Intuitive Machines Inc (LUNR) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Andrea, and I will be your conference operator today. At this time, I would like to welcome everyone to the Intuitive Machines Second Quarter 2025 Earnings Call. (Operator Instructions)

感謝您的支持。我叫安德里亞，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Intuitive Machines 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Head of Investor Relations, Stephen Zhang. Thank you. Please go ahead.

現在我想將電話轉給投資人關係主管 Stephen Zhang。謝謝。請繼續。

Good morning. Welcome to the Intuitive Machines Second 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. The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors.

早安.歡迎參加 Intuitive Machines 2025 年第二季財報電話會議。執行長史蒂夫·阿爾特姆斯 (Steve Altemus) 和首席財務官皮特·麥格拉斯 (Pete McGrath) 今天主持了此次電話會議。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. 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 on our website, which provides additional context on our operational and financial performance.

這些因素在公司收益新聞稿和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。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。

You can find this presentation on our Investor Relations page at www.intuitivemachines.com/investors.

您可以在我們的投資者關係頁面 www.intuitivemachines.com/investors 上找到此簡報。

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

現在我將把電話轉給史蒂夫·阿爾特姆斯。

Intuitive Machines is built to do the hard things first. With two lunar missions completed in 12 months, our story is one of perseverance, technical depth and a commitment to fielding the indispensable tech and infrastructure for space exploration.

直覺機器的設計初衷就是先解決困難的事。我們在 12 個月內完成了兩次月球任務，我們的故事充滿了毅力、技術深度以及對太空探索不可或缺的技術和基礎設施的承諾。

Our ability to operate end-to-end from earth to the lunar surface and back led to our selection for NASA's Near Space Network services contract, an award that could transform Intuitive Machines from completing one lunar surface mission a year into a sustained deep space infrastructure service provider.

我們具備從地球到月球表面進行端到端操作的能力，並因此被選中獲得美國宇航局的近太空網絡服務合同，該合同可以使 Intuitive Machines 從每年完成一次月球表面任務轉變為持續的深空基礎設施服務提供商。

We believe data transmission is the keystone for enabling space flight at scale. It's how spacecraft talk, navigate and execute autonomously. It's how we connect landers to satellites, astronauts to mission control and infrastructure to opportunity. Our long-term vision is to become a new space prime contractor, providing communications, navigation and control services for defense, civil and commercial markets.

我們相信資料傳輸是實現大規模太空飛行的基石。這是航天器通話、導航和自主執行的方式。這就是我們將登陸器與衛星、太空人與任務控制中心以及基礎設施與機會連接起來的方式。我們的長期願景是成為新的太空主承包商，為國防、民用和商業市場提供通訊、導航和控制服務。

To achieve that vision, we've executed decisively in the second quarter. Internally, we've brought satellite manufacturing in-house, helping to ensure performance, schedule clarity and tight integration with our landers and space systems. Externally, we moved to acquire KinetX, a team that delivers exactly the kind of analysis and real-time decision software that our future network will depend on.

為了實現這個願景，我們在第二季採取了果斷行動。在內部，我們將衛星製造引入公司內部，以幫助確保性能、時間表清晰度以及與著陸器和空間系統的緊密整合。在外部，我們收購了 KinetX，該團隊提供的正是我們未來網路所依賴的分析和即時決策軟體。

Together, these moves put Intuitive Machines in a uniquely capable position to design and operate dual-use satellites and ground infrastructure to serve civil and national security space, including commercializing NASA's deep space network, replacing the tracking and data relay satellite system and pioneering the next generation of Mars data relay satellites and network.

這些舉措共同使 Intuitive Machines 處於獨特的優勢地位，可以設計和運營兩用衛星和地面基礎設施，為民用和國家安全空間提供服務，包括將 NASA 的深空網路商業化、取代追蹤和數據中繼衛星系統以及開創下一代火星數據中繼衛星和網路。

We also continue to make progress on our core programs. On IM-3 or Mission 3, we've completed procurements of new navigation sensors and are in active performance testing of the optical and laser navigation system. Our targeted flight readiness review, which is the last review prior to shipping the lander to the launch site is scheduled for May of 2026.

我們的核心項目也持續取得進展。在 IM-3 或任務 3 上，我們已經完成了新導航感測器的採購，並正在對光學和雷射導航系統進行積極的性能測試。我們的目標飛行準備審查是將登陸器運送到發射場之前的最後一次審查，計劃於 2026 年 5 月進行。

On Mission 4, we've completed our procurements, initiated manufacturing and are testing the payload accommodation mechanisms. The launch date remains on schedule for the second half of 2027. We received a $9.8 million Phase 2 award to complete the design of our orbital transfer vehicle, the final step before manufacturing. We believe this award signals confidence from a national security space customer outside our traditional NASA portfolio and reinforces our strategy to retire risk by using contracted funds to build a family of vehicles that evolve from our flight proven systems and operate within our existing network.

在任務 4 中，我們已經完成採購，開始製造並正在測試有效載荷容納機制。發射日期仍按計畫於 2027 年下半年進行。我們獲得了 980 萬美元的第二階段獎勵，以完成軌道轉移飛行器的設計，這是製造前的最後一步。我們相信，該合約標誌著我們傳統 NASA 產品組合之外的國家安全太空客戶的信心，並強化了我們的策略，即透過使用合約資金來構建一系列從我們的飛行驗證系統發展而來並在我們現有網路內運行的飛行器，從而規避風險。

We continue executing on our sole-source Stealth nuclear-powered satellite development for the Air Force Research Laboratory. We're completing the first phase this month and anticipate a follow-on contract later this year to deliver a flight demonstration unit for the satellite's power generation system to the International Space Station.

我們繼續為空軍研究實驗室執行單一來源隱形核動力衛星的開發。我們將於本月完成第一階段的工作，並預計在今年稍後簽訂後續合同，向國際太空站交付衛星發電系統的飛行演示裝置。

Our candidacy for the Lunar Train vehicle contract remains active, building on a year's work in autonomy simulation and crew center design with our motion-based driving simulator, astronaut assessment testing and flight-proven navigation systems, we believe Intuitive Machines is positioned as a leading candidate to deliver and operate the mobility system on the moon.

我們對月球列車車輛合約的候選資格仍然有效，基於我們基於運動的駕駛模擬器、太空人評估測試和經過飛行驗證的導航系統在自主模擬和乘員中心設計方面一年的工作，我們相信 Intuitive Machines 是交付和操作月球移動系統的領先候選者。

We're finalizing our proposal for NASA's next phase of the LTV program, which will award a contract to build, fly and operate the vehicle. If selected later this year, we believe the company will be in a strong position for follow-on awards, potentially spanning a decade of lunar surface operation and billions in mission services.

我們正在敲定 NASA LTV 計劃下一階段的提案，該計劃將授予建造、飛行和操作該飛行器的合約。如果在今年稍後被選中，我們相信該公司將在後續獎項中佔據有利地位，可能涵蓋十年的月球表面作業和數十億美元的任務服務。

In Earth Orbit, we continue to work on our Earth reentry vehicle under the Texas Space Commission's $10 million award. In the second quarter, we completed several milestones, including reviews required to start customer sales cycles.

在地球軌道上，我們繼續在德州航太委員會 1000 萬美元的資助下研發地球再入飛行器。在第二季度，我們完成了幾個里程碑，包括啟動客戶銷售週期所需的審查。

We completed forming a commercial reentry team that includes biotechnology, semiconductor and nationally accredited material handling partners. Reentry is a natural extension of our delivery pillar and aligns with our broader mission to return the value of space exploration, including Lunar sample return.

我們完成了商業重返團隊的組建，其中包括生物技術、半導體和國家認可的材料處理合作夥伴。重返大氣層是我們交付支柱的自然延伸，與我們更廣泛的使命相一致，即恢復太空探索的價值，包括月球樣本返回。

Throughout the quarter, we continued advocating for NASA's OSAM-1 mission under the OMS 3 contract. In the latest fiscal year 2026 Defense Appropriations markup, Congress had directed NASA and the US Space Force to submit a funding profile and plan to launch OSAM-1 by 2028, signaling strong legislative intent around its readiness and value for national security space operations.

整個季度，我們繼續倡導 NASA 根據 OMS 3 合約進行 OSAM-1 任務。在最新的 2026 財年國防撥款中，國會已指示 NASA 和美國太空部隊提交資金概況，併計劃在 2028 年前發射 OSAM-1，這表明立法機構強烈關注其準備情況以及對國家安全太空行動的價值。

While this language is not yet fully enacted, it creates meaningful potential momentum. Taken together, these programs reinforce our ability to execute in multiple regions of space with diverse customers, while setting the stage for contract-driven growth. The second quarter presented an opportunity to extend proven space flight operational capabilities into foundational infrastructure.

雖然這一語言尚未完全頒布，但它創造了有意義的潛在動力。總的來說，這些項目增強了我們在多個太空區域為不同客戶提供服務的能力，同時為合約驅動的成長奠定了基礎。第二季度提供了將成熟的太空飛行作戰能力擴展到基礎設施的機會。

NASA's Near Space Network services contract is the connection between our Lunar flight heritage and the future of commercial, national security space and civil deep space data transmission. During the second quarter, we completed additional technical verification milestones on NSS, further maturing the system design.

美國太空總署的近太空網路服務合約連接著我們的月球飛行傳統和未來商業、國家安全空間以及民用深空數據傳輸。在第二季度，我們完成了 NSS 的額外技術驗證里程碑，進一步完善了系統設計。

Our satellite constellation optimized for Lunar and Cislunar mission support is ready to build. These systems are thoughtfully engineered with the capability to extend beyond the moon, including Mars. In the second quarter, we submitted a proposal to NASA to evolve our Lunar constellation into Mars capable data relay satellites.

我們針對月球和地月任務支援而優化的衛星星座已準備好建造。這些系統經過精心設計，其能力可以擴展到月球以外，包括火星。在第二季度，我們向美國太空總署提交了一份提案，將我們的月球星座發展成為能夠登陸火星的資料中繼衛星。

To execute the NSNS vision with scheduled confidence and cost control, we made the strategic decision to vertically integrate satellite production. Just as we did with our landers, we're taking a government-backed program and building scalable business, investing contract dollars internally.

為了按計劃、有信心並控製成本地實現 NSNS 願景，我們做出了垂直整合衛星生產的戰略決策。正如我們對著陸器所做的那樣，我們正在採取政府支持的計劃並建立可擴展的業務，在內部投資合約資金。

We believe this model gives us schedule control, safeguards intellectual property, opens access to new markets like Golden Dome and reduces our largest cost driver, launch, by enabling lander and satellite rideshare on a single launch vehicle.

我們相信，這種模式使我們能夠控制進度，保護智慧財產權，打開金頂等新市場的大門，並透過在單一運載火箭上實現登陸器和衛星的共享，降低我們最大的成本驅動因素——發射。

As a result, we're able to project schedule in our satellite production, allowing us to align the IM-3 mission with satellite readiness, now targeted in the second half of next year. Satellite manufacturing for NSNS is expected to cost less than what it would take to procure satellite buses externally, allowing us to be more capital efficient in the initial NSNS task orders.

因此，我們能夠規劃衛星生產的時間表，使我們能夠將 IM-3 任務與衛星準備就緒結合起來，目前的目標是明年下半年。預計 NSNS 的衛星製造成本將低於從外部購買衛星平台的成本，使我們在初始 NSNS 任務訂單中提高資本效率。

In parallel, we started expanding our infrastructure to support the vehicles now in development. In the days following the second quarter, Houston City Council approved our headquarters expansion to scale government and commercial operations. And just before this earnings call, we signed a second lease for a nearby spaceport facility already equipped with turnkey production equipment, including test facilities we have been contracting services for, allowing us to expand manufacturing capability efficiently and cost effectively.

同時，我們開始擴展基礎設施以支援目前正在開發的車輛。在第二季之後的幾天裡，休士頓市議會批准了我們的總部擴建，以擴大政府和商業運作的規模。就在本次財報電話會議之前，我們簽署了第二份租約，租期在附近的一個航太港，該航太港已經配備了交鑰匙生產設備，包括我們一直在承包服務的測試設施，這使我們能夠高效、經濟地擴大製造能力。

Capitalize on this approach means we have to bring in the talent, expertise, technology, and IP to design, develop, test, and operate the systems and space. As such, we announced our intent to acquire KinetX, the only commercial company certified by NASA to perform deep space navigation.

利用這種方法意味著我們必須引進人才、專業知識、技術和智慧財產權來設計、開發、測試和作業系統和空間。因此，我們宣布有意收購 KinetX，它是唯一一家獲得 NASA 認證可以進行深空導航的商業公司。

With its full flight software suite over a dozen mission credits, including our first two lunar missions and profitable operations across defense and commercial programs, KinetX enhances our capabilities in satellite constellation design, ground operations, and precision tracking of spacecraft.

KinetX 擁有完整的飛行軟體套件，涵蓋十多個任務，包括我們的前兩次月球任務以及國防和商業項目中的盈利運營，增強了我們在衛星星座設計、地面操作和航天器精確跟踪方面的能力。

We believe it strengthens our position in data transmission, national security space, and emerging deep space opportunities, including Mars Data Relay. In terms of capital deployment beyond current operations, our acquisition of KinetX is one example of our strategic M&A process where we focus on key capabilities and assets that complement our existing services to expand our offerings and capture higher-margin service revenues.

我們相信它加強了我們在資料傳輸、國家安全空間以及包括火星資料中繼在內的新興深空機會方面的地位。在目前營運之外的資本部署方面，我們對 KinetX 的收購是我們策略併購流程的一個例子，我們專注於補充我們現有服務的關鍵能力和資產，以擴大我們的產品範圍並獲得更高利潤的服務收入。

Finally, we formalized a strategic partnership with Goonhilly Earth Station to explore new global opportunities for ground segment data transmission. Goonhilly is already a part of Intuitive Machines' Lunar data network and a commercial provider of deep space communication services to space agencies around the world.

最後，我們與 Goonhilly 地球站正式建立了戰略合作夥伴關係，以探索地面段資料傳輸的新全球機會。Goonhilly 已成為 Intuitive Machines 月球數據網路的一部分，並且是全球各地航太機構深空通訊服務的商業提供者。

Together, we are submitting a joint response to NASA for the commercialization of the Madrid Deep Space Communications Complex. This is the first of three NASA DSN sites we expect to be commercialized within the next two years. The market opportunity is to commercially operate the full data life cycle between ground segments and spacecraft in deep space.

我們共同向美國太空總署提交了一份關於馬德里深空通訊綜合體商業化的聯合回應。這是我們預計在未來兩年內實現商業化的三個 NASA DSN 站點中的第一個。市場機會在於商業化運作地面部分和深空太空船之間的完整資料生命週期。

The strategic decisions we made in the second quarter, vertical integration, facility expansion, targeted acquisition were directly tied to customer demand, contract execution, and scalable service model. These choices strengthen our ability to deliver high-value infrastructure with greater cost control, IP retention, and schedule clarity. Just as important, they position Intuitive Machines to align awarded programs like IM-3 and NSNS with internal capabilities that improve execution speed and profitability.

我們在第二季度做出的策略決策、垂直整合、設施擴建、有針對性的收購都與客戶需求、合約執行和可擴展的服務模式直接相關。這些選擇增強了我們提供高價值基礎設施的能力，具有更好的成本控制、IP 保留和時間表清晰度。同樣重要的是，他們將 Intuitive Machines 定位為將 IM-3 和 NSNS 等獲獎項目與可提高執行速度和盈利能力的內部功能相結合。

As we head into the second half of the year, we're positioned for multiple business catalysts, a new clips task order, repurposed OSAM-1 for the Space Force, Lunar Terrain Vehicle Services Award, stealth satellite flight demonstration for AFRL, growth in commercial reentry and the beginning of deep space satellite production aligned to NSNS.

隨著我們進入下半年，我們已準備好迎接多種業務催化劑、新的剪輯任務訂單、為太空部隊重新設計的 OSAM-1、月球地形飛行器服務獎、為 AFRL 進行的隱形衛星飛行演示、商業再入的增長以及與 NSNS 保持一致的深空衛星生產的開始。

We will continue to remain opportunistic on further strategic M&A, while also evaluating internal investments to accelerate growth and drive long-term shareholder value. We have a detailed and robust pipeline of both tuck-in and transformative M&A opportunities and intend to remain aggressive in the marketplace, particularly in data services and national security space markets.

我們將繼續抓住機會進行進一步的策略併購，同時評估內部投資以加速成長並推動長期股東價值。我們擁有詳細且強大的整合性併購和轉型性併購機會管道，並打算在市場上保持積極進取，特別是在數據服務和國家安全空間市場。

With that, I'll hand it over to Pete McGrath, our Chief Financial Officer.

說完這些，我將把它交給我們的財務長 Pete McGrath。

Thank you, Steve, and thanks to everyone joining us today. As Steve mentioned, we made some strategic decisions in the quarter to be more capital efficient, align mission schedules and deliverables, open new markets, and ultimately drive long-term value creation. These decisions impacted revenue in the quarter. Q2 revenue was $50.3 million, up 21% year over year, driven primarily by CLPS, LTVS, and SNS execution.

謝謝你，史蒂夫，也謝謝今天加入我們的每個人。正如史蒂夫所提到的，我們在本季做出了一些策略決策，以提高資本效率、協調任務規劃和交付成果、開拓新市場，並最終推動長期價值創造。這些決定影響了本季的收入。第二季營收為 5,030 萬美元，年增 21%，主要得益於 CLPS、LTVS 和 SNS 的執行。

We have completed negotiations with NASA on IM-2 post-mission closeout and expect $5.7 million in success payments in Q3. OMS revenue was $19.6 million in the quarter as expected. As Steve mentioned, we are pleased with the legislative language from the Defense Appropriations markup, which includes funding to launch OSAM-1 for the Space Force and we will shift this program from civil space to national security and may increase revenues later this year.

我們已經與 NASA 完成了關於 IM-2 任務結束後的談判，預計第三季將獲得 570 萬美元的成功付款。本季 OMS 營收達 1,960 萬美元，符合預期。正如史蒂夫所提到的，我們對國防撥款標記中的立法措辭感到滿意，其中包括為太空部隊發射 OSAM-1 的資金，我們將把該計劃從民用空間轉移到國家安全，並可能在今年晚些時候增加收入。

Q2 revenue also includes an estimate at completion or EAC adjustment impacting cost and schedule on IM-3, which were driven by our strategic decision to shift satellite manufacturing capital from external procurements to internal investments in ourselves. This vertical integration decision is not only more cost effective, but also expands our market opportunities to satellite manufacturing and data services across civil, commercial and national security customers.

第二季的收入還包括對 IM-3 成本和進度產生影響的完工估計或 EAC 調整，這是由我們將衛星製造資本從外部採購轉移到內部投資的戰略決策所驅動的。這種垂直整合決策不僅更具成本效益，也將我們的市場機會擴展到民用、商業和國家安全客戶的衛星製造和資料服務。

This EAC adjustment aligns the timing for IM-3 with our internal production of our first satellite. The EAC adjustments did not impact total contract revenues. Revenue recognition is based on cost. Given we added cost to increase probability of mission success and extended schedule to align with our NSNS satellite completion, revenue moved from 2025 to 2026 on IM-3.

此次 EAC 調整使 IM-3 的時間與我們第一顆衛星的內部生產時間保持一致。EAC 調整不會影響總合約收入。收入確認以成本為基礎。鑑於我們增加了成本以提高任務成功的機率，並延長了時間表以配合我們的 NSNS 衛星的完成，IM-3 的收入從 2025 年轉移到 2026 年。

The result of the EAC adjustments was a reduction of $10.1 million to revenue and a cost increase of $9.7 million for a total earnings reduction of $19.8 million in the quarter. Gross margin was negative $11.8 million, an improvement versus negative $16.1 million in Q2 of 2024. EACs aside, we continue to see high gross margins from key programs such as LTVS and NSNS.

EAC 調整的結果是本季營收減少 1,010 萬美元，成本增加 970 萬美元，總收益減少 1,980 萬美元。毛利率為負 1,180 萬美元，較 2024 年第二季的負 1,610 萬美元有所改善。除了 EAC 之外，我們繼續看到 LTVS 和 NSNS 等關鍵項目的高毛利率。

SG&A for the quarter was $16 million and relatively flat versus the prior quarter of $16.1 million in Q1 of 2025. Current SG&A costs reflect a steadier state of business going forward in support of our growth trajectory. Operating loss for the quarter was $28.6 million versus a loss of $27.5 million in the second quarter of 2024.

本季銷售、一般及行政費用為 1,600 萬美元，與 2025 年第一季的 1,610 萬美元相比基本持平。目前的銷售、一般及行政費用反映了未來業務更加穩定的狀態，以支持我們的成長軌跡。本季營業虧損為 2,860 萬美元，而 2024 年第二季的虧損為 2,750 萬美元。

Adjusted EBITDA was negative $25.4 million in the quarter, relatively flat to prior year as profit from our higher-margin programs such as LTVS and NSNS were offset by a quarter's EAC adjustment. Operating cash used was $19.3 million in the quarter with capital expenditures of $8.1 million, resulting in negative free cash flow of $27.3 million in the quarter.

本季調整後的 EBITDA 為負 2,540 萬美元，與去年基本持平，因為我們利潤率較高的項目（如 LTVS 和 NSNS）的利潤被本季度的 EAC 調整所抵消。本季使用的營運現金為 1,930 萬美元，資本支出為 810 萬美元，導致本季的自由現金流為負 2,730 萬美元。

Negative operating cash came in as expected due to the timing of milestone payments. Recall in Q1, free cash flow was positive $13.3 million and was driven primarily by timing of milestone payments from IM-3, IM-4, and LTV, which did not repeat in Q2.

由於里程碑付款的時間安排，出現了負營運現金，這符合預期。回想一下第一季度，自由現金流為正 1,330 萬美元，主要受 IM-3、IM-4 和 LTV 的里程碑付款時間的推動，而第二季度並未出現這種情況。

CapEx was driven primarily by the investments in our data relay satellites and ground networks. Going forward, we expect to see continued CapEx for our five satellite constellation around the moon and our ground network in support of NSNS.

資本支出主要來自於對資料中繼衛星和地面網路的投資。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援 NSNS 的地面網路投入資本支出。

These CapEx levels will be offset by higher margin revenues from follow-on task orders as the program matures. Looking at free cash flow for the first half of the year is more reflective of current operations. First half free cash flow was an outflow of $14 million, a significant improvement for the first half of 2024, which was an outflow of $41.5 million.

隨著專案的成熟，這些資本支出水準將被後續任務訂單帶來的更高利潤收入所抵銷。查看上半年的自由現金流更能反映當前的營運狀況。上半年自由現金流流出 1,400 萬美元，較 2024 年上半年的 4,150 萬美元流出有顯著改善。

As we said in the past, we continue to drive towards higher margins and improved profitability, which will lead to lower cash burn and eventually cash flow breakeven.

正如我們過去所說的那樣，我們將繼續努力提高利潤率和獲利能力，這將降低現金消耗並最終實現現金流收支平衡。

We ended Q2 with a cash balance of $344.9 million, and we continue to believe we have more than sufficient capital to fund our current operations, inclusive of our facility expansion and satellite manufacturing capabilities.

我們在第二季結束時的現金餘額為 3.449 億美元，我們仍然相信我們有足夠的資金來資助我們目前的運營，包括我們的設施擴建和衛星製造能力。

In addition, we will always be opportunistic on M&A, specifically in the areas of software, satellite and data services for the national security community.

此外，我們將始終抓住併購機會，特別是在國家安全領域的軟體、衛星和資料服務領域。

Moving on to backlog. We ended the second quarter with contracted backlog of $256.9 million compared to $272.3 million in Q1 of 2025 and $213 million in Q2 of 2024. Q2 backlog includes orders for task order 2 for NSNS, which was $18 million, a $10 million grant from the Texas Space Commission for our Earth reentry vehicle and a letter contract for $4 million on an Orbital transfer vehicle Phase 2 award for a government customer.

繼續處理積壓事宜。我們第二季的合約積壓訂單為 2.569 億美元，而 2025 年第一季為 2.723 億美元，2024 年第二季為 2.13 億美元。Q2 積壓訂單包括 NSNS 任務訂單 2 的訂單（價值 1800 萬美元）、德克薩斯州航天委員會為我們的地球再入飛行器提供的 1000 萬美元撥款，以及為政府客戶授予的軌道轉移飛行器第二階段 400 萬美元的合約。

Since the end of Q2, we definitized the Orbital transfer vehicle contract at a value of $9.8 million, which will be reflected in our Q3 backlog. When looking at our Q2 2025 backlog, we expect to recognize 30% to 35% of that in 2025, 40% to 45% in 2026 and the remainder thereafter. Keep in mind, we are awaiting the outcome of several new awards this year, such as the next CLPS award, new OMS task orders, LTV Phase 2 and the next phase of Jetson.

自第二季末以來，我們確定了價值 980 萬美元的軌道運輸飛行器合同，這將反映在我們第三季的積壓訂單中。從我們 2025 年第二季的積壓訂單來看，我們預計 2025 年將確認其中的 30% 至 35%，2026 年將確認 40% 至 45%，其餘部分則隨後確認。請記住，我們正在等待今年幾個新獎項的結果，例如下一個 CLPS 獎項、新的 OMS 任務訂單、LTV 第 2 階段和 Jetson 的下一階段。

As of August 4, our shares outstanding are 178.7 million with 117.8 million shares of Class A and 60.9 million Class C. Before we get to guidance, let's reflect on the strong first half we've seen thus far. Year-to-date revenue is $113.3 million, which includes the $10 million EAC impact this quarter and does not include the majority of the IM-2 success milestones, which are expected to come in Q3.

截至 8 月 4 日，我們的流通股為 1.787 億股，其中 A 類股 1.178 億股，C 類股 6,090 萬股。在獲得指引之前，讓我們先回顧一下迄今為止我們所看到的上半年的強勁表現。年初至今的營收為 1.133 億美元，其中包括本季 1000 萬美元的 EAC 影響，但不包括預計將在第三季實現的大部分 IM-2 成功里程碑。

On a run rate basis, we factor the Q2 EAC impact and the IM-2 success milestone, we are running at approximately $240 million in revenue for the year with sufficient award decisions expected in the second half.

在運行率基礎上，我們考慮到 Q2 EAC 的影響和 IM-2 的成功里程碑，我們今年的收入約為 2.4 億美元，預計下半年將有足夠的獎勵決定。

As such, for full year guidance, we are now expecting to be near the low end of prior outlook with additional opportunities in the latter part of the year that supports revenue near the midpoint of our prior outlook, which was $275 million.

因此，對於全年指引，我們現在預計接近先前預測的低端，但下半年將有更多機會支持收入接近我們先前預測的中點，即 2.75 億美元。

We continue to expect positive adjusted EBITDA in 2026. Looking ahead, we have line of sight to significant procurements in the second half of the year to grow organically. Meanwhile, current market conditions are also supportive of inorganic opportunities to execute on our vision of being a new space prime provider of communications, navigation, and control services for defense, civil, and commercial markets.

我們繼續預計 2026 年調整後的 EBITDA 將為正值。展望未來，我們計劃在下半年進行大規模採購，以實現有機成長。同時，當前的市場條件也支持無機機會來實現我們的願景，即成為國防、民用和商業市場新的太空通訊、導航和控制服務的主要提供者。

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

接線員，現在我們可以回答問題了。

Griffin Boss, B. Riley Securities.

Griffin Boss，B. Riley 證券。

I just want to start off on KinetX. Are there any details you could provide on the revenue profile of that business or any potential synergies you might see with your existing data business?

我只是想從 KinetX 開始。您能否提供有關該業務的收入狀況或與您現有數據業務可能產生的任何潛在協同效應的詳細資訊？

Absolutely, Griffin. The -- I'll let Pete comment on the revenues, but about $9.8 million worth of revenue, about 14% of that is EBITDA. The KinetX acquisition of highly specialized talent is extraordinary. These people are phenomenal, the talent in deep space navigation and constellation management and systems engineering. They've done some things with missions out to asteroids like the OSIRIS-REx mission.

當然，格里芬。我讓皮特對收入進行評論，但約 980 萬美元的收入中，約 14% 是 EBITDA。KinetX 獲得高度專業化的人才是非同尋常的。這些人非常出色，他們在深空導航、星座管理和系統工程方面才華橫溢。他們已經對小行星執行了一些任務，例如 OSIRIS-REx 任務。

They've done things out to the Trojan asteroids around Jupiter, missions to Pluto. The only certified company to do this kind of deep space trajectory work like NASA does at JPL.

他們已經對木星周圍的特洛伊小行星和冥王星進行了探索。唯一一家獲得認證可以像 NASA 的 JPL 一樣進行此類深空軌跡工作的公司。

They have proprietary software that's going to help us with our deep space navigation, our constellation management. So that's also a significant piece of this. They also have part of the MUOS constellation and that's a global satellite constellation management work that they do. So it's very synergistic with us. We've been working with them on Mission 1 and 2.

他們擁有專有軟體，可以幫助我們進行深空導航和星座管理。這也是其中重要的一部分。他們還擁有 MUOS 星座的一部分，這是他們所做的全球衛星星座管理工作。所以這對我們來說非常具有協同作用。我們一直在與他們合作執行任務 1 和任務 2。

They have -- they're an excellent group of engineers and scientists, and we look forward to working with them and welcoming them to our team.

他們是一群優秀的工程師和科學家，我們期待與他們合作並歡迎他們加入我們的團隊。

You have anything to add there? Yes.

您還有什麼要補充的嗎？是的。

Yes, I was just going to say that, that was 2024 revenue that Steve referenced. It was 9.8% and a 14% EBITDA.

是的，我只是想說，那是史蒂夫提到的 2024 年收入。其成長率為 9.8%，EBITDA 為 14%。

Okay. Great. All right. And just forgive my ignorance, but what exactly does it mean to be the only NASA certified commercial company here? Does that imply that other companies are unable to do these missions because they are not certified?

好的。偉大的。好的。請原諒我的無知，但成為這裡唯一獲得 NASA 認證的商業公司究竟意味著什麼？這是否意味著其他公司因為未獲得認證而無法執行這些任務？

Or is this the only company NASA will work with? Any comments there?

還是這是 NASA 唯一願意合作的公司？有啥評論嗎？

Yes, the company that NASA certifies trust to handle these discovery class and above kind of missions that need to place spacecraft with precision in various spots around the solar system. The other players that do that is really Jet Propulsion Laboratory, so -- which is an FFRDC for NASA. So, this is a commercial enterprise that does that same kind of highly specialized trajectory and navigation work that Jet Propulsion Laboratory does.

是的，NASA 認證信任的公司可以處理這些發現級及以上類型的任務，這些任務需要將太空船精確地放置在太陽系周圍的各個位置。另一個參與此工作的機構是噴射推進實驗室，它是 NASA 的 FFRDC。因此，這是一家商業企業，從事與噴射推進實驗室相同的高度專業化的軌跡和導航工作。

Got it. Okay. That makes sense. And then just yes, last one for me. Given the move to vertical satellite manufacturing, what, if any, guidance could you give on the increase in expected operating expenses associated with that?

知道了。好的。這很有道理。是的，對我來說這是最後一個。鑑於向垂直衛星製造的轉變，您能否對與此相關的預期營運費用的增加給予什麼指引？

Yes. So our initial investment is going to be about $5 million in NRE to get the first satellite through design and development. And then our recurring cost is actually at or below current market numbers. When we made the decision to do this, we are evaluating other options and found that internally, we can be more cost effective, not to mention it, allows us to have an internal organic capability that now we can go into other markets with.

是的。因此，我們將在 NRE 上進行約 500 萬美元的初始投資，以完成第一顆衛星的設計和開發。然後我們的經常性成本實際上等於或低於當前市場數字。當我們決定這樣做時，我們正在評估其他選擇，並發現在內部，我們可以更具成本效益，更不用說，它使我們擁有內部有機能力，現在我們可以進入其他市場。

Sujieeva De Silva, ROTH Capital.

Sujieeva De Silva，羅斯資本。

Pete, congrats on the progress. So, the satellite market as you come into it, Steve, maybe the constellations for perhaps lunar orbit spacecraft, what are Lunar's competitive advantages as we see multiple companies talk about this opportunity?

皮特，祝賀你所取得的進步。那麼，史蒂夫，當你進入衛星市場時，也許是月球軌道太空船的星座，我們看到多家公司談論這個機會，那麼 Lunar 的競爭優勢是什麼？

Well, we talk a lot about the Near Space Network contract. There's a sole award for Intuitive Machines, which we're supposed to put a -- and we are working on a constellation of satellites of a minimum of five satellites around the moon that need replacement on a span of about every five years.

好吧，我們討論了很多有關近空間網路合約的問題。直覺機器有一個唯一的獎項，我們應該把它放在——我們正在研究一個由至少五顆衛星組成的環繞月球的衛星群，這些衛星大約每五年需要更換一次。

And so there's a constant replenishment needed beyond those five satellites. We know also that the low earth orbit and GEO satellites don't quite fit the Cislunar market in terms of performance in that environment and performance at that distance. That means with radios, with power, with Delta-v propulsion.

因此，除了這五顆衛星之外，還需要不斷補充。我們也知道，低地球軌道和地球靜止軌道衛星在該環境和距離下的表現並不完全適合地月市場。這意味著配備無線電、電力和 Delta-v 推進器。

And so our unique experience with flying in and around the moon with our Lunar lander systems means we understand what it takes to work at that -- those distances away from Earth.

因此，我們利用月球著陸器系統在月球內部和周圍飛行的獨特經驗意味著我們了解在遠離地球的距離上工作需要什麼。

Couple that with our ground segment that's currently eight antennas in six different countries, that coupling gives Intuitive Machines or Lunar a competitive advantage above the rest of the industry, with respect to communicating out to the moon.

再加上我們目前在六個不同國家擁有八個天線的地面部分，這種結合使得 Intuitive Machines 或 Lunar 在與月球通訊方面比業內其他公司更具競爭優勢。

And now we look at what capabilities have we developed around the moon that can now move not only down towards earth, but out towards Mars for Mars Data Relay. So I think we're very well positioned with this strategic investment in ourselves to build satellites in-house.

現在我們來看看我們在月球周圍開發了哪些能力，這些能力現在不僅可以向下移動到地球，還可以向火星移動以進行火星數據中繼。因此，我認為，透過這項戰略投資，我們在自主建造衛星方面處於非常有利的地位。

That's great color. I appreciate it, Steve. And then on the pipeline, maybe you could talk about the highest probability opportunities in the next 6 to 12 months and the magnitude of those, if they convert to backlog, that would be helpful to understand.

顏色真棒。我很感激，史蒂夫。然後在管道上，也許您可以談論未來 6 到 12 個月內最高機率的機會以及這些機會的規模，如果它們轉化為積壓，這將有助於理解。

Yes. I would say that I'll hold off on the magnitude specifically, but the most transformative award that we're expecting and believe we're in the pole position for that award is the Lunar Terrain Vehicle Services contract. That contract, as you know, is about $4.6 billion. And the first demonstration, which is what we're competing for, roughly close to $1 billion, but I won't give you the exact number because we're in competition. So that makes a significant award in our infrastructure services pillar in and around the moon.

是的。我想說的是，我不會特別強調其重要性，但我們期待的最具變革性的獎項，並且相信我們在該獎項中處於領先地位的獎項是月球地形車輛服務合約。如您所知，該合約價值約為 46 億美元。我們正在競爭的第一次演示大約花費接近 10 億美元，但我不會告訴你確切的數字，因為我們在競爭。因此，這對我們在月球及其周邊的基礎設施服務支柱來說是一個重大獎項。

Pete, congrats on the progress on the acquisition.

皮特，祝賀收購取得進展。

Andres Sheppard, Cantor [Tenke].

安德烈斯·謝潑德（Andres Sheppard），領唱[滕克]。

Congrats on all the great progress, Steve, Pete and Steve. Maybe a bit of a off-topic question, but I saw the news from Secretary Duffy and NASA looking to get a nuclear reactor on the moon. Curious how this could fit into Intuitive Machines' plans.

祝賀史蒂夫、皮特和史蒂夫的巨大進步。這個問題可能有點題外，但我看到了達菲部長和美國太空總署尋求在月球上建造核反應爐的消息。好奇這如何適應直覺機器的計畫。

Andres and thanks for the question. You know, Intuitive Machines have been active in Phase 1 and 1a of Fission Surface Power technology development for NASA and the Department of Energy. And we're working on technologies for a 40-kilowatt reactor for the surface of the moon. So this announcement by Sean Duffy, the acting administrator to put a 100-kilowatt reactor on the moon by 2030 was quite interesting. We're one of three companies or teams that are working on this technology.

安德烈斯，謝謝你的提問。您知道，Intuitive Machines 一直積極參與美國太空總署和能源部裂變表面動力技術開發的第 1 階段和 1a 階段。我們正在研發用於月球表面的40千瓦反應器技術。因此，代理局長肖恩·達菲宣布將在2030年前在月球上建造一座100千瓦的反應堆，相當引人注目。我們是致力於這項技術的三家公司或團隊之一。

In particular, we're doing a demonstration at vacuum right now for the heat transfer technology for the reactor, the 40-kilowatt reactor. This is a race with China. And so, in order to be competitive, we see the Fission Surface Power as a way to compete head-to-head with China.

具體來說，我們現在正在真空條件下演示反應器（40千瓦反應器）的傳熱技術。這是一場與中國的競賽。因此，為了保持競爭力，我們將裂變表面動力視為與中國正面競爭的一種方式。

And with infrastructure services as a primary pillar, we always thought of providing not only data communications, navigation, but power, sustainable power to the surface of the moon as part of that infrastructure.

以基礎設施服務為主要支柱，我們一直認為不僅要提供資料通訊、導航，還要為月球表面提供電力和永續電力。

So we look forward to the details as it comes out, what that procurement will look like, what that acquisition will look like. And you can trust that Intuitive Machines will be at the forefront of trying to compete for that.

因此，我們期待看到細節公佈，了解採購情況和收購情況。您可以相信，Intuitive Machines 將站在競爭的最前線。

Got it. That's helpful. Very interesting. And maybe as a quick follow-up, I wanted to maybe touch on Suji's question. As we look ahead, I'm curious if you can maybe remind us the key catalysts that we should be looking forward to that we can maybe point to investors.

知道了。這很有幫助。非常有趣。也許作為一個快速的後續問題，我想談談 Suji 的問題。展望未來，我很好奇您是否可以提醒我們應該期待的關鍵催化劑，以便我們可以向投資者指出。

Obviously, we have IM-3 mission, IM-4 mission, LTV, but just make sure I'm not missing anything. So just remind us maybe the key catalysts to look for decisions, et cetera.

顯然，我們有 IM-3 任務、IM-4 任務、LTV，但請確保我沒有遺漏任何東西。因此，只需提醒我們尋找決策的關鍵催化劑等等。

Okay. There's another CLPS award to be competed that's -- we're going through the payload appendix and the Industry Day and those. So that CLPS award will compete. That's called CT4, should be awarded by the end of the year. You heard us talk about OSAM and the defense approes language or the markup and seeing that come from the brink of cancellation to actually active and interest from Space Force.

好的。還有另一個 CLPS 獎項需要角逐——我們正在審查有效載荷附錄和行業日等。以便CLPS獎項能夠競爭。那叫做 CT4，應該會在年底頒發。您聽到我們談論 OSAM 和國防部批准的語言或標記，並看到它從取消的邊緣走向實際的活躍和太空部隊的興趣。

We'll see what -- how that takes shape during the balance of the year as the House and the Senate come back from recess. LTV is what I talked about is the most transformative potential award in the late November, December time frame. And then our Stealth satellite, Jetson, we've had conversations with AFRL, and they're interested in doing a technology demo on International Space Station for the Stirling engine kind of demonstration there. So that's an interesting one. And then you'll see us move more into developing the reentry systems for Intuitive Machines.

我們將拭目以待，隨著眾議院和參議院休會結束，這一情況在今年餘下時間裡將如何發展。我所說的 LTV 是 11 月下旬至 12 月期間最具變革潛力的獎項。然後，我們就隱形衛星 Jetson 與 AFRL 進行了交談，他們有興趣在國際太空站上進行斯特林發動機技術演示。這是一個有趣的問題。然後你會看到我們更深入地開發直覺機器的再入系統。

Long-term, that's lunar sample return. But in the near term, all this work from low earth orbit with biopharma and semiconductor commercial customers, exercising the muscles of reentry earth entry to sent and landing is very important. Another highly specialized skill, Intuitive Machines is cultivating to capture that market and extend out to the moon.

從長遠來看，這就是月球樣本的回報。但在短期內，所有這些在低地球軌道上與生物製藥和半導體商業客戶合作的工作，鍛鍊重返地球進入和著陸的能力非常重要。另一項高度專業化的技能，直覺機器正在培養以佔領該市場並延伸至月球。

And then the last one I would say is we did put a proposal into NASA for demonstrating Mars Data Relay from the moon in a precursor fashion before the potential for deploying satellites out to Mars to replace aging infrastructure. So all of those are in our robust pipeline moving forward and have an opportunity to generate some revenue this year.

最後我想說的是，在向火星部署衛星以取代老化的基礎設施之前，我們確實向美國宇航局提交了一項提案，以先行方式演示從月球進行的火星數據中繼。因此，所有這些都是我們強勁發展的管道，並有機會在今年產生一些收入。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

I wanted to double-click on the satellite production coming in-house. How do you view this opportunity going forward in the context of, obviously, there being potentially other customers, there are external customers out there? And how much of the [BOM] or how much of the components do you really want to control in-house within these types of satellites?

我想雙擊內部衛星生產。顯然，在存在其他潛在客戶和外部客戶的背景下，您如何看待這個機會的未來發展？您真正想在這些類型的衛星內部控制多少 [BOM] 或多少組件？

We see an opportunity, Edison, thanks for your question. We see an opportunity with other customers as we build a very capable satellite bus with a high Delta-v and power surplus, it allows us to fly not only communications gear and position navigation and timing gear, but actually other payloads and sensors that can serve multiple customers. That's the first order.

我們看到了一個機會，愛迪生，謝謝你的提問。我們看到了與其他客戶合作的機會，因為我們建造了一個性能強大的衛星平台，它具有很高的動態速度和剩餘功率，不僅可以讓我們搭載通訊設備、定位導航和授時設備，還可以搭載其他有效載荷和感測器，從而服務多個客戶。這是第一個訂單。

But then also, once you build that capable bus, you can think about replacing aging Mars infrastructure. And then ultimately, we're talking with NASA and other government agencies about the tracking data relay satellite services replacement, which is aging TDRS and to commercialize that, we'll be in a good position having brought this capability of production in-house to compete for that TDRS replacement service.

但是，一旦你建造了那輛性能強大的巴士，你就可以考慮更換老化的火星基礎設施。最後，我們正在與美國國家航空暨太空總署和其他政府機構討論追蹤資料中繼衛星服務的替代方案，即老化的 TDRS，並將其商業化，我們將處於有利地位，將這種生產能力引入內部，以競爭 TDRS 替代服務。

The other part of your question was really about, I think, vertical integration of the components. With the lander systems that we've done, we've done 85% of the lander system vertical integration in-house. That means we write all the software.

我認為，你問題的另一部分實際上是關於組件的垂直整合。對於我們已經完成的著陸器系統，我們已經在內部完成了 85% 的著陸器系統垂直整合。這意味著我們編寫了所有軟體。

We -- of 56 computer boards on board, the lander, we build 52 in-house. So, avionics, the controllers that drive the avionics subsystems are all built by Intuitive Machines, the harnesses, the propulsion system. So if you think about all that capability in machining, fabrication, manufacturing, assembly, test and integration, we have the bulk of it.

登陸器上有 56 塊計算機板，其中 52 塊是我們自行建造的。所以，航空電子設備、驅動航空電子子系統的控制器、線束、推進系統都是由 Intuitive Machines 製造的。所以，如果你考慮到加工、製造、生產、組裝、測試和整合方面的所有能力，你會發現我們擁有其中的大部分。

And so now to change the form and build satellites is not a great leap for us. And our anticipation that this may occur, we investigated facility expansion and how fortunate to have closed on those facilities expansion so that we can hit the ground running as we were doing design, what are we going to do about production, and we've got that solved already with very little capital investment in those production facilities.

所以現在改變形式並建造衛星對我們來說並不是一個巨大的飛躍。我們預計這種情況可能會發生，我們調查了設施擴建情況，我們很幸運能夠完成這些設施擴建，這樣我們就可以在設計時立即開始工作，我們將如何處理生產問題，我們已經解決了這個問題，並且對這些生產設施的資本投資很少。

Fantastic. And then a follow-up on Mars actually. You may have seen SpaceX announced something this morning about a, I think, agreement with Italy. How do we think about the timing of potentially some type of Mars mission that you could be on? And I think is it safe to assume that would be significantly more valuable than a cross mission?

極好的。然後實際上是對火星的後續研究。您可能已經看到 SpaceX 今天早上宣布了一項與義大利達成的協議。我們如何考慮您可能參與的某種火星任務的時間？我認為，是否可以安全地假設這比交叉任務更有價值？

Well, I would say that if you look at the President's budget request, there was a significant amount of dollars for working on plans and efforts and infrastructure in and around Mars. I think it was $1 billion allocated to that activity.

嗯，我想說，如果你看一下總統的預算請求，你會發現有大量資金用於火星及其周邊的計劃、努力和基礎設施建設。我認為為該項活動分配了 10 億美元。

We know that the infrastructure around Mars in terms of weather satellites, communication satellites, surveyors is way out of its life cycle and need to be replaced. The commercial model like CLPS is the appropriate way. And we are hearing that that's the direction that the agency wants to go.

我們知道，火星周圍的基礎設施，如氣象衛星、通訊衛星、探測器等，都已經超出了其生命週期，需要更換。像CLPS這樣的商業模式才是合適的方式。我們聽說這就是該機構想要發展的方向。

And so we're looking at a different way by doing precursor missions around the moon demonstrating the capability to communicate with the kind of performance that you'll need at Mars. And then you have a design that can be a direct drop-in for Mars when the time is right.

因此，我們正在研究一種不同的方法，透過在月球周圍執行先導任務來展示與火星所需的性能進行通訊的能力。然後你就有了一個設計，可以在適當的時候直接送往火星。

So we think here in our satellite constellation, when we start to think about flying satellites 4 and 5, we'll already have Mars designs ready to go and deploy. So that's kind of the way I look at it. And certainly, they're going to be more costly than the CLPS missions because we're going much further out.

因此，我們認為，在我們的衛星星座中，當我們開始考慮發射第 4 顆和第 5 顆衛星時，我們已經準備好火星設計並部署。這就是我的看法。當然，它們的成本會比 CLPS 任務更高，因為我們要去更遠的地方。

But proportionately, I think we can be cost efficient and agile in deploying that.

但從比例上來說，我認為我們可以經濟高效且靈活地部署它。

So I think it gives us a competitive advantage to kind of participate in this. Not everything is about landing humans on Mars. It's about putting infrastructure in and around Mars so that we can continue that research and continue striving to reach there with humans.

所以我認為參與其中會為我們帶來競爭優勢。並非所有事情都與人類登陸火星有關。這是為了在火星及其周圍建立基礎設施，以便我們能夠繼續進行研究並繼續努力讓人類到達那裡。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

This is Josh Korn on for David. I want to ask -- do you still expect positive EBITDA in Q4 this year?

我是喬許‧科恩 (Josh Korn)，為大衛 (David) 報道。我想問一下——您仍然預計今年第四季的 EBITDA 為正嗎？

Given the EAC that we had this year, we're looking more towards EBITDA positive in '26, not at the end of this year.

考慮到我們今年的 EAC，我們更希望 26 年的 EBITDA 為正，而不是今年年底。

Okay. And then I know you've talked about some of the opportunities at the end of the year, but kind of directionally, where do you expect backlog at the end of the year?

好的。然後我知道您已經談到了年底的一些機會，但從方向上看，您預計年底的積壓情況如何？

We expect to add the backlog the topics that Steve referenced earlier with regards to the potential CLPS award, potential OSAM revenue increase depending on the decision from the Space Force on extending that.

我們希望添加史蒂夫之前提到的積壓主題，涉及潛在的 CLPS 獎項、潛在的 OSAM 收入增加，這取決於太空部隊關於延長該獎項的決定。

Also the LTV procurement to Jetson, as well as maybe an opportunity on the Mars relay. Those are the ones we're looking at to add to backlog. Specific numbers are still not defined.

還有 Jetson 的 LTV 採購，以及火星中繼的機會。這些就是我們正在考慮添加到積壓工作中的。具體數字尚未確定。

Austin Moeller, Canaccord Genuity.

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

My first question, is there still a CLPS contract expected to be awarded in November? Has that moved right? And how are you feeling about your P win for that?

我的第一個問題是，預計 11 月還會有 CLPS 合約授予嗎？移動了嗎？那麼您對於自己在 P 中獲勝有何感想？

Yes, that's what I mentioned, CLPS award CT4. Currently, we're in a competitive environment with that one. We're confident. We talked about Mission 3. We've got to the root cause of the laser rangefinder issue on Mission 3.

是的，這就是我提到的，CLPS 獎勵 CT4。目前，我們正處於一個競爭環境。我們有信心。我們討論了任務 3。我們已經找到了任務 3 中雷射測距儀問題的根本原因。

We've got rearchitected our sensor suite for the optical navigation, laser navigation. We have put all those procurements on order. We're actively testing, and we're confident in the system upgrades we've made out of IM-2 through that hot wash process and in place for IM-3 and 4, and we have this road map of development that will put us in a very competitive place for CT4.

我們已經重新設計了光學導航和雷射導航的感測器套件。我們已經將所有採購事項列入訂單。我們正在積極測試，並且對透過熱洗過程對 IM-2 進行的系統升級以及對 IM-3 和 4 的系統升級充滿信心，並且我們擁有這個開發路線圖，這將使我們在 CT4 方面處於非常有競爭力的位置。

And just a follow-up. Do you see any opportunity for Golden Dome for your spacecraft platforms? Or do you view a Pentagon or Intel Community X geo contract as being distinct from that?

這只是後續行動。您是否認為金頂有機會成為您的太空船平台？或者您認為五角大樓或英特爾社區 X 地理合約與此不同？

Well, I think both, Austin. I think there's distinct opportunities beyond Golden Dome. Golden Dome is one thing. It's a buzzword that a lot of people are chasing right now. There's a lot of hard work to do in national security space to ensure that we have the right systems in place, the right sensors in place, and we're doing that.

嗯，我認為兩者都有，奧斯汀。我認為除了金頂之外還有很多獨特的機會。金色穹頂是一回事。這是現在很多人都在追逐的流行詞。在國家安全領域還有很多艱苦的工作要做，以確保我們擁有正確的系統、正確的感測器，我們正在這樣做。

With respect to Golden Dome, we're putting a quite capable near space network in place that includes a ground segment around the world. That includes a data relay constellation that includes very unique solutions for position, navigation and timing. I think all of that is applicable to the instantiation of Golden Dome going forward in the future.

關於金色穹頂，我們正在建立一個強大的近太空網絡，其中包括遍布全球的地面部分。其中包括一個資料中繼星座，其中包含非常獨特的定位、導航和計時解決方案。我認為所有這些都適用於未來金頂的實例化。

So the future is bright in that area. We're going to have to see how that architecture for Golden Dome shakes out.

因此該地區的前景是光明的。我們將拭目以待金色穹頂的建築設計將會如何。

It is not yet defined. And so trying to figure out exactly where Intuitive Machines plugs in. But with the assets that we're deploying in space and the platforms that we are developing, I think they're applicable to those architectures that are being proposed moving forward.

它尚未定義。因此，試圖弄清楚直覺機器究竟插入在哪裡。但考慮到我們在太空部署的資產和正在開發的平台，我認為它們適用於未來提出的架構。

Greg Pendy, Clear Street.

格雷格·彭迪 (Greg Pendy)，Clear Street。

I think earlier in the call, we mentioned the Fission Reactor, and I guess that's competing against China and then about SpaceX relationship with Italy. Is there anything else on the global front that as the US has to maintain the leadership position in space we should be aware of that might be hot butts and opportunities for you guys?

我認為在早些時候的通話中，我們提到了裂變反應堆，我想這是與中國的競爭，然後是 SpaceX 與義大利的關係。由於美國必須保持在太空領域的領導地位，在全球範圍內還有哪些事情是我們應該注意的，對你們來說可能是熱點和機會？

On the global stage, already, we're working with a global ground segment network to build out the communication stations around the world that allow us to have a fully up, reliable communication link with the moon and out to 2 million kilometers.

在全球舞台上，我們已經在與全球地面段網路合作，在世界各地建立通訊站，使我們能夠與月球以及 200 萬公里範圍內建立全面、可靠的通訊鏈路。

The world is interested in that. We're talking with ESA and others about how do we work together to use their assets as part of the network that we're building in concert with NASA to create a more capable network in the near space region of space and shared assets that would lead to not only business for the United States, but business for Europe and Asia, et cetera. So that's pretty interesting.

全世界都對此感興趣。我們正在與歐空局和其他機構討論如何合作，將他們的資產用作我們與美國國家航空暨太空總署共同建造的網路的一部分，以在近太空區域創建一個更強大的網路和共享資產，這不僅會為美國帶來商機，還會為歐洲和亞洲等地區帶來商機。這很有趣。

The other thing is we recently were to Madrid at the Madrid Space Communications Complex for the Deep Space network. NASA is talking about commercializing the deep space network sites in Madrid, Spain; in Canberra, Australia; and in Goldstone in California.

另一件事是我們最近去了馬德里的馬德里空間通訊中心，參觀深空網路。美國太空總署正在討論將位於西班牙馬德里、澳洲坎培拉和加州戈德斯通的深空網路站點商業化。

And we're there to look at how we can take what we've done and what we're learning about the near space network and apply it to commercializing the deep space network. And that will have implications globally also. So really, again, in data transmission, communications, position navigation, and timing, you'll see Intuitive Machines at the forefront of that globally.

我們在那裡研究如何利用我們在近太空網路方面所做的工作和所學到的知識，將其應用於深空網路的商業化。這也將對全球產生影響。因此，在資料傳輸、通訊、位置導航和計時方面，您會看到 Intuitive Machines 處於全球領先地位。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

This is Alex Preston on for Ron this morning. I was wondering if you could talk a little bit more about your strategic investment for vertically integrating on NSNS and maybe sort of the rationale. Did you just see an opportunity for cost improvements? Was there a maybe discrete supply or something running behind you needed to correct sort of maybe if you could walk me through a little bit about what your thought process was there.

今天早上，亞歷克斯普雷斯頓 (Alex Preston) 為羅恩 (Ron) 主持節目。我想知道您是否可以再多談談您對 NSNS 垂直整合的策略性投資以及其基本原則。您是否看到了降低成本的機會？是否有可能需要糾正的離散電源或後面運行的東西，也許您可以向我稍微介紹一下您的思考過程。

Yes, I can do that. When we surveyed the satellite market and looked at the capabilities, there's low earth orbit sized satellite buses for communication. That fit low earth orbit, but don't necessarily have the Delta-v, the [omp] in the propulsion system or the power to drive the radios and the comm communications gear necessary out at the moon.

是的，我可以這麼做。當我們調查衛星市場並了解其功能時，我們發現有一個用於通訊的低地球軌道衛星平台。它適合低地球軌道，但不一定具備 Delta-v、推進系統中的 [omp] 或驅動月球上所需的無線電和通訊設備的動力。

It's orders, it's 1,000x further out to the moon than it is a low earth orbit in a very unique environment. So stretching a low earth orbit satellite to meet the performance capabilities of around the moon is very difficult. And so we saw some struggles in the supply chain with that.

這是命令，它距離月球比距離低地球軌道遠 1,000 倍，處於非常獨特的環境中。因此，要讓低地球軌道衛星達到繞月軌道的性能水準非常困難。因此，我們看到供應鏈中出現了一些問題。

And so knowing what we've been able to do with the landers and operating out of the moon with our experience on Mission 1 and Mission 2, we've been in orbit something like 39 times around the moon operating, communicating, navigating.

因此，根據我們在任務 1 和任務 2 中的經驗，我們已經能夠使用登陸器進行月球操作，我們已經在月球軌道上運行了大約 39 圈，進行操作、通訊和導航。

And so we kind of -- we know what it takes to get out there. And so one was the supply chain. The other one is we're talking roughly about $100 million worth of satellites that we're going to put in place for the NSNS contract over the next four, five years.

因此，我們知道要達到這個目標需要付出什麼。其中之一就是供應鏈。另一個是，我們正在談論在未來四到五年內根據 NSNS 合約部署價值約 1 億美元的衛星。

Now that's $100 million invested in Intuitive Machines to build out capability. What can we do with that? And that was the core of the decision is put that money to work in our people, in our facilities, in our machines so that we have a capability to build new systems because after all, that's what we do, right, build space systems, and operate them in space.

目前，Intuitive Machines 已獲得 1 億美元的投資，用於增強其能力。我們能做什麼呢？這個決定的核心就是把錢用在我們的人才、設施和機器上，這樣我們就有能力建造新的系統，因為畢竟，這就是我們所做的，建造太空系統，並在太空中操作它們。

So that was as simple as it got, and it made a lot of sense here at the Spaceport Houston, where we get incentivized by the city of Houston. We get tax incentives, we get land incentives, we get rent or lease offsets for these facilities.

所以這很簡單，而且在休士頓太空港這裡很有意義，我們在這裡得到了休士頓市的激勵。我們獲得了稅收優惠、土地優惠以及這些設施的租金或租賃補償。

And essentially, we have a campus now for production and operations of spacecraft. And as we see, we're growing into heavy cargo, Nova-D, into LTV Lunar terrain vehicle into continued CLPS missions, now we add satellites to that, we needed more floor space. And so we did that. And fortunately, the City Council was -- endorsed our presence here and is feeding our growth forward.

基本上，我們現在有一個用於生產和運營太空船的園區。如我們所見，我們正在開發重型貨物 Nova-D，進入 LTV 月球地形車，繼續執行 CLPS 任務，現在我們添加了衛星，我們需要更多的地面空間。所以我們這麼做了。幸運的是，市議會批准了我們的存在並支持我們的發展。

Got it. That's really helpful. And if I could squeeze a quick housekeeping one in. I was wondering what's driving the pushout on the IM-2 success payments. I think last quarter, you talked about there was some -- a bunch of like different NASA directorates needed to be closed out, and that was a bit of a headache.

知道了。這真的很有幫助。如果我能擠出一點時間做點家事的話。我想知道是什麼原因導致 IM-2 成功付款被推遲。我想上個季度你談到了一些事情——一堆不同的 NASA 理事會需要關閉，這有點令人頭疼。

Is that sort of still what's driving the delay there?

這是否仍然是造成延誤的原因？

Yes. This is all just a function of negotiations back and forth and data packets flowing back and forth and getting the procurement and contracts language all lined up. We're close to about $6 million worth of success payments. We're -- finished the negotiations. Those will be in, in quarter 3.

是的。這只是反覆談判、資料包來回傳輸以及採購和合約語言排列的功能。我們的成功付款金額已接近 600 萬美元。我們——已經完成了談判。這些將在第三季推出。

We have confidence in. It's just waiting on that invoicing, getting all the Ts crossed and Is dotted. So we're confident that, that's coming in at this point. It was just a matter of crossing the quarter boundary.

我們有信心。只是在等待發票，將所有的 T 都打勾並點好。因此，我們有信心，這一點正在實現。這只是一個跨越四分之一邊界的問題。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Most of mine have been answered. Just maybe a couple that I still wanted to get to. In terms of the KinetX acquisition, can you just expand a bit more on their constellation experience? I'm not as familiar with them in terms of what they might have done in the past. But give me a sense of their scope.

我的大部分問題都已得到解答。也許只是一些我仍想得到的東西。關於 KinetX 收購，您能否進一步闡述他們的星座經驗？我對他們過去所做的事情不太熟悉。但請讓我了解一下它們的範圍。

You seem very excited about the skill sets you're bringing there, maybe the splits, commercial, and defense backlog presumably is relatively small, but just some incremental color there would be great.

您似乎對自己帶來的技能組合感到非常興奮，也許分裂、商業和防禦積壓可能相對較小，但只是一些增量色彩就會很棒。

Well, they have worked in specific constellation management. They have some constellation management software that's proprietary, and they're involved in commercial Iridium satellite constellation management, as well as a national security customer in MUOS is the program that they run for national security space. And so that global satellite constellation management is interesting.

嗯，他們從事過特定的星座管理工作。他們擁有一些專有的星座管理軟體，並參與商業銥星衛星星座管理，同時 MUOS 也是國家安全客戶，是他們為國家安全空間運作的計畫。因此全球衛星星座管理很有趣。

And also that precision trajectory and precision navigation in deep space is a very, very specialized skill that we have in-house, but we need more of. And so we've worked closely with them. I think there's Mission 1 and Mission 2, they were incredibly helpful in our orbit determination to know specifically where we were in space, how we entered lunar orbit, where we were above the surface when we did Power descent.

而且深空精確軌跡和精確導航是我們內部擁有的一項非常專業的技能，但我們需要更多這樣的技能。因此，我們與他們密切合作。我認為在任務1和任務2中，他們對我們的軌道測定提供了極大的幫助，讓我們能夠確切地知道我們在太空中的位置，如何進入月球軌道，以及在動力下降時我們在月球表面的哪個位置。

And so this is a natural match to put the two companies together. Their CEO and myself talk a lot about a good fit, and it's in the family, and it's culturally aligned, so it made a lot of sense. We talked about the revenue that was all trailing revenue 2024.

因此，兩家公司的合併是自然而然的。他們的執行長和我多次討論如何實現良好的契合，這體現在家庭內部，也體現在文化上，所以這很有意義。我們討論的收入都是截至 2024 年的收入。

Looking forward, they do have a growth pipeline we're talking about. I think what matters most is the $10 million roughly in revenue that they have trailing and a 14% EBITDA, that's nice. It's what we do together that complements us going forward with the business that we have to make sure that we deliver for this customer and provide the greatest level of service that we can.

展望未來，他們確實有我們正在談論的成長管道。我認為最重要的是他們過去大約1000萬美元的營收和14%的息稅折舊攤提前利潤（EBITDA），這很不錯。我們共同的努力對我們未來的業務發展起到了互補作用，我們必須確保為客戶交付成果，並提供我們所能提供的最高水準的服務。

Helpful. And on NSNS, you touched on this a bit earlier, but if you kind of revisit there, I'm just curious on the long-tail revenue opportunity once you get into the permitted charges and sort of how margin opportunity once they're in the air.

很有幫助。關於 NSNS，您之前提到過這一點，但如果您重新回顧一下，我只是好奇一旦進入允許收費階段，長尾收入機會會如何，以及一旦進入允許收費階段，利潤機會會如何。

And as you're seeing the competitive landscape evolve with potential substitutes and other efforts to try to encroach on that opportunity. Just talk about your position there, the certainty from your vision -- from your standpoint of those future revenue streams, barriers to entry. I don't want to spend too much time there, but it just would be helpful if you would expand there a second.

如您所見，競爭格局隨著潛在替代品的出現和其他試圖搶佔這一機會的努力而不斷演變。只需談談您的立場、您從未來收入來源和進入障礙的角度所確定的願景。我不想在那裡花太多時間，但如果你願意稍微擴展一下的話，那將會很有幫助。

Yes. What's unique is, we went through a competitive process already. We ended up being the sole awardee of the near space network. To our knowledge, there's no on-ramp opportunities for that. What it is, it's a capability that we have to put in place for the US government and operate -- own and operate commercially.

是的。獨特之處在於，我們已經經歷了一個競爭過程。我們最終成為近空間網絡的唯一獲獎者。據我們所知，目前還沒有實現這一目標的途徑。它是我們必須為美國政府提供並運作的一種能力——擁有並進行商業運作。

That's an incredibly wide and deep moat for Intuitive Machines. So we look at -- we work closely with the customer in terms of the ground segment, where we're putting in place tri-band dishes, X, X and K – XS and Ka band and ground segment antennas around the world.

對於 Intuitive Machines 來說，這是一個非常寬且深的護城河。因此，我們著眼於——我們在地面段方面與客戶密切合作，我們在世界各地安裝三頻天線、X、X 和 K - XS 和 Ka 波段和地面段天線。

As soon as we get that first milestone done to have a fully operational XS and K tri-band antenna on earth, operational task orders will come to offload some of the deep space network. So we know that's where the higher-margin revenue occurs.

一旦我們完成第一個里程碑，在地球上安裝一個完全可操作的 XS 和 K 三頻天線，就會收到操作任務命令來卸載部分深空網路。所以我們知道利潤較高的收入就產生在那裡。

Also with the first satellite in and around the moon that we are holding Mission 3 for, that's so important to fly that satellite around the moon. We'll have operational task orders kick in to sell data and navigation services back to the government from that satellite, which is the only US satellite communication satellite around the moon.

此外，我們正在執行第三次任務，發射第一顆繞月衛星，因此繞月飛行非常重要。我們將啟動作戰任務訂單，將該衛星的資料和導航服務出售給政府，該衛星是唯一一顆繞月運行的美國衛星通訊衛星。

We'll show interoperability with the Lunar Reconnaissance Orbiter, which is the other US satellite around the moon. So we know there's targets of opportunity for operational task orders. We just got to get the hardware built and in place around the moon.

我們將展示與月球勘測軌道飛行器的互通性，月球勘測軌道飛行器是美國繞月運行的另一顆衛星。因此，我們知道存在執行作戰任務命令的機會目標。我們只需要在月球周圍建造並安裝硬體。

Josh Sullivan, Benchmark.

喬許·沙利文，基準。

Just maybe broader picture, how are you thinking about the 3-pillar approach that you've talked about, the acquisition of KinetX, the NSNS margin profile long term is pretty attractive. Is there a pillar you're leaning more towards as we think about Intuitive longer term?

從更廣泛的角度來看，您如何看待您談到的三支柱方法，收購 KinetX，NSNS 的長期利潤率狀況非常有吸引力。當我們考慮直覺的長期發展時，您是否更傾向於哪個支柱？

Josh, thanks for the question. Yes, you can tell kind of the emphasis we're putting where you see that center pillar of data services, data transmission data services move to the forefront. The hard things first are landing on the moon.

喬希，謝謝你的提問。是的，您可以看到我們的重點是資料服務的中心支柱，資料傳輸資料服務已成為重中之重。首先困難的事情是登陸月球。

Landing on the moon though, is an annual cadence of missions, and it's this binary event of success or failure every year and everybody holds their breath that you land on the moon. But while we've done that, we've built some incredible capability and this long-term sustainable infrastructure service provider is where the company is going.

然而，登月是每年一次的任務，每年都是成功或失敗的二元事件，每個人都屏住呼吸等待登陸月球。但在我們做到這一點的同時，我們也建立了一些令人難以置信的能力，而成為長期可持續的基礎設施服務提供者正是公司的發展方向。

This long-term view, investing in ourselves, investing in satellites, pushing to the forefront data services and data transmission is creating long-term shareholder value. And I hope people realize that, that this is not about this quarter. This is about the investment in ourselves to build out a capability that allows us to get to a sustainable service model that allows for multi-years and multibillions of dollars worth of service revenue in the future.

這種長遠的眼光，投資我們自己，投資衛星，推動數據服務和數據傳輸的前沿，正在創造長期的股東價值。我希望人們意識到，這不僅僅與本季有關。這是對我們自己的投資，旨在建立一種能力，使我們能夠獲得一種可持續的服務模式，從而在未來實現多年和數十億美元的服務收入。

And I will now turn the call back over to Steve Altemus for closing remarks.

現在我將把電話轉回給史蒂夫·阿爾特姆斯，請他作結束語。

Well, thank you, everyone, for joining today's call. We're looking forward to executing our growth opportunities as we expand our footprint here in Houston Spaceport, while also expanding our capabilities with the KinetX team. Let me be the first to welcome the KinetX team to Intuitive Machines. And thank you again. Operator, that is all.

好吧，謝謝大家參加今天的電話會議。我們期待在擴大在休士頓航太港的影響力的同時，抓住成長機遇，同時與 KinetX 團隊一起擴大我們的能力。讓我先歡迎 KinetX 團隊加入 Intuitive Machines。再次感謝您。操作員，就這樣。

Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。