Intuitive Machines Inc (LUNR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the Intuitive Machines acquisition update conference call. (Operator Instructions) Please be advised that today's call is being recorded.

女士們、先生們，感謝你們的耐心等待。我叫科爾比，今天我將擔任你們的會議接線生。此時此刻，我謹代表Intuitive Machines公司，歡迎各位參加本次收購進度更新電話會議。（操作員指示）請注意，今天的通話將會被錄音。

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

我謹將電話轉交給投資人關係主管張先生。請繼續。

Good morning. Welcome to the Intuitive Machines acquisition update call. Chief Executive Officer, Steve Altemus; and Chief Financial Officer, Pete McGrath, are leading the call today.

早安.歡迎參加 Intuitive Machines 收購案最新進展電話會議。執行長史蒂夫·阿爾特姆斯和財務長皮特·麥格拉斯今天主持電話會議。

Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements, setting forth our current expectations with respect to the future of our business, the economy, and other events. The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors. These factors are described under forward-looking statements in the company's 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.

在開始之前，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，闡述我們目前對公司業務、經濟和其他事件未來的預期。由於諸多因素，本公司的實際業績可能與任何前瞻性聲明中指出的業績有重大差異。這些因素在公司新聞稿和公司最近向美國證券交易委員會提交的 10-K 和 10-Q 文件中的前瞻性聲明中有所描述。我們不承擔更新前瞻性陳述的任何義務。

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

我們還將討論一些財務指標和信息，這些指標和資訊屬於適用的美國證券交易委員會規則和條例中定義的非公認會計準則指標。與公司 GAAP 指標的核對已包含在以 8-K 表格提交的收購更新中。

Finally, we posted an acquisition update call presentation to our website, which provides additional context. You can find this presentation on our Investor Relations page at www.intuitivemachines.com/investors.

最後，我們在網站上發布了收購進度電話會議演示文稿，其中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 上找到這份簡報。

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

現在，我將把電話交給史蒂夫·阿爾特姆斯。

Thank you, Stephen. Good morning.

謝謝你，史蒂芬。早安.

I'm pleased to announce that Intuitive Machines has entered into a definitive agreement to acquire Lanteris Space Systems, formerly known as Maxar Space Systems, from Advent in a transaction priced at $800 million, consisting of $450 million in cash and $350 million in Intuitive Machines Class A common stock. During our second-quarter earnings call, I stated our long-term vision to become a new space prime, providing delivery, data, and infrastructure services, emphasizing growth in communications, navigation, and space data networking services for defense, civil, and commercial markets. We just did exactly that.

我很高興地宣布，Intuitive Machines 已達成最終協議，將從 Advent 手中收購 Lanteris Space Systems（前身為 Maxar Space Systems），交易價格為 8 億美元，其中包括 4.5 億美元現金和 3.5 億美元的 Intuitive Machines A 類普通股。在第二季財報電話會議上，我闡述了我們的長期願景，即成為新的太空領域主承包商，提供交付、數據和基礎設施服務，重點發展面向國防、民用和商業市場的通訊、導航和太空數據網路服務。我們剛才就是這麼做的。

With this acquisition, Intuitive Machines is positioned to become the next-generation space prime, applying our demonstrated agility and innovation with Lanteris' unmatched satellite production scale and proven spaceflight reliability. The transaction represents the next step in Intuitive Machines evolution from a lunar-proven space infrastructure company to a vertically integrated space prime provider of choice, serving national security, civil, and commercial customers across earth, ground, Earth orbit, moon, Mars, and beyond.

透過此次收購，Intuitive Machines 有望成為下一代航太領域的領導者，將我們展現的敏捷性和創新能力與 Lanteris 無與倫比的衛星生產規模和久經考驗的航太可靠性相結合。這項交易標誌著 Intuitive Machines 從一家在月球上得到驗證的太空基礎設施公司發展成為一家垂直整合的首選空間主要供應商，為地球、地面、地球軌道、月球、火星及更遠地區的國家安全、民用和商業客戶提供服務，這標誌著該公司發展歷程中的又一步。

Global demand for secure sovereign communications, missile warning, and space domain awareness is increasing. US defense and intelligence programs like Space Development Agency's Layered Architecture require companies that can move fast, innovate, and deliver at scale. Intuitive Machines brings a disruptive and innovative development approach in building unique, agile, and highly specialized solutions in extreme firm fixed price environments. Over the past two years, we've proven our ability to build, fly, maneuver, and operate in lunar space using our network of global ground stations and our near-space data network.

全球對安全自主通訊、飛彈預警和太空領域感知的需求日益增長。美國國防和情報項目，例如太空發展局的分層架構，需要能夠快速行動、創新和大規模交付的公司。Intuitive Machines 在極為嚴格的固定價格環境下，採用顛覆性和創新性的開發方法，建構獨特、敏捷且高度專業化的解決方案。在過去的兩年裡，我們已經證明了我們有能力利用我們的全球地面站網路和近地太空資料網路在月球空間進行建造、飛行、機動和操作。

Our vision has always been clear: to build the infrastructure that enables economic expansion into space. To do that, we must move faster and operate at scale, and that is what Lanteris brings. With over 65 years of experience, Lanteris has delivered more than 300 spacecraft for critical national security, civil, and commercial missions, supporting missile warning, space domain awareness, and communication programs vital to the United States and its allies. The company maintains 99.99% on-orbit availability and operates world-class production facilities totaling over 560,000 square feet.

我們的願景一直很明確：建立能夠促進經濟向太空擴張的基礎設施。為此，我們必須加快步伐，擴大規模，而這正是 Lanteris 所能帶來的。Lanteris 擁有超過 65 年的經驗，已為關鍵的國家安全、民用和商業任務交付了 300 多艘太空船，為對美國及其盟友至關重要的飛彈預警、太空領域感知和通訊計畫提供支援。該公司保持 99.99% 的在軌可用性，並經營總面積超過 560,000 平方英尺的世界一流生產設施。

Lanteris builds high-value spacecraft with a strong commercial focus, successfully operating in a cost-efficient competitive environment. In just the last three years, Lanteris introduced its 300 Series spacecraft as a leading platform for proliferated low-Earth orbit constellations. This record of performance cements Lanteris as a trusted provider of critical space defense capabilities for the US government.

Lanteris 是一家以商業為導向的高價值太空船製造商，在成本效益高的競爭環境中成功運作。在過去的三年裡，Lanteris 推出了其 300 系列航天器，使其成為蓬勃發展的近地軌道星座的領先平台。這項業績記錄鞏固了 Lanteris 作為美國政府值得信賴的關鍵太空防禦能力供應商的地位。

We know the growing national security market is seeking commercial-minded solutions to address emerging complex missions. This acquisition allows us to apply ingenuity to proven delivery capability that distinguishes ourselves as a next-generation prime. Coupling our collective expertise to address new demands across civil, defense, and commercial sectors is a powerful combination we are pleased to bring to market. We believe this acquisition will strengthen the company's position to prime future national security space, including Golden Dome and Space Development Agency's Layered Architecture; civil space, such as Artemis, LTVS, and Mars Data Relay; and commercial space programs.

我們知道，不斷增長的國家安全市場正在尋求具有商業思維的解決方案來應對新興的複雜任務。此次收購使我們能夠運用創新思維和成熟的交付能力，使我們成為新一代的主要承運商。我們將集體的專業知識結合起來，以滿足民用、國防和商業領域的新需求，這是一個強大的組合，我們很高興將其推向市場。我們相信，此次收購將加強公司在未來國家安全航太領域（包括金穹頂和太空發展局的分層架構）、民用航太領域（如阿爾忒彌斯計劃、LTVS計劃和火星數據中繼計劃）以及商業航太計劃中的地位。

This acquisition also enhances our competitiveness across several active opportunities where Intuitive Machines already leads. By integrating Lanteris' production scale and communications experience into our existing architectures, we strengthen our pursuit of our vision, expanding our lunar data relay constellation under the Near Space Network Services contract and commercializing NASA's tracking and data relay satellite system. This integration can accelerate task orders and broaden our capacity to deliver value from every orbit.

此次收購也增強了我們在多個活躍領域中的競爭力，而 Intuitive Machines 在這些領域中就已經處於領先地位。透過將 Lanteris 的生產規模和通訊經驗融入我們現有的架構中，我們加強了對願景的追求，根據近地太空網路服務合約擴展了我們的月球資料中繼星座，並將 NASA 的追蹤和資料中繼衛星系統商業化。此次整合可以加快任務訂單處理速度，並擴大我們從每一次軌道運行中創造價值的能力。

We believe this acquisition accelerates Intuitive Machines' transition into a company that can design, manufacture, deliver, and operate missions across the entire space domain from Earth orbit to lunar orbit, and ultimately to Mars and deep space. Intuitive Machines is creating a new model for how space primes operate that intends to unlock diverse revenue streams that fuel a high-growth, high-margin portfolio.

我們相信，此次收購將加速 Intuitive Machines 向一家能夠設計、製造、交付和營運從地球軌道到月球軌道，最終到火星和深空整個太空領域任務的公司轉型。Intuitive Machines 正在為太空主承運商的運作方式創建一個新模式，旨在釋放多元化的收入來源，從而推動高成長、高利潤的投資組合。

As mentioned, Lanteris positioned the company for sustainable growth by investing in the 300-class satellite and pivoting toward national security markets, including the Space Development Agency Trance 1 and Trance 2 awards for L3Harris in 2022 and 2024. That foundation unlocked the potential of Lanteris' 300 Series spacecraft for national security applications and established it as a trusted competitive supplier. We look forward to applying our innovation, speed of execution, and services model to further amplify this momentum.

如前所述，Lanteris 透過投資 300 級衛星並轉向國家安全市場，為公司的可持續成長奠定了基礎，其中包括 L3Harris 在 2022 年和 2024 年獲得的太空發展局 Trance 1 和 Trance 2 計畫。這項基礎釋放了 Lanteris 300 系列太空船在國家安全應用方面的潛力，並使其成為值得信賴的競爭性供應商。我們期待運用我們的創新能力、執行速度和服務模式，進一步擴大這一發展動能。

I'll now hand it over to Pete McGrath to go over the Q3 financials, along with details around the transaction. Pete?

現在我將把發言權交給皮特·麥格拉斯，讓他來分析第三季的財務狀況以及交易的細節。皮特？

Thank you, Steve, and thanks to everyone joining us today.

謝謝你，史蒂夫，也謝謝今天所有到場的朋友。

Starting with Q3 financials, revenue was $52.4 million, driven primarily by OMES, CLPS, and NSNS. We continue to monitor the government shutdown and budgetary processes where there is legislative language for the defense appropriations markup to fund OSAM-1 for the Space Force, which will shift this program from civil space to national security.

從第三季財務數據來看，營收為 5,240 萬美元，主要由 OMES、CLPS 和 NSNS 推動。我們將繼續關注政府停擺和預算流程，其中有立法語言用於國防撥款審議，為太空部隊提供 OSAM-1 資金，這將使該計劃從民用航太領域轉向國家安全領域。

Gross margin was $5.7 million, driven by continued focus on cost and execution of key programs. This was an improvement compared to Q2 2025, which included significant EAC adjustments on IM-3 and IM-4.

毛利為 570 萬美元，這得益於對成本的持續關注和關鍵項目的執行。與 2025 年第二季相比，這是一個進步，其中包括對 IM-3 和 IM-4 的重大 EAC 調整。

Net loss for the quarter was $10 million, and adjusted EBITDA was negative $13.2 million in the quarter, an improvement in adjusted EBITDA of $12.2 million versus Q2 2025, driven by higher gross margins.

本季淨虧損為 1,000 萬美元，調整後 EBITDA 為負 1,320 萬美元，較 2025 年第二季調整後 EBITDA 改善 1,220 萬美元，主要得益於毛利率的提高。

We ended Q3 with a backlog of $235.9 million, which includes $9.8 million for the definitized orbital transfer vehicle contract, $8.2 million for the follow-on in-space nuclear power contract, and $7.5 million for a commercial rideshare customer on IM-4. Note that the backlog does not contain the remaining $123 million of the total $150 million initial value for NSNS 2.2, which is recognized on a task order basis.

第三季末，我們的積壓訂單為 2.359 億美元，其中包括已確定的軌道轉移飛行器合約的 980 萬美元、後續太空核動力合約的 820 萬美元，以及 IM-4 商業共乘客戶的 750 萬美元。請注意，積壓訂單中不包括 NSNS 2.2 初始總價值 1.5 億美元中剩餘的 1.23 億美元，這部分價值是按任務訂單確認的。

When looking at our Q3 2025 backlog, we expect to recognize approximately 20% of that in 2025. With the acquisition of Lanteris, we intend to provide updated backlog burn rates for 2026 and 2027 early next year.

展望 2025 年第三季的積壓訂單，我們預計將在 2025 年確認其中約 20% 的訂單。隨著對 Lanteris 的收購，我們計劃在明年初提供 2026 年和 2027 年的最新積壓訂單消耗率。

In August, we completed a $345 million gross convertible note offering with the intent to acquire a company that would transform us into a next-generation space prime. Lanteris is that company.

8 月，我們完成了 3.45 億美元的可轉換債券發行，目的是收購一家公司，從而將我們轉變為下一代太空領域的領導者。Lanteris 就是那家公司。

We intended Q3 with a cash balance of $622 million. Our detailed financial tables will be provided next week in conjunction with our 10-Q filing.

我們預計第三季現金餘額為 6.22 億美元。我們將於下週隨 10-Q 文件提供詳細的財務報表。

Moving on to outlook, the timing associated with our year-end revenue is impacted by uncertainty related to the government shutdown. Therefore, based on current backlog, we see Q4 revenue in line with Q3, and we remain confident in our ability to capture our identified near-term awards. Intuitive Machines expects to provide a new outlook for the 2026 combined company early next year.

展望未來，由於政府停擺帶來的不確定性，我們年底的收入預計無法按時實現。因此，根據目前的積壓訂單，我們預計第四季度營收將與第三季持平，我們仍然有信心拿下已確定的近期訂單。Intuitive Machines 預計將於明年初發布合併後公司（成立於 2026 年）的新展望。

Now shifting to the Lanteris acquisition. The transaction is valued at $800 million and will be funded through $450 million of cash from our balance sheet and $350 million of Intuitive Machines Class A common stock, subject to adjustments. The deal uses a stock value of $12.34 based on a volume-weighted average trading price for the 10 trading days ending on October 31, 2025.

現在轉向 Lanteris 的收購案。該交易價值 8 億美元，資金來源為資產負債表上的 4.5 億美元現金和 Intuitive Machines 的 3.5 億美元 A 類普通股（如有調整，恕不另行通知）。該交易採用的股票價值為每股 12.34 美元，是根據截至 2025 年 10 月 31 日的 10 個交易日的成交量加權平均交易價格計算得出的。

As a standalone company, Lanteris is a cash-generating business. As a combined company, Intuitive Machines expects to have adequate cash on hand for continued operations. The transaction has been approved by Intuitive Machines' Board of Directors, as well as the seller's Board. We expect to close the transaction in Q1 of next year, subject to customary regulatory approvals and closing conditions.

作為一家獨立公司，Lanteris 是一家能夠產生現金流的企業。合併後的公司 Intuitive Machines 預計將擁有足夠的現金儲備以維持持續營運。該交易已獲得 Intuitive Machines 董事會和賣方董事會的批准。我們預計明年第一季完成交易，但需獲得慣例監管批准並滿足成交條件。

This acquisition will be immediately accretive to revenue, adjusted EBITDA, and free cash flow. Following this transaction, we will remain in a position of financial strength as a combined entity, with more than $850 million in revenue, positive adjusted EBITDA, and $920 million in backlog based on Q3 2025 trailing 12-month financials.

此次收購將立即增加公司收入、調整後 EBITDA 和自由現金流。交易完成後，合併後的實體將維持強勁的財務實力，根據 2025 年第三季過去 12 個月的財務數據，營收將超過 8.5 億美元，調整後 EBITDA 為正，積壓訂單達 9.2 億美元。

I will now pass it back to Steve Altemus for closing remarks.

現在我將把發言權交還給史蒂夫·阿爾特姆斯，請他作總結發言。

Thanks, Pete.

謝謝你，皮特。

The new Intuitive Machines will combine rapid innovation and precision spacecraft production to meet the growing demand for responsive high-reliability space infrastructure and services. With Lanteris production scale, we gain the opportunity to deploy entire constellations that extend our lunar network to proliferated low-Earth orbit, to MEO, and GEO. We believe this acquisition adds immediate capability to deploy multi-mission, multi-domain data networks. We are defining the next generation of space prime that will operate and deliver faster and more affordably across the space domain.

新型直覺機器將結合快速創新和精密太空船生產，以滿足對響應迅速、高可靠性的太空基礎設施和服務日益增長的需求。憑藉 Lanteris 的生產規模，我們有機會部署整個星座，將我們的月球網路擴展到不斷擴散的低地球軌道、中地球軌道和地球同步軌道。我們相信此次收購將立即增強部署多任務、多領域資料網路的能力。我們正在定義下一代太空主承包商，他們將在太空領域以更快的速度、更經濟的方式運作和交付。

With that, operator, we're now ready for questions.

好了，操作員，我們現在可以開始回答問題了。

(Operator Instructions) Austin Moeller, Canaccord.

（操作說明）奧斯汀·莫勒，Canaccord。

Hi. Good morning, Steve and Pete. So just for my first question here, what changes has Advent made within Lanteris to improve the margin profile of their manufacturing since they bought them? And are there any large, exquisite satellite programs in the backlog that still need to ship out?

你好。早上好，史蒂夫和皮特。那麼，我的第一個問題是，自從 Advent 收購 Lanteris 以來，為了改善其製造業務的利潤率，Advent 對 Lanteris 進行了哪些改變？還有哪些大型、精密的衛星專案積壓在外，尚未交付？

So Lanteris is interesting. As you know, they were public -- Maxar Space was publicly traded and then went private with Advent. And what you've seen is that they've had some programs that they have completed that were struggling, I guess, with cost controls. All those are off the books. And they've since then invested in the 300 Series satellite, which actually serves Tranche 1 and Tranche 2 for the Space Development Agency.

所以蘭特里斯很有意思。如您所知，它們都曾是上市公司——Maxar Space 曾是上市公司，後來被 Advent 私有化。你們也看到了，他們已經完成了一些項目，但這些項目似乎在成本控制方面遇到了困難。這些都是未記錄在案的。此後，他們投資了 300 系列衛星，該衛星實際上為太空發展局的第一批和第二批衛星提供服務。

And so they're moving in a very positive direction moving forward with efficiencies that they've built into the company. So we're very pleased to see the momentum that they have and to capitalize on that momentum moving forward. I think this is an exciting acquisition.

因此，他們正朝著非常正面的方向發展，不斷提高公司內部的效率。所以我們很高興看到他們目前的發展勢頭，並希望能夠利用這種勢頭繼續前進。我認為這是一筆令人興奮的收購。

As far as your second question, I believe they're essentially nearing completion of the power propulsion element for NASA's Artemis program. And that's the most powerful satellite built in terms of propulsion and power generation to date for anyone, I believe. And that one's essentially complete and ready to ship certainly in the near future.

至於你的第二個問題，我認為他們基本上已經接近完成 NASA 阿爾忒彌斯計畫的動力推進部分。我認為，就推進和發電能力而言，這是迄今為止建造的最強大的衛星。而且那款產品基本上已經完成，肯定在不久的將來就可以出貨了。

Okay. And then, I guess, should we frame the strategy here as looking to gain more manufacturing capability left of launch and then being able to drive margins with services revenues post-launch using the ground stations and the ops center?

好的。那麼，我想，我們是否應該將這裡的策略設定為：在發射前獲得更多製造能力，然後在發射後利用地面站和營運中心透過服務收入來提高利潤率？

Yes, that's correct. Our services model is a higher-margin business. And what we can do is use the manufacturing and production and the reliability that Lanteris brings to the table to feed our own networks, our data networks out to cislunar space, and then thinking about how we might replace the aging tracking data relay satellite service for the US government and then out to Mars in terms of Mars data relay to replace that aging infrastructure.

是的，沒錯。我們的服務模式屬於高利潤業務。我們可以利用 Lanteris 帶來的製造、生產和可靠性，為我們自己的網路、我們的數據網路以及地月空間提供數據，然後思考如何替換美國政府老化的追蹤數據中繼衛星服務，以及如何將數據中繼擴展到火星，以替換老化的基礎設施。

So it really is -- we are our own customer in some sense for our satellites. And the high reliability of the track record that Lanteris has is just incredible in terms of how many satellites they've put into orbit, their operational life, and their on-orbit availability. At 99.9% availability is just a market-leading capability.

所以確實如此——從某種意義上來說，我們自己就是我們衛星的客戶。Lanteris 的過往記錄非常可靠，從其送入軌道的衛星數量、運行壽命和在軌可用性來看，簡直令人難以置信。99.9% 的可用性是市場領先的能力。

Great. Thanks for all the details. Very exciting opportunity.

偉大的。謝謝你提供的所有細節。非常難得的機會。

Thanks, Austin.

謝謝你，奧斯汀。

Edison Yu, Deutsche Bank.

餘生愛迪生，德意志銀行。

Thank you. Good morning, and congratulations on the transformative deal. On Lanteris, first, I want to ask, what do you envision as the sort of growth profile of it going forward? Obviously, it's gone private. It's been through kind of its own issues that you kind of alluded to earlier. Is this a business that can grow quite healthy going forward, assuming it can win some of these contracts? What's sort of embedded in your outlook for that?

謝謝。早安，恭喜你們達成這項具有變革意義的交易。關於 Lanteris，首先我想問一下，您設想它未來的發展前景如何？顯然，它已經轉為私有化了。它經歷了一些你之前提到的自身問題。假設這家公司能夠贏得一些合同，那麼它未來能否健康發展？你對此的看法中隱含著什麼？

Well, Edison, thanks for your question. Together, the combination of the company really is exciting. With the spark of innovation that Intuitive Machines brings and Lanteris' production scale and high reliability, we not only feed existing programs on both the Intuitive Machines side and the Lanteris side, but we can actually feed, to Austin's question, the near-space network and our own network capabilities in terms of communication data relay satellites.

愛迪生，謝謝你的提問。公司合併後的整體情況確實令人振奮。憑藉 Intuitive Machines 帶來的創新火花和 Lanteris 的生產規模和高可靠性，我們不僅可以為 Intuitive Machines 和 Lanteris 雙方的現有項目提供支持，而且正如 Austin 所問，我們實際上還可以為近太空網絡以及我們自己的通信數據中繼衛星網絡能力提供支持。

But what's really powerful is a total addressable market that we can unlock and open up and the diverse revenue streams that we'll create, as taking the family of satellites that Lanteris currently builds and providing unique mission solutions to open up those markets and access those revenue streams. We talk about things like the SDA Tranche 3 Tracking Layer. We can talk about TDRS replacement. We can talk about Mars data relay. We can talk about alternate GPS. Those are the kinds of things that aren't necessarily on the books today that are new markets that become available with this acquisition.

但真正強大的是我們可以開拓和釋放的巨大潛在市場，以及我們將創造的多元化收入來源，例如利用 Lanteris 目前建造的衛星系列，提供獨特的任務解決方案，從而開拓這些市場並獲得這些收入來源。我們討論諸如 SDA Tranche 3 追蹤層之類的事情。我們可以討論TDRS的替代方案。我們可以討論火星資料中繼。我們可以討論一下備用GPS方案。這些都是目前尚未被納入常規管理範圍的新市場，而這項收購將使這些市場得以開拓。

Understood. You disclosed the backlog number, obviously, for Lanteris. Is there any way to break that down in any deeper way, perhaps even by what programs would be the most in terms of customer exposure? Anything you could share?

明白了。很顯然，你洩漏了 Lanteris 的積壓訂單數量。有沒有辦法更深入分析這個問題，例如哪些專案能最大程度地提高客戶曝光率？有什麼可以分享的嗎？

Well, I would say if you look at the business today, they're roughly 25% defense, 25% civil, and 50% commercial is the way you break down their business. And I think you can look at the backlog in that way. I think that backlog will be changing over time as these pending new awards for Lanteris will change that mix to increase the defense or national security portion of their portfolio.

嗯，如果你看看他們現在的業務，我會說，他們的業務大致是國防佔 25%，民用佔 25%，商業佔 50%。我認為你可以從這個角度來看積壓的工作。我認為隨著時間的推移，積壓訂單的情況會發生變化，因為 Lanteris 即將獲得的這些新訂單將改變其業務組合，增加國防或國家安全領域的項目。

Thank you.

謝謝。

Josh Sullivan, JonesTrading.

Josh Sullivan，JonesTrading。

Hey. Good morning. Congratulations there.

嘿。早安.恭喜你。

Morning, Josh.

早安，喬希。

In the past, you've talked a lot about how IM's a data company at its core. Can you just touch on how IM and Lanteris here scale some of the data opportunities or just what you're thinking about there?

過去，你曾多次談到IM本質上是一家數據公司。您能否簡要談談IM和Lanteris如何利用數據機會擴大規模，或您對此有何想法？

Yeah. Josh, good morning. What we've said since over the past year or two is you've seen us form the company Intuitive Machines in terms of delivery services, that's the transportation layer that takes us to the moon. The Data Services, which is the ground segment around the world, the global ground segment that communicates out towards the moon and beyond out to 2 million kilometers, that's the direct-to-earth kind of ground segment coupled with our data relay network and position navigation timing around the moon, that constellation. So now, if we have that in place, how might we extend that going forward?

是的。喬希，早安。在過去一兩年裡，我們一直強調，你們已經看到我們成立了 Intuitive Machines 公司，專注於配送服務，而這正是將我們推向巔峰的運輸環節。數據服務，即遍布全球的地面段，是向月球及更遠200萬公里方向通信的全球地面段，是直接對地通信的地面段，它與我們圍繞月球的數據中繼網絡和位置導航授時系統相結合，構成了該星座。那麼，既然我們已經有了這樣的機制，我們該如何推廣應用呢？

And then the third, I'll come back to that -- the third pillar is the infrastructure of the service, which we're anxiously awaiting the outcome of the lunar terrain vehicle services contract, and we expect that award later in this year, depending on the government shutdown. But as I think about the Data Services, the major expansion of the business will come in the Data Services and networks over time.

第三點，我稍後再談——第三支柱是服務的基礎設施，我們正在焦急地等待月球地形車服務合同的結果，我們預計今年晚些時候會授予該合同，這取決於政府停擺的情況。但就數據服務而言，我認為業務的主要擴張將隨著時間的推移體現在數據服務和網路方面。

As we see, there's a lot of opportunity, like I said, with the tracking data relay satellite services coming open and maybe potentially the deep space network commercialization, as well as replacing the aging infrastructure across out at Mars and Mars data relay. In addition, there are the tracking layers for the SDA and the Golden Dome, which has opportunities for communications and navigation that directly is fed by the kind of capability that Intuitive Machines has, but now augmented by the amazing and reliable satellites that Lanteris brings to bear. So I think that coupling really does put us in a position to prime some of the opportunities coming out of Golden Dome and SDA.

正如我所說，我們看到了很多機會，例如追蹤資料中繼衛星服務的開放，以及深空網路商業化的可能性，還有更換火星和火星資料中繼中老化的基礎設施。此外，還有 SDA 和金穹的追蹤層，這為通訊和導航提供了機會，這些通訊和導航直接依賴 Intuitive Machines 所擁有的能力，但現在又得到了 Lanteris 帶來的強大而可靠的衛星的增強。所以我認為，這種結合確實讓我們能夠抓住金穹頂和基督復臨安息日會帶來的一些機會。

Got it. And then, I guess, Intuitive's historical knowledge base around lunar operations and now the scale that Lanteris brings to bear, how might you be thinking about Artemis III or related tactical opportunities here?

知道了。那麼，我想，考慮到 Intuitive 在月球作業方面的歷史知識庫，以及 Lanteris 帶來的規模，您會如何看待 Artemis III 或相關的戰術機會？

Yes, we actually are in a fantastic position to offer -- build a team and offer solutions for the human landing system. NASA's keenly interested in finding a way to deliver that earlier, and Intuitive Machines are going to throw our hat in the ring with Lanteris by our side and other companies joining our team. So you can expect an offering from Intuitive Machines.

是的，我們確實處於非常有利的地位——可以組建團隊並為人類著陸系統提供解決方案。NASA 非常希望找到一種方法來更早實現這一目標，而 Intuitive Machines 將與 Lanteris 並肩作戰，其他公司也將加入我們的團隊，共同參與競爭。所以你可以期待 Intuitive Machines 公司會推出相關產品。

Great. Thank you for the time.

偉大的。感謝您抽出時間。

Thanks, Josh.

謝謝你，喬希。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

Good morning, and congratulations on the transaction.

早安，恭喜交易成功。

Thanks, Jonathan.

謝謝你，喬納森。

Thanks for taking my question. So we've seen some news reports that the customer might be rethinking some of the Artemis missions and even rebidding portions of it. Can you comment a bit on how NASA's thinking may be evolving on the portions that you're involved with? And also, if I heard how you answered Josh's question, do you still expect LTV to be awarded this year despite the shutdown? Thank you.

謝謝您回答我的問題。我們看到一些新聞報導說，客戶可能正在重新考慮阿爾忒彌斯計畫的一些任務，甚至可能對其中的部分任務重新招標。您能否談談NASA在您參與的領域內，他們的想法是如何演變的？另外，如果我沒理解錯你對喬希問題的回答，你仍然認為儘管疫情導致停擺，今年仍會頒發 LTV 獎嗎？謝謝。

Yeah. Thanks, Jonathan. And I appreciate your coverage of Intuitive Machines moving forward. Thank you.

是的。謝謝你，喬納森。我很欣賞你們對 Intuitive Machines 未來發展的報導。謝謝。

So we see that the CLPS contract, Commercial Lunar Payload Services contract, continues to move forward. We're expecting results of solicitation for what they call CT-4. Again, the government shutdown has put a little bit of a monkey wrench in that, not showing what the timing of that will be, whether that's supposed to be awarded by the end of the year. We do expect the LTVS demonstration mission to be awarded. From our understanding, that solicitation is ready to award. Again, the government shutdown has put timing in question, but we do expect that, and that's part of the Artemis program to be awarded.

因此，我們看到 CLPS 合約（商業月球有效載荷服務合約）繼續向前推進。我們正在等待他們所謂的 CT-4 招標結果。再次，政府停擺給這件事帶來了一些麻煩，目前還不清楚具體時間，也不知道是否應該在年底前授予。我們預計 LTVS 示範任務將會中標。據我們了解，該招標項目已準備好授標。政府停擺再次為時間表帶來了疑問，但我們對此有所預期，這也是阿爾忒彌斯計劃授予合約的一部分。

And then you're hearing a lot of talk about moving faster with Artemis III and the human landing system. And so that essentially -- and the agency is looking for information to repost and reopen that solicitation. And I answered Josh there that we're going to throw our hat in the ring on that one. And then we're continuing to press forward with all speed on the Near Space Network Services contract. That's a contract that not only supports Artemis program, but supports other government agencies and their needs for communications from Earth all the way out beyond cislunar space.

然後，你會聽到很多關於加快阿爾忒彌斯三號計畫和人類著陸系統進展的討論。因此，該機構基本上正在尋找訊息，以便重新發布並重新開放該招標。我當時就跟喬許說，我們也要參與競爭。然後，我們將繼續全力推動近太空網路服務合約的簽訂。這份合約不僅支持阿爾忒彌斯計劃，也支持其他政府機構及其從地球到地月空間以外進行通訊的需求。

And so the future looks very bright for us in terms of the NASA customer. And then if you think about what I just was talking about in the national security space, we're exceptionally positioned to respond to opportunities that are coming out of SDA and in the Golden Dome programs.

因此，就NASA客戶而言，我們的未來看起來非常光明。再想想我剛才在國家安全領域談到的內容，我們擁有得天獨厚的優勢，能夠抓住戰略發展署和金穹頂計畫帶來的機會。

Thank you. And maybe if I could flip another one. Just in the capacity, you were successful in adding to your footprint in Houston recently, and now, you have -- you will have a wider footprint with the acquisition. Is there -- I guess, does that change your plans on where you're going to be producing the OMES satellites in Houston? Or is there a chance to put these all pieces together differently?

謝謝。也許我還能再翻一次。僅就業務能力而言，您最近就成功地擴大了在休士頓的業務版圖，而現在，透過此次收購，您的業務版圖將更加廣闊。我想，這是否會改變你們在休士頓生產 OMES 衛星的計畫？或者，有沒有可能用不同的方式將這些碎片組合起來？

Yes, it's good. The facility complement at Lanteris is incredible, with three categories of satellites in their family -- the 300, the 500, and the 1300 Series -- well-oiled machine out there in Palo Alto and San Jose. Here in Houston, we have some serious hardware to build also. We have the Nova-C for two additional missions. We have the Nova-D heavy-cargo mission for LTV. We have the LTV to build. And we're building the first three satellites for our constellation around the moon for the NSNS.

是的，很好。Lanteris 的設施配套非常完善，其衛星系列分為三類——300 系列、500 系列和 1300 系列——在帕洛阿爾托和聖何塞，這些衛星運作良好。在休士頓，我們也有一些重要的硬體項目需要建造。我們還有 Nova-C 可以執行另外兩項任​​務。我們為 LTV 執行 Nova-D 重型貨物運輸任務。我們有LTV要建造。我們正在為NSNS建造繞月星座的前三顆衛星。

We are thinking about converting and building larger satellites for the fourth and fifth satellite in the constellation now that we plan to acquire Lanteris, so much more capable satellites that then can prove out the capability that -- for Mars data relay. And essentially, those satellites would be precursors to Mars data relay satellites in the future.

鑑於我們計劃收購 Lanteris，我們正在考慮改造和建造更大的衛星，作為星座中的第四顆和第五顆衛星，這些衛星功能更強大，可以驗證火星數據中繼的能力。從本質上講，這些衛星將是未來火星資料中繼衛星的前身。

Thank you.

謝謝。

Alex Preston, Bank of America.

Alex Preston，美國銀行。

Hey, guys. Good morning. Thanks for taking the question. So you noted in the release, you're going to end the quarter with about $620 million in cash, deploy $450 million here. What's your comfort level given Lanteris' cash generation? Or would you maybe look for incremental financing?

嘿，夥計們。早安.感謝您回答這個問題。正如你在新聞稿中提到的，你們本季末將擁有約 6.2 億美元的現金，並將在這裡投入 4.5 億美元。考慮到 Lanteris 的現金流狀況，您對它的接受程度如何？或是您會考慮分期融資嗎？

Right now, we have enough capital on the balance sheet to fund operations moving forward, even considering the combination with Lanteris. Lanteris is a cash-generating business. And the combination, we expect, continued operations with sufficient capital moving forward.

目前，我們的資產負債表上有足夠的資金來支持未來的運營，即使考慮到與 Lanteris 的合併。Lanteris是一家獲利企業。我們預計，合併後的公司將擁有充足的資金，並繼續經營。

Yeah. We also are always being opportunistic looking at other M&A opportunities, which would be anything that would drive additional cash needs. But right now, we see adequate cash on the books to manage our operations.

是的。我們始終在尋找其他併購機會，任何能帶來額外現金需求的事情都可能成為我們的目標。但就目前而言，我們帳面上有足夠的現金來維持營運。

Got it. Appreciate the call. And then maybe just a quick sort of housekeeping one. Steve, I think you talked about Lanteris' backlog is 25% defense, 25% civil, 50% commercial. Does that commercial portion include something like the work they do for L3 on the tracking layer? Or is that strictly by end market or end use?

知道了。感謝您的來電。然後可能還需要做一些簡單的家事。史蒂夫，我想你之前說過 Lanteris 的積壓訂單中，25% 是國防項目，25% 是民用項目，50% 是商業項目。這部分商業內容是否包括他們為 L3 所做的追蹤層之類的工作？或者說，這是嚴格按照最終市場或最終用途來劃分的？

That's by end market. So the commercial work is really the GEO communications birds that they put up. That's really the 1300 Series satellite, the larger satellites. The tracking layer would fall into the national security.

這是按終端市場劃分的。所以商業用途其實是他們投放的 GEO 通訊鳥。那其實是1300系列衛星，也就是更大的衛星。追蹤層屬於國家安全範疇。

Got it. Thank you.

知道了。謝謝。

Sure.

當然。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，坎托·菲茨杰拉德。

Hey. This is Anand on for Andres. Congrats on the news and the acquisition. Most of our questions have been asked, but I was wondering if you could dive a little bit more on your recent statement and could help explain what this means for SDA and Golden Dome opportunities now as a combined company, especially with the regulatory focus and shift on this initiative.

嘿。這是阿南德為安德烈斯主持的節目。恭喜您獲得這項消息並完成收購。我們的大部分問題都已經問過了，但我很想知道您能否更深入地探討一下您最近的聲明，並幫助解釋一下這對 SDA 和 Golden Dome 合併後的發展機會意味著什麼，尤其是在監管機構關注和調整這項舉措的情況下。

Yes, I think if you look at the capabilities of the investment that Lanteris made in the 300 Series satellite, that is a very capable satellite for a proliferated LEO constellation, which fits the need for the tracking layer. And so I think it's a strong offering in partnership with L3Harris that we're hopeful that that will be awarded. So we're looking forward to that.

是的，我認為如果你看看 Lanteris 在 300 系列衛星上的投資能力，你會發現它是一顆非常強大的衛星，適用於不斷擴展的低地球軌道星座，滿足追蹤層的需求。因此，我認為我們與 L3Harris 合作推出的方案非常有競爭力，我們希望能夠中標。所以我們很期待。

And then as Golden Dome takes shape, the combination of the ingenuity and innovation that Intuitive Machines brings with its systems and communications and navigation scheme, coupled with the very capable satellite buses produced by Lanteris, offer unique solutions that I don't think are in the market today with any other vendor or contractor. So we feel like we're in a good position here for the future opportunities coming out of Golden Dome.

隨著金穹的逐步成形，Intuitive Machines 公司憑藉其係統、通訊和導航方案所帶來的獨創性和創新性，再加上 Lanteris 公司生產的非常強大的衛星平台，提供了獨特的解決方案，我認為目前市場上沒有任何其他供應商或承包商能夠提供這樣的解決方案。因此，我們感覺我們已經處於有利地位，可以抓住金穹頂帶來的未來機會。

Got it. Thank you. And I guess going forward, maybe what other news and opportunities do you expect to pursue and unlock? I know a lot were mentioned, but what are you the most excited about?

知道了。謝謝。展望未來，您還希望獲得和抓住哪些其他新聞和機會？我知道大家提到了很多，但你最期待的是什麼？

Well, we were very excited last night to get to signing. We look to get to closing here in the next 60 to 90 days and really get the businesses integrated. And the possibilities that are associated with putting Intuitive Machines and Lanteris together really create some excitement in the aerospace sector.

昨晚我們都非常興奮地開始了簽約儀式。我們希望在未來 60 到 90 天內完成交易，真正實現業務整合。將 Intuitive Machines 和 Lanteris 合併所帶來的可能性，確實在航空航太領域引起了不小的轟動。

And so just working together and building a powerhouse new space prime is what I'm looking forward to. It really kind of disrupts the paradigm that we've had for so many years and now provides an alternative offering with a commercial bent to it to provide lean, agile, affordable solutions to both civil space and national security space. That's the excitement.

因此，我期待的是與大家攜手合作，打造一個強大的新太空基地。它確實顛覆了我們多年來的範式，現在提供了一種具有商業傾向的替代方案，為民用航太和國家安全航太提供精簡、靈活、經濟的解決方案。這就是令人興奮的地方。

Got you. Thank you so much. I'll pass it on.

抓到你了。太感謝了。我會轉達的。

Thank you.

謝謝。

Jeff Van Rhee, Craig-Hallum.

Jeff Van Rhee，Craig-Hallum。

Hey. Morning, guys. This is Vijay Homan on for Jeff Van Rhee. Just had a quick one for you. I was kind of wondering, was Lanteris the kind of capability you guys were specifically shopping for? Were there other kind of potential targets that you were looking at to bring these capabilities in-house? Or was Lanteris kind of the only one and sort of an opportunistic buy? Thanks.

嘿。早上好，各位。這裡是Vijay Homan代替Jeff Van Rhee解說。我為你準備了一個簡短的答案。我有點好奇，Lanteris 是否正是你們當時正在尋找的那種具備相應能力的方案？您是否考慮過其他潛在目標，以便將這些能力納入公司內部？或者說，Lanteris 是唯一一家這樣的公司，買它有點像是機會主義行為？謝謝。

We had an M&A strategy that we've been working on for some time. Now, you saw the addition of KinetX, which was a very capable, high-performance company that we added for precision navigation and constellation management and orbit determination. That was strategic. It was small but strategic. And they're brilliant people that we added to the company.

我們制定了一項併購策略，並且已經為此努力了一段時間。現在，你們看到了 KinetX 的加入，這是一家能力很強、性能卓越的公司，我們將其納入麾下，用於精確導航、星座管理和軌道確定。這是策略性的。它規模雖小，但戰略意義重大。他們是我們公司引進的優秀人才。

Next on the list was Lanteris and building the production capability, the scale, and the reliability. And we'll continue to look like this to add on and fold in capabilities as we need to continue to evolve the company into this next-generation prime.

接下來要關注的是 Lanteris，以及如何建立生產能力、規模和可靠性。我們將繼續維持這種發展模式，不斷增加和整合各項能力，以推動公司轉型為下一代龍頭企業。

Awesome. Thanks for taking my question.

驚人的。謝謝您回答我的問題。

Greg Pendy, Clear Street.

格雷格彭迪，克利爾街。

Hey, guys. Thanks for taking my question. Can you just kind of highlight what maybe -- is there any regulatory risk on closing the deal or integration risk? And then also, just in light of all the news about the EOCL potential budget cuts there, is there any kind of risks that we should think about with this deal? Thanks.

嘿，夥計們。謝謝您回答我的問題。您能否重點說明一下，在完成交易方面是否有監管風險或整合風險？此外，鑑於最近有關EOCL可能削減預算的新聞，我們是否應該考慮這項交易有哪些風險？謝謝。

Well, we'll go through a standard antitrust review by the government from a regulatory standpoint. We feel that's fairly standard. That'll take 20 days to file and 30 days for the opinion from the government. We don't expect anything out of that. We'll see what the government thinks and how the government shutdown affects that timing.

好的，我們將從監管角度接受政府的標準反壟斷審查。我們認為這算是相當標準的。提交申請需要 20 天，政府給予意見需要 30 天。我們對此不抱任何期望。我們將拭目以待政府的想法，以及政府停擺對此時間表的影響。

In terms of risks, I think we've looked at the structure of both companies. We've thought about it. We looked at financial risks. Lanteris is in a strong position with a lot of momentum. Intuitive Machines is in a strong position. And both companies have catalysts pending that really can even improve upon our strong financial position. So I'm feeling very confident about it. And over the next 9 to 12 months, we'll do a full integration of two companies. We'll go through those challenges and put together a very strong company here in the coming months.

就風險而言，我認為我們已經考察了這兩家公司的結構。我們已經考慮過了。我們考察了財務風險。Lanteris 目前處於強勢地位，發展勢頭強勁。Intuitive Machines 目前處於強勢地位。兩家公司都有一些有望進一步改善我們強勁財務狀況的利多因素。所以我對此非常有信心。在接下來的9到12個月裡，我們將完成兩家公司的全面整合。我們將克服這些挑戰，並在接下來的幾個月中打造一家非常強大的公司。

Yeah, very exciting stuff for sure. Thanks a lot. That's very helpful.

是啊，確實非常令人興奮。多謝。那很有幫助。

Great.

偉大的。

Griffin Boss, B. Riley Securities.

Griffin Boss，B. Riley Securities。

Hey. Good morning. Thanks for taking my question. So first, I just want to jump back, build off of another question that was asked a little bit earlier regarding just the integration of Lanteris and the implications for NSNS. So you talked about how potentially, I think I heard you correctly, that the fourth and fifth data relay satellite might now -- architecture might now look a little bit bigger with the addition of Lanteris' capabilities.

嘿。早安.謝謝您回答我的問題。首先，我想回到之前提出的另一個問題，即 Lanteris 的整合及其對 NSNS 的影響。所以你談到了，我想我聽對了，隨著 Lanteris 功能的加入，第四顆和第五顆資料中繼衛星的架構現在可能會看起來更大一些。

But does that addition and the additional manufacturing capacity that it brings change your calculus with regard to the timing of deployment of those data relay satellites? You've talked about the first one going up on IM-3, subsequent two going up on IM-4, but maybe can you pull those forward and deploy that full five-satellite constellation earlier than you might have otherwise anticipated?

但是，這項新增產能是否會改變您對部署這些資料中繼衛星時間的考量？您之前提到第一顆衛星將在 IM-3 軌道上發射，接下來的兩顆衛星將在 IM-4 軌道上發射，但您能否提前發射，比您原本預期的更早部署完整的五顆衛星星座？

Yeah. Thanks for your question, Griffin. What we're finding in NSNS is that there's a demand for capability for the satellites that we're planning for up around the moon. And we anticipate in that lunar constellation that there will be more demand and more customers for the satellites as we move forward over the coming three, four years. And so we're anticipating that need and providing more capability for size, weight, and power on those buses so that we can provide the space domain awareness capabilities in that lunar constellation that we think the customers are going to want. So this is an opportunity for us to grow that constellation.

是的。謝謝你的提問，格里芬。我們在NSNS計畫中發現，對於我們計劃在月球周圍發射的衛星的能力，存在著需求。我們預計，隨著未來三、四年的發展，月球星座的衛星需求量將會增加，客戶也會增加。因此，我們預見到這種需求，並在這些巴士上提供更大的尺寸、重量和動力能力，以便我們能夠在月球星座中提供我們認為客戶想要的太空領域感知能力。所以，這是我們發展壯大這個星群的機會。

As far as speed of delivery, we are always looking for a way to get that constellation up and flying sooner. Our cadence of missions currently -- IM-3, IM-4, IM-5 -- are spaced where we're planning to put the satellites up on those missions. If we can bring IM-4 and 5 missions in, we would, but I think they're potted. I think the alternatives to delivery is what we're focused on now in terms of other ways to put those satellites up as opposed to tying them tightly to the CLPS missions. So we're going to continue to study that and look for rideshare opportunities to get them into translunar injection and then off to the moon as soon as we can.

至於交貨速度，我們一直在尋找讓這套系統更快投入使用的方法。我們目前的任務節奏——IM-3、IM-4、IM-5——是按照我們計劃在這些任務中發射衛星的間隔進行的。如果能把 IM-4 和 IM-5 任務引入，我們會的，但我認為它們已經被擱置了。我認為，我們現在關注的是除了交付方式之外的其他方案，即用其他方式發射這些衛星，而不是將它們與 CLPS 任務緊密聯繫起來。所以我們會繼續研究這個問題，尋找共乘機會，讓他們盡快進入地月轉移軌道注入，然後前往月球。

Got it. Okay, understood. Thanks for that. And then just second one for me. I guess I'll shift over what I'll call legacy Intuitive Machines. I want to dig into this $8 million contract extension from AFRL for the in-space nuclear power tech. I think that's an extension on the JETSON program. But maybe you can just kind of dig into that and specifically in the context of this -- the new nuclear reactor on the moon, the proposals coming in for that 100-kilowatt reactor, does this extension help in positioning Intuitive to win on that nuclear reactor contract as well, potentially? Is the technology similar that you can use for both of those programs?

知道了。好的，明白了。謝謝。然後，對我來說就是第二個了。我想我會把所謂的傳統直覺機器過渡到其他領域。我想深入研究空軍研究實驗室 (AFRL) 為太空核動力技術提供的這份價值 800 萬美元的合約延期。我認為這是 JETSON 計畫的延伸。但或許你可以深入探討一下，尤其是在月球上的新核反應堆，以及正在提出的100千瓦反應器方案的背景下，這次延期是否有可能幫助Intuitive贏得該核反應堆合約？這兩個程式可以使用類似的技術嗎？

Thanks, Griffin. Nuclear space is exciting right now, and Intuitive Machines has been well positioned. As you recall, we've been working the fission surface power Phase 1 and Phase 1a for some time now. So we're already in the mix for developing that reactor and delivering it to the surface. And we will continue to go forward with that opportunity to deploy -- to develop and deploy the reactor.

謝謝你，格里芬。核能領域目前非常令人興奮，而 Intuitive Machines 公司已經佔據了有利地位。如您所知，我們已經進行裂變表面發電第一階段和第一階段A的研究工作一段時間了。所以我們已經參與到該反應爐的研發和運送到地面的工作。我們將繼續推進這項部署機會—開發和部署反應器。

As that procurement takes shape, we're following that very closely with our teammates. The JETSON AFRL contract for that stealth satellite keeps us in the nuclear space game with an alternative technology; that's the Stirling engine. And what we have is this follow-on contract to actually demonstrate the Stirling engine operations on the International Space Station. That's what this is for, this next tranche, which actually advances the technology and the capability of operating a Stirling engine, which is part of the reactor technology on the International Space Station.

隨著採購工作的推進，我們和團隊成員正密切關注著進展。JETSON AFRL 的隱形衛星合約使我們得以憑藉替代技術——斯特林發動機——繼續參與核太空競賽。我們現在有了一份後續合同，旨在實際演示斯特林發動機在國際空間站上的運行情況。這就是下一批設備的作用所在，它實際上推進了斯特林發動機的技術和運行能力，而斯特林發動機是國際太空站反應器技術的一部分。

So the technologies between FSP and Jetson are similar, but not identical. I think we'll see whether the FSP solution is a Brayton cycle or a Stirling cycle. But the JETSON right now and the way we're thinking about propulsion is with a Stirling engine cycle. And so we'll test that out with AFRL.

因此，FSP 和 Jetson 之間的技術相似，但不完全相同。我想我們會知道 FSP 解決方案是布雷頓循環還是斯特林循環。但就目前而言，JETSON 的推進方式以及我們對推進系統的設想都是採用斯特林發動機循環。因此，我們將與 AFRL 一起進行測試。

Just one note on the fission surface or FSP program. Maxar was -- well, Lanteris was one of our partners on that in the last phase, too. So we do have a long history of working with Lanteris over the last three to five years.

關於裂變表面或FSP計劃，我只想補充一點。Maxar－嗯，Lanteris也是我們在最後階段的合作夥伴之一。因此，在過去的3到5年裡，我們與Lanteris有著長期的合作關係。

Got it. Great context. Thanks for taking my questions. Appreciate it.

知道了。背景很好。謝謝您回答我的問題。謝謝。

Suji DeSilva, Roth Capital.

Suji DeSilva，Roth Capital。

Hi, Steve. Hi, Pete. Congrats on the transaction here. Just a clarification on Lanteris and the asset acquired versus Maxar. The revenue mix there, is there any recurring revenue or service revenue versus satellite product revenue in the acquired asset?

嗨，史蒂夫。嗨，皮特。恭喜您完成這筆交易。關於 Lanteris 和收購 Maxar 的資產，這裡做個澄清。在收購的資產中，收入組成方面，是否存在經常性收入或服務收入，以及衛星產品收入佔比如何？

The way I see it today is that it's product-based revenue delivering the 300, 500, and 1300 class satellites. There's very little subsystem delivery where they focus on developing the subsystems for themselves and their buses. And then what we'll introduce as Intuitive Machines is that higher-margin service model approach, where we're actually flying and operating in space and delivering the data back in as a service. And so I think this is just such a smart and strong combination to put these two businesses together really will unlock the diverse revenue streams and higher margins.

在我看來，如今的收入來源是基於產品交付的，包括 300、500 和 1300 級衛星。很少有子系統交付是他們專注於為自己和自己的總線開發子系統。然後，我們將推出“直覺機器”，這是一種利潤更高的服務模式方法，在這種模式下，我們實際上是在太空中飛行和運行，並將數據作為服務交付回來。所以我認為，將這兩家企業合併在一起是一個非常明智且強有力的組合，真的能夠釋放多元化的收入來源和更高的利潤率。

One other addition to that is that, as you see the government move towards the service model, this combination positions us well to be playing in that space. Because traditionally, government has bought satellites. Now, they're looking to buy services.

此外，隨著政府向服務模式轉型，這種組合使我們能夠很好地參與這一領域。因為傳統上，衛星都是政府購買的。現在，他們希望購買服務。

Okay. That helps, Pete. Thanks. And then my other question is -- I saw in the presentation, you mentioned robotics. I'm wondering if that's just a complementary capability or that could be a category how you see that landscape as a product. Thanks.

好的。那很有幫助，皮特。謝謝。我的另一個問題是——我在簡報中看到您提到了機器人技術。我想知道這只是一種補充功能，還是可以算是一個產品類別，你如何看待這個領域？謝謝。

Yeah, I'll tell you something. I'm very excited about that. We've opened up a center of excellence for mechanisms and robotics in Maryland up near BWI Airport in Glen Burnie. That team is exceptional. And then to incorporate the Lanteris robotics team with us is just a very strong and powerful combination. We currently have Lanteris or Maxar Space Systems on our LTVS team to provide the robotic arm for the LTVS. And so we're naturally working together already.

是啊，我跟你說件事。我對此感到非常興奮。我們在馬裡蘭州格倫伯尼（靠近巴爾的摩/華盛頓國際機場）開設了一個機械和機器人領域的卓越中心。那支隊伍非常出色。再加上 Lanteris 機器人團隊的加入，這絕對是一個非常強大而有力的組合。目前，我們的 LTVS 團隊已與 Lanteris 或 Maxar Space Systems 合作，為 LTVS 提供機械手臂。因此，我們自然而然地已經在合作了。

And when you think about other opportunities that are coming down from the national security space, you look at RGXX and MGO. Those programs require essentially highly agile, enterprise-class satellites like the 1300 Series with robotic arms that can grapple and manipulate other satellites to repair them and inspect them. So that's another offering of a new market that we're putting these unique capabilities together that we can create and be very competitive with.

當你考慮國家安全領域湧現的其他機會時，你會關注 RGXX 和 MGO。這些項目基本上需要像 1300 系列那樣高度靈活的企業級衛星，這些衛星配備機械手臂，可以抓取和操縱其他衛星進行維修和檢查。所以這是我們為開拓新市場提供的另一項服務，我們將這些獨特的能力結合起來，創造出極具競爭力的產品。

Also, if you think about it, we teamed also on the OSAM mission. So the OMES contract and the on-orbit satellite servicing and manufacturing, Maxar built the bus out of the 1300 Series satellite for that mission. So as we fly that potentially for the Space Force, what are the follow-on OSAM-X missions that we can fly, where we can reproduce that bus over and over again and deliver it for on-orbit satellite servicing and manufacturing and move towards in-space assembly? All brand new markets that we have yet to tap into, so it's very exciting.

另外，仔細想想，我們也曾參與 OSAM 任務。因此，為了執行 OMES 合約以及在軌衛星的維修和製造任務，Maxar 利用 1300 系列衛星為該任務建造了平台。因此，當我們有可能為太空部隊執行這項任務時，我們可以執行哪些後續的 OSAM-X 任務，以便我們可以反覆複製該平台，並將其交付給在軌衛星維修和製造部門，並最終實現太空組裝？這些都是我們尚未涉足的全新市場，所以非常令人興奮。

Exciting. Looking forward to it. Thanks, Steve.

令人興奮。非常期待。謝謝你，史蒂夫。

Thanks, Suji.

謝謝你，蘇吉。

Thank you. And with no further questions in queue, I'd like to turn the conference back over to Steve Altemus for any closing remarks.

謝謝。由於沒有其他問題需要提問，我想把會議交還給史蒂夫·阿爾特姆斯，請他作總結發言。

Well, thank you, everyone, for joining us this morning. And welcome to the Lanteris team as part of the Intuitive Machines family. We're very excited and looking forward to the future in space.

謝謝大家今天早上收看我們的節目。歡迎 Lanteris 加入 Intuitive Machines 大家庭。我們感到非常興奮，並期待太空的未來。

Thank you very much.

非常感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。