登陸火星的想法目前確實不是主流思想。主流思想認為，探索火星對國家來說是一件好事，而探索月球則具有戰略意義，並且將繼續如此。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯‧謝潑德 (Andres Sheppard)、康托‧費茲傑拉 (Cantor Fitzgerald)。

Congratulations on the quarter, and thanks for taking our question. I was just wondering if maybe you could elaborate a little bit further on some of the data that you were able to procure from the IM-2 mission, maybe particularly on the Nokia side. Just curious if you could tell us how that communication work out versus expected.

恭喜本季取得的成績，並感謝您回答我們的問題。我只是想知道您是否可以進一步詳細說明您從 IM-2 任務中獲得的一些數據，特別是諾基亞方面的數據。我只是好奇您是否可以告訴我們這次溝通的效果與預期相比如何。

Let's see. Nokia Bell Labs had a fully successful payload operations on the moon, where they tested out each element of their cellular network with us. Even though we were on our side, Nokia was able to power up and communicate with each part of that network, demonstrating that technology, Earth-based technology hardened for space, was successful.

讓我們來看看。諾基亞貝爾實驗室在月球上成功完成了有效載荷操作，他們與我們一起測試了其蜂窩網路的每個元素。儘管處於我們這邊，諾基亞仍然能夠啟動並與該網路的每個部分進行通信，證明了該技術，即為太空而強化的地球技術，是成功的。

And so this is really a good news story in terms of how you can take that technology all the way to TRL level 9. And now, we have the basis for surface communications between elements on the moon. So a rousing success for Nokia Bell Labs.

因此，就如何將該技術提升至 TRL 9 級而言，這確實是一個好消息。現在，我們已經擁有了月球表面各要素之間進行通訊的基礎。這對諾基亞貝爾實驗室來說是一個巨大的成功。

And maybe just as a quick follow up, Steve, you touched on this a little bit on the call. But maybe just remind us, what are the key catalysts, maybe the near-term key catalyst, that you think investors should be aware of, as we look for in 2025?

或許只是為了快速跟進一下，史蒂夫，你在電話中稍微談到了這一點。但也許只是提醒我們，當我們展望 2025 年時，您認為投資人應該注意的關鍵催化劑是什麼，也許是近期的關鍵催化劑是什麼？

Yeah. So right now, the team is getting ready for the Nova-D design cycle review with NASA on that delivery vehicle, the heavy cargo variant for delivery of the LTV. And we'll also do a preliminary design review with NASA in the first half of this year on the LTV itself, lunar trained vehicle.

是的。因此現在，該團隊正在準備與 NASA 一起對該運載工具（用於運載 LTV 的重型貨物變體）進行 Nova-D 設計週期審查。我們也將在今年上半年與美國太空總署一起對月球訓練飛行器 LTV 本身進行初步設計審查。

And then you heard that we're going to have the next CLPS mission, called CS6 procurement, in May. Proposals are due with award in July. And then finally, there's a third project or contract, that's the second CLPS award this year which we expect later in the year.

然後你聽說我們將在五月進行下一個 CLPS 任務，稱為 CS6 採購。提案將於七月提交並頒獎。最後，還有第三個項目或合同，這是今年的第二個 CLPS 獎項，我們預計在今年稍後頒發。

So those are the big contract award milestones. While we prepare our first satellite for launch on IM-3 this time next year, that satellite will be delivered for integration to the -- to us for our payload integration this year and ready to fly early next year.

這些都是重大合約授予的里程碑。當我們準備於明年此時在 IM-3 上發射第一顆衛星時，該衛星將在今年交付給我們進行有效載荷集成，並準備於明年年初飛行。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

First, I want to ask about the cash. You're obviously in a very good position now after the recent raises. How are we thinking about deploying that? Do you have a pipeline of M&A that might be of interest?

首先我想問一下現金的問題。經過最近的加薪後，你現在顯然處於非常有利的地位。我們考慮如何部署它？您是否有感興趣的併購管道？

So we have a continuing process of review for opportunistic M&A where we review what capabilities as a company we want to put -- add on where we have soft spots in the supply chain, for example, or where we want to vertically integrate. We also want to think about markets and opening up a new customer and diversify our revenue streams.

因此，我們對機會性併購有一個持續的審查過程，我們會檢視公司想要投入哪些能力，例如，增加我們在供應鏈中的弱點，或是我們想要垂直整合的地方。我們還想考慮市場和開拓新客戶並使我們的收入來源多樣化。

So we look at these on a continuing basis, and we'll be strategic in our assessment of M&A going forward. There's also a number of technology innovations that we want to on-ramp. In particular, for the Nova-D, we want to make sure that the propulsion system is developed in a way that can support the heavier cargo lander.

因此，我們會持續關注這些問題，並對未來的併購進行策略性評估。我們也希望能推進多項技術創新。特別是對於 Nova-D，我們希望確保推進系統的開發方式能夠支撐更重的貨物登陸器。

So for example, investment in an e-pump project to put electric pumps on the main engine would be a good project we've already started. So there'll be some of those innovations we'll be doing with the capital, and some of the strategic M&A we're thinking about will continue.

例如，投資一個在主引擎上安裝電動幫浦的專案就是我們已經啟動的一個很好的專案。因此，我們將利用資本進行一些創新，我們正在考慮的一些策略性併購也將繼續進行。

Understood. And now, a follow up. You mentioned the new administration earlier. I'm wondering if you can talk about the potential opportunities in defense in the context of some of these big programs. Is there a lot of incremental TAM that could be derived from some type of DOD defense path?

明白了。現在，進行後續行動。您之前提到了新政府。我想知道您是否可以談談這些大型專案在防禦方面的潛在機會。是否有大量的增量 TAM 可以從某種類型的國防部防禦路徑中衍生出來？

Yeah. The way I talk about defense tech or DOD tech is really national security space tech. So as we're building out our network, the Near Space Network services, there's a lot of space domain awareness, space traffic management capability by having assets in and around the moon that we can move into that market and, like I said, other areas where communications are needed.

是的。我談論國防技術或國防部技術的方式實際上是國家安全太空技術。因此，當我們建立我們的網絡，即近空間網絡服務時，透過在月球內部和周圍擁有資產，我們可以將大量的太空領域感知、太空交通管理能力轉移到這個市場，就像我說的，還可以轉移到其他需要通訊的領域。

Data relay, we have that architecture now and that that IP associated with flying those kinds of data relay satellites with those kind of radio packages and sensors. All that can be applied to that national security space market.

資料中繼，我們現在有這樣的架構，並且該 IP 與搭載此類無線電設備和感測器的資料中繼衛星相關。所有這些都可以應用於國家安全太空市場。

Ronald Epstein, Bank of America.

美國銀行的羅納德‧愛潑斯坦 (Ronald Epstein)。

I mean, so far, we've covered a lot of ground. But I just wanted to circle back on what's you're thinking on the impact that the Department of Government Efficiency could have on NASA, what it could mean for you guys. And Musk seems to be a big influence here, and he keeps talking about Mars. How do we circle that all up, and what's it mean for you?

我的意思是，到目前為止，我們已經涵蓋了很多內容。但我只是想回到你對政府效率部可能對 NASA 產生的影響的看法，以及這對你們意味著什麼。馬斯克似乎在這裡有很大的影響力，他一直在談論火星。我們怎樣才能將這些全部概括出來？這對您來說意味著什麼？

Well, I think the Department of Government Efficiency is looking to drive efficiency within NASA, in particular in our case. And the monies that are recaptured or saved can be applied to commercial space endeavors that could be more efficient.

嗯，我認為政府效率部正在尋求提高 NASA 內部的效率，特別是在我們的案例中。而收回或節省的資金可以用於更有效率的商業太空事業。

And so like I said, Intuitive Machines is in a position now where we can navigate this kind of commercial market. We're driving innovation in a rapid, affordable way to deliver space systems reliably, and that is attractive for this modern era or modern administration approach towards NASA.

所以就像我說的，Intuitive Machines 現在能夠駕馭這種商業市場。我們正在以快速、經濟的方式推動創新，以可靠地交付太空系統，這對於現代時代或現代管理方式下的 NASA 來說具有吸引力。

So I think this is good. This is the way the space agency can get more accomplished and be more globally competitive. So I think in the end, while there might be reformulations within Artemis or changes within the civil servant workforce of NASA, the efficiency of the government, driving innovation, and delivering space systems on a regular cadence is only good for, like I said, our global competitiveness. So I think that's a good thing.

所以我認為這很好。這樣，航太局才能取得更大成就，並在全球更具競爭力。因此，我認為，最終，雖然阿爾特彌斯計劃內部可能會有重新制定，或者美國宇航局的公務員隊伍可能會發生變化，但政府的效率、推動創新和定期交付太空系統只會對我們的全球競爭力有益。所以我認為這是一件好事。

Mars first. Mars is further away. As an architect, space architect, I can tell you it's more than a presidential administration away. So while we can have a stretch goal to aim and build the technologies for Mars, like I said, the moon is of strategic interest and will remain so.

火星優先。火星距離較遠。身為建築師、空間建築師，我可以告訴你，這不只是一屆總統的職責範圍內的事。因此，雖然我們可以設定一個延伸目標，瞄準並開發火星技術，但就像我說的，月球具有戰略意義，而且將始終如此。

And so that's where our focus will be. However, a lot of our technologies are extensible to deeper space, and we will be looking at opportunities to replace some of the aging infrastructure around Mars if that's the direction the country wants to go.

這就是我們的重點。然而，我們的許多技術可以擴展到更深的太空，如果這是國家想要發展的方向，我們將尋找機會更換火星周圍的一些老化基礎設施。

And then, I mean, just maybe two follow-ons, if I can. Be it that Mars is farther away, right, if we look at it as an opportunity, wouldn't that suggest that that's just a lot more work which could potentially be good for you if they were to go that way?

然後，我的意思是，如果可以的話，也許只會有兩個後續行動。就算火星離我們更遠，對吧，如果我們把它看作一個機遇，那豈不是意味著如果他們朝那個方向走的話，我們需要做更多的工作，但這可能對你有好處嗎？

Meaning -- you know what I mean? Like, it is a bigger hurdle, but the bigger hurdle would require more funding. I don't know if I'm thinking about that right. But if they do push that way or maybe push that way in parallel, that could potentially be good, right?

意思——你明白我的意思嗎？就像，這是一個更大的障礙，但更大的障礙需要更多的資金。我不知道我這樣想是否正確。但如果他們確實朝那個方向推進，或者可能同時朝那個方向推進，那可能會很好，對嗎？

Well, I think if you think about constrained budgets, that's one of the factors that the House and the Senate are going to have to deal with in how they fund future space programs. We -- if we say that there's efficiency coming out of NASA, the Artemis program may move to the right.

嗯，我認為如果你考慮預算限制，這是眾議院和參議院在資助未來太空計畫時必須處理的因素之一。如果我們說 NASA 的效率很高，那麼 Artemis 計劃可能會向右移動。

What's important is that the Near Space Network is decoupled from Artemis currently in the budget and that gets implemented so that we have a strategic asset in and around the moon and we revamped the Mars sample return to become more affordable. That might create more opportunity to put the aging infrastructure replacements in orbit around Mars.

重要的是，目前預算中的近太空網絡與阿爾忒彌斯計劃脫鉤，並且得以實施，以便我們在月球及其周圍擁有戰略資產，並改進火星樣本返回計劃，使其變得更加經濟實惠。這可能為將老化的基礎設施替代品送入火星軌道創造更多機會。

And so you'd have to look at all the deck chairs and how they get shuffled. But all of this speaks to the need for agile commercial space involvement in not only opening the cislunar economy, but actually contributing to commercializing Mars.

所以你必須看看所有的躺椅以及它們是如何被洗牌的。但所有這些都表明，需要靈活的商業太空參與，不僅要開啟地月經濟，而且要真正促進火星商業化。

Got it. And then maybe this is the last one. If -- we're in a continuing resolution for fiscal '25. I mean, it seems like that's what's going to happen, right, or like maybe just a hair away from that. But a lot of people are now talking that fiscal '26 could be a continuing resolution. How does that impact you, I mean, when we think about your business and a CR or two years of a CR?

知道了。這或許就是最後一次了。如果 - 我們正在進行 25 財年的持續決議。我的意思是，這看起來就是即將發生的事情，對吧，或者可能離那隻有一步之遙。但現在很多人都在談論 26 財年可能是持續的解決方案。我的意思是，當我們考慮您的業務和一次 CR 或兩年的 CR 時，這會對您產生什麼影響？

Well, our company currently is working on existing programs that are covered under the continuing resolution, and those programs exist moving forward -- would exist moving forward in a continuing resolution in 2026, obviously.

嗯，我們公司目前正在進行持續決議所涵蓋的現有項目，這些項目將會繼續存在——顯然，它們將在 2026 年的持續決議中繼續存在。

It might -- we'll have to see about what happens there. I did mention I'm going up to testify on the House Subcommittee to talk about CLPS 2.0, and the follow on and how it's moving towards heavier cargo deliveries.

有可能——我們必須看看那裡發生什麼事。我確實提到我將在眾議院小組委員會上作證，討論 CLPS 2.0 及其後續進展以及它如何向更重型貨物運輸邁進。

Right now, CLPS is funded. NSNS is funded. LTV is funded, so all our programs there with NASA seem to be in a good position.

目前，CLPS 已獲得資助。NSNS 已獲得資助。LTV 得到了資助，因此我們與 NASA 合作的所有專案似乎都進展順利。

Josh Sullivan, The Benchmark Company.

喬許‧沙利文 (Josh Sullivan)，The Benchmark Company。

Just on the comment earlier on the full court press into data services. Can you talk maybe about Jim's appointment? How are you modeling that long-term communications revenue model at this point? What is his appointment or perspective to that?

剛才我談到了先前關於全場緊迫盯人資料服務的評論。能談談吉姆的任命嗎？現在如何建立長期通訊收入模型？他的任命是什麼？他對此有何看法？

So Jim Frelk was an addition. We were very fortunate to bring Jim on board. He has incredible experience in bringing in -- like starting Digi Globe, which then went to Maxar. He worked for Lockheed. He's worked for NASA.

因此 Jim Frelk 成為了其中的一員。我們非常榮幸能夠讓吉姆加入我們。他在引進人才方面有著豐富的經驗——例如創辦了 Digi Globe，後來該公司被 Maxar 收購。他曾為洛克希德公司工作。他曾在美國國家航空暨太空總署工作。

He's got incredible depth of experience in data services, from Earth observation data services. So when we think about the Near Space Network, we think about data services.

他在數據服務方面擁有豐富的經驗，包括地球觀測數據服務。因此，當我們考慮近空間網路時，我們會考慮資料服務。

And actually, if you also recall that we now run the LRO camera, lunar reconnaissance orbit camera, and the shadow cam with a group in Phoenix. And so we have the largest repository of lunar data that we steward for NASA.

實際上，如果您還記得的話，我們現在與鳳凰城的團隊一起運行 LRO 相機、月球勘測軌道相機和陰影相機。因此，我們擁有為 NASA 管理的最大的月球資料庫。

And we talk about integrating the data products that are collected by LRO with our own data products. We can start to get serious data content out of this network, and Jim is the one who knows how to commercialize that, having done that three times.

我們討論將 LRO 收集的數據產品與我們自己的數據產品結合。我們可以開始從該網路中獲取重要的數據內容，而吉姆是知道如何將其商業化的人，他已經做過三次了。

And he also brings incredible experience in national security space and connections where we can actually build this network, like I said, as a national asset to serve other government agencies as well. So that's really his forte, and that's why we brought him in as we did. And we're very proud to have him on board.

他在國家安全領域和人脈方面也擁有豐富的經驗，我們可以實際建立這個網絡，就像我說的，作為國家資產，為其他政府機構提供服務。這確實是他的強項，這也是我們引進他的原因。我們非常榮幸他能加入我們。

Got it. And then Steve, on your plans to speak to Congress on CLPS, what needs to be communicated at that event? Or maybe what does Congress need to be convinced of that it's not already inclined to pursue, with CLPS-like models?

知道了。然後史蒂夫，你計劃向國會談論 CLPS，在那次活動中需要傳達什麼訊息？或者也許國會需要確信它還沒有傾向於採用類似 CLPS 的模式來實施什麼？

Well, the success of the lunar commercialization and where we're going with that in terms of communications, space traffic management, developing infrastructure, and factories on the moon is essential for our strategic interests. Now if you think about CLPS and how you can alter the first CLPS program into 2.0 would be to move towards heavier and heavier cargo.

嗯，月球商業化的成功以及我們在通訊、太空交通管理、基礎設施建設和月球工廠方面的發展對於我們的戰略利益至關重要。現在，如果您考慮 CLPS 以及如何將第一個 CLPS 程式更改為 2.0，那麼將朝著越來越重的貨物邁進。

So to set up that logistics supply that we can get equipment to begin building these factories on the moon and to begin working autonomously on the moon and by emphasizing heavier cargo; spreading that delivery across multiple directorates within NASA, multiple budget line items to serve not only science, but the human spaceflight side, the space technology side, the exploration side. All of that is what we want to communicate to the house about the CLPS 2.0.

因此，為了建立物流供應，我們可以獲得設備，開始在月球上建造這些工廠，並開始在月球上自主工作，並強調更重的貨物；將這一交付分散到 NASA 內部的多個理事會和多個預算項目中，不僅服務於科學，還服務於載人航天、太空技術、探索方面。以上就是我們想要向大家傳達的有關 CLPS 2.0 的訊息。

Greg Pendy, Clear Street.

格雷格·彭迪 (Greg Pendy)，Clear Street。

Just -- I know you're going through the hot wash right now. But just from the targeted mission for IM-3 with the Rainier Gamma region of the moon, what type of flexibility would you have on that region to possibly push the date out further if you felt you needed that time? What does the launch windows look like for that region of the moon?

只是──我知道你現在正經歷嚴峻的考驗。但是，僅從 IM-3 針對月球雷尼爾伽馬區域的目標任務來看，如果您覺得需要時間，您會對該地區有什麼樣的靈活性，以便將日期進一步推遲？月球那個區域的發射窗口是什麼樣的？

Yeah, we have quite a bit of flexibility if needed. Right now, we're not anticipating a shift in the schedule. Should that unexpected shift occur, we have several months of give in that in that schedule to still meet that equatorial mission to Rainer Gamma.

是的，如果需要的話我們有相當大的彈性。目前，我們預計時間安排不會改變。如果發生這種意外的變化，我們可以在原有的計畫內預留幾個月的時間，以完成前往雷納伽馬的赤道任務。

It's not as highly constrained as the south pole missions are, which seem to be occurring in the fourth quarter and first quarter. This can extend first and second quarter easily.

它並不像南極任務那樣受到嚴格限制，南極任務似乎將在第四季和第一季進行。這可以輕鬆延長第一季和第二季。

And then just one more on that IM-3 mission. What type of timeline would you think you'd need for commissioning on that first satellite before you can get the follow-on task revenue opportunity?

然後再說一次有關 IM-3 任務的事。您認為需要什麼樣的時間表來調試第一顆衛星才能獲得後續任務的收入機會？

Yeah, we think you get that or -- that bird up in its polar orbit. And we have about a 60- to 90-day commissioning period before we do a communications check, data relay check with an asset in orbit. So our satellite to another asset, that check is a validation task order, and then we can start the follow on operational task order.

是的，我們認為你得到了那個或——那隻鳥在它的極地軌道上。在我們對在軌資產進行通訊檢查和資料中繼檢查之前，我們有大約 60 到 90 天的調試期。因此，我們的衛星到另一項資產，該檢查是一個驗證任務訂單，然後我們就可以開始跟進操作任務訂單。

Erik Rasmussen, Stifel.

埃里克·拉斯穆森（Erik Rasmussen），Stifel。

You guys gave an outlook for 25 -- from $250 million to $300 million in revenue. Any insights that maybe you can share that gets you to this range? And then maybe just, how should we think about the shape of that growth throughout the year?

你們對 25 年的營收預期是 2.5 億美元到 3 億美元。能分享一些什麼見解來幫助您達到這個範圍嗎？那麼也許我們應該如何看待全年的成長情況呢？

I guess we'll start with the fact that if you look at the backlog numbers and the percentages I talked about earlier, it gives you a good indication that a lot of our revenue to get to the bottom of the range is from existing contracts and work we have in front of us. Because those are on contract, they're going to be throughout the entire year. So that's a pretty steady rate of revenue.

我想我們首先要考慮這樣一個事實：如果你看一下積壓訂單數量和我之前談到的百分比，你就會發現，我們達到最低範圍的大部分收入都來自現有合約和我們面前的工作。因為這些都是合約規定的，所以它們會持續一整年。所以這是一個相當穩定的收入率。

What we're looking to grow with are the things that Steve mentioned earlier about the opportunities that we have in front of us this year, which include two CLPS opportunities. And there's potential upside depending on what happens with the market and the congressional direction as to funding and NASA direction as to where programs are going, like things where LTVS could actually be awarded this year.

我們希望實現的成長是史蒂夫之前提到的我們今年面臨的機遇，其中包括兩個 CLPS 機會。並且還存在潛在的上升空間，具體取決於市場狀況、國會對資金的指導以及 NASA 對專案進度的指導，例如今年 LTVS 實際可能授予的專案。

And there could be revenue this year. We're not putting that in our plan today. That gives us some opportunities. So that allows us to fit within the range.

今年可能會有收入。我們今天不會將其納入計劃中。這給了我們一些機會。這樣我們就可以適應這個範圍。

Great. Maybe just -- I know the hot wash review is ongoing and you're -- there's still a lot of work to be done. But any initial observations that maybe you can share? And I know coming out of IM-1, there was around 60-some-odd items that you needed to address coming into IM-2. Would you expect that list to be maybe as much or greater or less than? Maybe just some initial thoughts would be helpful.

偉大的。也許只是——我知道熱洗審查仍在進行中，而且你——還有很多工作要做。但是您可以分享一些初步觀察結果嗎？我知道，在 IM-1 之後，大約有 60 多個專案需要在 IM-2 中解決。您認為該清單的內容可能與此相同、更多或更少嗎？也許一些初步的想法會有所幫助。

The hot wash is set up, and it's our own idea about -- coming from our experience with working with human spaceflight programs. And we take a 30 day period -- very focused time frame, short interval, but very focused -- and we examine every aspect of the development, development testing, the assembly, integration, and functional testing of the vehicle, how we did at the cape when we went to Florida to do the integration of the payloads, how the launch went -- dress rehearsal went and how the launch went, how the mission all unfolded, and how each phase of the mission all the way down to the surface and the payload operations.

熱清洗已經建立，這是我們自己的想法——源自於我們參與載人航太計畫的經驗。我們用 30 天的時間 — — 非常集中的時間範圍，間隔很短，但非常集中 — — 檢查了飛行器的開發、開發測試、組裝、集成和功能測試的各個方面，檢查了我們去佛羅裡達進行有效載荷集成時在海角的表現，檢查了發射情況 — — 彩排和發射情況，檢查了任務的進展，檢查了任務的進展直至地面和有效載荷的情況。

So we're very comprehensive when we take a look at this, and we identify not only what went wrong. What went right? But where were there some soft spots that could use shoring up to increase reliability? Or what were the faults that occurred and what do we need to address?

因此，我們在審視這個問題時非常全面，我們不僅找出了哪裡出了問題。什麼進展順利？但是哪些薄弱環節需要加強以提高可靠性呢？或者發生了哪些故障以及我們需要解決什麼？

And those get binned in a set of categories of those that need to be implemented for the next immediate mission or those that can be carried as fleet upgrades as we go forward in the future. So that's the process we expect our internal review meeting on April 3, where we will hear findings from across all the subsystems.

這些將被歸類為需要在下次緊急任務中實施的類別或可在未來作為艦隊升級而實施的類別。這就是我們預期在 4 月 3 日召開的內部審查會議的流程，屆時我們將聽取所有子系統的調查結果。

And then we'll probably close that out where we'll finalize everything around April 15. And then from there, we're going to talk to all our stakeholders, our customers, our NASA stakeholders; and share our lessons learned.

然後我們可能會結束這項工作，並在 4 月 15 日左右完成所有工作。然後從那裡，我們將與所有利益相關者、我們的客戶、我們的 NASA 利害關係人進行交談；並分享我們的經驗教訓。

So we're very transparent. Like you said, we have some external reviewers from NASA, ESA, and JPL that are subject expert experts. And we're looking forward to the findings because it only makes us better and stronger.

所以我們非常透明。正如您所說，我們有一些來自 NASA、ESA 和 JPL 的外部評審員，他們都是學科專家。我們期待調查結果，因為它只會讓我們變得更好、更強大。

Thank you. And I'm showing no further questions in the queue at this time. I will now turn a call back over to Intuitive Machines' CEO, Steve Altemus, for any closing remarks.

謝謝。目前隊列中沒有其他問題。現在，我會把電話轉回給 Intuitive Machines 的執行長 Steve Altemus，請他做最後發言。

Well, thank you, everybody, for your participation and your questions. And we're looking forward to another exciting year of growth for Intuitive Machines in 2025. Thank you.

好吧，謝謝大家的參與與提問。我們期待 2025 年 Intuitive Machines 又將迎來令人興奮的成長年。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，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。