Intuitive Machines Inc (LUNR) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Intuitive Machines First Quarter 2025 Conference Call. At this time, all participants are in listen-only mode. After this week's presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的支持，歡迎參加直覺式機器 2025 年第一季電話會議。此時，所有參與者都處於只聽模式。本週演講結束後，將有問答環節。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to Stephen Zhang, Head of Investor Relations. Go ahead

現在，我想將會議交給投資人關係主管 Stephen Zhang。前進

Good morning. Welcome to the Intuitive Machines first quarter 2025 earnings call. Chief Executive Officer, Steve Altemus; 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.歡迎參加 Intuitive Machines 2025 年第一季財報電話會議。執行長 Steve Altemus；和財務長 Pete McGrath 今天主持了這次電話會議。在我們開始之前，請注意，今天電話會議中討論的一些資訊將包括前瞻性陳述，闡述我們對未來業務、經濟和其他事件的當前預期。

The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's earnings press release and the company's most recent 10-K and 10-Q filed with the SEC. We do not undertake any obligation to update forward-looking statements.

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。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 中的前瞻性陳述中有描述。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. Reconciliations to the company's GAAP measures are included in the earnings release filed on Form 8-K. Finally, we posted an earnings call presentation to 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.

我們也希望討論適用的 SEC 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 指標的對帳已包含在 8-K 表格中提交的收益報告中。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·阿爾特姆斯。

Thank you, and welcome, everyone. On our last call, we emphasized that the company would be focused on execution as the new administration began to take shape. Over the last few months, we have seen the administration rethinking how the federal government acquires emerging technology and services, instigates private sector innovation and creates long-term value.

謝謝大家，歡迎大家。在我們上次電話會議上，我們強調，隨著新政府開始組建，公司將專注於執行。在過去的幾個月裡，我們看到政府正在重新思考聯邦政府如何獲得新興技術和服務、激發私部門創新並創造長期價值。

Recently, we have seen signals of alignment at the federal level, including key appointments and clear budgetary direction from the executive branch in Congress. The President's budget request reinforces NASA's funding priorities and the House Armed Services Committee has advanced an additional $150 billion reconciliation package supporting DoD initiatives.

最近，我們看到了聯邦層級的協調訊號，包括國會行政部門的重要任命和明確的預算方向。總統的預算請求強化了 NASA 的資金優先事項，眾議院軍事委員會已提出額外 1500 億美元的和解方案來支持國防部的舉措。

These developments give us visibility into future opportunities across civil and national security space. The evolving federal landscape, including shifting NASA priorities, presents a clear opportunity for Intuitive Machines. We're leveraging our proven performance and speed to market across LTV, NSS and clips the track record of stretching the federal dollar through innovation that scales to expand into adjacent markets like national security space and other non-lunar domains.

這些發展讓我們看到了民用和國家安全領域的未來機會。聯邦政府格局的不斷演變，包括 NASA 優先事項的轉變，為 Intuitive Machines 提供了明顯的機會。我們正在利用我們在 LTV、NSS 方面經過驗證的性能和上市速度，並透過可擴展的創新來擴大聯邦資金的使用範圍，從而擴展到國家安全空間和其他非月球領域等相鄰市場。

This diversification and track record builds on our core strengths and positions us as a broader infrastructure and data services provider across the space economy. As we anticipated last year, the Artemis campaign is evolving, nominated NASA Administrator, Jared Isaacman has articulated an all dual track vision to pursue lunar and margin exploration with Artemis at the stepping stone. We believe this vision reinforced by the President's recent NASA budget request, signals continued support for Deep Space initiatives that Intuitive Machines, it's built to serve.

這種多樣化和業績記錄建立在我們的核心優勢之上，並使我們成為整個太空經濟領域更廣泛的基礎設施和數據服務提供者。正如我們去年所預測的那樣，阿爾忒彌斯計劃正在不斷發展，美國宇航局局長賈里德·艾薩克曼已經闡明了雙軌願景，以阿爾忒彌斯計劃為基石，進行月球和邊緣探索。我們相信，總統最近向 NASA 提出的預算請求強化了這個願景，顯示了對直覺機器公司所服務的深空計畫的持續支持。

Our technologies developed through projects like CLPS and NSNS and LTV are designed for applications across both Moon and Mars. While Congress continues to debate potential reductions in NASAs science budget, we remain confident in the resilience of our core exploration programs. CLPS initiative and the LTVS program are progressing with three delivery procurements planned this year, and our major contracts are aligned with national priorities and long-term strategy.

我們透過 CLPS、NSNS 和 LTV 等項目開發的技術專為月球和火星的應用而設計。儘管國會仍在討論削減美國太空總署科學預算的可能性，但我們仍然對核心探索計畫的彈性充滿信心。CLPS計劃和LTVS項目正在推進，今年計劃進行三次交付採購，我們的主要合約符合國家優先事項和長期戰略。

As part of this alignment, Intuitive Machines was invited to testify before the House Space Aeronautics subcommittee on NASA's CLPS initiative. In my testimony, I highlighted how CLPS drives innovation and reshapes the cost of exploration. I also highlighted the opportunity for larger bulk-buy CLPS task orders, showcasing how NASA's early investments in commercial lunar services set the stage for broader participation across various government sectors.

作為合作的一部分，Intuitive Machines 受邀在眾議院太空航空小組委員會就 NASA 的 CLPS 計劃作證。在我的證詞中，我強調了 CLPS 如何推動創新並重塑勘探成本。我還強調了大量購買 CLPS 任務訂單的機會，展示了 NASA 對商業月球服務的早期投資如何為各個政府部門的更廣泛參與奠定了基礎。

For example, through our NSNS contract, we're extending the benefits of this model by enabling other federal agencies beyond NASA to utilize our data infrastructure and payload delivery services on lunar orbit missions. This strategic approach of leveraging NASA's infrastructure investments to support national security space exploration goals exemplifies how the CLPS model can scale to meet the needs of diverse government initiatives.

例如，透過我們的 NSNS 合同，我們正在擴展這種模式的優勢，使 NASA 以外的其他聯邦機構能夠在月球軌道任務中利用我們的數據基礎設施和有效載荷運送服務。這種利用 NASA 基礎設施投資來支持國家安全太空探索目標的策略方針體現了 CLPS 模型如何擴展以滿足不同政府措施的需求。

As part of our ongoing efforts to diversify into national security space, the first quarter saw meaningful progress under our stealth satellite and orbital transfer vehicle programs. Additionally, we recently secured a key contract award for an earth free entry vehicle, broadening our footprint across the space domain for new government and commercial customers.

作為我們持續努力向國家安全領域多元化發展的一部分，第一季我們的隱形衛星和軌道轉移飛行器計畫取得了重大進展。此外，我們最近獲得了一項關於地球自由進入飛行器的重要合同，擴大了我們在太空領域的業務範圍，為新的政府和商業客戶提供服務。

Leveraging our Lunar lander architecture, the orbital transfer vehicle is designed to deliver payloads to multiple orbital regimes. We initiated Phase 2 activities under a letter contract with a government customer with the full contract scope expected to be finalized by the end of this month.

利用我們的月球著陸器架構，軌道轉移飛行器旨在將有效載荷運送到多個軌道區域。我們根據與政府客戶簽訂的書面合約啟動了第二階段的活動，預計全部合約範圍將於本月底完成。

We continue to advance next-generation technologies that can transform spacecraft operations in orbit. In the first quarter, we prepared to complete Phase 1 of the Air Force Research Laboratories JETSON contract focused on developing a low-power nuclear electric propulsion system designed to enable stealth-like satellites without the volume or visibility of traditional solar-powered systems.

我們將繼續推動能夠改變太空船在軌運行的下一代技術。在第一季度，我們準備完成空軍研究實驗室 JETSON 合約的第一階段，重點是開發一種低功率核電推進系統，旨在實現隱形衛星，而無需傳統太陽能係統的體積或可見性。

Intuitive Machines is a sole contractor selected for this program, and we anticipate exercise of the follow-on option later this year. In the days following Q1, we completed the study to transition the on-orbit satellite servicing and manufacturing mission to geostationary orbit for the space force, a move that would diversify our revenue base in alignment with the anticipated 2026 budget growth for national security space. We'll continue to support the study through May and expect the government decision later this quarter.

Intuitive Machines 是該計劃的唯一承包商，我們預計今年稍後行使後續選擇權。在第一季之後的幾天裡，我們完成了將太空部隊的在軌衛星服務和製造任務轉移到地球靜止軌道的研究，此舉將使我們的收入基礎多樣化，與預計的 2026 年國家安全空間預算增長保持一致。我們將在五月繼續支持這項研究，並期待政府在本季稍後做出決定。

Transitioning to an adjacent strategic horizon, Intuitive Machines is advancing a critical new capability, Earth reentry. This effort supports our long-term vision to deliver end-to-end space services from the Lunar surface to Precision return on Earth.

直覺機器公司正向鄰近的戰略視野轉型，推動一項重要的新能力──重返地球。這項努力支持了我們的長期願景，即提供從月球表面到精確返回地球的端到端太空服務。

In the days following the first quarter, the Texas Space Commission finalized the contract awarding Intuitive Machines $10 million to initiate development of a precision Earth reentry vehicle and microgravity research laboratory. This technology is expected to serve as a key element in the architecture for our future Moon and Mars sample return missions.

在第一季度之後的幾天裡，德州航太委員會最終確定了一項合同，授予直覺機器公司 1000 萬美元，用於啟動精確地球再入飛行器和微重力研究實驗室的開發。這項技術有望成為我們未來月球和火星樣本返回任務架構的關鍵要素。

This initiative also demonstrates a forward-leaning funding model using state investment to catalyze commercial and federal participation. Alongside the $10 million stake commitment, we're working to secure additional funds through a diverse pipeline of biopharmaceutical customers and strategic government stakeholders.

該計劃還展示了一種前瞻性的融資模式，即利用國家投資來促進商業和聯邦的參與。除了 1000 萬美元的股權承諾外，我們還致力於透過多元化的生物製藥客戶和戰略政府利益相關者來獲得額外資金。

Our approach will include proprietary precision landing technology, differentiated from traditional ballistic reentry and builds on a strategic partnership with Boryung that we announced in 2023 to accelerate investment in commercialization in microgravity applications.

我們的方法將包括專有的精確著陸技術，該技術與傳統的彈道再入技術不同，並以我們於 2023 年宣布的與保寧的戰略合作夥伴關係為基礎，以加速對微重力應用商業化的投資。

While we continue to diversify outside of NASA, we are simultaneously advancing and executing on our data transmission services. Under NASA's NSNS contract, we completed a key customer verification milestone and recognized $3 million in revenue during the first quarter. Entering the second quarter, we issued an additional task order valued at $18 million for the next two near space network services milestones, which we expect to complete this summer.

在我們繼續在 NASA 之外實現多元化的同時，我們也在同時推進和執行我們的資料傳輸服務。根據 NASA 的 NSNS 合同，我們完成了一個關鍵的客戶驗證里程碑，並在第一季實現了 300 萬美元的收入。進入第二季度，我們為接下來的兩個近太空網路服務里程碑發出了價值1800萬美元的額外任務訂單，預計將於今年夏天完成。

In parallel, we are actively discussing with national security space stakeholders to host multi-agency payloads on our lunar data relay satellites. The lunar data satellite constellation portion of NSNS is designed to provide secure and continuous connectivity for navigation, command and control of spacecraft for a wide array of customers, while driving higher-margin recurring revenue streams.

同時，我們正在積極與國家安全太空利益相關者討論在我們的月球數據中繼衛星上承載多機構有效載荷。NSNS 的月球資料衛星星座部分旨在為廣大客戶提供安全和持續的太空船導航、指揮和控制連接，同時推動更高利潤的經常性收入流。

To complement the satellite constellation, Intuitive Machines operates and provides data analytics services for the Lunar Reconnaissance Orbiter Camera and ShadowCam As part of this activity, Intuitive Machine stewards the repository for virtually all US lunar imaging and mapping data collected to date.

為了補充衛星星座，Intuitive Machines 運作並為月球勘測軌道飛行器相機和 ShadowCam 提供數據分析服務。作為這項活動的一部分，Intuitive Machine 管理著迄今為止收集的幾乎所有美國月球成像和測繪資料的儲存庫。

By pairing high-resolution lunar imagery and analysis with real-time data relay and positioning from our satellites, Intuitive Machines is working to build the foundation for a lunar navigation operating system, enabling secure mobility, route planning, surface navigation and logistics coordination across government and commercial lunar missions.

透過將高解析度月球影像和分析與我們衛星的即時資料中繼和定位相結合，Intuitive Machines 正在致力於建立月球導航作業系統的基礎，實現政府和商業月球任務的安全移動、路線規劃、地面導航和物流協調。

Our first data relay satellite deployment remains on schedule for a launch along with our IM-3 surface delivery mission in the first half of 2026. In the first quarter, we landed our second lunar mission. The IM-2 mission landed further south than any mission in history in an area surrounded by mountains and perpetual low-angle sun light, conditions no lunar spacecraft had ever previously navigated. We now have first-hand operational data from that region, and we're using it to harden our systems and inform how the industry approaches this part of the move.

我們的第一顆資料中繼衛星部署仍按計畫進行，將於 2026 年上半年與我們的 IM-3 地面運載任務一起發射。第一季度，我們完成了第二次登月任務。IM-2 任務著陸點比歷史上任何任務都更靠南，該地區四面環山，陽光永遠處於低角度照射，這是此前任何月球航天器都未曾遇到過的條件。我們現在擁有該地區的第一手營運數據，我們正在利用這些數據來強化我們的系統，並告知業界如何處理這部分措施。

IM-3 progress continued in the first quarter. We completed payload testing, including testing of NASA's 3 Jet Propulsion Laboratory-developed rovers. The mission is destined for Reiner Gamma, a mid-latitude region of the moon and one of the most distinctive and enigmatic natural features of the moon known as a lunar magnetic swirl.

IM-3 在第一季持續取得進展。我們完成了有效載荷測試，包括美國太空總署噴射推進實驗室開發的 3 輛火星探測車的測試。這次任務的目的地是雷納伽馬，這是月球的一個中緯度區域，也是月球最獨特、最神秘的自然特徵之一，被稱為月球磁旋渦。

As momentum builds for IM-3, it's important that we stay transparent about the technical outcomes of each flight and the real work we're doing to make our systems better.

隨著 IM-3 勢頭的增強，我們必須對每次飛行的技術成果以及我們為改進系統所做的實際工作保持透明。

After completion of the IM-2 mission, which ended early due to the landing anomaly, we performed the comprehensive post-mission review. It included internal teams, external experts and independent reviewers working with NASA and our suppliers to analyze every aspect of descent and landing at the Moon's south pole.

IM-2任務因著陸異常而提前結束，完成後我們進行了全面的任務後審查。它包括內部團隊、外部專家和獨立審查員，與美國太空總署和我們的供應商合作，分析月球南極下降和著陸的各個方面。

Planning in this harsh environment requires two things. First, you have to land precisely. Second, you have to land softy. Achieving both of these requires our sensors and onboard navigation algorithms to perform nearly perfectly in extreme environments.

在這種惡劣的環境下進行規劃需要做兩件事。首先，你必須準確著陸。其次，你必須輕柔地著陸。要實現這兩個目標，就需要我們的感測器和機載導航演算法在極端環境下近乎完美地運作。

We identified three primary contributors that affected the IM-2 landing. One, laser altimeter interference. In the final phase of descent, we saw signal noise and distortion that did not allow for accurate altitude readings.

我們確定了影響 IM-2 著陸的三個主要因素。一、雷射測高儀幹擾。在下降的最後階段，我們發現訊號雜訊和失真，導致無法獲得準確的高度讀數。

Two, terrain and lighting effects. South Pole topography and low-angle sunlight created long shadow and dim lighting conditions that challenged the precision capability of our landing system.

二、地形和燈光效果。南極的地形和低角度的陽光產生了長長的陰影和昏暗的光照條件，這對我們的著陸系統的精確能力提出了挑戰。

Three, crater recognition tuning. Our optical navigation used imagery from LRO at 100 kilometers from the lunar surface that could not accurately account for how craters appear at lower altitudes with South Pole lighting conditions as you approach the landing site.

三、隕石坑辨識調整。我們的光學導航使用了距離月球表面 100 公里的 LRO 影像，無法準確解釋當您接近著陸點時，在南極光照條件下隕石坑在較低海拔的呈現。

Moving forward, we will succeed, land softly, land upright, land ready to operate. We've identified the issues and are making the necessary changes we believe will get us there on IM-3.

向前邁進，我們將會成功，輕輕地著陸，直立地著陸，準備作戰。我們已經確定了問題所在，並正在進行必要的改變，我們相信這些改變將幫助我們實現 IM-3 目標。

Here's what's different. We've added dissimilar and redundant altimeters to the sensor suite, and they're going through more rigorous and extreme flight-like testing than we've done before. We've incorporated an additional lighting independent sensor for surface velocity measurements.

這就是不同之處。我們在感測器套件中添加了不同的和冗餘的高度計，並且它們正在經歷比以前更嚴格和極端的飛行測試。我們加入了一個額外的獨立於照明的感測器來測量表面速度。

We've expanded onboard terrain crater database for enhanced navigation across the surface of the Moon. Additionally, we collected the most detailed imagery of the Lunar South Pole on Mission-2, and we're feeding this unique flight data directly into our machine learning algorithms to improve crater tracking and navigation performance in these extreme conditions.

我們擴大了機載地形隕石坑資料庫，以增強月球表面的導航。此外，我們在任務 2 中收集了月球南極最詳細的圖像，並將這些獨特的飛行數據直接輸入我們的機器學習演算法，以改善在這些極端條件下的隕石坑追蹤和導航性能。

We must learn fast, needs fixing and move forward smarter. IM-2 gave us data that nobody else has. We're using it to build a better system and applying those lessons directly to IM-3, which remains on schedule.

我們必須快速學習，需要改進，並且更加聰明地前進。IM-2 為我們提供了其他人所沒有的數據。我們正在使用它來建立一個更好的系統，並將這些經驗教訓直接應用到仍按計劃進行的 IM-3 中。

As we continue to lay the groundwork for improved surface delivery, we are maturing infrastructure programs for essential equipment and systems that make space operations possible. We continue to grow this area of business, and in January, NASA awarded the company a $2.5 million contract to define the Moon to Mars architecture for logistics handling and offloading combined with surface cargo and mobility.

在我們繼續為改進地面運載奠定基礎的同時，我們正在完善使太空作業成為可能的基本設備和系統的基礎設施計劃。我們繼續發展這一業務領域，今年 1 月，美國國家航空航天局授予該公司一份價值 250 萬美元的合同，用於定義從月球到火星的物流處理和卸載架構以及地面貨物和機動性。

The award for the architecture definition incorporates Intuitive Machines, lunar terrain vehicle and cargo-class lander designs, which made significant strides towards design maturity for NASA's Lunar Terrain Vehicle Services contract culminating and successfully completing the preliminary design review just last week.

該架構定義獎項涵蓋了直觀機器、月球地形車和貨物級著陸器設計，這些設計為美國宇航局月球地形車服務合約的設計成熟度邁出了重大一步，並於上周成功完成了初步設計審查。

Building on the human-in-the-loop testing conducted at Johnson Space Center in quarter four last year for Artemis astronauts evaluate the terrestrial LTV mockup, the team implemented key vehicle modifications based on direct astronaut feedback and verified that these changes met or exceeded NASA's expectations through additional testing. Notably, the team also integrated a scanning LiDAR system in the terrestrial prototype, enabling autonomous self-driving terrain navigation, an essential feature for the extended uncrewed lunar operations and demonstrate this capability in a live evaluation with NASA's LTV Selection team.

在去年第四季度於約翰遜航天中心進行的用於阿爾忒彌斯宇航員評估地面 LTV 模型的人機交互測試的基礎上，該團隊根據宇航員的直接反饋實施了關鍵的飛行器修改，並通過額外的測試驗證了這些變化達到或超過了 NASA 的預期。值得注意的是，該團隊還在地面原型中整合了掃描雷射雷達系統，實現了自主自動駕駛地形導航，這是擴展無人月球作業的基本功能，並在與美國宇航局 LTV 選擇團隊的現場評估中展示了這一能力。

Additionally, Moon RACER activated a high fidelity 6 degrees of freedom simulator that digitally replicated 1 6 gravity conditions using lunar surface data from NASA and Intuitive Machines, Phoenix office for Lunar Reconnaissance imagery. This tool advances design validation and astronaut training, while reducing dependency on costly physical prototypes.

此外，Moon RACER 啟動了一個高保真 6 自由度模擬器，該模擬器使用來自 NASA 和 Intuitive Machines 鳳凰城辦事處的月球表面數據以數位方式複製了 16 個重力條件，用於月球勘測圖像。該工具促進了設計驗證和太空人訓練，同時減少了對昂貴的實體原型的依賴。

We believe the team is positioned with a distinct competitive advantage by achieving these technical milestones, before the final feasibility assessment. Further strengthening its proposal, Intuitive Machines has advanced its heavy-cargo class lunar lander design and integrated its in-house data transmission architecture built on the company's near space network services contract to provide seamless direct to earth and lunar data relay communications, an offering, we believe, is a comprehensive offering versus the other competing LTVS companies.

我們相信，在最終可行性評估之前實現這些技術里程碑將使團隊具有獨特的競爭優勢。為了進一步加強其提案，Intuitive Machines 改進了其重型貨物級月球著陸器設計，並整合了基於公司近太空網絡服務合約的內部數據傳輸架構，以提供無縫的直接到地球和月球數據中繼通信，我們相信，與其他競爭 LTVS 公司相比，這是一種全面的服務。

As stated at the top of the call, national priorities like LTVS continue to be part of the nation's long-term space strategy and timing remains on track for the award of the next phase of LTVS by the end of 2025. A second draft RFP was recently distributed with a response date in the coming months with an award later this year.

如徵集令開頭所述，LTVS 等國家優先事項將繼續成為國家長期太空戰略的一部分，並且下一階段 LTVS 授予的時間安排仍在按計劃進行，時間為 2025 年底。第二份 RFP 草案已於近期發布，回覆日期將在未來幾個月內公佈，並於今年稍後授予合約。

On our last call, I said 2025 will be all about execution, and we believe the first quarter set the tone for the rest of the year, as we make progress across our diverse list of programs. Financially, we remained strong with sequential revenue growth, positive free cash flow for the first time in the company's history and moving steadily towards EBITDA profitability.

在我們上次電話會議上，我說過 2025 年將完全取決於執行力，我們相信第一季為今年剩餘時間定下了基調，因為我們在各種項目上都取得了進展。財務方面，我們保持強勁勢頭，收入連續增長，公司歷史上首次實現正自由現金流，並穩步向 EBITDA 盈利邁進。

We expect opportunities for key contract awards throughout the balance of the year for CLPS, LTV and additional NSNS task orders, all of which incorporate Intuitive Machines competitive advantage of delivering technical capability with speed and at an attractive price point.

我們預計，全年將有機會獲得 CLPS、LTV 和其他 NSNS 任務訂單的關鍵合約授予，所有這些合約都體現了 Intuitive Machines 的競爭優勢，即以快速和誘人的價格提供技術能力。

Now I'll hand off to Pete McGrath, our CFO, for further comments on our financials. Pete?

現在，我將把時間交給我們的財務長 Pete McGrath，請他對我們的財務狀況做出進一步評論。皮特？

Thank you, Steve, and thanks to everyone joining us today. We kicked off 2025 with a strong first quarter, with revenues and gross margin up sequentially. Q1 revenue was $62.5 million, up 14% over Q4 2024, driven primarily by CLPS, LTVS, and NSNS execution. We continue to work with NASA on post-mission closeout and the associated IM-2 success payments, which we expect in Q2 of this year.

謝謝你，史蒂夫，也謝謝今天加入我們的每個人。我們以強勁的第一季開啟了 2025 年，營收和毛利率連續上升。第一季營收為 6,250 萬美元，比 2024 年第四季成長 14%，主要得益於 CLPS、LTVS 和 NSNS 的執行。我們將繼續與 NASA 合作，完成任務收尾工作並支付相關的 IM-2 成功款項，預計今年第二季完成。

OMES revenue was $21.7 million in the quarter, as expected, given the impact of the OSAM project. Keep in mind, as Steve mentioned, we completed a study for the Space Force to commercialize the use of OSAM at geostationary orbit. We continue to support NASA and the Space Force on a potential path forward for the OSAM program.

OMES 本季營收為 2,170 萬美元，考慮 OSAM 專案的影響，符合預期。請記住，正如史蒂夫所提到的，我們為太空部隊完成了一項研究，以實現 OSAM 在地球靜止軌道上的商業化使用。我們將繼續支援 NASA 和太空部隊推動 OSAM 計畫的發展。

Gross profit was $6.7 million for the quarter versus $0.7 million in Q4 of 2024, as we continue to drive consistent and higher profitability through efficient program execution and a focus on higher-margin service businesses. This marks our third consecutive quarter of positive gross margins.

本季毛利為 670 萬美元，而 2024 年第四季為 70 萬美元，因為我們繼續透過高效的計劃執行和對高利潤率服務業務的關注來推動持續更高的盈利能力。這是我們連續第三個季度實現正毛利率。

SG&A for the quarter was $16.1 million versus $16.4 million in Q1 of 2024 and $13.5 million in Q4 of 2024. The higher SG&A in Q1 2025 versus Q4 2024 was due to annual incentive compensation and stock compensation costs incurred in the quarter, consistent with Q1 2024 G&A. We can expect this G&A increase in the first quarter every year due to annual incentive compensation.

本季銷售、一般及行政費用為 1,610 萬美元，而 2024 年第一季為 1,640 萬美元，2024 年第四季為 1,350 萬美元。2025 年第一季的銷售、一般及行政費用高於 2024 年第四季度，原因是本季度產生了年度激勵薪酬和股票薪酬成本，與 2024 年第一季的銷售、一般及行政費用一致。由於年度激勵薪酬，我們預計每年第一季的 G&A 費用都會增加。

Operating loss for the quarter was $10.1 million versus a loss of $13.4 million in the fourth quarter of 2024. The lower sequential operating loss was driven by our higher gross profits. When comparing to Q1 2024, note that it includes the success payments for IM-1. As stated above, we expect the IM-2 closeout and success payments in Q2 2025.

本季營業虧損為 1,010 萬美元，而 2024 年第四季的虧損為 1,340 萬美元。連續營業虧損的下降是由於我們的毛利增加。與 2024 年第一季相比，請注意它包括 IM-1 的成功付款。如上所述，我們預計 IM-2 結算和成功付款將於 2025 年第二季完成。

Adjusted EBITDA was negative $6.6 million in the quarter, an improvement of $4.6 million versus Q4 of 2024 as we will continue to drive towards run rate positive adjusted EBITDA by the end of the year.

本季調整後的 EBITDA 為負 660 萬美元，較 2024 年第四季改善 460 萬美元，因為我們將繼續努力在年底前實現運行率正的調整後 EBITDA。

Operating cash generated $19.4 million in the quarter with capital expenditures of $6.1 million, resulting in positive free cash flow of $13.3 million in the quarter. Positive operating cash was driven primarily by timing of milestone payments received for IM-3, IM-4 and the LTV in addition to our improved gross margins. We will continue to see fluctuations due to the timing of milestones, but are trending towards free cash flow positive in the long term.

本季營運現金產生 1,940 萬美元，資本支出為 610 萬美元，導致本季自由現金流為 1,330 萬美元。正營運現金主要得益於 IM-3、IM-4 和 LTV 收到的里程碑付款的時間以及我們提高的毛利率。我們將繼續看到由於里程碑時間而產生的波動，但從長期來看，自由現金流趨勢為正。

CapEx was driven primarily by the investment in our first data relay satellite. Going forward, we expect to see continued CapEx for our five satellite constellation around the moon and our ground network in support of NSN. These CapEx levels will be offset by higher margin revenues from the NSNS program.

資本支出主要來自於對我們第一顆資料中繼衛星的投資。展望未來，我們預計將繼續為圍繞月球的五顆衛星星座和支持 NSN 的地面網路投入資本支出。這些資本支出水準將被 NSNS 計劃帶來的更高利潤收入所抵銷。

Our cash balance significantly increased in Q1 to $373.3 million. This increase was driven by the redemption process of our $11.50 strike price warrants, which brought in $148 million of cash to the company and our positive free cash flow. We now have no outstanding $11.50 strike price warrants.

我們的第一季現金餘額大幅增加至 3.733 億美元。這一增長是由我們執行價格為 11.50 美元的認股權證的贖回過程推動的，這為公司帶來了 1.48 億美元的現金和正的自由現金流。我們現在沒有未兌現的執行價格為 11.50 美元的認股權證。

In the first quarter, we opened a $40 million credit facility with favorable financial terms. This facility remains unused and is meant to smooth out working capital ups and downs as we work through the timing impact of milestone payments for our programs and our cost schedule.

第一季度，我們以優惠的財務條件開設了 4,000 萬美元的信貸額度。該設施尚未使用，旨在平滑營運資金的起伏，因為我們正在努力解決里程碑付款對我們的專案和成本計劃的時間影響。

With access to over $400 million in capital, coupled with no debt and improving profitability, we continue to believe we have more than sufficient capital to fund our current operations. In terms of capital deployment beyond current operations, we will remain opportunistic on strategic M&A while also evaluating internal investments to accelerate growth and drive long-term shareholder value.

憑藉超過 4 億美元的資本，加上沒有債務且盈利能力不斷提高，我們仍然相信我們擁有足夠的資本來資助我們目前的營運。在當前業務之外的資本部署方面，我們將繼續抓住策略併購的機會，同時評估內部投資，以加速成長並推動長期股東價值。

We ended the quarter with contracted backlog of $272.3 million compared to $328.3 million in the fourth quarter of 2024. As noted in Q4, we are executing the contracts that were awarded in 2024 throughout 2025 and expect the next major awards in the second half of 2025 and first half of 2026.

截至本季末，我們的合約積壓訂單為 2.723 億美元，而 2024 年第四季為 3.283 億美元。如第四季度所述，我們將在 2025 年全年執行 2024 年授予的合同，並預計下一批重大合約將在 2025 年下半年和 2026 年上半年授予。

In April, we did receive Task order 2 for NSNS for $18 million, a grant from TSC for $10 million and a letter contract with a not to exceed of $3 million on an orbital transfer vehicle prior to definitizing the full value of the $11 million Phase 2 contract. These recent awards will be included in the second quarter reported backlog. When looking at our Q1 2025 backlog, we expect to recognize 45% to 50% in 2025, 25% to 30% in 2026 and the remaining thereafter.

今年 4 月，在確定價值 1100 萬美元的第二階段合約的全部價值之前，我們確實收到了 NSNS 的任務訂單 2，價值 1800 萬美元，TSC 的一筆 1000 萬美元的撥款，以及一份不超過 300 萬美元的軌道轉移飛行器合約。這些近期的獎項將計入第二季報告的積壓訂單。從 2025 年第一季的積壓訂單來看，我們預計 2025 年將確認 45% 至 50%，2026 年將確認 25% 至 30%，其餘則保留。

We are awaiting the outcome of several new awards this year, such as the NASA CLPS Award, LTV continuation or Phase 2 as well as the next phase of JETSON and definitization of our oral transfer vehicle contract. As of May 8, post the warrant redemption, our shares outstanding are $178.6 million with 117.3 million shares of Class A and 61.3 million shares of Class C.

我們正在等待今年幾個新獎項的結果，例如 NASA CLPS 獎、LTV 延續或第 2 階段以及 JETSON 的下一階段和口頭轉讓車輛合約的確定。截至 5 月 8 日，認股權證贖回後，我們的流通股數為 1.786 億美元，其中 A 類股 1.173 億股，C 類股 6,130 萬股。

Moving on to guidance. We continue to expect a revenue range of $250 million to $300 million for the year with a positive run rate adjusted EBITDA by Q4 2025 and positive adjusted EBITDA for 2026.

繼續指導。我們繼續預期今年的營收將在 2.5 億美元至 3 億美元之間，到 2025 年第四季度，調整後的 EBITDA 將達到正值，2026 年的調整後的 EBITDA 將達到正值。

Overall, this was another strong quarter for Intuitive machines. We ended the first quarter with a significant cash balance, no debt and the flexibility to consider both organic and inorganic growth opportunities.

總體而言，這對於直觀機器來說又是一個強勁的季度。我們在第一季結束時擁有大量現金餘額，沒有債務，可以靈活地考慮有機和無機成長機會。

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)

（操作員指示）

Austin Moeller, Canaccord Genuity.

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

Hi, good morning, Steve and Pete. Just my first question here. I know, you talked about the defense opportunity. Do reductions to the planetary science budget or earth science budget impact the revenue opportunity from any of the NASA payload deployment awards you've been getting?

嗨，早上好，史蒂夫和皮特。這是我的第一個問題。我知道，你談到了防守機會。行星科學預算或地球科學預算的削減是否會影響您從美國宇航局獲得的任何有效載荷部署獎項中獲得的收入機會？

Ladies and gentlemen, please stand by your conference will resume momentarily. Once again, please stand by your conference will resume momentarily.

女士們、先生們，請稍候，會議即將恢復。再次，請稍候，您的會議將立即恢復。

Speaker, you may resume your conference.

議長，您可以繼續會議了。

Okay. I apologize for that. We lost a link there, but often, I was talking about the CLPS program and our interactions with the Science Mission Directorate. There's two procurements that are coming out this year, second half of the year one at CS6, which we expect to be awarded in the July time frame for delivery, and then one later in the year for a second Science Mission Directorate award. So we do not see a direct impact into the CLPS budget, our point of entry of the science based on the President's budget.

好的。我對此表示歉意。我們在那裡失去了聯繫，但我經常談論 CLPS 計劃以及我們與科學任務理事會的互動。今年將有兩項採購，一項是下半年的 CS6 採購，我們預計將在 7 月授予合約並交付，另一項是今年稍後的第二次科學任務理事會授予的合約。因此，我們不會認為這會對 CLPS 預算產生直接影響，而 CLPS 預算是我們根據總統預算進行科學研究的切入點。

Okay. And just a follow-up. Considering the SLS program may have considerable changes, is there any risk of the LTV delivery on a Nova-D lander for either Artemis 3 or beyond being changed or delayed due to the need to procure an alternative launch vehicle.

好的。這只是後續行動。考慮到 SLS 計劃可能會發生重大變化，由於需要購買替代運載火箭，用於 Artemis 3 或更高版本的 Nova-D 著陸器的 LTV 交付是否存在改變或延遲的風險。

Our feeling about the Luna Terrain vehicle services contract and what's been telegraphed by NASA is that, that procurement will, our proposals will be due in the late July time frame with an award for a delivery mission in the November time frame. That's what NASA has been talking about.

我們對月球地形飛行器服務合約以及美國國家航空暨太空總署 (NASA) 所傳達的訊息的看法是，採購將，我們的提案將在 7 月底前提交，並在 11 月授予交付任務的獎項。這就是美國太空總署一直在談論的事情。

If you recall, our Novo-D heavy cargo lander with our LTV vehicle itself, flies on a Falcon 9 heavy. And so there's no requirement for an SLS whatsoever. So it's a very nice packaging with the launch vehicle, the heavy cargo lander and the LTV to get autonomous roving assets to the moon. And what's important about that is that this continues our Moon Mar strategy, which says learning about how to operate and do autonomous mobility on the moon is directly applicable to programs that would need the same capability at Mars. And so we're confident that the LTVS procurement is moving forward in spite of the changes to the Artemis program with SLS, Orion and Gateway.

如果你還記得的話，我們的 Novo-D 重型貨物登陸器和 LTV 飛行器本身搭載在獵鷹 9 號重型火箭上。因此根本不需要 SLS。因此，這是一個非常好的組合，包括運載火箭、重型貨物登陸器和 LTV，用於將自主巡視資產送上月球。重要的是，這延續了我們的「月球火星」戰略，即學習如何在月球上操作和自主移動，可直接應用於在火星上需要相同能力的項目。因此，儘管 SLS、Orion 和 Gateway 對 Artemis 計劃進行了更改，但我們相信 LTVS 採購仍在繼續推進。

Excellent. That's very helpful. I'll pass it back there.

出色的。這非常有幫助。我會把它傳回那裡。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hi. Good morning. Thank you for taking our questions. I wanted to ask about just your high-level view on the reentry vehicle. There's -- over the last, I don't know, 5 years, there's been lots of attempts to do some type of overload transfer vehicle to spacecraft. How does one differentiate in that category in your view?

你好。早安.感謝您回答我們的問題。我只是想問一下您對再入飛行器的整體看法。在過去的五年裡，人們進行過很多次嘗試，試圖將某種類型的過載轉移飛行器轉移到太空船上。您認為該類別中應如何區分？

So we talked about two things. We talked about a Texas Space Commission grant for our Zep program, which is a guided precision reentry vehicle that has a unique aero shape that we've been cultivating for -- since 2022. The other one we talked about was an orbit transfer vehicle to deliver payloads into Orbit in cislunar space. The Orbital transfer vehicle, competitive edge is the cryogenic stage that we use as Nova-C for the Lunar Landing that has now been modified to serve as a transfer stage. The reentry vehicle though, is unique in that ballistic entry capability is what's been out there. We have a listing body, which actually has cross range and down range to be able to land with precision, I'd say roughly about 50 meters accuracy, so it can touch down in a runway setting anywhere in the world.

所以我們談了兩件事。我們討論了德州航太委員會為我們的 Zep 計畫提供的資助，這是一種導引精確再入飛行器，具有獨特的航空外形，我們自 2022 年以來一直在為此進行研發。我們討論的另一個是軌道轉移飛行器，用於將有效載荷送入地月空間的軌道。軌道轉移飛行器的競爭優勢在於我們用於月球著陸的 Nova-C 的低溫級，該低溫級現已改裝為轉移級。然而，再入飛行器的獨特之處在於它具有彈道進入能力。我們有一個傾斜機身，它實際上具有橫向和縱向範圍，能夠精確著陸，我認為精度約為 50 米，因此它可以在世界任何地方的跑道上著陸。

So, it's got a strategic component to it, and we can use it as a rapid in-space laboratory to deploy biologics and pharmaceutical and smart chip payloads to Orbit and bring them back with precision. And the differentiator in particular, besides the precision is that it lands with soft touchdown 3D or 3 gravity touchdown, not the high-impact touchdowns of ballistic capsules.

因此，它具有戰略組成部分，我們可以將其用作快速太空實驗室，將生物製劑、藥物和智慧晶片有效載荷部署到軌道並精確帶回。除了精確度之外，其特別之處在於它採用 3D 軟著陸或 3 重力著陸，而不是彈道膠囊的高衝擊著陸。

Understood. And then, I guess, kind of related nuclear propulsion. I know you're doing some work around that. What's your sort of vision on how that plays out in space? I think there's other companies working on it, but generally I guess, is perceived to be much further out. What's your latest view on that?

明白了。然後，我想，這是一種相關的核推進。我知道你正在為此做一些工作。您對它在太空中如何發揮作用有何看法？我認為還有其他公司正在致力於此，但總體而言，我認為這還遠遠不夠。您對此有何最新看法？

Well, I think there's several different aspects to it that we've been working on and been fairly visible with. What I talked about was the AFRL JETSON low power program, where we use a radioactive nuclear material to generate a power source that replaces essentially solar arrays. And so you can put that small satellite in a very small package instead of the higher volume, higher visibility large solar array driven satellites and allows us to transport while we're operating payloads. So it has an abundance of power level. That's the duty of nuclear fuel that runs a stirling engine.

嗯，我認為我們已經就這幾個不同的方面進行了研究，並且已經取得了相當明顯的成效。我談到的是 AFRL JETSON 低功率計劃，我們使用放射性核材料來產生基本上可以替代太陽能電池板的電源。因此，你可以將小型衛星放入非常小的封裝中，而不是體積更大、能見度更高的大型太陽能電池陣列驅動的衛星，並允許我們在操作有效載荷時進行運輸。因此它具有充足的功率等級。這就是驅動斯特林發動機的核燃料的職責。

The other aspect is that application is directly relatable or co-relatable to the fission surface reactor that we were working on for the Lunar surface. We proposed a 10-kilowatt nuclear reactor driven by a stirling engine. That would be the first instantiation of infrastructure on the moon for nuclear power.

另一方面，該應用與我們為月球表面研究的裂變表面反應器直接相關或相互相關。我們提出了一個由斯特林發動機驅動的10千瓦核反應器。這將是月球上核能基礎設施的首次實例。

So, we see nuclear as an advancement for long sustained presence and movement in space and deep space. And these kind of start-up programs that test the technology are necessary to exercise the muscle for the US to have a nuclear space program.

因此，我們認為核能是實現太空和深空長期持續存在和運動的進步。這些測試技術的啟動計畫對於鍛鍊美國實施核太空計畫的能力是必要的。

Thank you.

謝謝。

Andres Sheppard, Cantor Fitzgerald.

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

Hi everyone. Good morning. Thank you for taking our questions and congratulations to all the great progress. Steve, I'm wondering -- I know you touched on this on your prepared remarks a little bit, but wondering if you could maybe just elaborate a bit on the IM-2 milestones that you expect to recognize in Q2, including the success payment? Thank you.

大家好。早安.感謝您回答我們的問題，並祝賀我們取得的所有巨大進步。史蒂夫，我想知道——我知道你在準備好的發言中稍微提到了這一點，但你是否可以詳細說明一下你預計在第二季度實現的 IM-2 里程碑，包括成功付款？謝謝。

Yes. If you recall, we had about $14 million of constrained revenue or success payments lined up for the IM-2 mission. You know that mission was partially successful. It was abbreviated, I talked about that.

是的。如果你還記得的話，我們為 IM-2 任務準備了大約 1400 萬美元的限制收入或成功付款。你知道該任務部分成功了。它被縮寫了，我談論過它。

We're working with our customers. NASA has multiple customers and commercial customers to work to close out payments. We expect about half of those to close here in this quarter, maybe a little bit into quarter three, but it's on the horizon. Getting those contracts closed out and buttoned up is what we've been focusing on here. So, that's really where we expect to end up after it's all said and done with Mission 2.

我們正在與客戶合作。NASA 有多位客戶和商業客戶需要努力結清款項。我們預計其中約有一半將在本季完成，或許在第三季完成，但很快就能完成了。我們一直關注的是完成並完成這些合約。所以，這確實是我們期望在任務 2 全部完成後的結果。

Got it. Okay. That's super helpful. I appreciate that. And just as a quick follow-up. With your first positive free cash flow quarter, congratulations, by the way, how should we think about free cash flow for the rest of the year? Any color you or Pete might be able to give? Thank you.

知道了。好的。這非常有幫助。我很感激。這只是一次快速的跟進。恭喜您第一季實現了正自由現金流，順便問一下，我們該如何看待今年剩餘時間的自由現金流？您或 Pete 可以提供什麼顏色？謝謝。

Well, primarily, the free cash flow positive was driven by some milestones that came in, in the first quarter that gave us a nice look there. We do see that our free cash flow or receipts will still be lumpy over the year. And so while this is a positive trend going forward, it's not absolute until free cash flow estimate in 2026 where you can see it consistently

嗯，主要是自由現金流為正是由第一季的一些里程碑事件所推動的，這些里程碑事件讓我們對此有了很好的了解。我們確實看到，我們的自由現金流或收入在今年仍將不穩定。因此，雖然這是一個積極的趨勢，但它並不是絕對的，直到 2026 年自由現金流估計時，你才能看到它持續

Got it. Awesome. Thank you so much and congratulations again. I'll pass it on.

知道了。驚人的。非常感謝，再次恭喜。我會傳達的。

Thank you. Sure.

謝謝。當然。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

Hey, good morning guys. How do things work for you all if we end up in a continuing resolution for fiscal 2026? Because I mean, my understanding is that that's a possibility. So, what -- how does that work for you if that were to happen?

嘿，大家早安。如果我們最終達成 2026 財年的持續決議，那麼事情對你們來說會如何發展？因為我的意思是，我的理解是，這是有可能的。那麼，如果發生這種情況，這對您有什麼影響？

Yes. I think we're fairly unaffected with a continuing resolution in that there's no real new program starts for us. We have existing initiatives and programs in our major contracts with NASA.

是的。我認為，持續決議對我們基本上沒有影響，因為對我們來說，並沒有真正的新計劃啟動。我們與 NASA 簽訂的主要合約中已有舉措和計劃。

We are interested in what's going to happen with the reconciliation bill and see that come forward and what that effect that has on the DoD budgets. And that's one that we're still waiting to see what -- how fast that would be distributed and allocated against contracts, programs, and procurements.

我們感興趣的是和解法案的進展情況，看看它會如何發展，以及對國防部預算產生什麼影響。我們仍在等待觀察，看看這些資金將以多快的速度根據合約、計劃和採購進行分配。

Got it. Got it. Got it. And then -- and I could have been mistaken here, but I was under the impression that the IM-2 success payments were going to be originally in 1Q. Now they're going to be in Q2. What gives you confidence they're going to be in Q2? And why did they flip from 1Q to 2Q, if indeed, that's right?

知道了。知道了。知道了。然後——我可能在這裡弄錯了，但我的印像是 IM-2 成功付款最初將在第一季支付。現在他們將進入第二季。是什麼讓您有信心他們會進入第二季度？如果確實如此，那為什麼它們會從第一季跳到第二季呢？

Yes. It really -- I don't know if it flip, but Mission 1, we closed success payments in Q1. If you recall, we launched earlier in the year for Mission 1. We launched a little bit later here for Mission 2 in the quarter. And then we have a number of diverse customers and contracts associated with the success payments. Each one of those has to be closed out individually. And so NASA in particular, there was a Science Mission Directorate CLPS contract.

是的。確實如此——我不知道它是否會翻轉，但任務 1，我們在第一季完成了成功付款。如果你還記得的話，我們在今年早些時候啟動了任務 1。我們在本季稍晚的時候啟動了第 2 個任務。然後，我們有許多與成功付款相關的不同客戶和合約。每一個都必須單獨關閉。特別是 NASA，有一個科學任務理事會 CLPS 合約。

There's a Space Technology Mission Directorate 3 contracts. Each one of those has to be reworked and they took different approaches in the two mission directorate. And so that's what's taking the time to get all those closed.

有 3 份太空技術任務理事會合約。每一個任務都必須重新制定，並且兩個任務理事會採取了不同的方法。所以這就是花些時間來解決所有問題的原因。

But we've been in discussions and dialogue with NASA directly and our commercial payloads customers, and that's why we can give you some degree of confidence that, that will be buttoned up near the end of the quarter.

但我們一直在與 NASA 以及我們的商業有效載荷客戶直接進行討論和對話，這就是為什麼我們可以給你一定程度的信心，這將在本季結束時完成。

Got you. Got you. Got you. And then maybe just one more for me. You mentioned in your prepared remarks a couple of times the possibility for M&A, deploying capital that way. What's out there? I mean how does the market look for space assets? And how are you thinking about that? And when you do M&A, I mean – what -- how are you thinking about the time frame for your return on it?

明白了。明白了。明白了。然後也許對我來說再多一個。您在準備好的發言中幾次提到了透過併購來部署資本的可能性。那裡有什麼？我的意思是市場如何尋找太空資產？您對此有何看法？當您進行併購時，我的意思是—您如何考慮回報的時間框架？

The way I look at M&A is I look opportunistically adding capabilities to the company that give us a competitive advantage or to shore up areas where we need specific skills, very unique skills. It's also an area where we can -- if we can accelerate some capability that allows us to open up revenue streams in our existing programs. And just thinking opportunistically about what might be accretive or additive to the business as a whole. And so we go through this review process on a regular basis to look at those opportunities and discern what might be right for the company at any given time.

我看待併購的方式是，我尋求機會為公司增加能力，從而為我們帶來競爭優勢，或鞏固我們需要特定技能、非常獨特技能的領域。這也是我們可以做的一個領域——如果我們能夠加速某些能力，我們就可以在現有專案中開闢收入來源。並且只是投機性地思考什麼可能對整個業務產生增值或增加作用。因此，我們會定期進行這項審查流程，以尋找這些機會並辨別出在特定時間對公司來說什麼是合適的。

Yes, got it. Alright, thank you.

是的，明白了。好的，謝謝。

Griffin Boss, B. Riley Securities.

Griffin Boss，B. Riley 證券。

Hi. Thanks. Good morning. Yes, I will start on CLPS. Given the changes that you need to make for future IM Missions, you talked about the disparate changes dissimilar redundant, altimeters additional lighting, the on board-terrain crater database. I know these contracts are already low margin. Is this -- or are these changes having a material effect on your cost profile or perhaps competitiveness going forward?

你好。謝謝。早安.是的，我將從 CLPS 開始。考慮到您需要為未來的 IM 任務做出的改變，您談到了不同的變化，例如冗餘、高度計附加照明、機載地形隕石坑資料庫。我知道這些合約的利潤已經很低了。這些變化是否會對您的成本狀況或未來的競爭力產生重大影響？

Well, you know it's a challenge every time you fly to the moon, and it's not with zero risk. And so I would say, though, on the other side, the alternative is we've made great strides in landing twice on the moon in the harshest environment on the moon. And so we've made incredible progress. Even though we had an abbreviated mission and not fully successful in terms of all the data that we brought back. It was a matter of enormous engineering success to land in this hardest environment. There are some additional sensors and things and algorithms that we want to tune for the mission and Mission-3. And right now, we're not looking at an impact to Mission-3 in terms of schedule, a slight cost increase as we buy additional sensors for those missions.

嗯，你知道每次飛向月球都是一個挑戰，而且不是零風險。所以我想說，另一方面，我們在月球最惡劣的環境下兩次登陸月球取得了巨大進步。因此，我們取得了令人難以置信的進步。儘管我們的任務被縮短了，而且就我們帶回的數據而言，我們並沒有完全成功。在如此艱難的環境中著陸，是工程學上取得巨大成功的過程。我們希望針對該任務和 Mission-3 調整一些額外的感測器、事物和演算法。目前，我們並不認為這會對 Mission-3 的進度產生影響，但由於我們為這些任務購買了額外的感測器，因此成本會略有增加。

But long-term, we're still achieving success with build delivery to the case and launch of our missions back to back within a year and we continue that regular cadence of mission. So I think the program is healthy and our ability to execute has been demonstrated.

但從長遠來看，我們仍然在一年內連續交付案例並啟動任務，並取得了成功，我們將繼續定期執行任務。所以我認為該計劃是健康的，我們的執行能力也得到了證明。

Okay. Fair enough. Thanks, Steve. And then just shifting to LTV, curious to hear your thoughts, do you still think that NASA would prefer to choose one winner in this Phase 2 down select later in this year? Have you heard anything on that front with regards to that changing can NASA potentially decide now to choose multiple vendors? And maybe there's a collaboration effort between the multiple awardees?

好的。很公平。謝謝，史蒂夫。然後轉到 LTV，好奇想聽聽您的想法，您是否仍然認為 NASA 更願意在今年稍後的第二階段選擇中選出一名獲勝者？您是否聽說過有關 NASA 現在是否可以決定選擇多家供應商的任何消息？或許是多位得獎者之間的合作成果？

For LTVS, NASA has talked to us about including an option that we've seen in the draft RFP that's come out where they plan to select the vendor for the demonstration mission for delivery of the LTV to the surface. And then the possibility as an option to carry another vendor through the critical design review phase, which is about a year extension to the current phase that's out there. So they are thinking about alternatives of awarding more than one follow-on contract on LTVS.

對於 LTVS，NASA 已經與我們討論過包括我們在 RFP 草案中看到的選項，他們計劃選擇將 LTV 運送到地面的演示任務的供應商。然後可以選擇讓另一家供應商完成關鍵的設計審查階段，這比當前階段延長了大約一年。因此，他們正在考慮授予多個 LTVS 後續合約的替代方案。

Got it. Okay, thank you for taking my questions. I appreciate it.

知道了。好的，感謝您回答我的問題。我很感激。

Greg Pendy, Clear Street.

格雷格·彭迪 (Greg Pendy)，Clear Street。

Hi, thanks for taking my question. Just one on NSN, can you just talk about the global competitive environment that you see evolving in that landscape, I believe Europe is making an effort that would be completed on a lag relative to years, but how does that maybe change the opportunities for commercial revenue opportunities on NSN if more global competitors might be, entering the market?

你好，謝謝你回答我的問題。關於 NSN，您能否談談您所看到的全球競爭環境的變化？我相信歐洲正在做出努力，但需要數年時間才能完成，但如果有更多的全球競爭對手進入市場，這可能會如何改變 NSN 的商業收入機會？

Well, I think we're in a fledgling state of near space network or lunar data relay network, where the market is emerging, and right now, we're talking with those companies in Europe that are looking at participating there first from the ground station side and the data relay constellation, and we're talking seriously about standards and interoperability so that we can all work together to put a capability in place, both for data relay communications and for PNT. So right now, the international work is collaborative as opposed to competitive. And right now, I think there's room for successes to raise all boats in that area.

嗯，我認為我們正處於近太空網絡或月球數據中繼網絡的起步階段，市場正在興起，現在，我們正在與歐洲的一些公司進行洽談，他們希望首先從地面站和數據中繼星座方面參與其中，我們正在認真討論標準和互操作性，以便我們能夠共同努力，為數據中繼通信和定位、導航和導航服務 (PNT) 建立能力。因此，目前國際工作是合作性的，而不是競爭性的。現在，我認為該地區有足夠的空間取得成功，讓所有船隻都能夠提升。

That's helpful, thanks a lot.

這很有幫助，非常感謝。

Suji Desilva, ROTH Capital.

羅仕資本（ROTH Capital）的蘇吉·德席爾瓦（Suji Desilva）。

Hi, Steve. Hi, Pete, congrats on the progress here. Can you maybe step back and talk about updating what the key segments are for lunar given all the multiple business activities you have? And maybe just go back to the M&A question a little bit, the areas of interest that might fill some of the holes in that product segmentation for Lunar?

你好，史蒂夫。嗨，Pete，恭喜你的進展。考慮到您擁有的多項業務活動，您能否退一步談談更新月球的關鍵部分是什麼？也許我們稍微回到併購問題上來，哪些感興趣的領域可能會填補 Lunar 產品細分中的一些空白？

So I didn't talk about it this time in earnings, but I've talked about it in the past couple of times in that the three pillars of commercialization of the lunar economy, and that is the delivery services, the data services and the infrastructure services associated with opening up that economy.

所以這次我沒有在收益中談論它，但我在過去幾次談到月球經濟商業化的三大支柱，即與開放該經濟相關的配送服務、數據服務和基礎設施服務。

Delivery services include things like rideshare as well as landing on the moon, rideshare payloads and things like the orbit transfer vehicle and the reentry capability. You think about all of those as a transportation leg or access to and from the moon. So that all fits within that pillar. The data relay, the P&T, the navigation, all of that is pretty self-explanatory with NSNS. And then with the Infrastructure as a Service, you see also that we're doing the LTV. And we also work fission surface power for the surface, which is not necessarily aligned by nuclear space. It's just Infrastructure as a service.

運送服務包括共乘、登月、共乘有效載荷以及軌道轉移飛行器和再入能力等。你可以把所有這些都想像成往返月球的交通線或通道。所以一切都符合這個支柱。數據中繼、P&T、導航，所有這些在 NSNS 中都是不言自明的。然後透過基礎設施即服務，您也會看到我們正在進行 LTV。我們也研究表面的裂變表面功率，這不一定與核空間對齊。它只是基礎設施即服務。

The JETSON work that we were talking about falls into lunar access or delivery services because we're using that satellite to position in different locations in space. So it's still all aligned with the three pillars of commercialization. It's just because we are able to do the hard thing first, like land on the moon, we're able to branch into other adjacent customers and adjacent markets that kind of feed the whole stack of domains in space from LEO to GEO to ex-GEO to Lunar. And that's where you're seeing our expansion occur.

我們所談論的 JETSON 工作屬於月球進入或運送服務，因為我們使用該衛星在太空中的不同位置進行定位。所以這一切仍然與商業化的三大支柱保持一致。只是因為我們能夠先做最困難的事情，例如登陸月球，我們才能夠擴展到其他相鄰的客戶和相鄰的市場，從而滿足從低地球軌道 (LEO) 到地球同步軌道 (GEO) 到外地球同步軌道 (EXOB) 到月球的整個太空領域。這就是我們所看到的我們的擴張發生的地方。

Okay. I appreciate that review there, Steve. And then you talked about higher-margin service business in the mix. Can you talk about where it is in the mix today, where it's coming from and what it can be in the mix 12 to 24 months out? I know it's higher margin. At what point does NSNS inflect up from the current levels that it's at today potentially?

好的。我很欣賞那條評論，史蒂夫。然後您談到了利潤率較高的服務業務。您能否談談它目前在混合物中處於什麼位置、來自哪裡以及 12 到 24 個月後會成為什麼？我知道它的利潤更高。NSNS 什麼時候可能從目前的水準上漲？

I'll let Pete take that one.

我會讓皮特拿那個。

Yeah. So really, the high-margin business is being driven by things like the Near Space Network services because what we're doing there is basically we're building out a verification capability to verify performance with NASA, but we're building the assets -- their capital assets that we own, and then we're going to be selling them as a service and they are higher-margin services, more like you typically would see with like a Globalstar, Iridium type satellite servicing network. And so that's where the higher-margin business really aligns. And that's what's really -- we mentioned a little bit about lumpy cash flow.

是的。所以，高利潤業務實際上是由近空間網路服務之類的東西推動的，因為我們在那裡所做的基本上是建立一種驗證能力，以便與 NASA 一起驗證性能，但我們正在構建資產 - 我們擁有的資本資產，然後我們將把它們作為服務出售，它們是利潤率更高的服務，更像你通常在 Globalstar、銥星類型的衛星服務網絡中看到的服務。這就是利潤率較高的業務真正所在。這就是真正的情況——我們稍微提到了不均勻現金流。

The milestones do come in, in timing that doesn't always line up with the milestones on the contracts. And that kind of drives that lumpiness in the cash flow. We are still with that higher-margin business, driving towards that adjusted EBITDA positive at the end of the year and then we'll be EBITDA positive next year, adjusted EBITDA positive next year. Free cash flow, those will still be a little bit lumpy, and that's something we're focused on long term, which will be generated primarily by these higher-margin businesses.

里程碑確實會出現，但時間並不總是與合約上的里程碑一致。這會導致現金流不穩定。我們仍致力於高利潤率業務，力爭在年底實現調整後 EBITDA 為正，明年 EBITDA 也將會為正，明年調整後 EBITDA 也將為正值。自由現金流仍然會有點不穩定，這是我們長期關注的重點，它將主要由這些利潤率較高的業務產生。

Okay. Thanks, Pete. Thanks, Steve.

好的。謝謝，皮特。謝謝，史蒂夫。

Josh Sullivan, The Benchmark Company.

喬許·沙利文（Josh Sullivan），基準公司。

Hey, good morning.

嘿，早安。

Morning, Josh.

早安，喬希。

So on the war chest here, there also appears to be some disruption coming to SLS and other NASA legacy projects. How are you looking at your organic opportunities to grow and adding people versus those comments on looking at M&A? Just trying to get a sense of is it more attractive for the opportunities you've developed or filling those technical holes?

因此，就資金而言，SLS 和 NASA 的其他遺留項目似乎也受到了一些幹擾。與那些關於併購的評論相比，您如何看待有機成長和增加人才的機會？只是想了解一下，您所開發的機會是否更有吸引力，或者填補那些技術漏洞是否更有吸引力？

Well, I would say what's attractive here is we've seen that the CLPS model of fixed price delivery with as a service to bring -- to transport to the moon and bring science data back extends further in CLPS 2.0, we hope to cut across all of NAFTA and maybe other government agencies for that delivery service, where we can start to fly, a more regular cadence emissions and with heavier and heavier cargo.

嗯，我想說這裡有吸引力的地方在於我們已經看到 CLPS 模式的固定價格交付作為一種服務——將科學數據運送到月球並帶回地球，在 CLPS 2.0 中得到進一步延伸，我們希望能夠跨越整個北美自由貿易協定甚至其他政府機構來提供這種交付服務，我們可以開始飛行，以更有規律的節奏排放，運送越來越重的貨物。

So, I think with the delay in -- or the reformulation of Artemis, there's a place for heavy cargo deliveries to put infrastructure on the surface of the Moon, to use the communications network and the PNT or navigation operating system we talked about in advance of boots on the lunar surface.

因此，我認為，隨著阿爾忒彌斯計劃的推遲或重新制定，重型貨物運輸可以有地方將基礎設施放置在月球表面，使用我們在登陸月球表面之前討論過的通訊網路和 PNT 或導航作業系統。

And so, we're playing right into that reformulation with these capabilities and extending those. Our speed to market and price affordability and technical capability really do shine in this environment. And so, we're going to use that to help the US, how we can to make sure that we have a permanent, sustained presence on the Moon that leads forward to Mars.

因此，我們利用這些功能並擴展這些功能，從而實現這項重新制定。我們的上市速度、價格負擔能力和技術能力在這種環境下確實大放異彩。因此，我們將利用它來幫助美國，確保我們在月球上擁有永久的、持續的存在，並以此為基礎向火​​星前進。

Now, in light of that, when I talked about the three pillars of commercialization, any M&A activities that we're looking at are aligned with those three pillars to add the capabilities that we might need in or add elements of the ground or data network or infrastructure that we would need to stay competitive.

現在，有鑑於此，當我談到商業化的三大支柱時，我們正在考慮的任何併購活動都與這三大支柱保持一致，以增加我們可能需要的能力，或增加我們保持競爭力所需的地面或數據網絡或基礎設施元素。

Got it. Got it. And then just one on the reentry vehicle opportunity on the soft touchdown, sounds like an interesting angle. But just curious on the actual Microgravity Laboratory, is that going to be a proprietary Intuitive Machines process? Or will that be customer furnished?

知道了。知道了。然後是關於再入飛行器軟著陸的機會，聽起來像是一個有趣的角度。但我只是對實際的微重力實驗室感到好奇，這將是一個專有的直覺機器流程嗎？還是由客戶提供的？

So, the re-entry capability that we're talking about is proprietary to Intuitive Machines. And then we have a company that we're working in partnership with called, Rhodium Scientific, who does the internal outfitting of the biologics and pharmaceutical laboratory insights. They have experience with flying to the International Space Station, and so we're working together to do that.

因此，我們所談論的再入能力是 Intuitive Machines 的專有技術。我們還與一家名為 Rhodium Scientific 的公司合作，該公司負責生物製劑和製藥實驗室洞察的內部配備。他們有飛往國際太空站的經驗，因此我們正在共同努力實現這一目標。

Our interest is primarily in reentering Earth's atmosphere with precision and an ability to do that as interest there for a number of Commercial customers as well as DoD customers. And so that's our focus.

我們的興趣主要在於精確地重返地球大氣層，並有能力做到這一點，以滿足許多商業客戶以及國防部客戶的興趣。這就是我們的重點。

The idea that we can do biologics and pharmaceutical and smart chip manufacturing in space without an International Space Station, that's highly responsive to the market needs and what the customers are really looking for. And that's the application that this reentry seems to fit.

我們可以在太空中製造生物製劑、藥物和智慧晶片，而無需國際太空站，這高度回應了市場需求和客戶的真正需求。這就是這次重返大氣層似乎適合的應用。

Got it. Thanks for your time.

知道了。感謝您的時間。

Thank you. I show no further questions at this time. I would now like to turn the call back to Intuitive Machines CEO, Steve Altemus, for any closing remarks.

謝謝。我目前沒有其他問題。現在，我想將電話轉回給 Intuitive Machines 執行長 Steve Altemus，請他做最後發言。

Well, thank you, everyone for attending and listening to our call this morning. I appreciate all the questions. And we look forward to supporting this administration's moves Moon to Mars architecture and priorities. Thank you very much.

好吧，感謝大家參加並聆聽我們今天上午的電話會議。我感謝大家提出的問題。我們期待支持本屆政府的月球到火星計畫的架構和優先事項。非常感謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。