Intuitive Machines, Inc.

machines fourth quarter and full year 2024 conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automatic message advising you your hand was raised. Please note that today's conference is being recorded. I would now like to turn the conference over to Stephen Zhang, Head of Investillations. Please go ahead.

Good morning. Welcome to the Intuitive Machines fourth quarter and full year 2024 earnings call. Chief Executive Officer Steve Altomus 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. 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 8K. Finally, we posted an earnings call presentation on our website, which provides additional context on the operational and financial performance. You can find this presentation on our investor relations page at www.intuitivemachines.com slash investors. Now I'll turn the call over to Steve Altman.

Good morning, and thanks for joining our fourth quarter and full year 2024 earnings call. Just two years ago, we became a public company with a bold vision for the future. Over the past year, we've deliberately positioned ourselves for long-term success by expanding our technical capabilities, opening new revenue streams, and fortifying our financial position. In the fourth quarter, we reported revenue of $54.7 million, contributing to a record fiscal year revenue of $228 million. This exceeded the midpoint of our previous guidance range and is a reflection of our ability to execute and grow within the lunar commercialization sector. Our financial position remains robust. We ended 2024 with a record cash balance of $207.6 million, following a successful equity raise in December. As of March 10th, our cash balance stood at $385 million after recent warrant exercises. This strong liquidity position ensures that Intuitive Machines is well-funded for the future. Now, with a fortress-like balance sheet, we're seeking the highest return opportunities whether that's through internal innovation or strategic acquisitions. We got to this point because we choose to tackle one of the hardest challenges first, landing on the moon. Now the technologies and expertise that built our initial lunar program are ready to expand our reach into new markets and new customers. This year is not just about growth. It's about defining the future of our company and the industry itself. The fourth quarter welcomed a new administration that is revamping the whole of government, and NASA is not excluded from that. There's been a shift in how the federal government approaches the acquisition of technology-based business services, and we believe Intuda Machines is well positioned for this. The new administration has signaled a strong emphasis on stretching the federal dollar by shifting from large, government-owned, cost-less development programs to commercial service models that leverage private sector innovation that demand service providers thrive in a fixed-price ecosystem with revenue service tail, similar to the environment Intuita Machines has grown up in, with CLPS, with LTV, and the near-space network contracts. The federal government changes and uncertainty at NASA is an opportunity for Intuita Machines to expand our customer base into areas like national security space and broaden our service footprint in addition to lunar. further diversifying our role in the space economy. We're in a position to do this because we're operating an end-to-end lunar program with a regular cadence of missions. The infrastructure, expertise, and proven capabilities required for lunar missions inherently support a wide range of space operations. Offering our validated technologies and capabilities is a natural progression into other markets. These technologies and capabilities form the foundation of our three pillars of commercialization. They are delivery services, data transmission services, and infrastructure as a service. What we've demonstrated from operating two lunar missions is that there are essential capabilities necessary for sustained and resilient operations across all three service pillars. The first is extensible and reliable space communications. This secure and continuous connectivity is essential for transmitting data, coordinating missions, and making real-time decisions in flight and on the surface of any celestial body. The second is position navigation and timing, also known as PNT. Just as GPS enables seamless navigation on Earth, precise and repeatable navigation is required to support flight, orbit, and landing operations, surface mobility, and resource utilization. The final capability is autonomy and artificial intelligence. Given the distance and complexity of space operations, autonomy and AI-powered systems play a critical role in managing assets, executing scientific objectives, and mission success. The IM2 mission demonstrated significant advancements in all three capabilities, but to be straightforward, spaceflight is a complex endeavor. For every mission, we must accept a degree of risk. and the possibility of subsystem faults. And that picture isn't always black and white. On one hand, our lunar lander, Athena, touched down inside a shallow crater of the Moon's south pole, a place we believe holds frozen water trapped beneath the surface, but previous missions avoided because of the jagged terrain, deep craters, and brutal cold. While Athena's landing didn't go quite as planned, our team's accelerated payload operations, including operating NASA's Prime 1 drill suite, Nokia's lunar surface communication system, Intuitive Machines' Micronova hopper, and several commercial payloads, including a Japanese micro rover and edge computing data center. To bring back valuable data capturing the majority of the outstanding $15.8 million of final success payments. As a reminder, 90% of the NASA commercial payments and associated revenue is earned and paid before launch. On the other hand, from the moment Athena launched on February 26th, every mission step to landing validated Intuita Machines' ability to provide reliable space communications and navigation using our data transmission network. Through the reliability of our network, we executed autonomous precision main engine firings on the way to the moon using our proprietary propulsion system, conducted precision orbital maneuvers, used AI-powered systems to guide our spacecraft across 39 lunar orbits, and performed high bandwidth data transmission that outpaced IM1's capabilities by 5x. All of this while demonstrating our network is interoperable with NASA's Deep Space Network and the National Radio Astronomy Observatory Network, a requirement for national security space. The function of our spacecraft for the entire mission was nearly flawless, and its contribution towards advancing our data transmission network directly supports our execution of NASA's $4.8 billion Near Space Network services contract and the company's position as a utility provider for space data transmission. Similar to the way telecommunications companies build customers on the amount of data they use, surface delivery missions like IM-1 and IM-2 provide the baseline for proving technology that leads to opening the space economy. For IM-2 and every space exploration mission, Engineers conduct a critical post-flight review of the mission's performance. We call this a hot wash. Over the next several weeks, Intuitive Machines will lead internal, external, and independent reviews. We invited NASA, the European Space Agency, and NASA's Jet Propulsion Laboratory experts to participate. Intuitive Machines expects to keep its third lunar mission on track for this time next year, incorporating findings and corrective actions from these reviews. The mission includes NASA and commercial payload delivery near the moon's equator, a generally flat terrain called Reiner Gamma. One of the mission's primary objectives is researching magnetic anomalies using rover technology. In addition to the mission's surface delivery, IM3 will also deploy the first of five planned data relay satellites under the Near Space Network contract. The data relay satellite is deployed as a rideshare from the second stage of the rocket, independent of the lander. We demonstrated satellite deployment on our last mission with three rideshare payloads, including two that utilized our data transmission network for communication and navigation services. The first data relay satellite deployment opens additional near space network contract task orders beyond the initial validation task orders of $150 million for the contract, introducing a pay by the minute service model, which we expect to have higher margin and recurring revenue streams. In December, Intuitive Machines secured additional awards under the contract for direct-to-Earth services. We believe the additional awards position the company to capitalize on the full $4.8 billion maximum potential value. We intend to deliver the second and third data relay satellites as rideshare payloads, along with our fourth NASA-contracted surface delivery mission, IM4, in 2027. followed by the final two satellite deployments approximately one year later to complete the constellation. As I said at the top of the call, the new White House administration is instituting a more modern acquisition strategy for how to procure technology services. We believe that benefits Intuitive Machines, and we're in a position to expand our customer base and apply those services in addition to lunar space without accepting excessive work. As we move into 2025, we're focused on diversification of customers and markets, and we've already made progress. Expanding data transmission services for our lunar satellite constellation outside the Near Space Network contract needed authorization to work with other government agencies, and the company now has those permissions. To capitalize on that opportunity, Intuitive Machines appointed James Sprout as Senior Vice President of Data Services in the first quarter of this year. Jim has more than 30 years of experience in national security, commercial satellites, intelligence, surveillance, reconnaissance, and other critical programs in government and commercial industry. Our lunar lander performance in getting to and operating in orbit was exceptional during IM2, and we're actively leveraging that capability, finalizing a phase two contract with a government customer for an orbital transfer vehicle. The contract is designed to advance in-space mobility and logistics using the same lunar lander core technology in this orbit delivery vehicle. Last year, NASA proposed cancellation of the on-orbit servicing assembly and manufacturing project, OSAM. We're now capitalizing on NASA's traditional contracting investment to develop low-Earth orbit programs. By right now, we're conducting a Space Force study on how to commercialize OSAM for geostationary orbit, a new playing field for intuitive machines. We believe this co-investment model is the kind of forward-thinking approach the new administration is encouraging in its acquisition strategy. Finally, financially, we remain strong with growing revenue, expanding margins, and a record cash balance. 2025 is about execution. As the company expects two NASA commercial lunar payload services contract bids this year, the first is due in May with an anticipated contract award in July, followed by an additional task order later in the year. In addition, Intuna Machines has been invited to speak to the House of Representatives on our vision for the next version of CLPS to include larger cargo class lunar deliveries, potentially creating high margin opportunities. Our vision for heavy cargo class landers applies directly to our Lunar Terrain Vehicle Delivery Service, which we anticipate will be awarded in the second half of 2025. That concludes my comments. Now I will hand off to Pete McGrath, our CFO, for further comments on our financials. Pete?