Intuitive Machines Inc
For the period ended Mar 31, 2024. Filed May 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 14, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenue | $73,068 | $18,236 |
| Operating expenses: | ||
| Cost of revenue (excluding depreciation) | 60,911 | 23,126 |
| Depreciation | 414 | 296 |
| General and administrative expense (excluding depreciation) | 17,143 | 8,777 |
| Total operating expenses | 78,468 | 32,199 |
| Operating loss | (5,400) | (13,963) |
| Other expense, net: | ||
| Interest expense, net | (20) | (279) |
| Change in fair value of earn-out liabilities | (22,597) | (3,726) |
| Change in fair value of warrant liabilities | (23,964) | — |
| Change in fair value of SAFE Agreements | — | (2,353) |
| Loss on issuance of securities | (68,676) | — |
| Other income, net | 1 | 89 |
| Total other expense, net | (115,256) | (6,269) |
| Loss before income taxes | (120,656) | (20,232) |
| Income tax expense | — | (3,215) |
| Net loss | (120,656) | (23,447) |
| Net loss attributable to Intuitive Machines, LLC prior to the Business Combination | — | (5,751) |
| Net loss (post Business Combination) | (120,656) | (17,696) |
| Net loss attributable to redeemable noncontrolling interest | (23,291) | (8,336) |
| Net income attributable to noncontrolling interest | 972 | — |
| Net loss attributable to the Company | (98,337) | (9,360) |
| Less: Preferred dividends | (471) | (328) |
| Net loss attributable to Class A common shareholders | $(98,808) | $(9,688) |
| Net loss per share (1) | ||
| Net loss per share of Class A common stock - basic and diluted | $(2.70) | $(0.64) |
| Weighted-average common shares outstanding | ||
| Weighted average shares outstanding - basic and diluted | 36,612,270 | 15,224,378 |
(1)As a result of the Business Combination, the capital structure changed and the net loss per share information for 2023 represents results after the Closing Date of the Business Combination, for the period from February 13, 2023 through March 31, 2023. See Note 1 - Business Description and Note 11 - Net Loss per Share for additional information.
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