Intuitive Machines, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $58.5 million for the three months ended September 30, 2024, a substantial increase of 359% compared to $12.7 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $173.3 million, up 254% from $49.0 million in the prior year. This growth was primarily driven by the execution of the OMES III contract and successful lunar missions.

Despite the revenue surge, Intuitive Machines reported a net loss of $80.4 million for the third quarter of 2024, compared to a net income of $14.3 million in the same quarter of 2023. For the nine-month period, the net loss was $181.8 million, a stark contrast to a net income of $7.2 million in the previous year. The losses were attributed to increased operating expenses, which rose to $72.2 million for the third quarter, up from $36.7 million in 2023, and $217.3 million for the nine months, compared to $102.6 million in the prior year.

The company’s total current assets surged to $168.3 million as of September 30, 2024, from $31.6 million at the end of 2023, with cash and cash equivalents increasing to $89.6 million from $4.5 million. However, total current liabilities also rose to $95.3 million from $81.5 million, reflecting a growing financial obligation.

Intuitive Machines has been actively expanding its operations, including entering new lease agreements for facilities in Maryland and Arizona, aimed at enhancing its capabilities in space exploration. The company also reported an impairment charge of approximately $5.0 million related to certain assets under development.

The backlog of contracts as of September 30, 2024, stood at $316.2 million, an increase from $268.6 million at the end of 2023, bolstered by new awards from NASA and other projects. The company anticipates recognizing a significant portion of this backlog in the coming years.

In terms of financing, Intuitive Machines raised approximately $161.4 million in gross proceeds from various equity transactions during the nine months ended September 30, 2024. The company believes its current cash reserves will be sufficient to meet its short-term liquidity needs for at least the next twelve months.

Overall, while Intuitive Machines has demonstrated strong revenue growth and a robust backlog, it continues to face challenges with profitability and rising operational costs.